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As practice shows us, at the present time ecosystem services are recognized by humanity, but unfortunately are undervalued compared to their full potential. Most of planet's ecosystems are degradated by anthropic activity of humankind. It is almost impossible to say that there are no areas affected by human activity, however, the Protected Areas are a good opportunity, so the assessing of ecosystem services in Protected Areas can be a solution to the problem of economic growth. At present, there are few consistent informations on economic value of ecosystem services in Romania, on the basis of which can be adopted some sustainable financing policies of activities in Protected Areas. The premise from which we start is that a proper management of natural capital will allow biodiversity conservation and human well-being if it find appropriate economic instruments. For this reason, studies of economic research on the contribution of those ecosystem services to the communities welfare may constitute credible means for decision-makers, demonstrating the Protected Areas importance. This paper, based on the study of international and national literature, examines the state of knowledge on the economic and environmental valences of ecosystem services. The growing interest of researchers regarding the economic valuation of ecosystem services related to Protected Areas is visible through the many studies carried out at international level. Although national scientific research relating to ecosystem services is at the beginning, concerns researchers economists and ecologists have been directed toward this recess, of ecosystem services. The reason for we should assign an economic value to ecosystem services is to ensure that their value is included actively in decision-making and is not ignored because "is still available". Briefly, the paper start with an overview of the main definition of ecosystem services. From the point of economic value view, the paper include a theory of value review, and after this was elucidated aspects as Total Economic Value, direct use value, indirect use value, non-use value, bequest and exchange value. The value theory is presented in terms of labor, utility or entropy. In conclusion was carried out a briefly overview of reason to research ecosystem services within Protected Areas.

The present paper starts from the assumption that there is a tendency, especially among practitioners, to largely overlap concepts of online marketing and online advertising, thus considering that most online marketing tools aim at the aspect of value communication and promotion. This observation prompted us to try to delineate the categories of online marketing tools according to the traditional areas of marketing activity. Therefore, the paper aims to present the online marketing tools based on a different vision than the literature identified so far. Thus, it was intended to group the online marketing tools on the key components of the marketing activity and the presentation, for each, of certain software tools that support that. The way in which the analysis of online marketing tools was addressed is new and could be useful for defining a structured vision on the field. The paper aims both to analyze concepts specific to online marketing, and especially to carry out a delineation of categories of online marketing tools based on the key areas of marketing such as value creation, value delivery, value communication / promotion, customer relationship management and marketing research. To achieve the goal set for this paper we considered useful to address the issue from a dual perspective: from the perspective of the academic literature - books, studies found in scientific databases - which deal with the topic of online marketing and online marketing tools; and from the perspective of practitioners - studies posted on the Internet by the specialists in the field, respectively the analysis of websites of companies providing online marketing services. The intention was to combine the vision specific to theorists to that of practitioners in tackling the field specific to online marketing and online marketing tools. In order to synthesize the information presented in this paper, we also conducted a visual representation of the categories of online marketing tools.

Extant research have for long identified that corporate governance has the potential to affect both financial performance and the opportunistic behavior of managers. Studies on the influence of corporate governance mechanisms on firm performance do not often assess the possibility that reported earnings can be misrepresented by managers with the scope of achieving various objectives. This paper examines the relationship between corporate governance mechanisms and earnings management practices. According to prior empirical studies in the field, corporate governance can reduce the extent of manipulative practices and increase the quality of financial reporting. As stated above, this study examined prior research investigating different corporate governance mechanisms that can have negative impact on earnings management practices. In this regard the legal system and the effects of takeover were examined as external mechanisms of corporate governance on manipulative behavior of managers. Internal mechanisms of corporate governance were also assessed. Board independence was found to enhance certain monitoring behaviors of managers while an audit committee can oversee the internal control for financial reporting and the quality of financial information. This paper contributes to corporate governance literature by providing detailed reviews of different corporate governance mechanisms on the most documented practice of creative accounting: earnings management. Limits of the current research are explored as well as the scope for future research.

Even though everyone defines diplomacy in some form, all recognize its special place that bears its political and legal mechanisms and structures, changes over the centuries in foreign policies enhancing its importance in the new context of globalization, thus acquiring new meanings and ways and embracing new features. As we will see later in the paper, diplomacy exists even in ancient times, though not necessarily under this name. Nowadays we can say that diplomats, through their efforts they reconcile conflicting situations and even avoid negative consequences for states, such as embargoes or even wars. It is therefore necessary for diplomats to master the art of negotiations and to be specialized and skilled people. The present study will make an incursion into history until present time to highlight the evolution and importance of diplomacy in international relations. The paper is addressed to those who wish to learn a brief history of diplomacy in a couple of minutes, from El-Amarna until today. The impact of diplomacy on how the state is seen in relationship with others is even more powerful considering the ability to reflect how conflicts are settled or resolved before they escalate. The aim of the paper is to provide a broader vision of what diplomacy means, through the chronology from appearance and its development to the final conclusion: is it a science or an art? The intention is that this work will be useful to all who wish to know more about this subject still considered relatively new. It is worth to mention that it has led to the emergence of a new job – the diplomat, an official, whose mission is to maintain relations with officials of other states or to deal on behalf of his country, who knows how to behave in a situation in order to achieve his goals. Briefly, a shift from art itself to a policy of the art of diplomacy.

This paper focuses on the main tools and techniques of firm valuation. One of the objectives in this paper is to present the reasons for such differences in value across different models, and to help in choosing the right model for a specific task. In today's management literature there are a lot of evaluation models, which based on the different approaches. The most important dimensions in the evaluation are the past performance analysis, the current value of the firm based on the forecast period and the appraisal of future opportunities. Nowadays it is quite problematic that these concepts regarding the valuation methods used in practice are not homogeneous. In view of the major principles is equal, but the details are different. In this paper my goal is to categorize the methods in the right section and to demonstrate the characteristics, advantages and disadvantages as well. This study proceeds as follow. The first section classifies and categorizes the different valuation approaches, which are the ratios based on accounting data, the asset-based approach, the income-based approach within the discounted cash flow models and the value added methods, the relative valuation, at last the real options. The second part presents the main features and implementation of the methods. Finally, the third section concludes what might be learned from this study. Based on the related literature reviewed and my previous researches I conclude that, in the evaluation, the problem is not that there are not enough models to complete the task but on the contrary, the selection of the appropriate model is the first challenge in the work. The different approaches lead to significantly different values. The other main finding of this work that, professionals involved in the assessment task explained the reason for the differences, and selection the correct model which is the best fit for the job. Considering the models described below a best model cannot be identified. This study also concludes that selecting the applicable model depends on the current situation and characteristics of the company or assets.

The purpose of this paper is to present the psychological profile of the professional accountant in an ethical context through the speciality literature. The starting point of this paper was Carl Gustav Jung’s book, Psychological Types. In the book, Jung presented the idea of personality type. As methodology, relevant articles of speciality literature from international databases have been used. According to literature, the most used methods for realizing a psychological profile are the Myers-Briggs Type Indicator test (MBTI test) and the Keirsey Temperament Sorter II (KTS test). The MBTI test focuses on way of thinking and perception while focuses on behaviour. Through this article we propose the improvement of the speciality literature regarding the multidisciplinary aspect or research in Accounting-Psychology. We also highlight the need to improve ethical behaviour in the Accounting profession. Currently the general public perceives a lack of transparency regarding the professional accountants’ activity worldwide.

The balance of payments stands for both good and bad impact on the economy as a whole. If the country registers a current account deficit, than the result will highlight more imports than exports. If the country runs a current account surplus, than it exports more than it imports. Both cases are unfavourable for that countries economy, because it creates headaches for all the decision makers. This current paper analyses only the first part of the balance of payments, and that is the problem of a current account deficit. For a better understanding of the analyzed phenomenon, the paper will carry out a comparative analysis of the results achieved by Romania and other member countries of the European Union. For this analysis the next countries were chosen: Bulgaria, Poland and Hungary. This was done for a parallel analysis of data recorded in the current account. Representative data was taken from the Eurostat and the annual reports of the central banks of each analyzed country. After this, based on the data above, the paper highlights Roubini (1998) elements in calculating the current account sustainability. It takes into account several elements that lead to a sustainable balance of the current account deficit. Among them the author lists: foreign reserves calculated in months of imports; the share of exports in GDP, expressed as a percentage; openness degree of the economy expressed as a percentage; public external debt relative to exports; the ability to attract foreign direct investment. All this research is needed in order to express as accurately as it can be done, the sustainability degree of current account deficit. Based on this, the paper will asses which country has the most sustainable current account, and what measures are suited if not. The conclusions will be made strictly regarding sustainability points, and some potential future measures will be highlighted in order to improve the current status.

The goal of the paper named “The impact of the externalities generated by Competitive Intelligence” is to describe and understand how this activity works and behaves in a competitive environment, and what are the real cost of obtaining durable competitive advantages through a process such as Competitive Intelligence. This activity creates high added value on the market and the proper use of it can have a strong influence on increasing the competitiveness on the global economic environment and, therefore, increasing the efficiency inside those environments. On the other hand, externalities play a significant part in the economic welfare and, currently, in a globalized world, must be taken into consideration in order to obtain sustainable growth of the economy. As any other economic activity, Competitive Intelligence is also causing both positive and negative externalities. A thorough analysis of those externalities effects has to be made in order to understand how this process really works, and this paper aims to be the starting point of that analysis. Of course, further studies have to deepen each impact and obtain relevant results that will add up and draw more specific conclusions. This study’s conclusions, however, will reveal if this activity can work properly in every type of economy, regardless of its state of development. Since it represents a way to improve global competitiveness and, therefore, the market’s performance, the impact Competitive Intelligence is making on the whole economic system is a main parameter for establishing its real use. All in one, by being one of the most innovative ways to obtain competitive advantages through qualitative methods of analysis, the implementation of this process into the organizational culture of firms might change the way competitors choose to respond to one another’s actions. This research has taken into consideration both the macroeconomic and the microeconomic environment, using both empirical and theoretical items. Also, it was conducted in a qualitative manner, since the Competitive Intelligence process is made exclusively through qualitative analysis methods.

In this study we present an econometric analysis of the number of arrivals in rural touristic pensions based on several indicators that we believe may affect in a positive or negative fluctuations of tourists. The analysis we perform for the period January 2006 - December 2013 with a quarterly frequency. We ordered and monthly values of most of the indicators selected, but we tried from start a reduction effect of seasonality.Given the emerging crisis in the second half of 2008, we expect basically after 2008 appear a decrease arrivals in rural touristic pensions, and after 2010, the year a slight recovery from the crisis appear improved this activity.For analysis we selected eight indicators: The average national unemployment; The average national inflation; The volume index of turnover for services provided to the population (hotels and restaurants); The volume index of turnover for services provided to the population (tourist assistance activities); Net use index of accommodation in rural guesthouses nationwide; Net use index of accommodation places in the region Crişana; Average gross salary at national level; GDP. So, in this study we have tried to analyze the influence of macroeconomic factors on rural touristic pensions arrivals in Romania Crisana region. This analysis will help owners of pensions in the management.In this paper we try to find the difficulties, limitations of rural tourism development in Crisana region from perspective of local government. In this paper we try to show as well the main factors of the emergence and development of rural tourism in order to establish priorities in the joint action of local people, entrepreneurs, tourists and local and national administrations. In many countries, the tourism industry fall within government priority. Tourism has been identified as one of the primary industries with potential to support local communities in developing economic diversity.

In the matter of corporate governance reforms, an important aspect is whether the implementation of corporate governance principles and codes has a positive impact on firm performance. The literature testing the relationship between different corporate governance mechanisms and firm performance is extensive. Over time, a lot of corporate governances mechanisms were studied in relation to firm performance and the most used are: CEO duality, board size, proportion of non- executive directors, board committees, ownership structure and concentration, managers’ compensation and incentives schemes. With time, different authors began to use more comprehensive measures for corporate governance rather than a single variable or a single governance mechanism, the so called corporate governance indexes. Regarding performance there are three main approaches to firm performance in social science research: research based on market prices, accounting ratios and total factor profitability.The most used performance measures are: Tobin’s Q, return on equity, return on asset and economic value added. In our paper, we present the studies undertaken since the 1990’s regarding the relationship between different mechanisms of corporate governance and firm performance and between corporate governance index and performance for both developed and developing countries around the world. Regarding the working tools used in this theoretical research we can mention the longitudinal method, by presenting the evolution in time of empirical studies on the research topic and the comparative method used in presenting the resulys of different studies mentioned in our paper. The results of the studies are inconclusive, some studies founded a strog positive relation, others founded a negative correlation between corporate governance and firm performance, while a third category of studies didn’t found any relationship at all. We used participative observation method by issuing conclusions on the potential causes of the inconclusive results on the existence and nature of the relationship between corporate governance and firm performance.

If we were to consider that Romania was formed by the unification of provinces that experienced a strong unity through culture, language, religion, as well as through the intense trade relations existing between them over time, we may say that our country has an important historical experience regarding regionalisation. After 1989, Romania underwent a radical change of economic and political organisation (from a centralised economy to a free, market economy) and the approximation to the Western economic structures, the European Union (EU). Under these conditions the national authorities had to take into account the principles and the organisation and functioning of the European capitalist economies. During the communist period, Romania had an administrative-territorial and economic organisation that favoured centralised decision making. In the case of market economies, organisation allows and encourages the decentralisation of decision making. In the mid '90s, the economic and social realities of Romania lead to the achieving of the regionalisation of the national territory in accordance with the subsidiarity principle of the EU. Regionalisation sought to identify the most appropriate spatial and territorial framework for guiding the economic development processes, by facilitating the use of tools and resources provided by the European Union. The regional development policy is a continuation of the policies of national economic growth and development, both aiming at improving the economic and social life of the national communities. The final aim of this paper is to identify the economic and social situation of the development regions in Romania. The study provides insight into Romania's relations with the European Union, with regard to the access and use of the pre-accession European funds. Furthermore, the paper achieves a qualitative analysis, through a positive approach, but also a quantitative one of the economic and social situation of each development region in Romania, taking into account the final aim of the regional development policy. The time period considered for the analysis starts in the year when negotiations for EU membership officially began and goes on for as long as possible, depending on the availability of official statistics. A heuristic presentation of the evolution of regional development in Romania is targeted through the analysis of certain economic indicators representative for the situation of the human communities in each development region.

Despite the proclaimed revival of the industrial policy, state aid granted by the EU still remain at a concerning low level. This may be explained by EU’s unique institutional achitecture, that allows the European Commission to monitor and restrict state aid related activities in the member states. Relying on 2007 –2013 statistical data published by Eurostat, AMECO and OCDE data bases, the main purpose of this paper refers to determining the corelation between state aid authorised by the European Comission for Romania and some selected member states and their competitiveness level, in the period 2007 – 2013. Even if the member states government would know which industry of company should br supported, the actual allocation of the public fund is strongly influenced by legitime interests. Therefor, state aid allocation is usualy dependent on political considerations and on the negotiation power of the involved parties, rather than on economic objectives. The main purose of this paper is the following: firstly to determine the relation State Ais – Competitiveness, analysing the cases of Romania, Germany, France, Austria and Poland between 2007 and 2013; and secondly t determine if there is a measurable impact at national level, and to identify new growth possibilities of state aid efficiency. Our main hypothesys is analysed with the help of an original system consisting in competitiveness agregated indicators and their corespondents from the state aid field, and the results obtained are graphicaly presented. This paper is based on the research for the PhD thesis entitled Competition versus competitineness. State aid impact in Romania in the context of EU integration context

Corrupted professional accountants are vital for planning, creating and hiding financial fraud. No financial fraud can be made without help from an expert in Accounting. Through this paper we try to raise awareness of the necessity of having ethical professional accountants and we promote rigorous psychological testing for candidates to the Accounting profession. The purpose of this paper is to present a psychological profile of a fraudster in the field of Accounting and recommended profiles for the candidates to the profession. We presented the fraud triangle of opportunity, motivation and rationalization so we can begin to enter the mind of the accountant fraudster. Then we presented the profile of the character prone to financial fraud as shown in Accounting literature. Further, we presented psychological tests backed by specialty literature that could be useful to select candidates fit for the Accounting profession. The literature presents us with recommended psychological profiles for the professional accountants. A great psychological test used for hiring in the Accounting profession is the Keirsey Temperament Sorter II, used by the government, military, universities, non profit organizations and religious organizations in the USA. The recommended personality types for Accounting are the supervisors and inspectors from the guardians branch for low ranking accountants and the fieldmarshals and masterminds from the rationals branch for high ranking accountants.

The evaluation is the way through which the universities demonstrate their own value, but also that of their graduates. Our present paper suggests a debate regarding the evaluation of students in economics in a web 2.0 world. More precisely, we are trying to offer an answer to the question: Do the students of economics have the necessary computer science abilities to learn and to be evaluated in a 2.0 web environment? The paper starts off with the presentation of fundamental principles of assessment and teaching done with Web 2.0 means and methods. The exemplifications are added to this structure as they had been presented in the specialized works of this domain. The paper then goes on to present the results of our prospective study. Through this prospective study we wanted to identify the attributes based on which we could create the next phases of our research into elaborating the behavior of the students as it is observed during the process of evaluation. This evaluation takes place in a world that is bombarded with synchronic and a-synchronic means of communication called according to acronyms such as web 2.0, 3.0 and maybe even 4.0. It is in this context that we consider that the main purpose of the present paper is to determine the state of being prepared/ unprepared characterizing the student in the use (acceptance) of the evaluation and assessment of certain softs for socialization. In order to achieve our purpose, we have carried out a survey based on which we were intending to obtain the students’ level of perception regarding the evaluation system they are subjected to through web 2.0 means as well as their reaction to the web type of evaluation. The result we obtained demonstrated that the students are willing to participate at a declarative level, but they are not actually willing to be evaluated through web 2.0 means when it comes to practice. The end of the study is where we identified the need for a better means of informing and counseling both the students and the professors or other teaching staff in order to take full advantage of the Web 2.0 evaluation potential.

The current paper deals with an issue of absolute importance for the shareholders, managers and creditors of the Romanian companies: the analysis of profitability indicators. The study concentrated over 10 companies which are registered in the Bucharest Stock Market and which are operating in the field of leisure and tourism. These companies can be considered the most significant in the field based on both their history: founded before 1990, previously state owned and later transformed into private company, and on their financial sustainability. The profitability indicators were selected to be analyzed in the current paper since they are considered to be the most significant indicators which guide the financial decisions of managers, investors and creditors alike. While addressing the issues of performance indicators most of the authors concentrate on the profitability indicators. These indicators provide first-hand information regarding the company’s bottom line and its return of value towards the investors. While the other ratios from the managerial finance provide some information about the way the firm is operating, the profitability indicators are considered to combine the effects of liquidity management, asset management and debt management on operation results. The paper is organized in three chapters. In its first chapter the paper deals with the theoretical and practical concept of profitability for Romanian companies and defines several profitability indicators. In the second chapter a case study is realized and three profitability indicators are tested and interpreted. Later aggregate results are calculated and analyzed. The last chapter draws the conclusions of the current paper and is analyzing the results both on individual and also on aggregate level.

Generalised uncertainty, a phenomenon that today’s managers are facing as part of their professional experience, makes it impossible to anticipate the way the business environment will evolve or what will be the consequences of the decisions they plan to implement. Any decision making process within the company entails the simultaneous presence of a number of economic, technical, juridical, human and managerial variables. The development and the approval of a decision is the result of decision making activities developed by the decision maker and sometimes by a decision support team or/and a decision support system (DSS). These aspects related to specific applications of decision support systems in risk management will be approached in this research paper. Decisions in general and management decisions in particular are associated with numerous risks, due to their complexity and increasing contextual orientation. In each business entity, there are concerns with the implementation of risk management in order to improve the likelihood of meeting objectives, the trust of the parties involved, increase the operational safety and security as well as the protection of the environment, minimise losses, improve organisational resilience in order to diminish the negative impact on the organisation and provide a solid foundation for decision making. Since any business entity is considered to be a wealth generator, the analysis of their performance should not be restricted to financial efficiency alone, but will also encompass their economic efficiency as well. The type of research developed in this paper entails different dimensions: conceptual, methodological, as well as empirical testing. Subsequently, the conducted research entails a methodological side, since the conducted activities have resulted in the presentation of a simulation model that is useful in decision making processes on the capital market. The research conducted in the present paper also entails an empirical testing phase, involving the hypotheses directed at the impact of adopting risk management in decision making processes under efficient corporate governance.

This paper comprises an assessment of the Romanian health financing policy and a detailed analysis of income and expenditure trends over the past seven years. The current situation of the health system is evaluated by reviewing the existing health legislation and documents on public health policies from Romania and from abroad, by analyzing the official statistics (the Romanian Yearbook of Health Statistics, Who database) and by performing a healthcare system financial analysis. Although the financial efforts of the Romanian state to support the health system have increased, almost all the incomes and expenditures of the health care system having recorded significant increases, the population perception on health services worsened. Financing the health system continues to be inadequate and used in an ineffective way. Health is an essential component of well-being with major socio-economic implications. The organization and functioning of the health system depends on ensuring adequate funding. Romania must develop its health strategy in the context of European Union policies. These policies are based on values and principles such as promoting universal protection against financial risk, promoting a more equitable distribution of the financing burden, promoting equitable provision and use of services relative to need, improving the transparency and accountability of the system to the public, promoting quality and efficiency in service delivery, improving administrative efficiency, while ensuring the financial sustainability of the health system. In this context, in order to support a financially sustainable and high performing health system, the paper includes recommendations for increasing the public incomes in the health insurance system and options to streamline the healthcare services and expenses in the future.

For a long time, people have felt the need for a common language in order to communicate faster and better and English has become the global language, spreading across the world. Nowadays, more and more people learn and speak English for different reasons. The effect of it is that English started influencing the native languages of the speakers who use a great variety of words and expressions from English while speaking their respective languages. The aim of this paper is to analyze the influence of Anglicisms on the Romanian vocabulary, especially on the business vocabulary. Our paper focuses on English for Business and Economics, as we have been teaching business English to students from the Department of International Business for several years. The research undertaken in this paper is a theoretical research, concentrating on the controversies that surrounded this highly debated subject by the linguists: should Anglicisms be used in Romanian or not? In this regard, there are two sides: on one hand those who are rather supportive of the trend and those (and here we mention highly reputed Romanian linguists like George Pruteanu or Eugen Simion) who were categorically against it. The paper provides the results of a survey conducted by “Special Eurobarometer 243” showing that English is the most widely spoken language in Europe with a score of 51%. The concept of “romgleza” tends to replace the Romanian language in large corporations and not only and this is a natural trend, considering the “invasion” of the English language. A conversation in “romgleza” combines Romanian and English elements, thus resulting a technical jargon, the English words being used especially in areas like IT, marketing, management. This is due to the fact that in these areas the daily exposure to English is higher because everything people in these fields do is connected to English. Romgleza appeared because in Romanian there are no words to express the same meaning as the English words and that is why the majority of people prefer to use the English word. Yet, the purpose of this paper is not to mourn the fate of the Romanian language. Anglicisms have not determined an “alteration” of the Romanian language, but, on the contrary, they have contributed to its permanent renewal and development, modernizing its vocabulary.

Following the transformations through which national economies have been going through recently, we note that there has been a change in the type of economic development. Basically, the shift is made from the traditional economy to the "new economy" that focuses on long-term sustainable economic development. This economy pursues human and technological development. In this context, the contribution of the human capital to economic development should be analysed in terms of its qualitative side. Considering that Europe is heading towards a new type of economic development based on the quality of the human factor, the main factors (education, research - development, health, but also labour-related incentives) determining a certain level of quality of the human capital should be subject to analysis. In order to identify and understand the current state of affairs, the trends in the evolution of Romanian economy, in the context of European development strategies, a broad approach perspective is needed, to combine the historical approach with the economic and sociological ones. For Romania, this process is all the more important and difficult to carry out the longer the period of time (the communist period) was, during which the human resource was seen as a production potential, not as a beneficiary of the economic activities. Practically, man lived to work, and not the other way around. Romania had a lot to catch up with, important structural changes needed to be made in order to achieve a sustainable economic development. Given all this, the paper brings forward all the issues related to the training of the human capital during communist times, in order to understand the difficulties in the approach of the Romanian economy seeking to transform itself as required by the European Union Strategy.Sustainable economic growth cannot be achieved without certain skills and without certain social and professional standards. This paper aims to produce a qualitative, as well as a quantitative analysis, based on the comparison between the dynamics of indicators representative for the situation of important influence factors of the efficiency and current and potential quality of the human capital in Romania. The period considered for our study refers to the period following Romania's accession to the EU.

Using a fixed effects panel data estimation model in order to account for individual firm heterogeneity, the paper investigates the determinants of corporate tax payments for Romanian non-financial companies listed at Bucharest Stock Exchange over twelve years period (2000 – 2011), adopting a new approach, the natural logarithms of corporate income taxes actually paid as dependent variable. This removes the inherent flaws of firm specific effective tax rates, while establishing a more comparable field for subsequent similar research. All the determinants investigated were found as having an impact, albeit at different level of significance. Capital intensity, leverage and labour intensity were found as having a negative effect, while profitability and size have a positive impact. The findings correspond in general to conventional theory. Moreover, the paper produces evidence concerning the impact of loss carry-forward provisions on firm tax payments.

This paper is part of a larger research that aims to analyze the deviation between the Real Exchange Rate and the Equilibrium Exchange Rate in Romania (EUR/RON currency) and to come up with conclusions regarding this deviation and with solutions to minimize it, if the case. Because this is the most important discussion after having the empirical results: what do emergent markets like Romania need to do to keep up with the EU trend? Which are the concessions they have to make in order to maintain a sustainable growth? Do these concessions include breaking the present equilibrium for a future BETTER? Starting with the most well-known methods to calculate the Equilibrium Exchange Rate, this article`s purpose is to create an accurate overview on the UIP model in Romania (the interest rate differential), to verify, using the latest data if the economic environment has brought any changes on the results of this model in the latest years. Is the UIP model a trustworthy equation to establish the Equilibrium Exchange Rate? In order to verify if the UIP model was more reliable in returning a value for the Equilibrium Exchange rate in the latest years on the Romanian market, this paper presents an empirical study containing recent compiled data from the last 10 years, analyzing the 2005 – 2014 period. The NEW in this article is that the used data is very fresh, currently, most probably the only study that verifies the UIP model in Romania for this specific period of time. Why is it useful? Why is it important? Because it doesn`t only bring a confirmation of weather the UIP works for Romania or not but comes up with hints and conclusions regarding the current economic situation of Romania. We can see what has been changed in the local market in the last ten years in terms of monetary policy and what has this change brought with it – if the results are those expected or not and also, what would be the direction for the next years – to most suitable direction to be adopted.

Internationally, services represent the most important sector of the economy both in terms of economic performance and labor utilization. Becoming essential part of today society, they are considered the basis of a healthy economy, fact that has increased the importance of services and the research in the field.T hrough this work we intend to address a number of issues that require clarification and are relevant to this sector. Increased competition and customers higher demands lead to difficulties in service delivery, so managers of service organizations must work hard towards developing appropiate strategies that can lead to improved customers satisfaction and to increased efficiency. Because it is inevitably for service providers to face situations in which service failure occurs and their customers are not satisfied, understanding the nature of service failures and the ways in which an organization can recover after a failure are considered key factors for achieving customer satisfaction. Since the data suggests that over 50% of customers who are facing problems are not satisfied with the way they were resolved, we consider appropriate to approach this topic. We intend to draw attention to service providers to the importance of proper management of service failure. They can find ways to recover from these failures and even to turn them into some very pleasant situations that can contribute to customer loyalty. This paper begins by highlighting the various features specific to services which contribute to the increased chances of failure, it continues by presenting the concepts of service failure and service recovery and then it presents some links that exist between service recovery and other aspects of providing services that are demonstrated in the literature. We hope that this paper will significantly contribute to the knowledge and development of the sector under analysis and will highlight some practices that will lead to improved customer satisfaction and organizational performance.

This paper examines the univariate models for predicting bankruptcy and the multivariate models of the best known researcher in this field, the Altman models, models that use the multivariate discriminant analysis. This paper is mainly focused on the application of two of the Altman models (the revised model of 1983 and the revised model of 1993) to firms that operate in Albania, to see how its models can predict the future of Albanian firms. To assess the accuracy and the possibility of applying these models in the case of Albania, the study includes 80 firms (large firms) that operate in the service sector. To classify bankrupt and non-bankrupt firms, this study is based on the Albanian legislation on bankruptcy (Law no. 8901), according to which bankruptcy proceedings may be opened in case of a state of insolvency, when the firm is overburdened with debts or when the earnings after tax of the firm is negative for a period of 3 years. According to the Albanian legislation on bankruptcy, 24 (from 80) firms involved in the study result legally bankrupt. The first revised model (The 1983 model) of Altman predicts accurately these firms by 75%. Regarding the non-bankrupt firms (according to Albanian legislation on bankruptcy) inaccuracy in the forecast is even higher than in the case of bankrupt firms. From 56 non-bankrupt firms involved in the study, 23 are classified as insolvent company under the first revised model of Altman, while these firms are not bankrupt. In case of application of the second revised model of Altman (The 1993 model) the results are consistent with the results of the first model in terms of bankrupt firms. Meanwhile, what is striking is the significant reduction in the percentage of Type II error (from 41% to 23%).

The main objective of this paper is to evaluate the sustainability of public finance in Romania and to explore the fiscal threats Romania might face in the future. A sound fiscal policy implies avoiding excessive liabilities of the government, but at the same time delivering the proper public goods and services, including the necessary safety net in times of crisis. An unsustainable fiscal position negatively impacts on macroeconomic stability; moreover, if public finances are perceived to be unsustainable in the long run, the reaction of the international financial markets could generate a fiscal crisis, which might surprise the fiscal planners. The main findings of the paper are the following: i) according to the multidimensional approach of the European Commission, in the short run, it seems that Romania is free from fiscal stress, there is a low risk in the medium term, and in the long run the risk becomes medium; ii) a potential medium-term fiscal sustainability risk derives from the accumulation of losses and arrears in the business and companies sectors in which the state is a majority shareholder; iii) Romania records one of the lowest budget revenues to GDP ratios in EU, while the Romanian tax system is characterized by a poor tax collection, inefficient administration and excessive bureaucracy; iv) the structure of public spending in Romania is characterized by the predominance of wage spending and social assistance, while the poor state of the public pension system is an important vulnerability of the public finance position; v) overall, the degree of tax compliance in Romania was only 55.8% in 2013, and according to the calculations made by the Fiscal Council, tax evasion represented 16.2% of GDP in 2013. All these aspects make up a grim picture of sustainability of public finances, which has to be considered by the public decision makers regarding future fiscal policy actions.

In this paper we analyzed the requirements for Romania deriving from the principles and European directives made regarding the selective collection of recyclable waste to implement the concept of sustainable development. The integrated waste management system is not fully functional in Romania which can cause much of the recyclable waste not to take the road of recycling but that of final disposal generating pollution. I believe that the rigorous application of European directives transposed into national legislation, national strategies on waste management but also making people aware and educating them are the factors that lead to the major desideratum of full processing and recovery of all recyclable waste. The most important way to recovery is the selective collection of recyclable waste. Most cities in Romania have implemented selective waste collection systems complying both with the national and county strategies in which waste management is concerned. This paper shows how the selective collection system is implemented in Oradea and in Bihor county and all the challenges that result from it.

Starting from the main challenges and growth opportunities of Romania, and also considering the actual context of the social and economic developments, the aim of the paper is to analyse in terms of the research opportunities, the core activities that can be applied in Romania, in order to increase and support sustainable and favourable social inclusion. The analysis will be based on the National plan and the National strategy of the research, development and innovation projects that will also include sets of objectives that have close links for forecasting the results -of the national RDI system. At the same time, this program is supported by the state, which emphasizes the importance of the correct organization of funds in order to create activities necessary for the wellbeing of the society. Therefore, this work will also analyze the strategic orientation of the European Structural and Investment Funds for the period 2014-2020, learning from the lessons of the programming period between 2007-2013, in order to find out the answer to the research question: What are the main sectors in Romania where research development, and innovation projects would be needed as a priority? Following the qualitative analysis carried out by observation and comparison methods, it has been found that there are thirteen main areas that require the priority attention of the research, development, innovation programs, which are divided into two categories: smart specialization and public relevance. First, the field of smart specialization includes: bio-economy; information and communication technology, space and security; energy, environment and climate change; eco-nano-technologies and advanced materials. Secondly, the category of public relevance includes: the field of health; heritage and cultural identity and new and emerging technologies. Consequently, all of the above mentioned aspects are not possible without the stimulation of research and technological innovation programmes. Also through the correct application of the involution processes, using creativity and development-based entrepreneurship, it will be possible to train the population to generate credible program models, eventually this process becoming a lifestyle that will encourage the culture of innovation. Therefore, the purpose of RDI programs is to provide members of the global scientific community with an attractive development environment, involving both young researchers and top researchers from around the world.

The market environment has changed significantly in recent years. Globalization, market concentration, rapid flow of information and technological advancement make increase competition in all industries. The previously commonly used the company, recognize the threats and opportunities outside the company, in this regard intuition skills have outstandingly importance. In this article, the authors present the importance of strategic planning and its connection to traditional planning and its differences. After that, the paper presents the internationally recognized strategic planning method, its steps and the quantitative approach was replaced by the emphasis on quality. The significant changes in the economic, social and natural environment require more responsible mentality and forcing companies to make more responsible decisions. Planning periods have been shortened. Due to rapid changes plans have to become dynamic and multiple controls and feedback have required at the planning stage. Due to the above changes, the overall strategic planning has also come to the fore. The main task of strategic planning is to recognize and respond to the opportunities of the organization in time, and to develop a systematic action program with a systematic approach to analyzing their risks. Successful strategy-making is a success factor of proper strategic thinking. This affects the company's framework of the strategy. The strategic thinker should coordinate a procedure to monitor the state of relationship of each step and its interrelation in particular the internal assessment methods. The development and formulation of the strategy begins with the definition of the business vision and the business mission. These are subordinated to analyze that seek to understand the firm's strategic position. After that, the possible strategic directions can be selected. After selecting the strategic direction (s), the long-term objectives of the organization should be recorded. Knowing the objectives, possible strategic options should be considered and analyzed. The final step of planning is the strategic choice that will help the organization decides which version or variations will be used in the implementation phase. The method described above provides a framework that can be applied not only at company level, but also at a sectoral, national, but individual level, as well.

Corporate governance is a topical subject interrelated with many other concepts such as financial performance and earnings management and also a topic of real interest especially to shareholders and potential investors, but also to other stakeholders. The advantages attributed to corporate governance (maximizing global and long-term financial performance, increasing transparency and investor confidence) are the impetus for carrying out the present paper by asking a question related to approaching the concept in our country and, more importantly, the extent to which the principles of corporate governance are applied practically. The specialized literature in Romania has been dealing intensely with the subject in recent years, both through theoretical and empirical studies. The present empirical research is carried out among the companies listed on the regulated market of the Bucharest Stock Exchange in 2017 for which we analyzed the Statement on compliance with the provisions of the Corporate Governance Code issued by the Bucharest Stock Exchange.The results show that 40% of the analyzed companies apply more than 75% of the principles of the Code regarding the responsibilities of the board of directors, the risk management system and the internal control, to the just reward and motivation and last but not least, to the relationship with investors, to transparency. Moreover, 66% of the analyzed companies apply over 50% of the principles. Comparing the results obtained with the results of other studies from the past, we appreciate a positive evolution of the corporate governance in Romania, obtaining for 2017 an average compliance score of 58% with growth prospects, considering the mentions regarding the implementation process of certain criteria stated by some companies. However, at EU level, Romania occupies the last positions in some aspects regarding corporate governance according to indicators published by the World Economic Forum.

In the last decades, the market economy adopted new developments in terms of sustainable growth. A significant number of states realized the need to develop a sustainable environment in which the climate is valued and protected. The word 'green' has become increasingly used in the field of sustainable investments. Some of the most innovative and profitable tools are green bonds. Since their inception, accredited institutions and governments have developed various practices and principles, which they constantly improve to adapt to the market. Moreover, given that the interest of multinational companies has gradually increased, the stock exchange has become increasingly interested in these green bonds. Thus, in the research carried out, a clear delimitation of the concept of green bond was made, in the context in which, according to the researches, the area of coverage is much bigger from year to year. In fact, the purpose of the paper is also to present the development framework of these financing instruments, the principles and concepts underlying the impact that green bonds have on the capitalist economy, but also their development stage. An extremely important aspect that we have surprised is the stages of issuing bonds from asset management, to reporting and auditing them. In order to highlight the steps made by the green bonds as best as possible and to present the role played in the stock market, we have used qualitative research methods of indicators that highlight the performance of debt instruments, calculating market changes and its trend using the standard deviation. Meanwhile, in order to create an overall picture, the market leaders of the green bonds along with the value of investments in the environmental economy were presented detailed. In this way, it was pointed out that most of the amounts are allocated to mitigation and only a quarter to the adaptation of the bonds. In other words, although some of the newest specialized financing instruments are considered on the market, they have become some of the most popular and innovative financing mechanisms in the world.

Youth unemployment is one of the most pressing problems in the world today, which, through its spill-over effects, affects more than just young people. From an economic point of view, it is also important to examine at what age and with what type of qualifications do young people start to work or how mobile they are. These factors have an impact on the current and future tendencies and developments in a country’s labor market and thus in it’s total economy. Despite the actual trends among the generations that have grown up during their university years, it has been observed in recent years that students are paying more attention and becoming increasingly conscious in their specific expectations when choosing their future workplace and working conditions. This paper reviews some of the tendencies of starter labor generations that can be observed in Hungary. In our study, we examine the active work experience of full-time BA and higher education vocational training students at the University of Debrecen, majoring in tourism focusing on what work experience they have, what factors do they associate to labor market, can attract them, how they are affected by the issue of employment, and what their preliminary expectations and plans may be in connection with subsequent employment. In our research, we tried to draw conclusions based on the obtained results, with which we can help either higher education institutions or employers by exploring the needs and intentions of young people related to labor. We wanted to explore what the most important aspects are that influence students when they have to decide whether to leave their current residence because of a job opportunity. Our study was conducted using a student questionnaire in which the questions focused primarily on work-related experiences, job expectations, the relocation effects of more developed residential areas, and mobilization.

There is an impressive number of studies concerning the effects of the presence of foreign banks on the economy of the host countries. However, the positions and views concerning this topic are immensely diverse. Moreover, the relationships between the two elements may not be unidirectional, given that they depend on many factors, as the global, conjunctural or structural events, or trends in the analyzed time period. Foreign banks can present the host market with several benefits, namely: a reduction in the cost of financial intermediation, an increase in the quality of offered services and products, increased access to financial services, imposing prerequisites and provisions upon demanding debtors to obtain useful medium- and long-term benefits, increased competition levels and diversity of products and services available on the home market, stimulating the diffusion of technology and spread of know-how, acceleration of reform in the field of management, risk management, corporate governance, etc. International banks, by having a diversified and efficient structure, can more easily absorb and cope with the shocks that take place on host markets, and can be considered as being a key source for a stable source of capital. In the same time, we must not forget that the presence of foreign banks can also bring forth and involve costs and risks for the host country: often foreign banks tend to select only the best customers, thus affecting the availability and activity of indigenous banks in the process of granting loans to the real sector, especially to small and medium-sized companies. In some instances, foreign banks may be a channel by which shocks in the bank’s home country are transmitted, and may affect the provision and granting of loans in the host country, thus contributing to the appearance of financial instability. In this paper, we intend to examine the impact of foreign banks’ presence in several countries in Central and Eastern Europe (Romania, Hungary and Bulgaria) in order to understand how foreign participation in the banking sector in the aforementioned countries has had an effect on the economic macro-stability of these countries, and whether the entry of foreign banks into the banking systems of each host state follows a similar model. We are also interested in finding out whether the trends are maintained over time, or are significantly influenced by the socio-economic, political and conjunctural particularities of each country. Finally, we want to find out whether the recent economic and financial crisis has decisively changed the behavior of foreign banks and the relationship with the analyzed macroeconomic indicators.

Nowadays, there is an increasing focus on knowledge input and output measurement rather than assessing the characteristics of the knowledge itself. This phenomenon happens since knowledge becomes central into capitalistic production processes: the competitive advantage of countries is the principal engine for the production of high-value, non-ubiquitous and complex knowledge (see Dicken, 2007). In this paper, we present the reaction-diffusion equations and their application to a particular economic phenomenon: in which way knowledge complexity diffusion might affect or not affect the labour productivity across the Eastern European countries. More profoundly, the aim followed by the present research work is to provide Eastern European countries with a substitute approach: a strategy. This strategy has the objective of enabling these countries to avoid acting as knowledge predators towards other countries (i.e. those such as Sweden, Finland and Denmark, referred to as prey countries, which invest their resources in knowledge and therefore in technology). We simulate the knowledge competition and the spill-over productivity effects across the Eastern and some European countries using specific reaction-diffusion equations types: the Lotka-Volterra equations which are able to describe a complex dynamic system of the prey-predator phenomenon. Our approach is based on the two steps of analysis. In essence, the first step, we compute the Knowledge Complexity Index of patents, for quantifying the European knowledge complexity; describing the possible spatial patterns and transformation of the European knowledge. Furthermore, we use the canonical Lotka-Volterra models of patents from the European Patent Office and the labour productivity data from the Eurostat database from 2000 and 2017 for Eastern European countries and some European countries, such as Finland, Sweden, Austria and Germany. More specifically, we have identified the presence of lagged knowledge between the Eastern European countries and some Northern European, such as Finland, Sweden and Denmark. In conclusion, the implementation of specific knowledge diffusion policy strategies could be helpful for future applications. It may avoid intra-guild cannibalism phenomenon from being engaged in some Eastern European countries.

The aim of this paper is to collect and introduce the related theoretical background, models, and scientific goal of my future research. My aim is to reveal at a further stage of my studies how linguistic snobbery and different wordings influence consumers when choosing specific products. In my research, I will discuss the role of borrowed words in marketing communication and the communication effect of different wording of a message with the same content. A further aim of the research is to find out how consumer relates to borrowed words, whether the consumer is able to decode a communication message that contains a word of foreign origin, and what factors influence the interpretation of the message. There has been relatively little research in Hungary examining the effectiveness of communication messages, and the use of borrowed words has been considered a general linguistic issue in previous researches and has not been considered a paramount factor in communication messages. Specific literature background on the effect of different wording is not available, therefore the related theories and models should be based on several disciplines (neurolinguistics, psycholinguistics, rhetoric, communication and neuromarketing), which will function as the theoretical background for my research. One of the most crucial backgrounds of my research is the integrated marketing communication model, the main pillars of which include the target group, channel focus and results orientation, and the other is Jacobson’s language communication model. Roman Jacobson tries to explore the meaning of linguistic communication, characterizes the elements of linguistic communication, assigns functions to communication factors, and communicates with the functions he defines. The basis of my primary research - questionnaire survey, focus group analysis and in-depth interview - includes he integrated marketing communication model: target group, channel focus and efficiency. In terms of the impact of wording, word order and borrowed words on communication effectiveness, I recommend FMCG (Fast Moving Consumer Goods) sector to be examined, as this sector generates the highest advertising expenditure. In terms of target group, I examine the effect above among the LOHAS consumer group (Lifestyles of Health and Sustainability) committed to sustainable consumption. It is expected that, depending on the results of the research, I will be able to make a proposal for communication optimization, and the studies may be adequate to develop a new measurement methodology.

Identifying the factors that determine the degree of competitiveness of a tourist destination implies a sustained effort on the part of the researchers considering the complexity of tourist phenomenon. The competitiveness of a tourist destination is given by the following features: natural and anthropic resources, specific and general infrastructure, the offer of tourist services, tourist destination management, adopted marketing policies, care towards the environment, the cooperation between authorities and private sector, marketing conditions. The main purpose of this paper is to provide a theoretical perspective regarding tourist competitiveness in the sense of presenting the different approaches of the concept in the last three decades as well as illustrating patterns of tourist competitiveness.

The paper aims to help the reader to see how a doctrine could sustain, serve and promote globalization, bringing with it seemingly unlimited possibilities, but in its background coming with wealth dispersion and capital concentration, and creating schemes for payment for a vital resource. High development in communication technology has supported economic globalization; but to promote it there was needed a doctrinal and institutional framework. Neo-liberalism, promoting a smaller role for state in economic affairs overlapped with institutional efforts carried on under the multilateral negotiations’ GATT/WTO umbrella. Globalization of rules concerning foreign investments and services’ providing focused on the possibilities to invest in business having as focal point a vital resource: water. The debate of state versus market is one of the longest and tensioned in the history of civilization. Reducing the role of state in economy, there has been created the possibilities of seemingly unlimited gains, but it brought not only that, but economic convulsion and environmental decay, too. Water and investment connected to this resource have made no exceptions. Global players from soft drink and food industry areas stepped into the lucrative bottled water’s industry, while giants specialized in building great infrastructure projects headed to gain access on administrating big cities’ network of water pipelines and pumping or cleaning stations. Huge profits started to pour into their pockets, but with them came in many cases higher costs for piped water, lower water quality, and hardship for poor to gain access to what is a vital resource. Large investments determined by the globalization of concrete revolution resulted in damming almost all rivers of the world with huge impoundments, strongly harming natural habitats, coupled with population’s relocation together with a peculiar life-style’s losing. International credits needed to finance such projects created an almost frenetic market for international lending institutions. Countries aiming at quick modernization stated to fight for access to these financial resources in order to create the capacities to build huge dams and irrigation schemes, but in numerous cases the results were far from what had been expected. All these have created a favorable framework for making water an asset which can be traded as any other commodity, strongly reflecting the neo-liberal tenets in relation with this resource.

A large number of countries believe that their economy has been boosted thanks to the EU funds. This is difficult to say yes because everyone comes up with different results. Experts in the field have performed numerous and diverse studies on this topic, using different types of methodologies and tools. Several hypothesizes have been tested and the general agreed conclusion is that the main reason for these results is not the amount of money obtained from the EU, but the way they are used. The pro-development way of utilizing the funds has increased the probability to generate valid economic growth. Moreover, long-term planning and strategic implementation regarding EU funds have proven to be more effective than short-time solutions. This paper proposes to analyze the impact of EU funds on the gross domestic product in ten European countries by using linear regression. The Member States must wish and plan for a sustainable, healthy growth, which will not cause the accumulation of risks, imbalances, and painful tensions, however, it will cause inevitable corrections in the future. To do this, countries need to focus on qualitative and not just quantitative growth, which will also determine the convergence of production structures and endowments with infrastructure, not just revenues. This would mean an increase in endowments with production factors. The focus is therefore on increasing the growth potential, an unobservable but extremely important variable of the economy. Many financial experts emphasized that countries of Central and Eastern Europe will spend EU money on the development of roads and railway infrastructure. There is a big recommendation on focusing on Research and Development, which is a tool that could help the economies of the region in the long term. The EU should motivate these countries to absorb the funds as quickly as possible by reprimanding the governments. Experience of best practices is a key element in EU funding and also the trigger for readjusting the framework and mindset of national stakeholders.

This paper aims to highlight aspects that led to the migration of Romanians to Italy, their number in the peninsula, and their distribution by geographical areas. Italy needs workers in almost all sectors of activity. Thus we find Romanians working in agriculture, construction, tourism, but also in the health system. From the statistical data published for the last 3 years, we notice that the number of Romanian residents is constantly growing, which shows us that Romanians are satisfied with the conditions they find in this destination country. We will highlight here that at this moment, in Italy we are talking about migration for the whole family. In this sense, we find families who have reorganized their lifestyles, adapting to everything that the host country has to offer. For most of them, these were very important and played a decisive role in the choice made. Thus, the health system, the education system, the social system, and not only are considered to be much better than those in Romania. Romania being part of the EU offers Romanian workers from other member countries and not only, the opportunity to benefit from capitalizing on the years they worked in another country, contributing to the public pension system. Thus, using the pro-rata principle, the years in which the taxpayer has completed a contribution period, regardless of the country, for the opening of pension rights are totaled, following that each country will grant a pension for the actual contributions to its budget. The Italian authorities have a social system ready to provide benefits to all residents so that they can continue their lifestyle acquired during work and retirement. We will make a short presentation of a program launched by the Italian state for its citizens and residents, which can be accessed from 01.02.2019 to 31.12.2020, Quota 100.

The paper seeks to summarize opportunities offered by the University of Debrecen (UD) for the further development of students’ innovative ideas to enter the marketplace, and to identify the essential links of the university’s innovation ecosystem resulting in mutual benefits at local, regional, national and international levels. As a part of this programme in 2010 the innovative Finnish higher education system (Tiimiakatemia – Team Academy) was launched at University of Debrecen Faculty of Economics and Business, which was also awarded by OECD and has been run at JAMK University of Applied Sciences in Jyvaskyla since 1993. In this system, we create team entrepreneurs who must work together in teams. Our Team Academy Debrecen's mission is to provide business training that develops entrepreneurial mindsets and self-awareness through practice-oriented and innovative approaches to the requirements of the modern age, creating opportunities for individual fulfillment, responsibility for themselves and the community. During the training, we focus on developing the following skills and abilities: developing team entrepreneurial skills, being able to teamwork, adapting to new environments, being able to co-create to build communities. Team Academy Debrecen learns new approaches and methodologies by putting them into practice take full responsibility for their actions and decisions learn from their mistakes, be open to new ideas. We believe they can learn faster and more through international cooperation. Author of this study work as team coach in Team Academy Debrecen. In the last 8 years, we have worked with several teams and experienced how group dynamics present at the teams and change through the learning process. We have faced with great storming period at different teams and managed to build high performing entrepreneur teams as well. Our experiences are introduced as case studies, after analysing, consequences will be concluded. As in the EFQM model we can find that to survive in the global competitive markets companies need the best teams for the best results.

In this paper I want to present the place and role of risk management within an organization in corporate governance. Thus, the risk management of an organization consists of defining the risk, identifying and evaluating the impact and probability of materialization and, subsequently, establishing appropriate ways to manage the significant risks. According to some authors, the risk management of an organization is among the newcomers in the context of the concept of corporate governance, which brings a holistic perspective, as an integrating factor of the parts of a whole, which is the organization. At the same time, it can be emphasized that, according to the standards regarding strategic risk management, risk management should become an integrated part of the way any organization works; and in other ideas, being the basis of management approaches, it should not be separated from the daily activities of any organization. In corporate governance, in any entity, risk management is necessary because both in the company and in the environment in which it operates, there are uncertainties about the nature of the threats in achieving the objectives, or the nature of the opportunities. Any manager must pose the problem of managing the threats, because, otherwise, not reaching their objectives, they would be disqualified, or to take advantage of the opportunities for the benefit of the organization, proving their efficiency. If uncertainty is an everyday reality, then the reaction to uncertainty must become a permanent concern.

This paper presents the results obtained from the testing of an algorithm based on artificial intelligence applied to data on cattle breeding, over a period of several years. Following the application of this algorithm can be made predictions regarding the weight gain of cattle according to their age, their type, the input weight and the number of days we propose to keep him fattening. Prediction can help us make decisions about future sales contracts, simply by the fact that we can know a weight that we can achieve for existing cattle after a certain number of days.

The appreciation of human capital generated the broadening of human resource management functions. Human resource management frames attracting, employing, developing, motivating, ensuring the dedication of the employees, retaining the talents and terminating the employment as well. Corporate effectiveness and managing efficiency are ensured by overlapped and consistent HR functions in the long run, which supports both organisational and individual objectives. In this study, we tried to answer the followings: which are the main differences emerging as the interpretation of satisfaction and dedication, and what could be the basis of them and how to connect employee dedication with organisational knowledge management. The research aims to summarise through secondary analysis in a review, the significance of creating organisational knowledge management as a fundamental element in forming dedication. In the study, we synthesised significant literature approaches to the issues. As a result, we hypothesised that satisfaction could be interpreted as the prerequisite of dedication. Indeed unsatisfied employees can not contribute to organisational operation in a dedicated way. Consequently, it could also be established that every dedicated employee is satisfied; however, not every satisfied employee will be automatically dedicated to the employer. Achieve the state of satisfaction; more factors should be present at the same time. These include supporting working conditions and organisational atmosphere, which is the basis for knowledge management. Also, for an organisation to ensure itself with dedicated employees, it has to emphasise job design which contains the content of tasks, complexity, difficulty, factors within the organisation like knowledge and technology. Dedicated employees will be the ones who are considered as a value by the employer, appreciated, given career path and ensured with the appropriate working conditions, including the involved knowledge and available knowledge base in the job, also tools and opportunities for development. If the company lost a talented employee, the cost includes more than finding a new applicant. Invested costs with the lost employee, also the lost knowledge are hardly replaceable in many cases. Dedication and loyalty of an employee have to be maintained, with the application of the correct management tools, employee satisfaction can be achieved, which is worth investing in the long run. The paper discusses the possible connection between organisational knowledge sharing and dedicated employees, focusing on the system of linked HR functions.

As companies struggle to increase the number of customers, their strategic sourcing plays a vital role in the maintenance of their improving performance. The paper attempts to determine those macroeconomic factors (i.e. energy consumption, climate change, political stability etc.) for the international industrial companies that can contribute to the required quality and price of the goods produced in each examined countries. The indicators proposed are based on the World Bank’s competitiveness and governance pillars. In this study, the valuation of the listed factors based on automated ICTs technology. The assembly of the Robotic Process Automation (RPA) system is concentrated not only to collect the current information it is needed to compare the relevant aspects of the selected indicators but can support decision making or forecast trends for suppliers. Results clearly indicate which countries are recommended for the investments or searching of potential suppliers. The findings of this study also should make an important contribution to the field of supply management to identify future trade routes.

The market environment has changed significantly in recent years. Globalization, market concentration, rapid flow of information and technological advancement make increase competition in all industries. The previously commonly used the company, recognize the threats and opportunities outside the company, in this regard intuition skills have outstandingly importance. In this article, the authors present the importance of strategic planning and its connection to traditional planning and its differences. After that, the paper presents the internationally recognized strategic planning method, its steps and the quantitative approach was replaced by the emphasis on quality. The significant changes in the economic, social and natural environment require more responsible mentality and forcing companies to make more responsible decisions. Planning periods have been shortened. Due to rapid changes plans have to become dynamic and multiple controls and feedback have required at the planning stage. Due to the above changes, the overall strategic planning has also come to the fore. The main task of strategic planning is to recognize and respond to the opportunities of the organization in time, and to develop a systematic action program with a systematic approach to analyzing their risks. Successful strategy-making is a success factor of proper strategic thinking. This affects the company's framework of the strategy. The strategic thinker should coordinate a procedure to monitor the state of relationship of each step and its interrelation in particular the internal assessment methods. The development and formulation of the strategy begins with the definition of the business vision and the business mission. These are subordinated to analyze that seek to understand the firm's strategic position. After that, the possible strategic directions can be selected. After selecting the strategic direction (s), the long-term objectives of the organization should be recorded. Knowing the objectives, possible strategic options should be considered and analyzed. The final step of planning is the strategic choice that will help the organization decides which version or variations will be used in the implementation phase. The method described above provides a framework that can be applied not only at company level, but also at a sectoral, national, but individual level, as well.

Business English is commonly understood language, yet Harvard Business Review called business jargon “The Silent Killer of Big Companies”. As we all have been taught in school, we are aware of the fact that in communication we must comply with linguistic rules so that our message gets across succinctly. Yet, there is one place where all these rules can be omitted (at least in the recent decades): the corporate office. Here, one can use euphemisms and clichés, can capitalize any word that is considered important, the passive voice is used wherever possible and abbreviations occur in every sentence. The worst part is that all of these linguistic enormities are carried out deliberately. The purpose of this paper is to analyse to what extent business jargon and abbreviations have affected business communication (which most of the time, it is filled with opaque language to mask different activities and operations) and the reasons for which these linguistic phenomena have become so successful in the present. One of the reasons for the research is that in business English, jargon can be annoying because it overcomplicates. It is frequently unnecessary and it can transform a simple idea or instruction into something very confusing. It is true that every field has its jargon. Education, journalism, law, politics, medicine, urban planning – no filed is immune. Yet, it seems that business jargon has been described as “the most annoying”. Another reason is that jargon tends to be elitist. Those who do not understand the terms feel confused and uncertain. The paper starts with defining these two concepts, business jargon and abbreviations, and then it attempts to explain the “unusual” pervasion of these, both in business communication and in everyday communication. For this, the paper includes a list with the most common business jargon and abbreviations. In this view, the authors have accessed different economic blogs and specialty journals. Then, it continues with the presentation of the results of a survey which was applied to Economics students regarding the extent to which communication, with emphasis on business communication, is affected by the use of business jargon and abbreviations.

The issue of public budgeting is an important issue for public policy of the state, for the simple reason that no money from the state budget can not promote public policy. Budgetary policy is official government Doctrine vision mirror and also represents a starting point for other public policies, which in turn are financed by the public budget. Fiscal policy instruments at its disposal handles the public sector in its structure, and the private sector. Tools such as grant, budgetary allocation, tax, welfare under various forms, direct investments and not least the state aid is used by the state through their budgetary policies to directly and indirectly infuence sector, and the private. Fiscal policies can be grouped according to the structure of the public sector in these components, namely fiscal policy, budgeting and resource allocation policies for financing the budget deficit. An important issue is the financing of the budget deficit budgetary policies. There are two funding possibilities, namely, the higher taxes or more axles site and enter the second call to public loans. Both options involve extra effort from taxpayers in the current fiscal year when they pay higher taxes or a future period when public loans will be repaid. We know that by virtue of "fiscal pact" structural deficits of the member countries of the EU are limited by the European Commission, according to the macro structural stability and budget of each Member State. This problem tempers to some extent the governments of the Member States budgetary appetite, but does not solve the problem of chronic budget deficits. Another issue addressed in this paper is related to the public debt, the absolute amount of its relative level of public datoriri, about the size of GDP, public debt financing and its repayment sources. Sources of public debt issuance and monetary impact on the budget and monetary stability are variables that must underpin the justification of budgetary policy official. Volume and structure of public debt will strike in the future state finances and income citizens who in turn will pay these debts. Regarding payment of public debt in the future, in literature often put morality issue grevarii income of future generations of rulers moment. Another issue addressed in this paper is that of public debt issuance conditions in international financial markets, the international financial institutions or domestic. Substantiating the link between the amount borrowed and realizing their destination in credit is needed to determine the economic and social effects on the budget and on income taxpayers will bear the burden of public debt.

One of the effects of globalization is the faster pace of our lives. This rhythm can be noticed in all aspects of life: travel, work, shopping, etc. and it has serious negative effects. It has become common knowledge that stress and speed generate serious medical issues. Food and eating habits in the modern world have taken their toll on our health. However, some people took a stand and argued for a new kind of lifestyle. It all started in the field of gastronomy, where a new movement emerged – Slow Food, based on the ideas and philosophy of Carlo Petrini. Slow Food represents an important adversary to the concept of fast food, and is promoting local products, enjoyable meals and healthy food. The philosophy of the Slow Food movement developed in several directions: Cittaslow, slow travel and tourism, slow religion and slow money etc. The present paper will account the evolution of the concept and its development during the most recent years. We will present how the philosophy of slow food was applied in all the other fields it reached and some critical points of view. Also we will focus on the presence of the slow movement in Romania, although it is in a very early stage of development. The main objectives of the present paper are: to present the chronological and ideological evolution of the slow movement; to establish a clear separation of slow travel and slow tourism, as many mistake on for the other; to review the presence of the slow movement in Romania. Regarding the research methodology, information was gathered from relevant academic papers and books and also from interviews and discussions with local entrepreneurs. The research is mostly theoretical and empirical, as slow food and slow tourism are emerging research themes in academic circles.

In this paper we try to show the perception of the main stakeholder on the rural tourism field, local government, on the development of this economic activities. We believe that a revision of an important part of approaches that have appeared in the literature in terms of the concept of rural tourism, in terms of methods of analysis of tourism activities and, not least, requiring the use modern techniques for foresight indicators by which to make assessments on these activities.The local public administration is responsible for policy formulation, research and planning, development of basic infrastructure, the development of certain landmarks, establishing and managing service delivery standards, establishing management measures and recovery planning and environmental protection, setting standards for training and improving employment, setting standards for maintaining public health and safety.In this paper we try to show as well the main factors of the emergence and development of rural tourism in order to establish priorities in the joint action of local people, entrepreneurs, tourists and local and national administrations. In many countries, the tourism industry fall within government priority. Tourism has been identified as one of the primary industries with potential to support local communities in developing economic diversity. In this research, it was also used descriptive analysis of the variables and comparative analysis using Kruskal-Wallis H and Mann-Whitney U test.Kruskal-Wallis H test. The Kruskall-Wallis test aims at comparing several independent samples when, as is the case of our research, the dependent variable is ordinal. The test is based on rank and hierarchy of data analysis. Scores are ranked from lowest to highest, ignoring the groups they belong to, and then calculate the sum of ranks for each of the groups. The question refers to how much respondents considered that are due to the development of rural tourism attractions in the region Crişana. Respondents could answer one of the following: a very small extent, small extent, the average measure, largely respected very much

Evolutionary theory study of processes that transform economy for firms, institutions, industries, employment, production, trade and growth within, through the actions of diverse agents from experience and interactions, using evolutionary methodology. Evolutionary theory analyses the unleashing of a process of technological and institutional innovation by generating and testing a diversity of ideas which discover and accumulate more survival value for the costs incurred than competing alternatives.This paper presents study the behavior of the firms on the market used the evolutionary theory.The paper is to present in full the developments that have led to the re-assessment of theories of firms starting from the criticism on Coase's theory based on the lack of testable hypotheses and on non-operative definition of transaction costs. In the literature in the field studies on firms were allotted a secondary place for a long period of time, to date the new theories of the firm hold a dominant place in the firms’ economic analysis. In an article, published in 1937, Ronald H. Coase identified the main sources of the cost of using the market mechanism. The firms theory represent a issue intensively studied in the literature in the field, regarding the survival, competitiveness and innovation of firm on the market. The research of Nelson and Winter, “An Evolutionary Theory of Economic Change” (1982) is the starting point for a modern literature in the field which considers the approach of the theory of the firm from an evolutionary perspective. Nelson and Winter have shown that the “orthodox” theory, is objectionable primarily by the fact that the hypothesis regarding profit maximization has a normative character and is not valid in any situation. Nelson and Winter reconsidered their microeconomic analysis showing that excessive attention should not be paid to market equilibrium but rather to dynamic processes resulting from irreversible economic exchanges. This paper is focused on the market competition. In this market the firms must define its behaviour and formulate strategies for future actions affected by risk and uncertainty. The conclusions of the paper reveal that using a theory of the firm as reference framework regarding the representation of the economic agent’s on market structure, opens the way for a new field of investigation.

It’s needless to say that nuclear is a hot subject. It arouses public imagination, suspicion, and fear. It has always animated scientists’ minds and souls and after they discovered how to manipulate the atom, the public conscience has become aware of its dangers and its merits. Present paper aims to present why it is important to regard with optimism and trust the science of atoms, not without loosing our critical view concerning the risks inherently connected to it. Nuclear arms are a reality, but climate change is another. Mankind is facing both. It cannot ignore one of them without assuming greater risks in the future. In this context, nuclear can be regarded with hope and audacity. Its expansion, both in countries where it already is employed, and into newcomers (where it could be implemented), can bring benefits such as: reducing energy dependence on foreign interests placed under the umbrella of oil and gas producers, or transporters; rising energy security in a world where access to cheap and reliable energy would become more problematic; greater success in fighting climate changes and global warming through energy generated in a more environmentally friendly manner. Furthermore, over the energy aspect of peaceful nuclear energy, there is another economic and technological benefit: nuclear researches could be involved simultaneously in electricity generation, heat production, agricultural and industrial rising’s potential, water desalinization and providing in arid areas, and application in medical researches and treatment. But nuclear has its weak points: it is connected to military researches and programs, while offering the needed technical ground for UN Security Council permanent members to have and maintain prestige in international politics; it looms over mankind, as a menace which hunts our conscience after Hiroshima and Nagasaki… Its minuses have to do with international context, too: if we connect the highest level in technology with strongest religious sentiment than we can face a terrifying drama. A nuclear nuke in the hands of a terrorist organization is the worst nightmare mankind could face. Countries with nuclear arms (Russian Federation and Pakistan) were courted by dangerous organizations, which searched to gain access to fissile material. But there is a hope, and the paper presents it in an indirect manner: if public conscience activates in direction of nuclear disarmament, nuclear could become the hope for a better future. Nuclear disarmament would mean a safer world, while peaceful nuclear expansion will mean cleaner energy and greater access to electricity in more areas, all of them creating a better world and a civilization proud of its name.

The paper presents cultural heritage, cultural tourism potential of North-West Region of Romania face to face with restoration and sustainable valorization of cultural heritage as a major domain of intervention of regional policy in Romania. Due to Romanian regionalization form, the Regional Operational Programme (ROP) is currently the only programme of regional policy in Romania in 2007-2013. One of the major domains of intervention of ROP 2007-2013 in Romania was restoration and sustainable valorization of cultural heritage. The first paper specific objective is to explore projects contracted until 31.12.2013 in the field of restoration and sustainable valorization of cultural heritage in North-West Region of Romania and their regional development relevance in the context of existing regional development strategies. The second paper specific objective is to present a model of restoration of cultural heritage in a sustainable way throughout the case study of Revitalization of the Oradea Fortress in order to introduce it in the tourism circuit - that could become an example for other cultural sites around the region and a succes story in the field of cultural tourism based of ROP 2007-2013 experience. Exploring rich cultural heritage of the North-West Region face to face with poor condition of cultural heritage sites and investments required in order to introduce them in touristic circuit, the paper concludes that all contracted projects are relevant for sustainable valorization of regional cultural heritage and cultural tourism potential in the context of existing regional development strategies, but they contributed only partially to regional specific needs. Also, the paper concludes that number of ROP 2007-2013 projects implemented in the field of cultural heritage is surprisingly small, area of interest of these projects is rather narrow and analyzes the most important causes for these gaps. Based on the case study presented, the paper suggests that a combination between devoting substantial own resources, perseverance and innovativeness in implementing and promoting projects could be an important condition for success for highly expensive, long lasting and highly innovative cultural heritage projects.