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This paper aims to identify macroeconomic factors that influence IPO implementation in selected Central and Eastern European capital markets. Survey based research has been conducted within a sample of non-financial companies operating in the Czech Republic, Croatia, Hungary, Poland, and Romania. The results suggest that favorable macroeconomic conditions such as GDP growth, low interest rates or positive development of local capital markets promote companies´ interest in IPO implementation. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to analyze the main aspects regarding the insolvency of companies in Romania. The main objectives considered were the theoretical presentation of the concept of insolvency, the principles of insolvency, legislative regulations, the report of the judicial liquidator. In the case study presented for the company X SRL, we presented some accounting records, the statement of payments and receipts, as well as information related to the liquidation balance sheet. [ABSTRACT FROM AUTHOR]

Exhibitions are one of the most important marketing tools, especially in terms of B2B communication. Before the COVID-19 pandemic there had already been a tendency towards organizing online or hybrid events. Following the pandemic, trade fairs have shown that they are able to transform themselves, and the exhibition industry has recovered, however, without reaching the performances recorded in the year 2019. Nevertheless, there have also been exceptions. Both exhibitors and visitors have expressed, in large numbers, a desire to meet physically; nonetheless, an increase in online or hybrid events is expected. The objective of this paper is to analyze the main developments of the exhibition industry before, during and after the end of the COVID-19 pandemic, at international level, including the case of the evolution of the Romanian company ROMEXPO, from Romania, which recorded a spectacular development in 2022. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to validate the theoretical background of the specialized economic literature on financial performance of companies as a function of different capital structure determinants on the Romanian market. As such, the capital structure considered indicators are the short term, long term and total debt ratios, further adding the logarithm of Sales as a proxy for the size of a company. For performance, the paper used the companies' return on assets and net profit margin, significant results being obtained for the former only. Data were processed with the help of the IBM SPSS 20 software, using the linear regression technique. Basically, the sample points towards a negative weak correlation between total debt and return on assets. [ABSTRACT FROM AUTHOR]

In the following pages we have developed research of the Digital Economy, in which we discuss the advantages and the disadvantages its implementation brings in the work field, for both the employee and the employer. We also approach the emergence and development of this concept in Romania, and how the Coronavirus Pandemic influenced the companies' activity. Moreover, the research contains the main aspects to be pursued in the course of the companies' activity, stating the rights and duties of both the employee and the employer. We aim to find out why most companies have chosen to opt for digitalizing, what benefits come with its implementation and also the main disadvantages of working in a digital environment. The last part of the paper focuses on structuring the information and drawing specific conclusions, through highlighting the relevant matters of the approached subject. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to assess the impact of entrepreneurial determinants on the sustainable development of enterprises in emerging EU economies from 2008 to 2020. Design/methodology/approach: This paper is empirical, and it consists of conceptual background, research methodology, research results, discussions, and conclusions. The survey covers the enterprise sector in Bulgaria, Croatia, Poland, Romania, and Hungary (emerging and developing economies in the EU). I used the correlations coefficients and the Ordinary Least Square Method to verify the strength and direction of influence of entrepreneurial determinants on the sustainable development of enterprises. Findings: In the analyzed countries, there is a diversified influence of individual entrepreneurial determinants on the sustainable development of enterprises, both in terms of direction and strength of influence. Research limitations/implications: The paper has serious limitations in selecting and integrating indicators for the research. Further research requires considering a larger group of determinants, not only strictly entrepreneurial factors. Practical implications: The analysis results indicate that entrepreneurial factors influence the sustainable development of the enterprise sector; therefore, the authorities should coordinate activities and initiatives related to sustainable development and entrepreneurship. Creating financial and non-financial incentives is necessary to run a sustainable business. Social implications: Sustainable development is crucial for the conditions and quality of life. Separating entrepreneurial factors and creating effective institutional support for business initiatives is crucial for sustainable development. Originality/value: A novelty in the paper is an attempt to isolate entrepreneurial determinants of the sustainable development of enterprises. The article is intended for a wide audience, theoreticians and practitioners interested in sustainable development. [ABSTRACT FROM AUTHOR]

Building upon various models from the literature which assess the maturity level achieved by an organization at one moment in time, the paper introduces a model which helps organizations, interested in remaining competitive and achieving sustainability, to monitor and evaluate their process performance. Such as, the paper analyzes the relationships that exist among the critical components of an organization's management system at the strategic and operational level so that key drivers will become the heart of sustainable development. In particular, the paper focuses on how the organizational system influences process maturity profile of the Romanian companies. Data were collected in face-to-face structured-questionnaire interviews from 1302 public and private organizations from Romania. The dearth of empirical research examining organization process maturity in emerging countries constitutes a critical gap in the business process management literature that needs much more attention from scholars. For the purpose of this paper, a factor analysis was employed to explain the pattern of correlations within a set of observed variables that determine the process maturity profile of the Romanian companies. The research results show that there are strong positive correlations between the variables examined that account for a higher level of maturity and performance of organization's processes. [ABSTRACT FROM PUBLISHER]

The study of the tourist activity of an agency requires careful analysis of all the components of this activity. The role of the tourism agency in tourism activity is the promotion and development of tourist products, this being the most important. The present paper analyzes the main aspects regarding the touristic activity of a tour operator, as well as its organization and functioning (conditions for the marketing of the tourist products, organizational modalities, the main tourist services offered and possibilities for their diversification for promotion and development tourism. This analysis is very necessary in national and international tourism and the travel agency must have the necessary means to continuously upgrade its tourist product offerings. For the detailed analysis of the indicators, we processed data provided by the Wonderful Vacations Agency, concerning the Romanian tourists, during 2000-2015. The research methods specific to geography were also considered: observation, analysis and synthesis, the means of operation (description, explanation, hierarchy) and the finite elements of the use of research methods (descriptive model, mathematical model or model cartographic). The main activity of the tourism agency both internally and externally, are the total economic and financial results of society, which are largely influenced by the tourism activity, which in turn depends on many conjunctural factors on the domestic and international market. Travel Agency "Vacanțe Minunate" has as activities: relations and discount flight sales for organized groups; hotel reservations in Romania and anywhere in the world at contract rate; organization of meetings, conferences, professional meetings, rent-a-car (cars, minibuses, coaches); serving of sea and passenger ships for foreign currency exchange, as well as for local crew trips (Seaside tour, trips to the Danube Delta, wine tasting at Murfatlar; organization of business or tourist trips including flight ticket, hotel reservation, airport transfers, renta- car, optional tours. The Agency is in constant development and adaptation to the requirements of the tourists and the partner agencies with which it collaborates, makes special efforts every year since 2000 when it was established for the promotion and sale of the offers belonging to the Romanian Seas as a tourist destination, this being reflected in the good results he has with the hotels he represents as an agency. The agency has contracts with most hotels on the Black Sea coast of the resorts: Mamaia, Eforie Nord, Eforie Sud, Costinesti, Neptun, Olimp, Saturn, Venus, Cap Aurora, Jupiter, Mangalia, Vama Veche and 2 May in the summer season for over 60,000 tourists. [ABSTRACT FROM AUTHOR]

Located in the South-East Region of Romania, the city of Galaţi has an important contribution to the development of the region, through the programs and initiatives of the various local actors in the field of entrepreneurship. This contribution is the result of the implementation of research and development projects in the field of entrepreneurship in the period following the accession of Romania to the EU (2007-2013), but also of the willingness of local decision-makers to develop a smart specialization strategy for 2020. The overall objective of this strategy is to provide a favorable framework for key players in the area who, through the development of concrete initiatives in the areas of smart specialization, produce a positive impact on the sustainable development of the city of Galaţi. In this context, this paper aims to analyze, firstly, the situation and the dynamics of the main economic indicators of the Galati zone, from the point of view of the entrepreneurial development, in order to present then the analysis of the results of the projects of entrepreneurship developed by the different actors in the area. In the last part, the paper presents the analysis of the strategy of innovative development in entrepreneurship, developed at the level of all the components of the Galaţi zone, by 2020, through a partnership process aimed at the sectors concerned. through strong innovation (companies, young entrepreneurs, groups, business organizations / chambers of commerce, universities, public and private research institutions/organizations, science and technology parks, technology transfer units, local governments NGOs, social organizations and other relevant institutions). [ABSTRACT FROM AUTHOR]

High level of cash holding can be appealing for investors as firms have enough cash to finance investments and also to pay dividends. On the other hand, keeping large amount of cash, firms are signaling that they are not able to invest and to develop their businesses. As a consequence, firm value will decrease. The aim of the paper is to test whether cash holdings increase firm value on a sample of Romanian listed firms over the period 2001-2011. Employing a fixed effects model, we found that cash holdings influence negatively firm value after controlling for other firm-specific variables. Our results are useful for managers and also for existing and potential investors in decision making process. [ABSTRACT FROM AUTHOR]

This paper introduces firm size in the analysis of the productivity spillovers of foreign direct investment. Our analysis of a panel of Romanian firms reveals two main findings: only medium-sized foreign firms generate spillovers, and domestic firms' size is of limited importance to identify which firms absorb spillovers. To explain these findings, we show that large foreign firms are less embedded in the domestic economy because they are more likely to bring their own suppliers, import intermediate inputs and export their output. Smaller foreign firms lack the scale to transmit spillovers to domestic firms. Whereas foreign firms' size adequately proxies for these spillover mechanisms, domestic firms' size has an unclear relationship with the different mechanisms. [ABSTRACT FROM AUTHOR]

The entire paper will revolve around the idea that in the context of regional competitiveness, what really matters are the competitive industries from a certain region, and these, in turn, depend on the firms' activity. Using the Analytic Hierarchy Process we will try to identify which are the most competitive industries from the North-West region of Romania taking into consideration a set of specific "firm indicators" in a particular industry such as: number of companies active in the industry, turnover of the companies from a certain industry, number of employees. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to study the impact of listed companies' indebtedness on their financial performance. Theoretical research was relied on the specialty literature concerning the analysis of the capital structure and financial structure of the company based on calculation of the financial structure ratio and financial leverage. This paper focuses on the analysis of debt policy impact on companies' financial performance using the financial leverage method. The financial leverage method reflects the influence of debt policy on company's return on equity, as well as the ways it engages loans to finance operating assets so it can get higher return on equity. The main aim of this paper is to investigate and analyze the determinants of leverage effect and financial structure of companies that are operating in Romanian food industry, namely manufacturing of dairy products. The conclusion that emerges in this study is the importance of choosing and establishing funding sources by an enterprise, according to funding costs, in order to obtain the optimal combination between external financing resources and internal funding. [ABSTRACT FROM AUTHOR]

Copyright of Regional Science Policy & Practice is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper I presented some aspects of entrepreneurial education in universities. After a brief presentation of the development of business environment and entrepreneurship in Romania in the post-communist period, the relationship between business environment and universities and entrepreneurial education is quite obvious and is presented distinctly. In the paper I have shown the context of the emergence of student enterprises as a necessity within Romanian universities. After highlighting the educational tools used in teaching entrepreneurship as required by legal regulations, I have outlined the specifics of the activities run by the Student Enterprise of the University of Petroşani. In the second part of the paper, after a brief presentation of how to organize SAS UPET, we have centralized the data gathered through an online survey on how the students of the Faculty of Sciences within the University of Petroşani knew about the existence and activities of the Student Enterprise and their desire to develop a business. [ABSTRACT FROM AUTHOR]

The economic crisis in Romania has increased the business vulnerability since 2009. The recessionary gap and the high uncertainty of the economic environment have determined many companies to leave the market. The regional differences in the entrepreneurial performance suggest that the regional dimension should be included in the firm demography analysis. Most studies refer to the favorable conditions which stimulate the entry of new firms. However, during the crisis, for many small businesses the main problem has been the survival. The paper focuses on the analysis of adjustment processes within the SME's sector in terms of changes in number of enterprises and turnover. The regional differences in the three-year survival rate (2008-2011) show the structural particularities of the economic activity. The paper aims at identifying the empirical relationship between economic determinants and entrepreneurial performance at regional NUTS2 level in Romania. [ABSTRACT FROM AUTHOR]

In the recent context, capital markets are often affected by extreme events which generate sharp changes to the stock prices. According to the Efficient Market Hypothesis, all the information that causes such shocks is incorporated in the same day in stock prices. However, empirical researches revealed situations in which the reactions of stock prices to shocks lasted for many days. In this paper we investigate the reactions to shocks of the stock prices of 14 companies from the first tier of the Bucharest Stock Exchange. We employ daily values of their closing stock prices between 2000 and 2012. In order to capture the impact of market instability we split this sample of data into two sub-samples: a relative quiet period from 2000 to 2006 and a more turbulent period from 2007 to 2012. We identify positive and negative shocks and we quantify the stock prices reactions to these sharp changes. The results indicate that turbulences of the capital market stimulated underreactions to the negative shocks. [ABSTRACT FROM AUTHOR]

The aim of this paper is to make an introduction on the way that sustainable development approach is possibly reflected on the leadership with direct implication on the organization's performance. The paper will begin with a theoretical approach on eco-leadership. Due to the fact that Romania is member state of E.U we will explain what sustainable development means in accordance with Romanian regulations. We will conclude with a study case for a small Romanian company that started to run its operations under the paradigm of sustainable development explaining which were the steps, barriers but also achievements in creating the new business context. [ABSTRACT FROM AUTHOR]

Copyright of Internal Auditing & Risk Management is the property of Athenaeum University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In Romania almost 99% of the companies are SMEs. For now the only certainty for Romanian economy is the fact that the ability to "invent" new products and services for clients, the capability to offer quick and creative responses to the complex problems which appear in the organization and the capability to find always new ways to improve key-relationship between stakeholders, are becoming the key-factors for differencing and creating the competitive advantage for today and tomorrows success. If we take into consideration the present evolutions which state that the SMEs are the new knowledge-based firms, it's necessary that in order to be globally competitive, Romanian companies have to support and enhance individual creativity and to use employees knowledge as a way to increase firms profitability. For Romanian SMEs the necessity of change is becoming more and more urgent. This is why reengineering is becoming fundamental for all organizations. The companies which had the biggest success in persuading the employees about change were the ones who had the clearest messages about the necessity of reengineering. The paper analyses the role of managerial systems reengineering inside SMEs from Romania. This research intends to demonstrate that reengineering the management system is one of the main conditions to ensure the economical and managerial success of an organization on a period of three to five years. It became compulsory that management system reengineering should follow a special methodology which respects a logical succession of different phases. Based on SMEs development from Romania the paper will present each phase of the reengineering process and in the end will draw some conclusions about future improvements for management system reengineering. [ABSTRACT FROM AUTHOR]

This paper we seek to measure the fiscal influence over accounting on a de facto level, empirical analysis is being performed on companies listed on the Bucharest Stock Exchange (BSE) and RASDAQ market, on a sample of 210 companies. Our observation was conducted in the year 2008, the variables taken in the analysis being sales as proxy for 'accounting' and income tax as measure for tax effects. The model we use is defined in a dynamic fashion (marginal values) since we believe these variables reflect the best the "true" variations of accounting and tax numbers. The statistical results obtained show that there is a statistically significant influence of taxation over accounting of 4%; we are not able, however, to say if this amount is "large" or "small", in since we have no benchmark value yet. This is also the first empirical tax research paper in accounting on Romanian data. [ABSTRACT FROM AUTHOR]

Romanian trade SMEs face a difficult period since the country's accession to the European Union due to various reasons, such as competitive pressure from large retail chains and the increased regulatory burden stemming from EU-norms. This paper analyses the situation of trade SMEs in Romania, especially relevant as they form an important body of the whole SME sector. The internal strengths and weaknesses of trade SMEs are confronted with the opportunities and threats generated by the new tendencies in European trade. Thus, the impact of Romania's integration in the EU on the management of trade SMEs is investigated. A series of five managerial options are proposed as a response to the realities in the sector: IT and internet adoption, orientation towards growth, association in clusters, outward orientation, and differentiation. Summing up, the paper combines internal and external factors affecting Romanian trade SMEs and issues some suggestions for the management of such enterprises, aimed at enhancing the efficiency of their operation. [ABSTRACT FROM AUTHOR]

The media industry is generally a cyclical industry and reacts the fastest to an economic downturn: when everything goes well the industry flourishes, while when things turn bad the industry loses jobs very fast. During the recent economic and financial crisis the Romanian media industry was severely hit but somehow managed to survive by embracing new technologies. The so-called new media is already present in Romania, while the penetration of new technologies on the local market has still room for progress since the country is at the bottom of all related rankings in the European Union. The current paper looks to present the evolution of the Romanian press in the years post-crisis and makes the correlation with the advances in technology made by the telecommunications sector, showing that the media market has adapted very well to disruptive changes and could attract in this evolution the whole Romanian society. [ABSTRACT FROM AUTHOR]

This paper aims to be a theoretical but also an empirical study regarding the way listed companies in Romania comply with the requirements of IFRS 8 "Operating Segments", assessing which is the information companies usually disclose about their operating segments. The second part of the study is dedicated to studying the factors which determine companies to disclose high quality segment information, particular attention is being paid to assessing to what extent does an independently structured board influence the quality of segment reporting or if there are more powerful internal factors that influence the way companies implement this reporting standard. [ABSTRACT FROM AUTHOR]

The legislative environment in Romania has become a very unpredictable one, and the companies when they plan to maintain investments, increase investments, make business plans, in fact, take into account such indicators as the stability and predictability of the legislative system in a particular country and then, obviously, the concerns are growing, because unfortunately for us, things change from day to day, this in the context where the tax changes should have happened six months before and appeared only from January 1 of the following year, so that the business environment has sufficient time for debates, consultations, just to try to solidify the confidence. In the present paper we aim to present comparatively the ease of doing business in Romania compared to the EU and some selected countries from Central Asia, taking into account some important indicators in the characterization of the business environment, such as: ease of starting a business, ease of getting a credit, ease of registering property, paying taxes, trading across borders, etc. [ABSTRACT FROM AUTHOR]

Under the conditions of the globalization, enterprises need to become more innovative, because only in this way they can cope with changes and increase the capacity to enter in competition and, implicitly, obtain income from their work. This paper presents some elements featuring the evolution of the innovation process in industrial enterprises, before (in the years 2002-2004) and after the integration of Romania into the E.U. (between 2008 and 2016), through some relevant indicators for this sector (number of the enterprises performing innovative activities, types of innovation, innovation expenditures, turnover of all innovative enterprises and so on), as well as some comparisons with the situation of innovative businesses in the E.U. [ABSTRACT FROM AUTHOR]

The main purpose of this study was to identify the degree to which established corporate online communication strategies gravitate around the new Return on Investment (ROI) which is Return on Blog (ROB). Corporate blogs allow companies to connect and communicate online with both their customers and a much wider range of participants/publics. As blogging is about information, leverage, connections, conversations, discovery, and amplification, the paper focuses on specific communication strategies for cultivating and maintaining organizational-public relationship (OPR), such as openness and interactivity. Furthermore, the importance of company-customer communications has been highlighted in the Service-Dominant Logic (S-D Logic) literature as a crucial precedent for both parties to co-create value. The conducted research is based on a content analysis of the corporate blogs of companies in the Romanian landscape, exploring the two cultivation and maintenance relationship strategies employed by communication practitioners when blogging and their potential influence on enhancing dialogue with publics. [ABSTRACT FROM AUTHOR]

The article outlines the development of "Contributions to Outlining a Romanian Management Model," a treaty and reference book for the country. Topics covered include how the idea for the treaty came about, the role of the Romanian Academic Society of Management in the project, and the competence criterion in the Romanian management system.

Entrepreneurship is portrayed as the foundation behind successful economies and the hope of developing economies. SMEs are well represented in the Romanian economy, in terms of the number of companies, number of employees, as well as the contribution of SMEs to the GDP. Considering all these, the interest in identifying factors that influence entrepreneurial success is reasonable. The main focus of this paper is to analyze and present the entrepreneurial activity in the South-East development region of Romania. The authors reveal the result of a study on the dynamics and hostility dimensions of the entrepreneurial environment as they are perceived by entrepreneurs. [ABSTRACT FROM AUTHOR]

The results presented in this paper are part of a study conducted in the project: 'Be a manager for your own business!' that was financed by the European Social Fund, Sectoral Operational Programme Human Resources Development (SOP HRD) 2007-2013, and the Romanian Government, ID POSDRU/92/3.1/S/49297; during April 2011-March 2014. This paper investigates the entrepreneurial intentions of 653 final-year students and 212 unemployed persons from the South East Region and the South West - Oltenia Region of Romania. Only 244 persons have shown interest in enrolling on entrepreneurial courses developed through the Project with the declared intention of starting a new business, and less than one third, 80 persons, have initiated small businesses. [ABSTRACT FROM AUTHOR]

This paper investigates how ownership concentration affects the performance and capital structure of Romanian listed firms during the period 2007 - 2011. We find that ownership concentration has no effect on firms' performance, but has a positive effect on firms' capital structure, when these firms have adjustment behaviour to the target capital structure. In addition, we found that debt ratio and firms' size are the determinants of firms' performance and firms' performance, assets tangibility and ownership concentration are the determinants of firms' capital structure. [ABSTRACT FROM AUTHOR]

Tour operators perform an important and specific function in the tourism activity. They purchase distinct elements of transport, accommodation, meals, entertainment and other services, and combine them into a tour package which they can sell directly or indirectly to tourists. The present paper presents an analysis of the Romanian tour operator agencies sector and the evolution inside this important domain of activity using important key figures as: the number of Romanian tourists taking part in external tourist actions organized by the tour operator agencies and the number of tourists taking part in tourist actions organized by tour operator agencies by activity (internal touristic activity, incoming activity and outgoing activity). [ABSTRACT FROM AUTHOR]

In 2013, new EU legislation came into force in the area of consumer protection by means of alternative dispute resolution and online dispute resolution. The Directive 2013/11/EU (Directive on consumer ADR) and the Regulation (EU) no. 524/2013 (Regulation on consumer ODR) are both legally binding acts. However, if the Directive needs transposition into national law for its applicability - the deadline for adoption of the necessary provisions by laws, regulations or administrative acts being 9th of July 2015, the Regulation is directly applicable in all Member States. Some of its articles are already applicable and binding, others shall apply from 9th of January 2016. This present paper aims to present the evolution of ADR and ODR in the EU law and some of the challenges which the Romanian authorities but also the Romanian enterprises and citizens may encounter in order to make good use of these particular pieces of legislation. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to describe the vocational system and its benefits from both the economic and social perspective, and analyze its implementation in Romania, the German Vocational School Kronstadt being the first vocational school in our country. The results of the research at the Schaeffler Romania company, the top economic agent that provides the practical training for many students involved in this educational system, have emphasized the specific contributions of vocational education and training which are beneficial not only for students but also for the company itself, as well as for the entire society. [ABSTRACT FROM AUTHOR]

The High Trust Organization (HTO) is a famous concept in specialised literature, defined by different authors in different ways, depending on the field of science one works in, on the researcher's vision, on the theoretical or pragmatic approach to a work, etc. Over the past few years, the authors of this paper have used a definition of the HTO concept, adapted according to a group of well- known authors and their own theoretical model whose usefulness has been checked based on empirical research in Romanian enterprises. Understanding and settling work conflicts is closely related to the level of organisational trust and defining elements for the HTO. Thus, by means of a questionnaire designed to decide the level of organisational trust, the causes of conflicts in enterprises, as well as the way of solving them have been identified, too. The conclusions of the study are based on the results of an ample sociological survey attended by Master's degree students in economic higher education, employed in Romanian companies during their studies, and also on case studies (elaborated by some of those students) allowing for detailing certain issues of conflict management in several organizations. [ABSTRACT FROM AUTHOR]

The company acquires legal personality after a series of formalities required by law are fulfilled, formalities that concern the constituent acts on which it is based. For this reason, it is very important to know the legal status of the company's constitutive acts and the consequences of their irregularities. Hence, both the essential conditions and the form of the company's constitutive acts are analyzed based on the legal provisions. It is also necessary to distinguish between the nullity resulting from the unlawful drafting of these constitutive acts and the nullity of society as such. Therefore, this paper is focused on these differences, as well as on certain practical issues about nullity starting from a recent court decision handed down by the Romanian Supreme Court. [ABSTRACT FROM AUTHOR]

In this paper we have analized the application and perception of economic competition in the business environment in Romania. This paper is a theoretical approach of the legislation and also how national legislation is aligned in the field of EU legislation. It is a generally accepted principle the idea that competition contributes to economic development. This principle is supported by both economic theory and practice. Basic arguments in support of competition policy were focused, over time, in particular on the efficiency gains that competition generates both at company level and the efficiency of the markets function (maximizing consumer welfare). Obviously, the concept of a perfectly competitive market is purely theoretical, such a market doesn`t exist in reality. From the point of view of the competition authority, the functional unit is the relevant market. The relevant market is the main instrument which defines the framework within a competition occurs between businesses. The Competition Council was established under the Competition Law no. 21 of 10 April 1996, with subsequent modifications and completions. In its capacity as national competition authority, the institution implement and ensure compliance with national and EU provisions on competition. In the second part of the paper we have anayized penalties imposed by the Competition Council of Romania and the evolution of corporate fines between 2003-2011. [ABSTRACT FROM AUTHOR]

The increasing globalization of business, leaner organizations, products and service convergence and vast development of technology implied that the issues of more efficient and effective operation of an organization's knowledge assets have become more important than ever before. Years ago Peter Drucker warned us that those who will wait until this challenge becomes a "hot" issue are likely to fall behind and perhaps never to recover. As Drucker has predicted, knowledge has become the key economic resource and the dominant source of competitive advantage today [1]. The main objective of this paper is to present the status of the knowledge management implementation in Romania, after the introductory part of the paper in which the concept of knowledge management is presented. Conclusions are presented at the end of the paper. [ABSTRACT FROM AUTHOR]

As the family of Enterprise 2.0 technologies is developing and gaining market share, and migration to cloud-based computing becomes more of a natural choice for the managers of many small or medium-sized organizations, a growing number of companies start to look interested in the new wave of technologies. Even if the adoption rate of cloud-based services is rapidly increasing, the migration process is far from being smooth, or even standardized. Thus, the potential beneficiary of a migration faces a wide range of challenges on many levels: operational, software, platform, infrastructure, security etc. Based on both literature review and action research, the paper at hand is a synthesis for the results of an empirical study (a survey) performed during the last two years among Romanian and foreign small and medium-sized companies' managers, in order to pinpoint the most important non-technical challenges that an executive has to face when looking at a migration to the cloud. The paper is a part of a larger research performed in the field of Enterprise 2.0 technologies. [ABSTRACT FROM AUTHOR]

The paper aims to present the Romanian insurance market size and her place in the international insurance trade, comparing our market with markets of different countries from the major regions of the world, using different indicators for sizing and comparison. Then will be presented some solutions for insurers to overcome after the financial crisis and recovery their activity. [ABSTRACT FROM AUTHOR]

Human resources represent an important asset for modern organizations in the context of knowledge based society. The Romanian companies striving for the improvement of their performances have to consider the importance of human resources management field. In the last few years, the transfer process of human resources management practices has been largely discussed at international level. This paper presents a point of view regarding the transfer process as a solution to improve the human resources management practices within local companies. It indicates that the influence of institutional and cultural background of our country should be strongly considered when such a process is discussed. The latest changes in local specific regulations indicate that a company has new possibilities to improve its human resources management practices. We have to mention that such a transfer process will enhance along with the development of more consistent European approach on human resources management practices [ABSTRACT FROM AUTHOR]

CSR became a more and more approached topic not only by management literature but also by different companies, as it is proved by the information available on their webpage's and different publications and statements. The starting idea of this research is that practicing CSR activities can increase the prospects for sustainability of enterprises. This paper presents information provided by a group of large and very large organizations from Romania (through a survey) information related to CSR and to the integration of the CSR aspects into the business strategy. The research also aims to identify respondents' perception "vis-à-vis" to some possible advantages conferred by practicing CSR activities and to identify how these activities were affected by the present financial crisis. [ABSTRACT FROM AUTHOR]

Quality, as a competitive factor, plays a crucial role in the development of manufacturing strategies and practices of industrial firms, and can have a determining impact on the competitive position of the company. Our paper seeks to analyze the role of quality in Romanian manufacturing companies compared to an international sample of manufacturing plants. For an in-depth analysis we consider company-level quality issues from three different perspectives: (1) the strategic role of quality, i.e. quality as a strategic objective and orderwinner criterion, (2) the operational role of quality, i.e. quality improvement projects carried out by companies and (3) the effect of quality on manufacturing performance. Results of our analysis suggest that both Romanian and international manufacturing companies place a great emphasis on quality on the strategic level. On the operational level Romanian manufacturing companies seem to put more effort in implementing quality improvement programs, but this surplus of efforts does not seem to pay off in a higher level of operational performance. [ABSTRACT FROM AUTHOR]

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Development teams involved in product development are often geographically and temporally distributed, and there is a high level of outsourcing in product development efforts. Enterprises give rise to a special type of virtual enterprise, in which each company maintains the greatest flexibility and business independence. This paper presents a vision of next generation engineering working environments and describes a core information technology on which future systems can be built. Cooperative processes are not the automatic results of implementing collaborative, real-time communication technologies, but the result of a carefully designed and systematically maintained virtual team development plan. This paper discusses the critical issues of the virtual product development and builds a general architecture of an experimental platform for training, research and consulting in the new digital economy, located in the PREMINV center from University "POLITEHNICA" of Bucharest. [ABSTRACT FROM AUTHOR]

Purpose -- The purpose of this paper is to focus on organisational change in Romania at the beginning of the twenty-first century. This research raises the question on how transition and the change of conditions have contributed to the development of organisational culture after 1989. The paper seeks to clarify the characteristics of the organisational culture profile in Romania. Design/methodology/approach -- The study is based on two types of questionnaires, one for the regular employees of the firm and one for the managers, and questions were formulated, using the experiences of those who actually work in Romanian companies. The research was made under supervision, and the focus of the research was on the employees' perception of their company and not on how an outsider would see those things. Findings -- The paper emphasizes the specific characteristics of the actual evolution, generated by some internal factors, and the "imported" variables from the international economy. Although created less than two decades ago, the paper has found that the Romanian enterprises have a well-defined culture, even if some specific features of personality are manifest. Research limitations/implications -- The research is correlated to diagnose the organisational culture and to analyse the process of change within the company domains in that it is intending to extend the study, in the future. Practical implications -- The study allows emphasis on some characteristics of the organisational culture developed during the last years in Romania: concern about the work quality; the firm's concern of the human resource quality; the concern about the technical level of work and the motivation system; the interest in stimulating employees' loyalty to the firm and the internal marketing; application at group level of labour principles and rewards; and the importance given to labour conditions, employees' health and old age insurance. Originality/value -- The survey was made within three representative companies from Transylvania, their main purpose being to observe the way organizational culture was influenced by different factors, such as: privatization, capital used, forms of ownership, and domain of activity. [ABSTRACT FROM AUTHOR]