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This paper investigates factors that motivate entrepreneurs to completely operate within informality and the drivers of formal companies to underreport revenues. In particular, this work identifies and organizes the determinants of firm informality through a systematic literature review in Scopus and Web of Science databases. The article presents several contributions. First, it examines the two main frameworks of informality (structuralist/exclusion and legalistic/exit dimensions) and links this with the different roles of unregistered firms in economic development (survival, De Soto, and parasite views). It also studies the theoretical basis of informality, including economic, institutional, psychological, and sociological aspects. Second, the paper summarizes business informality determinants based on studies with different methodological approaches (macro, microeconomic), contexts (developed, emerging, transition economies), and periods (1983-2018). Our results show that firm informality is mostly addressed in the examined literature as a decision or voluntary choice by companies and entrepreneurs (legalistic vision). Third, the article proposes an integral theoretical model, according to which the firm informality level is determined by structural elements (company and entrepreneur’s characteristics) and environmental factors (corruption, bureaucracy, taxes, etc.). The analysis is relevant for researchers studying this subject and for policymakers as well.

Any accounting firm need to develop a system of quality control (SQC), which have the purpose to offer a reasonable assurance, that the accountants or the auditors, and their personnel, respect the professional standards and any legal or regulatory requirements, and the reports issued are appropriate, with the circumstances. The quality control system contains polices and their implementation is achieved through a system of procedures. A company can have a system of quality control, but only as a form, and as result, it is very important for everyone to be able to assess, how effective such a system works. An effective quality control means more than compliance with rules and provisions, and this is the reason why, for an accounting firm, it is very important, not just to have the system, but, also, to have some methods to evaluate how effective this system is. A lot of benefits can result from a robust SQC, regarding competitiveness on the market and the financial performance, and through monitoring controls, an accounting firm apply tests to ensure that controls are designed and works properly. The paper has the purpose to identify whether the accounting practices, small and medium, know how to evaluate the effectiveness of quality control system, and in connection with is, whether they have enough information to develop a set of indicators, which could measure the effectiveness of the firm’s SQC The research is based on descriptive statistics applied on the results of a survey addressed to small and medium practices in accounting and auditing. The results can make their contribution to disseminating how to design the system of indicators used to evaluate the effectiveness of the quality control system. The findings of the paper are not very optimistic, but if, at least it draws attention to the importance of building a set of indicators to measure the effectiveness of the quality control system, the objective has been achieved.

Nowadays, there are numerous initiatives in response to contemporary socio-economic challenges. One possible response could be the social innovation phenomenon defined, according to Avelino et al. (2017), as the changing of social relations and involving new way of doing things. In this context, the aim of the paper is to discuss the empowerment and the social innovations concept by developing the empowerment mechanisms under a social psychology point of view, at one side, and exploring, in an empirical way, how people are empowered through transactional linkages, the translocal network. In particular, it is necessary to identify which translocal empowerment dimension is present across the European countries via the selection and the analysis of the possible social innovation proxies. To do this, it is necessary to comprehend the social innovation determinants at the macro-economic level across the European countries. Using the Akgüҁ multivariate regression model (2019), the paper studies the role of one possible social innovation proxy: the social protection expenditure. Under a methodological point of view, this model is used since it allows the combination between the traditional macro-level variables and the innovative ones, such as cultural norms and fear of failure; and it permits the inclusion of the country-specific characteristics. It also takes into account the macro-economic circumstance, the international financial crisis of 2008 until 2017. This period of analysis permits to control if the international economic crisis in 2008 might have influenced in some way the translocal empowerment dimension and brings together a panel data of different indicators from different data sources, such as Eurostat and Global Entrepreneurship Monitor (GEM), which provides measures of the entrepreneurial behaviour within countries. As part of the robustness check, we have used social innovation measures that could include country fixed effects accounting the heterogeneities across European countries. What emerges from the present empirical study is that the translocal network could be considered as a crucial factor for the social innovation implementation, since social innovation actors might access the local resources, developing, at the same time, the ability to interface with the local institutions, present in the current socio-economic system.

Every business has a series of objectives to achieve. Most of the businesses in the field of commerce follow a certain strategy in order to achieve a higher level of turnover or profitability. Over time, the importance of stores in general and supermarkets in particular has increased, with the transition to a consumer society. The consumer behavior thus becomes an important aspect for the way organization generally or the marketing departments develop their strategies. In order to achieve their goals, it is important for companies to be able to attract and maintain a large number of customers. The general trends in this regard, that can be identified worldwide, can be easily observed in the city of Resita also, reason why it can be studied a direct connection between the number of customers and the level of development of the stores. Whether we speak about supermarkets or small, proximity stores, it cannot be denied the fact that the commercial area has gain power and has been extended very much over the years. Still, each of these faced a new threat, namely the expansion of online stores, reason why many of them try to adapt in the digital environment also. Every analysis, however, depends on two perspectives: the consumer perspective and the managerial perspective. The present paper aims to present an overview of the first one, offering the possibility of further development from the managerial point of view. The first part of the paper consists in a theoretical background regarding commercial management, presenting general aspects regarding the consumption phenomenon, while the second part consists in a study carried out on a sample considered representative for the population in the city of Resita, in order to achieve the perspective of customers regarding the development trends of retail businesses in this part of the country.

This paper presents a multidisciplinary research that brings together areas such as finance, behavioral economics, fractal theory and management. Each of them presents a specific methodology for quantifying and measuring the analyzed phenomena. The present paper uses the multidisciplinary approach to the results of applying specific methods in areas such as psychology or exact sciences in the field of managerial finance, areas that apparently have nothing to do with each other. The results obtained from this approach highlight new knowledge, approached from a different perspective. The development of managerial finance science, a field of high interest at the moment at the level of companies, is at the heart of its financial decision-making. The paper analyzes the financing decision of enterprises both from the perspective of listed companies on the capital market as well as of the non-listed companies, and the scientific relevance of this research lies in the various conceptual clarifications presented. The degree of novelty brought by this research is supported by the innovative approach of the financing decision by addressing some elements of fractal theory, behavioral finance and managerial finances. At the same time, the paper highlights the theoretical and practical aspects of innovations in financial decision making. The impact of research results lies in the ability of the models approached to be used by any manager of a company in taking a financing decision in the context of efficient and innovative quantification of risks and performance. The risk associated with a particular form of financing is analyzed and quantified according to the specificity of the selected form of financing. This paper analyzes the defining characteristics of the risks associated with the financing decision taken by the managers of projects inside companies, taking into account the objective characteristics but also the subjective ones. This paper analyzes the innovative elements brought by the modern theories like behavioral finance, game theory, mechanism design-theory, managerial finance and others that have an impact on the financial decision process both at the enterprise level and from the perspective of the decision-making subject.

The paper aims at revealing certain core service elements and features of the nowadays economy that come from services' economics but have general validity. The approach is purely theoretical and we make no mathematical or empirical propositions or developments. The roots from the classical economic thought and from the services literature concerning the service feature are also underlined as characterizing the whole economy developed to the level of a generalized market. The capital role of the business literature (and especially of the marketing developments) in the field of service and services is evoked, but the concern of the paper is for the economics approach, underlining that the most common approaches of this last one are scanty in involving the issue of serving and of service immaterial marks in its very substance. Certain details describing the characteristics of immaterial activities brought by the services economy literature are also evoked, in the purpose of seeing that their validity is not limited to the only most immaterial economic activities, but it is general, at least in the immaterializing nowadays economy. Thus the necessity of including their approach in the scientific theoretical perception of economic phenomena can be revealed, and the importance of capturing such marks in general economics is shown. Therefore, the presentation is focused just on those traits that are not particular (neither for material production, nor for immaterial), but consistent with all the economic activities, no matter their degree of materiality or immateriality. The paper concludes that such elements and approaches should be more profoundly included in economic analyses and more accurately described in theoretical plotting of nowadays economy. Such a research will be of use to scholars and generalists, in improving their approaches and in directing their researches on attempts to take into account widened (and thus more realistic) horizons, if compared with the most usual (rather particular) ones.

The paper examines the effects of trade openness, particularly, import openness and FDI inflows on life expectancy in Nigeria using annual time series data spanning the period from 1981 to 2017. The methodology involves the ARDL approach to cointegration and error correction modeling. The empirical evidence indicates that while import openness adversely affects life expectancy in the country, the effect of FDI inflows is positive, but not significant. Further evidence are that increase in the level of per capita income and government recurrent expenditure in health enhance life expectancy, while inflation adversely affects it. In view of the empirical evidence, the paper recommends, as measures to enhance life expectancy in Nigeria, imposition of restrictions on some categories of imports especially consumer goods (while encouraging domestic production of same through investment-friendly policies, programmes and initiatives, to meet domestic demand for consumer goods), deliberate and conscious effort to enhance the level of per capita real income through encouragement of investment to boost employment, increases in general government expenditure and, expenditure in health in particular, and control of inflation by the monetary and fiscal authorities using appropriate policy instruments.

This paper offers another perspective upon the well-known indicators of Modern Portfolio Theory (created by Harry Markowitz): arithmetic mean or geometric mean for return on financial assets, standard deviation or variance for financial risk, and covariance or correlation between the assets included in the portfolio. This perspective consists of modelling these statistical indicators, using the triangular fuzzy numbers, due to the advantages they have. The first advantage of the fuzzy approach is the returns on financial assets, and the financial asset risks are expressed in intervals with minimum and maximum values, called the triangular fuzzy numbers. This advantage makes the decision of investment more accurate, especially considering the volatility of financial assets. Using triangular fuzzy numbers in estimating the returns based on history of trading, can overcame the fact that past performance is no guarantee for future results, due to the different possibilities of fuzzification. In this paper, the returns will be fuzzified considering the mode value (the most frequent value in a given period of time) of the returns from the past period. This statistical value will help the investors to evaluate the frequency of the last returns and to estimate the most probably frequent value of the returns for the next period. So, the estimation, not only the decision, will be more reliable. The second advantage of using the triangular fuzzy numbers in modelling the financial return and the financial risk is their membership function, which allows the investors to evaluate their investments, depending on the membership degree. The returns of the assets that are closer to the mode return, will be most likely the returns for the next period. The returns that are closer to the limits of the fuzzy intervals, will be less probably the returns for the next period. This assumption has its own gap: the market should have the same conditions as the last period.

This paper analyses the importance of stakeholders’ actions on the effectiveness of the European competition policy. The national governments, European decision-makers, advisory institutions and civil society take the form of interest groups that have expectations, invest resources and advocate on competition policy. The paper follows the process of adopting a specific strategy (insider/outsider), depending on the type of the interest group and it divides the organizations in those with ”strong ties” and ”weak ties”. The goal of each interest group is to arrive at the main European competition law authority, the European Commission. As it has the full power to investigate cases and manage the process, as well as implementing decisions based on proposals, influencing this institution represents a real challenge for the stakeholders. In this process, some relevant aspects are the perfect timing for lobby, the dimension of the lobbying coalitions and also the capacity of attracting supporters of the cause. Interest groups do not have equal amount of influence power nor the resources but they do change the policy, according to their particular interests, by choosing the right strategies, partnerships and means to influence the decision-makers.

The present paper aims to study the impact of terrorist attacks on the economy as a whole and on several European stock markets. Thus, the event study methodology used in this paper identifies negative abnormal returns during the day of the terrorist attack, showing that investor sentiment has been properly incorporated into stock market prices. Moreover, due to a highly integrated global financial system and to the contagion effect generated by the rapid dissemination of information around the world, more negative abnormal returns were identified on markets that present the same characteristics as the one directly affected by the terrorist attack.

Imperfect competition represent a known issue on modern economic analysis. Monopoly case classical induce a worse solution for consumer side but in the oligopoly competition scenario it will be possible to obtain a solution close to perfect competition situation. In this case, two of the most well-known game theory models in imperfect competition are Cournot model, respectively Bertrand model. First one offers an output equilibrium solution, while the second one, advocating for price competition, highlights an equilibrium solution in terms of price. Alongside these two models, in the last period, we can also note an increasing interest for the Cournot-Bertrand mixed scenario. All these three behavioral types can be identified in the real market. This paper aims to analyze a duopoly market, with linear demand and cost functions, as well as product differentiation characteristics, where a Cournot behavior is adopted by one firm and a Bertrand behavior by the other one. Both firms manage to survive on the market and a stable equilibrium will be manifested if there is sufficient product differentiation. In a very low product differentiation / very high product homogeneity scenario instead, the adjustment process proves to be a divergent one, undermining the equilibrium stability. In a homogenous products context, the Cournot-type firm will produce the perfectly competitive output level and the Bertrand-type competitor will leave the market. The selling price will match the marginal cost and duopoly profit will be null. Even with just one firm on the market, the basic threat of a Bertrand – type potential competitor, warrants a very prudential behavior while also further ensuring the perfect competitive outcome level. The paper is looking to also analyse in detail the existence of Nash equilibrium point, its local stability and uniqueness, as well as the product differentiation impact on this equilibrium and players surviving potential on the market. The final part of the paper contains a simulated study case for price, quantity and profit evolution for various values of model parameters.

This paper attempts to revisit the geometry of the demand and supply functions in economic analysis, taking mathematical exigencies into account. Leaning on the fundamental principles that guide the theory of demand and supply, the paper uses the analytical approach of data analysis to address the objectives of the investigation. Results of the study indicate that whether expressed in the standard mathematical form (Quantity-price relation) or casual mathematical form (Price-quantity relation), the demand and supply functions obey the laws of demand and supply. Also, the results reveal that the first component in the computation of the price-elasticity remains unchanged and takes into account the quantity-price relationship, irrespective of the functional form (Quantity-price function or price-quantity function) used in defining the demand and supply functions. Furthermore, the results show that the consumer and producer surpluses can still be evaluated without violating mathematical requirements with the quantity-price relation model of describing the demand and supply functions to accommodate welfare issues associated with the demand and supply concepts. As a result, it is suggested that mathematical requirements of logic, rigor, consistency, and objectivity be strictly respected when subjecting the analysis of real world economic phenomena to mathematical treatments.

The pandemic caused by the corona virus is the most serious crisis that humanity has ever witnessed in this century. For Romania, this crisis highlighted organizational problems, structural issues related to the government, problems of an aging and underperforming health system, but also a total blockage of social and environmental actions. All of this are reflected in the national economical situation. The paper aims to construct a post-pandemic perspective, where Romania needs to streamline its governmental functioning system, simplifying and digitalizing procedures for strengthening the risk-management sector and securing the foundations for further growth. The two perspectives analysed are: the social one - by highlighting poverty, healthcare, income inequalities and regional disparities and the environmental one by highlighting the priorities of reducing air and water pollution, protecting the forest fund and conserving the Danube Basin. These two prisms are analyzed through the filtering of national recovery plans, by examining government capacities, the resolutions adopted by state officials, the European 2030 Agenda and the global framework of Sustainable Development drawn by the United Nations.

Migration at international level is a global phenomenon. In recent years the world experienced the highest number of people who migrated abroad. For example, in 2020 approximately 3.6% of global population were international migrants. This was the highest proportion of the global population registered in the last thirty years. The paper analyses some general aspects of international migration. There are detailed migration patterns in various regions such as America, Europe, the Asia-Pacific region, and Africa. Based on the data provided can be drawn some policy implications. Countries of destination should apply policies in order to facilitate the integration of migrants and should provide labour market regulations.

In this paper we study the impact of Covid-19 pandemics on the incoming tourism in Romania. Following the typology of crises in general and the specific nature of the Covid crisis, we will see what effects this most recent pandemic had globally and what economic policies were taken to counteract the adverse effects of the pandemic. We will see that the lockdown and mobility restrictions at European level have led to a free fall of the incoming tourism, increasing the share of domestic tourism on the one side, while on the other hand we observe the tendency of people to move to the countryside. There have been observed some trends that favoured nature tourism, but we also witnessed, that OECD recommends continuing with a more sustainable tourism. We witnessed in 2022 a recovery of tourism in the European Union, which seems to invalidate the trends reiterated by OECD. Through a statistical regression we try to forecast the trend of incoming tourism in Romania, which gives us two possible directions of its evolution. Analysing the pessimistic case, we also identify systemic risks at the level of Romanian incoming tourism, that is focusing on a few countries only, so we see diversification as a very urgent matter for Romanian tourism.

Money laundering is the procedure by which a significant amount of unlawfully gained money, resulted from illegal activities such as drug smuggling and drug trafficking, arms dealing, human trafficking, corruption or other crimes, are transformed into lawful assets resulted from legal activities. If done successfully, money laundering gives its authors the possibility to use the money resulted from illegal activities and give the impression to be derived from legal activities. Money laundering plays a crucial part, as it drives away the diligence of the law-enforcement institutions from the significant volume of income resulted in a short amount of time, from criminal activities. This paper aims to outline different money laundering techniques and issue suitable countermeasures resulting in a more powerful and competent fight against this phenomenon. The methodology used for this paper is made of case studies, relevant to the current topic, retrieved from the web as sources of information. The value of this paper is outlining different money laundering techniques used by the criminal groups, and in the end, issuing recommendations towards actions to be taken in the fight against money laundering by law enforcement and financial institutions.

This paper presents issues regarding the diplomatic mission or diplomatic mission and its functions. The international context from a diplomatic point of view, and not only, has prompted us to address the theme of the diplomatic mission and diplomatic functions. In this paper, there is only a general framework on the diplomatic mission and its functions, and in a subsequent paper this subject will be discussed in more detail. The organizational structure of the diplomatic mission is directly influenced by the political situation, the economic issues, the cultural field, the military domain and others. Thus, the division of the departments and the areas of interest is also dictated. The establishment of diplomatic relations takes place through the simultaneous fulfillment of the following clauses: the holding of international legal personality and the competence to sign legal acts; the recognition by both sides of the international legal personality; the existence of the mutual agreement. It is important to note that there is no confusion between the diplomatic mission and its members, as it is a state organ, is a distinct structure. Diplomatic missions carry out their activities in two parts: they relate to the accredited state and also relate to the accredited state. Concerning bilateral diplomacy, the diplomatic mission is divided into the following categories: Embassy, Apostolic Nunciature, Legation, Internunciature, High Commissariat. The most famous diplomatic mission represents the embassy, being also the most important. For example, the Apostolic Nunciature is specific to the Holy Regiment, because besides its diplomatic functions, it also performs ecclesiastical functions. From the point of view of multilateral diplomacy, the diplomatic mission is divided into permanent representations or permanent delegations and permanent missions of an international organization to a state. Thus, the diplomatic mission and its functions are permanently a subject that can always be different depending on the international context.

The aim of the paper is to analyze if independent internal audit committee has effects on firm profitability. By analyzing the annual reports of companies in 11 countries from Central and Eastern Europe (CEE), we aim to highlight the implications and relationships of internal audit independence and the effects on company profitability expressed through return on assets (using pROA acronym in the paper) and return on equity ratios (pROE). The data used in our paper is from 2004 to 2013. We analyzed the listed companies from Central and Eastern Europe using company financial characteristics data collected from Orbis database and dummy variable manually collected by investigating the annual reports of the companies from our sample. Our results, using OLS regressions on panel data (fixed and random effects), suggest that our independent internal audit variable has a positive sign on firm`s profitability. Our findings suggest that independent internal auditors have an important role for the company`s profitability in Central and Eastern Europe (CEE). The analysis could be important for corporate practices, as an evidence for strengthening the role of the independent internal audit committee in companies. In this respect, it could be argued that independent internal audit committee enhance its importance in creating added value, respectively increase company profitability by providing independent and objective opinions, assurance and consulting services regarding the company’s activity.

Income inequality has risen during the last decades, thus making its way into the agenda of decision makers. Effects of increased income inequality include negative effects on economic development and slowing down poverty reduction. Nowadays, drivers and effects of income inequality are still under debate and studies consider all types of income sources for analyses. An important income source for individuals represents wage earnings. While some research papers on income inequality concern the household income inequality, other research works regarding labour market study the wage inequality. This paper studies wage inequality of Romania by types of employers (for example state/public, mixed or private) for the 2008-2012 period. The study reveals that change of wage earnings inequality across the period considered can be due to within-group inequality and within-group change in population share.

Is profit an indicator that reflects the real performance of the economic entity? Or is it rather a benchmark for uninitiated users who do not know the artificial effects of policies, options and accounting estimates on this sensitive indicator? The vulnerability of the accounting result makes us focus on the objective nature of cash flow, which is a more modern and tangible measure of performance, eliminating the effects of using different accounting treatments for the same transactions. Corroborated, the two coordinates - the accounting result and the cash flow, and more specifically those related to the operating activity - would give a better appreciation of performance. What should we understand when these indicators contradict each other? Is that possible? The case outlined in this paper demonstrates that the answer is yes. But why does this happen and how do we appreciate the performance in this case? The present paper begins by presenting some beliefs that profit is an important indicator of financial performance. These are to be combated by presenting profit margins as an indicator of financial performance, the main or the disadvantage being its subjective character. Subjectivity does not apply to cash-flow, which leads us to say that the cash-flow reflects more objectively and more accurately the financial performance of the economic entity. Further, we will analyze the two indicators in parallel and comparatively, explaining the discrepancy that may arise between them and especially the situation where the profit is positive and cash-flow is negative. Our research is both empirical and theoretical. The results of this research point out to shareholders that profits can be misleading and recomend them to make a minimum simple comparison between proft and cash-flow, between operating profits and cash-flow from operations before they risk making decisions. Increased attention should certainly be given to the situation where there is a discrepancy between the two indicators, because according to some opinions it may even be a sign of the use of creative accounting, and practice has put us, not least, in the face of bankruptcy companies with huge profits.

The paper analyzes the main factors that affect the balance between the professional activity and the individual resources of the workers. Repeated exposure to ergonomic risk factors can lead to health problems that cause major costs for individuals, companies, and society in general. Psychosocial risks are those aspects of work organization and management, as well as the social and environmental context, which have the potential to cause psychological or physical harm to workers. Workplace risk management measures need to pay attention to the specific risks faced by women and men, young workers, older workers, migrants or people with disabilities, and must design specific prevention and protection measures. Although SMEs have a very important social role, as a source of employment for a substantial part of the workforce, many workers employed in these enterprises are in a position to experience worse working conditions, poor quality of jobs, work and proportionately greater risks to their health, safety and well-being. Research in this area is still at an early stage, given the differences between the contexts in which the interventions take place, as well as their transfer potential. The paper offers an additional evaluation related to this problem, in relation to what works, for whom and in what context, being able to contribute to a better understanding of the phenomenon.

This paper aims to examine the ethical and moral profile of accountants in Romania, as a further step in understanding the adapting of the accountants’ profile to the evolution of the profession in the context of an accounting system that “went through complex accounting reforms of more than two decades” (Mustață et al., 2011). The paper researched on studies focused on accountants’ ethics from different perspectives like ethics in education, ethics in codes of ethics, perception of ethics between men and women in different cultures. Since an individual’s personality is shaped within family primarily by behaviors of parents, responses indicated that family life plays a key role in the development of ethics awareness. Ethics is not part of curricula during university studies in accountancy in countires like Iran, where there were differences revealed in ethical standards according to gender as females have stronger religious beliefs and males are more egoistic than females. About ethics in the codes, the study questioned if the code of ethics is protecting the public interest or serving the private interests of the profession? Various literature states that responsibility of an accountant should be more than satisfying the needs of an individual and should meet the “public interest”. In Romania, the Body of Expert and Licensed Accountants of Romania (CECCAR) was established in 1921 and supports and promotes high quality professional practices through special concern for the competence, aptitudes and ethics of those involved in the profession. Due to its fundamental commandments, CECCAR provides quality assurance of the services supplied by its members, guarantees initial education and continuous development of the professional accountants, oversees knowledge and application of ethics and the deontological conduct of the professional accountants. This work is a qualitative study, based on the review of the relevant literature, blended with a research based on semi-structured interviews with several Romanian professionals. Our conclusion is that perseverance in applying the professions’ principles and the professionalism are key factors in maintaining ethics level.

The present paper aims to make a short presentation of the relation between Romania and the International Centre for Settlement of Investment Disputes – ICSID, whit special focus on the damages that Romania was ordered to pay to the claimants, by the ICSID Tribunal. ICSID was founded by the World Bank as a special organism to protect the foreign investors and their properties in the host state. After the recognition of ICSID by the states, the foreign investment flow grew and the number of disputes starts growing as well. Romania ratified the ICSID Convention in 1975. If one party is in breach of the Bilateral Investment Treaty or some other legal provision stated in international law, it will have to pay damages to the other party. The first arbitration request filled against Romania at ICSID was registered in November 2001 by Noble Ventures and the last one registered until now is in August 2018 by Alverley Investments Limited and German Properties Ltd. Until now, there were 15 cases registered at ICSID, in which Romania is the respondent. Ten of them were concluded and five are still pending. Until now, the proportion is in Romania favour, only in 30% of the cases Romania was ordered to pay damages, in 70% of the cases the claims were dismissed or the proceedings discontinued. The 3 cases where Romania had to pay damages were about some commitments that Romania undertook when the investments were made and then did not succeed to keep the commitments. In one of the cases, Romania granted some incentives for disfavoured areas and insured the investors that will maintain those incentives for a period of 10 years, but revoked prematurely them. In other case Romania made an agreement for 49-years concession over a land but, again, prematurely revoked the agreement. And, in the last case were Romania was ordered to pay damages, Romania promised to restructure the debts of Socomet, but failed to do so. The present paper is briefly describing those cases in which Romania was the Respondent.

The main objective of this paper to analyse the efficiency of the selected ten Indian Banks. The efficiency analysis was performed by using of DEA method. DEA (Data Envelopment Analysis) is the optimization method of mathematical programming to generalize the Farrell(1957). Thus DEA become a new tool in operational research for measuring technical efficiency. This examination focused on the measure of the operation efficiency of the Indian banking sector in the period 2010-2016. Indian Banking Sector is contributing to the development of the Indian economy in a significant measure. Financial efficiency measurement in this aspect is very vital. The analysis was made of two ways: constant return to scale (CRS) and variable returns to scale (VRS). In DEA, the use of constant returns to scale models requires the assumption of full proportionality between all inputs and output. The country's leading banks should pay closer attention to the regulations and administrations. The studies also show to tenure the private sector banks is better than the public sector banks during this period as well foreign banks. The results are insightful to the financial policy planner as it identifies priority areas for different banks, which can improve the performance. This paper evaluates the performance of Banking Sectors in India. Being major banks in the country, they deserve better attention by the regulators and the administrators. All the banks are operating in India and are represented in three homogeneous categories as per their size. Out of 10 banks, there are 3 foreign banks, 3 banks are nationalized and 4 private Indian banks. In the variable return scale model the public sector banks state bank of India (SBI), Panjab National Bank (PNB) are performing well, they have good efficiency. Since this study attempts to maximize output, so the output oriented Data Envelopment Analysis is used. The most efficient bank is one that obtains the highest efficiency score.

This paper aims at analysing the labour market in Romania from the perspective of interregional disparities. In this sense we elaborate some INSSE and EUROSTAT statistical data which report to this type of market. In this analysis we mainly used the method of dispersion. In order to recognize the types of positive and negative effects of the national, sectorial and regional factors upon the employed population and the number of employees.The indicators monitored in the paper were the following: employed population, number of employees, activity ratio, unemployment ratio, job vacancy ratio. The analysed period included the years between 2008 and 2017. In the Northwest Region, expressive economic growth in the last decade has not continued at a progressive rate of employment, although labor productivity has resolved. Also, employment circumstance have steadily decreased, reducing the percentage of active population. Statistical labor market data put the Northwest Region at a disadvantage compared to he EU25; however this is a reasonable position in relation to the national average., The labour market on the national but also and regional level is determinated by regress, delayed reactions, reduced flexibility in the dynamics of the economy, the inability to create new employment opportunities mainly in branches with high added value. This article tries to capture the evolutions of the rural economy of Bihor county, whilst appreciating the matters within the broader context of the six region of economic development and socio-legal context in which to place economic and social life of the rural Romanian during the post-communist period. Although with a very important agricultural potential, both at the country level and also territorial, this potential has not produced economic development, but underdevelopment, on the background of a rural subsistence economy, and this economy tends to become chronic underdevelopment, as a result of diminishing in agricultural productions without the appearance of alternative strategies for the development of services of small rural industries, rural or agricultural farming or associative systems

On October 17, 2018, the law of the legalization of recreational cannabis comes into force in Canada. Considered by some to be a marked gesture of irresponsibility and political calculation on the part of the Government of Canada, or applauded by others, this event does not go unnoticed. This paper sets out to present the path to the legalization of cannabis in Canada, the main articles of the law on cannabis, but especially the ethical issues related to this legalization. Indeed, the legalization of cannabis was one of the Liberal Party's flagship promises during the federal election race in Canada in 2016. Having won the elections by becoming a majority in Parliament, the Liberal Party of Canada will have to keep its promise. Yet, there are several ethical issues on the horizon: protecting young consumers or encouraging consumption? Resolving some societal problems related to addiction or their aggravation? Profitability for the government or deficit? Positive or negative impacts on the organizations management? Here are questions whose answers remain to be validated by time. This paper is a work in progress one. It represents a personal reflection of the author. It is not based on a comprehensive literature review and does not claim to be standard scientific research.

The paper aims, for 2008-2018, a case study regarding the ranking of the European Union countries (Eastern Europe) by two indicators: corruption in the public sector and intensity of the technology transfer associated to the Foreign Direct Investment (FDI). We use in our research the quantitative analysis method. As data panel, we have the values of corruption and technology transfer intensity delivered by Transparency International, Corruption Perception Index, and World Economic Forum, Global Competitiveness Reports. The paper begins with the definition of the corruption and is followed by the presentation of certain elements used inside the methodology of the index used to measure it. The characterization of the Eastern European economies through the Corruption Perception Index is doubled by the exposure of the values associated with the intensity of the technology transfer related to Foreign Direct Investments. For the last item, the paper also presents the set of elements necessary to attract it and some correspondent public policies, created and implemented by the public sector authorities

At the present time, demographic changes and migration are two economic and social challenges very debated within countries that are part of the Economic and Monetary Union, and also subject of various articles, books and studies. Over the years, various theories have attempted to explain demographic changes and migration and many economists and researchers tried to figure out the relationship between the two concepts and economic growth of both sending and receiving countries. The debates have argued the following statements: demographic changes and migration generally can promote, restrict or have no impact on the economy of a country. Likewise, the aim of this paper is to provide an analysis of the impact of demographic changes and migration on the economic growth of the EMU countries.This paper provides a theoretical framework of demographic changes and migration at international level, which emphasize the relevance and consequences of these two concepts on the economic growth of countries. Furthermore, is illustrated a summary of the Economic and Monetary Union, its main function and the benefits of the single currency in all European countries. An analysis of several demographic changes and migration indicators in EMU countries is also submitted, in order to highlight the situation in EMU countries. The research methodology entailed both quantitative and qualitative analysis. Statistical indicators regarding demographic changes and migration in EMU countries were used for research and a qualitative analysis made through discussions concerning the impact of demographic changes and migration on the economic growth of EMU countries. The results of this research emphasise that EMU countries are facing important demographic changes: an ageing population, low fertility rates, high duration of working, a high life expectancy at birth and a high number of immigrants. These changes could cause in the future important issues for the economy of the EMU countries. Furthermore, regarding the economic effects of migration for both sending countries and receiving countries, the debates have highlighted that can vary (both can experience gains/losses). In conclusion, EMU countries should take into account demographic changes and migration when they operate towards economic growth.

This paper presented the process of implementing the changes, paying particular attention to issues related to the implementation of the change strategies. The implementation of change strategies requires changes to the organizational structure, but above all the changes in approaches to employees, the changes require innovation, the organization's creativity in implementing the changes. Also in this study, it was analyzed the importance of the plans being clear and practical in order to be understood by the wide range of employees during the process of implementing the changes. Another issue discussed in this paper is the importance of effective communication and the role of managers and employees during the process of implementing the changes. The data were collected through direct surveys by interviewing the owner, manager, general manager, and manager of various departments within the organization. Submission of the data was done through the SPSS 20 program, while data analysis was done using descriptive analysis and bivariate analysis (Chi-Square Test, Cross-Tables).At the end of the paper conclusions and recommendations are given based on the results of the study.

The article focuses on the analysis of the alternative dispute resolution in commercial transactions, in particular on the commercial arbitration and its role in the sphere of international economic relation. The research begins with identifying the causes that have led to the multiplication of trade disputes. In order to indicate the framework of the analysis, the paper continues with terminological clarifications and definitions of commercial arbitration and the identification of the main international arbitration organizations. The objective of the paper is to highlight the advantages of commercial arbitration in ensuring a beneficial environment for the international trade transactions through settling efficiently the disputes arising between the parties. The author focuses on an assessment over the activity of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania by exemplifying two cases of international commercial disputes settled through commercial arbitration.

This paper evaluates the real capacity of the customer service system in a Health Care Service Provider (HCSP) in which users request a service using a multi-channel M/M/n queueing system with Poisson arrivals and exponential times. The assistance process shows that an individual who wants to request a diagnostic test must wait his/her turn in several cubicles. The aim of this paper is to develop a methodology that generates two-way results in improving not only HCSP performance, but also in implementing strategies that lead to better service perception. A discrete-event simulation model is presented to determine the times for processes and forecast the demand. The entire process in HCSP takes up to four hours, although, based on our results, waiting times could be 50% shorter by decreasing the number of operative tasks that physicians and nurses should perform and implementing an electronic ticket dispenser. Improving customer service is relevant for a HCSP organization. Therefore, our simulation process could be implemented in different scenarios in order to integrate results in planning and decision-making processes.

The purpose of this paper is to present the potential advantages of using blockchain technology in the field of international trade. Blockchain, known as one of the disruptive technologies of the moment, will bring important changes to the process of specific foreign trade operations. In this paper, there are presented elements specific to the blockchain technology, its underlying principles, but also the areas in which this technology can be applied. Referring to the academic literature and various online sources, we identified blockchain-based applications in the international trade field (logistics and financial scope) and we highlighted the potential benefits of this technology.

The aim of this paper is to study and analyze the evolution of the Romanian fiscal pressure between 2006 and 2017, from a statistical point of view, and the main purpose is to highlight the correlation between fiscal revenues of Romania and gross domestic product. The first part of the paper is based on a comparative research into the level of taxation at the level of direct, indirect taxes and social contributions. This study seeks to highlight the impact of the Romanian fiscal pressure on the economy. The second part of the article seeks to see the correlation between fiscal revenues and gross domestic product (GDP), especially the impact of fiscal revenues on the growth or decline of GDP. In order to study the correlation, we used the Eviews9 statistical interpretation program. The research methodology was based on obtaining data from the main official sources, such as the National Institute of Statistics and the Ministry of Finance; the study of the specialized literature; the study of the evolution of the fiscal pressure, as well as the interpretation of the data obtained from the influence of the fiscal revenues on the gross domestic product. At the end of the paper some conclusions were drawn, as well as some proposals regarding the studied ones.

Workforce agility has been described as a management strategy that allows companies to respond quickly and effectively to threats and opportunities arising from a competitive and unstable business environment. In the current literature, there is still a lack of efforts to systematically review the state of the art on this subject. The aim of this paper is to address this gap by studying the academic progress on workforce agility. A systematic literature review was carried out to analyze the academic articles within the workforce agility topic that were published online until the end of June 2020 in three electronic databases: Web of Science (WoS), Scopus, and Science Direct. The bibliometric indicators present how the field has developed and which actors (authors, institutions, countries, journals) are the most relevant. Regarding the conceptual aspects, the findings allowed us to identify that an agile workforce consists of four interrelated and interdependent dimensions: proactivity, flexibility and adaptability, resilience, and competence. These attributes can be promoted through strategies related to i) learning and training, ii) forms of work organization, iii) human resource management; and iv) culture and organizational structure. Our findings also allowed us to propose an agenda for future studies on workforce agility and other related topics. This paper contributes by promoting a debate on a subject still incipient in the literature, especially in Latin America, and by highlighting the potential competitive advantage associated with workforce agility for companies.

This paper analyzes the effects of different sources of renewable energy on economic growth utilizing a panel of 210 countries and territories between 1965 and 2021. The focus lies on five renewable energy sources: solar, wind, hydraulic, biofuel, and geothermal. Findings reveal that geothermal and hydraulic energies impact positively economic growth, while solar, wind, and biofuel energies negatively impact it. Consequently, the study suggests that policymakers should prioritize the development and investment in hydraulic and geothermal energy, while reconsidering support for solar, wind, and biofuel sources. The efficiency and cost of each energy type may vary based on factors such as location, technology, and available resources.

This paper analyzes the effects of different sources of renewable energy on economic growth utilizing a panel of 212 countries between 1965-2021. The focus lies on five renewable energy sources: solar, wind, hydraulic, biofuel, and geothermal. Findings reveal that geothermal and hydraulic energies impact positively economic growth, while solar, wind, and biofuel energies negatively impact it. Consequently, the study suggests that policymakers should prioritize the development and investment in hydraulic and geothermal energy, while reconsidering support for solar, wind, and biofuel sources. The efficiency and cost of each energy type may vary based on factors such as location, technology, and available resources.

The loosely coupled systems (LCS) perspective emerged as a new way to understand the organizational structure from the field of Organization Studies. The purpose of this article is to pres­ent the main features of previous research studies that have addressed the perspective of loosely coupled systems. This article is based on a systematic literature review of 76 papers published dur­ing a 36-year period (1983-2019). The findings indicate that the main concepts studied around this perspective have been loose coupling, tight coupling, decoupling, degree of coupling, and coupling mechanisms, which are analyzed considering the dialectical relationship between distinctiveness and responsiveness. Likewise, the study of organizational couplings has been extensively devel­oped through qualitative methodology with case studies, interviews and documentary reviews. In particular, there are two theoretical frameworks broadly used along with this perspective, the sociological new institutionalism and the theory of normal accidents, which give rise to future research on topics such as decoupling and the normality of accidents, among others. This article contributes to the discussion of organizational ties by highlighting the contemporary relevance of the LCS perspective, its usefulness for understanding current and future organizational issues in the field of Organization Studies, and encouraging greater adoption of LCS analysis in Latin America. Additionally, this paper provides conceptual clarity on the main categories of organizational cou­plings and its operationalization.

The purpose of the paper is to observe and analyze how the dynamics of macroeconomic factors impact the evolution of the Bucharest Stock Exchange (BVB) during the latest crisis (Covid-19 pandemic and the Ukrainian war), through the lens of various market stock indices (BET, BetPlus, BET-FI and BET-NG). After the monthly values of both the macroeconomic factors (inflation rate, unemployment rate, RON-EURO exchange rates, industrial production index, average salary, money supply, interest rate and oil price) and Bucharest Stock Exchange indices were collected, during the period January 2020- June 2023, the descriptive statistics was used to describe all the observed data (mean value, standard deviation, minimum/ maximum value). Finally, the multiple regression was used to see exactly how the Romanian stock market indices are influenced by any changes of macroeconomic factors.

The transformations in the world economy, the globalization of information, the globalization of security issues have brought non-state powers to the position of main actors of the contemporary geopolitical phenomenon, in which transnational, international or supranational organizations play a special role. The unprecedented period of peace and stability that Europe went through at the end of the 20th century and the beginning of the 21st century is due to the existence of the European Union. The European Union is a relevant actor in the international arena; the emergence of the European Union radically changed the European and global geopolitical balance. Having an extensive network of economic relations worldwide, carrying out crisis management missions and humanitarian actions, the European Union cannot be omitted from any geopolitical analysis. In a very dynamic and unpredictable global geopolitical and geoeconomic context, the European Union launched on June 20, 2023 the European Strategy for Economic Security, a strategy that emphasizes bilateral and plurilateral cooperation - in different formats and degrees of institutionalization, from the G-7 to high-level economic talks, investment partnerships and commodity clubs. The European Union wants to reduce, for the next decades, the economic risks related to dependence on China. The strategy outlines how the European Union - a key trading partner for both China and the United States - is trying to manage its economic dependence on Beijing and avoid the kind of economic rupture with Russia that followed the invasion of Ukraine. The paper aims to analyze what China's "risk reduction" means for Europe and, at the same time, to understand how the European Union's approach to economic security will shape future relations in terms of geopolitics and geoeconomics at the international and regional level.

Promotion has been and it is considered by famous authors as the key to any successful business in tourism. This fact reveals the need for this activity in any tourism business, at any level. The literature associates the promotion activity with the marketing activity but the practice has shown that the promotion can take place in the absence of a marketing plan or a promotion strategy. Moreover, promotion in tourism is closely linked to human activities without being able to specify an exact moment in history when these activities began to take place. Thus, this paper aims to make a journey through history to mark the moment of the promotion as an individual activity, which is interfering with the marketing activity. At the same time, by reviewing the specialized literature, this article wants to make the transition to the new communication paradigm, identifying the guidelines and its implications at the level of the tourism enterprise. The article presents the results of a theoretical, qualitative research, creating the theoretical framework for the development of tourism promotion, from antiquity to the present based on the review of the literature. The conclusions of this research highlight the contrast between the first manifestations of the promotional activity, the characteristic elements of the old paradigm and the new communication paradigm.

The first part of the article presents a short theoretical approach of unemployment, and the more consistent part is based on the statistical analysis of unemployment at the level of Bihor County. The analyzed period is represented by the years 2019-2021. For the current analysis, we have chosen the problem of unemployment during the pandemic, from a theoretical but also concretely applied perspective, since unemployment represents a complex psychosocial and economic phenomenon, and its dimensions and dynamics highlight the state of a society, but also the concerns for the implementation of active policies, which aim at increasing the employment rate, but also the quality of life. This paper analyzes the dynamics of unemployment in the period 2019-2021, but also the job protection measures implemented by the public employment system. Thus, the objectives of the research consist in the analysis of the unemployment indicators in Bihor County in the pre-pandemic period and in the pandemic period and of the special measures adopted in order to solve the problems generated by the health crisis. The used research method was the analysis of documents; we have analyzed the Activity Reports of Bihor County Agency for Employment (AJOFM Bihor) for the years 2020 and 2021 and the legal regulations adopted in order to protect employees and employers during this period. The analysis of statistical data revealed that the maximum number of unemployed people in the records of Bihor County Agency for Employment (AJOFM Bihor) was recorded in March 2021 (6,280 people), and the unemployment rate on this date was 2.36%. Two measures adopted by the government and implemented by the National Employment Agency through the County Employment Agencies had a major impact in maintaining jobs during the pandemic: technical unemployment and reduced working hours. Thus, in 2021 compared to 2020, the

The importance of the role played by SMEs in the global economy and their contribution to job creation, added value, innovation and growth is widely acknowledged, therefore it is extremely necessary to support their development. In order to be competitive, SMEs also rely on external financing, not only through financial institutions but also through direct participation in the capital market. Managers place great emphasis on financing their businesses, and most of the European companies relying primarily on bank loans as their most important source of founding, unlike in the United States of America, where the activity of stock exchanges is much more developed. This paper aims to study a shared analysis of the advantages and disadvantages of SMEs in Romania regarding financing through financial institutions vs direct participation in the capital market.

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The purpose of this reflection paper is to provide a Foucauldian view of the influence of the neoliberal ethos on the rational choices of agents in organizations and how this impacts the tendency to make decisions about deviant behavior. We propose that practices of codes of ethics have less substantive effects and more symbolic effects. The control of corruption occurs in three dimensions: egoism, utilitarianism and opportunism. Codes of ethics and compliance systems, in this sense, possess only the capacity to partially meet each of these requirements, not being enough measure for business integrity assurance. We believe it is essential to distinguish the arguments presented in this paper from the dominant thinking on theories about ethics in organizations. Our interest is to give a politicized response to the discussions raised in the field. The originality of the article resides in the transposition of Foucauldian concepts for practices of control of conducts in the contemporary management. The inadequacy of the normative measures is worked out. Besides, alternative perspectives are proposed to the practices of management for ethical behavior in or­ganizations.

This paper examines governance practices and their impact on the performance of selected Nepalese cooperatives. In order to address the objectives of the study, 400 sample members from eighteen primary cooperatives in provinces 3 and 6 of Nepal have been identified by stratified random sampling technique to collect primary data with a semi-structured questionnaire. The collected data have been analyzed using SPSS (version 23). Statistical tools like regression, correlation and chi-square tests were applied. The findings revealed that there is significant and positive relationship between professionalization; accountability and performance of cooperatives. Similarly, there are insignificant but positive relationships between participation; transparency and performance of cooperatives. However, there is an insignificant and negative relationship between legitimacy and performance of cooperatives. In conclusion, the performance of cooperatives depends on existence of factors of good governance such as legitimacy, participation, professionalization, accountability and transparency with honesty. On the basis of the study, it is concluded that good governance in cooperatives is the single most important panacea to uplift quality of life of members through economic, social, cultural and technological change in their practical lives. The paper contributes to the literature by identifying factors of good governance for performance of cooperatives from a developing country perspective.

The goal of this paper is to present practical experience in intercultural training in Bulgaria and to outline the main implications from educational and business training perspectives. The analysis uses Geert Hofstede’s cultural orientations to analyze two cases of training practices in education and business in the Danube Region. The cross-cultural training took place in 2017 - an international project for intercultural adult education in Danube countries and a human resource management training in an engineering company. The main research methods are literature review and observation. Results are analysed using the Geert Hofstede theoretical paradigm. Intercultural training is key for successful interpersonal interactions both in mono- and cross-cultural teams. There are recommendations for cross-cultural training design derived from the observation both in business and in education. These results could be used for cross-cultural training and research planning. The recommendations could be in favour of practitioners, business trainers, teachers and researchers with interests in development of cross-cultural competence. Results of this paper shed light on the main characteristics of intercultural training in the Danube Region and could be used as guidance for creating problem-solving practices in business and education, based on cultural values.

Information and Communication Technologies (ICTs) have impacted the way in which individuals, government and society interact each other. As a consequence, ICTs represent a dynamic and new way by which it could be possible to explain the countries’ development into the Knowledge-Based Society. Why is it possible to consider ICTs as a dynamic instrument for explaining this phenomenon? ICT can create networking, to connect learning experience and innovation to each other. Alongside the growing increase in ICTs, the concept of social capital in the twenty years has found interest in all sectors due to the rise of the concept of virtual community. In this context, researchers have focused on the role it could play in building communities, increasing economic productivity and contributing to country development. In this sense, ICT and social capital concepts interlink with each other in a variety of ways: social capital could contribute to the diffusion of ICT but, at the same time, ICTs could have a role in the social capital formation. Given the possible interactions between the two concepts, this paper aims to map out the relationship between ICT and social capital studying the related variables’ disparities among European countries. This paper shows evidence of the geography of this relationship in Europe. For the statistical and geographical analysis, we used a non-linear cluster neural network, the Self-Organizing Map (SOM). This tool was used to analyse the performance of European countries in 2015. The properties of the algorithm lead the SOM map to be a representation of the statistical property of the original dataset used to create it thanking the learning nature of the algorithm; the statistical dissimilarity is translated into space distance and vice versa. Also, it was possible because the dataset has been mapped onto the surface of the SOM by adding each neuron up to colour gradient. The results show the isolation of Balkan and Eastern European countries. In particular, we found that ICT may promote social capital, that is, ICT could play a decisive role in creating and developing social capital. These results prompt the formulation of new policies for European countries.

In addition to our previous research regarding inclusive entrepreneurship, this paper tries to analyse the progresses made by Romania in the field of entrepreneurship programmes for disadvantaged groups on labor market in 2014 - 2020 by comparison with the 2007-2013 period. The present paper aims to investigate whether Romanian inclusive entrepreneurship programmes for 2014-2020 both financed by the European Union (EU) and the Romanian Government respond to the specific needs of inclusive entrepreneurship target groups in the present context of Romanian SMEs development. The first part of the paper explores the dynamics of business creation in Romania and the sectors of interest for business creation as well as the strengths and weaknesses of the Romanian business environment and entrepreneurship policy. In the second part, the paper compares the two forms of inclusive entrepreneurship programmes financed by the EU and the Romanian Government. The main conclusion of the paper is that there is a clear improvement of the inclusive entrepreneurship programmes in Romania for 2014-2020 compared to 2007-2013 in the context of general improvement of Romanian business environment but existing reforms should continue.

The purpose of this paper is to present the specific aspects that characterize classic professional orchestras (symphony, chamber music, radio and opera orchestras) as performing art organizations, the sound organism and the organization per se. In a society of rapid changes, it is intruguing to find out how one of the oldest art performing organizations, like the classical professional orchestra, is managed in the contemporary world, which are the innovative management methods that ensure the classical orchestra’s succes, what are the elements that have an influence upon the performance of the orchestra, or upon the level of satisfaction of the multiple stakeholders.As part of an extended research, this empirical paper reprezents the first part of our reseach and it is based upon qualitative research methods, interviews and observation of the existing situation in German orchestras.Germany offers an impressive variety of examples, since the country holds the largest number of classical professional orchestras, namely 131 out of 560 worldwide. Consequently, the emphasism is upon german orchestras (Kulturochester), where the value of cultural heritage and the responsibility vis-à-vis the cultural musical heritage acquired in hundreds of years of musical creation play a very important role.We will include the type of symphony orchestras, radio, opera and chamber music orchestras, and we will exclude universities’ orchestras, project orchestras and amateurs’ orchestras. We will obtain our data through archival access, observation, interview and later in the study, throughout the survey research method. At first, we analyzed and investigated twoorchestras: one chamber and one symphony orchestra. The second part will contain the analysis of a radio and an opera (theater) orchestra. Does the volatile environment generate innovations in the systems of management, informational, recruiting, promotion and reward changes, and in its functions of planning, organizing, leading and controlling? What strategies and best management practices are used by orchestras’ managers to maximize the satisfaction of multiple stakeholders