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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.

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.

The article presents the discussion on field of Business Taxation, as a pivotal component within Business Administration studies. Topics include paramount importance for emerging professionals in the realm of tax consultancy and the execution of tax and audit functions within enterprises, a concerning trend has emerged; and absence undermines the significant contribution of Business Taxation to the advancement of applied disciplines.

Abstract The continuous changes in the business environment require transformation processes and innovation in organizational structures to maintain competitiveness. Innovation is required for future orientation and need an appropriate leadership style to be implemented in the company successfully. Various studies in the literature examine the topic of change models and the requirements for effective implementation of changes. Based on the constant change in the labor market, which is due to ongoing digitalization, the need for research of transformation, change-management and radical or disruptive innovation remains topical. A new challenge arises with a transformation in the entire company which affects all essential business processes. Because several levels are simultaneously affected by the transformation process, a more complex concept is required for the implementation than it could be found in the literature. There is a lack of empirical research in general for innovation-driven transformation processes and a missing connection to the implementation of radical or disruptive innovation in company. The aim of this paper is to investigate the need for new research in change theory. The focus is on the importance of innovation leadership for a radical or disruptive innovation change process, what is to be classified under a comprehensive transformation process in the company. In addition, the need for an innovation transformation model is established.

Foreign direct investments (FDIs) have extraordinary importance for the development of the country, contributing to the higher level of its competitiveness. Some transition economies were focused on FDIs attraction, selecting banking sector as one to the most propulsive targets. Using empirical evidence on FDIs in Serbian banking sector during XXI century through granular analysis by differentiation between greenfield and brownfield investments, this paper pinpoints on major movements and perspectives of development. Also, beside the FDIs aspect, which is the central point of the paper, this paper summarize the major regulatory changes in accordance with Basel III standards aimed to increase the credibility of Serbian banking sector.

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.

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

Even if very much used in most economic research, the productivity issue and its common indicators do not profoundly capture the whole complexity of the productivity's very inner meaning. Our paper aims at developing elements in the purpose of setting original concrete proposals and suggestions for a more accurate unorthodox approach on productivity. It aims at applying a widened economics angle, in contrast with the common business view (focused on business private interest) based on usual performance criteria., Our research is a purely theoretical one, proposing conceptual grounds for applied quantitative and qualitative analyses that involve, as part of a larger research project, the productivity matter, in the purpose of those widening horizon. Our approach is conceptually fundamentally apart from the usual ones. Namely, in accordance with the reasons explained in each section, our paper is interested in indicators and manners of analysis that bring corrections to the unusual ones concerning market competitiveness, efficiency, productivity, by (a) completing the productivity formula (section 3), by (b) conceiving new indicators, as an alternative, may be even opposite to the usual ones (section 4), or by (c) building a system of equations that approach the market reality in an unusual way (section 5). Concretely, we aim at giving bigger attention to social and systemic aspects, to “externalities”, to certain connected qualitative and quantitative features of “productive“ economic processes; from the point of view of the interconnections on the market, the paper also explores some aspects of possible price relationships (negotiations) among economic entities, and related value transfers. Concluding propositions concerning prices, original concepts, analyzing ways, evaluating principles and correlation indicators are set and put forward, as apart from the most usual ones, and as possibilities of further theoretical an practical developments and in the purpose of practical application. Our proposals will be useful for economic researches that want to be more consistent with the growing complexity of the economic reality and that dare to put under question the most common approach, ratio and manner of analyzing productivity.

The development of the child protection system is part of the strategic policies of the Romanian Government and takes into account the financing of services and of complementary activities, as well as of the specific social services at the level of national and local authorities through involving the entire society.The aim of the present paper is to present the system of social protection for children at the regional level in Bihor county by looking at its development in the period between the years 2010-2016 and also by looking at the specific characteristics which deal with the wide range of the provided social services, as well as the resources allocated for such services. The paper also discusses the social effects of the social protection system and the possibilities of improving the effectiveness of its financing.

The paper presents the modern methods and techniques in the philological research. Scientific research involves not only an individual activity, based on the information and data collection or the formulation of some innovative theses. It also involves communicating the results to a differentiated audience. One should find a purpose for the data collected: it should be taken over by their recipients in an accessible form. In other words, there must be a balance between the content of a research on the one hand, and the shape of the wording on the other. Being familiar with the steps to make in a research endeavour, and observing the rules developed to complete the research in the form of a scientific paper, are both secret ingredients of a successful endeavour. Scientific research involves, besides specialized knowledge, the mastery of appropriate working techniques. To be considered a scientific paper, a text must meet two fundamental prerequisites, namely: to bring something new and/ or to be useful. Between these extremely general boundaries, the scientific works take a wide variety of shapes, using a combination of several classification criteria. Depending on the fundamental approaching method, one may distinguishes the analytical method from the synthetic method. Size of the text is rather a more practical classification criterion than a scientific one. It influences the structure of the paper work only to a certain point. The modality of conveying the research paper influences the structure of the text only in the case of written - oral communication conflict. The paper presents in the end aspects about references, word processing typing and plagiarism.

The aim of this paper is to conduct a cultural analysis of financial slogans based on the theoretical framework of Geert Hofstede. We chose to focus on the case of the United States of America and the sample includes slogans from two types of financial institutions offering similar services: banks and (federal) credit unions, further divided into “local” and “national” according to their reach, i.e. the number of US states where they have branches, thus making direct interaction with customers possible. The methodology relies on empirical research and content analysis. First, the choice of the sample is explained, as well as the way it is organized. The paper then proceeds to demonstrate the need to adapt the Hofstede model to the nature of the sample by focusing only on the appropriate cultural dimensions. The actual analysis begins with a brief cultural overview of the U.S.A., as this is the background against which the approach of US bank and (federal) credit union slogans should be set. The findings are first presented in column charts and the cultural aspects are quantified based on their number of occurrences in the sampled slogans. We then proceed to identify and map the underlying values that slogans convey according to the cultural aspect illustrated. Several things emerge at this point: from a general perspective – although the sample is limited in this respect – the cultural values represented by the slogans of national financial institutions fit the national pattern (high individualism, masculinity). Local banks and credit unions, however, generally value the opposite cultural aspects i.e., primarily, collectivism and femininity, as their physical presence is limited, most of the time, to a single US state, which in turn creates the need to appeal to a smaller target audience regarded as a community. Some interesting findings also emerge at this point, such as unconventional slogans and the concept of “unbanking” preferred by credit unions. The whole approach leads to the conclusion that the size, type and reach of the financial institutions have a direct impact on the cultural values portrayed, and implicitly on the rhetoric and cultural encoding of their slogans.

Fast paced technological innovation in the 21st century is continuously transforming the complex world of logistics, a performant strategy in the supply chain (SC) becoming a competitive advantage that all manufacturers strive to improve. Decision making to ensure the expected outcome is relying heavily on the SC with its associated partnerships and drivers. Customer service evolves at the same pace with technological innovation and it is backed up by qualitative and innovative SC processes, transferring the most important order winner criteria from the product itself to the product cycle from forecast to delivery. Manufacturers have to consider that integrating customers’ needs in the design of their supply chain strategy (SCS) is going to become an order qualifier, rather than an order winner criterion. Internal and external integration foster progress and development in the organizational and financial performance of the company. This implies not only a financial investment in the subsequent infrastructure but also a tailored strategy that employs advantages derived from supply chain integration (SCI). The present paper proposes a structured framework that middle and top management can use to identify synergies for integration opportunities, exploitable competitive advantages and markers for improving decision making affected by and affecting financial performance. Supply chain management (SCM) strategy can be viewed as a revolving concept as it can be both a driver of performance as well as a consequence of performance. The first concept is at the centre of the paper as the authors strive to create a framework of operational and strategic factors that foster performance, assuming that levels of performance can conversely steer SCM strategies. Operational strategies, supply chain integration, management and strategies are leading the research field in the attempt to interlink SC and performance, mainly due to a surge in the attention paid to the connection and synergies in between.

This paper critically discusses the reasoning and the consequences of a recent parliamentary bill which intends to restore the traditional principle of one collective bargaining agreement per business in Germany that has been overturned by the Federal Labour Court. It argues that the empirical evidence on the effects of allowing multiple bargaining agreements and of the recently emerged occupational unions on strikes, wages and transaction costs is weak and does not justify the encroachment on the freedom of association associated with this bill. [ABSTRACT FROM AUTHOR]

The main purpose of this paper is to present the modern model of integrated corporate communication. Beside this, the authors will describe the changes occurring in the corporate environment and importance of changing the model of corporate communication. This paper also discusses the importance of implementation of the suggested model, the use of new media and effects of these changes on corporations. The approach used in this paper is the literature review. The authors explore the importance of implementation of the suggested model and the new media in corporate communication, both internal and external, addressing all the stakeholders and communication contents. The paper recommends implementation of a modern model of integrated corporate communication as a response to constant development of the new media and generation changes taking place. Practical implications: the modern model of integrated corporate communication can be used as an upgrade of the conventional communication models. This modern model empowers companies to sustain and build up the existing relationships with stakeholders, and to find out and create new relationships with stakeholders who were previously inaccessible and invisible.

The way in which economic crises are represented in media plays a very important role in determining their significance and the reform opportunities that they create. This paper analyses the representation of two financial crises in films: the Great Depression of 1929 and the financial crisis of 2007-2008. The movies chosen are either documentaries depicting harshly and realistically the causes and the events that led to one of the most devastating crashes for the American economy – the financial crisis of 2007 - or movies adapted from famous novels such as John Steinbeck’s “Grapes of Wrath”. The paper starts with the analysis of the way in which the films present aspects of the 21st economic crisis and the major players, from stockbrokers, bankers, businessmen to the very powerful CEOs of the most important companies in the world. Then, we continued with the category depicting the Great Depression which affected not only how class aspects were presented in films, but also the way in which the industry was making films. Making this list has been a sensible exercise that has led us to an unfortunate yet inescapable truth: if the silver screen is any guide, financial professionals, particularly those working on Wall Street, have had a serious public relations problem since long before the global financial crisis of 2008. Some might say that Hollywood has contributed to the creation of this negative image, given that media, especially films, are reflections of public opinion. The conclusion of our analysis is rather surprising: there are very few films, especially among the documentaries, depicting the financial crises suggesting solutions for the industry and the financial system. Nonetheless, the films are enjoyable to watch and often quite informative, offering a perspective from the inside on everything from phrases such as options and futures trading to leveraged buyouts.

The paper deals with using audit methods in the audit of non-current assets of the municipality. Due the fact that surveyed area is audit of the municipal assets, we made a literature review in this area. Each municipality in Slovakia has legal obligation of audit of its financial statements. Audit in the municipality contains a high detection risk because the independent auditor cannot reveal always so-called hidden ownership or family ties. High detection risk may lead to failure of the auditor. Due to avoid of possible auditor’s failure, he or she needs to know the pitfalls accompanying audit engagement. The main objective of this paper is setting methods for the audit of non-current assets in respect of which audit risk is reducing. In the first part we have introduced a brief development of audit in Slovakia from 1989 to the present days. This part of the paper is devoted to the history of the audit and its current legislative framework. In Slovakia, international standards on auditing are applying for over ten years, and the Code of Ethics for auditors as well. Three components of audit risk affecting the overall audit risk are presented in the second part. This section lists the pitfalls in the audit of non-current assets of the municipality and suggested audit procedures, how to avoid them. Examined issue was applied on the example of the audit of non-current assets in municipality of Slovakia. Recognizing the potential audit pitfalls leads the auditor to reduce the overall audit risk. The auditor must follow the objectivity and independence from the audited entity, to recognize transactions with related parties especially in the municipality, and avoid failures in the design and the performance of appropriate audit procedures. Proper setup of the audit methods leads auditor to minimize audit risks to an acceptable rate and to formulate audit opinion. Conclusion of the article contains a risk assessment, audit planning and solving of audit pitfalls in the area of non-current assets.

In a world where man has been regarded since ancient times by philosophers as a zoon politikon (Aristotel, 2001), and whose traits reverberates through centuries, focusing upon some of its peculiarities could only be refreshing. As the military, social, economic, and cultural traits of globalization have been accelerating, the leaders of different nations felt there is a slippery ground upon which they could take decisions. Lot of them have been bad prepared to fully understand these processes, or haven’t been capable to harness the national potential of their countries towards extracting benefits from these processes. There are small countries which have well understood the path the world was heading to, and they have acted accordingly; Singapore, South Korea, Finland or Switzerland could be such positive examples. All these have gained a lot as globalization has been widening. While others, with far greater potential in comparison with all these countries, are fighting for their survival. For these others, globalization has brought more pain than relief. The domestic society in all these examples and its traits has played important roles for these different paths, but there couldn’t be neglected the crucial role of political leadership in both, the successful countries, and the less successful ones. Without naming a peculiar state, the paper focuses in fact upon the character a man of state should have in a globalized world, and which should be the main focuses for him. There are presented in a contrasting manner the characteristics of political man, face-to-face with the characteristics of the man who thinks politically. In a globalized world the economic diplomacy can help a state in its geopolitical interests’ promoting, and a successful economic diplomacy is of crucial importance for having a healthy statehood. The paper mention that a healthy state is formed and is based on its citizens, while a weak or even a failed stated has the illusion of being based on individuals. There are presented the differences between individuals and citizens, and which are the benefits for having a society formed by citizens leaded by a man who thinks and acts politically, in a globalized economy and society.

The latest findings evidenced rating as an additional safety measure in the capital market. The financial crisis which affected thousands of companies and banks imposed as a necessity that as well as the annual financial reports the company’s rating be a listed at the stock exchange. Although a company’s rating is established in advance by rating agencies many papers try to find ways of evaluating risk by particular applicable to a certain field. The research that we have conducted aligns itself with such model of research in the field of energy. The paper presents a way of rating energy companies based on an aggregate model with three components: own model, a model of aggregate bank and a model of credit scoring aggregate. The model thus constructed was tested on two energy companies, namely: OMV Petrom SA and Romgaz SA.

In this paper we presented a conceptual review of migration theories in the context of the European Union, such as recent statistical data taken from the official website of the National Institute of Statistics, National Bank Romanian Ministry of Labour and Eurostat. The paper empirically tests the neoclassical theory, used in the pre-enlargement research, on the actual data of after accession labor mobility from Romania to the European Union countries. The paper concludes with outlining suggestions for new analytical approach to studying migration processes, which needs to incorporate country specific institutional and structural variables, give greater emphasis to sending countries and analyze migration as part of broader global processes and socio- economic changes. In this paper we presented and summarized the negative effects and manifestations of contemporary economic and financial crisis on the labor market. The purpose of this paper is to study and analyze labor market developments Romanian between 2000 and the first quarter 2016 from the statistical point of view based on the results of a comparison of the period before the crisis and after. This paper aims to estimate some effects of migration flows on both the origin countries and the host countries in an enlarged Europe. Having in mind the enlargement, the Romanian out-migration represents a sensitive subject, adding to those of commercial and the capital flows, the main mechanism of European integration. The migration from and to Romania will have an effect on the Romanian economy on short and long term. Then we focus on presenting the main destination for external migration and we make an empirical analysis in order to find out why the “destination” countries are so attractive despite our country.

The motivation of this paper was given by the importance of urban tourism, which is a growing touristic phenomenon worldwide and especially at European level. Urban tourism plays an important role in the European cities, for many of them it represent the engine for the development of several sectors of the economy. From this point of view, we consider the importance of study of the concept of urban tourism. As a first step in this direction, the article presents a review of the specialized literature in order to define the concept. Through this paper we propose to highlight various perspectives about urban tourism, analysed as a particular form of tourism. Thus, the paper presents, in the theoretical section, the interferences among urban tourism and other forms of tourism. The paper continues with the analysis of statistical data regarding urban tourism, registered in the main European cities, including Romania. As a result of the research, we conclude about the significant differences between the analyzed countries.

Presently, immigration is a global subject that generates many challenges and controversy all over the world. Its positive and negative effects in the society can not be ignored. So, in every state, government and population has to colaborate and find solutions for the immigrants integration for the overall well-being. More than ever, the countries that are confronting with an ageing population and the large flows of refugees must take action. This is also the case of most European Union countries. There are many debates among European Union’s decision factors on this theme. Through its legal framework, its policies, the European Union has tried to build a balance between regular immigration and EU citizens and to fight against irregular immigration. The present paper provides an overview of immigration phenomenon in the European Union. It combines the theoretical presentation with a short statistical analysis of the immigrants flow in all member states. This theme is of great interest not only at institutional level, but for each of us. Why? According to the World Bank, one in seven individuals in the world is currently a migrant. The inflow of immigrants in the European Union is a reality and is generating serious challenges in many fields of society: law, finance, economy, labour market. Integrating immigrants and their children into the labour market and society as a whole is essential for promoting social cohesion and economic growth of receiving countries. The paper outlines the economic effects of immigration, the main directives of European Union in the field of immigration and some solutions of better integration of the immigrants and their children.

The financial crisis which caused numerous bankruptcies is phenomenon that can repeat itself in the ensuing period. One of the causes that generated the phenomenon was, along with the mortgage-back securities, the insufficient attention devoted to industrial production in general and to profit in particular. The literature in the field points to the fact that companies’ managers need to take into account the means of obtaining profit as well as liquidity and leverage. This is why in this paper we focus on the profitability of the oil and gas companies which have been affected by the financial crisis. Profit and loss account comprises two components: the operating and financial flows of an enterprise over a period of time, usually the financial year. We can evidence the results of a company based on the annual reports during the fiscal period such as financial position, performance and cash flow. The paper conducts a comparative analysis of performance between two companies operating in the energy industry, OMV Petrom SA and ROMGAZ SA.

The present paper aims to investigate the cross-border cooperation impact on regional tourism based on the Bihor County case study. The first part of the paper analyses the literature regarding cross-border cooperation impact on regional tourism. In the second part, the paper provides a synthetic analysis of the Bihor County tourism in the context of North-West Region of Romania. Based on national territorial statistics, regional and local development strategies for 2014-2020, Bihor County Department of Statistics, Bihor Trade Office and Bihor Council data, other available dataset for tourism sector, the analysis shows that Bihor County has the highest tourism potential at regional level and the most diversified, covering large areas of the county. Also, Bihor County tourism is above the regional average at almost all tourism indicators. The third part of the paper documents about cross-border cooperation impact on Bihor county tourism. The location of Bihor County on the border with Hungary and the opportunity to benefit of funding from EU through Cross-border Cooperation Programmes are competitive advantages for Bihor County at regional level. Based on Oradea Regional Office for Borders Cooperation (BRECO) data, the paper presents the positive effects of cross-border cooperation on Bihor County tourism due to the 10 tourism projects implemented under the PHARE CBC Programme 2004-2006 and HU-RO CBC Programme 2007-2013 in Bihor-Hajdu-Bihar Euroregion and their impact on regional tourism.

The aim of energy management is to provide good quality and proper quantity energy in an economic and continuous way for the energy consumers in different parts of the country with minimal energy costs. We did our calculations because many changes happened during the last 15 years in the energy management of Romania. Year by year the percent of the import energy is increasing. Most of the energy is produced by nuclear, hydro and thermal plants. Looking at the year 2016 in the energy production of Romania the most dominant is the coal and gas usage to produce electric energy in thermal plants. In this paper we wanted to look through the energy management of Romania both in the field of conventional and renewable energy sources based on different aspects. In our research we have made several forecasts considering the consumption and production. In this paper we have reviewed the Romanian energy management from 2000 until recently, since a continuous change can be seen in the energy management of Romania. In the analysis descriptive statistics, dynamic indices and polynomial trend values were used. At the calculations many databases were taken into consideration. For some of the analysis we used the data found on Transelectrica. Besides, we used the data of BP Statistical Review of World Energy and their descriptions. In case of Romania we also utilized the governmental strategies, professional political materials, action plans and different professional studies as well. In the course of our research we used long time series in which the component effect of the time series must be filtered out, so it had to be ‘smoothened’. There are two methods for this: the method of moving averages and the analytical trend calculation. We chose the analytical trend calculations (polynomial trend function) based on the proper fitting.

Enterprise risk management is a topic that converges corporate governance and risk management in a way that managers and stakeholders of the company can have a clear path to assessing dealing with risk within an appropriate corporate governance system. The present paper, while not keen to provide an introduction into the terminology, definitions or classifications – since our goal is much past this – attempts to build up a viable framework for managers to deal with enterprise risk management in their relationship with the wide array of stakeholders. Therefore, the purpose of the paper is to compact and correlate the available information from literature, policy makers, case studies, in order to achieve a considerate framework for both the needs of management and stakeholders. Without disregard to the complexity of the topic, the author attempts to summarize a basic framework that can further be expanded in accordance with the company’s requirements and takes into consideration the general expectations from stakeholders that can further expand into more specific ones and then result in a tailor made plan for dealing with risk. Starting from a literature review focused on several policy maker views and experts’ inputs on enterprise risk management, the papers manages to put together and create synergies between the steps that a company should take in its risk management initiatives. Without leaving aside the corporate governance principles, we make an effort to illustrate the ideas that should be at the centre of risk identification and evaluation and further we dedicate risk evaluation output – a risk report – and risk mitigation to ensuring communication with the stakeholders in a transparent and appropriate manner. Due to the fact that risk management can be viewed in a variety of ways, as companies are widely diverse, the proposed framework does not benefit from fixed measures, they have to be adapted both in terms of array of details implied as well as assigned interest and importance.

Non-performing Asset is a vital factor in the examination of financial performance of a bank. Non-Performing Asset is the key term for the banking corporations. Non-Performing Assets show the competence of the performance of the banks. Non-Performing Assets means which amount is not received by the bank in return of loans disbursed. Non-Performing Assets affect not only the finance institution but the total financial system. Thus a selective study has been done on public sector banks in India to evaluate the effect of Non-Performing Assets on the profitability of banks. Banks today are not judged only on the basis of number of branches and volume of deposits but also on the basis of standard of assets. NPAs negatively effect on the profitability, liquidity and solvency of the banks. This paper analyses the circumstances of NPAs in selected banks namely State Bank of India (SBI), Bank of India, United Bank of India, Bank of Baroda, Indian Overseas Bank, Punjab National Bank and Central Bank India. It also highlights the policies followed by the banks to tackle the NPAs and suggests a multi-pronged strategy for speedy recovery of NPAs in banking sector. Seven Public Sector Banks has been selected for the study the relation between Gross NPA and Net Profit of seven banks. In this paper is applying the panel regression. The result shows that except for SBI and PNB all the other banks exhibit a negative correlation between their gross Non-Performing Assets and net profits. But SBI and PNB is increased the net profit every year not affected by Gross Non-Performing Assets. Both banks are paying attention towards their NPA to recover their pending loans. The study is based upon secondary data recovered from Report of Progress of banking in India, Websites, Journals and Articles. The scope of the study is limited to analysis of nonperforming assets of public sector banks covering the period of 2007-2016.

Universities have multiple roles in economic development: educating students and developing competences useful for young employees struggling to adapt to the increasing demands of the industry, researching and providing research results to the industry and providing services in public-private partnerships with government agencies and industry. They can be perceived as sources of economic development, while the traditional university has transformed in time from a simple provider of education and research into an organization that combines education, research and industry related activities. Although this new paradigm can generate a certain level of tension to the faculty, the three directions coexist in all modern universities because this coexistence is both productive and profitable. The article aims to present how universities should formulate and adapt their mission and strategy to the current economic environment, characterized by competitiveness, dynamism and permanent change. The research presented in this paper is theoretical and provides a framework that clarifies how the new mission – industry – the third mission of the university - not only fits, but also improves the performance of education and research activities of universities around the world, contributing to fulfilling their mission. The paper includes recommendations useful for formulating the mission of the university, presents the path from stating a clear mission to developing the strategy of selective excellence and, in this context, presents an overview on the places the university has taken in time in relation to government and industry, using the Triple Helix model. The conclusions and discussions presented at the end of the paper underline the role of universities in education, research and industry in the current economy.

What is social patrimony and what is its role in the existence and functioning of the company? Is there any connection between share capital and social patrimony? These are questions that we try to answer throughout this paper. Current research presented is based on a theoretical study of specific regulation and doctrine regarding the risk of insolvency for companies. Using critical research method we found various discrepancies in their implementation which in turn can lead to market distortions and to an increase in bankruptcies. Research conducted revealed us another question that we had to find an answer and that was: Can a certain society reach the brink of insolvency even if it has a well-established and reliable market with an impressive portfolio of customers who offers quality goods and services at a good price? Present research presented offers arguments, pros and cons to concluding a correct answer. This paper reflects upon the answer that the role of patrimonial balance to the society is vital. In order to achieve current research results present paper critically argues upon the definition of legal personality and how it relates to social patrimony. Through the effects of legal personality, each legal person acting on the market is liable for its obligations with its own goods. Deriving another fact from this situation is the fact that associates of a company are accountable for social liabilities in a "subsidiary, unlimited and joint" manner. Research goes further into analysing the causal link between the capability of the legal entity and its patrimony. Theoretical findings show that only those rights and obligations which are necessary to achieve the goal set bylaw or in the charter can be part of the companies` activity and capability of use. Also the functioning of a company implies the realization of its exercise capacity by the fact that it is able to hold rights and fulfil its obligations through its management appointed by the memorandum of association or bylaw. Research also presents the elements composing the social patrimony and these are social assets and social liabilities hold by a company and also the differences in nature regarding share capital comparing various incident regulations.

The retail market progress in the Romanian market and the massive number of assortments developed by international producers and brand owners has incremented the importance of merchandising and trade marketing compared to advertising and other promotion means, more effective in the past. This article is a literature review on the importance and effect of merchandising in the food retail industry specifically in the Romanian market. The chosen market is significant for the study due to its young nature, international retailers only recently having entered the country. The article analyses the most important factors taken into consideration by international retailers as compared to traditional shops. Each type of format follows its specific strategies in order to push consumers into buying the more profitable or beneficial products. The final part of this paper will analyze the push strategies effect, more specifically the effect of merchandising on sales of a canned food brand in Romania, in the traditional market. All the information presented in the market findings have been taken from secondary sources directly from a food and drinks distribution company located in the Romanian city of Cluj-Napoca. Results will show the strong impact on sales of a three months period of merchandising activities and trade promotions. More interestingly is the fact that many brands have a higher awareness level and still the product with the better presentation on the shelf is chosen. Another significant conclusion is the long term consequence of the merchandising campaign and the benefits of prolonging such direct trade campaigns. This paper contains very useful information for marketing managers, who want to increase the medium and long term awareness and value of their brand while not having a significant budget for advertising and communication, while taking into consideration the sales departments requirements of short term activities in order to increase sales.

This paper discusses the relationship between unemployment and level of education in Palestine between 2005 and 2015. The aim of this paper is to understand the relationship between unemployment and education level in Palestine. Education outputs in Palestine day by day increase in all levels, however, Palestine facing an increase in unemployment over time, which became one of the challengeable cases in the country. The question is, what is the relationship between unemployment and education level?. To answer this question, we examined four education levels (1 to 6 years of schooling, 7 to 9 years of schooling, 10 to 12 years of schooling and 13 and more years of schooling) regarding unemployment rate between 2005 and 2015 according to the Palestinian Central Bureau of Statistics (PCBS, 2006-2016) labour force surveys and annual reports from 2005 to 2015. The results indicate that, there is a negative relationship between unemployment rate and education levels (1 to 6 years of schooling, 7 to 9 years of schooling, 10 to 12 years of schooling and 13 and more years of schooling from 2005 to 2010, while this relationship has changed since 2010. Since 2011, individuals who have (13 and more years of schooling) become the highest unemployment among the other levels. The results also showed that there is gender difference of unemployment rate among all four education levels (1 to 6 years of schooling, 7 to 9 years of schooling, 10 to 12 years of schooling, and 13 and more years of schooling).The difference between the two genders of the unemployment rate was 17.4 % difference in case of (1 to 6 years of schooling), 29.4% difference for (13 and more years of schooling), 7.1% difference in (7 to 9 years of schooling) and 1.9% difference among (10 to 12 years of schooling) in 2015. There is a difference between West Bank and Gaza Strip regarding unemployment rate among all four levels of education. These findings can help to identify the roots of unemployment in connection with education outputs.

The paper presents a theme of great relevance, because the managerial performances have a significant influence as regards the socio-economic activity and the organizational climate in the company. In the introduction of this paper, we have presented some theoretical aspects regarding Performance Management, steps for performance appraisal of human resources and methods of assessment. In the second part of the paper we presented the study designed to assess the skills, abilities and skills manager, which we believe are essential and significant for performance management. We analyzed the skills management model CM by TA- Ability teamwork ,LS- leadership style and - personality traits. We determined the influence of independent variables of the model of managerial skills using statistical regression. Without a doubt, organizational performance is greatly influenced by the skills and abilities of managers, for this reason it is imperative for them to possess not only technical capabilities, but also excellent communication of strategic goals and responsibilities, good motivational skills or the capacity to synthesize and analyze a large amount of data. For this reason, organizations need to constantly evaluate managers’ skills and to determine those areas that need improvement that will later dictate the specific of professional training programs.

Every business must consider ethics as a guideline for the development in the future. The banking service sector is no exception. The present paper aims at studying the attitude of individuals in Resita towards the aspect of ethics in the banking service industry. The first part of the paper consists in presenting general theoretical considerations regarding the concept of ethics and banking, while the second part presents a research based on a questionnaire, applied on a representative sample of individuals.

The progress of technology is imminent and fast so the speed of the changes impacts every area of our life both professional and personal, in the role of customer or manager. Social media is one of the biggest innovation of the XXI century and keeps evolving. Social media is not only a sum of websites for entertainment and interaction between users but a collection of platforms which engage businesses and customers in the same place beyond e-mail and telephone. Before the rise of social media, customers were forced to write e-mails in order to receive an answer to their requests or complaints from the companies. Never before the boundaries between clients and companies were so low, the interaction so close and the access in real time to the customer’s favourite brand. All types of businesses can find directly what their clients want, their opinions about current and future products for free. Likewise, clients can address directly to their favourite companies as to those which disappointed them. This paper aims to provide insights from literature review relating to the impact that social media platforms have on the relationship between businesses and their customers. Questionless, it’s interesting and important to present first of all what is social media, why these platforms are important for businesses and show the risks and benefits in the management of the customers. Social media has an ugly face too. Businesses are exposed to the criticism or individuals who want to harm the image of the brand and not all the business which are engaged in social media are successful. The statement that social media is trendy is true as the fact that social media is not a panacea. At the end of the paper is presented a general conclusion after balancing the risks and benefits of social media for the relationship between businesses and customers.

Current paper examines reforms in educational systems around the world. Two main paradigms explain the growth of reforms in education systems: the balance paradigm and the conflict paradigm. By examining these paradigms, current paper describes the central reasons of reform failure. In parallel, the paper attempts supplying three principles for development of a successful reform in education systems. Over past hundred years, educational systems have constituted an integral part of the social services countries provide their citizens with. In addition, education is perceived as a critical variable to development of a modern economy and as a tool that promotes democratic values. This conception defines the role of a state as a protagonist that supplies a guiding hand in all matters of education. The rapid development of science and social changes challenges the system to reinvent itself in order to cope with the pace of various demands imposed on it. The question is: why are there so many attempts at educational reform and why do they fail? Reform depends on two basic organizational structures in modern society. The first is democracy, as reform is decided by people’s elected representatives, the politicians, who follow a political agenda. The second is bureaucracy, those professionals who are specialists in the field and public administrators who are responsible for execution of the reform and implementation thereof. The combination of these two structures – which pursue different agendas and interests – is a basic difficulty facing reform (Gaziel, 1997). It might be possible to execute reforms in the educational system should three principles be followed: long-term policy, clear ways of measuring success, and integration of stakeholders. The sole hope of implementing a successful educational reform, therefore, lies in establishing an administrative or political body that would deal with outlining a long-term educational policy which implementation would be immune to frequent political changes (Zohar, 2013).

The main goal of this paper to answer the question: what are the factors that influence the value of the firm and how does the influencing force of these factors take shape in the various sectors of ten industries, in the light of the aftermath of the 2007-2008 global financial crisis. Regarding the effects of the crisis, are there any differences among the examined industrial sectors? In this study I examined the validity of my hypothesis with using the available database which I have set according to the related literature reviewed and research objectives. After the literature review I conducted statistical research to answer the research question of this paper. This study proceeds as follow. The first section classifies the firm value drivers based on the related literature. The second part describes the economic crisis, introducing its financial aspects. The next section is the empirical part of the paper, I reveal the database used for my own study. The third part illustrates the panel regression model, the applied method of empirical analysis and the results of the research. Finally, the fourth section includes the concluding remarks. In this paper it is not my purpose to compare the earlier published and already existing research results with my own results.

The present paper is the first part of an analysis that aims to clearly identify and assess the needs of the inclusive entrepreneurship target groups in Romania for 2014-2020, in order to encourage inclusive entrepreneurship and self-employment as local development strategic option. The specific objectives of the analysis are: 1. to analyze the national context in terms of employment and entrepreneurship for the period 2014-2020; 2. to identify the groups at risk and uncertainty compared to employment and entrepreneurship, disadvantaged on labour market or under-represented in entrepreneurship; 3. to assess the specific needs of identified groups in four small towns in Romania and if boosting inclusive entrepreneurship is a viable local development strategic option. As first part of this research, the present paper analyses the national and regional context regarding boosting inclusive entrepreneurship as a strategic option for 2014-2020. In the second part of the research, in order to investigate if boosting inclusive entrepreneurship is a viable strategic option of local development, we’ll analyse through comparison this option for 4 small towns in Romania: Slănic Moldova, Găeşti, Balş, Seini located in different development regions, respectively North-East, South, South-West Oltenia and North-West. The paper uses OECD/EC inclusive entrepreneurship framework and OECD research methodology. The analysis of needs is based on Eurostat and national statistics, EU strategic documents, national strategies, regional development strategies for 2014-2020.