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From the analysis of the specialized literature in the fiscal field, I have noticed that there are conflicting opinions about the role of fiscal arbitrage in the efficiency of companies and the economic growth in the process of company restructuring. The main objective of any tax system is to collect revenues to the state budget. If this function is affected by international tax arbitrage, it can either reduce budget expenditures and thus lead to social and political difficulties, or to further increase tax pressure to obtain additional revenue. However, fiscal arbitrage opportunities will continue to exist, at least until international tax harmonization is reached. The questions I have been trying to find an answer through this paper are: "Are tax strategies important in a company's management decisions?", "Are there indeed real benefits through international tax arbitrage?", "If so, why do not more companies appeal to it?". [ABSTRACT FROM AUTHOR]

According to numerous studies in the field, the main cause of failure of international mergers and acquisitions is the difficulty of implementing changes requiring the realization of the expected synergies by integrating the acquired company in the case of acquisitions or the two companies merging into the new entity created. Most often, the impediment to successfully completing a merger or an acquisition is employee reluctance to change. Through this study, I propose to analyse the underlying causes of this reaction and potential ways to avoid and/or to overcome it. [ABSTRACT FROM AUTHOR]

Every organization is faced with uncertainty and risk. The challenge for management is to determine how much uncertainty to accept as it strives to improve stakeholder value. Risk identification is a process designed to identify first both the strategic objectives and goals and then the potential internal and external events that can adversely affect the enterprise's ability to achieve those objectives and goals. Enterprise risk management (ERM) has been recognized as being one of the most important issues in business management in the last decade. ERM includes the methods and processes used by organizations to minimize surprises and seize opportunities related to the achievement of their objectives. ERM is an approach to aligning strategy, process, and knowledge in order to curtail surprises and losses as well as to capitalize on business opportunities. In order to provide the materials and the technical support, we presented the role of the ERM. The paper has a theoretical value thus presenting the main concepts and notions related to ERM. The contributions presented in this paper consist mainly in the identification of the elements of ERM which although is a relatively new concept has aroused particular interest and research in the field is very consistent, however the manner of approach may be different (what we tried to do and presented in the following two chapters considered some unusual elements on ERM). [ABSTRACT FROM AUTHOR]

Focusing on fiscal issues, in this paper we analyzed the trend of European companies to streamline their activity through legal reorganization (i.e. takeovers, mergers, spin-offs, divestments) starting from tax benefits which may result from such operations. [ABSTRACT FROM AUTHOR]