Timisoara Journal of Economics and Business

Editor-in-Chief
Mihaela NEAMTU, West University of Timisoara, Romania

Managing Editor
Camelia MARGEA, West University of Timisoara, Romania

Editorial Advisory Board
Ioan TALPOS, Chair, West University of Timisoara, Romania
Maurice CHENEVOY, Université d'Auvergne Clermont-1, France
Vasile COCRIS, Alexandru Ioan Cuza University, Iasi, Romania
Marin DINU, Academy of Economic Studies, Bucharest, Romania
Orio GIARINI, The Risk Institute, Geneva, Switzerland
Aurel IANCU, National Institute of Economic Research, Bucharest, Romania
Vasile ISAN, Alexandru Ioan Cuza University, Iasi, Romania
Alexandru JIVAN, West University of Timisoara, Romania
Philippe ROLLET, Université des Sciences et Technologies de Lille, France
Guy SOLLE, Institut d'Administration Economique de Metz, France
Ion STANCU, Academy of Economic Studies, Bucharest, Romania

Editors
Dinu AIRINEI, “Alexandru Ioan Cuza University” Iasi, Romania
Catalin Nicolae ALBU, The Bucharest University of Economic Studies, Romania
Robert ACKRILL, Nottingham Trent University, Nottingham, United Kingdom
Carmen BABAITA, West University of Timisoara, Romania
Gyula BAKACSI, Corvinus University of Budapest, Hungary
Liviu Stelian BEGU, The Bucharest University of Economic Studies, Romania
József BERÁCS, Pallasz Athéné University, Hungary
Claudiu BOȚOC, West University of Timișoara, Romania
Laura Mariana CISMAS, West University of Timisoara, Romania
Francesco CONTO, The University of Foggia, Foggia, Italy
Daniel Alves COSTA, Open Education and Knowledge, Sao Paulo, Brasil
Ender DEMIR, Istanbul Medeniyet University, Turkey
Doina DANAIATA, West University of Timisoara, Romania
Costinel DOBRE, West University of Timisoara, Romania
Liliana DONATH, West University of Timișoara, Romania
Cristian DUTU, West University of Timisoara, Romania
Cosmin ENACHE, West University of Timisoara, Romania
Florin FOLTEAN, West University of Timisoara, Romania
Francois FULCONIS, University of Avignon, France
Svala GUÐMUNDSDÓTTIR, University of Iceland, Reykjavík, Iceland
Nigel HEALEY, University of Canterbury, New Zealand
Roxana IOAN, West University of Timișoara, Romania
Costel IONASCU, University of Craiova, Romania
Nicolae ISTUDOR, The Bucharest University of Economic Studies, Romania
Renata NITU ANTONIE, West University of Timisoara, Romania
Gratiela NOJA, West University of Timisoara, Romania
Francesco MAGRIS, University of Évry Val d'Essonne, Evry, France
Pierre-Henri MORAND, University of Avignon, Franta
Valentin Partenie MUNTEANU, West University of Timisoara, Romania
Cornel OROS, University of Poitiers, Franta
Gilles PACHE, Aix-Marseille University, France
Agata PIERSCIENIAK, Rzeszow University, Poland
Marilen PIRTEA, West University of Timisoara, Romania
Paul POCATILU, The Bucharest University of Economic Studies, Romania
Jesus Lopez RODRIGUEZ, University of A Coruna, A Coruna, Spain
Mihai Daniel ROMAN, The Bucharest University of Economic Studies, Romania
Ciprian SIPOS, West University of Timisoara, Romania
Nicoleta SIRGHI, West University of Timisoara, Romania
Petru STEFEA, West University of Timisoara, Romania
Ioana VADASAN, West University of Timisoara, Romania
Ioana VIASU, West University of Timisoara, Romania

Web developer
Romeo MARGEA, West University of Timisoara, Romania

Language Editor
Monica BOLDEA, West University of Timisoara, Romania

Technical Editor
Ruxandra Ioana Curea-Pitorac, West University of Timisoara, Romania

Publisher
DE GRUYTER POLAND
Bogumiła Zuga 32A Str.
01-811 Warsaw, Poland
T: +48 22 701 50 15