Volume 26 (2016): Issue 2 (June 2016)

The results of extensive studies that analyzed the existence and meaning of correlations between the economic growth and the financial market development lead us to a more thorough study of these correlations. Therefore, we performed a broad study of the developing countries from around the world (the developing part of each region constructed by the World Bank through its Statistics Bureau). The regions taken into analysis were: Europe and Central Asia, South Asia, East Asia and the Pacific, the Arab world, Latin America & and the Caribbean, the Middle East and North Africa, and Sub-Saharan Africa. For comparison purposes, we have also included in the sample the North American countries, the Euro Area and the European Union as a whole, because these last three areas are the main benchmarks of the financial markets. The results are consistent with those from previous studies on the subject and vary depending on region and financial indicator considered.

Nowadays, due to the social and economic changes, the human is already the main resource which determines the successfulness of corporations. The expertise in managing the human resources is a key factor of competitiveness therefore it has become a strategic question. Primary aim of the treatise is to outline the most important principles, targets and peculiarities of performance management system, which is a central element of human resource management, as well as its interconnectedness with the individual performance evaluation and human resource development through the mirror of one of today’s biggest Hungarian economic corporations. We aimed to explore, by means of document analysis as well as methods of case study and interview, how the targets of performance management are used for increasing the economic productivity, preserving the competitiveness, retaining and enhancing the satisfaction of workers. It can be stated that the PM system was continuously improved in case of the organization examined because the corporate goals and the expected performances were adjusted to the changing market demands over time but, at the same time the goal of differentiation has remained unchanged. Each worker evaluates his/her performance individually, the base of which is the extent of contribution to the corporate results. Based on the results, it can overall be stated that such a well-functioning performance management system is applied in the operating unit of the corporation examined which is strongly supported by the organizational culture and which contributes to the joint fulfilment of personal as well as organizational goals.

The study’s main objective is represented by the analysis of the reasons that lead to the appearance of an agricultural companies’ default risk, based on the failure rate model developed by Wilson. In the construction of the regression model were taken into consideration the evolution of the two macroeconomic variables: the inflation rate and the variation of the exchange rate over a period of 4 years (2010-2013). The research’ results have shown that the variation of the bankruptcy rate registered by the agricultural sector is 99.99% explained by the variation of both of the macroeconomic explanatory variables.

The paper aims to examine taxation in the EU in correlation with regional development measures implemented. We started with the EU vision on regional development. If during the 2007-2013 period, were pursued three major objectives (convergence, regional competitiveness and territorial cooperation), in the current 2014-2020 funding period, money is allocated differently between countries that are deemed to be more developed, in transition and less developed. These categories are set according to GDP per capita. Next we exposed the fiscal changes made in the EU in 2010-2011 period and then we corelate them with the strategy for regional development for five member states: Romania, Bulgaria, Czech Republic , Hungary and Poland. We used data reported by Eurostat regarding the evolution of unemployment rate and for the foreign direct investments in 2007-2012 period. We also brought up and changes required by the new Romanian Fiscal Code. According to it, measures such as reduction of income tax for new micro enterprises or extending the VAT reverse charge mechanism in many sectors of activity, are meant to encourage foreign capital inflows and also to increase the level of regional development. As a general conclusion, we found that there is a direct link between fiscal policy and regional development; fiscal measures implemented influence the level of unemployment, economic growth, and competitiveness in the private sector.

The present study aims to analyze the accounting professionals’ point of view as opposed to the students and master students’ one, regarding the creative accounting phenomenon existence and manifestation forms. In order to accomplish this objective, there has been used the poll/investigation, as a research method and the questionnaire, as a research instrument. Within the study, there is suggested the testing of more hypotheses that contribute to the clarifying of the aspects wished to be analyzed through the research. These hypotheses’ acceptance or rejection is based on the „chi-square“ (Karl Pearson) statistical test and rank ordering method. Trying to elaborate a global conclusion of the questionnaire, there could be noticed the fact that over 50% from the questioned accounting students are not tempted to use the creative accounting practices and techniques in order to optimize the taxation without breaking the actual law regulations. At the opposite side, more than a half from the questioned accounting professionals would use these practices without breaking the law regulations that lead to the taxation’s optimization. The creative accounting has a negative connotation if the accurate image of the financial position and of the performance is not targeted because it represents the essential factor for elaborating and grounding the accounting policies. However, the positive side of the creative accounting is not excluded, given that one appeals to the „fair“ professional judgment of the accounting professionals and to the good faith of managers.