Conferenza e Edizioni

AHEAD OF PRINT

Volume 16 (2022): Edizione 1 (August 2022)

Volume 15 (2021): Edizione 1 (December 2021)

Volume 14 (2020): Edizione 1 (July 2020)

Volume 13 (2019): Edizione 1 (May 2019)

Volume 12 (2018): Edizione 1 (May 2018)

Volume 11 (2017): Edizione 1 (July 2017)

Conferenza Dettagli
Formato
Conferenza
eISSN
2558-9652
Pubblicato per la prima volta
15 Dec 2017
Periodo di pubblicazione
1 volta all'anno
Lingue
Inglese

Cerca

Volume 16 (2022): Edizione 1 (August 2022)

Conferenza Dettagli
Formato
Conferenza
eISSN
2558-9652
Pubblicato per la prima volta
15 Dec 2017
Periodo di pubblicazione
1 volta all'anno
Lingue
Inglese

Cerca

137 Articoli
Accesso libero

New Challenges of the Century. Digital Economy and the Green Revolution

Pubblicato online: 08 Aug 2022
Pagine: I - IV

Astratto

Accesso libero

Contents

Pubblicato online: 08 Aug 2022
Pagine: 1 - 12

Astratto

Accesso libero

New Challenges of the Century. Digital Economy and the Green Revolution represents the theme of the International Conference on Business Excellence (ICBE), The 16th Edition, March 24-26, 2022

Pubblicato online: 08 Aug 2022
Pagine: 13 - 14

Astratto

Accesso libero

Emotional intelligence – a Romanian qualitative study

Pubblicato online: 08 Aug 2022
Pagine: 15 - 21

Astratto

Abstract

The following research questions will be answered in this article: Can emotional intelligence be implemented in our professional life? In what way can emotional intelligence have a beneficial effect on the business performance of the company? An extensive explanation of the concept, courtesy of the authors who have treated the subject and helped explain emotional intelligence in key words, is provided throughout the paper. The practical part consists in a qualitative study using the individual interview method. The reference group is represented by 22 individuals who have managerial positions within the Romanian branch of a multinational consulting company and who, by definition, are associated with this theme. Finally, by analyzing the interviews, a clear result was provided which demonstrated that a proper employee-employer relationship basing itself on a high emotional intelligence level has a positive influence on the efficiency of the workforce.

Parole chiave

  • emotional intelligence
  • economic situation in Romania
Accesso libero

Formal learning versus empirical learning: which one yields better results?

Pubblicato online: 08 Aug 2022
Pagine: 22 - 30

Astratto

Abstract

The digital revolution that we are currently experiencing is causing a lot of young people to ask themselves if formal education is still worth it. As the digital environment exponentially evolved in the last couple of years, you can now find almost any curriculum on the internet for a fraction of the price you would pay to study it in a university, or sometimes even free or charge. Furthermore, employers all over the globe are starting to put more emphasis on the experience accumulated by the individual rather than its formal studies, encouraging young people to start working early in their lives. The present paper approached this hypothesis from two different angles: the first part of the paper was focused on individuals in their early “work-life”, more precisely millennials that graduated recently, while the second part of the paper looked at the wealthiest people on the planet, the ones indicated by Forbes Top 30. Insights about how millennials with higher education see work in relation with their formal studies were obtained using a questionnaire, their overall feedback being a positive one, against all previous expectations. Also, interesting patterns emerged from the data about the Forbes Top 30 billionaires after researching their educational backgrounds. As it turns out, financial success is not necessarily correlated with formal studies, but links between high performance / innovative individuals and previous formal studies have been found.

Parole chiave

  • formal learning
  • empirical learning
  • millennials
  • Forbes
  • learn-by-doing
  • knowledge assimilation
Accesso libero

Exploration vs. Exploitation: How Innovation Strategies Impact Firm Performance and Competitive Advantage

Pubblicato online: 08 Aug 2022
Pagine: 31 - 46

Astratto

Abstract

In today’s economy, companies face the challenge of turbulent environments, which are characterized by rapid change, uncertainty, and unpredictability. Thus, for companies, these environments can be a double-edged sword because they can be responsible for rapid development opportunities and threats that can lead to organizational obsolesce. Businesses can lose their competitive advantage rapidly if they do not adapt to environmental changes, therefore, companies need to reinvent themselves by either exploiting available capacity or exploring new capabilities.

Innovative activities are beneficial for improving organizational vitality, but it is not clear how can be designed an effective innovation strategy and a system, that can respond to environmental changes both externally and internally. Ambidextrous innovation can be a relevant solution to this problem because it gives companies the opportunity to counteract the loss of competitive advantage by using a mix of innovative exploratory strategy and innovative exploitative strategy. Nowadays, ambidextrous innovation theory has been widely adopted by researchers to explain how is formed the mechanism of organizational performance and competitive advantage. According to researchers, this can be achieved by efficiently combining available, tangible, and intangible resources in the production and marketing of goods and services.

The paper aims to clarify some aspects less addressed in the literature and to highlight the importance of innovative managerial strategies for using intangible resources to increase sustainable competitive advantage and company value, in terms of theoretical and empirical studies, conducted at national and international level. Thus, the author proposes a theoretical research model based on the premise that both the sustainable competitive advantage and the market value of a company can be influenced by the way intangible resources are used in innovative exploitation and exploratory strategies.

Parole chiave

  • (1) Innovative exploitation strategy
  • (2) Innovative exploratory strategy
  • (3) Intangible resources
  • (4) Sustainable competitive advantage
  • (5) Company value
  • (6) Technological turbulences
  • (7) Market turbulence
Accesso libero

Co-creating sustainable competitiveness in an unpredictable business reality

Pubblicato online: 08 Aug 2022
Pagine: 47 - 58

Astratto

Abstract

Businesses nowadays must perform in an overcrowded market. Globalisation and access to technologies have made the competition fierce and the differentiation complicated. New challenges related to sustainability have emerged as a result of an increased environmental awareness from consumers. Their demand is shifting, and companies must adapt to the competitive pressures, social demands and legal regulations towards sustainability. However, implementing sustainable initiatives might be costly and do not ensure enhanced financial outcomes. Co-creation was found in the literature to offer potential solutions to sustainability challenges by enabling businesses to benefit from knowledge from external resources, involving consumers in their activities and seeking their engagement and approval. But the current research lacks a sustainable applicability. Hence, this theoretical study reviewed the current literature to offer an updated state of the art regarding sustainable co-creation between businesses and consumers. It aims to provide answers to how this joint collaboration can support sustainable development for companies, what type of value it generates for both parties, and what factors make market competitiveness possible despite an absence of financial value creation. We were able to create a theoretical framework including the following factors: 1) Value sharing, which considers engaging consumers’ proactive behaviours to overcome inertia and engage in a process of sustainable self-improvement; 2) Relationship management, where common interests will be merged, and consumers empowered to investigate how sustainable development can be implemented in an objective of positive long-term co-evolution; 3) Knowledge sharing, where mutual learning and understanding will lead to a synergy of power and allows to elaborate a marketable and sustainable value proposition; and 4) Innovation, which is the outcome of an efficient co-creation, where internal and external capabilities are recombined to overcome barriers related to sustainable development. The study concluded that a combination of those factors results in competitive value creation.

Parole chiave

  • sustainable development
  • knowledge management
  • co-creation
  • competitive advantage
  • sustainable innovation
  • strategic management
Accesso libero

Investigation of the 2019-2021 National Evaluation exam: A case study of high school admissions in Bucharest

Pubblicato online: 08 Aug 2022
Pagine: 59 - 81

Astratto

Abstract

With knowledge being at the center of societal development, global policy forums, such as OECD, promote policies to improve national education systems. According to the most recent PISA evaluation, 40% of Romanian 15-year students are considered functionally illiterate. The Romanian education system’s mission to catch up with international standards was challenged by the policy shocks following the ongoing COVID-19 pandemic. In an attempt to adapt to the new situation, the Minister of Education implemented a substantial reduction of the curricula covered by the National Evaluation exam held in 2020. In 2021, the exam was restructured so to resemble the PISA tests. The purpose of this paper is to investigate how these changes have impacted the Romanian upper education system. We used the 2019-2021 high school admission data published by the Ministry of Education. Our results indicate apparent progress of high school efficacy due to the inflationary grade effects. We provided an alternative metric based not on grades but high school candidates’ rank. The classification of high schools based on this instrument is revealed as more robust. Most high schools in Bucharest run in the lowest performance category with the upper education system relying on a few top-performing high schools. For administrators and policymakers, this type of instrument is crucial for a proper evaluation of educational institution efficacy and authentic progress. This type of evaluation is the first action in the process to meet OECD requirements to close the gap between the lowest and highest education institutions in the EECA region.

Parole chiave

  • national evaluation exam
  • high-school admissions
  • PISA
  • OECD
  • COVID-19
  • functional illiteracy
Accesso libero

Wine – a Road That Connects the Counties of the South-Muntenia Development Region, Romania

Pubblicato online: 08 Aug 2022
Pagine: 82 - 97

Astratto

Abstract

Wine is not just a drink that people consume on the occasion of holidays or important events in their lives, but it is truly a resource that generates income and, certainly, tourists. To the extent that there is a specific material basis for tourism, tourist attractions and wine-growing resources, wine roads can be created. So far, it has not been proposed a wine road that would pass through all the counties in the South-Muntenia Development Region, given that in each county there is at least one wine-growing center. The purpose of this study is to inventory the tourist resources (areas cultivated with vines of fruit, tourist attractions in wine centers, accommodation units in wine centers) of the South-Muntenia Development Region, in order to propose a “South-Muntenian Wine Road”. Thus, the areas cultivated with vines of fruit tend to decrease at the level of the South-Muntenia Development Region, and the “South-Muntenian wine road” could total approximately 876 kilometers. The development and promotion of a wine road that includes tourist objectives from all counties in the South-Muntenia Development Region could be the best opportunity for the creation of collaborations between counties, so that the attractiveness of the area increases. Thus, with the development of the wine road at regional level, new food units and new accommodation units will appear, which represent sources of generating new jobs. In essence, the viticultural resources, more precisely the vines of fruit and the tourist objectives from the South-Muntenia Development Region are suitable for the practice of wine tourism.

Parole chiave

  • fruit vine
  • wine tourism
  • South-Muntenian wine road
  • South-Muntenia Development Region
  • Romania
Accesso libero

Psychological Safety as a catalyst for Knowledge Sharing

Pubblicato online: 08 Aug 2022
Pagine: 98 - 108

Astratto

Abstract

The power of knowledge has become one of the main pillars on which one can rely on in a world governed by unpredictability and constant change. The process of knowledge sharing requires a trust climate in which one voluntarily choose to exchange information, values, and beliefs, making Psychological Safety (PS) a shelter to consider under the current hypercompetitive environment, allowing individuals to freely speak up and take risks. The present paper brings into attention creativity, trust, innovation, and transformational leadership as significant pillars of PS, highlighting the bilateral relation between them in conjunction with its effect on Knowledge Sharing. Using a qualitative methodology through bibliometric research in VOSviewer, 759 publications were taken into account to design a statistical bibliography map created by 304 keywords. The results of the paper indicates a positive effect of PS on knowledge sharing process, which is being mediated by innovation, creativity, trust, and transformational leadership.

Parole chiave

  • Psychological Safety
  • Knowledge Sharing
  • Knowledge Management
  • Transformational Leadership
  • Creativity
  • Trust
Accesso libero

Filling Knowledge Gaps: Communication Characteristics in Traditional Versus Virtual Teams

Pubblicato online: 08 Aug 2022
Pagine: 109 - 120

Astratto

Abstract

Before the Covid-19 pandemic, the body of literature about the transition from the traditional teams to the virtual ones was not very well outlined and spread. However, in the present, the efforts to understand virtual teams and their effectiveness are growing faster and faster. Thus, this paper aims at underlining the main differences between the communication among co-workers within traditional and virtual teams, the differences in terms of communication and job satisfaction when it comes to both traditional and virtual teams and whether there is a positive correlation between communication among co-workers and job satisfaction in traditional teams versus virtual teams. A survey with 135 respondents (with different roles and experiences across different industries) was conducted in order to test the hypotheses formulated within the study and to emphasize which of the two types of teams is more effective.

Parole chiave

  • virtual teams
  • traditional teams
  • knowledge
  • organizational culture
  • job satisfaction
  • communication
Accesso libero

Cybersecurity challenges in the knowledge economy

Pubblicato online: 08 Aug 2022
Pagine: 121 - 129

Astratto

Abstract

The paper aims to study cybersecurity correlations with the knowledge economy, focusing on its challenges in this new age of economy. The relevance of the cybersecurity concept is sustained by the academic literature that shows its important role in the business environment, where disruptive changes will become the norm. In the digital age the disruptions are happening frequently which gives organizations less time to manage the change and the fact that they are almost constrained to develop new strategies to answer the challenges of the changing business environment. The knowledge economy has evolved and with that, new concepts began to appear out of necessity and the need to secure the dynamic environment of knowledge management systems. Considering the unprecedented access to information and advancements in conducting academic research, in the present landscape of the knowledge economy and cybersecurity domain, new methods are available to structure and examine a body of literature. The text mining and scientific mapping analysis conducted with VOSviewer software version 1.6.18 is allowing us to identify meaningful insights about the knowledge economy concept, such as the (1) existing research gaps, at least on cybersecurity challenges in the knowledge economy and the (2) the research interests seen for the time period between 2019 and 2021. To achieve this, a database derived from Web of Science’s core collection has been used, and the text mining based on term co-occurrence analysis contributed to a deeper understanding of current and future workspace dynamics.

Parole chiave

  • knowledge
  • knowledge economy
  • cybersecurity
  • cybersecurity challenges
Accesso libero

The importance of knowledge transfer management in Romanian companies during COVID-19 pandemic

Pubblicato online: 08 Aug 2022
Pagine: 130 - 138

Astratto

Abstract

The sharp spread of the COVID-19 pandemic in Europe, implicitly in Romania, and the increasingly stringent measures taken by the authorities to prevent harmful effects on citizens and the economy raise many questions about the actions that should be taken by companies to ensure compliance. and especially those responsible for taking such measures. Many companies in Romania have already voluntarily taken a precautionary stance against the threat of COVID-19, whether it is the complete interruption, for an indefinite period of time, of the activity, the change of the way of carrying out the activity (exclusively online) or continue to work with increased precautionary measures to reduce the risks.

In an environment where the legislative framework changes every day, with sometimes vague wording, explainable in terms of the speed with which they are adopted, but in areas extremely important and vulnerable to the business environment, such as social protection, banning activities or continuing in a significantly modified form, the provision of measures with an impact on business partners, the knowledge management is called upon to make quick and high-impact decisions. In all the cases mentioned above, the company behaves according to and based on the decisions taken by the management, an aspect that involves high risks for the latter in terms of liability.

Parole chiave

  • knowledge transfer
  • knowledge management
  • organizational performance
  • COVID-19 pandemic
Accesso libero

Audiovisual and cinematographic production in an insular context: Constraints and assets, the case of the Caribbean archipelago of Guadeloupe

Pubblicato online: 08 Aug 2022
Pagine: 139 - 148

Astratto

Abstract

In the French outermost regions, the rise of the cultural and creative industries as a lever for economic development has attracted growing interest in recent years. In Guadeloupe, a political will to support the film industry by setting up its own funding mechanism has been implemented, with 6 million euros invested between 2015 and 2020. Recent studies (2019-2021) have shown that the French outermost regions, which are far from the French decision-making center and have a narrow market, face structural challenges aggravated by a deficit of national public support for local independent production. The lack of financial support is accompanied by a lack of statistical data and a lack of visibility of the culture and identity of the French outermost regions in national channels. The latter play a decisive role in financing French audiovisual and cinematographic production by pre-purchasing works. In 2016, all the unions and associations of the audiovisual and cinematographic industry in the French outermost regions made a strong demand to the national level for the application of common law in the French outermost regions. In this chronicle of an announced “audiovisual and cinematographic content war”, what would be the assets of the independent production of French outermost regions? A review of recent studies allows us to present here the functioning of the public aid system for audiovisual and cinematographic in France. We then analyze two obstacles among others that limit access to national financing for local production in the French outermost regions. Finally, we present the case of Guadeloupe which, despite structural and financial constraints, has been able to attract large international productions through a strategy based on the local public authority.

Parole chiave

  • audiovisual
  • cinematographic
  • production
  • French
  • financing
  • island
  • assets
Accesso libero

An empirical analysis of modern employees and their demands. How well-established enterprises cope with their expectations

Pubblicato online: 08 Aug 2022
Pagine: 149 - 158

Astratto

Abstract

The main goal of the paper is to illustrate, deeply reflect and highlight how the employees demands and their expectations had evolved through time and correspondingly how companies should address the anticipated challenges that might come along with these changes. Within the current turbulent and dynamic business environment managers need to be highly aware of their employee level of motivation in order to keep and possibly to increase their company’s competitiveness. From a methodological point of view, the paper uses an empirical analysis designed such as to better provide a set of relevant and valuable data, information and knowledge that would have to be used in order to anticipate the trend and expected dynamics of employees’ demand and their corresponding expectations. Enterprises should make efforts to anticipate these potential complex changes that are starting to materialize. These emerging challenges might bring diversification and amplified volatility of the main influencing factors that will determine companies to better identify and to find more efficient and effective ways to adapt their Human Resource strategies and policies in order to assure a sustainable increase of labour productivity that would highly and constantly contribute to obtain, keep and support their company competitiveness based on a long-run competitive advantage.

Parole chiave

  • employees
  • empirical analysis
  • satisfaction
  • innovation
  • collaborative communication
  • value
Accesso libero

Hospital Waste Management – Case Study “prof. dr. Eduard Apetrei” Hospital Buhuși

Pubblicato online: 08 Aug 2022
Pagine: 159 - 168

Astratto

Abstract

The sustainability of healthcare can be defined as the quality of the medical care activity that is carried out without depleting the available resources and without destroying the environment, so without negatively affecting the health of the population and that does not use the resources in a way that affects the ability of the next generation to provide medical care and without increasing the number of chronic conditions.

Carrying out the medical activity involves enormous quantities of materials, energy, chemicals and water, resulting in large amounts of waste. Making healthcare more efficient can lead to the reduction in carbon emissions required by the Paris Agreement and the UN Sustainable Development Goals. Healthcare is responsible for a number of negative environmental impacts, including greenhouse gas emissions, air pollution, plastic waste and pharmaceutical pollution of ecosystems through improper excretion and disposal. Evidence of the extent of these effects has increased in high-income countries. The science of health sustainability explores the dimensions of resource consumption and environmental emissions associated with healthcare activities. This emerging area provides tools and values to quantify the unintended consequences of healthcare delivery and to assess effective approaches that improve patient safety while protecting public health.

Parole chiave

  • Sustainability
  • durability
  • hospital medical waste
  • performance indicators
  • health system
Accesso libero

Monitoring solutions for market segments

Pubblicato online: 08 Aug 2022
Pagine: 169 - 178

Astratto

Abstract

Taking into consideration the complex market segments that developed during the past 20 years, it is necessary to align to society’s needs also from a technological point of view, as a premise for the growing information society. This aspect has major implications in all areas and leads to development of stand-alone or integrated monitoring mechanisms and systems. This paper captures the modalities of adapting the commercial needs to the complex and permanently growing societies, through an enhanced set of monitoring solutions, which will be described as models. The monitoring solution models will help industries, markets to adapt their needs to a developing information society in the digitalization era, enhancing the relationships at micro and macro levels. Through enhanced convergent monitoring tools, the proposed model has the capability to adapt to multiple market areas or sectors. Relevant metrics, API integrations and cloud solutions represent the most relevant prerequisites for developing an industryadapted monitoring platform, which has the possibility to extend its features based on technology changes. Hence, it is important to keep track of all relevant technological and business prerequisites and apply them on a fitted, structured monitoring platform that could serve market areas and give an important background on commercial industry adaptation behavior.

Parole chiave

  • monitoring
  • market areas
  • metrics
  • Big Data
  • IoT
  • Cloud
  • automations
Accesso libero

Study regarding the volatility of main cryptocurrencies

Pubblicato online: 08 Aug 2022
Pagine: 179 - 187

Astratto

Abstract

Developments in digital technologies are considered to be the most important innovations since the advent of the internet. In several countries, this has led to a significant change in the way payments are made, leading to new forms of payment, such as crypto-currencies. With regard to cryptocurrencies, it remains a complex issue involving especially volatility, but also money laundering and consumer protection issues. While most countries consider cryptocurrencies too volatile to be used as a payment alternative, crypto-currencies gain interest of investors in the last 10 years due to the possibility of obtaining large profits. The aim of the paper is to study the volatility of the first 5 cryptocurrencies (Bitcoin, Ethereum, Binance Coin, Cardano and Ripple) through GARCH models. The process of evaluating highly volatile cryptocurrencies is complex and depends on many parameters. Therefore, our results would be particularly useful in terms of portfolio and risk management and could help them to be more agile in evaluating their investments, in making optimal decisions and making future forecasts. We find that the GARCH (1.1) models provide the best fit, in terms of modelling of the volatility in the most popular and largest cryptocurrencies. The results show that for BTC, ETH and XRP the appropriate model is GARCH (1.1) and in the case of BNC and CARDANO GARCH-M explain better the volatility of the crypto-currencies. Therefore, more in depth analysis of the datasets may be required to confirm or deny possible structural change. The study can be complemented by carrying out an event study on the 5 cryptocurrencies analyzed or extending the analysis by applying other GARCH models, to research the optimal model for several cryptocurrencies.

Parole chiave

  • crypto-currencies
  • virtual currencies
  • Bitcoin
  • Ethereum
  • GARCH
  • crypto-currencies volatility
Accesso libero

Evaluating the efficiency of the technologies used in SCM applying MLOps model

Pubblicato online: 08 Aug 2022
Pagine: 188 - 202

Astratto

Abstract

One of the complex challenges is to justify the efficiency of information technology (IT) in Supply Chain Management (SCM). This manuscript presents an approach to investigating the effects of IT on technical efficiency in SCM through an analytical study. In the first stage, the measurements that in-fluence the efficiency of technology are presented that quantity the level of technical efficacy in SCM. In the second stage, those measurements are analyzed by applying a Machine Learning model to generate the efficiency level upon the corresponding IT Solutions in SCM. Statistical solid evidence is presented to confirm that technology exerts a significant favorable impact on technical efficiency in SCM and, in turn, gives rise to the productivity growth claimed by recent studies.

Parole chiave

  • IT Solutions Efficiency
  • Technology Efficiency2
  • SCM IT Solutions3
Accesso libero

Estimating the value creation probability of mergers and acquisitions events using option pricing models Evidence from Europe and USA

Pubblicato online: 08 Aug 2022
Pagine: 203 - 216

Astratto

Abstract

This paper is proposing a new research approach to mergers and acquisitions value creation analysis. By using option pricing models we propose a new methodology on how mergers and acquisitions decisions can be analyzed using a quantitative approach, especially suitable for conglomerate type of mergers and acquisitions, where cost and revenue synergies do not represent a direct or visible financial benefit. Currently, the M&A research field is focusing mainly on the stock returns or cost synergies by the horizontal types of M&A events. The main implications of the results presented in this paper can confirm whether the top 20 M&A events that have taken place in the USA and Europe in the last 20 years were ones with high probability of value creation. In the future, this can become an important analysis point useful for the investment banking industry when evaluating M&A investments. On top, it can expand the field of research in the M&A environment.

Parole chiave

  • mergers
  • acquisitions
  • options
  • probability
  • financial performance
  • Merton
  • KMV
Accesso libero

Synchronization of Business Cycles in European Union Countries

Pubblicato online: 08 Aug 2022
Pagine: 217 - 228

Astratto

Abstract

The COVID-19 pandemic has affected economic activity worldwide. Despite the progress made by vaccination campaigns, important uncertainties still linger amid persistent global value chains disruptions and the ongoing energy crisis. A proper understanding of the behavior of the economy is therefore essential for future policy decisions. While there are plenty of studies regarding business cycles, using various methods from univariate filters to more complex methods, less papers focus on large scale comparisons. In this paper, we provide an overview of business cycles in European Union countries. We use the Hodrick-Prescott filter in order to measure the cyclical component of the gross domestic product and the Bry-Boschan-Quarterly algorithm for further analysis, namely the duration and the amplitude of the business cycles. Our results show that their size in European Union countries varies from 2.7 to 6 years and their amplitude is between 1.6 and 5.6 percentage points. We show that in developed economies, business cycles are more stable. Furthermore, strong correlations in terms of business cycles are found in the case of certain groups of countries, such as the Baltic ones or Belgium, Austria and France. In the case of Romania, its business cycle is more similar to the one of Bulgaria, Croatia and Slovenia. These results could provide useful information for policymakers in terms of future policy decisions conditional on both the current state of the economy and its structural characteristics. Under these circumstances, support measures should also take into consideration such properties of the economy.

Parole chiave

  • business cycle
  • turning point
  • synchronization
  • European Union
  • amplitude
  • duration
Accesso libero

The impact of trade openness on FDI inflows in Asian emerging economies

Pubblicato online: 08 Aug 2022
Pagine: 228 - 238

Astratto

Abstract

In many countries, foreign direct investment is becoming one of the most significant components of economic development. The Asian emerging market is regarded as one of the best places to invest. Many governments have taken steps to deal with international trade to attract more foreign direct investment and open up their economies by implementing several progressive policies and creating a free trade zone. The main objective is to examine the impact of trade openness on foreign direct investment inflows in Asian emerging economies by employing the Panel-Pooled Mean Group Autoregressive Distributed Lag (PMGARDL) model and examining the direction of the causality between trade openness and FDI inflows using the Granger causality test period from 1996 to 2019. To examine the impact of trade openness on FDI inflows, we employed potential determinants of FDI such as GDP, population size, inflation, mobile telephone subscriptions, gross fixed capital formation, and total reserve as control variables in the model. As a result, trade openness has a positive and statistically significant impact on FDI inflows in the long run, but there is no significant relationship between trade openness and FDI inflows in the short run. The Granger causality test indicated that Asian emerging countries have a unidirectional causal relationship and that the causality runs from trade openness to foreign direct investment. In line with the findings, it is better to promote strong open trade policies to improve the investment climate in each country to attract more FDI into the region.

Parole chiave

  • FDI
  • Trade openness
  • Asian emerging economies
  • PMG/ARDL model
  • Granger causality test
Accesso libero

Agile approaches to developing e-Business solutions in a secure cyber environment

Pubblicato online: 08 Aug 2022
Pagine: 239 - 250

Astratto

Abstract

Modernity is characterized by major transformations and evolutions, which have penetrated into the depths of all levels of human existence, in all economic, political and social spheres, thus significantly increasing the quality of life. The Information Society is the model of society in which the main good is information itself. Although the accelerated development of information and communication technologies (ICT) is the process behind the evolution of the information society, the new model of society means much more than technological progress. In the technological age, action plans and policies are being developed to meet the challenges, the most important technology being ICT, which allows information to be processed and conveyed in a revolutionary way.

The information society is the ICT-based knowledge society. Information society technologies will evolve in the direction of being at the fingertips of the knowledge process, by generating, storing, and transmitting knowledge. Knowledge is the result of the information management process, thus promoting innovation, economic development, and decision-making in an efficient and transparent way.

Parole chiave

  • e-Business
  • emerging technologies
  • digital transformation
  • digital culture and cybersecurity
  • security of critical infrastructure of national interest
  • European funds
  • development of the national economy
Accesso libero

Artificial intelligence in healthcare: Public perception of robotic surgery

Pubblicato online: 08 Aug 2022
Pagine: 251 - 259

Astratto

Abstract

Breakthrough after breakthrough, artificial intelligence has proven itself to be of support to the healthcare system. Public and private hospitals are improving their services through the adoption of different technologies, such as wearables, 3D printing, virtual reality or surgical robots, among others. This paper investigates the public opinion on one of the healthcare areas affected by the evolution of artificial intelligence, the robotic eye surgery (RES). The assessment is done from the safety, technology and pricing perspectives, considering the demographic distribution of the sample. The results reveal that RES is considered a safer alternative to traditional procedures performed by surgeons alone. The technology’s influence over the medical field is seen as a significant contributor to public trust in RES. The price evolution for such procedures in the following years is seen with slight optimism. The demographic variables used in the paper have a weak or no relationship with public trust in RES, the opinion on its price evolution or the view over technology’s impact on the medical field. Understanding the present view over robotic surgery is valuable for developing support measures, awareness campaigns and adjusting the healthcare providers’ decisions.

Parole chiave

  • Robotic surgery
  • Robot-assisted surgery
  • Eye surgery
  • Surgical robot
  • Medical technology
  • Artificial intelligence
  • Healthcare
Accesso libero

Media communication in sport

Pubblicato online: 08 Aug 2022
Pagine: 260 - 265

Astratto

Abstract

We live in a world where the media is ubiquitous, through the multiple and diverse ways of expression, a world in which the press has become an “industry”, with a coverage and influence that is difficult to anticipate not too long ago, having the ability to capture the imagination and exert its influence on all walks of life. Conquering and then broadening the area of the public are really the raison of a media. This conquest and expansion are, however, based on three guiding principles: to do the job seriously (credibility), to produce pleasure (the show) and to be empathetic (empathy). Throughout this “industrial platform”, the sports press finds itself as a very important segment, with a major influence in society. Sport can also be regarded as a large global industry, with fans and spectators acting as consumers who demand. The research question is about the influence of media communication in the sports industry.

Parole chiave

  • media
  • communication
  • sports
  • consumer
  • principles
Accesso libero

The new Social Responsibility: from corporate view to entrepreneurship applications amid the COVID-19 pandemic

Pubblicato online: 08 Aug 2022
Pagine: 266 - 277

Astratto

Abstract

While the interest in Social Responsibility has increased in the last decades, partially also due to the easy access that people now have to information regarding the companies they choose to work with, in Romania this sort of initiatives are still lacking, performed to answer law requirements or as a PR tool. The current study aims to put under the magnifying glass the external trends in Social Responsibility that go from the Corporate arena to entrepreneurship, while taking into account the changes brought by the COVID-19 pandemic at a global level. The study will be then contextualized to Romania in order to place the position of the East-European country on the Global chart and further investigate the possible trend in the Social Responsibility field.

Parole chiave

  • Corporate social responsibility
  • entrepreneurship
  • tech start-ups
  • COVID-19 impact
Accesso libero

The circular economy - Romania’s paradigm from the perspective of EU principles and directions for 2050

Pubblicato online: 08 Aug 2022
Pagine: 278 - 284

Astratto

Abstract

The European Parliament presents on its official website information on how the European Union intends to reach a circular economy by 2050. The action plans and directions, the key sectors of the circular economy, as well as the ways of waste management and transport are presented. On the other hand, the Department for Sustainable Development within the Romanian government presents its own vision of the circular economy. It should be appreciated that the Romanian perspective is based on studies that are based on the perceptions of citizens. The aim of our research is to highlight the cohesion between the Romanian perspective and the European vision in terms of how they understood to harmonize their principles and directions of action in the field of circular economy. It is known that Romania joined the EU on January 1, 2007 and has 33 members in the European Parliament. Currently about 77% of Romania’s exports are made to the EU (Germany 23%, Italy 11% and France 7%) and Romania’s imports come in proportion of 75% from the other EU member states (Germany 20%, Italy 9% and Hungary 7%). Although Romania has committed to adopt the euro as soon as it meets the necessary conditions and is in the process of joining the Schengen area, these goals are not yet fulfilled in 2022. The findings of our research allow us to conclude that beyond strategies and action plans, action and its consequences are important. Romania’s paradigm in terms of the circular economy can be considered surprising in its similarity and antagonistic in its results. Our conclusions allow the opening of new directions of research regarding the perspectives of the circular economy through economic and social resilience.

Parole chiave

  • circular economy
  • Romania’s paradigm
  • EU principles and directions
  • 2050
Accesso libero

Distribution management in the hypermarket system

Pubblicato online: 08 Aug 2022
Pagine: 285 - 293

Astratto

Abstract

Due to its complexity, the issue of goods distribution must be approached in a much broader context, to highlight the consistency and prospects of such a sector, taking into account the diversity of all its forms – retail, wholesale, medium trade, etc. And on the other hand, the need to correctly evaluate the decisive role both in the development of production, but also in the modernization and promotion of consumption, so that it is close to all forms and sectors of the market. In such a sense, it is necessary to start from the exchange of goods and their role in the economic evolution of each country or community. The organization of the exchange of goods, in the realization of which trade is involved, is one of the basic acts of society. That act, which involves the whole social structure, through all or more spontaneous actions, in fact defines the place of the economy in the context of social life, specialization and the increasingly rigorous delimitation of the fields of action both in the case of national borders and worldwide. The multitude of collective or private entrepreneurs, who produce or sell products, the increase in the number of consumers or businesses in need of products, the emergence of representative buyers, but also various categories of intermediaries, over time have led to the emergence of an optimal framework for development and development exchanges.

Parole chiave

  • development
  • economy
  • hypermarket
  • management
  • strategy
Accesso libero

Using artificial intelligence for the benefit of the circular economy

Pubblicato online: 08 Aug 2022
Pagine: 294 - 303

Astratto

Abstract

Human intelligence has no limits and constantly impresses with innovative solutions that increase in complexity, applicability, and efficiency. With the advancement of technology and the passage of time, there was a need to move from the linear economic model, which involved the implementation of the “takemake- waste” process and which causes negative effects on the environment and society, to the circular model, which promises a much regenerative. Artificial intelligence is beginning to take shape day by day in more and more branches of activity. In this article, we will present how artificial intelligence helps the field of the circular economy. Thus, we will present two chatbot solutions (A.I.R-e and Iio) that are already implemented in the field of circular economy and have the role of helping the human population. A.I.R-e uses both visual object recognition technology, helping to separate waste according to its nature, as well as auditory and language, to provide information about collection centers and answer user questions. It was implemented by TheCircularLab platform and is used in Logroño (Spain). The second chatbot model is called Iio and is used in Yokohama, Japan. It was developed by NTT Docomo and serves to answer users’ questions about sorting waste and where it should be taken for recycling. The chatbot knows how to give instructions on the categories of waste sorting, to guide the user to the nearest landfill, but also to answer and give answers that will impress you if a user types a word that does not have to do with waste recycling.

Parole chiave

  • Circular Economy
  • Artificial Intelligence
  • chatbots
  • software
  • recycling
Accesso libero

A review on the competitiveness and performance of ecological, organic and regenerative agricultural systems

Pubblicato online: 08 Aug 2022
Pagine: 304 - 316

Astratto

Abstract

Over the last three decades, agricultural systems have been at the center of numerous policies designed to deliver society closer to a more sustainable future. Emergent research show agriculture as a vector of change that can significantly contribute to transforming economic models–from linearity to circularity–one of the premises of the circular economy. Turning waste into resource suggests new windows of opportunity for agriculture, as well as its potential to gain competitive advantages in relation with other economic sectors and become highly performant in this regard. Considering the new meanings of competitiveness and performance in the economics of sustainability, the objective of this research was to carry out a literature review on three types of environmentally friendly agricultural systems (ecological, organic, regenerative), and explore how the concepts of competitiveness and performance converge and/or diverge based on the different characteristics of each type of agricultural system. The literature is generally convergent towards the fact that ecological, organic, and regenerative agricultural systems are highly competitive in terms of low environmental impact, especially if compared to conventional agriculture, yet they are poorly competitive from a legislative point of view–as it is considered that those three agricultural systems are highly reliant on incentives and political support. From an economic perspective, they are also not the best-performing in terms of cost generation, yields, and income volumes. More research is still needed in order to identify pathways for the large-scale practicing of profitable, resilient, and environmentally friendly agricultural systems.

Parole chiave

  • competitiveness
  • performance
  • ecological agriculture
  • organic agriculture
  • regenerative agriculture
  • economics of sustainability
  • circular economy
  • food security
Accesso libero

The effects of sustainable economic development on the quality of life in the context of the enlargement of the European Union

Pubblicato online: 08 Aug 2022
Pagine: 317 - 326

Astratto

Abstract

The whole historical evolution of economic development, with all its positive valences, but also with its failures, has prepared the conditions for the affirmation and emergence of sustainable development. Sustainable development expresses the need to substantiate the evolutions of the economic environment in correlation with the general behavior towards the natural and the social environment. Economic development, as it has been for centuries, cannot be continued without taking into account the conditions and restrictions imposed by the other two environments. The new vision of the future development of the world starts from the need to ensure equal opportunities for human generations that coexist and succeed each other in life. Scientists, politicians, civil society are aware of the need to change the current way of producing and consuming goods in society, thus moving to a sustainable development based on a human economy and the compatibility of man-made environment with the natural environment of the monetary profit with the social-human one. Over the last two decades, more attention has been paid to the analysis of social problems, especially those concerning the quality of life and standard of living. All studies in the field are focused on the analysis of living standards indicators, considered by specialists to be, through the researched field, the scope, calculation methodology, usefulness of results in developing social policies, the most important social indicators.

Parole chiave

  • economy
  • environment
  • European Union
  • sustainability
  • quality life
Accesso libero

Tackling market opportunities for the biomass production in Romania

Pubblicato online: 08 Aug 2022
Pagine: 327 - 335

Astratto

Abstract

The European Green Deal sets out a detailed vision for Europe to become a climate-neutral continent by 2050 by providing clean, secure, and affordable energy. Thus, with the aim of providing a market-oriented perspective on the economic potential of biomass-related activities, several data were analyzed in this research paper. The positive impact of the green transition is necessary to be studied both at macroeconomic and microeconomic levels. In this context, the research question addressed was: What is the impact of the green transition on farms’ performance and national economy? A descriptive statistical analysis was carried out in order to prove the importance of specific crops, taking into consideration the movements in the energy market and the farmer’s constraints in the era of the European Green Deal. The main objective of this research was to determine if biomass is one of the optimal solutions able to gather all these European desiderates. This conference paper identifies the best scenario for an agricultural farm using diversification activities and the macroeconomic impact of the biomass crops. Currently, the European context is the most favorable for resorting to biomass crops, especially if considering the recent global energy market dynamics. Additionally, there is a need for activities diversification at the farm level in order for them to become greener and to boost their socio-economic and environmental performance. Results confirm that there is considerable economic potential for biomass production in Romania. The added value of the paper is provided by both microeconomic and macroeconomic approaches.

Parole chiave

  • biomass
  • circular economy
  • European Green Deal
  • energy
  • energy market
Accesso libero

Analysis of real estate market in United Kingdom

Pubblicato online: 08 Aug 2022
Pagine: 336 - 345

Astratto

Abstract

Most people make very few real estate transactions on life transactions, and these, in addition to the fact that the most important financial transaction in which they are involved, also have a high degree of complexity from a legal and financial point of view. This finding is valid in all countries with market-based economic systems, regardless of their degree of development. The three elements that are common to real estate transactions in these states are: meeting demand with supply, transfer of property rights, and mortgage financing. Over time, each of these elements has been in the attention of the world’s competition authorities in general and the Competition Council in particular. Activity in the UK real estate market has always been at European economic events, and its action is very important, manifesting itself both as an international trigger - a conclusive example would be the “subprime” residential crisis in the United States. and an important transmission mechanism to the real economy, which affects the transactions carried out, influencing mortgages, etc. or the effective application of competition rules. However, these measures require the construction of a consistent argument that address both the causes of these anti - competitive restrictions and their effects on consumers. It is also necessary to quantify the possible effects that they can have reforms in this area, as well as a comparison of the results obtained with empirical evidence from the states in which these reforms were undertaken.

Parole chiave

  • competition
  • market
  • mortgage
  • real estate
  • United Kingdom
Accesso libero

Possibilities of Romania to achieve Objective 11 – “Sustainable cities and communities” under the 2030 Sustainable Development Strategy

Pubblicato online: 08 Aug 2022
Pagine: 346 - 355

Astratto

Abstract

The paper represents an analysis of Romania’s possibilities of achieving Objective 11 of the 2030 Sustainable Development Strategy, entitled “Sustainable Cities and Communities”. In order to determine the possibilities to achieve the objective, the average evolution rate method was used to predict the evolution of the indicator “share of the population served by the public water supply system” until 2030. Also, given the very large regional gaps between the 8 development regions of Romania, with the help of the rank method, the regions were ranked according to three important indicators that can be the basis for achieving objective 11, respectively: the share of the population served by the public water supply system; gross investments in tangible goods from local units active in the production and supply of electricity and heat, gas, hot water and air conditioning and water distribution and sanitation, waste management, decontamination activities, per capita and gross domestic product per capita.

Parole chiave

  • sustainable development
  • regional gaps
  • cities
Accesso libero

Regional analysis of direct gross domestic product from tourism in Romania during 2014-2019

Pubblicato online: 08 Aug 2022
Pagine: 356 - 366

Astratto

Abstract

The Tourism Satellite Account provides data on the tourism sector since 2011. The presentation of this data, as it is currently done only at national level, does not allow for studies or analyses at regional level or by specific areas of interest. At present, a limited number of countries in the world, around 15, break down these indicators by region. The article reviews the evolution of academic studies on the Tourism Satellite Account, starting from the time when no data on tourism industries or the indirect effects of tourism activities were recorded, to the present day, where principles and methods for extending the Satellite Account to the regional level are presented.

The research question is: What is the level of Direct Gross Domestic Product from tourism for each development region in Romania? The methodology used to achieve the research goal involved correlation analyses on the variables studied, namely: Domestic Tourism Consumption, Number of Overnight Stays and Direct Gross Domestic Product from Tourism, as well as simple and multi-factor regression analyses, for which Direct Gross Domestic Product from Tourism is the outcome variable. The data used in these analyses are recorded from the periodicals of the Tourism Satellite Account and from the periodic records of the National Statistical Institute. The conclusions drawn from the data analysis are based on the analysis of the quality of the statistical estimators used. The data analysis, led to the conclusion that the development of the tourism sector in the period under study 2014-2019, with a growth rate over the entire period of 1,41 in terms of GDPDT, is relatively evenly distributed over each region in terms of the regional level of growth rate. The transfer of the Satellite Account aggregates by development regions or specific tourism areas, carried out in this article is a building block for other research methodologies on the analysis of all factors contributing directly or indirectly to the growth in GDP of the tourism sector.

Parole chiave

  • Tourism Satellite Account
  • Direct gross domestic product from tourism
  • tourism consumption
  • regionalization
  • Number of Overnight Stays
Accesso libero

The economy of material flow cycling in anthropized and anthropogenic systems

Pubblicato online: 08 Aug 2022
Pagine: 367 - 380

Astratto

Abstract

The dematerialization of the development of anthropized and anthropic systems/complexes represents an objective of maximum importance for ensuring the coevolution of human activities and the natural environment, from the perspective of sustainability requirements. In this context, the use of methods for analyzing the reciprocal flows between the natural environment as a system and the socioeconomic system, in physical and energetic expression, provides us with the information support necessary to adopt measures to reduce specific consumption of ecosystem goods, respectively pressure on biophysical support of socio-economic systems, regardless of the spatial scale at which they are identified.

Approaches in the field of industrial ecology, but not only, have highlighted the need and possibility of material flows cycling, but this is a first step towards dematerializing the development of anthropogenic and anthropic systems/complexes. From the perspective of global performance, research is needed on cost/benefit analysis of decisions in this regard and evaluation of effects/impacts on structural and functional processes at the level of technical-productive organizations.

Parole chiave

  • system
  • material flows cycling
  • dematerialization
  • coevolution
  • sustainable development
Accesso libero

Evolutions and trends regarding the monetary and fiscal-budgetary policy in Romania

Pubblicato online: 08 Aug 2022
Pagine: 381 - 389

Astratto

Abstract

The purpose of this paper is to provide a presentation and an analysis of the evolution and trends in monetary and fiscal policy in Romania. There will be a brief presentation of the evolution and objectives of monetary policy as well as the evolution of fiscal-budgetary policy. In order to respond to similar requirements outlined from the perspective of the monetary policy in Romania, this paper aims to expand the area of information that monetary analysis can provide in the current context of the Romanian economy. At the same time, the analysis, the indicators regarding the fiscal-budgetary policy (expenditures, revenues, and the budget deficit), as well as the indicators of the monetary policy (inflation rate, exchange rate and public debt) in Romania during 2014-2020 are presented. Much of the economic theory as well as recent practice of central banks assigns to currency and monetary analysis an important role in the formulation of monetary policy. It follows from the relevance of the information provided to the central bank by a comprehensive monetary analysis- in which the results generated by statistical and econometric techniques are complemented by expert judgment- the most significant being information on price developments, risks to disinflation / price stability, as well as the dynamics of economic growth.

Parole chiave

  • economy
  • expenditures
  • fiscal policy
  • monetary
  • Romania
Accesso libero

Ecological agriculture and its role in sustainable development

Pubblicato online: 08 Aug 2022
Pagine: 390 - 399

Astratto

Abstract

The role of the organic farming system is to produce cleaner food, more suitable for human metabolism, in full correlation with the conservation and development of the environment. One of the main purposes of organic farming is to produce fresh and authentic agri-food products that respect natural and environmental factors. We can also talk about another alternative in which not only human consciousness develops but also the resilience of all levels of the biosphere. This will create favorable conditions for mankind for its day-to-day work to be fully successful, creating a continuing utility for society, both nationally and globally, as a result of which important social forces are freed from unproductive and controlling activities, and can be used directly in production activities. The present specialized paper was born through the analysis of the organic- natural household system, without chemicals, being in accordance with the second development alternative, presented above. The starting point of the paper is the notion of bio-agriculture. It will be investigated first of all, the right of existence of this way of conception, the special way of life and the methods of organic agriculture in the European space, as well as in the light of the development processes.

Parole chiave

  • agriculture
  • ecology
  • development rural environment
  • strategies
Accesso libero

Local budget balance and influence factors

Pubblicato online: 08 Aug 2022
Pagine: 400 - 408

Astratto

Abstract

The local budget appears as the main component of local finances that derives from all public finances and is individualized by a certain structure in which the number of administrative-territorial units in a country, the public services provided, the degree of economic development, etc. participate. local budgets reflect economic relations in the form of money that appear in the process of distributing the national income through which the funds necessary for the interests of the local public authorities that are coordinated by them are formed and distributed. The local public finances are also characterized by a transfer of value that takes place between the participants in economic establishment and use of the mobilized financial resources at the disposal of the authorities. The transfer of value is done without a direct consideration, which means that the person from whom the transfer of money resources is made from the local budget. Local public finances reflect the participation of individuals and legal entities in the form of taxes and fees in the formation of local budget revenues without direct and immediate consideration.

Parole chiave

  • budget
  • economy
  • development
  • finances
  • national income
Accesso libero

The circular economy in Romania and in the EU Member States

Pubblicato online: 08 Aug 2022
Pagine: 409 - 419

Astratto

Abstract

The transition to a circular economy could bring many benefits, such as: Reducing the pressure on the environment, improving the security of supply of raw materials, increasing the competitiveness of businesses, stimulating innovation, boosting economic growth and not least creating new jobs. The aim of the work is to highlight the situation of Romania compared to the Member States of the European Union as regards indicators specific to the circular economy. To achieve this aim, the following indicators have been analyzed: Trade in recyclable raw materials, circular use rate of material, municipal recycling rate, and private investment in circular economy sectors, both at Romanian level and across all EU Member States, in the period 2010-2020. The countries with the largest amounts of recycled raw materials are Germany and the Netherlands with more than 1,5 million tons in 2020 and the country-wide extra-EU trade in recyclable raw materials was 25,2 thousand. The Netherlands, Belgium and France are the leading figures for the use rate of recyclable metals. However, the highest recycling rate was registered by Germany with 67%, with Romania among the last countries.

Parole chiave

  • Circular economy
  • circularity indicators
  • recyclable raw materials
  • circular material use rate
  • municipal recycling rate
Accesso libero

Circular Economy in Infographics

Pubblicato online: 08 Aug 2022
Pagine: 420 - 426

Astratto

Abstract

The circular economy is currently being regarded as a solution to an environmental crisis that is as severe as the epidemic, but is less apparent to the general public. For anyone interested in learning more about the circular economy and its application areas, there is a wealth of knowledge available in both specialist and secondary information sources. The purpose of our investigation is to identify the most important characteristics of the circular economy as they are presented to the public in different parts of the globe. We decided on the infographic analysis as a solution for this. They communicate their message in a succinct manner, yet they have a significant influence on the audience. Do these communications have an impact on how people perceive the domain? This is the question that our investigation seeks to address. We conducted a study of the literature in order to provide clarity. This demonstrated to us the fundamental qualities of the circular economy, as well as the specificities of the application sector in question. In order to examine the literature, we make use of VOSviewer. This is a software program that allows you to create and examine bibliometric networks. Our research team has used it to create networks of cooccurrence pricing of relevant phrases that were pulled out of a corpus of scientific literature using the text extraction feature of the software. Our results enabled us to draw attention to the unique characteristics of the circular economy, as well as the message that each country and region of application sends to its target audience. The findings of research may also be utilized to develop compelling messages that can be delivered in various regions of the globe.

Parole chiave

  • circular economy
  • infographics
  • principles
  • recycling
  • reuse
Accesso libero

Organic farming in the European Union – perspectives for 2030

Pubblicato online: 08 Aug 2022
Pagine: 427 - 436

Astratto

Abstract

Organic farming has emerged in the European Union as a necessity and an alternative to conventional agriculture. During the three programming periods that have been implemented so far, organic farming has benefited from increased attention with dedicated special programs and substantial allocations to support the development of this sector. This type of agriculture involves the use of a set of techniques and practices that result in yield that provides the food needed by the population considering the sustainable use of resources. Studies have shown that best agricultural practices are applied in organic farming, helping farmers to adapt to climate change by consolidating ecosystems, increasing soil structure quality, water management and water quality, while diversifying crop and animal production while building the knowledge base necessary for the development of a sustainable and environmentally friendly agriculture. The study analyzes the results obtained so far in the European Union, but at the same time addresses what is to be implemented to increase the sector for organic farming, focusing on the number of certified operators in organic farming and cultivated areas. At the same time, the objectives set by the European Community to be achieved by 2030 are presented. The main conclusion of the study is that organic farming has become an essential sector in the European Union with more and more funding from the European Commission.

Parole chiave

  • organic
  • agriculture
  • European Union
  • strategy
  • yield
Accesso libero

Circular economy indicators – multiple linear regression

Pubblicato online: 08 Aug 2022
Pagine: 437 - 445

Astratto

Abstract

The aim of this work is to compare EU countries in their efforts to implement the circular economy model and to indicate the EU’s strategic objectives in this area, by analyzing circular economy indicators within the member states. To achieve this, a qualitative and quantitative analysis of the following indicators in THE EUROSTAT database has been carried out: total waste recycling rate, recycling rate of construction and demolition waste, recycling rate of electronic waste, and contribution of recyclable materials to the demand for raw materials in 2019 within the EU. A linear multiple regression was achieved through the SRSS program, which showed that the dependent variable of gross domestic product (GDP) is explained by 69%, and 68% respectively of the recycling rate of construction waste and the recycling rate of electronic waste. The analysis has shown significant correlation between the recycling rate of construction waste and the recycling rate of electronic waste.

Parole chiave

  • circular economy
  • circularity indicators
  • gross domestic product
  • waste recycling rate
  • recyclable materials
Accesso libero

Approaches to implementing fair trade practices for smallholder farmers

Pubblicato online: 08 Aug 2022
Pagine: 446 - 455

Astratto

Abstract

Fair Trade is a global network, a certification system whereby producers meet certain social, economic and environmental standards, with additional funding to improve these conditions and a minimum price set for their products. The literature shows the rapid spread of movements implemented by countries who want fair trade, fair prices and high quality products. The present research demonstrates the need for the implementation of the Fair Trade movement at the level of each country in the European Union and the benefits for the actors involved. At the global movement level, the total number of producer organisations in the FairTrade scheme in 2020 was 1880, of which 950 were registered in Latin America and the Caribbean. The paper is based on the quantitative and qualitative analysis of areas and productions for the 7 main agricultural products: tea, coffee, cocoa, sugar, bananas, cottonseed and plants and flowers, as well as the calculation of the main statistical indicators standard deviation, coefficient of variation and growth rate. At E.U. level there are 16 countries representing national Fair Trade organisations, of which Germany ranked second in terms of retail trade of FairTrade products in 2017. The recognition of certification in Europe is an important asset, as the high living standards in Western European countries mean that they are interested in buying products with this label.

Parole chiave

  • fair trade
  • agro-food products
  • European Union
  • organisations
  • retail sales
Accesso libero

Durability, circularity and sustainability in the food market – bibliometric analysis

Pubblicato online: 08 Aug 2022
Pagine: 456 - 465

Astratto

Abstract

The circular economy deviates from the classical, economic, traditional, linear model, based on large amounts of materials and energy, easily accessibles Circular economy concept has become increasingly popular, gaining popularity among both researchers and practitioners.

The transition to a circular economy is an opportunity to change the current economy and make it more sustainable, helping to achieve environmental and climate goals and principles and protecting existing resources. The aim of the paper is to highlight the importance of the concept of sustainability and circularity in the food market as well as to highlight the connection with other topics. To achieve this goal, a review of the literature was performed by querying Web of Science databases, while performing a bibliometric analysis. The results show a major interest for the sustainability and circularity concepts in the food market, due to the exponential growth of items in recent times. By searching the Web of Science database, 1793 scientific documents were found by the keyword “food sustainability”, 6354 documents containing the keyword “circularity” and over 33.3 thousand documents on the topic of “sustainability”. These keywords were found at least in the title, abstract, or keywords of the document.

Parole chiave

  • durability
  • circularity
  • sustainability
  • environment
  • food
Accesso libero

Implementation by Romania of the Energy Governance based on the Integrated National Energy and Climate Plan

Pubblicato online: 08 Aug 2022
Pagine: 466 - 477

Astratto

Abstract

The current paper completes the empirical literature on the European Union (EU) climate and energy policy design and evaluation, namely the implementation part related to the development, assessment and approval of the Integrated National Energy and Climate Plans (NECPs) of the Member States (MS) for the period 2021-2030. These strategic documents are foreseen by the Governance Regulation no. EU 2018/1999 as the main tools used to implement the climate and energy policies and targets by 2030.

This paper is organized as follows: the abstract gives an overview of the paper and its main conclusions. Section 1 depict the introduction and background about the whole process around NECPs and the main provisions related under the Governance Regulation. Section 2 reviews literature from the perspective of the EU negotiations on 2030&2050 energy and climate targets, legal aspects of climate and energy governance and the process of NECPs development and approval. It also includes a short presentation of the data used for the analysis, including their sources. Section 3 gives an insight about the approval of Romania‘s NECPs by the European Commission. At the same time, this section briefly comments on proposals made by the national authorities and the recommendations using as starting point Romania‘s position in 2014 during the 2030 climate and energy negotiations while taking into account the dynamic of the geopolitical situation to date. Section 4 concludes.

Parole chiave

  • 2030
  • 2050 climate and energy targets
  • Governance Regulation
  • Integrated National Energy and Climate Plans
  • Energy security
  • EU funding
  • Visegrad group
Accesso libero

Climate Change, Food Security and Agriculture, a term-based correlation analysis

Pubblicato online: 08 Aug 2022
Pagine: 478 - 494

Astratto

Abstract

This conference paper is an introductory study on the relationship and the nature of the linkage between climate change, agriculture and food security as seen across three different perspectives. The first perspective is the definition of food security and how it related to climate change and agricultural activities, the second perspective is the definition of agricultural activities and how are they linked with climate and food production/consumption and the third perspective of climate change and how it is contributing to the risk assessment studies conducted to evaluate and improve food security and enhance agricultural activity by utilizing sustainable methods and environmentally friendly practices.

The study has been undertaken to fulfill the research scope. Conclusions closed with listing the importance and the impacts of climatic changes, agricultural practices and resilient food security measurements

Parole chiave

  • climate change
  • food security
  • agriculture
  • term analysis
Accesso libero

Sustainable societal development perspectives for rural Romania in light of Horizon 2020

Pubblicato online: 08 Aug 2022
Pagine: 495 - 508

Astratto

Abstract

Developmental gaps between urban and rural areas are a trademark of nowadays times, accelerated by economic models that ensure advancement chances mostly to urban hubs, rather than being focused on rural life. The Sustainable Development Goals issued by the United Nations and their desired implementation by 2030 is a first guarantee for an equitable and inclusive societal and economic framework. Currently, Romania lacks rural investments and a forward-looking attitude is much needed to reach the sustainability objectives. In addition, smart rural development, which fosters knowledge, innovation and R&D at village level is a viable tool in laying the groundwork for rural welfare, in response to issues such as migration from rural to urban, demographic ageing and poverty. Despite the multitude of programs tackling rural development at EU scale, Romania appears to perform poorly, even if its population is highly ruralized. In light of these matters, the paper conducts literature review analysis on smart rural development and sustainable development in Romania, to highlight the current performance of Romanian villages in this concern. Using literature and document analysis of Horizon 2020 programs on rural development conducted in the European Union, the aim is to identify the specific points to be addressed by decision makers in order for sustainable advancement of Romanian villages to be further enhanced.

Parole chiave

  • smart rural development
  • sustainability
  • rural Romania
  • rural development programs
  • Horizon 2020
Accesso libero

The Influence of Hofstede’s Cultural Dimensions on Attitude Towards Change and Innovation in Oganizations

Pubblicato online: 08 Aug 2022
Pagine: 509 - 518

Astratto

Abstract

As the COVID-19 pandemic has radically changed the business landscape in the last years, some organizations were able to adapt to the new environment and continue to function, some thrived, seeing unmatched growth, while others disappeared forever. Even before the COVID-19 pandemic, adaptability had already been deemed to be an important organizational capability, which ensured an organization stayed relevant in the market. With the pandemic, the ability to adapt has become essential to the organizations’ survival. Additionally, a large body of research was dedicated to the importance of innovation, which has been shown to have a positive impact on organizations’ competitiveness, growth and overall results. While adaptability is a response to the changes in the external environment of an organization, innovation consists in the change being generated inside the organization. Thus, an organization reacts to change by being adaptable and generates change by being innovative. Given that both capabilities are of importance to an organization’s success, this paper performs a literature review of the factors influencing the organizations’ adaptability and innovativeness, specifically the cultural factors, based on the well-established Hofstede Cultural Model. The results show that both adaptability and innovativeness are influenced by the cultural dimensions in different ways. However, not all cultural dimensions can be influenced to the same extent, some being more malleable than others. This means that organizations must aim to influence the most malleable cultural dimensions in order to increase their adaptability and innovativeness, to improve their overall performance.

Parole chiave

  • Innovation
  • culture
  • Hofstede cultural dimensions
  • organizational change
  • culture change
Accesso libero

Features of the higher education institutions’ community innovation labs

Pubblicato online: 08 Aug 2022
Pagine: 519 - 526

Astratto

Abstract

There has been an increasing demand from society towards higher education institutions (HEIs) to contribute to the development of local communities in which they are embedded through responsible (social) innovation actions. Redesigning thoughtfully the relationship between HEIs, the public sector, diverse private actors and NGOs is paramount. The goal is to create a connected governance structure that enables coherent innovation actions by diverse actors in accordance with co-creation principles and collective intelligence. A response to this call for action from academic stance are so called community innovation labs (CILs). This paper gives an overview of the CIL concept and framework and reports first experiences on running CIL projects. Drawing on the existing literature on community innovation labs as well as experiments and projects run by a business school CIL from Romania, the paper identifies the key elements of the management framework for running a CIL. The paper also makes recommendations regarding how such an experimental setting can be used in higher education business and management studies for generating solutions to sustainability problems.

Parole chiave

  • Innovation lab
  • community-based learning
  • higher education
  • community innovation
  • sustainability
Accesso libero

Exploring the COVID-19 pandemic impact on innovation and entrepreneurship – Review and evidence from Global Innovation Index

Pubblicato online: 08 Aug 2022
Pagine: 527 - 544

Astratto

Abstract

The COVID-19 pandemic was an unparalleled crisis that has affected businesses, individuals, institutions, and governments in multiple ways. This paper comes to critically analyze the impact of the pandemic on entrepreneurship and innovation. Studies show that crises can also be perceived as opportunities for continuing creating new solutions and adopting innovative ways of doing business. In this sense, the present paper analyzes the current state of the art in terms of the pandemic impact on small and medium enterprises and the innovation status and proposes a systematic literature review and comparative analysis to depict the situation in Romania. For the purposes of this research, the data from the Global Innovation Index Reports is being used. The results show significant positive and negative changes in three main categories, namely business sophistication, infrastructure, knowledge & technology output. The paper contributes to the existing body of knowledge by summarizing the main findings from multiple publications and proposes recommendations for policymakers and institutions to provide the corresponding framework so that entrepreneurs could benefit from innovation.

Parole chiave

  • COVID-19
  • innovation
  • entrepreneurship
  • SMEs
  • pandemic
  • impact
Accesso libero

Digitalization of SMEs – pilot study on status, reasoning, and perception in a developing economy

Pubblicato online: 08 Aug 2022
Pagine: 545 - 555

Astratto

Abstract

As digitalization in Europe is becoming more and more a priority, research has identified that there is a constantly existing gap between the European Union and the United States when it comes to the digitalization of enterprises. The situation is particularly obvious when it comes to the digitalization of small and medium enterprises. Published reports have noted that lack of access to financing is not seen as a debilitating factor, while developing economies in Europe, which the paper focuses on, do not report lack of infrastructure. As such, the paper produces, through a combined qualitative and quantitative pilot study, additional potential reasons for the lack of digitalization of SMEs in Europe which should be researched in the future: reactive mindset of waiting for growth in order to justify digitalization investments, lack of options for SMEs that do not necessarily desire to grow to large enterprises, and the lack of understanding of innovation and digitalization benefits for enterprises that do not have a culture for innovation.

Parole chiave

  • digitalization
  • innovation
  • digital innovation
  • developing economy
  • Romania
Accesso libero

Migration from the perspective of climate change

Pubblicato online: 08 Aug 2022
Pagine: 556 - 566

Astratto

Abstract

The present paper has as main objective to examine the literature and show the literature review, debates and discussions related to migration and implication of economic development. Media and academic circles are strongly attracted by the topic of migration and its consequences. Aspects brought into attention, from migration and economic development point of view are: climate change, social, economic, political and legislative. The reality is pushing us to research this phenomenon because migration effects are already visible and important for European communities, both for origin and destination countries. It comes questions that point to the core of economic, social, politic and environmental developments of the 21st century and these are referring to environmental and climate justice, as well as existing and growing of the relationships between the involved parties. This paper presents also the literature review analysis of different framings, points of view and lines of argument, and highlighting debates about securitization of climate change, depending on economic and connections to development studies and adaptation research and their influence on migration decision. Migration decision dependents on many factors, such as: level of life, education, employment opportunities, gender and age, familial needs and financial possibilities, but climate change, too. Also, the present paper will point out scientific papers that address the new challenges influencing labour migration inside European Union such as: COVID-19 pandemic, environmental changes, besides social inequalities and regional conflicts which are now at the borders of the European space.

Parole chiave

  • migration
  • migration factors
  • refugees
  • economic consequences
  • law
  • vulnerability
Accesso libero

Financial education and the perception of prosperity among emerging adults

Pubblicato online: 08 Aug 2022
Pagine: 567 - 574

Astratto

Abstract

Emerging maturity is conceptualized as a distinct stage of life in industrialized countries and encompasses the third decade of life. At this stage, young people are facing decisions about the transition to adulthood. Autonomy and independence from parental support is one of the milestones of emerging maturity. There is not much research on the role of financial education in fulfilling this development task. This study investigates how the level of financial education shapes the perception of prosperity in emerging adult and helps to achieve financial autonomy. This study involved 103 emerging adults, first-year students at the Academy of Economic Studies, University of Bucharest, and Polytechnic University (average age 20.1, SD = 0.78). The study had a quantitative, cross-sectional, descriptive, and inferential design. The results obtained show that: 1. the higher the level of financial education, the more intrinsic the perception of prosperity, 2. the higher the level of financial education, the higher the financial autonomy, 3. between the level of financial education and the profile of the graduated high school / academic choice relations are insignificant. For data collection, questionnaires were developed for which the internal consistency of the items was calculated, and this is valid for this stage of the research.

Parole chiave

  • financial literacy
  • financial education
  • financial independence
  • prosperity
  • emerging adult
Accesso libero

Greening: politics and economics for social auditing. Sport management as common denominator

Pubblicato online: 08 Aug 2022
Pagine: 575 - 583

Astratto

Abstract

This paper considers sport as a driver for politics and economics green incentives. While there are dichotomies in between green politics and economics, sport acts like a catalyst in between the two, by making use of its social dimension. In this respect, a stakeholder perspective is encouraged, especially when considering Corporate Social Responsibility coupled with ESG principles and non financial reporting. Sports is a 1.3 billion dollars industry that can set certain good practices and in this sense its “sport for development and peace” should be understood in broader terms. Social audits should be more extensive in order to capture better the links in between social, environment and governance factors, as reports from sports industry recently showed.

Parole chiave

  • green business
  • ESG
  • CSR
  • future of accounting
  • non-financial reporting
Accesso libero

Information security economics: cyber security threats

Pubblicato online: 08 Aug 2022
Pagine: 584 - 592

Astratto

Abstract

This article takes into consideration cyber security economics to understand whether cyber security and economics is a partnership among equals or any of these two disciplines have the upper hand. Cyber security economics is more than just computer science, security studies and economics in a holistic way, it is a dynamic cross disciplinary matter involving psychology, forensic, sociology, etc. The argument is that there is no clear definition of cybersecurity, apart from a set of protocols that are highly technical, and when it comes to cyber security economics Gordon-Loeb model provides a good picture on the general image over the industry, yet, much more is ignored, as the costs of a cyber security attack to succeed is huge, save the hidden costs and other externalities. Apart from regulation establishing a common ground, information security economics is an under researched field of interest, especially as digital sovereignty act is about to be voted for, together with common rules Information security.

Parole chiave

  • cyber security
  • phishing
  • Gordon–Loeb model
Accesso libero

The importance and interdependence of key bioeconomy concepts: A bibliometric analysis

Pubblicato online: 08 Aug 2022
Pagine: 593 - 609

Astratto

Abstract

Environmental well-being has recently been put at risk due to unsustainable industrial practices. The relevant decision-makers have developed policies to support a greener approach in the economy. This paper aims to present a complete and comprehensive connection between the key concepts of the economy based on biological resources from both empirical and analytical perspectives by highlighting the structure, importance, and evolution. Through bibliometric research and network mapping analysis, we have revealed the most popular concept among researchers and countries, and the current trend for each term considered. Currently, there is no comparative study on the linkage between bioeconomy, circular economy, knowledgebased economy, bio-based economy, green economy, and bioeconomics, but only taken as separate concepts, thus being difficult to assess the significance and popularity of a term over another and to track the evolution over time. Our results are meant to cover the gap around the interconnected terms in bioeconomy and to enhance the current conceptual frameworks.

Parole chiave

  • bioeconomy
  • bioeconomics
  • circular economy
  • green economy
  • digital transformation
  • bibliometric analysis
Accesso libero

Innovation in communication in the European funding process

Pubblicato online: 08 Aug 2022
Pagine: 610 - 620

Astratto

Abstract

European funds contribute to the well-being of communities that succeed in attracting this type of funding. This paper aims at revealing the innovative capacity of communication in the financing process through European Funds, given the multitude of theoretical communication models. Beyond the limits imposed by the law, public authorities involved in the European funding process, although operating within a relatively rigid regulated framework, may increase the number of communication methods and practices, in order to better fulfil their mission of satisfying public needs. An exploratory research on the financing process of European Structural and Investment Funds was conducted, considering the theoretical approaches in the field of communication, as well as the relatively low absorption rate of European Funds, for outlining the real dimensions of the communication problem. The communication was analyzed via eight elements: transmitter, receiver, channel or means of propagation, message, common codes (including coding and decoding), feedback, feedforward and noise. The main results show that the communication process in the field of European funding can be approached from a multitude of perspectives: type, purposes and means of communication, content of communication and its effects, the protagonists involved etc. The paper proposes an approach to communication from a marketing perspective. By applying specific marketing techniques, favorable attitudes, opinions and behaviors can be generated in terms of accessibility of financing through European funds. This can lead to an increase in the absorption rate of European funds, which can result in more innovation, more business growth, higher revenues (through taxes) for the public sector and finally, given the snowball effect, the ultimate purpose: welfare for society as a whole.

Parole chiave

  • Communication
  • Innovation
  • Marketing
  • European Funds
Accesso libero

Social Impact Bonds as an instrument for controlling incarceration costs and supporting societal positive change

Pubblicato online: 08 Aug 2022
Pagine: 621 - 628

Astratto

Abstract

One of the most debated issues, by researchers, policy makers and the general public, is related to the costs of incarceration and, specifically, to reducing the costs of incarceration. The rising costs of incarceration, limited successes in implementing alternatives to incarceration and mixed results of programs aimed at reducing recidivism have maintained this issue as a public policy priority and stimulated the governmental agencies to pilot novel approaches to mobilize resources in order to increase the efficiency of the penal system. After the financial crisis of 2008 efforts were made to identify solutions to fund public services in order to improve social outcomes. In 2010 a new project was piloted in the Peterborough Prison (United Kingdom), the first Social Impact Bond. This project sheds new light on reoffending, it moves the center of focus from a financial burden on the shoulders of the government to an investment opportunity for the private investors. The costs of reoffending represent an opportunity that could be valued through appropriate investments. The lessons learned from this initiative helped to identify best practices, contributed to a nationwide change in regards to the prison system and represented a starting point for numerous other Social Impact Bond programs worldwide.

Parole chiave

  • reducing recidivism
  • social impact bonds
  • investment
Accesso libero

Impact of Engineering Change Request in Production System in the Pandemic Period

Pubblicato online: 08 Aug 2022
Pagine: 629 - 638

Astratto

Abstract

Technical changes are part of the product or process life cycle. Their role is to develop the product and achieve the best production process. If it is functional, then engineering modifications are the best way to go. This work paper considered, the principles for change, how to effectively implement change in an organization, the importance of managing change and the role of management in change. The theoretical part of the work paper offer information about internal performance, and the implications during the implementation of changes in production system. From presented analysis show that the human factor is the key to the successful implementation of changes. After a successful study of the topics, it emerged that change requires management and full support of employees. Proper timings should be designed during change implementation. Lastly, a successful change agenda considers both internal and external stakeholders, that is, employees, management, and customers. To better the writings on the concept of change and management, this study is open to future research and more insight on change. The internal project team will use all these information in scope to ensure the success of the change. The analysis of engineering change request data shows that even though the quality of the engineering change request varies, there are several often-followed guidelines and best practices, in addition to the formal requirements for an engineering change request.

Parole chiave

  • Engineering Change Request
  • Production System
  • Local Change Coordination
Accesso libero

An International Trade Disputes Analysis using Network Theory

Pubblicato online: 08 Aug 2022
Pagine: 639 - 649

Astratto

Abstract

International trade is an important pillar of the modern economy. Beyond its benefits, the global market generates divergencies among trade partners that can be escalated into trade disputes. Notable interest has arisen in using network analysis to formally describe interactions with concepts derived from the graph theory. As we have noticed a less explored area on the graphical representation of trade dispute data, the purpose of this paper is to build, visualize, and analyze the trade disputes as a weighted network. We use data about trade disputes provided by the Word Trade Organization from 1995 to 31 January 2022 as this is a major regulatory body within the multilateral trading system. Our aim is to address the question on which countries are using the most the dispute settlement mechanism. Based on the association complainant – respondent, we map these interactions to obtain a weighted network that includes 75 countries, 247 unidirectional country pairs and 652 trade disputes. The results indicate the dominance of the United States as the main hub followed by the European Union and a core-periphery structure of the trade dispute network with less participation from smaller countries. Our study is a general assessment of trade disputes which contributes to identifying patterns on the positional changes of countries and their involvement as complainant and respondent respectively in international dispute settlement.

Parole chiave

  • trade disputes
  • network analysis
  • weighted network
  • modularity
  • World Trade Organization
Accesso libero

The impact of external shocks on economic growth: An empirical study based on the SVAR models

Pubblicato online: 08 Aug 2022
Pagine: 650 - 659

Astratto

Abstract

The paper contains a series of complex analyses on the study of typologies of economic crises and can bring a significant contribution to the literature in determining the effects of external factors on economic growth, taking into account the distinct characteristics of the periods of decline. The work includes Hodrick-Prescott filtering techniques for characterizing business cycles in three Central and Eastern European countries and the Structural Vector Autoregression (SVAR) technique is used to analyze the impact of external shocks on economic growth over two distinct time-horizons. External shocks such as external debt, external interest rate, external output, producer price index and real interest rate were taken into account. For each economy analyzed, the impact of the two types of economic crisis was observed, namely financial crisis and health crisis, and two time-horizons were defined for each complete economic cycle. Over these two time-horizons, the impact of external shocks on economic growth has been assessed. There has been a general decrease in the effects of shocks in the second time-horizon, in which the most severe values of economic growth are associated with the health crisis, compared to the time-horizon associated with the financial crisis. It has also been observed that, in the case of both Hungary and Romania, the responses of economic growth to external shocks are faster compared to the Czech economy. Moreover, external production is the factor that explains most of the variance in the economic growth rate in the first time-horizon, while in the second, one of the most influential indicators is the external production price index, which has been severely affected by the slowdown in the global production process.

Parole chiave

  • external shocks
  • economic growth
  • economic crisis
  • health crisis
  • financial crisis
  • SVAR
Accesso libero

COVID-19 and stock markets comovement in emerging Europe

Pubblicato online: 08 Aug 2022
Pagine: 660 - 669

Astratto

Abstract

This study analyzes the stock market’s comovement between eleven Eastern European countries in the pre-COVID-19 and COVID-19 period with the USA and China. The methodology used is the wavelet analysis and subsequently the Toda Yamamoto causality test for robustness. This study improves literature by analyzing the ante and COVID-19 crisis period for Eastern European stock markets in relation to the USA and China. The results show that the COVID-19 crisis has generated an increase in the degree of interdependence with USA stock from medium and long to short term; in relation to China stock, if COVID-19 ante there were no links, during the crisis they began to manifest in the medium and long term.

Parole chiave

  • Covid19
  • stock markets
  • comovement
  • Eastern Europe
Accesso libero

Education and digitalization, the path to a more sustainable, resilient and secure society

Pubblicato online: 08 Aug 2022
Pagine: 670 - 681

Astratto

Abstract

The world experience proves that the development of the innovational society is directly linked to the concept of human capital through the development of the sectors where the accumulation of human capital takes place and primarily in the sphere of education and science. This paper is an exploratory research based on the analysis of macroeconomic indicators on digital performance, highlighting the progress made in terms of digital competitiveness, as well as on the digital framework and systemic conditions for education. The educational system is in a continuous dynamic; to cope with changes, this system is forced to make intensive use of creative techniques at all levels of it. However, in this context, many teachers are concerned about standardised processes and tests, compared to creative ones. Creativity has been and is combined with science: art and technology turn people’s ideas into facts. At the beginning of the twenty-first century, the importance of innovation for growth (especially economic growth) was recognized, but the question of non-technological innovation is also raised.

To this end, consideration was given to the processing and systematisation of secondary data taken from official reports prepared and published by the European Commission. Thus, we refer to the reports of the Digital Economy and Society Index (DESI) and the Human Capital Index (HCI) with reference to Romania, in the time horizon 2018-2020. The DESI 2020 reports are based on 2019 data. The UK is still included in the DESI 2020 and the EU averages are calculated for 28 member states. The DESI has been recalculated for previous years to reflect changes in the choice of indicators and corrections to the data. Human capital is a key trigger for sustainable, inclusive economic growth, but investment in health and education has not received the well-deserved attention. The index establishes a direct link between improved outcomes in health and education, productivity and economic growth.

Parole chiave

  • human capital
  • intellectual capital
  • digitalization
  • education
Accesso libero

Synchronization of the business cycle with that of the eurozone after accession to the European Union. The case of Romania

Pubblicato online: 08 Aug 2022
Pagine: 682 - 694

Astratto

Abstract

This article provides an overview and update on the degree of convergence of Romania with the Eurozone, in terms of business cycles and also taking into account the economic context and economic policies implemented. The synchronization of the business cycle of the Romanian economy with that of the Eurozone is an essential condition for the sustainable adoption of the single currency, because the higher the level of synchronization, the lower the accession costs will tend to benefits, and in the end there will be no severe shocks to the economy. The main objective of this document is to identify the level of convergence of the two business cycles for the period 2007-2020, in order to highlight the level of preparation of the Romanian economy in terms of the adoption of the euro. If a low level of synchronization of the two business cycles is identified, the shocks will be asymmetric and will lead to a strong negative impact on the economy and will make the country in question a peripheral state of the Eurozone.

Parole chiave

  • synchronization
  • business cycle
  • Romania
  • eurozone
  • pandemic
  • economy
Accesso libero

Volatility spillover effects of oil, gold and bulk shipping prices on financial markets

Pubblicato online: 08 Aug 2022
Pagine: 695 - 706

Astratto

Abstract

The volatility spillover effect plays an increasingly important role in the transmission of shocks mainly in recent periods, with the further advance of globalization and the rapid development in international linkages. This analysis of the interconnections between economic and financial markets has particular importance for investors in risk hedging strategies and portfolio diversification. Moreover, current turbulent periods, characterized by a volatile oil price, instability of gold price and supply bottlenecks caused by the outbreak of the COVID-19 pandemic impose the necessity to study this effect. The novelty brought by this paper is related to the analysis of the spillover effect coming from oil, commodity and bulk shipping markets to financial markets of Eastern-Europe emerging markets, namely Czech Republic, Hungary, Poland and Romania. To assess this effect, in this study it was implemented a widely used model in research papers model, more exactly the bivariate GARCH-BEKK (1,1) from the period July 2012 – February 2022. The results suggest the long-term memory of volatility in these markets, while direct interconnection and unidirectional spillovers effects are expected to be underlined by the volatility of gold returns on the stock markets returns.

Parole chiave

  • volatility spillover
  • financial markets
  • contagion
Accesso libero

Determinants of Government Debt in the Member States of the European Union: Sources of Fiscal Risk

Pubblicato online: 08 Aug 2022
Pagine: 707 - 721

Astratto

Abstract

In times when the national economy needs increased financial support from governments, the fiscal space they have and the determinants of public debt come to the fore. Sudden increases in public spending or significant decreases in public revenue represent fiscal risks, and the level of sovereign debt is a measure to quantify fiscal risk. At international level, banking crises, government guarantees, publicprivate partnerships, companies with majority state capital, and non-performing loans are revealed by history as the main sources of financial crises and fiscal risk. This study aims to identify whether social assistance expenditures, government guarantees, public-private partnerships, non-performing loans, or tax revenues influence the evolution of the government debt of the Member States of the European Union. The data used were taken from Eurostat and were organised as panel data, the analysed period is 2010-2018. To estimate the regressions, we used the Eviews software, and the results obtained revealed that social assistance is the variable that most strongly influences, in the same sense, the public debt. This points to the fact that changes in pension and social assistance spending, for example, topics with greater social impact, are capable of further indebtedness and have long-term effects on government spending on interest.

Parole chiave

  • government debt
  • social assistance
  • governmental guarantees
  • non-performing loans
  • fiscal revenues
Accesso libero

The impact of financial systems on economic growth in European Union member countries

Pubblicato online: 08 Aug 2022
Pagine: 722 - 731

Astratto

Abstract

As the economy develops, self-financed capital investments are less frequent, being replaced by financing through banking intermediation and later through capital markets. The development of financial systems has a positive effect on the mobilization of resources, improving corporate governance and risk management, leading to economic growth. The preponderance of previous research papers shows a positive relationship between financial development and economic growth. Studies using cross-sectional methodologies discover almost unanimously a positive link between financial development and economic growth, while studies with methodologies based on time series, panel data or case studies reach different conclusions depending on the period considered, the countries’ initial level of development and the structure of the financial systems. The purpose of this paper is to investigate the impact of financial systems on economic growth using panel regressions based on annual data regarding measures of financial development for the member countries of the European Union, for the period 1990-2020. The findings show that the development of the financial systems, through the activity of banks and capital markets, has a positive effect on the allocation of resources, the mobilization of savings and the efficient management of risks, leading in turn to economic growth if there is a correlation between the funds invested and the output of the real sector. The paper’s contribution to the field refers to the study of the long-term relations between the financial systems and the economic growth using data for all European Union countries, the findings helping to formulate public policies.

Parole chiave

  • financial systems
  • economic growth
  • European Union
  • banking sector
  • capital market
Accesso libero

MIFID II and EMIR impact on Romanian banking system performance

Pubblicato online: 08 Aug 2022
Pagine: 732 - 749

Astratto

Abstract

MIFID II/MiFIR represents comprehensive financial market reforms in trading and settlement of financial instruments. The greatest impact of the new regulatory framework in the banking sector relates to pricing, trading, and reporting of banking products and classification of financial institutions. The new role of the financial market infrastructure provides more protection for bank customers and significantly increases market transparency. Banks are required to show their customers the best execution price on the relevant trading venues, transaction costs and market behavior. The regulation will be aligned with other financial market regulations of over-the-counter markets and market abuse protection to avoid regulatory overlap - European Market Infrastructure Regulation (EMIR). The new regulatory framework requires the banking sector to fully comply with the rules governing the banking system of the European Union. Banks must incur significant costs in order to restructure internal processes, acquire new technological support, and forego additional profits in competitive and transparent markets. This study analyses the impact of MiFID II/MiFIR and EMIR implementation on local banks’ performance (credit institutions, Romanian legal persons). Using a unique dataset from banks that have been operating in Romania over the period 2004-2020, it is shown that the implementation of the new regulatory framework did not affect the net trading income ratio of the selected banks. Moreover, the average trading asset ratio in the post-financial crisis period increased in comparison with the average trading asset ratio in the pre-financial crisis period. Local banks that took advantage of the large economies of scale obtained due to branch banking did not reduce their investment banking activities and product offerings to customers in the period following the introduction of the regulatory framework. Most of the costs of implementing the new regulatory framework were borne only by the ultimate parents of the controlled Romanian subsidiaries. All subsidiary banks benefited equally from these economies of scale.

Parole chiave

  • MIFID II
  • MiFIR
  • EMIR
  • bank regulation
  • trading activities
  • financial market
Accesso libero

Career success through the past six decades: A bibliometric analysis

Pubblicato online: 08 Aug 2022
Pagine: 750 - 761

Astratto

Abstract

All companies strive for sustainable growth and performance, a complex task in a volatile, uncertain, complex, and ambiguous (VUCA) environment, with evolving legislation transforming the roles and responsibilities of leaders, while being closely watched by investors. Besides the ongoing effect of the Fourth Industrial Revolution, the 2020 multidimensional crisis challenged the worldwide status quo in many respects, accelerating the rhythm of change for business models and questioning the leadership competences, motivation, and practices, due to new ways of working, interaction, and collaboration, and different ways the teams are now led and are expecting to be led. The career success is a dynamic concept that evolved over the past decades, being studied through numerous lenses, such as its predictors and antecedents, personal anchors (values and beliefs) and personality traits, own preparation for the professional road (education and learning), drivers, demographics, life choices, and the career capital. This analysis follows the topic of career success over the last six decades, showing the citation evolution of papers on the subject, and identifying the most related articles, as well as the most related journals. The findings are based on a quantitative analysis of Scopus indexed documents, with a qualitative highlight on the most related articles and the most cited articles of the most influential authors.

Parole chiave

  • career success
  • self-perception
  • career
  • boundaryless
  • protean
  • subjective
  • career development
Accesso libero

Successful leadership in alternative educational institutions. A case study from Montessori Cluj

Pubblicato online: 08 Aug 2022
Pagine: 762 - 771

Astratto

Abstract

The European dimension of education must not limit the ability of young people to freely build their own identity. To be able to choose, however, they must firstly learn to know what the alternatives are, especially in the field of education, where orientation is more difficult chosen if models are abandoned in order not to limit the individual’s freedom. In this regard, the European dimension facilitates the formation of the cultural and moral identity of the individuals. In this paper, the authors are providing an overview of the Montessori educational alternative. A history of Montessori development in Romania is described, then the authenticity of Montessori education is presented, followed by the key aspects to be considered in the daily team management and a development plan for the next 5 years.

Parole chiave

  • Montessori method
  • alternative education
  • management plan
  • leadership
Accesso libero

A better, human-centered path forward

Pubblicato online: 08 Aug 2022
Pagine: 772 - 784

Astratto

Abstract

The main purpose of the paper is to highlight the increased recognition and growing importance of human-oriented leadership in a constantly changing world. The COVID-19 pandemic has revealed many management shortcomings in developing current and future leaders. The difficulties creating new business models, adapting to new working environments, and fostering humane corporate cultures underscore the short- and long-term challenges. The literature review offers multiple perspectives on our humanity and its inherent challenges, measures of effective leadership, approaches to leadership development, and what seems to be emerging as a values-based, human-centered approach to what effective leadership looks like. The paper suggests a holistic interdisciplinary approach aiming to support partnership between the international business community and academic environment. The methods include: a literature review as background and context; a case study; a comparative analysis of best practices in four countries; and a statistical analysis of economic practices in Romania. The main results indicate: an increased acknowledgment of human-centered leadership practices as essential to effective leadership; the use of a 70-20-10 model of leadership development as a best practices approach; and the adverse effects of the pandemic on the Romanian economy. Our conclusions reaffirm: the power of the human-centered approach to how leaders have to perform; the need to rethink how leadership development should be done, and the ongoing challenge of choosing to invest in leadership as a sound business decision. Authors conclude that the changes in mindset, priorities, decisions, and practices will be challenging for leaders to make. Suggestions are offered about this new path.

Parole chiave

  • leadership development
  • leadership effectiveness
  • human-centered leadership
  • innovation leadership
  • transformational leadership
  • psychological safety
Accesso libero

Relationship between the COVID-19 pandemic and the macroeconomic indicators: Evidence from a global analysis

Pubblicato online: 08 Aug 2022
Pagine: 785 - 791

Astratto

Abstract

The COVID-19 pandemic is presenting a serious health crisis to humanity. This pandemic is also raising questions for both academic and policy administration. Using a global database, this paper aims to clarify the relationship between COVID-19 statistics and some macroeconomic indicators in 206 countries worldwide. The quantitative analysis process is done by two methodologies including the Pearson correlation and the Pooled-OLS regression. The result shows that the number of infections and deaths has positive and significant relationships with the population, the median age, and income per capita. The information from this paper can help policymakers have a better view of the COVID-19 pandemic as well as prepare effective responses in combating potential pandemics in the future.

Parole chiave

  • COVID-19
  • coronavirus disease
  • SARS-COV-2
  • pandemic
  • social crisis
  • health crisis
Accesso libero

New business models in the Circular Economy

Pubblicato online: 08 Aug 2022
Pagine: 792 - 804

Astratto

Abstract

Circular Economy is becoming an important part of the trend on global business development. Companies and public organizations are facing new challenges and strive to integrate fresh concepts and instruments within their value chains. Strategic environmental goals are based upon reused resources and reintegrated materials, reduced carbon emissions, renewable energy, innovation, and overall optimization of models and processes. Governmental agencies are also preoccupied to enact specific regulations, to favor the economic and social integration of the circular economy. The advantages of the 6 R’s integration (recycle, reuse, reduce, repair, remanufacture, redesign) for businesses are straightforward, from cost optimizations, price volatility control, to increased automation and innovation.

This paper is the first step of a more complex research endeavor, aiming to assess the feasibility of various fine tunings on specific business models that integrate circular economy principles. We have based our current assessment on six industries, with a major impact on the environment, and that can provide impacting solutions for environmental preservation. For each analyzed industry, a specific original diagram was provided, integrating the main industrial processes, outcomes, and reuse opportunities, derived from circularity principles. The literature review was intended to support each industry’s development pattern, highlighting different types of solutions for waste recycling, and business reorganization redesign.

Parole chiave

  • Circular economy
  • Business models
  • Value chain
  • Recycling
  • Reuse
  • Reintegration
  • Innovation
Accesso libero

Innovation and sustainability in product environmental management systems

Pubblicato online: 08 Aug 2022
Pagine: 805 - 816

Astratto

Abstract

The environment theme has taken on considerable importance in consumer purchasing choices. Through voluntary environmental policy tools (product certifications, ecological labels and company certifications) the producers demonstrate their attention to environmental issues. The paper analyzed the environmental impacts, that is, the consumption of resources and emissions to the environment for a product of animal origin, analyzing the production process of the entire production chain of High-Quality milk of a leading Italian company. The Group has an integrated approach to quality policies that balances economic, environmental and ethical objectives throughout the food chain, from the farm to the consumer’s table. The analysis was conducted in compliance with the general rules of the Environmental Product Declaration Program and the specifications of the product group “Product Category rules 2013: 17 Processed liquid milk and cream - UN CPC code 221”, using the cycle analysis methodology of life, regulated by the international standards ISO 14040 Series, Environmental management - Life cycle assessment - Principles and framework - scientific methodology that ensures reliability, credibility and rigour of the environmental declaration. Despite the initiatives undertaken by the Granarolo Group regarding the environmental improvements of its products and services for the mitigation of the environmental impact, our forecasts have been confirmed, the product - organic milk still has a very high-water footprint. Therefore, the environmental efforts of individual companies are not enough, but consumers’ dietary habits must also change.

Parole chiave

  • environmental sustainability
  • innovation
  • product certification
  • Environmental Product Declarations (EPD)
  • environmental footprints
Accesso libero

Accounting for the future: practice, Artificial Intelligence and regulation

Pubblicato online: 08 Aug 2022
Pagine: 817 - 826

Astratto

Abstract

This paper is a feed-in regulatory analysis for the ongoing EU legislation on Artificial Intelligence (AI). The main argument is that accounting was left behind by this EU proposal for regulation and its three risk categories. The future of the Artificial Intelligence Act is both inclusive (specifically addressing many activities) and exclusive (takes out from the scope of regulation certain industries and applications). Despite the rather extensive sphere of (non)application of the proposal of regulation, accounting falls in a third category of unaddressed industries. Our argument is that accounting should be taken into consideration and be included in one of the categories, according to the regulatory proposal classification. By creating a regulatory framework for accounting in AI, a certain sense of certainty can be created in the markets and in the profession. Accounting is a decision-making tool with control capacity over financial and social behaviour, due to its informing capacity and pro-cyclicity influencing value, hence being able to create risks and possible moral hazards.

Parole chiave

  • Financial reporting
  • Artificial Intelligence (AI)
  • EU Regulation
Accesso libero

Ethics in exam-supporting documents of professional accounting associations

Pubblicato online: 08 Aug 2022
Pagine: 827 - 836

Astratto

Abstract

This article aims to find out the degree to which selected professional associations across the globe publicly share their exams’ preparatory materials, whether ethics features in these materials and whether the degree of transparency and how much ethics is featured in their curricula are somehow linked to their size (and hence availability of resources).

The selection of associations includes the largest IFAC member bodies from the worlds’ most populous countries and the largest non-merged international accountancy association, ACCA for comparison as well as the Romanian accountancy body, CECCAR due to their origins. This article is part of a much wider research through which I attempt to give a 360-degree view of ethics education in the accounting profession to then reach the conclusion of whether its stakeholders feel that it is sufficient, relevant and enforceable. This will give a starting point for educators of ethics in accounting to adapt their teaching as they see fit. Already I have looked at how ethics is included in Romanian economic faculties’ curricula (through desktop-review of curricula content, interviews with professors and questionnaires with students) and will enhance this current research by further looking into how ethics is taught, examined and implemented in professional accounting associations’ Initial and Continuous Professional Development programs.

The conclusions of this research were that there was a large variation between associations in how transparently they publicly published exam preparation materials and also whether ethics was featured. The transparency and inclusion of ethics was not linked to the size of the associations.

Parole chiave

  • ethics
  • education
  • curricula
  • comparison
Accesso libero

How Traditional Financial Institutions have adapted to Artificial Intelligence, Machine Learning and FinTech?

Pubblicato online: 08 Aug 2022
Pagine: 837 - 848

Astratto

Abstract

This article analyzes the implications of the financial sector’s recent adoption of artificial intelligence (AI) and machine learning (ML). It identifies the advantages of these technologies in terms of fraud protection, cost savings, and efficiency, while also highlighting worries about conventional financial institutions’, such as banks, insurance and reinsurance institutions, and inability to compete with Fintech firms. The report contributes to the conversation about the influence of modern technology by distilling and classifying the tools deployed in established conventional institutions that resulted in continual development and simplification of internal procedures as well as client service delivery. Given the increased competition in the financial industry, Fintech businesses are critical for conventional financial institutions to stay afloat in today’s changing world. The study is directed at researchers who are still in the early phases of investigating the artificial intelligence field in the financial sector. The study reviews prior research that documents the changes occurring inside financial institutions from a global perspective as a result of Fintech and the integration of new technologies. The goals of the paper are fulfilled by (1) furthering theoretical studies on the issue, (2) increasing awareness of the financial industry’s developments, and (3) gathering proof of the influence artificial intelligence and machine learning have had so far.

Parole chiave

  • Financial services
  • Artificial intelligence
  • Machine Learning
  • Fintech
  • Banks
  • Financial institutions
  • Insurance
Accesso libero

How cloud accounting and integrated services based on AI can impact accounting companies?

Pubblicato online: 08 Aug 2022
Pagine: 849 - 858

Astratto

Abstract

Artificial intelligence solutions are not present only in big companies, but the new trend is to start changing the accounting profession also in small and medium companies. In order to shorten the period in which they will have access to artificial intelligence solutions, the artificial intelligence needs to be offered in a more accessible form. This paper represents the first step in a more in depth research about the way available resources for an organization to implement artificial intelligence solutions in their financial departments. This decision has the potential to bring fundamental changes to accounting and auditing, and in the entire financial markets. This paper explores the potential of artificial solutions adaptation in accounting, identifying the steps already taken in this field of activity which will help them to implement further changes. We investigate mainly the organizational changes brought by cloud computing and its potential for the accounting field to adapt to further technological solutions. We assessed the cloud computing’s effect on the accounting profession, and the potential role of these professions in further implementing more intelligent solutions, as well as the main advantages and disadvantages in order to understand the reasons for high interest in migration to cloud computing, especially during the COVID-19 crisis.

Parole chiave

  • cloud accounting
  • software as a service
  • artificial intelligence
  • accounting
  • finance
Accesso libero

Artificial Intelligence solutions for Romanian accounting companies

Pubblicato online: 08 Aug 2022
Pagine: 859 - 869

Astratto

Abstract

The fast availability of data coupled with technology evolution, have brought Artificial Intelligence closer to commercial use. The relevance of AI solutions for business models worldwide was underlined by the significant investments made by internet giants such as Google, Apple, Amazon, Facebook. In the highly data driven accounting and finance industry, AI represents a solution to drive better results. The level of AI applications implemented so far is not high. This study aims to highlight the drivers and inhibitors of AI adaptation in the finance and accounting industry based on interviews with experts in Artificial Intelligence in accounting and finance. First step for this study is represented by the process of understanding the current level of knowledge on the field by conducting a literature analysis. In order to structure the results a Technology - Organization - Environment framework was used. While applying Artificial Intelligence solutions the role models and process competencies are crucial. These will assure a success in the process of training algorithms to reach the quality level to operate, without any human intervention and moral concerns.

Parole chiave

  • Artificial Intelligence
  • Machine Learning
  • Intelligent Document Processing
  • Software as a Service
  • accounting companies
Accesso libero

IFRS adoption and the impact on foreign direct investment – evidence from Central and Eastern European countries

Pubblicato online: 08 Aug 2022
Pagine: 870 - 878

Astratto

Abstract

The adoption of International Financial Reporting Standards (IFRS) is supposed to improve transparency by increasing the quality and the comparability of financial information. Qualitative financial information plays an important role in describing the position of a company and its financial performance, which are relevant to the investors in the decision-making process. At European level, the appearance of Regulation no.1606/2002 stimulated the implementation process by requiring to each listed company from European capital markets to prepare consolidated financial statements in accordance with IFRS for each fiscal year beginning with 1st January 2005. The main purpose of this research is to investigate the link between foreign direct investment (FDI) in 4 countries from Central and Eastern Europe and the IFRS adoption. The FDI inflows are a key factor in the economic development of a country due to their long term commitment in the business of the host country. In the present study, net inflows of FDI were analyzed in the period of 1990-2020 based on the data collected from the World Bank website. Even if we cannot draw a direct line between IFRS implementation and the increase of FDI, we cannot fail to notice that in the years when there have been changes in the legislation on convergence to IFRS there have been significant increases in the attracted FDI.

Parole chiave

  • IAS
  • IFRS
  • FDI
  • Eastern Europe
  • emerging economies
Accesso libero

The Implementation of the International Financial Reporting Standard (IFRS 16 - “Leases”) by companies listed on the Bucharest Stock Exchange

Pubblicato online: 08 Aug 2022
Pagine: 879 - 886

Astratto

Abstract

In accordance with the provisions of the International Financial Reporting Standard IFRS 16 “Leases”, as of January 1, 2019, insurance and reinsurance companies, non-bank financial institutions, credit institutions, brokerage companies, but also companies listed on the Bucharest Stock

Exchanges which have the quality of both tenants and lessors, must present in the annual reports relevant information regarding the transactions within the leasing contracts.

The study pursued two objectives, the identification of information on the application of IFRS 16 published in the annual reports issued in the period 2020-2021, by 30 non-financial entities out of a total of 62 listed at the date of the study at BVB, and the evaluation of how leases were reported and their impact on the financial statements.

Regarding the publication of information on the application of IFRS 16, it turned out that it was heterogeneous, in various forms. Thus, only three companies published information on leases both as lessor and lessees in both reporting years (10% of the total), 14 companies specified in both reporting years about the application of the standard only as tenants (47% of the total), nine specified about the application of the standard as tenants only in the 2019 annual report (30% of the total), and four did not specify any information on its application in none of the reporting years (13% of the total).

In terms of reporting the impacting figures the expenses determined by the leasing contracts on the financial statements, seven companies presented with data and figures from the tenant position in both years (23%), 10 only for 2019 (33% ), only two for 2020 (7%), and 11 did not present any figures (37%).

Parole chiave

  • IFRS
  • non-financial entities
  • standard
  • annual reporting
  • leases
  • tenant
  • lessor
Accesso libero

The influence of telework on organizational performance: Evidence from Romania

Pubblicato online: 08 Aug 2022
Pagine: 887 - 893

Astratto

Abstract

The goal of this article is to examine the influence of telework on organizational performance. Telework is a work process that help employees do their job activities from distance or out of their work surroundings. The study’s research questions concentrated on analyzing the opinions of 30 respondents within a multinational e-commerce corporation concerning the relationship between telework and the organizational performance based on their company’s effectiveness, efficiency, relevance, and financial viability after the implementation of telework. The study disclosed that there is a relationship between the implementation of telework and the increase of organizational performance.

Parole chiave

  • telework
  • organizational performance
  • Romanian work environment
Accesso libero

Wage Rigidity and Labour Market Changes in the Context of the Pandemic – The Case of Romania

Pubblicato online: 08 Aug 2022
Pagine: 894 - 905

Astratto

Abstract

The COVID-19 pandemic has impacted all economic sectors, and the shocks have been felt strongly in the labour market. The objective of this paper is to identify the trends on the Romanian labour market, to approximate and evaluate the impact that the COVID-19 pandemic has had on the sectors of activity and, implicitly, on the employees of these sectors. In order to carry out this analysis, relevant indicators are used for the evolution of the salary and the number of employees, for the period January 2016 - October 2021. After this section, the analysis is focused on the period 2020-2021, when the entire society faced the negative effects generated by the COVID-19 pandemic. In this paper, the disproportionate impact of the crisis at the level of the labour force is highlighted, the employees working in the Manufacturing sector being the most severely affected, almost half of the jobs lost during the lockdown period being in this sector. Another sector that was strongly impacted by measures to prevent the spread of the virus is Accommodation and food service activities. However, in this case, the number of employees returned in 2021 to the value recorded in the pre-pandemic period.

Parole chiave

  • Labour market
  • employment
  • loss of jobs
  • COVID-19 pandemic
  • Romania
Accesso libero

Travel trends during the COVID-19 pandemic: a view of online travel agencies

Pubblicato online: 08 Aug 2022
Pagine: 906 - 917

Astratto

Abstract

It is widely recognized that the tourism and travel industry was among the most affected by the COVID-19 pandemic. Even in this context, the tourism sector has proven its strength to recover and adapt to the new tourist perceptions and behaviours, which have led to changes in travel patterns, resulting new travel trends. There is concern in the scientific literature for the topic of travel trends in terms of identifying them and finding solutions for tourism recovery. The research methodology of this paper is based on content analysis and the main purpose is to answer the question, what are the travel trends during the COVID-19 pandemic? The results of the research are derived from the perspective of the world’s leading online travel agencies. In this study, several travel trends were identified during the COVID-19 pandemic, the main ones being domestic travel, tourists’ preference for bookings with flexible cancellation terms, buying holidays shortly before the departure date, choosing destinations and locations where safety and health measures are valued, opting for shorter trips and moving towards more sustainable tourism. The authors consider that the contribution of this study in the field of tourism is represented by the actuality of the topic analysed.

Parole chiave

  • travel trends
  • COVID-19 pandemic
  • OTAs
  • travel patterns
  • tourism recovery
Accesso libero

Evolution of the wine market in Europe: trends and barriers in the context of the COVID-19 pandemic

Pubblicato online: 08 Aug 2022
Pagine: 918 - 932

Astratto

Abstract

Evolution of the COVID-19 pandemic has brought considerable transformations to the worldwide markets, creating an economic and sanitary crisis. Distribution channels were disrupted, affecting supply networks and business models. With restaurants and bars closed down, banned airlines and travel restrictions implemented, the economic well-being of worldwide industries got disturbed. As global decreases in alcohol trade were registered, wine market was appraised an industry worthy of being taken under consideration, with focus on its market size, incurred revenues, price evolution and degree of embracing digitalization to adapt to the ongoing restrictions imposed by the COVID-19 pandemic. The latter one referring to traditional wine tasting rooms which were banned due to the lockdown, wine industry found online wine tasting as a profitable alternative. The presented metrics were analyzed in Europe, with a high focus on region’s main wine producers: France, Spain, Italy, Germany and Portugal, but not only. Research followed an exploratory approach to determine changes under pandemic restrictions, lockdown and finally economic crisis in the selected industry, by engaging international available data and statistics. The study, therefore, formulated relevant hypothesis based on market size and registered revenues, price evolution and adoption of online wine tasting strategies. Results of the paper highlight decreases in market size and revenues of European wine market, however, on the long-term, industry revival is forecasted. Prices slightly decreased mainly for prestigious wines (AOP labelled), showing consumer budget restraints brought by the crisis. European’s wine market digitalization show differences among countries, with Germany being a leader for engaging such technologies. Our paper brings a snapshot of current trends and barriers under the COVID-19 pandemic, acting as a future basis and guidance for researchers in the field.

Parole chiave

  • COVID-19
  • Europe
  • wine-market
  • digitalization
  • price evolution
  • incurred revenues
Accesso libero

Sourcing as business model for obtaining competitive advantage

Pubblicato online: 08 Aug 2022
Pagine: 933 - 942

Astratto

Abstract

The main aim of this paper is to explore sourcing as a business model that can be used by companies for obtaining competitive advantage over their rivals in a global environment. The strategic approach of sourcing has become an important capability for firms over the last 20 years as the international competition has intensified and given also the limited internal resources. This analysis approaches the worldwide necessity of identifying strategic sourcing relationships for creating new capabilities. A developed international sourcing based on partners/ suppliers was paramount for some companies to overpass the Covid-19’s disruptions in production and supply of different products and to overcome their competitors. Although these companies were affected on short run, they showed a high shock absorption capacity and ability to recover quickly after the shock. In a nutshell, they were more resilient to external shocks, and they succeeded to overcome the difficulties through an agile business reaction. Based on available theoretical data on sourcing, this paper takes a step forward by sketching a practical guide allowing companies to understand if they need to source totally or partially their portfolio of products. Furthermore, for those companies to which the sourcing solution becomes a necessary strategic move, this paper provides a view on the process they should follow to obtain a competitive advantage.

Parole chiave

  • competitive advantage
  • strategy
  • sourcing
  • Covid-19
  • business model
Accesso libero

Learning practices as a continuum

Pubblicato online: 08 Aug 2022
Pagine: 943 - 952

Astratto

Abstract

Continuous learning culture frontlines the purpose into developing such research on learning and skills relevance and the adoption of a learning culture. Ignoring the elements of development and skill relevance in the business world, implies a full dependency on robots (which is highly unlikely, still) or a risky ignorance into sustaining a poor business strategy. Based on such business assumptions, the paper is aiming to identify the current perception of leaders towards learning practices and similarly of their direct reports, in understanding the triggering elements for consuming knowledge and maintaining the learning appetite. While the economic landscape is now shifting into developing a green economy, with green skills, this research goes into the understanding of the human behavior and development need, to generate a sustainable business. While development is a continuous act and people dependent, the effects of it are directly impacting the business deliverables. The current paper investigates the learning practices, by running a study within an organization on a large-scale operational team. The method of data collection is a set of interviews with the top management, then a larger qualitative data collection through focus groups and the third approach is deploying a survey with the most tenured employees. By understanding their perspectives and expectations, and compared with historical training attendance records, the authors proposed a set of recommendations towards developing that culture of knowledge that enables growth and in the long term the mobility of other job opportunities within the organization. The results are proposing a slight adjustment towards the learner’s needs, by addressing it with micro topics, bite size learning, for immediate applicability and a better communication strategy for content awareness, given the vast inflow of learning opportunities.

Parole chiave

  • learning culture
  • training practices
  • sustainable skills
  • business strategy
  • learning relevance
Accesso libero

A parallel between organizational leadership and leadership in university teaching in times of COVID-19

Pubblicato online: 08 Aug 2022
Pagine: 953 - 964

Astratto

Abstract

We live in a dynamic and ever-changing world. It continues to be disrupted in multifaceted ways, facing multiple challenges. As organizations step up learning how to distribute budgets and reinforce the commitment to meet continuously changing business needs, there is also an increased emphasis on strengthening the learning skills inside universities, as the parallel between private sector and teaching universities is growing at a fast pace.

The COVID-19 health crisis has gone as far as shutting down countries, putting people in vulnerable positions. In this crisis, a leader, even if we speak from a private organizational level or an academic teaching institution, must stay focused on his purpose as it is not negotiable.

The research from this article gathers information from the literature review and from the author’s experience in the private and academic sector as well. The purpose of the article is to increase awareness on the needed leadership skills in this changing times and to emphasize the strong bound that needs to be created between organizations and leadership skills inside universities, for students, as they are the next managers and for universities’ managers as they need to align to the business environment in order to offer a better structure for the next generations. As talent mobility and upskilling are currently the main focus of organizations, with this paper we are looking at several aspects on how to build the most suitable profile for the next generation of leaders. Our paper is built more on qualitative research, where we explore in depth the attributes of leadership with the aim to highlight the best frame possible for business, in this changing time, when we are expecting to approve the work from home system at a greater level and we believe that online and remote meetings are likely to become the norm, as organizational and education sector has undergone a set of major changes.

Parole chiave

  • coaching
  • leadership
  • human resources
  • performance
  • innovation
  • employee development
Accesso libero

Research upon the evolution of the preference regarding the way of working in COVID-19 crisis times

Pubblicato online: 08 Aug 2022
Pagine: 965 - 980

Astratto

Abstract

After more than two years, the Covid-19 crisis is still not over, therefore top managers and human resources professionals are investing an important amount of time in finding the right way to keep their employees safe and motivated to ensure the performance and continuity of their businesses.

Being interested in this topic, we studied in two distinct moments (beginning and end of 2021) the preferences of the managers regarding the methods that could be implemented in organizations such as working totally remote, totally from the office, or hybrid work while staying healthy, motivated and performant.

The method used for the two moments of our research was the investigation based on a questionnaire addressed to managers working in all departments, located in the entire country.

In this article, we will present the results of the research conducted at the end of 2021 and we will compare the results in the dynamics.

Essentially, the results show the fact that non-sales managers appreciate more the work at distance or hybrid work and wish to keep this facility in the long run while sales managers appreciate it less and want to work as much as possible from the office. The preference of the two categories is very much linked to their job type and their need for direct human interaction. Regardless of their preference, all managers and their teams feel motivated and involved, and on the long term, they all believe that hybrid work will lead to ensuring the motivation and performance of their teams because being from time to time in the office encourages socializing, better access to information, an option to change the environment and even to, sometimes, work easier. Listening to the voice of the employees’ remains key in taking good quality decisions.

Parole chiave

  • Covid-19 crisis
  • work from home
  • hybrid work
  • VUCA theory
Accesso libero

Person-Job Fit and Subjective Underemployment in Multinational Companies

Pubblicato online: 08 Aug 2022
Pagine: 981 - 991

Astratto

Abstract

Using a multiple regression analysis, this paper studied existing links between person-job fit and subjective underemployment. Subjective underemployment is a contemporary topic especially in multinational companies, characterized by procedures that often make employees perceive themselves as un-fit with their role. Ten hypotheses were developed in order to test what factors might impact upon subjective underemployment. Results showed that accepting a job out of necessity has got negative consequences on the employee’s perceived fit with the job. On the other hand, positive consequences have been identified for correspondence with the job: the better the skills, qualifications and personality of an employee correspond to the job, the higher the perceived fit. A positive relationship has also been found between net income and job-fit: the higher the income, the better the job fit (or, else said, the lower the perception of underemployment).

Parole chiave

  • subjective underemployment
  • perceived underemployment
  • job satisfaction
  • job fit
Accesso libero

Challenges of Purchasing Teams during the COVID-19 Global Health Crisis

Pubblicato online: 08 Aug 2022
Pagine: 992 - 1000

Astratto

Abstract

As a result of dealing with global or internal crises, the role of the purchasing function usually increases. For example, facing the pandemic health crisis, the purchasing teams were forced to act in an agile way in order to deliver the expected value within the organizations. On the other hand, there are continuous challenges for the purchasing teams, coming from the supply chain, market uncertainties, spending management, potential misalignment, or changing priorities within a company’s objectives. This paper is a qualitative study based on semi-structured interviews addressed to eight purchasing executives from the local banking organizations (in Romania). The study focuses on the challenges the purchasing teams have faced in the last period and the potential solutions that were applied to ensure continuity and success within their organizations. It was demonstrated that the complexity of the purchasing teams’ activity has been exacerbated during the health pandemic crisis and there were identified strategies for the potential future crises.

Parole chiave

  • management
  • purchasing teams
  • challenges
  • COVID-19
  • health crisis
Accesso libero

EU-Russia energy relations: problems and perspectives

Pubblicato online: 08 Aug 2022
Pagine: 1001 - 1014

Astratto

Abstract

This paper analyzes the EU-Russia energy relations in the period 2010-2022. Although in other sectors the European Union has a competitive advantage, in this area the vulnerability of the EU to Russia is fully felt. The gas crises (2006 and 2009) and the conflict in Ukraine (2014 and 2022) highlighted the European Union’s over-reliance on Russian energy resources. The escalation of the conflict in February 2022 has created a state of uncertainty about the evolution of the energy cooperation between the EU and Russia. The aim of this research is to identify and assess the impact of sanctions and counter-sanctions on trade in the energy sector between the EU and the Russian Federation, as well as the problems and prospects of EU-Russia energy relations. In order to achieve the proposed objectives, this paper is the result of a mixed research design, based on a quantitative and a qualitative component, respectively. The topicality of the debate on EU-Russia energy relations is reflected in the field of scientific investigation through a significant literature. Official documents of the European Commission and the European Parliament, academic articles and studies conducted by various prestigious think-tanks were analysed. Also, the research is based on data published by Eurostat and International Energy Agency.

Parole chiave

  • European Union
  • Russian Federation
  • energy
  • restrictive measures
  • natural gas
  • oil
Accesso libero

Economic and social cohesion in the European Union: rhetoric and reality

Pubblicato online: 08 Aug 2022
Pagine: 1015 - 1026

Astratto

Abstract

Analysts have many arguments to underline that the European integration project, which celebrates in March 2022 65 years from the signing of the Treaties of Rome, has passed the test of time, proving its capacity to fulfill many of its strategic goals. However, in spite of the numerous achievements, one of the objectives that has been only partially accomplished aims the economic, social and territorial cohesion. The aim of this paper is to study the convergence patterns in the European Union between 1995 and 2020, taking into consideration the economic and social dimensions. In this respect, we have tried to determine if the European Union can assure prosperity, as reflected by GDP per capita and also to enhance the citizens’ welfare, as shown by households’ consumption expenditure and actual individual consumption per capita. To compare the main trends in this respect for the period 1995-2020, we have used β- convergence, while the degree of economic and social homogeneity in the European Union was examined by σ-convergence. Estimating cross-sectional regressions, we have found evidence in favor of β- convergence, as the initially less developed Members experienced higher GDP per capita growth rates than the developed ones. The hypothesis is also confirmed for the social indicators, illustrating that the citizens’ wellbeing has improved with a higher pace in the Central and Eastern group compared to the wealthy Western Europe. By determining σ-convergence based on the coefficient of variation, we have illustrated that income and wellbeing divergences generally had a downward trend between 1995 and 2019. However, the Covid-19 pandemic reversed the favorable trend and determined an increase of gaps, mainly in terms of GDP per capita.

Parole chiave

  • European Union
  • economic and social cohesion
  • β-convergence
  • σ-convergence
  • COVID-19 pandemic
Accesso libero

Are foreign direct investments a robust factor for sustainable development?

Pubblicato online: 08 Aug 2022
Pagine: 1027 - 1037

Astratto

Abstract

Sustainable development has seen a world in globalization, but the latest major financial crisis has caused the withdrawal of much capital to countries of origin, so that more and more specialists recognize a certain process of deglobalization that is accelerated by Industry 4.0. The industry is reconfiguring and migrating from the Asian world to its countries of origin, producing modern, innovative and environmentally friendly technologies. Meanwhile, experts around the world are concerned with formulating economic theories and models that allow predictability, given that they are far behind as a result of the rapid pace of change in the global economy. Disruptive factors have emerged, while the deciding factor is looking for appropriate levers to continue to achieve sustainable development goals. Based on these premises, current analysis proposes to deepen the link between foreign direct investment and gross national income. The current analysis aims to highlight the close causal link that continues to exist between financial factor and sustainable development. This is an element of vulnerability, even for less developed countries as Romania. In the absence of other sources of funding and adequate measures from the decision-maker, the exploitation of resources and the implementation of activities in strategic sectors will continue to depend largely on the decisions taken by multinational companies, to the detriment of sustainable development objectives that the host country it has.

Parole chiave

  • sustainable development
  • globalization
  • foreign direct investments
  • gross national income
  • deciding factor
  • investment factor
Accesso libero

The Need of Venture Capital Investors in Life Sciences Clusters: a Comparison between Romania and Germany

Pubblicato online: 08 Aug 2022
Pagine: 1038 - 1046

Astratto

Abstract

This article aims to investigate the role of investors in the development of clusters. Previous studies validated that investors are an essential category of actors for the clustered companies, alongside the specialized suppliers, sophisticated buyers, regulatory authorities, or education institutions. Although most previous studies have focused on understanding the mechanisms of such structures and subsequent recommendations, the topic of financing opportunities was neglected. Therefore, based on the previous successful experience of other clusters, the question raised is whether venture capital can help clustered companies. For such an investigation, two countries were analyzed as case studies, based on the venture capital invested in the last years. Life sciences have been selected due to the larger need for funding the research and development activities, compared with other industries. As expected, the development of analyzed clusters was influenced by the availability of local resources; but in the case of Germany, the need of private investors has been confirmed by the local authorities since the first cluster policy.

Parole chiave

  • clusters
  • venture capital
  • life sciences
  • agglomerations
  • cluster policies
Accesso libero

Encouraging business innovation – how is this reflected in top 10 international automakers

Pubblicato online: 08 Aug 2022
Pagine: 1047 - 1059

Astratto

Abstract

The theoretical concept of innovative work behavior (IWB) has achieved substantial consideration from academicians across the globe starting with the second half of the last century. More recent, for about three decades, researchers have become concerned with more concrete organizational implications towards the innovative work behavior. Therefore, they directed their attention to organizational factors that might influence innovative behavior and to the relationship between multiple organizational aspects and innovative work behavior. Employees’ behavior at work is a key component for organizational success. Consequently, employees’ innovative spirit plays a critical role in the performance of their companies. The current paper has two purposes. First, to do a key literature review on innovative work behavior as part of the general concept of innovation by highlighting the theoretical aspects from international literature. Second, to present an analysis on the topic of innovation for the top 10 multinational companies in automobile industry taking into consideration three components: the mission statement, core values and dedicated innovation section declared on their official global websites.

Parole chiave

  • innovation
  • creativity
  • innovative work behavior
  • multinational companies
  • automakers
  • mission statement
  • core values
Accesso libero

Customer relationship management in the international context – theoretical and practical considerations

Pubblicato online: 08 Aug 2022
Pagine: 1060 - 1072

Astratto

Abstract

The customer relationship strategy as part of the general business strategy is focused on the interest for the clients, having as a main objective the strengthening of the long-term relationship between the companies and the clients. The essence of the Customer Relationship Management (CRM) dwells in preserving long-term partnerships, bringing added value within the business relation and delivering customised propositions to individual clients. By providing personalised products or services the company gets near the need of the client, thus making it a key customer. The bridge between the company and the key client is based on a cross-functional process through which the customer relationship management strategy is implemented. Therefore, the customer orientation becomes an impactful factor in the implementation process. Having a positive relationship with key customers and a better understanding of their needs and activity leads to clarity in the development of the customer relationship management strategy. This principle is worldwide accepted, regardless of industry in which operates the organization. The purpose of this paper is to do a key literature review on customer relationship management by enlightening both the theoretical aspects researched by academicians all over the world and empirical studies applied in international organizations. In addition, the applicative section of this paper consists in a comparison of customer relationship management dimensions’ level of implementation in two multinational companies (MNC) from different industries within fast moving consumer goods (FMCG) sector.

Parole chiave

  • Customer Relationship Management
  • multinational companies
  • CRM dimensions
  • long-term relationship
  • key customers
Accesso libero

Macro-economic evolutions during the COVID-19 health crisis – large versus small European countries

Pubblicato online: 08 Aug 2022
Pagine: 1073 - 1086

Astratto

Abstract

The COVID-19 crisis affected the global economy at unprecedented and unexpected levels. Practitioners and researchers are concerned about the economic consequences of the crisis and analyses of the economic impacts of the health crisis are required. The present paper had as main objective to analyze the economic evolution of European countries during the main years of the COVID-19 pandemics, respectively 2020 and 2021. The methodology used is based on descriptive statistics for a few macroeconomic indicators and for the evolution of the COVID-19 cases and also on statistics based on correlation between these indicators. The European countries were categorized in four groups according to geographical region and size and a few countries were selected for analysis from each group. The research revealed that the impact of the COVID-19 outbreak was large in all analyzed economies in respect to GDP evolution. Inflation seemed to be highly affected by the COVID-19 outbreak, both in terms of evolution of the indicator with increases in all countries, but also in terms of correlation with the number of COVID-19 cases in the case of Western European countries. CEE countries were more affected by the COVID-19 crisis in terms of inflation, compared to Western European countries.

Parole chiave

  • COVID-19 crisis
  • economic impact
  • European countries
Accesso libero

Development of digitization services in the context of the COVID-19 pandemic a solution for Smart City. Case study: Romania

Pubblicato online: 08 Aug 2022
Pagine: 1087 - 1100

Astratto

Abstract

The COVID-19 pandemic has led to the globalization of services worldwide, due to restrictions that have been imposed for a certain period. In this context, the digitization of services, both in rural and urban areas, contributes to the development of Smart City and its integration into communities. Romania is a country that does not have digitized services, which are under development, but the COVID-19 pandemic has created a forced “opportunity” to accelerate this process. Also, the areas that had digitization projects, being integrated in Smart City projects, were advantaged during the period of restrictions during the state of emergency in 2020 or the state of alert from 2020 to 2022. The digitization of services depends on several factors such as infrastructure and internet connectivity. At European level it is the DESI index (index of the digital economy and society) which highlights digital competitiveness in the Member States of the European Union, the main areas of analysis being human capital, broadband connectivity, integration of digital technologies by businesses and digital public services. This study will focus on the development of digital public services between 2020 and 2021 and will see if they have been affected by the coronavirus pandemic. The indicators analyzed will be “people who use the Internet to interact with public authorities”, “level of Internet access of households”, “households with broadband access”. The paper will highlight the state of digitalization of public services in Romania and how these services are ranked in the European context.

Parole chiave

  • connectivity
  • Digital Economy and Society Index (DESI)
  • services
  • Smart City
  • Romania
Accesso libero

The role of central banks in supporting climate change efforts

Pubblicato online: 08 Aug 2022
Pagine: 1101 - 1110

Astratto

Abstract

The paper uses qualitative research to provide a brief overview of the role that central banks can or should play in supporting the efforts to mitigate the effects of climate change, a topic that is currently under intense public scrutiny. In terms of their mandate, independence and responsibility, an implicit mandate regarding climate change objectives seems to be a safer option, as an explicit one would charge the central banks with an objective that they might not be well equipped to achieve. In terms of what central banks can do, the potential actions were separated according to monetary policies (quantitative easing and a reconsideration of the collateral that central banks accept in their operations, with a focus on green assets) and regulatory approaches (measures taken under the current Basel 3 regulatory framework, according to the three Pillars). Overall, it is showed that central banks can and very likely will have to play a role in these efforts, as the case studies included in the paper also hint. In particular, one main area for future research will be the options to adapt the regulatory framework to better support the efforts to mitigate climate change effects (macroprudential tools, different treatments of exposures according to their classifications as green or not etc.). Nevertheless, it is important to acknowledge that the bulk of the measures needed to achieve the desired climate change objectives will rest upon Governments, with the central banks’ actions being a complement to these measures, not a substitute of them.

Parole chiave

  • climate change
  • central banks
  • mandate
  • policy measures
  • independence
Accesso libero

The connection between quality strategies and sustainable growth in the automotive industry

Pubblicato online: 08 Aug 2022
Pagine: 1111 - 1121

Astratto

Abstract

Increasingly sophisticated consumer requirements, as well as the constraints imposed by environmental policies around the world, are driving car manufacturers to find new ways and adopt various strategies to compete and attract consumers. The car market has grown steadily in recent decades, except in 2020 when it saw dramatic declines. The need for motor vehicles is undeniable in the economy, bringing many benefits (transport of goods and people, jobs, education), but their manufacture, marketing and use also brings a number of environmental problems (pollution, excessive consumption of water and energy, traffic congestion, increasing the number of serious accidents and at the same time increasing the costs of caring for people with temporary incapacity for work). To improve this, manufacturers in the automotive industry need to implement new strategies to help them meet the demands of society and the needs of consumers, but also to meet competition. Although the literature provides information on strategies and measures that have been taken in the automotive industry to improve the quality of products and processes, the authors have not found any studies on the quality strategies implemented. In order to highlight these strategies and how consumers perceive their implementation, the authors conducted an exploratory research and a quantitative marketing research. The results of the research showed that Romanians want to help a sustainable development, but when they choose a car they are guided by the reputation of the brand and price, not by the degree of pollution of the car or the type of engine.

Parole chiave

  • quality strategies
  • sustainable growth
  • automotive industry
  • marketing research
  • competition
Accesso libero

Raw Material Market Disruptions During COVID-19: How Agility Can Create a Competitive Advantage?

Pubblicato online: 08 Aug 2022
Pagine: 1122 - 1132

Astratto

Abstract

This paper’s objective is to present a comprehensive view on the evolution of main raw materials used by European manufacturers from technical and construction fields (ferrous metals, non-ferrous, polymers and timber) over the last 2 years described by high volatility. This topic is particularly relevant nowadays since raw materials shortages put the ongoing economic recovery under pressure. The value added of this analysis consists in a clear picture of the disruptions triggered by the ongoing sanitary crisis on construction raw materials market since spring 2020. For companies, raw materials control is a mandatory purpose to keep under control direct cost of production and stay competitive. Obviously, all manufactures were affected by this market volatility but some of them have been more resilient to shocks and managed to perform better than others. Therefore, they obtained a competitive advantage based on their agility on sourcing and controlling the supply of their main raw materials. Besides capturing the trends of main raw materials on the European market, this paper includes a practical guideline that might be considered by decision makers to tame the impact of raw materials volatility on their performance and help them to boost their resilience and agility to obtain a competitive advantage.

Parole chiave

  • raw materials
  • agility
  • COVID-19
  • competitive advantage
  • strategy
Accesso libero

Public policies and the business environment, factors that condition Romania’s transition to green energy. Case study: cogeneration plants.

Pubblicato online: 08 Aug 2022
Pagine: 1133 - 1144

Astratto

Abstract

Combating the effects of climate change, energy security and providing the resources we need for life is the greatest trilemma of our times. This conflict could also be resolved through the transition to renewable energy and the implementation of the latest technologies that contribute to the efficiency of resource consumption and the minimization of losses. In this context, the adoption of cogeneration, trigeneration and cogeneration systems, based on renewable sources, intensely promoted in recent years, are solutions that can successfully contribute to achieving the green goals. However, such an approach depends very much on the quality of public policies and the way in which the business environment reacts, being important factors that can condition the pace and succession of the transition to the ecological future. From this point of view, Romania has not made significant progress. Although it has set up a state aid scheme under which it has provided financial support to high-efficiency cogeneration systems, the amount of electricity produced by the beneficiaries of this scheme has fallen by more than 35% in the last 8 years. Moreover, from a technical point of view, these plants remained at the level of the years 1960-1970, oversized and with a high fuel consumption. Based on this reality, the current study aimed at conducting several analyses to justify the causes for which the targeted objectives were not achieved. The results indicate that there is no causal link between the financial support provided and the amount of electricity produced by cogeneration systems, that could be explained by the lack of a common denominator between public and private initiatives.

Parole chiave

  • energy security
  • renewable resources
  • climate change
  • public policy
  • sustainable development
Accesso libero

Energy transition on the horizon: Highlights and lowlights within the power energy sector for supply chains decarbonization

Pubblicato online: 08 Aug 2022
Pagine: 1145 - 1158

Astratto

Abstract

We live demanding times and after two pandemic years the energy prices are rising worldwide. The world is hungry for energy and climate change calls for lower emissions. The major power energy sector challenges are the increased energy demand due to industrial activity, climate change, demographic pressures, and urbanization trends, including pandemic. The companies need efficient and reliable energy and decarbonization technologies to succeed. Industries and power generation companies had to take on many challenges while running their business operations. However, the process of decarbonization takes time and includes the energy transition away from conventional fuels, from coal to gas and then to hybrid systems with renewables and cleaner fuels, such as hydrogen. The aim of this paper is to set a basis to pinpoint the subject of “Supply chains Decarbonization” within the Power energy sector as one of the tough challenges yet to come. The main objective of this article research is to provide a critical review of the commitments for decarbonization of supply-chains with focus on the power energy sector, based on international business experts and research articles. The methodologies used for this research is based on very recent research papers and studies review of major consulting groups, publishers, and energy sustainability councils. Pros and cons hypotheses are being organized as Highlights/ Lowlights over long or short run, in the conjecture of various consulting experts. The findings reveal that consulting groups express concerns and attention for the risks, some of the risks could be significant, results are less to be noted in the short run, but the results and the achievements are to be considered in the longer period. Google trend shows that the syntagms of “decarbonization” and “energy transition” are well known and searched.

Parole chiave

  • Decarbonization
  • Supply chains
  • Power Energy
  • Climate change
  • Scope 3
Accesso libero

Analysis on the sustainability of different low CO2 emission Hydrogen production technologies for transition towards a ‘zero emission’ economy

Pubblicato online: 08 Aug 2022
Pagine: 1159 - 1167

Astratto

Abstract

World primary energy consumption reached 14,2 mil. tons of oil equivalent. More than 81.7% of this energy was generated from fossil fuels as primary energy source while 74.5% of the electrical energy was generated from fossil fuels. Energy transition towards zero impact from CO2 emission requires a major shift in the energy mix of the primary sources, decarbonization of the electricity generation, and the use of Hydrogen as the alternative low CO2 emission solution for the high temperature industrial process. Low CO2 Hydrogen could be produced using the conventional technologies (steam methane reform i.e.) with Carbon Capture and Storage, from renewable energy sources through water electrolysis or from biogas / biomass. At this moment none of the low CO2 Hydrogen technologies is competitive, as natural gas-based Hydrogen is around 1.5 EUR/kg while renewable based Hydrogen is in the range of 2.5-5.5 EUR/kg. From the sustainability point of view, besides the production cost issue, the whole life cycle emissions need to be considered. The main goal of this article is to assess different low CO2 emission Hydrogen production technologies by analyzing the CO2 emission along the value chain, together with a sensitive analysis on the main cost drivers, evaluating the impact on upstream and downstream economic sectors, based on case study methodology. This article provides the basis for selecting the most sustainable technology, the prerequisites for an energy transition towards a hydrogen-based economy and highlights the critical links between a Low CO2 Hydrogen transition strategy and other energy strategies. The results suggest that access to low-cost renewable electricity will be the most important factor in driving the production cost down, a decentralized onsite production will further reduce the losses and wind based renewable energy is having the lowest CO2 emission across the entire life cycle.

Parole chiave

  • green hydrogen
  • renewables
  • low CO2 emission hydrogen
  • energy transition
  • sustainability
  • zero-emission economy
Accesso libero

The transition to a “Green Economy” – a challenge and a solution for the economy

Pubblicato online: 08 Aug 2022
Pagine: 1168 - 1177

Astratto

Abstract

In the context of the multiple economic crises, the degradation of the quality of life in correlation with the environment are intensely debated topics in the current international policy. Thus, the concept of “Green Economy” was developed as an answer and as a solution to these pressing problems. The development of this concept has taken into account an economic revolution by integrating the environmental factors that will have to be taken into account in any political decision, in a joint international effort. By implementing this concept, the previous term “sustainable economy” will be developed through economic policies that make the economy more efficient, taking full account of climate change, the health and wellbeing of the population in the medium and long term.

This study follows an overview of the concept of “Green Economy” and how it could be integrated into the Romanian context.

Parole chiave

  • green economy
  • economic growth
  • biodiversity
  • ecosystem
  • climate change
Accesso libero

A Framework for Assessing the Readiness and Vulnerability of the Romanian Territories Affected by the Just Transition Process

Pubblicato online: 08 Aug 2022
Pagine: 1178 - 1187

Astratto

Abstract

The paper consists of an exploratory study which seeks to build a multi-criteria index to assess the vulnerability and the readiness of regions affected by the energy transition, based on data collected from six Romanian affected regions (Dolj, Gorj, Hunedoara, Mureș, Galați and Prahova). Literature points out both the distributional and the procedural dimension of the just energy transition process, emphasizing that the current energy transition process is distinct from previous ones due to the complex actors constellation and to the policy planning behind it. The current research is a first attempt to use various socio-economic and demographic indicators towards developing composite indexes that allow for a better understanding of the just transition processes across Europe, testing enablers and disablers of a successful transition process. The exploratory study examines two premises: that coal regions are more vulnerable than emissionsintensive regions which are not relying on coal and that the readiness of regions to embark on a transition process is directly proportional to their average GDP/ capita. I use several indicators as proxies to assess the vulnerability level (unemployment, GDP/ capita, the average monthly salary, the technological intensity of the local economies, the share of the workforce employed in industry) and others to assess the readiness level (the share of employees in transition-affected large enterprises in the total share of employees, the level of interest and engagement of local stakeholders, EU funds absorption capacity at local level). Data analysis shows surprisingly high variance of the same indicator between affected regions and unexpected correlations, such as a negative correlation between regional wealth and local authorities’ capacity to attract EU funds. It also underlines the need for a larger number of cases and more indicators in the index, to make the results statistically significant and to compensate for the high variance among indicators.

Parole chiave

  • energy transition
  • just transition
  • multicriteria index
  • Romania
  • coal regions
  • local economic development
Accesso libero

Brands that put the planet first: an analysis on how to be considered the most environmentally sustainable business in Europe

Pubblicato online: 08 Aug 2022
Pagine: 1188 - 1197

Astratto

Abstract

Even if it seems that some goods (e.g. oil and gas) are infinite, they are not, and their usage can irreversibly damage our planet. Exploiting the planet’s resources means fighting against global warming and carbon emissions. Therefore, we are constrained to find better, more sustainable ways of life through eco-friendly brands and companies. Environmentally sustainable businesses are gaining a powerful reputation for their commitment to the environment and their ability to inspire sustainable practices.

Companies are discovering sustainable strategies that give them the power to grow and the opportunities to scale marketplaces.

Becoming an eco-friendly company means reducing the pressure of law, diminishing costs of utilities (energy or workspaces), and cultivating a credible business image. 90% of CEOs believe that sustainability is essential for businesses’ market growth. Moreover, a company’s longevity highly depends on how employees engage in Corporate Social Responsibility (CSR) strategies and actions. Today, companies must adopt sustainable views and evaluate products or services. Hence, also publications and sustainability reports are crucial to ensure end-to-end transparency. A sustainable company requires attention, awareness, debate, and research in the environmental, economic, and social fields. Moreover, sustainable businesses are related to ethics and ESG (Environmental, Social, and Governance) issues by maintaining and reinforcing a positive image, credibility, and reputation within the environment. The main contribution of this paper lies in the study of literature reviews of peer-reviewed scientific journals, in the analysis of the available data, and in the formulation of a framework designed for bringing a structured view for sustainable companies.

Parole chiave

  • Sustainable Development
  • CSR
  • ISO
  • KPIs
  • GRI
  • ESG
  • ERP
Accesso libero

The new era of advanced biofuels in the face of regulatory uncertainty and investment needed for production

Pubblicato online: 08 Aug 2022
Pagine: 1198 - 1204

Astratto

Abstract

At this moment, environmental protection is the subject of almost daily debate, both in European and global forums. The most important thing is to find ways for countries to limit their carbon footprint as quickly as possible. Moreover, it should also be borne in mind that it is not desired that these options affect the daily life of individuals. These variants must be in line with the standards of living and needs that society has now. Ideally, this transition between the current options and the future options should be as seamless as possible so as not to create resistance to change in society. The transition to the new sustainable options should be phased in over a longer period, although the situation calls for rapid change with a major impact. The situation becomes even more challenging as the COVID-19 pandemic has brought major changes for companies around the world in the last two years. Not all governments have managed this crisis as well, and this uncertainty is now being reflected in investments in most sectors. Investment in new technologies, as far as the fuel industry is concerned, has been in question because of the uncertainty and rapid changes that society has experienced. This article is intended to highlight the major importance that these advanced biofuels can have for the environment, as well as the long-term sustainability they offer. The methodology of the paper is based on studies and indicators. For example, the company Clariant, as its contribution is well highlighted by the business direction it has towards biofuel technologies. In terms of literature, the subject is quite popular, but articles and papers are limited in number.

Parole chiave

  • advanced biofuels
  • biogas
  • investments
  • production
  • environment protection
  • renewable sources
Accesso libero

Radioactive waste management: Societal challenges in the era of green nuclear energy

Pubblicato online: 08 Aug 2022
Pagine: 1205 - 1218

Astratto

Abstract

Recently, there have been international debates over the idea of labeling nuclear power plants as a green investment. To be considered sustainable, to get a green investment label and to contribute to green growth, nuclear energy should be based on clear plans regarding safe disposal of radioactive waste. Final disposal of radioactive waste is witness to many disputes, one of the most important being that of public acceptance.

Society represents a critical and a decisive stage in the process of radioactive waste management. Management and disposal process of radioactive waste requires community confidence and acceptance. The socio-political context must be addressed continuously through stakeholder commitment and public concerns. The final stage of radioactive waste management is especially characterized by population involvement, stakeholder availability, and mutual dialog.

The objective of this study is based on finding the relationship between the location of a radioactive waste disposal facility (RWDF) and the perception of the population regarding various aspects related to nuclear energy and radioactive waste. A series of questions in the form of a questionnaire were used for data collection. A total of 200 valid questionnaires were used for this analysis. The study was focused on the Romanian population following a homogenous distribution throughout the country. Therefore, to better understand the issue, the paper investigates the correlation between the location of a radioactive waste disposal facility and a variety of factors, such as: attitude, perceived benefits, perceived risks, overall knowledge and perceived costs. Spearman rank correlation was used for data analysis. Bringing together theoretical information about nuclear energy and radioactive waste and the empirical data collected at the national level, this research study showed that the acceptance of a radioactive waste disposal facility is much stronger if the population is in favor of nuclear energy. As well, perceived risks create major concerns throughout the population and influence the location of a radioactive waste disposal facility. Cost aspects are controversial and create disagreements in relation with radioactive waste management options.

That being said, this study brings value to the nuclear field by emphasizing the important societal factors which influence the location of a radioactive waste disposal facility in the green energy era.

Parole chiave

  • radioactive waste
  • green energy
  • disposal
  • population perception
  • sustainable development
  • nuclear energy
Accesso libero

DR and Aggregators status in CSE Europe

Pubblicato online: 08 Aug 2022
Pagine: 1219 - 1236

Astratto

Abstract

Global warming is one of the biggest challenges of our times. This phenomenon is largely due to the emissions coming from the burning of polluting fossil fuels in the process of electricity generation. In 2019 generation of electricity and heat, together with transportation accounted for more than two thirds of total emissions from fuel combustion. In addition, these sectors were mainly responsible for most of the global growth since 2010. According to the EU’s green vision, Member States have to decrease their CO2 emissions by 55% until 2030, compared to levels from 1990 and by 2050 they have to become carbon neutral. In recent years we could observe positive trends in the increase of green energy generation. The only issue is that by phasing out dispatchable polluting generation and adding non-dispatchable generation units to the electricity grids more demand flexibility is needed. Low-cost solutions to generate the mandatory flexibility necessary for system stability and reliability are Demand Response (DR) programs. The implementation of DR programs usually is made via a new market participant and new service provider entitled aggregators. Aggregators’ main role is to manage directly or indirectly end consumers’ electricity consumption flexibility. Electricity consumers can obtain incentives or can pay less for their electricity bills if they agree to shift or curtail their electricity consumption. In order to promote DR programs, as well as to increase the contribution of aggregators, the EU supports these programs through Directives. Energy Efficiency Directive 2012/27/EU encourages implementation of DR in energy markets, while Directive (EU) 2019/944 defines the independent aggregator. Further, to support these programs, a large-scale smart metre rollout is going on in EU countries. The objective of current research is to analyse the implementation level of DR in Central and South East (CSE) Europe, as well as to provide a comparative analysis in regards of smart metres rollout in developed countries versus those under development. In order to test the hypothesis, during the research the author used qualitative analysis methods such as comparative studies, desk research and case studies. The novelty of this research consists in the presentation of DR programs and aggregators development together with current state in CSE Europe.

Parole chiave

  • demand response
  • aggregators
  • smart metre
  • green energy
  • EU Directives
Accesso libero

The role of Power Purchase Agreements for the promotion of green energy and the transition to a zero carbon economy

Pubblicato online: 08 Aug 2022
Pagine: 1237 - 1245

Astratto

Abstract

There are many debates regarding Power Purchase Agreements (PPAs), but there are only few studies that are analyzing the real role of PPA in promoting green energy and for the achievement of new climate targets. Although the demand for these types of contracts is increasing, the energy market at this moment is not very well developed and from this point of view there are just a few energy actors which actually succeed in closing such an agreement. The goal of this research is to identify and analyze the main factors which contribute to the development of PPA as a tool for promoting green energy and enable the transition to a zero carbon economy. For this research there are used questionnaires and interviews with experts from all of the parties involved in such a contract: producers, consumers, financial experts and energy experts. The article reduces the gap between the declaration of different stakeholders related to PPA and their involvement in the implementation and development of these contracts and estimates the main contributions of these contracts to the promotion of green energy and the transition to a zero net carbon economy. The results suggest that PPA play a major role in the renewable energy market and they will have a positive impact in what it means the consumption and transition to green energy and the achievement of climate neutrality.

Parole chiave

  • Power Purchase Agreement
  • Renewable Energy
  • Green Energy
  • Zero Carbon Economy
  • Climate Neutrality
Accesso libero

Prerequisites of a blockchain-oriented technique to assure a digital management of products recall caused by notified issues in food industry

Pubblicato online: 08 Aug 2022
Pagine: 1246 - 1258

Astratto

Abstract

Today’s life is carried out under the technology umbrella and this is reflected in every aspect of daily activities, from conversations with friends, preparing meals, shopping to professional experiences. As technology advances and white-collar interests move more and more under its auspices, some of the essentials remain stuck in the routine, being slowed down by the simple fact that they are marked by certain unrevised procedures. So, in order to allow evolution in all aspects of life, the idea of identifying solutions, analyzing technological innovations and balancing the impact of digitalization in each area delayed by outdated principles is emerging. Blockchain-based solutions proved effective in a large spectrum of social and economic fields, providing ingenious approaches for up to date stringent issues. One particular area where blockchain can facilitate a significant improvement is represented by product recall. Within a global economy with supply chains extended over multiple continents, a digitalized shopping environment where customers use dedicated applications for scanning client codes and receiving electronic receipts could eliminate dead times between the moment of identifying risky products that have been for sale and the moment of warning customers to act accordingly. But before being able to benefit from a fully integrated blockchain solution for commerce, the first steps are to redirect activities towards automation and digitization by preparing the necessary prerequisites and initiating actions to change the consumer’s perception of essential activities technologicalization, as the conducted study reflects the idea that, although many people are oriented towards change, some seem reluctant.

Parole chiave

  • technology
  • supply chains
  • product recall
  • industry
  • digitalization
  • blockchain
Accesso libero

Cyber Ranges Implementation Methodology

Pubblicato online: 08 Aug 2022
Pagine: 1259 - 1269

Astratto

Abstract

Cyber Ranges represent complex, multi-component informatic systems, mainly used in the cyber security field. This domain is not the only operational scope of the Cyber Range concept. The applicability of this kind of system presents great benefits in domains like education, research, military etc. The entire scope of Cyber Range systems may be classified into three main categories: training and simulation, research and e-learning. The complexity of a Cyber Range system involves a time and financial consuming implementation. Depending on the area of operation, implementation may vary because each domain involves specific components. As a result, there must be steps prior to implementation in which the whole set of required pieces must be determined precisely. The existence of an implementation methodology may increase the performance and decrease the implementation costs - in the manner of time and financial resources. This paper aims to lay the foundations of a methodology for implementing cyber range systems in the main fields (training and simulation, research and e-learning). Starting from this methodology, detailed configuration and implementation procedures can be developed in each branch of each field.

Parole chiave

  • Cyber Range
  • methodology
  • virtualization
  • e-learning
  • training and simulation
  • cyber security
  • network simulation
  • network emulation
Accesso libero

Value Creation and Change Management in Digital Transformations

Pubblicato online: 08 Aug 2022
Pagine: 1270 - 1282

Astratto

Abstract

The premise of this paper is that Digital Transformation is the most recent and probably the most powerful toolbox in the effort to create value in a company. Digital Transformation is about changing the operating models of companies and consequently the way these companies create and deliver value to their stakeholders. The indexed literature (in total 6427 items in the Web of Science database on January 31st, 2022) studying the Digital Transformation phenomenon is dominated by the computer sciences and information systems perspective. Therefore, this paper proposes a slightly different and thus new paradigm using the lenses of value creation and change management linking it this way to the strategic management of the company. The purpose of the digital transformation should be value creation and because it is a profound transformation process it is subject to the change management process principles. Through the use of text mining and visual mapping conducted with the help of VOSviewer software version 1.6.17, this paper illustrates the conceptual map of the digital transformation literature and its links to value creation and change management.

Parole chiave

  • digital transformation
  • change management
  • value creation
  • strategic management
Accesso libero

Process Optimization Models Using Artificial Intelligence and Digital Transformation of The Insurance Industry

Pubblicato online: 08 Aug 2022
Pagine: 1283 - 1294

Astratto

Abstract

In recent years, there have been fundamental changes worldwide in the field of the business models, in the way these create value and compete, and in the field of services supplied to customers, which have been driven by the way technology is used to interact with them all. All these changes must be supported by the appropriate strategy, a scalable infrastructure and modern technology capable of delivering: target achievement, resilience, scalability, security, information privacy and technological innovation. The insurance industry pioneer’s adaptability to new technologies, considering its clear benefits in terms of improving customer service, mitigating risk and last but not least, increasing the profitability of the business itself. This study aims to analyze how the company which manages the mandatory home insurance system in Romania, Romanian Insurance Pool Against Natural Disaster – PAID S.A has been integrated in this process of digital transformation and to present the circumstances in which the solutions were developed and implemented as well as the effects generated by them.

Parole chiave

  • Digitalization
  • Insurance
  • Artificial Intelligence
  • Marketing Digital
  • Fintech Innovations
  • PAID
Accesso libero

The digitalization of supply chain management in Romanian companies: an introductive research

Pubblicato online: 08 Aug 2022
Pagine: 1295 - 1305

Astratto

Abstract

This study aims to identify from supply chain professionals employed in different Romanian companies from various industries what the digitalization status of the supply chain is. Companies, with regard to their size and industry, are not fully digitalized and this is because their focus usually lays on their main activity line and less on the rest of the processes involving supply chain management. Digitalization is adopted differently and most companies face different problems in adopting and implementing new technology. Based on a semi-structured interview with in-depth questions, this paper investigates the digitalization status of selected firms’ supply chain management systems. Results aim to understand the future trends in the supply chain in Romania and identify some best practices with practical relevance for managers. The interviewed managers managed to bring up the digitalization state of their companies supply chain practices, what are the main barriers they need to overcome to remain competitive and also how they manage change within the employees ranks. The study identified within different industries that supply chain practices are partially digitalized and require constant development and improvement. Based on the discussions revealed by our study, professionals and academics can further explore what the implementation of cutting edge or disruptive technology involves for supply chain management in the broad context of digital transformation.

Parole chiave

  • digitalization
  • artificial intelligence
  • ERP (enterprise resource planification)
  • automation
  • supply chain management
Accesso libero

Virtual Versus Face-to-Face meetings: A study Regarding the Perceptions of the Romanian Managers during and after the COVID-19 Pandemic

Pubblicato online: 08 Aug 2022
Pagine: 1306 - 1315

Astratto

Abstract

The new coronavirus disease was first observed in December 2019 in Wuhan, China. A couple of months later it was recognized by the World Health Organization (WHO) as SARS CoV-2 and nominally named COVID-19 (European Council, 2021). In just a few months, the COVID-19 pandemic has forced individuals all over the world to adapt their behavior, both personally and professionally, social distance becoming a necessity by reducing the spread of the virus (Tang, et al., 2020). These restrictions have resulted in a dramatic increase in the use of technology for remote meetings, including video conferencing tools. And although this process was happening in a mostly unfamiliar environment, due to its necessity and one’s incapacity of replacing face-to-face interactions with anything else it has become a day-to-day activity in a matter of weeks. Although there are some particularities as a result of cultural diversity, in Romania the adoption of such tools was in line with what was happening all over the world, although because of the decreased level of digitalization in public administration it was more difficult for some part of the society to adapt. The present study has the objective to reveal what Romanian managers think about virtual conferences versus face-to-face conferences, taking into consideration the period before the COVID-19 pandemic (until March 2020), but also the pandemic period (from March 2020 until January 2022). Data has been collected using in depth interviews with Romanian managers who worked before and during the COVID-19 pandemic. The results show that there was a change in one’s behavior when having to use only virtual conferences tools, becoming more aware of their time and in general making the most out of it by having a clear agenda for almost all types of virtual meetings. A hybrid solution is seen by most of the managers as being optimal by reducing time lost between face-to-face meetings, but the results also indicate that a full replacement of face-to-face meetings with virtual meetings is not a solution as direct interaction between individuals cannot be replaced with the use of virtual tools.

Parole chiave

  • virtual meetings
  • face-to-face meetings
  • pandemic
  • remote
  • human factors
Accesso libero

A review of Artificial Intelligence and Machine Learning adoption in banks, during the COVID-19 outbreak

Pubblicato online: 08 Aug 2022
Pagine: 1316 - 1328

Astratto

Abstract

The Covid-19 outbreak had a profound effect on many industries, and the financial sector was not an exception. Due to all the constraints imposed during this unprecedented event, banks had to rapidly reassess their strategies and adapt to new ways of working, without compromising the quality of their services, nor put their clients at risk. On the other side, the customer behavior changed too, mainly due to a significant movement of economy in the online world. Even though digitalization was not new to the financial institutions, the banks’ willingness to invest and customers’ readiness to adopt new technologies was not consistent, but the pandemic increased the pressure on banks to quickly find new opportunities and accelerated the deployment of data-driven technologies, while customers were compelled to embrace them and change their behavior. The main purpose of this paper is to understand the use of emerging technologies in mitigating the impact of the pandemic, but also the main changes and value add in key area fields like customer experience, process optimization and cost-savings, but also in the fraud detection and risk management areas. Moreover, the articles and studies considered for this paper highlighted the significant progress of banks in their digitalization journey during times of pandemic, mainly due to a rapid move of services in the online world. However, this shift is not risk-free, the reason why organizations need to consider the cybersecurity challenges and acknowledge the vulnerabilities of their platforms to take preventive measures to avoid or minimize potential negative effects.

Parole chiave

  • Emerging Technologies
  • COVID-19 Outbreak
  • Banks Vulnerabilities
  • Impact Mitigation
  • Growing Opportunities
Accesso libero

Analysis of the digital platforms developed by the Romanian Authorities during the COVID-19 pandemic

Pubblicato online: 08 Aug 2022
Pagine: 1329 - 1339

Astratto

Abstract

The pandemic caused an increase in the use of, and demand for digital public services, accelerating the digital transformation, which necessitated rapid development and deployment of various ICT systems. The Authority for the Digitalization of Romania in partnership with Code for Romania developed a number of six digital platforms for better management of the COVID-19 pandemic. They firstly created stirioficiale.ro, a platform that was used by the Romanian government to give Romanian residents trustworthy, up-to-date information about pandemic measures, guidance, and other important information. Following that, another 5 platforms were developed with the help of over 420 volunteers in order for the government to better manage the COVID-19 pandemic, with a total of six platforms forming an ecosystem that would be used by over ten million citizens across the country to access reliable information. The main objective of the article is to observe and interpret the analytics of the official platform datelazi.ro. After a formal request to the Authority for the Digitalization of Romania, the official recorded data was received and analyzed by the authors. The main results of the study show us that the visibility of the platform is low compared to the country’s population. However, due to the consistency of users in the fifth wave of the pandemic, it is reasonable to assume that there is a core use of roughly 10,000 residents who find this platform beneficial for information at this time.

Parole chiave

  • digitalization
  • digitization
  • e-government
  • COVID-19
  • public authorities
  • digital transformation
Accesso libero

Latest developments in cybersecurity management in Romania. Financing a condition for market evolution

Pubblicato online: 08 Aug 2022
Pagine: 1340 - 1352

Astratto

Abstract

Cybersecurity has become one of the foundations for the development and protection of the economy and of its digital component. It has evolved gradually from a new science into a cross branch inside the modern society, maintaining a niche characteristic and raising the need for allocation of numerous resources at industry, country and international level.

Romania, similar to other states has witnessed the development of the ICT industry and of all the other services associated with it, with a particular focus on the cybersecurity. This was accompanied by some actions put in place by the public authorities and private players to guarantee the strategic importance of the sector: legislative update, launch of several initiatives and projects, introduction and enlargement of curricula in universities, collaboration with other specialized institutions, education of the population, creation of institutional framework, public-private partnership. Such a growing demand of this market has to be accompanied by a proper financing in order to achieve planned objectives.

This editorial will present some of the actions implemented to highlight the constructive approach in the overall transformation undertaken by Romanian organizations and some of the tools available to them to finance future projects. Among the various platforms accessible for financing, European Cybersecurity Competence Centre and Network and Horizon Europe could function as sources for market evolution.

Parole chiave

  • cybersecurity
  • safety online
  • financing
  • European center
  • Horizon Europe
Accesso libero

The concept of quality of financial accounting information and the relationship with IFRS standards: analysis of the situation of companies listed on BVB

Pubblicato online: 08 Aug 2022
Pagine: 1353 - 1367

Astratto

Abstract

In the accounting profession the quality of information is a very important aspect. The concept of information quality covers three stages: the representation of reality and quality, the formation of meaning and the transmission of information. The purpose of this paper is to analyze the relationship between the quality of financial- accounting information and the relationship between the introduction of IFRS in the modernization of the national and international economy. Based on an extensive literature review, we find that implementing IFRS has yielded favorable results in terms of increasing the transparency and relevance of the value of financial information. The research follows general and specific approaches regarding the increase of the quality of financial – accounting information.

Development through entrepreneurial education and innovative doctoral and postdoctoral research, project code POCU/380/6/13/125031, Project co-financed from the European Social Fund through the Operational Program Human Capital 2014-2020.

Parole chiave

  • quality
  • financial
  • IFRS
  • accounting information
  • analysis
Accesso libero

European Union Funding-an element for predictable business success?

Pubblicato online: 08 Aug 2022
Pagine: 1368 - 1375

Astratto

Abstract

The aim of this paper is to discuss the ability in assessing successful investment when done by actors outside of the business arena such as government bodies or international economic cooperation agencies. More specifically, the paper aims to analyze how non-reimbursable European funding for enterprises can affect the financial results, comparing companies that have received funding through the Start-up Nation project with companies that have not received it.

In order to determine if companies receiving aid or not receiving aid can be argued to be performing better economically, I have studied data from the Start-up Nation Romania project, which provide the possibility of a concrete comparison by identifying the companies participating in the project, and analyzing which group performed better.

Parole chiave

  • institutional investment
  • moral hazard
  • European Union investments
Accesso libero

The Effects of the Political Turbulences on the Stock Exchange Indices

Pubblicato online: 08 Aug 2022
Pagine: 1376 - 1389

Astratto

Abstract

Political turbulence is known to influence the velocity of economic development and reduce investments. Our paper aims to point up the linkage between political instability and the evolution of the Romanian capital market. We model the volatility of two of the Bucharest Stock Exchange indices BET and BET-NG using a GARCH/ARCH approach for daily data between 2010 and 2021. Results highlight the interconnections between political and economic policy uncertainty and the financial market. In both cases, for BET and BET-NG, our study shows that different types of political events have different levels of influence on the indices’ volatility. Unexpected “shock” type events with negative impacts resulted in much higher volatility than positive events. When there were events that had fiscal connotations, they had a much greater power of penetration in the investment environment because it comes down to figures and calculations that had a direct, measurable impact. There is a need for political involvement, certainty, lack of ambiguity, and predictability, both from a legislative point of view and how it is applied.

Parole chiave

  • political events
  • volatility
  • stock indices
  • policies

JEL Classification

  • C10
  • G14
  • G18
Accesso libero

USA-China rivalry in the age of de-globalization. An assessment of the security concerns posed by the delisting of Chinese companies on the US Stock Exchange

Pubblicato online: 08 Aug 2022
Pagine: 1390 - 1398

Astratto

Abstract

The globalization era that stemmed from the Cold War period is reaching a fork in the road and the argument is made for the slowing of this process and the shift towards de-globalization. Economic globalization blurred the national lines and brought about the multinational companies, which in turn brought technological advance and innovation. This advance in technology made the world much smaller and globalization very appealing. This system worked until a point where everyone was a beneficiary and world economies have seen the sharpest growth rate in history. However, when the first economic crisis arose in 2008, the USA was not the only loser, but everyone in this transnational economic environment felt the repercussions. At the first sign of capitalist weakness, globalization got blamed by governments around the world and the trust factor was diminished. This planted the seeds of de-globalization and the subject picked upon in this paper is the tug of war between the two super-powers: the USA and China. Who is the winner of this de-globalization era and more importantly, who stands to lose the most? This question will be thoroughly discussed from a historic and macro perspective as well as through a specific case study related to the de-listing of Chinese companies on the US Stock Exchange. This paper will bring forth arguments that both superpowers are winners and losers, with China being a step further by still looking attractive for global investors. Institutions and retail investors are seen as the biggest losers of this new form of rivalry. By employing a quantitative approach this paper will bring a fresh perspective on the effects of de-globalization through the Wall Street lens.

Parole chiave

  • de-globalization
  • de-listing
  • rivalry
  • security
  • stock exchange
Accesso libero

Appeasement 2.0 - Russia’s expansion in the Black Sea region as a prelude to dominance in the Mediterranean and the Levant

Pubblicato online: 08 Aug 2022
Pagine: 1399 - 1405

Astratto

Abstract

With Russian troops gathering at the Ukrainian border at the time of writing, Europe and the West are facing a real possibility of a full-scale continental war unprecedented for our generation. The purpose of this paper is to bring forth arguments that the security in the Black Sea area is of vital importance for both the present and future developments in the entire continent. Most recent studies on this topic focus on Russia’s intentions in Ukraine and the weak responses coming from the West. Scholars are divided when it comes to Mr. Putin’s ultimate goals. While some view the recent developments as a bluff, others are concerned that the troop movements might pave the way for a full invasion of Ukraine which will lead to a domino effect. This paper will focus on qualitative analysis. Mr. Putin’s and Russia’s intentions in the Black Sea will be analyzed from primary sources (such as Presidential speeches), while scholarly articles, research papers and policy documents will be used to build a bridge between history, politics and current affairs. The focus will be to establish the extent to which the recent developments in the area are a prelude to an ‘old’ Russian dream of access to the Mediterranean. A compare and contrast approach to appeasement will be used in order to make predictions on the possible outcomes. Our results will show that Mr. Putin is using the Black Sea security as a bargaining chip in his confrontation with the West with the ultimate goal of gaining dominance in the Mediterranean space. This paper will contribute to the recent literature on Eastern European security and how the West continues to misinterpret the dynamics and history of the region.

Parole chiave

  • Black Sea
  • security
  • appeasement
  • domino effect
  • access to Mediterranean
Accesso libero

Some ways to modernise and increase the efficiency of trade and investment flows between the European Union and South East Asian Countries

Pubblicato online: 08 Aug 2022
Pagine: 1406 - 1419

Astratto

Abstract

Since the beginning of the covid-19 pandemic, the European Union’s economic and sociopolitical strength has been subjected to a harsh test as all societal actors, in very specific ways, were obliged to keep the virus from spreading out of control, minimise the economic damage and ensure timely and urgent treatment for covid-19 patients while also managing social unrest and the rise of Eurosceptic rhetoric. As is characteristic for the modern trading landscape, supply chains have also been negatively affected by the pandemic, with figures plummeting sharply in 2020 with varying rates of recovery in 2021. Analysis of the current global geoeconomic context and the European Union’s external trade and investment partnerships suggests that it could benefit from focusing its attention on one of the world’s fastest growing economies, namely the South-East Asia region. In the present paper, we investigate the extent to which trade reliance on China and/or the United States, economic complexity, political uncertainty and number of dominant foreign trade partners have influenced the economic performance of the European Union and South-East Asia during the pandemic. The results and the implications thereof are discussed in the broader context of a possible paradigmatic change in the European Union’s foreign trade.

Parole chiave

  • pandemic
  • COVID-19
  • South-East Asia
  • European Union
  • geoeconomics
  • trade
Accesso libero

Formulas for counteracting cyber threats in regards to computer products supply chains

Pubblicato online: 08 Aug 2022
Pagine: 1420 - 1428

Astratto

Abstract

Technological evolutions have brought truly meaningful benefits, but also new challenges for which suppliers of computer product supply chains have had to find solutions. Cyber-attacks are being conducted by teams of cybercriminals who are highly skilled in computer science. There have been many episodes where governments of some countries financially supported such an attack on a public company or institution. The cyber-attacks problem is not new, and the economic damage it can do is truly impactful. I’ve undergone an analysis of relevant literature in order to identify the key factors and the limitations that supply chains are facing when it comes to computer products. Following ample research, I’ve formulated the research questions which I believe to be essential in providing answers that can bring contributions to the field: “What are the main challenges that computer products supply chains are facing?”, and “In what way can we limit these attacks?”

The results of the analysis classify the challenges in three key dimensions: hijacking updates, undermining code signing, and destroying the free access code. These challenges can be diminished by different strategies of securing the supply chains. I have identified three essential ways to secure the computer products supply chains: risk management, vulnerability management, and practices for disclosing the identified vulnerabilities.

The results of the study show that the challenges to public or private organizations can be limited by having a good understanding of the framework behind a cyber attack, as well as close collaboration between the supplier and the customer.

Parole chiave

  • supply chains
  • cyber threats
  • software
  • cybercriminals
  • virus
Accesso libero

Challenges to the supply chains in the context of COVID-19 pandemic

Pubblicato online: 08 Aug 2022
Pagine: 1429 - 1438

Astratto

Abstract

Global supply chains have been an important factor in changing the organization of the global goods production and global economy.

The pandemic has also brought negative effects on global supply chains, as we have seen a shortage of workforce and transport systems (maritime, air, land), while demand for mandatory products, such as sanitary ones, was rising. The blocking of supply chains has also affected the process of economic recovery, unbalancing the production sector, and fueling inflation.

During this time, the European Union’s reliance on the foreign imports it had both before the pandemic and after periods of trade imbalance, were brought to light, considerably amplified. Increasing autonomy has been a necessity of these conditions, and in order to optimize the resilience of its supply chains, the European Union is applying politics aimed at a wide diversification of suppliers, development of internal capabilities, support for a multilateral business environment based on a set of well-defined rules, and a good cooperation with the United States of America.

The study carried out an in-depth analysis of relevant literature in order to identify the challenges for both the member-states of the European Union, and for other states such as Japan, the United States of America, South Korea, and Australia in terms of imbalances in the supply chains and dependencies on imports from China. We also identified the best practices and measures adopted during the pandemic that led to major trade imbalances.

The research questions to which this study provides detailed answers to are: “How has the COVID-19 pandemic affected global supply chains?” and “What measures were taken globally in order to overcome the imbalances caused by the pandemic?”

This study offers a clarification on the situation of global supply chains and brings, in the same analysis, a series of good practices and strategies to solve supply chain blockages and reducing the dependency on foreign exports that most states had before the pandemic.

Parole chiave

  • supply chains
  • global economy
  • global production
  • pandemic
  • European Union
Accesso libero

Cyber security and awareness, investing in a culture of safety

Pubblicato online: 08 Aug 2022
Pagine: 1439 - 1446

Astratto

Abstract

Cyber security is an investment megatrend: global spending on cyber security increases by 10% every year, three times faster than the global economy. These forecasts can be seen on the upside after the arrival of Covid-19 and the IT tracking systems to monitor the infections that pose privacy and security problems for users. Cyber security is growing more and more and so are venture capital investments in what is the megatrend of the year. The pandemic has contributed to speeding up the digitization process: the consequence is an increasingly uniform distribution of cybercrime throughout the European territory and this reminds us that the lack of a security culture is the vulnerability most exploited by attackers. The Covid-19 pandemic is the cause, albeit indirectly, of this phenomenon. Covid-19 has, in fact, accelerated the digital transformation process and the consequence has been an increase in the criminal phenomenon.

Parole chiave

  • cybersecurity
  • framework-policy
  • cyber-governance
  • critical-infrastructure
  • digitaltransformation
Accesso libero

Circular economy: adopting new green trends in marketing for a sustainable consumer experience based on Internet of Things

Pubblicato online: 08 Aug 2022
Pagine: 1447 - 1455

Astratto

Abstract

This paper presents the result of a research of the literature regarding circular economy, green trends in marketing, green IoT and consumer experience. Green concept was the main driver to link current marketing strategies for a sustainable consumer experience seen through consumers’ buying behaviour nowadays. The key aspects of this paper consist of analysing the basic concepts of green IoT and green marketing, combined to create a greener consumer experience, becoming a meaningful part of the circular economy. Climate change and protecting our environment are the biggest challenges of the modern world. Energy consumption is at the highest level ever, and a solution addressed to these challenges should be found in order for businesses and consumers to fulfil their needs. Circular economy is considered also part of the solution, but people should become more aware about the principle of circularity, and what it means in practice. Considering applying green marketing and green IoT concepts into practice, this paper could offer a solution. Even if the green concept should be applied by both businesses and consumers, we didn’t cover the consumer side, more specifically how they should act upon to become “greener” in their choices. Further research could be explored to find ways and means to educate the consumers.

Parole chiave

  • circular economy
  • green marketing
  • green IoT
  • consumer experience
  • sustainability
  • environment protection
  • green education
Accesso libero

Digital brand in the field of travel agencies

Pubblicato online: 08 Aug 2022
Pagine: 1456 - 1465

Astratto

Abstract

The Internet has brought along many important changes in recent years, both in terms of the manufacturing and marketing of products or services, and in terms of human relations that have undergone significant changes, due to the ease with which the travel agencies today access unlimited audiences. With the evolution of mankind and the introduction of technology in most fields of activity, the lifestyle of people has changed, so they choose more and more often to buy vacations online.

The aim of this paper is to analyse how the brand, from a customer-based perspective, is a key resource for the company when the consumer automatically associates a product with the image of a particular brand. In this sense, we conducted quantitative marketing research that has as main objectives: measuring the importance of the digital brand for deciding to purchase tourism products: measuring the frequency of using the Interne in purchasing a tourism service; the impact of brand elements on Romanian consumers.

This paper is very topical, in the context in which many activities in different fields have focused on the online environment. The research results can raise the interest of both individuals and travel agencies that want the development of their brand in the digital environment.

Parole chiave

  • Brand
  • Digital Brand
  • Travel Agencies
  • Marketing Research
  • Tourism Product
Accesso libero

A conceptual comparative approach on personal AI assistants and external service robots

Pubblicato online: 08 Aug 2022
Pagine: 1466 - 1474

Astratto

Abstract

In the past years artificial intelligence (AI) has become an important subject for both companies and consumer due to the growth of personal AI assistants and external service robots. It is clear that many aspects of our life are not like they used to be. The fact that every one of us is sooner or later going to incorporate various AI functions in daily routine activities becomes somehow certain. It is not only our home-life that is transforming, but also the way we, as consumers, are going to interact with different product and service providers. In this paper we provide a comparative literature review on the challenges and research topics regarding personal AI assistants and external service robots. While the personal AI assistants intervene more in the private sphere of the consumer, the relation to the external service robots is more distant. The results of our literature review show that the relation between consumer and external service robot is more characterized by interaction, enjoyment and engagement, it is expected to have a parasocial friendship relation between consumer and personal AI assistants. Taking this difference of perspective the two types of AI will be differently involved in the future business and marketing activities of companies.

Parole chiave

  • artificial intelligence
  • personal AI assistant
  • service robot
  • consumer
  • human-AI-interaction
Accesso libero

Social appreciation of the interaction with an anthropomorphic robot

Pubblicato online: 08 Aug 2022
Pagine: 1475 - 1482

Astratto

Abstract

Artificial intelligence is one of the main topics characterizing the 21st century. The quick development of these new intelligent systems brings challenges into the daily life of consumers and companies. Even though artificial intelligence contributes to an increased quality of life, by simplifying the life of its users and the processes of companies, in the same time it can affect the cognitive abilities of humans. By taking over different tasks and having access to information, the AI will influence human decision-making and the human will be somehow dependent on the actions and decisions of the AI. In this paper we focus on the impact of the social appreciation on the consumers’ perception regarding anthropomorphic AI. We have investigated the extent to which anthropomorphic AI devices impact human capabilities and the social appreciation of owning an AI. The results show that AI with human-like physical appearance are perceived with higher anthropomorphic characteristics, but the physical appearance of the AI does not affect the social appreciation and the human capabilities of the owner. The average values of the items, measuring the direct perception show that consumers rather believe that AI does not affect their human abilities and owning a robot is not strongly influenced by the social reference group. This result has to be further investigated in a third person perspective and in a different social context.

Parole chiave

  • artificial intelligence
  • consumers
  • gender preference
  • social impact
  • human duality
Accesso libero

AI, intelligent robots and Romanian drivers’ attitudes towards autonomous cars

Pubblicato online: 08 Aug 2022
Pagine: 1483 - 1490

Astratto

Abstract

Products and services based on some form of Artificial Intelligence are beginning to represent an ever-increasing presence in consumers’ daily lives. Already, technologies such as algorithms based on machine learning, digital personal assistants, chatbots, smart devices generically labeled as the Internet of Things, and ultimately physical robots, are all becoming a daily presence in consumers’ lives, conscientiously or unconscientiously, all incorporating a certain degree and level of development and application of Artificial Intelligence.

Artificial Intelligence is not without controversy and the debate around it concentrates on several aspects. From the get go, even attempting to define AI will lead to unavoidable debates about what it is and what it is not, how broad can the definition be, so as to cover many of the things we presently call Artificial Intelligence. Once a definition is agreed, usually a broad one, several categories emerge that could represent current applications of Artificial Intelligence, such as recommender algorithms, intelligent assistants, chatbots, and intelligent robots – with respect to the latter, autonomous vehicles are perhaps the most common occurrence. All of these applications of AI have many things in common, but none like the fact that their success depends on being able to feed on enormous amounts of consumer generated data. This opens the door to how this data, largely personal in its nature, is used and the underlying privacy issues that accompany it. To compound the problem, some promote the idea that Artificial Intelligence could advance to a level called AGI where machines would develop self-conscious attributes capable of escaping human control with all accompanying perils to the very existence of humanity.

Equally important is how AI may impact on people’s lives, at present, but especially in the future, and how individuals eventually perceive, position themselves and are willing to accept Artificial Intelligence.

This paper presents the results of a survey conducted among Romanian drivers in 2021 aimed at revealing how they position themselves in relation to the emergence of autonomous, self-driving cars. It identifies both potential benefits which drivers may associate with self-driving cars, as well as risks and concerns they might have. The balance between the two is critical in driving up acceptance of these technological advancements in our vehicles which are set to become the norm in a nearer or more distant future.

Parole chiave

  • Artificial Intelligence
  • algorithms
  • autonomous cars
  • consumer behavior
  • decision making
Accesso libero

Alternative Unemployment Rates in Romania

Pubblicato online: 08 Aug 2022
Pagine: 1491 - 1504

Astratto

Abstract

Official statistics and usual metrics place Romania at a relatively low level of unemployment. This paper shows why this can be misleading, considering various specificities of the Romanian economy. Looking at such factors as structural features, a high number of people employed in agriculture, involuntary part-time workers, etc. we show that there are alternative metrics for unemployment that can constitute better diagnostic tools for public policies and labor market reform. The alternative unemployment metrics presented here, show that the real unemployment figures in Romania are much closer to those in Mediterranean economies like Greece, Italy, and Spain that have been struggling with high unemployment. Furthermore, we emphasize possible directions and measures to be implemented in Romania to reduce unemployment (especially structural) and to support inter-regional social cohesion and sustainable economic growth. Given the current context of the economic downturn in the post-COVID-19 and the projected impact on vulnerable groups and the risk of poverty, it is more important than ever to develop sound evidence for the policy-making process.

Parole chiave

  • Unemployment
  • labor market
  • Romania
  • hysteresis
  • alternative unemployment metrics

JEL Classification

  • J01
  • J21
  • H00
  • F63
  • O1
137 Articoli
Accesso libero

New Challenges of the Century. Digital Economy and the Green Revolution

Pubblicato online: 08 Aug 2022
Pagine: I - IV