<abstract><title style='display:none'>Abstract</title>The study examines the impact of key determinants of profitability of power and energy sector in Pakistan such as firm size, firm age, firm growth, productivity, financial leverage and electricity crisis discussed in the broader inter-disciplinary literature. For this purpose panel data of 16 firms of power and energy sector is taken for 2001 to 2012. The study considers profitability determinants at the firm as well as industry affiliation levels in examining hypotheses developed from resource-based approaches. Random effect model is used to detect the combination of variables that best estimated the impact of the explanatory variables on the dependent variable. The empirical results suggest that firm size, firm growth, and electricity crisis positively impact the profitability. However, firm age, financial leverage and productivity negatively influence the firm profitability. This study also propose that during the electricity crisis the profitability of power sector is increased even production of this sector is very low. The findings further indicate that larger and younger firms with high growth and low productivity are more likely to be profitable. This study has found that firm productivity and firm size are the strongest determinants of profitability in power and energy sector of Pakistan.</abstract>

Zhongnan University of Economics and Law,

Huazhong University of Science and Technology,

Determinants of Profitability: Evidence from Power and Energy Sector

<abstract><title style='display:none'>Abstract</title>To circumvent the possibility of business failure, small to medium enterprises in emerging economies face mounting pressure to increase the satisfaction of their customers. The adoption of supply chain management practices is critical to the provision of quality products and services as well as the satisfaction of customers by small to medium enterprises. This paper investigated the relationship between customer satisfaction, supply chain management practices and three input factors; namely, product quality, flexibility and product variety in small to medium enterprises. The study adopted a quantitative approach in which a four section questionnaire was distributed to 131 managers in small to medium enterprises based in Gauteng Province, South Africa. Hypotheses were tested using regression analysis. The results of the study revealed that product quality and flexibility predicted supply chain management practices. Supply chain management practices were also statistically significant, and mediated the relationship between customer satisfaction and product quality and flexibility. Based on these results, conclusions were drawn and appropriate recommendations were made.</abstract>

Supply Chain Management and Customer Satisfaction in Small to Medium Enterprises

<abstract><title style='display:none'>Abstract</title>In terms of macro-economic policy, gross fixed capital formation, which is the major component of domestic investment, is seen as an important process that could accelerate economic growth. This study re-examines the controversial issue of causality between domestic investment, employment and economic growth using South African data. The traditional assumption of causality running from investment to economic growth has remained inconclusive while empirical findings on the investment and employment growth nexus are also largely unsettled. The study makes use of quarterly data from 1995Q1 to 2016Q4 within the framework of the Johansen cointegration and Vector Error Correction Models (VECM). The empirical findings suggest that a long run relationship exists between domestic investment, employment and economic growth, with causality running from economic growth to investment and not vice versa. The results also demonstrate that investment has a positive long-run impact on employment. The empirical evidence further suggests bi-directional causality between employment and economic growth, while evidence of uni-directional causality, from investment to employment, is also found. The major implication of the study is that although there is bi-directional causality between economic growth and employment, economic growth does not translate to increased employment in the long run confirming “jobless growth”. Investment is found to be a positive driver of employment in the South African economy in the long-run. The study concludes that, in order to stimulate employment, investment enhancing policies, such as low interest rates and a favourable economic environment should be put in place to accelerate growth. Measures to promote economic growth, such as improved infrastructural facilities and diversification of the economy, should be further engineered so as to encourage increased investment.</abstract>

A Causality Analysis of the Relationships Between Gross Fixed Capital Formation, Economic Growth and Employment in South Africa

<abstract><title style='display:none'>Abstract</title>Internships are increasingly important for the business higher education as they help students to make the connection between their academic studies and the world of business. This study analyzes the internships of students within an international study program (German line of study) in order to determine what factors account for the most valuable internship experience. Based on the elements of the experiential education approach, the results reveal some characteristics that contribute to a higher level of perceived internship effectiveness in accordance with the employment status and gender. These results provide a basis for designing successful internship programs in business universities.</abstract>

Determinants of the Perceived Internship Effectiveness: Exploring Students’ Experiences

<abstract><title style='display:none'>Abstract</title>The consideration of supply chains can foster the viability and maintainability of local producers. The formation and retention of the market may be complicated for local producers; therefore it is advisable to take the creation of supply chains into consideration. Constant feedback and evaluation is highly important to maintain successfully operating short supply chains and supplier evaluation forms could act as the starting point of these chains. These forms reflect the strengths and weaknesses of suppliers, based on which the correction of mistakes can be done and the performance of suppliers may be enhanced. The aim of this study is to examine the role of supplier evaluation form and relationships between customers and suppliers in short supply chains, from a local producer’s point of view through a case study. The scientific relevance of this study is to draw particular attention to short supply chains which are and will be of high importance considering local economies. As the case study reveals, it is recommended for the members of short supply chains to use supplier evaluation forms.</abstract>

The Importance of Supplier Evaluation in Short Supply Chains

<abstract><title style='display:none'>Abstract</title>This paper provides new evidence to contribute to the current debate on the relative impact of public and private investment on economic growth and the crowding effect between the two components of investment in South Africa. Using annual data from 1970 to 2017, the study applies the recently developed Autoregressive Distributed Lag (ARDL)-bounds testing approach to cointegration. The study finds that private investment has a positive impact on economic growth both in the long run and short run, while public investment has a negative effect on economic growth in the long run. Further, in the long run, gross public investment is found to crowd out private investment, while its infrastructural component is found to crowd in private investment. The results of the study also reveal that both gross public investment and non-infrastructural public investment crowd out private investment in the short run. Overall, the study finds private investment to be more important than public investment in the South African economic growth process and that the importance of infrastructural public investment in stimulating private investment in the long run cannot be over-emphasized.</abstract>

Public and Private Investment and Economic Growth: An Empirical Investigation

<abstract><title style='display:none'>Abstract</title>
This paper explores the effect of determinants shaping the landscape of transfer pricing practices within intra-group transactions among publicly traded companies in Romania over the period 2022. The research hypothesis focuses on identifying the variables that have a significant impact on transfer pricing in the Romanian business environment. Data collection was conducted manually from various sources, including explanatory notes from annual reports and databases such as Thomson Reuters and Bloomberg. The results reveal that the size of companies, sales, capitalization, foreign ownership, sales growth, and operational profit collectively contribute to the influence on transfer pricing practices. However, individual analysis shows that only sales significantly affect the transfer pricing practice.
</abstract>

Exploring Determinants of Transfer Pricing Practices Among Romanian Publicly Traded Companies

<abstract><title style='display:none'>Abstract</title>
The implementation of IFRS has been a significant milestone in the accounting field, sparking debates among advocates and critics regarding whether the initial objectives were actually achieved in practice. This paper aims to investigate whether the adoption of IFRS has led to an increase in the value relevance of financial statements in both Eastern and Western European countries. The study takes an empirical approach, analyzing companies before and after the adoption of IFRS, and introduces contemporary concepts that can contribute to future research. Policymakers rely on evidence-based policies and often seek impartial and reliable evidence from academic researchers. Given the extensive body of research conducted thus far, this paper seeks to further emphasize the positive impact of IFRS implementation.
</abstract>

Impact of IFRS Adoption on Financial Statements Value Relevance. A Study of Eastern vs. Western European Countries

<abstract>
<title style='display:none'>Abstract</title>
This paper examines the effectiveness of communication of university students with high school students from all over the country. We look to provide a deeper understanding of how effective communication contributes to the success of a project in the sector of education and we identify some strategies that contribute to the improvement of some key aspects of communication. Thus, we have analyzed the importance of communication both inside and outside the team using three qualitative methods: project case study, document analysis and in-depth interviews with project participants. Our results are relevant for the potential new project participants, but also for the stakeholders in the public education sector in general, who aim to foster the bridge between university and pre-university education. We finally address conclusions and recommendations, which may serve as a guide for future participants and those who want to know how they can benefit from better communication in similar projects.
</abstract>

Effective Communication as a Success Factor in Project Management in an Universitary Context

<abstract><title style='display:none'>Abstract</title>
This study investigates the spillover effects of ESG scores from companies operating in the same industry and their impact on stock return volatility. For this purpose, I considered a sample of European listed companies from 2019 to 2022. The results provide evidence of a spillover effect of ESG scores on the ESG ratings of other companies belonging to the same industry. Furthermore, I observed direct spillover effects of the individual Environmental, Social and Governance pillars, with similar magnitudes. I also found that stock return volatility is directly related to ESG scores, including spillover effects.
</abstract>

ESG Spillover and Volatility

<abstract><title style='display:none'>Abstract</title>
What is the direction and extent of the spillover effects of sovereign bond yields in the European Union and which countries are transmitters and receivers of these effects? The motivation for this research is related to the need to better understand the interconnectedness of European Union sovereign bond markets in the context of rising budget deficits and public debt, as well as recent financial and sovereign debt crises, which have highlighted the importance of bond market interdependencies. The main objective of the paper is to investigate the direction and magnitude of the spillover effects of sovereign bond yields in the European Union and to identify the states that act as transmitters and receivers of these effects. The data used in the analysis include the evolution of the bond markets of the euro area member states and non-monetary union states, to allow comparison and assessment of their interconnectivity. To analyse the interconnectedness of bond markets, methods which provide a suitable analysis framework to assess volatility propagation between countries were used. The research results highlight that most of the contagion effects are concentrated in the peripheral countries, such as Romania, Portugal, Lithuania and Ireland, and the central countries act as transmitters of these effects.
</abstract>

cecilia.ciocirlan@facultateademanagement.ro

European Macroeconomic Dynamics on Financial Markets and Economic Policy: A Cross Country Study for Spillover Effects

<abstract><title style='display:none'>Abstract</title>
This study seeks to understand the effect of kinship tightness of a society on foreign portfolio diversification. Using data for 42 home investor countries and 44 destination countries for the period of 2004-2021, it is found that investors from more tight-knit kinship societies tend to have smaller proportion of equities invested abroad, thus holding sub-diversified portfolios. The enforcement of these tight kinship societies is based on shame and communal values fostering local monitoring practices which leads to the absence of cooperation and trust, thus reducing stock market participation. It is further shown that kinship tightness can be shaped by enhanced financial literacy, which in turn fosters international diversification. On the other hand, loose kinship societies can be viewed as trust-promoting alternative mechanisms where formal institutions are less effective. 
</abstract>

The Nexus Between Foreign Portfolio Diversification and Kinship 

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Studia Universitatis Babes-Bolyai Oeconomica

 The journal is an official publication of the Faculty of Economics and Business Administration, Babeș-Bolyai University, from Cluj Napoca. It is focused on scientific research of...

 The journal is an official publication of the Faculty of Economics and Business Administration, Babeș-Bolyai University, from Cluj Napoca....