|
ISSN: 2344 - 102X
ISSN-L: 2344 - 102X
Our journal is currently indexed in the following databases:
|
| |
Volume 13, Number 2, Year 2025| 1. DECOMPOSED ANALYSIS OF CARBON PRODUCTIVITY: THE CASE OF ROMANIA | 
Download | | Author(s): Nela Steliac | | DOI: 10.4316/EJAFB.2025.13201 | | Abstract: This paper presents the carbon productivity (CP) analysis for Romania for the period 2008-2021. The decomposition analysis, i.e. the Log Mean Divisia Index method, multiplicative form, was used. Carbon productivity was decomposed at the level of three influencing factors: carbon intensity, energy intensity and sectoral structure of gross value added. Calculations were performed considering current and constant prices of GVA. The decomposition results showed a general increase in CP over the period as well as positive and negative influences of the three drivers. The improvement in carbon productivity was realized as a result of decreasing total carbon dioxide emissions and increasing gross value added per economy. Carbon emissions decreased significantly in 2021 compared to 2008, in contrast to final energy consumption. The real growth in CP in 2021 was about twice that in 2008. The largest increase in CP, however, was achieved in 2009. Throughout the studied period, there were years in which all influencing factors simultaneously had positive influences. | | Keywords: Carbon Productivity, Logarithmic Mean Divisia Index (LMDI), Carbon Intensity, Energy Intensity, Economic Structure. |
| 2. CORPORATE SOCIAL RESPONSIBILITY REPORTING: A COMMUNITY-BASED ASSESSMENT OF SOCIAL CAPITAL RELEVANCE |
Download | | Author(s): Diana- Nicoleta Nita | | DOI: 10.4316/EJAFB.2025.13202 | | Abstract: Corporate Social Responsibility (CSR) represents a company's commitment to act ethically and responsibly toward society and the environment, beyond immediate economic interests. In a global context where the impact of business activities on communities, the environment, and employees is increasingly visible, companies are called to actively contribute to sustainable development. A socially responsible company integrates into its strategy practices that support employee well-being, reduce negative environmental impact, and support community initiatives. This may include investments in education and health, strict environmental policies, transparency in activity reporting, and respect for human rights. In the long run, social responsibility brings benefits not only to society but also to the company itself. It enhances reputation, attracts and retains customers, increases employee loyalty, and may even contribute to financial performance. Thus, CSR is no longer just an option, but a strategic necessity for any organization that aims to remain relevant and sustainable in a changing world. In this regard, the purpose of this research is to identify respondents' perceptions regarding the usefulness of the information published by companies in sustainability reports. Through this information, one can understand the company's involvement in the community and its activities impacting the external environment. A questionnaire was used as the quantitative and qualitative research method. | | Keywords: Corporate Social Responsibility; Global Reporting Initiative; Social/relational Capital; Social Responsibility; Sustainability Report. |
| 3. STATUTORY AUDIT AND ESG REPORTING IN ROMANIA: REGULATORY CONVERGENCE AND IMPLEMENTATION CHALLENGES IN THE CONTEXT OF CSRD |
Download | | Author(s): Marioara Hritcan, Constantin C. Hritcan | | DOI: 10.4316/EJAFB.2025.13203 | | Abstract: Over the last decade, ESG (Environmental, Social, Governance) reporting has evolved from a voluntary initiative to a regulated obligation as a result of increasing legislative and market pressures. The entry into force of Directive (EU) 2022/2464 (CSRD) and the publication of the European Sustainability Reporting Standards (ESRS) have introduced clear requirements for the provision of comprehensive, verifiable and comparable information on the sustainability performance of entities. At national level, the amendments to Law No. 162/2017 by Law No. 137/2025 mark a structural change: the responsibilities of statutory auditors extend beyond the financial sphere to include assurance on non-financial information. This extension involves aligning audit practices with international standards such as ISAE 3000 (Revised), the Global Reporting Initiative (GRI) and the Task Force on Climate-related Financial Disclosures (TCFD). The main challenges include multidisciplinary training for auditors, integrating ESG procedures into audit planning, managing data traceability, and working effectively with internal audit. The article proposes a framework of good practices and a set of performance indicators (KPIs) relevant to ESG auditing, tailored to the particularities of the Romanian market, with a focus on companies listed on the Bucharest Stock Exchange, thus contributing to improving the quality and credibility of sustainability reporting. | | Keywords: Statutory Audit; ESG; Corporate Sustainability; ASPAAS; Limited Assurance. |
| 4. SMALL BUSINESS AND LOW-COST SOLUTIONS: THE IMPERATIVE OF BUSINESS INTELLIGENCE APPLICATIONS IN RETAILING STORES IN SUB-SAHARAN AFRICA |
Download | | Author(s): Omolade Sunday Adeyemi, Timilehin Olasoji Olubiyi, Oluwatoyin Damilola Adeyemi, Alexandru - Mircea Nedelea, Cristina Gabriela Cosmulese | | DOI: 10.4316/EJAFB.2025.13204 | | Abstract: This study examines small business and low-cost solutions: the imperative of business intelligence applications in retailing stores in Lagos State, Nigeria. The purpose of the study is to ascertain how constraints infrastructure, competitive pressure, management support, cost-benefit analysis, and technology readiness affect the use of BI and its effects on small business performance. The findings show that the most common factors influencing BI effectiveness are technological readiness and competitive pressure. Although each has a positive impact on BI adoption, cost-effectiveness and management support have less of an impact on effectiveness. Due to the interconnection with competitive pressure, infrastructure constraints have an indirect impact on BI performance. Thus, the results highlight how internal capabilities and the external environment interact to support BI success. The study suggests that small retail businesses must have a digital capacity, integrate infrastructure, and cultivate competitive markets to fully employ BI. Leadership participation and affordable, scalable BI solutions are also essential for long-term acceptance by local requirements. This study contributes to the insignificant magnitude of literature that discusses the adoption of BI in small retail businesses in Lagos State by combining organizational, technological, and environmental factors. Policymakers, practitioners, and tech developers who want to use data-driven decision-making to promote small business growth may find it instructive. | | Keywords: Business Intelligence, Small Retail Business, Technology Adoption, Structural Equation Modelling, Technological Readiness, Competitive Pressure. |
| 5. ALIGNING PUBLIC-PRIVATE PARTNERSHIP ACCOUNTING EUROPEAN STANDARDS IN MOLDOVA: IMPLICATIONS FOR MANAGERIAL AND FINANCIAL REPORTING |
Download | | Author(s): Corina Panus | | DOI: 10.4316/EJAFB.2025.13205 | | Abstract: In the context of aligning the accounting system of the Republic of Moldova with European standards, public-private partnerships are becoming increasingly relevant in the management of public resources. This study investigates the role of accounting information in decision-making and reporting process related to public-private partnership projects. It analyzes national and European regulatory requirements, with a focus on the qualitative characteristics of accounting information and its users. The article offers a comparative analysis of applicable and identifies the need to improve the managerial and financial reporting framework. The research results are reflected in proposals for improving the transparency, consistency, and relevance of accounting information used in public-private partnership projects, as follows: revising and expanding the methodological guidelines on the particularities of accounting in the process of implementing public-private partnerships, consistently applying the qualitative characteristics of accounting information in the preparation of financial and management reports, adapting the national accounting system to the requirements of International Public Sector Accounting Standards (IPSAS) and International Financial Reporting Standards (IFRS), digitizing accounting processes and integrating them with the European Union's single digital portal, ensuring continuous professional training of accountants, auditors, and managers involved in public-private partnership projects. | | Keywords: Accounting Information; Financial Reporting; Public-private Partnership; Managerial Decision; Qualitative Characteristics. |
| 6. MACROECONOMIC IMPLICATIONS OF POPULATION. EVIDENCE FROM EU COUNTRIES: DEVELOPING COUNTRIES VERSUS EX-COMMUNIST COUNTRIES |
Download | | Author(s): Teodor Hada, Iulia Iuga, Dorin Wainberg, Nicoleta Barbuta - Misu | | DOI: 10.4316/EJAFB.2025.13206 | | Abstract: The relationship between population growth/decline and the evolution of macroeconomic indicators has emerged differently in different countries. It has become an issue debated by many countries, especially where there has been a decline in population. This article is based on data from 23 EU member states, for the period 1992-2021. For the analysis of the panel data, the study divides the 23 EU member states into two large groups: developed European countries and ex-communist countries. Linear regressions were constructed between population numbers as the independent variable and gross domestic product (GDP), total investment, inflation and unemployment rate as dependent variables. The result of the study states that population size does not have a strong influence on the total investment and unemployment rate indicators in either of the two categories of countries considered. Instead, the volume of the population is a representative component, with a significant impact on the size of GDP in the developed European countries of the European Union; there was also a significant impact on the size of inflation in the same group of countries. For ex-communist countries, things are a little bit different. This finding sustains that population is a fundamental element of macroeconomic indicators. | | Keywords: GDP; Population Growth; Total Investments; Inflation; Unemployment Rate; Data Panel. |
| 7. INFLATION TARGETING AND THE MOLDOVAN LEU: EVIDENCE FROM A VAR ON MONETARY CHANNELS |
Download | | Author(s): Viorica Lopotenco, Ana Cirlan | | DOI: 10.4316/EJAFB.2025.13207 | | Abstract: Using annual data for 2004-2024, the paper examines how inflation targeting feeds through to Moldova's USD/MDL exchange rate. The model is a two-lag VAR with a constant built on five series: ΔUSD/MDL, the policy rate, ΔM2, ΔCPI, and foreign-exchange reserves (ΔFX). Unit-root tests (ADF) motivate differencing; impulse responses (IRF) and forecast-error variance decomposition (FEVD) trace dynamics. Results show that monetary policy affects the exchange rate mainly through liquidity and prices rather than the policy rate. A positive money-supply shock depreciates the leu, while inflation shocks raise exchange-rate volatility. The policy rate's appreciation effect is in the expected direction but statistically weak. FEVD indicates that most variation in the exchange rate is due to its own history, with a meaningful share explained by monetary factors (money and prices). Policy implication: liquidity management and anchoring inflation expectations matter more for exchange-rate stability than small interest-rate moves. | | Keywords: Exchange Rate; Inflation Targeting; Monetary Policy; The Channels Of Monetary Transmission; VAR. |
| 8. ADVANCED ECONOMETRIC MODELS IN THE DIGITAL AGE: BIBLIOMETRIC ANALYSIS |
Download | | Author(s): Anamaria - Geanina Macovei | | DOI: 10.4316/EJAFB.2025.13208 | | Abstract: forecasting of complex economic phenomena. Econometrics is presented as a fundamental interdisciplinary discipline that integrates statistical and mathematical methods into economic theory and provides a rigorous framework for understanding economic dynamics. Based on the Web of Science database (1975-2024), bibliometric analysis using the VOSviewer programme was used to identify the main research directions, authors and countries that have made significant contributions in this field. The results revealed key trends, including increased interest in "multiple regression", "production function (Cobb-Douglas)", "Logit", "ARIMA", "SARIMA", "ARCH", "GARCH", "SVAR" models, as well as the integration of artificial intelligence methods into econometric analysis. The conclusion highlights the crucial role of econometric models in supporting economic decisions and making reliable forecasts, demonstrating the dynamic and adaptable nature of contemporary econometrics. | | Keywords: Bibliometric Analysis; Production Function; Logit; ARIMA; SARIMA; ARCH, GARCH; SVAR. |
| 9. CRYPTOCURRENCIES IN THE DIGITAL AGE: A BIBLIOMETRIC ANALYSIS |
Download | | Author(s): Anisoara Niculina Apetri, Ancuta - Anisia Chelba, Petanaj Migena, Camelia - Catalina Mihalciuc | | DOI: 10.4316/EJAFB.2025.13209 | | Abstract: The digital age has changed the way we communicate, work, learn and even spend our free time. Devices such as smartphones, computers or tablets have become indispensable, and access to information is now faster and easier than ever. In the context of the digital age, the purpose of this research paper is to carry out a bibliometric analysis based on a number of 2,454 scientific papers identified in the Web of Science (WoS) database. The first objective is to identify the concept of cryptocurrencies in the specialized literature by carrying out a brief literature review, and the second objective is to carry out the actual bibliometric analysis on the same topic. The results obtained consist in developing a research agenda, which captures the stages of evolution and consolidation of the concept of cryptocurrencies in the specialized literature. | | Keywords: Bibliometric Analysis; Cryptocurrencies; Digital Age |
| 10. STUDY ON THE ADDED VALUE OF NON-FINANCIAL REPORTING FOR THE FINANCIAL PERFORMANCE OF ORGANISATIONS |
Download | | Author(s): Mihaela Tulvinschi, Mihaela - Ionela Socoliuc | | DOI: 10.4316/EJAFB.2025.13210 | | Abstract: This paper is in line with current trends in corporate communication and starts from a central question: to what extent does ESG non-financial reporting contribute to improving financial performance? The research proposes an applied analysis of companies listed on the Bucharest Stock Exchange, with the aim of identifying the role of non-financial reporting in consolidating a coherent and responsible image. At the same time, it seeks to establish a possible correlation between the quality of these reports and the financial performance of companies. The paper integrates the financial and non-financial dimensions to highlight how specific factors of sustainable behaviour influence the strategy and competitiveness of organisations. | | Keywords: Financial Performance, Non-financial Performance, Sustainable Behaviour. |
| 11. COMPARATIVE EVALUATION OF THE ECONOMIC AND SOCIAL PERFORMANCE OF EU MEMBER STATES USING THE AHP METHOD |
Download | | Author(s): Sorinel Toderas Siretean, Ionut Balan | | DOI: 10.4316/EJAFB.2025.13211 | | Abstract: The paper analyses the economic and social performance of EU Member States using the Analytic Hierarchy Process (AHP) method as a multi-criteria optimisation tool. The aim of the research was to construct a composite performance index based on six relevant indicators: real GDP per capita, employment rate, public health expenditure, life expectancy, infant mortality and poverty rate. The data were normalised to ensure comparability between countries, and the criteria were weighted according to their relative importance in the analysis model. The results highlight significant differences between EU Member States. Countries in northern and western Europe stand out for their balance between economic performance and social sustainability, while Eastern European countries are at the bottom of the AHP ranking. The conclusions confirm the positive correlation between economic prosperity and social welfare, highlighting the importance of public investment and integrated policies for reducing development gaps and strengthening European convergence. | | Keywords: Multicriteria Optimization; Analytic Hierarchy Process (AHP); Economic Performance; Social Development. |
| 12. THE IMPACT OF EMPLOYMENT POLICIES ON THE WELFARE OF UNEMPLOYED PEOPLE IN THE REPUBLIC OF MOLDOVA: A COMPARISON WITH EU STANDARDS |
Download | | Author(s): Oxana Barbaneagra, Ludmila Frumusachi | | DOI: 10.4316/EJAFB.2025.13212 | | Abstract: The article analyzes the impact of employment policies on the standard of living of unemployed people in the Republic of Moldova (RM), with reference to the practices of European Union (EU) member states. The study highlights that active labor market policies contribute to reducing unemployment, improving professional qualifications, and increasing living standards. At the same time, passive policies, although providing temporary financial support, can have negative effects on the motivation for professional reintegration. The comparative analysis showed that RM implements some of the measures recommended at European level, but difficulties persist in ensuring their effectiveness, mainly due to discrepancies between the demand and supply of skills. Among the conclusions, the need to improve vocational training services, develop local employment initiatives, and increase employer involvement in the process of reintegrating the unemployed stands out. It also emphasizes the importance of tailoring measures to vulnerable groups, people with disabilities, and those over 50. The authors argue that only through a coherent and flexible system of active policies, aligned with EU standards, can Moldova ensure sustainable employment growth and a real improvement in the well-being of the unemployed. | | Keywords: Labor Market; Active Policies; Passive Policies; Unemployed, Labor Force; Employment Policies; Occupational Counseling; Career Guidance; Financial Support; Unemployment Benefits. |
| 13. ENVIRONMENTAL JUSTICE, AARHUS CONVENTION THROUGH THE VISION OF ECHR CASES |
Download | | Author(s): Adela Sorinela Safta, Lavinia Popescu | | DOI: 10.4316/EJAFB.2025.13213 | | Abstract: This study investigates the phenomenon of environmental crime in the Campania region of southern Italy, with a particular focus on the area known as the Terra dei Fuochi ("Land of Fires"). The region has become emblematic of illegal waste disposal and its devastating environmental and public health consequences. Drawing on legal case data from 2010 to 2023, the research analyzes the frequency and nature of environmental crime prosecutions, highlighting a marked increase in cases related to illicit waste trafficking. The discussion addresses the legislative framework, including Italy's 2015 environmental criminal law reform and international obligations under the Aarhus Convention, which emphasize public access to environmental information and justice. Despite improved legal instruments and growing public awareness, enforcement remains inconsistent, and systemic challenges persist. The findings underscore the urgent need for stronger regulatory oversight, inter-agency cooperation, and community engagement in the environmental paradigm. | | Keywords: ECHR; Fundamental Right; Aarhus Convention; Environmental Justice. |
| 14. CRYPTOCURRENCY MARKET FORECASTING BASED ON GARCH-LSTM NEURAL NETWORKS: A CASE STUDY OF BITCOIN AND ETHEREUM |
Download | | Author(s): Habib Zouaoui, Meryem-nadjat Naas | | DOI: 10.4316/EJAFB.2025.13214 | | Abstract: This study investigates the effectiveness of a hybrid forecasting model that combines Generalized Autoregressive Conditional Heteroskedasticity (GARCH) with Long Short-Term Memory (LSTM) neural networks, specifically applied to the cryptocurrency market, focusing on Bitcoin and Ethereum. The inherent volatility of cryptocurrencies presents substantial challenges for accurate price prediction, necessitating advanced methodologies that can adapt to fluctuating market conditions.
We first utilize GARCH models to analyze and capture the time-varying volatility in the returns of Bitcoin and Ethereum, enabling a comprehensive understanding of the underlying market dynamics. Following this, we implement LSTM networks to exploit their capability to model complex, non-linear relationships in sequential data, enhancing the predictive power of the model. The performance of the GARCH-LSTM framework is rigorously evaluated using historical price data for Bitcoin and Ethereum, employing key metrics such as Mean Absolute Error (MAE) and Root Mean Square Error (RMSE) to assess forecasting accuracy. The results demonstrate that the hybrid approach significantly outperforms traditional forecasting methods, providing more reliable predictions and insights into market trends. This study contributes to the growing body of literature on cryptocurrency forecasting by illustrating the potential of combining econometric techniques with advanced machine learning methods, offering valuable implications for traders and investors in the cryptocurrency ecosystem. However, the experimental results revealed that the LSTM model outperformed the other eight methods in terms of forecasting performance measures, the RMSPE validation is 0.112561, and the RMSE validation is 0.011456. | | Keywords: Cryptocurrency; Forecasting; Deep Learning; Blockchain; GARCH; LSTM. |
| 15. FINANCIAL SUSTAINABILITY ANALYSIS OF ACCOUNTING AND AUDIT FIRMS: PREMISES FOR THE DEVELOPMENT OF ENTREPRENEURSHIP IN THE FIELD |
Download | | Author(s): Simona - Maria Brinzaru, Rodica Ailoaiei, Geanina Maciuca | | DOI: 10.4316/EJAFB.2025.13215 | | Abstract: Strengthening the financial sustainability of firms has become a pressing necessity in the context of today's challenging, unstable, and uncertain economy, while also opening up new perspectives for entrepreneurship in the field. The main purpose of this paper is to investigate the determining factors that influence the financial sustainability of accounting and audit firms and can contribute to the development of entrepreneurship. To achieve this goal, the following three objectives were set: Identifying the factors that influence financial sustainability and determining the impact of intellectual capital on improving financial sustainability; To assess the financial sustainability of firms in the field analyzed in the current economic context; and To make proposals that can support the sustainable development of accounting entrepreneurship in an unstable economic environment. The research was conducted on a sample of 60 accounting and auditing firms (CAEN code 6920) in the NE region of Romania, collecting data for the period 2012-2022. The results obtained are reflected in the development of an econometric model for assessing the financial sustainability of accounting and financial audit firms, using the SPSS program. The usefulness of the research results lies in identifying solutions for accounting and financial audit firms that can be applied in practice to improve their financial sustainability and provide directions for business development. | | Keywords: Financial Sustainability, Accounting, Audit Firms, Entrepreneurship. |
|
|
| |
|
|
|
