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ISSN: 2344 - 102X
ISSN-L: 2344 - 102X
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Volume 12, Number 2, Year 2024| 1. THE LEGISLATIVE FRAMEWORK FOR CIRCULAR ECONOMY IN THE WINE INDUSTRY OF THE REPUBLIC OF MOLDOVA
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Download | | Author(s): Cristina Diaconu, Larisa Bugaian | | DOI: 10.4316/EJAFB.2024.12201 | | Abstract: In response to resource constraints and environmental pressures, the concept of the circular economy (CE) is becoming increasingly crucial for public policies. Adjustments in the existing regulatory framework are necessary to progress toward a circular economy, including product design, waste management, and resource efficiency. Obtaining the status of a candidate country in June 2022 reinforces Moldova's responsibility to make progress. In the communication to the European Parliament, the European Commission, the European Parliament, and the European Council regarding the Republic of Moldova's application for membership in the European Union (EU) (Brussels, June 17, 2022), it was emphasized that significant efforts, accompanied by political and financial support are needed to align domestic legislation with the EU acquis in the fields of environment and climate action. Substantial reforms are required to achieve European objectives within the European Green Deal. This paper explores the existing legal framework for the circular economy with a focus on the wine industry in Moldova. The methodology includes documentary observation, literature review, and analysis of relevant laws. | | Keywords: Circular Economy; Legislative Framework; Sustainable Development; Wine Industry. |
| 2. THE EVOLUTION OF DIRECT BACKWARD AND FORWARD LINKAGES IN THE ROMANIAN ECONOMY |
Download | | Author(s): Nela Steliac | | DOI: 10.4316/EJAFB.2024.12202 | | Abstract: After the 1989 Revolution, a number of significant structural economic changes took place in Romania. The country's GDP has grown considerably, especially after 2007. This paper analyses the structural changes in Romania's economy using the Input-Output model over the period 1996-2021. Using this model the strongest and weakest technological dependencies and sectoral influences were identified. In this respect, technical input coefficients for backward linkages and technical output coefficients for forward linkages were calculated. The results of the analysis revealed that industry is the largest consumer and supplier. In second place are construction in terms of inputs and agriculture in terms of outputs. The strongest backward linkages are between industrial branches and between construction and industry. The weakest backward linkages occur between agriculture and construction and vice versa, and between services and agriculture. The strongest forward linkages are between agriculture and industry respectively between industrial branches, while the weakest forward linkages exist between agriculture and construction and between construction and agriculture. | | Keywords: Romania, Input-output Model, Economic Interdependencies; Backward Linkages; Forward Linkages. |
| 3. MARKETING MANAGEMENT: EVOLUTION TOWARDS A SUSTAINABLE FUTURE |
Download | | Author(s): Mihai Stanciu | | DOI: 10.4316/EJAFB.2024.12203 | | Abstract: This article presents a scholarly exploration of the evolution of marketing management thought and practice, charting its course from conceptual origins to contemporary challenges, with the aim to establish what are the pre-requisites for a sustainable future. The paper highlights key evolutionary stages, from the development of marketing principles to the scrutiny of marketing managers' activities and their impact on organizational performance, highlighting the significant role of contemporary technologies in transforming marketing practices. The paper addresses the current challenges marketing managers face, including the global business emphasis on short-term results, the ambiguity surrounding the primary responsibilities of marketing managers, and the persistent need to demonstrate the effectiveness of their activities. The paper suggests essential directions for reevaluating the role of marketing managers, in an effort to steer practitioners towards organizational excellence and long-term sustainability. | | Keywords: Future Of Marketing; Marketing Evolution; Marketing Management; Role Of Marketing Managers; Strategic Marketing. |
| 4. ENTERPRISE RESOURCE PLANNING A REAL SUPPORT FOR TOP MANAGEMENT |
Download | | Author(s): Roxana Dana Igna | | DOI: 10.4316/EJAFB.2024.12204 | | Abstract: The purpose of the research was to present the importance of having an Enterprise Resource Planning system that can much faster and efficiently organize the management procedures in a company to meet the demands of managers. Being considered as a real solution for top management, providing integrated reports that can easily fulfill any requirement addressed based on a selection criterion. Management, i.e. the people who coordinate, control, direct and organize the activity of a company, require concrete, accurate and precise information in real time for the graduation of the wisest decisions. Therefore, the existence of such a system is a key factor (must have) in making important decisions. The second objective of the paper was to analyze the Romanian managers' view on the subject. The Romanian market was chosen and analyzed because it has a strong and competitive business environment being dominated by multinationals. Therefore, the article presents qualitative research. The instrument of analysis was the interview. Based on the responses received, the profile of the respondents was sketched and a detailed analysis of the answers was conducted. | | Keywords: Enterprise Resource Planning; Top Management; Performance. |
| 5. THE IMPACT OF ADOPTING INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS ON THE QUALITY OF FINANCIAL REPORTING IN ROMANIA |
Download | | Author(s): Elena Hlaciuc, Elena Alina Olaru (colbea), Cristina Gabriela Cosmulese | | DOI: 10.4316/EJAFB.2024.12205 | | Abstract: Adopting and implementing International Public Sector Accounting Standards (IPSAS) has become a priority for many governments, including Romania's, in light of globalization and growing calls for financial transparency and accountability. The goal is to improve the quality of financial information presented and harmonize financial reporting with international practices. In this context, the study examines how IPSAS has been implemented and how it has affected the caliber of financial reporting in public sector organizations, with a particular emphasis on Romania. In this sense, this study takes into account a thorough literature review that is followed by a quantitative examination of secondary data (government reports, reports from the European Union, and laws from both domestic and foreign governments). Therefore, we employed statistical modeling, with the quality of financial reporting serving as the dependent variable, to accomplish this aim. The study's findings show that the use of IPSAS has significantly increased financial reporting's accountability, comparability, and transparency. But there are drawbacks as well, like the high cost of implementation and the requirement for intensive training. | | Keywords: IPSAS; Quality; Financial Reporting; Public Institutions; Transparency; Comparability; Accountability. |
| 6. GENDER AND POLICY: THE CASE OF ROMANIAN WOMEN IN ACCOUNTING ACADEMIA |
Download | | Author(s): Georgiana Puscas | | DOI: 10.4316/EJAFB.2024.12206 | | Abstract: The gender representation of women in academic positions within Romanian universities, as well as the broader academic context, has not been thoroughly analyzed or debated. Addressing this "lack of research interest" this paper aims to critically examine the scientific and academic trajectories of Romanian women academics, and the academic environment through the lens of legislation, answering to the following research questions: How have Romanian women been represented in legislation? What impact have legislative provisions had on their academic and research career paths and progression?
The methodology primarily involves a critical analysis of the main legislative acts from 1948, when the Communist Party came to power, until 2020. This period of analysis encompasses a rich and intriguing series of political, economic, legislative, cultural, and social changes, divided into three distinct periods:1948-1989 - the Communist era, 1989-2007 - the post-Communist era, ending with Romania's accession to the European Union in 2007, and 2007-2020 - the second post-Communist era, highlighting the impact of EU membership on legislation and the academic environment. | | Keywords: Academic Career Progression; Gender Representation; Historical Analysis; Legislation; Romanian Women Scholars. |
| 7. QUALITY MANAGEMENT IN PUBLIC HEALTH: ORGANIZATION, FUNCTIONING, RULES AND SOME RESULTS |
Download | | Author(s): Oana Miron | | DOI: 10.4316/EJAFB.2024.12207 | | Abstract: The purpose of this paper is to highlight the most significant aspects of quality management in the public health sector in Romania, with a particular focus on the organization, functioning, existing regulations, and outcomes achieved to date in this area. Our motivation stems from the fact that adequate control and good quality assurance in public health can significantly contribute to improving patient outcomes, reducing costs, and increasing trust in the healthcare system. By implementing rigorous evaluation and improvement methods, health systems can ensure better and safer care for all patients. Based on the most recent literature, we address issues such as the establishment of the organization responsible for quality management in Romania's health sector (including the national regulatory context and organizational form, as well as the main aims and objectives of this organization). We then focus on the activities of the hospital accreditation office within the National Authority for Quality Management in Health (NAQMH / ANMCS) and the exercise of specific competencies by the North-East Territorial Office in Ia?i. The conclusion of our paper is dedicated to the most important findings regarding the studied topic. | | Keywords: Quality Management; Public Health; Hospital (or Inpatient Health Facility/IHF); Hospital Accreditation; Accreditation Categories. |
| 8. IMPLEMENTATION OF RESULT CONTROL AND ACTION CONTROL TO IMPROVE COMPANY PERFORMANCE |
Download | | Author(s): Selvy De Balqis, T. Khairunnisa, Iskandar Muda, Alexandru - Mircea Nedelea | | DOI: 10.4316/EJAFB.2024.12208 | | Abstract: The purpose of this article is to discuss and analyze the role and application of Result Control and Action Control in companies and their impact on improving company performance. Researchers conducted theoretical studies and previous literature reviews. In this research, we will also examine previous research which provides an overview regarding the implementation of Result Control and Action Control in companies and their impact on improving company performance. This research uses a qualitative descriptive approach by conducting theoretical studies and literature reviews by conducting literature studies and collecting journals via websites and the internet, then researchers conduct discussions and provide conclusions through theoretical analysis and research results that support to obtain good theoretical research results. related to the themes discussed in the research. Through the results of theoretical studies and literature reviews, results were found with the conclusion that a good Management Control System will be obtained if the company is able to carry out the four existing types of management control, namely action control, result control, personnel control, and cultural control. Result control (RC) has a significant influence on company performance, if the company's efforts in evaluating the quality of products and services that will be provided to consumers are optimal. Through the implementation of action control, companies can control and influence the attitudes and behavior of employees to be responsible for existing work, monitoring actions that should not be carried out so that employees do not deviate from the established rules. | | Keywords: Result Control, Action Control, Improve Company Performance. |
| 9. CREATIVE ACCOUNTING: BETWEEN RISK AND OPPORTUNITY. AN INTERNATIONAL VIEW |
Download | | Author(s): Marius- Sorin Ciubotariu, Cristina- Raluca Cernovschi | | DOI: 10.4316/EJAFB.2024.12209 | | Abstract: The expectations of users of accounting information, in addition to frequent legislative changes and the attempt to standardize accounting standards, push companies and their management to resort to creative accounting, a phenomenon whose main aim is to distort the financial reality in order to achieve all the objectives set. Creative accounting can be used to distort accounting information either by ignoring ambiguous regulations or by using accounting policies and options in a legally correct but immoral manner. This phenomenon is a topic intensively addressed in recent years by people specialized in the field of accounting because it causes financial problems with long-term impact. This paper aims at a comprehensive survey of the literature from which we will draw both how creative accounting has evolved and the different approaches. We will examine existing analogies and comparisons, the views of authors from different backgrounds and cultures on the concept and what it means for users of accounting information. The discussion takes into account the dual nature of creative accounting by exposing both the positive influences it has on organizations and the risks it entails. By systematically reviewing the literature, this study contributes to a complete picture of creative accounting, bringing together in a single document the views of authors from many geographical areas, developed through different intersections with the effects of this concept. | | Keywords: Creative Accounting; Creative Practices; Accounting Scandals; Financial Manipulation; Flexible Standard; Risks; Oportunity. |
| 10. BIBLIOMETRIC ANALYSIS OF THE RELATIONSHIP BETWEEN MANAGEMENT SYSTEM AND FINANCIAL SUSTAINABILITY OF COMPANIES |
Download | | Author(s): Simona- Maria Brinzaru, Codrin-florentin Nisioiu, Camelia- Catalina Mihalciuc, Cipriana Mihai | | DOI: 10.4316/EJAFB.2024.12210 | | Abstract: In the current context, it is extremely important for any enterprise management system to integrate a financial sustainability strategy and objectives for several reasons, namely the economic environment is highly unstable, with unforeseen events such as the COVID-19 pandemic, geopolitical conflicts or energy crises. Integrating a financial sustainability strategy into a company's management system can help to increase the company's resilience in the face of such turbulence and improve performance management. Thus, financial sustainability can provide a sound framework for risk assessment and risk management, and in the face of crises such as the one generated by the COVID-19 pandemic, enterprises that adopted sustainable financial practices were often better prepared to cope with the negative impacts and recover faster. In this context, this paper aims to explore the relationship between financial sustainability and the management system of organizations, with a particular focus on performance management. In order to achieve this goal, three objectives were also set as follows: to analyze the evolution of the papers published under this theme in terms of time, geography and WOS research areas; to understand the evolution of the addressed theme by identifying the most frequently used keywords within the research theme and the links between keywords that outline the most relevant thematic clusters; to identify the importance of integrating financial sustainability strategies into companies' management systems. The results of the bibliometric analysis show that sustainable management systems contribute to long-term financial sustainability, particularly in volatile economic climates. | | Keywords: Financial Sustainability, Management System, Performance Management, Economic Crisis. |
| 11. PRICE STABILITY IN PERIODS OF NEGATIVE INTEREST RATES |
Download | | Author(s): Petr Budinsky, Tobias Bucher | | DOI: 10.4316/EJAFB.2024.12211 | | Abstract: The connections between the ECB's unconventional "negative interest rate" measure and the overall goal of price stability are analyzed. Here there is a particular focus on the effectiveness of the measure during the Negative Interest Rate Period (NIRP) and the effectiveness in times of skyrocketing inflation. We will continue to examine whether the ECB's measures work in both the short run and the long run. The result is that the "negative interest rate" measure worked very well. It has been proven to contribute to price stability. In times of skyrocketing inflation, the ECB's control mechanisms via the interest rate still work. We proved this using the quantity theory of money, which applies both, in the long term and in the short term, and both during the NIRP and during positive interest rate structure phases. | | Keywords: Negative Interest Rate Policy; Equation Of Exchange; Price Stability. |
| 12. EMOTIONAL INTELLIGENCE: THE ENGINE OF TRUST AND INNOVATION IN THE MOST TRUSTED COMPANIE |
Download | | Author(s): Mihaiela Eugenia David | | DOI: 10.4316/EJAFB.2024.12212 | | Abstract: In the face of fierce competition and rapid change, organisations are becoming increasingly aware that their long-term success depends not only on financial performance, but also on their ability to adapt and be resilient in the face of evolving challenges. In this sense, we bring to attention some ways in which EI (emotional intelligence) can support the development of values such as trust in the organizational culture and in this way, can support continuous innovation in companies. The integration of EI into the organizational culture is an important pillar in building an innovative and sustainable organization. The present study is focused around two main ideas, namely highlighting the increasing importance of EI in the literature and analyzing an international ranking (World Most Trustworthy). Based on WMT it aims to deduce whether and to what extent there is a direct relationship between EI and the level of trust in a company that could explain the performance achieved by such organizations. | | Keywords: Emotional Intelligence; Innovation; Leadership; Organizational Culture; Trust. |
| 13. CIRCULAR ECONOMY MEASUREMENT TOOLS, CHALLENGES, AND GLOBAL STANDARDIZATION |
Download | | Author(s): Roman Bahnaru, Elena Hlaciuc | | DOI: 10.4316/EJAFB.2024.12213 | | Abstract: The circular economy promise to offer solutions and support to solve recent environmental challenges. But how to measure Circular Economy, and what is de facto the Circular Economy. Perhaps because until 2024 there was no standardized definition of the circular economy, the multitude of definitions created problems for the development of a ubiquitous circular economy at the global level, and at the governance level it created more confusion than clarity in the multitude of green, blue, ecological or sustainable economies. This article examines the role of the definition of circular economy for measuring the circular economy. By aligning measurement tools and approaches, ISO 59020 enables organizations to assess their circularity performance more consistently. The findings suggest that standardized definitions and methodologies are essential for improving transparency and driving the adoption of circular economy practices across sectors. | | Keywords: Measuring; Circular Economy; ISO 59000; Enabler; Challenge. |
| 14. EVALUATION OF THE IMPACT OF WAGE EXPENDITURES ON COMPETITIVENESS AND SUSTAINABILITY IN THE ROMANIAN ENERGY INDUSTRY |
Download | | Author(s): Dumitru Filipeanu, Claudia- Elena Grigoras- Ichim, Lucia Morosan- Danila | | DOI: 10.4316/EJAFB.2024.12214 | | Abstract: The paper analyses the impact of personnel costs on the financial results of five important companies in the energy field in Romania (nuclear energy, oil, gas and hydropower) based on the financial statements reported in the last decade, following the assessment of how salary expenses affect revenues and profitability. The energy industry in Romania significantly influences GDP and regional development, so understanding the relationship between investments in human resources and financial success is essential for promoting the growth and competitiveness of companies in the field, especially during the transition to renewable energy. Using econometric methods (such as simple and multiple linear regressions, logistic regression and time series analysis such as ARIMA and VAR, Granger test, and PCA analysis), the study investigates the direct and dynamic relationships between personnel expenses and the performance indicators of companies. The results show a significant positive relationship between the salary expenses and the companies' total revenues, indicating that more significant investments in the workforce can lead to operational growth. In contrast, social protection spending shows a weaker correlation, suggesting that it has a minimal effect on financial performance. The two-way relationship revealed by the Granger test underlines the reciprocal impact of wage policies on financial results, underscoring the strategic value of investing in human capital. This research provides important insights for improving personnel spending strategies and promoting long-term sustainability and competitiveness in Romania's energy sector. | | Keywords: Personnel Expenses, Companies' Financial Performance, Energy Sector, Econometric Analysis, Sustainability. |
| 15. THE POTENTIAL FOR INTENSIFYING AUSTRIA'S OPPOSITION TO
SCHENGEN ENLARGEMENT |
Download | | Author(s): Florentina- Loredana Dragomir- Constantin | | DOI: 10.4316/EJAFB.2024.12215 | | Abstract: During the Justice and Home Affairs (JHA) Council meeting on December 8-9, 2022, Austria opposed the
accession of Romania and Bulgaria to the Schengen area, citing immigration-related reasons. In this context,
taking into account the European Parliament's resolution on the political motivation but also the emergence of a
new conflict in the Middle East (Gaza Strip) with the potential to increase the number of immigrants to Europe,
we consider it necessary to study the potential for intensifying Austria's opposition to Romania's inclusion in the
Schengen area. This paper aims to be a longitudinal study that will provide an x-ray of the social, economic,
political and security environment in Austria in order to determine the Vienna Chancellery's appetite for
strengthening the discourse against the Schengen enlargement and the foundations of this discourse. The period
of the study was chosen between 2018-2023, as this period presents significant particularities from a global and
European security and migration perspective, namely: the onset of the COVID-19 pandemic, the withdrawal of
allied forces from Afghanistan (2021) and the Russian invasion of Ukraine (February 2022). | | Keywords: Highly Skilled Immigrants; National Security; Artificial Intelligence, Regional And International
Security. |
| 16. CONTINUOUS PROFESSIONAL TRAINING OF STAFF FROM HIGHER
ECONOMIC EDUCATION - DETERMINING FACTOR OF EDUCATIONAL
SUCCESS |
Download | | Author(s): Svetlana Mihaila, Galina Badicu, Veronica Grosu | | DOI: 10.4316/EJAFB.2024.12216 | | Abstract: The changes produced in society and the forecast of their acceleration require the adaptation of educational systems to the new realities, including the training of professional skills. The present research traces continuous
professional training, approached as a relevant opportunity for the professional development of teaching staff in higher economic education. For this purpose, a research based on the questionnaire was carried out in order to determine the need and the degree of efficiency of the continuous professional training of teaching staff in higher economic education in the Republic of Moldova and Romania. Our concerns in the article are how teachers in higher economic education are prepared to deal with this continuous process of change and what skills are
required, as continuing professional development is essential. The contribution of this paper consists in validating the hypothesis of the importance of continuous professional training of teaching staff in higher economic education and formulating coherent proposals for improving the continuous professional training activity. | | Keywords: Continuous Professional Training; Higher Economic Education; Didactic Staff, Educational Success. |
| 17. ASSESSING THE IMPACT OF CORPORATE GOVERNANCE ON THE PERFORMANCE OF FINANCIAL INSTITUTIONS |
Download | | Author(s): Irina- Stefana Cibotariu | | DOI: 10.4316/EJAFB.2024.12217 | | Abstract: In the context of the global economy and the increasing importance of corporate governance in the banking sector, this study explores the relationship between the quality of corporate governance and the financial performance of financial institutions. Through an econometric analysis applied to ICBC, HSBC and J.P. Morgan Chase & Co., the study examines the impact of corporate governance on key financial indicators, including return on assets (ROA), return on equity (ROE), price-earnings ratio (P/E) and price-to-book ratio (P/B). The Corporate Governance Index (CGI), developed for this study, quantifies the elements of corporate governance and allows a comparative analysis of financial performance across the institutions analyzed. The results have contributed to econometric models that can indicate the influence of various corporate governance factors on financial performance. Moreover, they also indicate that a robust corporate governance structure can contribute substantially to market stability and investor confidence, enhancing profitability, as well as stakeholders' market valuation, while also being a strategic factor for the long-term competitiveness of financial institutions. | | Keywords: Corporate Governance; Econometric Models, P/B, Financial Performance, ROA, ROE. |
| 18. IMPLICATIONS OF FINANCIAL-BANKING ENTITIES IN FINANCING CLIMATE ACTION AND ENVIRONMENTAL SUSTAINABILITY |
Download | | Author(s): Anisoara Niculina Apetri, Camelia Catalina Mihalciuc, Maria Grosu | | DOI: 10.4316/EJAFB.2024.12218 | | Abstract: For most countries, implementing climate policies and stimulating green finance is an important concern. The transition to a low-carbon economy can create new financing opportunities for the financial and banking system. While many studies focus on the role of environmental and climate change policies to support the transition to a low-carbon and climate-resilient economy, this research aims to highlight the implications for the financial-banking system and other financial institutions in financing climate action and environmental sustainability. | | Keywords: Climate Policies, Low-carbon Economy, Green Finance. |
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