Showing papers in "Ovidius University Annals: Economic Sciences Series in 2019"

Analyzing the Link Between Work Flexibility, Job Satisfaction and Job Performance Among Romanian Employees

Abstract: The labour market has redefined in recent years and has changed the way employers report to employees. Work flexibility is important in the context in which those who work at the desired hours tend to be more motivated and spend a longer period of time without changing their job. The paper aims to analyse the link between the main forms of work flexibility, job satisfaction and job performance using a sample of 220 employees, emphasising the role of work flexibility in the motivation system of employees and evaluating the impact of workspace on job satisfaction and performance. The empirical results revealed that schedule flexibility (a flexible program, teleworking or reducing overtime) tend to significantly influence job satisfaction and performance and from the four new types of working (FO, CW, HOT, HOP) the results revealed that all four ways of working highly impacted the well-being, personal and professional performance and the overall level of motivation.

Fiscal Sustainability in Flow Model: Panel Cointegration Approach for the EU-28

Abstract: This paper assesses fiscal sustainability in 28 European Union economies in the period 1995- 2018, using panel cointegration analysis for fiscal sustainability testing. The research is based on econometric framework of nonstationary, heterogeneous, and cross-sectional dependent panels, using robust Westerlund (2007) panel cointegration test, Mean Group, and Pooled Mean Group method of estimations. The results of cointegration analysis for EU-28 point to weak fiscal sustainability, with significant fiscal adjustment in average. However, heterogeneous coefficients show in which economies fiscal sustainability is achieved (whether it is strong or weak fiscal sustainability) and heterogeneous fiscal reactions. Robustness check confirmed existence of fiscal sustainability with heterogeneous fiscal adjustments in European Union economies, and indicated strong fiscal sustainability in the shorter period of time, namely after 1997 when Stability and Growth Pact is introduced.

Ecotourism and Its Importance on the Tourism Market

Abstract: Ecotourism is the main form of sustainable tourism and takes into account the natural environment, the cultural and social environment as well as the economic impact on the local communities. These features make ecotourism an attractive form for tourists who want to travel in the areas that constitute the appropriate environment for practicing ecotourism. The actions of conservation of the natural environment have generated this form of tourism that is addressed to a small segment of tourists, namely the segment of ecotourists. Therefore, protected areas play a decisive role in the practice of ecotourism. In turn, ecotourism generates a minimal negative impact on the natural and cultural environment, contributing to the well-being of local communities. In Romania, the existence of relatively unaltered natural resources, the preservation, revitalization and capitalization of cultural resources, as well as the support of local communities in these areas, had the effect of developing ecotourism materialized in increasing the number of ecotourists.

VAT - Gap Convergence in Central and Eastern Europe

Abstract: Tax system structure and the effectiveness of tax collection influences tax-gap. In the present research the authors analyse the improvement of tax collection practices in 26 European Union member states. The paper also explores the convergence characterizing the process of VAT-gap reduction in the Central and Eastern European region. The VAT-gap is investigated with the beta (I²) convergence model developed by Barro and Sala-i-Martin (1992), initially used for the measurement of real income convergence. Beta-convergence means that countries with lower level of income grow faster than rich ones in the same period. No significant VAT-gap convergence could be identified between the 26 European countries, but a relatively strong convergence could be observed in the case of the CEE region.

The Impact of Political Stability on Economic Growth in European Union

Abstract: In our empirical study we analyze the impact of political stability on GDP growth forEuropean Union Countries over the period 2000-2017 We ran a panel OLS regression with robust standard errors and we removed panel autocorrelation and heteroskedasticity from our data We consider a politically stable country when doesn’t face with conflicts, protests, radical changes of regimes, terorismand wars Political risk is often associated with foreign investments Foreign investors are not willing to invest in war and conflict countries, in regions where the legislative, executive and judiciary powers can not operate under normal democratic conditions Our empirical results indicate that there is a positive and a significant relationship between political stability and GDP growth

Integrating Online Marketing Strategies in B2B Companies

Abstract: In the context of a highly dynamic business environment ,which is constantly changing due to the innovations brought by the rise of advanced technologies,companies are faced with the difficult challenge of permanently adapting their strategies in order to create differential effect for their brands,as well as to gain competitive advantage in the market, in an entirely new different marketing era.The rise of e-commerce has been directing the efforts of marketers worldwide towards the online environment, as we are whitnessing a ,,digitalization†effect in every sphere of activity.While B2C (Business-to-Consumer) companies have successfully adopted and used marketing strategies based on new technologies(more precise , they embraced online marketing techniques) , in the B2B context, these new approaches are still viewed with some skepticism , due to the perception of traders regarding their use in this particular business sector. In this study, we set out to investigate, based on the existing academic literature and previous scientific research, the ways in which B2B companies can use online marketing techniques. Particularly, we will discuss the use of one certain online marketing method, namely, Social Media Marketing, widely known as SMM, which involves the use of social media platforms as a marketing communication tool. Furthermore, we will analyze, based on a case study of a B2B company, namely, the Maersk company (globally known as being a company with a long history and tradition behind , in the transport, logistics and energy services domain ), the benefits that can result from integrating online marketing strategies in a business plan. The case study which we will present will highlight the ability to use social media platforms for marketing purposes, their approach being considered one of the most popular marketing methods of modern technology.

Written Business Communication. Case Study: Auditor’s Report

Abstract: This paper is focused on the importance of written business communication and on some of the features that guarantee its success. In this regard, the theoretical part of the paper has tackled general aspects of written communication, focusing on its definitions, process, components and advantages. In the practical part, an analysis has been performed on three specialized texts dealing with auditor's reports. The texts were processed by specialized software that showed the readability indices and the lexical density of the texts. The analysis of the data revealed the importance of developing good writing skills for the purpose of successful written business communication.

The Effectiveness of Pension Systems in Some Countries of Central and Eastern Europe

Abstract: Pension system is the main structure of financial protection of elderly. Worldwide, it can be found some archetypical models of pension systems organization. In most countries from Central and Eastern Europe pension systems are based on the contributory principle and solidarity between generations. This paper aims to appreciate the effectiveness of pension systems in five countries of Central and Eastern Europe, including Romania, in the period 2007- 2017. Therefore, it was considered both microeconomic perspective of pension systems beneficiaries, and macroeconomic perspective, through the equilibrium of social insurance budget and the amount of contributions applied to labor market. The research leaded to the conclusion that the pension systems implemented in countries of Central and Eastern Europe, regardless of their organization, have both advantages and limitations, but the success of any national pension system is given by the adequacy to national context and conditions.

The Influence of the Life Coaching Process on Entrepreneurial Talents in Romania

Abstract: The purpose of this research is to show how life coaching can support the IT start-up entrepreneurs to train their talents. In this research we aim to analyze how life coaching can help IT start-up entrepreneurs to train their talent by applying a qualitative experiment. The experiment covered 5 stages: development and learning strategies, talent, collaboration (life coach-entrepreneur-organization), how to solve problems in a creative way, and align with business and market needs. Selection criteria referred to: entrepreneurs that have not participated in life coaching sessions, years of entrepreneurial experience in IT field 1-3 years, and ages 25-28. Through life coaching sessions, entrepreneurs have set out to expand their business and solve their personal life issues such as different states of emotions, thoughts and behaviors. Life coaching improves the IT entrepreneurs' talent at start-up level, which increases the productivity of the work of the entrepreneurs.

Quality in Education - Approaches and Frameworks

Abstract: Having an essential role in attaining a country's economic development, education is one of the core services delivered by the government. However, the extension of the educational services delivered does not enhance the anticipated outcomes unless a certain quality norm is sustained. That is why it is vital to follow the enhancement of quality in all spheres of education. The notion of quality in education is not new, being a multidimensional concept. The paper analyzes existing approaches and frameworks in the area of quality in education, proposing an integrated model. This model is built on two levels (the quality of the educational system and the quality of educational institutions), it uses the management by objectives method and as the integrating factor the stages of the PDCA cycle.

Risks and Opportunities in the Cryptocurrency Market

Abstract: The financial industry is subject to a new technological age through the evolution of the cryptocurrencies, people exploring a continuous rise of interest in investing on alternative basis mechanisms. This paper aims to give an overview of the blockchain technology and its potential, with its applicability on the cryptocurrency market. We illustrate the main challenges that the cryptocurrencis must overcome in order to achieve the customers’ approval, which is strongly related to trust and cybersecurity issues. A comparative analysis of the two major cryptocurrencies emphasizes the risks and the opportunities offered by the cryptocurrency market, but also the main threats that must be addressed. Moreover, the consequences of the cryptocurrencies development for both national and international financial systems are evaluated, leading to the idea of a freedom-associated concept, where the lack of a third-party financial authority requires a significant change of perceptions and has the premises to fundamentally transform the traditional payment methods.

The Influence of the Variation of Taxes and Duties on the National Economy in the Context of Ensuring the Need for Revenues to the State Budget

Abstract: The article aims to make an x-ray of the main taxes in Romania during the post-crisis period and to identify the interdependence between their evolution and the economic growth against the need to overcome the economic crisis from 2008-2009. The fiscal burden influenced the evolution of the Romanian economy in the period following the economic crisis, the changes in tax rates bringing also pluses and minuses to the economy of the country. The poor efficiency of collecting taxes to the state budget but also the evolution of the evasion phenomenon slowed down economic growth rate of Romania during the post-crisis period, generating very difficult skids to correct.

Conventions to Avoid Double Taxation, Deficient Aspects

Abstract: This paper aims to empirically analyze the transnational double taxation issue, starting from the legal framework and showing through examples and situations, the manifestations of the double taxation phenomenon. The importance of the study is of extreme importance in the current economic context, since the main concern of E.U. is to mitigate the risks of Base erosion and profit shifting (BEPS). OECD defines BEPS strategies as "exploiting gaps and mismatches in tax rules", so concerns and studies in this field are of utmost importance. The integration of Romania into the European Union meant for the majority of taxpayers a means of perfecting their means of production as well as of their technologies, but also of increasing their economic and financial cooperation with different states. As a result, many natural and legal persons carry out activities from which they obtain income from two or more states. Therefore, they can be in economic connection with these states that put them in unfavourable situations, because, each state having its own tax system, the taxpayer can be subjected to a double taxation having the same tax base.

Opportunities for Romanian Entrepreneurs in Digital Single Market

Abstract: Digital single market represents the future of European companies. This is no longer a desiderate, but is a certainty of how the business environment would be in the future Europe. The aim of the paper is to determine what are the main opportunitiesfor national business in order to become more digitalized and easily access the financial opportunities that the European Strategy in the field is given. The paper identifies that not all small companies in Romania have possibilities for accessing digitalization, and yet, they have other market opportunities for obtaining financing in order to become more competitive. The successis much closer for those which shall implement digitalization in their operational and management activities. Added value of the paper is given by the listed opportunities for future entrepreneurs and future activities for entrepreneurs in the context.

Economic Cycle and Firm Managerial Strategies

Abstract: Over time many economists have focused on the problems of economic cycles and crises. Economic cycles are generally the result of global demand displacement, its decrease bringing about reduction of production as well whereas its increase leads to production growth. Starting from the fact that the variations of global demand are the basis of the comprehension of economic cycles, in the literature two categories of theories have been approached(known under the name of external theories and internal theories) which might explain the cyclic evolution of economy. For external theories, the cause of economic cycle is given by the exterior fluctuations of the economic system such as: wars, rates of rise of population and emigration, scientific discoveries and technological innovations. Internal theories refer to mechanisms within the economic system which generates economic cycles and which determines the cyclic movement. According to these theories the whole expansion leads to recession and shrinkage, and the whole shrinkage leads at its turn to expansion similar to a process which recommences regularly.

Agency for Payments and Intervention for Agriculture – Agency which Manages the Funds Destined to Agriculture

Abstract: Agriculture is amongst the domains of great interest both for European and national level because it has to ensure safe and quality products to the population. Therefore, the purpose of this article is of presenting one of the modalities of financing the Romanian agriculture from the European funds, in order to develop it and place quality products on the market. Nationally there is the Agency for Payments and Intervention for Agriculture, which is ancillary to the Ministry of Agriculture and Rural Development and which manages European funds for implementing the proceedings for supporting the farmers from the European Agricultural Guarantee Fund. This agency was founded based on the law no. 1/2004 and finances Romanian agriculture through some proceedings such as single payment scheme on surface, payment scheme for agricultural practices which are beneficial for the environment and climate, payment scheme for young farmers, paired support for vegetal and zoo technical sector, proceedings for agricultural environment and climate, ecological agriculture, payments for areas having natural restraints, payments for animals’ wellbeing, investments for developing weald areas.

Management Strategies in Circular Economy

Abstract: In order to assure a green future, the humanity must think that the environment is at risk. Commonly, environment is illustrated by circular phenomenon with unified ecological relationships in a sustainable ecosystem. We must re-learn to living in communion with environment and with one another. As circular economy encourages change and develops opportunities to do business according to the principles of circular entrepreneurship, that ensures the use of resources continually, thus avoiding large quantities of resources from floating and converting to waste. The present work intended at improving awareness of the efforts, opportunities and accomplishments of circular economy and assessment of present literature regarding the definitions, necessities and implications of circular economy. As now, a theory specifically centered on circular economy is yet in discussions, the method used was the literature examination and establishing some main principles outlining the specifications that illustrate the circular economy. In the results the authors acknowledged among the features that the circular economy must close, reduces and tightens the loop of resources and should covers the different entrepreneurial practices, from consideration to development of opportunities.

Analyzing Short Term Momentum Effect on Stock Market of Hong Kong. An Empirical Case Study

Abstract: Existence of short-term momentum effect is a widely disputed topic. This paper aims to solve the dispute and examine the presence of short-term momentum effect in the stock market of Hong Kong. Empirical results of 16 monthly price momentum investment strategies suggest that short term momentum effect has been found in Hong Kong’s stock market and it is overwhelmingly strong. Future research should focus on investigating momentum effect using weekly and daily price momentum strategies.

Global Economy Under Trade War

Abstract: This article argues the positions of the global trade partners and war trade enemies, the United States and China and how their actions are changing the worldwide trade relations. China is becoming a great power and its expanding economy imposes a threat to the Western monopolized international system. US imposes tariffs on import products but this doesn’t mean trade decreases, it only shifts the markets. Partnerships are being built, new trade relations are getting shaped. The paper contributes to understanding the aspects of the trade war. As the conflicts continue, both these economic powers will bring uncertainty in the global trade market.

Informational Limits of Financial Situations

Abstract: Financial reporting plays a significant role in the business environment by providing relevant information about the work carried out over a period of time by economic entities that are a starting point in setting strategies. The detailed analysis of their content allows detailing the details that can favor the correct direction of the activity towards growth and development, and the forecasts made based on an economic and financial history reduce the degree of uncertainty in the economic activity and highlight the impact elements at the micro and at macroeconomic level. Our conclusion leads to the fact that information supplied by financial statements must be trustworthy and accurate enough at the same time. Thus the overview of the financial statement must be in compliance with the crosspoint of these two characteristics.

Social Inequalities and the Reform of Romanian Public Pension System by Law no. 127/2019

Abstract: Social protection system had developed in order to ensure the protection of the citizens, but also to maintain the economic growth of the country. The importance of the pension system is given by its social purpose, which is poverty alleviation, adequacy of income and consumption smoothing at retirement. In countries of Central and Eastern Europe, the income inequalities – main cause of poverty, had increased with the economic development. The aim of this paper is to show the changes brought to Romanian public pension system by the Law no. 127/2019 regarding the provided benefits vis-A -vis of social inequalities existing among elderly people.

Customers’ Perception about Bancassurance in Romania

Abstract: The implementation of new products in the banking field contributes to the creation of a competitive environment, the development of new products and the satisfaction of the clients. In this way, a new product was launched, such as bancassurance. Bancassurance developed in many countries and become an important distribution channel especially for the life insurance products (eg France, Italy, Spain, Austria) around 50%, and in Romania is around 30%. Given that the behavior of bank customers is in a permanent change, it is necessary to develop and diversificate new financial products for satisfy their needs. This study aims to highlight different perspectives of bancassurance according to the customers’ experience regarding the contraction of an insurance through the bancassurance channel.

Coworking Spaces – A Source for Developing Creative Business

Abstract: The effects of information technology have allowed people to choose between working at the firm's office, home office or in collaborative spaces, in open plan office environments, where they work alongside other non-affiliated professionals for a monthly fee / office (Mobile professionals may choose to work in offices, executive suites, home offices, or other spaces. In this in the first part I showed what the notions related to the professional activity carried out outside the employer's spaces as a modern form of work organization are and we presented aspects regarding the advantages of using such spaces and a comparison between coworking and Home Office. By studying the specialized literature. I have summarized some of the most important studies and analyzes conducted on coworking in the USA and Europe, regarding the social, communication aspects, and I have highlighted the evolution of the worldwide coworking phenomenon in the last decade. At the end of the paper I identified some of the trends of coworking development in the next period.

Opportunities and Challenges for a Sustainable Rural Entrepreneurship

Abstract: Entrepreneurship is considered to be a solution for the development of rural areas. Furthermore, rural areas are favorable for opening and developing new businesses, but generally are considered to be a vulnerable environment which depends on a number of factors. Also, the sustainability of rural entrepreneurship should be supported through the implementation of strategies in the rural areas and through the development of citizen’s entrepreneurial spirit. The aim of this paper is to investigate the importance of supporting rural entrepreneurship within countries, and also the establishment of a various number of opportunities and challenges encountered when creating a sustainable rural entrepreneurship. Statistical indicators regarding the business environment in Suceava County, Romania, have been used as research methodology. The results underline that supporting rural entrepreneurship by governments and creating opportunities to entrepreneurs could ultimately lead to economic growth, innovation, competitiveness, employment and social integration.

Interdisciplinary Connections of Philosophical Practice with the Business Environment

Abstract: The paper present the interaction of philosophy with the field of economics and the business environment, through philosophical practices and ethics applied in organizations, and by applying philosophical ideas and themes that can influence the business environment, all having a better perception by defining the suitable business, what is different from the first concept, , like as just a business. Philosophy can make the necessary clarification on this dilemma regarding this position: the right business or is limited only to identifying the principles and elements of a business, as an activity specific to the economy, be just a business. The interdisciplinary connections identified between philosophy and the fields of economics can indicate the fairness of a business, using other approaches taken from philosophy, manifested through a new specialization proposed, the philosophical consulting and applied ethics for the companies or organizations.

Aspects Relating to the Perspective and Management Strategies of the Balanced Scorecard Method

Abstract: This article aims to highlight the way in which the Balanced Scorecard management system achieves the measured performances and the strategic objectives for each perspective, together with their graphical presentation showing the relationship between cause and effect. The performance measurement can be done using several key performance indices, namely: sales volume, market share and customer satisfaction index. The perspectives and managerial strategies within the Balanced Scorecard method included in this paper are presented theoretically.

Solvency II Impact on the Romanian Insurance Industry

Abstract: The article provides a quantitative evaluation in which is investigated the impact of the Solvency II on the Romanian insurance industry after three years of the implementation of the new insurance regulatory framework. The impact assessment was performed based on the main prudential indicators concerning the capital requirements (SCR and MCR) and Own Founds before and after Solvency II application. The analysis results shown that the new regulatory regime had a positive impact on the solvency position of the Romanian insurance industry. At individual level, after three years since the new framework became effective, all insurance companies that carrying out business on the local market have complied the regulatory capital requirements. Moreover can be observed a capital optimization trend among Romanian insurance companies. The aggregated structure of the eligible own funds to cover capital requirements shown a high quality of capitalization which indicates a sufficient absorbing capacity of losses.

Development of Romanian Balneo Tourism

Abstract: Romania is among the European countries with a remarkable spa fund what made the Romanian spa tourism have an old tradition and know a great deal development. Of all the tourism segments in Romania, the spa tourism is the only one form of tourism that is based on a permanent, highly complex, practical potential inexhaustible and independent of atmospheric conditions. In line with the increasing development of information technology, in parallel with the isolation of man of nature, it is increasingly evident from the point of view of the body-mind-spirit relationship the importance of tourism products, with an emphasis on health, meeting global needs, aggregates, by extending the concept of health to achieving well-being. Well-being, superior to happiness, means having a clear direction to be followed in life, a sense of belonging, a coherent and positive vision of life, and a sense of affiliation, and is more and more common in the literature, other needs on different stages of Maslow's pyramid. Considering the complexity of health tourism with its forms, it can be said that it has become a form of tourism "of the senses".

Food Waste and Rural Tourism – a Romanian Perspective

Abstract: The present paper shades light into two very hot topics: food waste and rural tourism. in this very fast-paced and consumerist society the issue of food waste becomes of crucial importance in the context of a sustainable bioeconomy conducted under the context of rural tourism. Therefore, the hereby research. The current paper addresses the problem of food waste in rural touristic accommodation from the perspective of the behavior of the guests towards food consumed while traveling/vacationing. through a comprehensive review of the studies currently available, it is established that there are indications that individuals change their food habits while traveling and that these changes can have a negative impact on the amount of food wasted (i.e., by increasing the amount of food that goes unconsumed). The paper concludes with a discussion of the findings and a series of recommendations both for policy makers and for the managers of rural touristic accommodations.