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10:00-10:30 Session 1: Registration
Location: IBIS HOTEL (2-4 Dumbravii Street)
11:30-12:00Coffee Break
12:00-13:00 Session 4A: Economics
Location: FAUST I (IBIS)
An EU Level Analysis of Several Youth Unemployment Related Factors

ABSTRACT. Over the last decades, youth unemployment has attracted serious attention of the public, politicians and researchers of social phenomena. Economic and sociological literature of the past 20-30 years abounds in studies aiming at clarifying the causes of this phenomenon. Statistical data show that youth unemployment rate is twice or even three times higher than the rate of general unemployment. Also, there are major discrepancies in youth unemployment rates across countries. The main purpose of this paper is to provide an overview of the evolution of this phenomenon and to present and debate on the main factors causing its high rates in several European countries. Both objective factors such as, educational system, government policy on wages and education etc. and subjective ones, related to the role of family, traditions, mentality, habits etc., are discussed.

God and the Profit – a European Overlook on Some Economic Doctrines –

ABSTRACT. The Bible against the Stock Market, God and the profit are compared ever since ancient times. Martin Luther is the father of Protestantism in attitude and many of the European economic doctrines acquire a major social dimension. How can be the population migration, poverty, pauperization be revealed from such a perspective? How can future be perceived from this point of view? These are questions we may answer in the study under development.

The Market Dimension Impact on Competition Relations (Case Study Relations Between Suppliers/Distributors and Trade Networks in Republic of Moldova)

ABSTRACT. The developing market is characterized by competition, under the conditions of redistribution of market segments. This factor determines market actors to increase their economic efficiency, optimize processes, and diversify products to meet consumer requirements in order to maintain their competitiveness. In this context, competitive relations represent the mechanism of market movement and development. And maintaining a normal competitive environment is related to compliance to the rules and procedural regulations on competition by market players. On the other hand, the competitive environment is influenced by the market size peculiarities that create certain conditions for businesses. A small domestic market due to structural and dimensional features influences the competitive behavior of economic agents. These conditions, in turn, can generate anticompetitive behaviors in the tendency of assertion in the market. Consequently, the establishment of competition rules and regulations must be adapted to the dimensional market conditions.

Institutional Factors Associated with Tax Morale: a Country Group-Level Analysis

ABSTRACT. A growing literature coming from economics, sociology or psychology explores the wide range of variables that might explain voluntary compliance behaviour. The aim of this paper is to identify the institutional factors associated with tax morale and to highlight the resemblances and the differences among several countries across the world, grouped according to the level of development. Descriptive statistics and principal components analysis are used as methods and the analysis is carried out at country group level. The main results show that no matter the level of development, people’ intrinsic motivation to pay taxes can be associated with good institutions and government ability to efficiently allocate public funds.

New Globalization or… Quite the Opposite

ABSTRACT. Globalization is a phenomena that has been around for a long time, some would argue that there have been millenniums since it appeared. Still, no one is debating its existence or the fact that it influences the way we conduct our activities, or, in a broader sense, our life. Economic development is today unthinkable outside this framework, as it is simultaneously cause and effect thereof. As a consequences, our world has become increasingly “flat, hot and overcrowded”. Not many have raised the question if this phenomena is reversible. Some did consider that globalization itself is being altered, but what outcome might this bring for the future? This paper aims to indicate possible scenarios, by systemizing recent contributions on the (New) globalization, Anti-globalization and by outlining possible implications of more effective protectionist measures, pursued, surprisingly, by the new leader of the North.

A Few Considerations Regarding the Strategy for the Digital Single Market

ABSTRACT. The new technological transformations have entered into all areas of European society. Thanks to the digital era the UE has initiated the creation of the Digital Single Market to push aside some of the Single Market unplannings stipulated in the economic strategies, namely the economic growth, labor force recovery, stimulating competitiveness and more.The Unique Digital Market is a new stage in the process of enlargement and deepening of the Unique Market. The European leaders want a digital future for all citizens leased on trust, security and electronic governauce so that U.E. become digital leader at world level.

The Role of the Universities in Shaping the Entrepreneurial Ecosystem. a Qualitative Approach

ABSTRACT. Studies addressing the concept of entrepreneurial ecosystem generally focus on identifying its constituent elements and less on the interaction between them. To fill this gap, the study’s objective is to explore the interaction between the university and the other components of the entrepreneurial ecosystem, from a semantic perspective. Using the method of qualitative analysis, respectively the semantic analysis method, the study analyzes the role of universities in the North East region of Romania in creating the regional entrepreneurial ecosystem through the influence of regional development strategies. The tools used to achieve the proposed objective were bibliometric analysis and the Tropes software. The obtained results reflect the increased interest of the researchers towards the university and its role in the entrepreneurial development of the communities. On the other hand, regional policy documents do not reflect (at least at semantic level) the role that universities have in creating the regional entrepreneurial ecosystem.

12:00-13:00 Session 4B: Business
Location: FAUST II (IBIS)
Cultural Heritage, Tourism and the Sustainable Development of the Local Communities: the Case of the Saxons’ Fortified Churches of Transylvania

ABSTRACT. Established in the perimeter of the Seven Cities (Brașov, Sibiu, Sebeș, Cluj, Bistrița, Mediaș and Sighișoara) of the Siebenbürgen in the first decades of the 13th century, the Transylvanian Saxons have built than 150 fortified churches with the main scope to defend their small rural communities in front of the various perils of those times. Most of these succeeded to survive until today. Using secondary data regarding the existing cultural heritage, its tourism marketing related environment and the performances of cultural tourism, as well as the primary data provided by representatives of the stakeholders of this heritage, the paper assesses the ways local communities succeed to capitalize a cultural heritage of more than 800 years old by attracting tourists to discover, explore, experience and enjoy it in order to support their sustainable local development.

Key Predictors of Customer Loyalty for Facebook Brand Pages. an Empirical Research on Social Media Marketing

ABSTRACT. The new marketing practices and changes have had incredible impact on consumers purchasing process and information-acquisition process, and particularly social media is changing marketing. The research setting for this paper refers to consumer behavior on social media services, particularly Facebook and their interactions with brands on this social platform. Through this research we examine which consumer behavior concept has a higher impact in generating loyalty for the brands consumers interact with on Facebook. Using Automatic Linear Modeling, we forecast and model a target variable (namely, consumer loyalty) based on linear relationships between the target variable and its established predictors (Involvement, Satisfaction, Customer-to-Customer Interactions or electronic-Word-of-Mouth / eWOM, and Consumer Participation). Results show that the variable with the most significant impact on consumers’ loyalty for a particular brand on Facebook is consumer involvement. Based on the findings, we establish various managerial recommendations for online marketing strategies and tactics on social media.

Data Mining and Big Data Processing for Marketing

ABSTRACT. This papers approaches marketing through the eyes of informatics, how this mix (between marketing and informatics) does works out for consumers and marketers. We look in both direction and try to find out who is winning more: consumers or marketing specialists. We look specifically into concept like Data Mining and Big Data or algorithm in Marketing. This being the consequence of the fact that in our days data is stored in data bases and, in order to obtain information out of it, some tools and methods are needed, and we think that this two (data mining and big data) are used widely in marketing to target customers profiles and to discover and predict trends. We are looking to answer the questions: Who needs more informatics and marketing: Consumers or Marketing Specialists? Are we using informatics in marketing or marketing in informatics? Some twisted questions that challenged us.

Street Food and Street Vendors, a Heritage Culinary?

ABSTRACT. This paper examines the theoretical discourse surrounding street food and tells how street food is multidimensional and spatially contingent, but also safety food and aspects of street vendors issues. The street food sector offers ready-to-eat food and beverages that are prepared and/or sold by itinerant or stationary vendors on streets and in other public places. Fast food is generally associated with high-income countries where globalization is affirmed. The aim of this study is to provide an overview of street food representing an image of a region.

The Tour-Operators’ Role in the Process of Creating and Promoting Cultural Tourism Products – an Empirical Study

ABSTRACT. Nowadays, the tourism industry faces multiple challenges generated by the sudden changes in the marketing environment. The challenges of the international geo-political environment, the terrorist threats, the climate changes, the unprecedented technological development, and the transformations in consumer behavior patterns strongly influence the evolution of tourism activity. The suppliers of tourism services and products must face these challenges, create and distribute tourism products that can meet the needs of today's tourists in an adequate manner. The paper presents the means through which the tourism organizations can closely cooperate with the suppliers of cultural attractions, create, and sell attractive tourism packages. Cultural tourism products can set off tourists’ interest and curiosity, and can both educate and satisfy the tourists’ needs for personal fulfillment from a cultural and spiritual point of view. Subsequently, the paper includes a quantitative analysis revealing youngsters opinions on the attractiveness of tourism products based on cultural elements.

on Internal Marketing – Concept, Models, Advantages and Disadvantages

ABSTRACT. Internal marketing has become over the last three decades an important tool for companies to deliver high quality services and to develop customer loyalty. By presenting this paper, we aim to point out the concept of internal marketing form the original definition to the more current accepted ones, underline the concept of internal marketing from a strategic and functional perspective. The paper brings forth certain perspectives and characteristics of the internal marketing process and its links to other types of marketing, as well as it presents the main internal marketing models presented by the “fathers” of this field, Berry and Grӧnroos. This article creates an image of the idea behind these two models, their pros and shortcomings. At the same time by using internal marketing strategies and tactics, we must understand the advantages and disadvantages of implementing such an activity within the company and bringing it towards the business market.

Peculiarities of the Healthcare Services Consumer Behavior in Romania

ABSTRACT. The study of the behavior of the healthcare consumer has been and will remain a matter of interest as the influence factors that act on it are experiencing a continuous dynamics, especially in the last decades when, thanks to technological development, access to information has become much easier, the consumer being given the opportunity to get acquainted with the new procedures and treatments in the field, with the facilities and services offered by the medical units, which will directly reflect the expectations and implicitly the degree of satisfaction. Against this backdrop, the present paper aims to analyze the main factors of influence which act on the behavior of the consumer of medical services, which are corroborated with an analysis from secondary data sources regarding the degree of satisfaction of the Romanian healthcare consumer.

Business Tourism Market - Trends and Perspectives

ABSTRACT. Currently, business tourism is considered to be dynamic and profitable. Its economic importance is related to two important aspects, namely: the purchasing power of a business tourist is considered to be higher than that of a loisir tourist, and at international level this type of tourism has reached quite high quotas. With economic growth and development, business tourism is characterized by a favourable trend that is manifested worldwide, but also an intensification of relations and international contacts of all kinds. Therefore, the aim of this paper is to analyze the developments of business tourism market in the current economic environment.

Customer Satisfaction and Quality Services in the Hotel Industry: a Strategic Approach

ABSTRACT. Quality is the most important competitive advantage in the hotel industry or how managers call it, the key to competitiveness. At present times, the quality of all touristic services is one of the most important topics of any hotel management. The fierce competition determines suppliers of tourism products and services to increasingly oblige in putting the needs and requirements of customers and consumers first. Customers are now better informed and increasingly prefer to purchase the best quality products and services at reasonable prices. Therefore, managers and employees should strive to provide only high-quality services at reasonable prices. Quality in this sector is defined as "consistent delivery of products and services to guests in line with expected standards”.

The Reality of to Be or Not to Be for the Entrepreneur

ABSTRACT. In a changing world with progressive technology the entrepreneur is the essence of economy that helps development by creating value. It is imperative now when the entrepreneurs have become professionals with qualities that represent them: creativity, responsibility, perseverance, ambition to meet the highest standards, nosing things out, commitment towards business interests, risk taking bias, opportunities, ability to tolerate change and good adapting to crisis situations and to uncertainties, orientation towards results. As far as the classic financial system is changing, a business in the financial domain is the ideal solution being less risky than a traditional one and so, the entrepreneurs have chosen it in order to prove that the gains are not limited. The today entrepreneurs can create such successful businesses and they are being looked as models for the world.

13:00-15:00Lunch Break
15:00-16:30 Session 5A: Session
Location: FAUST I (IBIS)
Essence and Estimation of Economic System Sustainability

ABSTRACT. The term “economic system sustainability” has not been given any common explanation yet and has various interpretations in the economic literature. In the paper the authors propose their approach to understanding to the concept of sustainability of a complex economic system and notions associated with it. Kinds, properties and factors of economic sustainability are analyzed in the paper. It is suggested that economic sustainability should be analyzed based on the production function theory and the elasticity theory. The elasticity functions model and estimate the mechanism of economic system adaptation. Some recommendations on their practical application are also given in the paper. The proposed approach can be used to update programs and projects of economic system development.

Managerial Ownership, Corporate Social Responsibility Disclosure and Corporate Performance

ABSTRACT. The main objective of this study is to prove empirically the impact of good corporate governance on corporate performance with corporate social responsibility disclosure as an intervening variable on manufacturing companies listed on the Indonesia Stock Exchange (ISX) of the 2013-2015. The sample chosen used purposive sampling method and 56 companies were obtained. The path analysis method was used as the analysis technique which was solved by gradual regression analysis, with a significant value of 5%. The results of this study show that (1) managerial ownership effected on corporate social responsibility disclosure. (2). Corporate social responsibility disclosure has an effect on corporate performance. (3) Managerial ownership does not affect corporate performance, and (4) corporate social responsibility disclosure mediates the impacts of managerial ownership against corporate performance.

The Evaluation of Legislative Regulations in Turkey in Terms of Sustainable Tourism

ABSTRACT. The raising tourism expenditures have a significant contribution to the economies of countries. But besides these economic contributions, the physical and social destructions occurring in destinations are the other side of the coin. Sustainable tourism becomes important at this point to reduce these damages to the minimum. The power of legislative regulations can’t be ignored on adopting sustainable tourism policies which expressed using today’s tourism resources while keeping in mind the needs of the next generations. Laws serve substantial function in the behaviors of people who lack environmental conscience. In this regard, the role of laws in minimizing the environmental damage will be evaluated within the scope of the current legislative regulations in Turkey. In this research, the negative impacts of tourism will be handled just in means of physical destruction. It will be discussed whether the legislative regulations in Turkey sufficient in view of sustainable tourism.

The Quality of Liquidity Risk Management of Islamic Rural Bank Using Liquidity Risk Management (LRM) Index Method

ABSTRACT. Islamic Rural Bank (BPRS) is one of the financial institutions which is profit oriented and has a lot of risks. Liquidity is one of the main risks in Islamic Rural Bank. Islamic Rural Bank should maintain the effective and efficient pf assets, liabilities, and policy assessment in order to have the optimum quality of liquidity risk management. The research aims to study assessment on asset side, liability side and liquidity management policies that reflect the quality of liquidity risk management on Islamic Rural Bank in Sidoarjo. The research method used is quantitative approach. The data was collected by questionnaire for liquidity management manager of BPRS Baktimakmur Indah, BPRS Annisa Mukti and BPRS Unawi Barokah. The results shows that BPRS Baktimakmur Indah has an excellent quality of liquidity risk management, while BPRS Annisa mukti and BPRS Unawi Barokah have a good quality of liquidity risk management.

Specificity of the State Regulation of the Service Sector: Structural Approach

ABSTRACT. The purpose of the article is to consider the specifics of regulating the services sector of the economy in the modern conditions. The urgency of this purpose is due to the fact that the services sector is one of the most important system-forming sectors of the modern economy. During the analysis, the authors used the data of the World Bank and national statistics. As a result of the research, it was proved that economic regulation in the sphere of services has its own specific features that are determined by the nature of services, industry-specific features of service processes, uneven regional development, etc. Accounting for these aspects is possible through structural changes in economic policy. Measures of state regulation of the services sector should be coordinated with instruments of regional, industrial, structural, innovative and other branches of state economic policy.

Relationship Between Community Attachment, Perceptions on Economic Impacts of Tourism and Support to Tourism Development: an Implementation in a Settlement near but Distant from Tourism

ABSTRACT. Tourism is one of the most important economic sectors in world and its impacts on local communities are discussed in the literature frequently. In these researches, while socio-cultural and environmental impacts are examined, the focus is on economic effects and many models and approaches, including community attachment model, are used. This study investigates whether community attachment makes difference in perceptions on economic impacts and in supporting tourism development. The study utilizes multiple analysis methods and Path Analysis and is important in terms of examining relationship between community attachment and perceptions of local residents in a settlement which is very near to popular tourism destinations but also where is distant from the tourism activities. Thus it contributes to tourism planning literature. Findings reveal out that community attachment has relations with economic impacts and positive support for tourism development, while there isn’t relation between negative thoughts about tourism development and community attachment.

Industrial Policies and Institutional Sustainability. the Case of Inner Areas in Italy

ABSTRACT. The principal aim of this study is to develop a model for analysing and assessing industrial policies based on the concept of institutional sustainability. Institutional sustainability should inform public policies in order to improve the productive structure of a country or a region, thereby contributing to its economic and social development. For this purpose, a two-step assessment model has been developed and tested on a case study. The case analysed is that of the inner areas in Italy, for which a development strategy has been planned at the national level. Results show an influence of the institutional system on market functioning and also the influence of a dominant culture in favor of institutional mechanisms, which are still affected by individualism and closure to collaborative market relationships. On the basis of this analysis, the main measures to be implemented in the case analysed have been identified.

Franchising Model of Commercialization of Scientific Libraries’ Services at Research Universities

ABSTRACT. The object of research is the activity of scientific libraries of research universities. The main and secondary functions of scientific libraries of research universities are systematized in the article. A new economic category "Digital Franchising" is proposed and described. The author develops an innovative model, which makes it possible to effectively commercialize the services of scientific libraries. This model is based on the use of franchising by building a broad network of digital services. The peculiarity of digital franchising is revealed, which consists in essential optimization of expenses for organizing the activities of scientific libraries, in comparison with the traditional model, and speeding up the pace and quality of service. The results of the research will be useful for theorists and practitioners engaged in the development of strategies for the development of research universities and their scientific libraries.

Theoretical Aspects of Evaluating Antitrust Regulation Institutions Efficiency

ABSTRACT. The paper proposes an interpretation of the concept and evaluation criteria of antitrust regulation institutions efficiency which are based on the prerequisite of maximizing public welfare. Using the proposed approach it is shown that the goal of efficient antitrust regulation institutions is to increase public welfare and that they should be provided with resources necessary to implement them. Based on the proposed approach the efficiency of the Russian antitrust law in the sphere of revealing the availability of collective dominance of economic entities on goods markets is analyzed. Using the wholesale market of electric energy and the Russian oil-refining industry as an example it is shown that the current legislative criteria do not make it possible to reveal any possibility for separate economic entities to affect the conditions of market functioning. This in its turn results in the escalation of operation costs of both market participants and the antitrust authority.

Comparative Analysis of Economic Efficiency of Conventional and Sharia Insurance in Indonesia

ABSTRACT. Abstract: This study aims to analyze the value of efficiency and efficiency comparison ratio in conventional insurance companies and Sharia Business Unit (SBU) sharia insurance, both life and general insurance, in Indonesia (period 2011-2015). The input variables used are total capital, total company expense, and total insurance expense. While the output variables in this study in the form of total corporate income and total insurance income. The method used to obtain efficiency value for each insurance industry is Data Envelopment Analysis (DEA). The result of efficiency value from conventional insurance company and SBU sharia insurance will be compared by using independent sample Mann-Whitney U-Test. This research resulted that there is difference of efficiency value between conventional insurance company and SBU of sharia insurance in Indonesia in period 2011-2015. In this case, sharia insurance is more efficient than conventional insurance, even though the market share of sharia insurance still limited.

Comparing the Efficiency of Islamic Bank in Indonesia and Malaysia

ABSTRACT. This study measures and compared the efficiency of Islamic banks in Malaysia and Indonesia. This study used a quantitative non-parametic approach by using Data Envelopment Analysis (DEA) VRS assumption, CRS assumption and a statistic tool of Mann-Whitney-U-Test. The samples are 6 Islamic banks in Malaysia and 10 Islamic banks in Indonesia that comply with the specified sample criteria during 2010-2016. The results of this research show that Islamic banks in Indonesia are relatively higher than Islamic banks in Malaysia. The source of inefficiency in Islamic banks in Indonesia is more due to the inefficiency on a scale. While the hypothesis test shows that there are no significant differences of efficiency between Islamic banks in Indonesia and Malaysia.

The Influence of Corporate Social Responsibility (Csr) Disclosure on Firm Value with Stakeholder Reaction as the Mediation Variable

ABSTRACT. This study aims at evaluating CSR programs in Indonesia by examining the influence of CSR disclosure on the firm values through mediation of stakeholders (customers and employees) reaction. This study applies an explanatory research approach and uses data of non-service corporations which enlisted at Indonesia Stock Exchange (IDX) from 2012 to 2014. Saturated sample technique is implemented to draw the sample and this study employs a structural equation modeling (variance-based). The implication of these results suggests that the government, as a regulator in the stock market, should provide a complete guidance about how to make a good CSR report which refers to Global Reporting Initiative. Eventually, this guidance could be used by stakeholder to make appropriate economic decisions. For companies it is important to pay attention to CSR disclosure on the annual report or the company’s sustainability report because it is positively responded by employees and investors.

The Impact of China`S "Belt and Road Initiative" on the European Union

ABSTRACT. After introducing the 1978 reforms, China shifted from a centrally-planned to a market-based economy. The success of these economic reforms has been immense, as today China has become a leading player in the world's economy. In order to achieve the goal of becoming the world's biggest superpower within the next 30 years, China’s 13th Five Year Plan (2016-2020) increased the government’s focus on innovation, with particular emphasis on infrastructure development. In this article, we have analyzed the impact of China`s "Belt and Road Initiative" on the European Union. China’s investments have a positive impact on the economic growth of the EU member countries, as they provide new jobs, capital and technology. However, more and more countries want to limit China’s ability to buy European companies in sectors of national interest. The challenge is for these measures to ensure control, but do not block the much-needed investments that countries need.

Shared Value – Is This the Right Direction?

ABSTRACT. Abstract: The debate around the concept of ‘value’ has a long history. Starting with the great contributions of philosophers Plato and Aristotle which devoted time to unfold the meaning and purpose of ‘value’ like utility and “value-in-exchange” as basis for the concept until present days when academics, pundits etc. developed several theories like shareholder theory, triple-bottom-line approach, stakeholder theory, ‘shared value’ in order to see the ‘big picture’. The purpose of this paper is to present in an objective way the main approaches regarding the concept of ‘value’ from the viewpoint of a company, how to create and capture value linked to all the elements involved directly (eg. managers, shareholders etc.) and indirectly (governments, NGOs, community etc.).

Information and Communication Technology and Central Banks, in a Digital Dynamic Environment

ABSTRACT. There are a lot of debates about the new technologies, about advantages and disadvantages brought by these information and communication technologies. There are pros and cons, but what is more important is how the economy will be shaped by the adoption of this technology and how the institutions are going to take advantage of them. A very important role, threatened by crypto-currency, is still played by the Central Banks. If they can take this into consideration, then the measure they will acquire, thru the monetary policy, will affected the economy in which the ICT (Information and Communication Technology) is more and more present. The aim of the paper is also to present some theories of great economists, related to this subject, that give us some ideas about the past so we can imagine more clearly the future shape of the economy.

Transatlantic Trade Wars: the United States and the European Union in Endless Confrontation

ABSTRACT. Considering two highly interlinked economies of such tremendous size as the United States (US) respectively the European Union (EU), it does not come as a surprise that these circumstances inevitably provide fertile soil for transatlantic trade disputes to thrive. In spite of their decisive contribution to the postwar trade liberalization process, the two giants never quit being protectionist in certain particular domains considered sensitive for one part or the other. Sensitive domains are those in which nations fear competition from abroad, in apprehension of being disruptive to their own economy. Usually sectors that are incapable of withstanding foreign competition, most often agricultural products and processed food, enjoy protection from their own governments through production subsidies, tariffs, quotas, minimum import prices, variable import levies etc. Keywords: trade disputes, confrontation, import bans, retaliation.

A Brief Overview of Corporate Governance Structures Within Premium Listed Companies in Romania

ABSTRACT. Proper corporate governance structures and principles guide companies towards financial health and lay down the blocks for a sustainable development of the private sector. Moreover, there is a widespread recognition and growing empirical evidence that strong fundamentals of governance are a condition for business benefits largely described by better management, effective boards, improved decision-making process, reduced risk, increased operational efficiency and valuations. Given that trust is a basic condition of functioning capital markets and corporate governance guarantees transparency, accountability and operational integrity, the aim of this present paper is to assess the conformity of the premium traded companies at the Bucharest Stock Exchange with its corporate governance code. The results of our empirical study reveal the ongoing concerns and level of importance given to corporate governance structures and principles by the most profitable traded Romanian companies.

Sharing Economy and Employment: What’S next?

ABSTRACT. The sharing economy is growing 20 times faster than was predicted. Travel, transportation, finance, are just few examples of sectors involved in collaborative economy. Labor market and employment have to face the challenges of sharing economy and for many years from now we will have to deal with the impact of this new trends. Innovative business models like Uber and AirBnb will change the landscape of job creation and will determine a demand for new skills. The purpose of this paper is to discuss the impact of these structural changes of business environment on employment patterns. 

15:00-16:30 Session 5B: Economics
Location: FAUST II (IBIS)
Udemy: a Case Study in Online Education and Training

ABSTRACT. The century we live in is dominated by the Internet and technology. The Internet and technology have changed paradigms in the economics, politics, social field, and last, but not least education. The importance of the Internet increases year by year. Udemy, the online education and training platform, is one of the largest platforms in the world. Here you can find over 65,000 online courses found in various categories, such as: development, business, IT, lifestyle, marketing, design, academics, health, language, personal development. The platform has millions of students and thousands of trainers. Courses can be short-lived, about 30 minutes, or long-term. Usually short-term ones are for beginners or for those who want to become familiar with a particular field, while long-term ones are for initiates. Courses can be in video format, PDF, HTML and live streaming.

On a Mix of Public Policies Addressing the Adjustment of Labour Market

ABSTRACT. Because the multiple determinations of the individual as labour force, a single public policy is not sufficient to peer the labour market. In such a context, much more public policies must be used, in an inter-correlated way, in order to satisfy all these determinations (moral, cultural, social, even political). My proposal has as ambition to identify the public policies which are adequate to form a specific mix of public policies able to address the complex personality of the individual involved on the labour market, like: fiscal policy, monetary policy, incomes policy, social policy and so on. The main problem here seems to be the interrelationships among the mentions policies, so avoid the redundancies, the contradictory oppositions, or the un-convergence within the set of the mixed policies. So, the project will develop logical analyses, and institutional designing.

Developing Cultural Industries in Central and Eastern European Countries

ABSTRACT. In recent years, culture became an important source of revenue and employment with a significant impact on sustainable development and the quality of life. As developing cultural industries is one of the Europe 2020 Agenda objectives, countries are supporting the creative sectors whose positive outputs lead to new jobs and economic growth. This paper aims to give an overview of the current state of Romanian cultural industries by comparison to other Central and Eastern European countries. Firstly, it starts with outlining the conceptual positions on culture and creativity, followed by a discussion on the theoretical aspects concerning cultural industries and their impact on prosperity and growth. We will look at the business sector, labour market, cultural vitality and participation within cultural industries to assess both the potential and the trends for development.

The CFO, a Modern Business Value Driver

ABSTRACT. The information age has transformed many of the common concepts of the human society. The “classical” role of “bean counter” or “record keeper” of the CFO has also been transformed. The todays CFO is a business value driver for any modern business organization. For the evaluation of the created value Economic Value Added (EVA) has bee used to highlight and quantify the value contribution of the CFO activities to the business value creation process. The present paper is using a simplified EVA calculation model to determine and to underline that CFO activities are business value drivers that contribute to the business value creation process of the business organization. For a sustainable competitive advantage business organization of the 21st century must evaluate, follow and support the business value creation flow coming from all its business processes, direct productive and indirect productive processes.

Business Vs State Relations in Transition Economies Republic of Moldavia and Romania Case Study

ABSTRACT. When we think of corruption, an image quickly comes to our mind, a bureaucrat that asks for bribe from powerless and individuals, from defenseless companies, simply to enable them to "get things done." Behind this issue is an understanding of the state, extracting the rents from economy for the exclusive benefit of politicians and bureaucrats. Such an approach had a strong impact on the way the corruption has been analyzed and measured in the recent years. Politic recommendations have emphasized the reduction of the discretionary authority of the state officials to eliminate their opportunities to extract bribes.

On the Increasing Yield Curve of Knowledge

ABSTRACT. The paper examines the behaviour of the yield curve of the knowledge considered as production factor. The concepts of complementarity and substitutability among classical production factors are revisited in order to put the bases to analyze the special production factor (a species of the new productions factors) namely knowledge. In this context, some distinctions are made between information and knowledge putting in view the added value of knowledge related to information. Some graphical construction and algebraic formalisms are convoked in order to better ground the final conclusions regarding the increasing nature of the knowledge yield curve in the knowledge-based society.

Honey Market Dynamics. the Case of Romania

ABSTRACT. The aim of the present paper is to analyse the evolution of the Romanian honey market in the 2006-2016 period. The analysis, ran over a period of ten years, follows to depict honey’s market dynamics starting from 2006, one year before Romania’s accession to the EU. The used data consisted in empirical data provided by Food and Agriculture Organisation of the United Nations database, European Commission and National Institute of Statistics. Results indicated that Romania covers its honey consumption through production and that the country is a net honey exporter, recording a 30% growth rate in exports from 2006 to 2013. In the 2006-2016 period, Romania has managed to increase its beehives number by 58.81% and its honey production by 16.52%. Honey producer prices also went up by 42.99% in the analysed period.

The Impact of Economic Changes on Public Property in Romanian Agriculture

ABSTRACT. This article aims to highlight the economic role of private property in Romanian agriculture. The transfer of land from public property to private property was carried out in Romania at the beginning of 1991, which resulted in major changes in the agricultural structure of the country. The establishment of the property right was achieved by issuing a property title within a minimum area of 0.5 ha for each entitled person and a maximum of 10 ha of family in arable equivalent. This was the main reason behind the problematic situation, unfortunately still valid, of Romania's agriculture. Territory parceling has prevented productivity growth and encouraged the subsistence economy and its own consumption, although Romania is one of the ten EU Member States in terms of size of agricultural area.

The Economic, Social and Religious Life in Ancient Rome and Dacia

ABSTRACT. The work is a study on Ancient Rome and Dacia covering three major aspects: economy, social life and religion. The economic aspect comprises the following: agriculture, crafts, and trade. The social life: family life and social structure. In the case of Rome, the study particularly underlined minting, whilst for the Dacians, the study described the most important citadels from Orăştie Mountains. An important part of paper is religios life, who is directly correlated with the social life, both for Ancient Rome and Dacia. Naturally, towards the end of the work presented Dacian romanisation and especially the contribution of Dacians and Romans to Romanian Christianity. On a practical level, the work tries to answer two essential questions: where do we come from and where do we head to?

Logical Aspects of Fiscal Sustainability

ABSTRACT. The paper attempts to clarify the concept of fiscal sustainability from a logical perspective. In the first part of the paper the existing approaches in the specialized literature on the sustainability concept and fiscal sustainability concept are presented. The concept of sustainability is next defined by identifying the sufficiency predicates, i.e. those logical conditions that the given system (process, phenomenon) has to fulfill to be qualified as a sustainable system. In addition, the conceptual relation between stationarity, stability and sustainability, as well as the role of autopoietic capacity in sustainable systems, are analyzed. The last part of the paper is to consider the logical conditions of fiscal sustainability. Thus, in order to define the concept of fiscal sustainability, additional sufficiency predicates will be identified, extracting those processes of fiscal type from the sustainable processes

Sustainability as Measure of the Entropy in the Economic Domain

ABSTRACT. Dominating the debate on both the scientific field and on the political action, the notion of sustainability is an exciting subject, both from the perspective of evolutionary concepts and artefacts (energy systems, urban housing systems). The paper presents an attempt to introduce, for the economic field, the concept of entropy based on the concept of logic living system. This concept of entropy, which departs from the thermodynamic approach, is associated with sustainability, so that the ordering of economic systems after entropy is analogous to their ordering after presumed sustainability. In conclusion, the paper attempts to present a list of arguments for the use of sustainability as an entropy measure in the economic field.

Presenting of a Set of Macroeconomic Indicators to Evaluate the Economic Sustainability in Romania

ABSTRACT. The paper examines from an empirical point of view the state of economic sustainability of Romania on the period 2007 – 2017. To this end, a set of macroeconomic indicators for sustainability was used. To be mentioned this set of indicators is elaborated within The Center for Financial and Monetary Research ” Victor Slăvescu”, in its annual publication named ”Financial stance of Romania”. Although the obtained results in the past are coherent with the main macroeconomic dynamics on the analyzed period, it seems that these results must be correlated with the so-called cyclical position of the economy, but this analysis will be done in the future. The study puts into evidence the importance of sustainability analyses in addition to the usual descriptive analyses, because they indicate not only macroeconomic evolution, but also the national economy tendencies from the sustainability perspective.

Free Trade in Theory and Policy: Contemporary Challenges

ABSTRACT. Free trade denotes a state of international commercial relations premised on governments’ restraint from using policy instruments meant to favor indigenous industries against foreign competitors. According to the conventional trade theory advocated by classical and neo-classical thinkers, free trade makes little economic sense failing nations’ tendency to specialize on the basis of comparative advantage, a concept with high persuasive influence despite the elapsing of time. Even though the comparative advantage rule has seldom been questioned per se, the free trade concept has been fiercely disputed and not infrequently, bashed. In reality, nations’ involvement in international trade often follows patterns that do not fit theoretical models but attempt to respond to circumstantial interests, most often the need to protect poorly competitive industries. In common parlance, free trade has had both proponents and enemies.

16:00-18:00 Session 6: On-line
A Synergy Model for Micro, Small and Medium-Sized Enterprises’ Empowerment in Indonesia

ABSTRACT. The objective of this study is to propose the synergy model for Micro, Small and Medium-Sized Enterprises’ (MSME) Empowerment between the Islamic Rural Bank and zakah institutions in Indonesia. Currently in Indonesia, there is no formal standard related to Islamic financing that can synergize all stakeholders to empower MSME with utilize Islamic social funds (zakah, infaq, and sadaqat). This research used descriptive qualitative method. The result is the Islamic Rural Bank, government and zakah institutions have a synergy model and can play a strategic role to empower MSME with PUSYAR/General Islamic financing. This research indicate that PUSYAR program, within 4 years, can serve 46.93% MSME which is not bankable yet with non-performing credit (NPL) is 0%. The synergy and model that proposed can provide benefits for governments, practitioners and academics in maximizing the empowerment of MSMEs.

The Consumption Behavior After 2008-2009 Crisis. Evidence from Romania

ABSTRACT. Considering the great impact of consumers’ behaviour on the economic activity, in this paper we intend to identify and analyse the main factors that have influenced the consumption behaviour from the North-Eastern part of Romania after the 2008-2009 crisis and, consequently, the types of goods bought by these consumers. This exploratory research was conducted using two methods. An analysis of the secondary data offered by the specialized literature was followed by a primary data collection through a structured survey, conducted on 288 people form N-E part of Romania. The results indicate that most of the respondents are influenced by quality in buying durable goods and by price-quality ratio in the case of the non-durable ones. The findings may provide directions both for enterprises, to correctly adjust their offer, and for policy makers, in the process of economic policy development, especially because the Romanian literature lacks specialized studies on this topic.

National Cultural Dimensions and Economic Freedom in Ukraine: a Review

ABSTRACT. The cultural dimension on nations is studied by different authors and different evidences of their influence on the economic are found. The article contains empirical evidence confirming the hypothesis that there is a connection between indicators of national cultural dimension (after Hofstede) and the indicators of economic freedom (after Heritage Foundation). Hence, analyses were performed for 18 indicators from 35 European countries: 6 indicators of national cultural dimension and 12 indicators of economic freedom. The study helped to build economic and mathematical models and to find out how much the national cultural dimension influences to the economic freedom of the country. Authors believe that using proposed hypothesis is welcomed. This study remains an open window for the next studies. In search of an answer to the question "How can culture influence on the economic freedom?" it is important to study deeper informal institutions of the country.

Corporate Income Tax Versus Tax on Turnover. Analysis on BET Index Companies

ABSTRACT. Taxation has an important role for any company, being a key element for a company’s financial situation. The corporate taxation is an endless dispute between the intention and vision of a country’s governors and the needs and desires of corporations. At the level of legal entities, the discussions both nationally and internationally, focus mainly on finding a viable solution for taxing profits/revenues where they are actually realized. Therefore, through this paper we aim to propose and analyze a model of taxation applied to the turnover and to perform a comparative analysis based on the corporate income tax registered in the period 2012-2016 by the companies within BET index. The results of such analysis will show that tax on turnover would simplify the taxation of corporates, but the related implementation needs to be analyzed from perspective of the European VAT Directive.

Corporate Social Responsibility in Islamic Banking. Case of Indonesia

ABSTRACT. Islamic banking conduct intermediary function and social function. Social function of Islamic banking was characterized by the zakat function and qardhulhasan. The aim of the paper is to describes the implementation of Corporate Social Responsibility in Islamic banking in Indonesia. Dimensions of CSR covers Modesof CSRActivities, CSRCollaborativeAgencies, CSRBeneficiaries. This paper uses qualitative method especially the descriptive qualitative method. This paper analyzes the annual report in 2016 of Islamic Banking in Indonesia with content analysis method.Islamic banking in Indonesia were reflected by the Bank Muamalat Indonesia and Bank SyariahMandiri which have the similarity of size, business scale and age. The result of this paper can describe the implementation of Corporate Social Responsibility of Bank Muamalat Indonesia and Bank SyariahMandiri through social function all dimensions of Corporate Social ResponsilityResponsibility in this paper covers Modesof CSRActivities, CSRCollaborativeAgencies, CSRBeneficiaries.

Financial Competences in Financial Education Programs Developed by Schools and Commercial Banks

ABSTRACT. The paper is focusing on the financial education as is it understood and delivered by schools and different financial organizations active in the industry. The first part is more focusing on defining and describing financial competence. Educators' perspective is defined in the school curriculum and syllabus and implies a set of knowledge, skills and behaviors related to consumption and savings. Financial competence development is a task in the core curriculum and also in the school-based curriculum. The perspective of financial services providers is defined in the educational programs they have designed and developed for public. They are targeting different age categories of people, from children, to youngsters and adults in order to educate people in respect with financial issues, to promote effective financial behaviors and increase people understanding and motivation to benefit of financial services available.

Institutional Quality and Entrepreneurial Motivations: a Panel Data Approach for the EU Countries

ABSTRACT. The paper aims to investigate the empiric effects of the quality of institutions (expressed through economic freedom index and governance index) on the level of early-stage entrepreneurial activity, but also on the motivation of individuals to become entrepreneurs. Our research focused on eighteen member countries of the European Union (Belgium, Croatia, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, the Netherlands, Portugal, Romania, Slovenia, Spain, Sweden, and the United Kingdom), and the data used covered a 15-year period (2002-2016). Using three different panel data model, our analysis indicates that the level of the total early-stage entrepreneurial activity can be significantly influenced by the quality of institutions, and its effects may be different depending on the motivation of individuals to start a business. On the whole, our empirical results confirm the findings of previous studies, showing that institutional quality is a significant predictor of entrepreneurial activity and of entrepreneurial motivations.

The Impact of Adopting Csr and Corporate Financial Performance. Evidence from Bse

ABSTRACT. The aim of this paper is to investigate the relationship between Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP) in Romanian listed companies. For accomplishing this, we will start from the existing literature and we will apply a simple regression model based on panel data for period 2007 – 2015. From the total number of companies listed on Bucharest Stock Exchange (BSE), we selected 59 companies without being excluding from trading and for which financial data were available for the entire period. The results indicated increased financial performance for CSR companies (only 16 of 59 companies have CSR activities) compared with NON-CSR companies. This study has important implications for policy makers, managers, investors, stakeholders, in generally.

The Impact of Macroeconomic on Islamic Stock Prices: Evidence from Indonesia

ABSTRACT. This paper aims to examine the effect of macroeconomic variables namely inflation rate, industrial production index, and the interest rate on Indonesia Islamic stock that be measured by Indonesia Islamic Stock Index (ISSI). This index consists 350 Islamic stocks at Indonesia Stock Exchange. Investors generally believe that macroeconomic activities give a large impact on the volatility of the stock prices (Gan et al., 2006). This study uses quantitative approach with multiple linear regression by utilizing monthly data over the period of May 2011 to November 2017. The results of this empirical research show that Indonesia Sharia Stock Index is affected significantly by the inflation rate, industrial production index, and interest rate. Therefore, this is necessary to evaluate the relationship between macroeconomic variables and Islamic stock prices since the results would be able to bring an impact to stimulate the existence of Islamic capital market in Indonesia.

Political Strategies of Small and Medium Enterprises in the Changing Regulatory Environment in Indonesia

ABSTRACT. The changing regulatory environment in Indonesia impacts the interaction between political and business players. While the situation is common in developing countries, such condition might influence how enterprises in Indonesia behave in the era of ASEAN integration. This paper reflects on nonmarket strategies and interplay between the environment characteristics and political strategies developed and implemented by small sized enterprises. Data was gathered via interviews in one of the most commercially active regions of Indonesia – South Sulawesi. The study determined that small businesses use to access essential government resources and to influence policy making processes. Overall, political strategies enable small businesses to reduce market and regulatory uncertainties. This Indonesian experience shows how political associated activities mostly affected by changing regulatory environment.

Socio-Economic Development of Entrepreneur of Small Medium Sized Enterprise in Realizing Maqashid Sharia Welfare

ABSTRACT. Small Medium Sized Enterprise (SMEs) is a business that easy to do, profitable for national economy, but also easy to fail because of many problems faced. Economic and social development of SMEs is an important aspect in the development process. Therefore, it is necessary to maintain the abilty of sustainibility socio-economic become a model study of Islamic perspective which is expected to realize the SMEs welfare of maqashid sharia. This study aims to examine how the economic and social development in Islamic perspective are able to prosper based on maqashid sharia for SMEs-entrepreneurs. The method used in this research is descriptive qualitive and in depth conducted to get a model of economic and social development to achieve maqashid sharia welfare for SMEs-entrepreneurs. The results show that Islamic economics development either on economics or social development could realizes at SMEs welfare, especially in maqashid sharia, ad-din, an-nafs, al-aql, an-nashl, and al-maal.

The Study of Indonesian Female Workers and Its Impact on Domestic Economy of Indonesia

ABSTRACT. The main aim of this research is to evaluate the contribution of Overseas Indonesian female workers in domestic market of Indonesia. This study tried to find out how such workers influence the domestic economic growth of Indonesian market through remittance. Data relevant to rise in new entrepreneurs, increment in education, and reduction in unemployment rate and infrastructure development in domestic market were collected and analyzed. For this purpose, secondary sources data were used and interpreted in a descriptive way. The overall finding of this research shows that overseas Indonesian female workers provide a significant positive impact on the domestic Indonesian market.

Evaluation of the Structural Transformations Effectiveness of the Regional Economy Based on the Threshold Approach

ABSTRACT. The study of the industry territorial sectoral structures transformation in the conditions of a transitional stage to an innovative economy presupposes the improvement of methodological methods of studying and the adaptation of methods of public regulation of transformations to modern conditions. The transformation of the territorial-branch structure of industry is an important factor in the dynamics of the economic space. An applied aspect of this research task is assessment the effectiveness of structural transformations of the regional economy based on the threshold approach. The solution of the problems posed in the research is based on the use of general scientific methods of analysis and synthesis, a dialectical method that provides for the study of phenomena in conditions of dynamic development, the interrelationship of individual elements of the system, and the allotment of the leading segments of regional economic complexes as complex socio-economic systems.

Measuring Economic & Competitiveness Indicators of European Countries After Economic Crisis of 2008: the Case of Greece and Germany

ABSTRACT. In the present paper we present and analyze on a time basis key data on the economy and competitiveness of two European countries, Greece and Germany, for the period 2008-2015. The purpose is to capture and assess the general situation in the two economies after the international economic crisis and the possible impact on them. Next, a comparative analysis of fiscal policy and competitiveness in the two economies is carried out to study policies to improve fiscal and competitiveness on a case-by-case basis. On the basis of the above, the work is completed with conclusions on the effectiveness of the adopted policies for improving the budget and enhancing competitiveness

Simplification of Currency Through the System of Redenomination and Sanering in the Perspective of Islamic Economics

ABSTRACT. This paper demonstrates that more equitable the production and distribution of currency in a country, less important it is to simplify the currency. This paper uses library research, by collecting relevant data and books, then processed and analyzed using qualitative methods. This paper strengthens the theory offered by As-Shatibi and al-Ghazali, who insists that prosperity (mashlahah) would be realized only if the essential elements of human life have been fulfilled. Respectively, there are five basic elements: the protection of religion (hifz al-din), the protection of life (hifz al-nafs), the protection of intellect (hifz al-aql), the protection of procreation (hifz al-nasl), and the protection of ownership (hifz al-mal). Based on these elements, the simplification of currency is contrary to Islamic concept of economics. This paper also refutes theory offered by Smith and Calomiris, who insisted that redenomination and sanering will stabilize economy, escalating economy by encouraging exports, and decreased energy costs.

Inter Class Conflict in the Financial Reporting Based on the Conflict Theory of Karl Marx

ABSTRACT. This research focuses on the inter-class conflict in annual reports based on the perspective of conflict theory of Karl Marx. Inter-class conflict can be seen by classifying users' annual reports based on Bourgeoisie and Proletariat, then looking at the dominant form of the class that rules for the classes that work for them in the information presented in the annual report. Methods of conflict and semiotic analysis are used to reveal hidden signs in sentences that exist in the annual report and to analyze inter-class conflict, in which organizations actively seek legitimacy to shareholders and governments as Bourgeoisie classes that dominate the annual report. This research argues that shareholders and governments reflect bourgeoisie classes because they have capital and power, while the proletariat class is reflected in workers. Presentation of dominating information to shareholders and the government proves inter-class conflict based on the perspectives of conflict theory of Karl Marx.

Influence of Individual Characteristic and Positive Work Environment on Employee Performance Mediated by Work Engagement of Employees of PT. Patria Job Site in Tanjung City

ABSTRACT. A conducive working atmosphere in an organization might create a positive effect in employees although in the other side, can lead to a low job engagement. This study aims to determine and explain the effect of the positive work environment and individual characteristic to mediate the relationship between employee performance and work engagement. This test is carried out using a sample of 44 employees of PT. Patria Tanjung, employing Partial Least Square (PLS). The results indicate that (1) individual characteristic has a positive effect on work engagement. (2) Positive work environment climate has a positive effect on employee performance. (3) Positive work environment climate positively influences work engagement. (4) Work engagement has a positive effect on employee performance. (5) Work engagement does not mediate the relationship between positive work environment climate towards employee performance.

Analysis of Energy Security Provision in the European Countries

ABSTRACT. In this paper, different approaches to understanding the concept of "energy security" were considered through the prism of factors that affect its level and methods of its evaluation. An assessment of the level of energy security based on the Shannon-Wiener index was conducted for 15 countries in Europe per each year 1985-2014. The effect of fuel prices on the level of energy security in these countries has been researched. The grouping of these countries into clusters was carried out on the basis of the calculated value of the Shannon-Wiener index. The prediction of the level of energy security was calculated for Ukraine by classical methods, the Holt-Winters method, using the Hodrick-Prescott filter, simple linear regression, and using trend lines.

16:30-17:00Coffee Break
17:00-18:00 Session 7A: Finance
Location: FAUST I (IBIS)
Crowdfunding – a Viable Alternative Source of Finance for the Film Industry?

ABSTRACT. Still in its infancy in Romania, crowdfunding has emerged as an alternative source of finance for companies or projects with insufficient resources, which are ineligible for traditional funding. The paper aims to discuss the impact and main benefits of crowdfunding on projects belonging to the creative-cultural industries with a focus on film industry projects, as opposed to traditional financing sources. Also, the paper presents several financing methods of the film industry and the corresponding experiences in terms of crowdfunding from a selection of countries. Last but not least, the paper presents the findings of a content-based study performed on the active Romanian crowdfunding platforms and places Romanian film crowdfunding within the context of the traditional local film funding method. The aim of the study is to estimate the dimension of the crowdfunding phenomenon for the Romanian film industry and to analyse the adequacy of resorting to this source of finance.

What Is the Impact of Value Added Tax on GDP in Romania and Bulgaria?

ABSTRACT. The objective of this study is to analyze the link between value added tax and gross domestic product in Romania and Bulgaria. The econometric techniques used are cointegration technique, autoregressive vector (VAR) and Granger causality. The data used are quarterly. These are between 1999 Q1 and 2017 Q3. The VAR results indicate a strong link between the data series for both Romania and Bulgaria. The results of the Granger test applied to the VAR model indicate a unidirectional link from GDP to VAT for Romania, while in Bulgaria there is no correlation between the current GDP value and the past VAT values.

Pension System in Reducing Poverty Risk in Romania

ABSTRACT. Pension systems, regardless of form and organisation, have the main purpose to reduce poverty. Due to demographic changes, which put a high pressure on social insurance budgets, the regulation of the last decade have targeted in maintaining the sustainability of pension systems. In this context, we are wondering to what degree the main objective of these is fulfilled. In this paper, we made a quantitative and qualitative analysis as comprehensible as possible about the public pension system of Romania and the risk of poverty in the case of persons over 65 years old. The main conclusion that outcomes this study highlights that the pension system have an essential role in poverty reduction, but there are high differences between genders, situation which need improving legislation regarding women protection.

A Mathematical Model That Can Be Used by the Gamblers to Obtain Gains in the Industry of Sports Betting

ABSTRACT. The industry of sports betting has been very criticized by a lot of studies in the last period of time, the authors of some of these studies being focused on the strategies used during some sports events by the firms implied in the industry of sports betting. In our article we will focus not on the strategies used by different firms that are implied in the industry of sports betting and also not on the personality problems that the sport bettors might have, but on a mathematical model that can be used by the people that are trapped by the strategies used by the sports betting industry, and not only by them. Our paper suggests a sequence inspired by the Fibonacci sequence that can be used by the sports bettors when they play in the sports betting industry.

An Aggregate Examination of the Investment Behaviour

ABSTRACT. As individuals we are egocentric, consistently intending to enhance our self-interests by satisfying our most demanding needs and accomplishing our targets. After assembling all the missing information and estimating the probabilities that will ease our directions without being too excessive, the decision is being made. Individuals are perceived to be rational investors. Although the theory is teaching us that we all choose based on calculated possibilities and desired outcomes, the observed conduct disproves it. The aim of this paper is to discern how humans behave, react and invest, with the help of an aggregate research based on historical economic contexts and models. By evaluating as well the strategic conduct in uncertain situations will definitely lead to the identification of some patterns in the decision-making process. Because in the end, humans are being distinguished by their pragmatic way of deciding.

Considerations on Participatory Budgeting for Local Development Projects in Romania

ABSTRACT. Completion of local community development projects, suitable to current and future needs involves strengthening citizen participation in decision-making process of local authorities. Participatory budgeting provides as direct result better funding of local projects. This study represents a brief analysis of the main steps and measures in the field of participatory budgeting, already undertaken by a part of the local public administration authorities in the European Union and Romania. The participatory budgeting process has lately become a topic of interest for nowadays society, where citizens express their willingness to be involved in the proposal and selection of the projects which will be implemented by the local public administration. The beginning of a participatory budgeting process in a Romanian city is a difficult and complex task, but it can provide great satisfaction if it is implemented properly since local government becomes more transparent, budget more productive and public spending more efficient.

Tax Evasion Between Theory and Practice

ABSTRACT. Tax evasion is one of the economic and social phenomena of utmost importance for both the developed countries, and for the least developed countries. What can effectively be done in this field relates mainly to the limiting, as much as possible, the consequences of this phenomenon, its eradication being practically impossible. The effects of tax evasion are felt directly on the levels of the fiscal incomes, leading to distortions in the market’s mechanism and, last, but not least, they may contribute to creating certain social inequities due to the “excess” and the taxpayers’ various “inclinations” towards tax evasion. In all times, the multitude of the obligations imposed by the tax laws upon the taxpayers have stimulated their ingenuity in inventing various processes in circumventing the tax laws.

The Efficiency of the NBR'S Monetary Policy Compared to the Countries in the Region

ABSTRACT. In this paper I want to analyze the monetary policy actions of the National Bank of Romania in the last years compared to the actions of the central banks in the region. The purpose of this analysis is to highlight the degree of achievement of monetary policy objectives and its effectiveness.

17:00-18:00 Session 7B: Accounting
Location: FAUST II (IBIS)
the Experience of the Republic of Moldova in Reforming the Accounting System and Its Harmonization with Ifrs and European Directives

ABSTRACT. Reforming the accounting system in the Republic of Moldova and its harmonization with IFRS and European directives takes almost three decades and is a complex technical route which involves important financial and human resources. The given paper aims to present and interpret the way in which the accounting system reform was achieved, how international accounting standards and European directives have been transported into national legislation in order to identify the main waves of the accounting reform and the regulatory changes made by the regulator, of the benefits and costs, advantages and disadvantages arising from the implementation of the reformed regulatory framework. The responses are obtained by applying, as a method of research, the phenomenological interpretive analysis, the documentary and analytical research, the comparative opinion and analysis, thus being categorized as a qualitative empirical research.

The Profile of the Romanian Entrepreneur Facing the Challenge of Start-Ups Financing

ABSTRACT. A distinct feature of developed economies is represented by the vital role of entrepreneurship as the central pillar of economic growth. The motivated entrepreneurs, ready to take risks, are setting up new job-creating firms. In particular, rapid technological progress continues to generate new business and lead to the development of existing ones, being a decisive factor in adapting to new market opportunities, acquiring new knowledge and increasing productivity. Bearing in mind the restrictions that small businesses face when it comes to resources and their vulnerability to environmental change, a deep understanding of the factors and mechanisms that explain the development of small businesses is a key issue for business owners and the economy. That is why there has been an increasing interest in identifying the main sources of start-up financing in Romania.

The Concept of Social Responsibility of the Organization in the Context of the Demand for Sustainable Development

ABSTRACT. The central purpose of this paper is to know the context in which the concept of corporate social responsibility emerged and the need to find out if it can be considered as an opportunity for a sustainable development by organizations trying to deal with social and environmental issues. Preoccupation for the fate of future generations has become more and more present in the development strategies of large companies, when economic development has also revealed negative consequences such as pollution, forest deforestation and excessive urbanization. Under these circumstances, one must find out if by implementing sustainable development programs, an activity which can change attitudes about the importance of environment on social welfare that each organization must consider. The organization must identify which are the instruments to measure the implementation and the evaluation of social responsibility in order to identify relevant social behavior and to develop appropriate measures and reporting techniques.

Considerations Regarding the Publishing of Non-Financial Information According to the European Directives

ABSTRACT. This paper presents the approach of the non-financial information initiated by the Directive 32/2014 EU and currently transposed under the form of the Directive 95/2014 EU. Publishing information of non-financial nature is obeyed to a set of rules that needs to be followed by the big organizations and the groups of public interest. The structuring of the non-financial report is based on the GRI reporting model. The targeted economic organizations are not strangers to the non-financial reporting sphere because the majority have opted for a responsible growth of activity. The implication in environmental, social and governance actions has classified the organization’s activity as being a durable one. It has been identified the fact that the responsibility of formulating the non-financial reports belongs to the management and the accounting compartments. It has also been followed how, in the stakeholders’ ensemble, the non-financial information occupies an important position in the decisive process.

The Public Debt Audit – an Important Form of Public Audit in the Current Macroeconomic Context

ABSTRACT. In the current post-crisis macroeconomic context, the Supreme Audit Institutions (ISA) through their expertise, should become an effective warning to systemic imbalances, a systemic correction initiator, a guarantor of financial order in the system, a tool for creating public confidence, but also a stabilizing force at the macroeconomic level. Both the financial audit, and especially the performance audit, must be reoriented towards new areas, such as auditing the public debt performance. In this respect, after presenting the concept of public debt from the perspective of the audit activity, the paper follows the role of ISA and of the public auditors in the public debt management of the states, as well as concrete aspects regarding the public debt audit activity in our country.

Twitter Messages Classification

ABSTRACT. The constant growth of the Social Media users is a reality of the past few years. Companies, governments and researchers focus on extracting useful data from Social Media. One of the important things we can extract from the messages transmitted from one user to another is the sentiment - positive, negative or neutral - regarding the subject of the conversation. There are many studies on how to classify these messages, but all of them need a huge amount of data already classified for training, data not available for Romanian language texts. We present a case study in which we use a Naïve Bayes classifier trained on an English short text corpus on several thousand Romanian texts. We use Google Translate to adapt the Romanian texts and we validate the results by manually classify some of them.

Importance of the Controlling Activity in Maximizing the Financial Performance of the Company

ABSTRACT. Market economy, as a modern form of organization that promotes competition, imposes essential conditions for the existence of companies. New business trends, digital transformation and the dynamics of business processes also bring about changes in management and financial-accounting activity. Competitiveness and performance are elements that depend on the constantly adapting of companies, which have to meet the demands of consumers and market conditions and which impose continuous challenges for the mangeri. To meet these challenges, we need new systems of analysis and deception, based on the best knowledge of the activity being carried out. This requires not only the continuous improvement of the knowledge of the results, but also an analysis of the basis on which corrective measures can be taken.

Bankruptcy Risk Analysis in the Wine Sector at the Companies from Republic of Moldova

ABSTRACT. The bankruptcy risk is the most important risk faced by the entity. The purpose of this report is to introduce and expand the fundamental problems concerning bankruptcy risk assessment on the Moldavian entities. The last time the bankruptcy risk assessment issues in different branches of national economy, are the subject of scientists’ research, a single model for estimating the level of bankruptcy risk for the Moldavian companies has not been developed yet. Under such conditions increases significantly the need for the quantitative measurement of this phenomenon. In the present article, we intended to present the methods of determining the rating of the entities that can be used to measure the bankruptcy risk, emphasizing at the same time the limits of each of these methods. This approach has helped us to demonstrate that there is no „best practice” for evaluation of the bankruptcy risk, but rather a complementarity of these techniques.

Using the Integrated Capability and Maturity Model in the Development Process of Software Systems

ABSTRACT. The present paper examines the CMMI model - the integrated capability and maturity model, which is an approach to improving the process of system development, supporting organizations to improve their own performance. CMMI models can be used to guide the improvement of a project, a division, or a whole organization. Application of the CMMI model in software engineering and organizational development is a process improvement approach that provides organizations with the essential elements for streamlining processes. In addition, a brief description of the architecture, components and major features of the CMMI model will be provided.

18:00-19:00 Session 8A: Finance
Location: FAUST I (IBIS)
Study on the Influence of the Cash Conversion Cycle on the Financial Performance of the Entity

ABSTRACT. The paper presents the impact of changes in the components of the cash conversion cycle on financial performance (expressed through economic profitability). The research sample consists of 26 companies belonging to the hotels and restaurants industry, listed on the Bucharest Stock Exchange, 2007-2016. The obtained results indicate that an increase in the debt recovery period and the inventory conversion period have the effect of diminishing the economic profitability of the companies included in the research. On the other hand, increasing the use of attracted resources leads to an improvement in financial performance at the company level in the period 2007-2016. This confirms the research hypothesis that the cash conversion cycle influences significantly the financial performance of hotel and restaurant companies.

How Performant Are the Premium Companies Listed on BSE? a Financial Performance Analysis from a Value Creation Perspective

ABSTRACT. In order to analyse the potential of listed companies, the scientific literature suggests modern indicators that are built using value creation concepts. Over time, the financial ratios used to quantify the value created by companies as expression of their performance were in multiple forms, becoming more and more comprehensive. In previous research, we analyzed the capacity of companies listed on the BVB to create value. The results recorded for the period 2006-2013 were unsatisfactory, in terms of modern indicators that are built using value creation concepts. This article expands the research results currently, investigating if listed companies have improved their performance in terms of created value.

Considerations on Some Shortcomings of the Functioning of the State Treasury and Possibilities for Its Improvement

ABSTRACT. In Romania the State Treasury was established in 1992 as a result of the reorganization and adaptation to the conditions of market economy of the public finances. This paper aims to show some of the shortcomings of the functioning of the State Treasury, as well as some possibilities for the improvement of the State Treasury’s functioning. One of the biggest vulnerability of the system is the Single Accounts Open on Budgets. We analyzed the influences these accounts have on the correct reflection of taxpayers’ payments to the State Budget and according to our findings we made some recommendations on how these payments should be reflected in the annual budget execution account.

Evaluation of Banking Digitalization Policy of Romanian Commercial Banks

ABSTRACT. Nowadays, even in Romania, we faced with process of digitalization of financial system, especially of banking system. Natural person – banks relationships are more and more distant as location, but more and faster as financial transaction results, because of banking digitalization process based on performance of internet era. The paper’s aims are to answer to questuins like: Are Romanian past, actual and future generations prepared to be fully integrated in banking digitalization process? Do Romanian natural person understand the usefulness and benefits of digital banking services/? Or, how benefits of Romanian commercial banks are changing? The methodological support includes analysing empirical data, based on statistical and financial instruments. Our preliminary results suggest that in Romania the digitalization of banking services is quite low, being in direct correlation with low level of financial education of Romanian people.

The Assessment of the Insolvency Risk at the Companies from the Manufacturing Industry, Listed on the Bucharest Stock Exchange

ABSTRACT. Abstract. The paper presents both theoretically and empirically the insolvency risk for 35 companies from the manufacturing industry in Romania, listed on the Bucharest Stock Exchange, at premium and standard categories, during 2007-2016, through four models: Springate, Taffler, Altman, and French Commercial Credit. The results of the research have revealed that during the period 2007-2016, over 50% of the companies were facing a high insolvency risk, the most risky of them being Cemacon S.A. and Prefab S.A. The less risky companies during the mentioned period of time were Aerostar S.A. and Conted S.A.

Coordinates of the Relationship Between Taxation and Competitiveness in the European Union

ABSTRACT. Analysis of specific indicators from the fiscal area (such as: tax rate, tax burden, ease of payment of taxes, fiscal freedom, fiscal transparency, numerical fiscal rules) demonstrates the role of taxation on growth and economic development. Whereas, some of these indicators are also found in determining the level of competitiveness of a country, through this article we will identify the main coordinates of the relationship between taxation and competitiveness. Without claiming an exhaustive approach, based on the specificity of the European Union's fiscal policy, we try to give answer to questions such as: What is the impact of the tax burden on the government budget balance? How does the overall profit tax rate influence the efficiency of the goods market? What is the effect of personal income taxation on labor market efficiency? What is the confidence of taxpayers in fiscal institutions? How is the behavior of taxpayers on voluntary compliance? How taxation affects direct investment?

Innovative Teaching Strategies in Financial Accounting

ABSTRACT. Accounting in higher education is a practical subject and teaching financial accounting  has nowadays become a challenge.  Professional organizations and corporate employers prefer to hire students with  critical thinking skills, communication skills, technical skills, and analytical skills. Accounting students often have a negative attitude towards the subject and struggle to understand core concepts of accounting standards. Finding new and innovative methods of teaching accounting is a crucial skill for teachers. Certain methods and approaches can truly enhance the learning process, and done right, applying innovative learning and attention-management techniques to classes is a win-win for both students and teachers. The aim of paper is to present a literature review of innovative teaching methods used in Financial Accounting courses.


Business Models in the Global Banking Industry - from Traditional to Innovative Banks

ABSTRACT. The banking system after the crisis is a system different from the one before, as a result of the crisis itself and global developments (changes in global economic power, advances in technology, new customer behaviour and regulation). At ten years from the first signs of the global financial crisis, the international banking system has been reconfigured, with the top positions now occupied by the Chinese and US banks. This paper presents a performance assessment of top banks from 2007 to 2017 in terms of profit, assets and market capitalization, using The Banker’s database. The study continues with an analysis of developments in the business models of large internationally operating banks over the period 2007-2017, showing the diversity of business models at the global level.

Market Overview of Mergers and Acquisitions

ABSTRACT. The value of mergers and acquisitions market can also be used as an indicator of national economy attractiveness for foreign investors. The evolution of the M & A market in Romania, the country with the highest economic growth in 2017 from EU, was analyzed as the number of transactions and transactions' value in 2004-2017 period. It can be noticed that the volume of transactions is increasing since 2014, but it is significantly lower than 2005 M&A market value.

18:00-19:00 Session 8B: Management
Location: FAUST II (IBIS)
Corporate Diplomacy as a Management Decision

ABSTRACT. Corporate diplomacy is a concept that became familiar to corporations once they transformed into the main actors of the international markets. The article highlights the evolution of the specialized behavior of companies interacting with stakeholders, introducing managers to a new type of diplomacy, corporate diplomacy, which demand global but also industry specific diplomatic practices, activities undertaken until not long ago, by national representatives, the commercial and economic diplomats. Specifically the article analyses the behavioral foundations of global managers when they have to adapt corporate strategies to new markets and international standards. Showing an increased number of business perspectives and practices, managers as the corporate diplomats follow common patterns when acting international and representing the entire company. Results show that after taking into consideration the process of companies when deciding to implement corporate diplomacy within their managerial framework, Romania exists as a potential market for global investors, still fragile but proactive.

The Role of Museums in the Development of Cultural Tourism. Case Study: Bucharest Municipality

ABSTRACT. The study aims at highlighting the importance of the museums of the Bucharest Municipality in order to develop the cultural tourism. The capital city has 35 museums, representing 5% din total number of museums nationwide. Methodologically, official statistical and perceptual data were utilized relating to the number of visitors in the museums and to the cultural consumption of the resident population. The authors collected data using multiple sources: official statistics (from National Institute of Statistics and research institutions: National Institute for Research and Cultural Training). A comparative analysis with other cultural cities at national level (Sibiu, Timișoara, Cluj-Napoca) was elaborated. Bucharest has recorded a significant increase in the number of visitors in museums over the past ten years. The use of perceptual data has highlighted details on visiting frequencies (the resident population opts to visit the museums once every few months) and on tourists' motivation (education, relaxation, culture).

Highlights in Teaching Ethical Management Applied in Achieving Economic Sciences

ABSTRACT. Talking about ethical strategies for teaching economics subjects is in the same time very easy and very difficult. It's easy because the capacity of these ethical concerns of crossing the strict framework of the disciplines it is absolutely obvious. It is difficult, because the most difficult thing in the world is to talk about something that it is obvious. Moreover, the capacity of being surprises by the Obvious, the ability of questioning where most of the people see only certainty it is the genuine original impulse of philosophizing.

Conflicts at Work in Hospitals

ABSTRACT. Conflicts at work occur often in organizations even if is not recognized by organizations or by the people. In last period of time, people’s behavior has changed. The rapid changes in technology affects our comportment, everyone have something quickly, without efforts, we are changing faster than organizations, an aspect that is also noticeable in workplace relationship, but workplace conflicts remain in the field. There are conflicts even in the health care system, so conflict management is important to analyze here as well. This action becomes more important because it does not have to affect the beneficiaries of the healthcare system, especially patients. The process of organizational development requires bases to discover the needs of the health care system and methods of managing these needs.

Capitalizing on Intellectual Capital Through an Intelligent Management Approach

ABSTRACT. Intellectual capital is considered the hidden asset to organizations, giving them added value, even if this wealth is not reflected in the financial statements. More and more companies are investing in intellectual capital, especially because, as a result of studies and analyzes, it has been found as successful business engine. Studies in the field reveal that organizations investing in intellectual capital denote good management, their managers understanding, more than others, that organizations can depend on their intellectual capital rather than their physical assets for survival. The smart managerial approach takes into account the fact that, in order to enhance the potential of the organization, it is very important to attract and emphasize the right mix of employees with expertise in the specific field of activity and access to information networks, adapting continually to the skills required by technical progress and forward-looking changes.

Organizational Culture and Human Factor of Organization

ABSTRACT. The contemporary organizations reflect a part of the needs and values of the society in which we live. One of the essential issues of human resources in organizations represents the union of individuals' efforts to achieve certain objectives undertaken by the managers of organization. The objectives can be achieved only if the actions of individuals are organized both in fields of activity and at company level in general.

The Influence of Technology and Digital Communication upon Gen Z Consumers

ABSTRACT. Nowadays, Generation Z is the most complex and critical generation from all times, aspects that deeply affect their buying decision process. It is estimated that by 2020, Gen Zs will come to be the largest group of consumers globally. Based on the needs and behavioural understanding of this consumer group, this paper aims to identify communication rules and processes through which, brands acquire and retain this highly pretentious and informed group of buyers.

Sharing Economy in Romania – Is Sharing the Future of Business?

ABSTRACT. Usually businesses create a product/service (as an answer to an existing need on the market or a complete new, innovative one), sell it and develop further. But in recent years, peer-to-peer power increased along with a different model – the collaborative platforms. Thus, the aim of this paper is to take a look at what sharing economy means and how it has evolved in Romania compared to other countries. In order to do so we used secondary data (review of publicly available documents). Preliminary results show that the sharing economy is growing across the globe, yet there are aspects which need further research and data collection. Collaborative platforms are appealing especially to the younger, more educated consumers, who live in urban areas. Still, the future of these platforms is uncertain, depending on a series of decisions (customers’ perceptions and consumption behaviour, companies’ ability to adapt, governments decisions about regulations).

The Development of the Intellectual Capital - the Current Romanian Context

ABSTRACT. The progress of an economic system is closed related to the development of the innovation economy in close correlation with intellectual capital. Nowadays economy is the economy based on new knowledge, innovation, know-how, new web sites and technologies and their realization in different spheres of economic activity. The accelerated renewal of the technological base of society, the formation of the innovative economy, condition the reformation of human activity, which leads to the formation of the new way of life of many people.

An Overview of the Leadership-Change-Performance Syllogism

ABSTRACT. The subject of this research is the identification of major coordinates of an organization`s performance in the context of change and the involvement of leadership and project management in the implementation mechanism. Naming just some of these main coordinates can give an overview of the situation: change and the main feature of the 21st century; globalization of business and the impact on business management; the association of leadership, change and projects, and shaping a unitary framework for analyzing these components; highlighting the role of the leader in the process of change. A special and original element is the promotion of leadership-change-performance syllogism as a generic element for the implementation, development and evaluation of the issue of change within modern organizations. Thus, leadership becomes an important link for identifying performance competencies, being a real source of competitive advantage and being the key element in implementing change at organizational level.

Sustainable Innovation as Competitive Advantage in the Era of Sustainability

ABSTRACT. The challenges that sustainability raises in front of companies are nowadays bigger than ever, as their actions and performances are increasingly scrutinized and evaluated against a variety of sustainability-related expectations and standards. The paper aims to explore the universe of the most sustainable corporations – based on an analysis that corroborates these companies’ engagements towards sustainability (as declared on their websites) with their sustainability-related performances (according to Corporate Knights’ Global 100 Most Sustainable Corporations scores) – in order to find relevant insights on the ways these companies have managed to overcome the challenges of sustainability. The results suggest that sustainable innovation is starting to crystallize as the main competitive advantage of these companies – which demonstrates not only that the challenges of sustainability can be overcome, but also that they can be transformed into opportunities and capitalized on as sources of competitive advantage.

the Role of Specialized Disciplines and Interactive Teaching Methods in Student Education

ABSTRACT. Formation of a graduate professional competence is ensured by its complex and progressive training, based on the general issues to the specific profile of a group of trades. Such, study and perform various specialized disciplines complementary practical activities, will be based on knowledge pool formed by studying subjects of general culture. Advanced links between them are established, each with its own importance. The elaboration of the didactic technology projects is necessarily required by the conditions for the development of a modern education and must take into account a number of determinants, namely: • the scientific organization of the activity; • increasing the efficiency of the training process; • achieving with maximum probability a certain level of performance correlated with the requirements the area for which training is provided.

19:00-23:00 Session : Conference Dinner
Location: GOLDEN TULIP HOTEL (Scoala de Inot 2)