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09:30-10:00 Session 1: Registration

IBIS HOTEL (2-4 Dumbravii Street)

11:30-12:00Coffee Break
13:00-15:00Lunch Break

IBIS HOTEL (2-4 Dumbravii Street)

15:00-16:30 Session 6A: ECONOMICS
Location: FIGARO (IBIS)
On the Homo Œconomicus Model of Rationality

ABSTRACT. The study intends to deliver a logical analysis of the well-known (and too much used) model of rationality named homo œconomicus. To this end, it is put into evidence the reductionism of the model (more, its cartesianism and mechanicism), by logically assessing the basic principle and the axioms and, also, the relaxations introduced over time. The paper get the conclusion that economists tried successively to save the homo œconomicus model over time, but all these attempts did nothing but block the developments of the economic theory. Finally, the research organize into a diachronic matrix the different ways in which economists actualized the genuine model in order to put it in line with the actual behaviour of the economic subject.

On mixed Research Methods and Triangulation in Economics

ABSTRACT. Modern economics (with the exception of development economics) is dominated by the use of econometrics, mathematical and statistical techniques. The aim of this paper is to investigate the potential that mixed methods research has for economics. Economics, as a scientific discipline, is built upon various ontological and epistemological presuppositions, but practicing economists seldom theorize and analyze them systematically. Whilst mainstream economics use predominantly quantitative methodologies, heterodox economists employ a variety of methods and methodologies including those coming from a qualitative framework or integrate various types of data and methods within one single program of study. It is argued in this paper that research pursued by both mainstream and heterodox economists would benefit from more openness towards methods and methodologies coming from all the corners of natural and social sciences and from a clear awareness of how, when and why we integrate methods at various stages of the research processes.

Reference Social Indicator Between Necessity and Moral Obligation

ABSTRACT. The paper examines of the point of view conceptually and methodologically the Reference Social Indicator (RSI) which return in our attention after a ten-year period where in which the value has not changed. The lack of political stability and, sometimes, the irresponsibility of governing parties creates the risk of deviating the value of RSI, established by political decision, from the economic, social and moral significance with which this indicator is invested. Considering the consequences generated by the possible arbitrary situation in setting the RSI value, it is necessary in the near future to identify a methodological anchor for the dynamic adjustment of the RSI value, avoiding the incidence of the political factor. In this paper will be identify a relevant macroeconomic indicator for anchoring the Reference Social Indicator (RSI), so that its variation can be done automatically (via the automatic stabilization mechanism) without the conjunctural intervention of the political factor.

On a Function of Determination to the Multiplier Fiscal in Romania

ABSTRACT. The study aspires to build a nonlinear function (more precisely, a Cobb-Douglas type function) to model the fiscal multiplier on the case of Romania. To this end, the research will build time series for the marginal propensity towards consumption of the population, respectively for the marginal propensity towards saving, for the empirical determination of the time series for the fiscal multiplier. The usefulness of the research is to provide researchers with the data needed to assess the phenomenon called "balanced budget multiplier". The period used for empirical analysis is 2010-2017 (to avoid fracturing time series because the international financial crisis). Finally, the study will propose a prediction regarding the time series for the fiscal multiplier for Romania in the perspective of 2018-2025.

On the Categories of Changing

ABSTRACT. Although it is not still clear if the time passing is a result of world changing, or reversely, the world changing is a result of the time passing, I think is very clear the changing in the external and internal world of the subject is real. The paper examines, from a logical point of view, the abstract categories of changing, no matter the field involved. More precise, it provides the complete list (in the author’s opinion) of distinctive types of changing, classified in two fundamental types: a) changing of first order, and b) changing of the second order. Based on this classification, certain analyses and assessments are delivered, regarding the logical features of them.

An Algorithmical Proposal on the Mix of Public Policies Functioning on the Labour Market

ABSTRACT. The study is a continuation of the author's research to design and implement a policies-mix in public policy on sustainable labour market management. The main objective of the paper is to develop a logical model of algorithmic and procedural significance regarding the reciprocal information flows (command or report type) among the public policies which create the above mentioned mix, so that the labour market to behave sustainably. To this end, research identifies logical steps, decision blocks, negative or positive feeds-back, etc. Finally, the study provides a conceptual and methodological basis for setting up the policies-mix as a real automatic stabilizer on the labour market.

15:00-16:00 Session 6B: FINANCE
Study Regarding the Influence of the Endogenous Variables on the Change of the Financial Performance of the Economic Entity

ABSTRACT. This paper highlights the influence of the independent variables: the Rotation of the current assets (ROTA), the Rate of return of the consumed resources from exploitation (RRCE), the Current Liquidity Rate ((RLC), and the Return on Assets (ROA) on the change of the dependent variable - the Income rate of return (RRV) at 35 companies from the manufacturing industry in Romania, listed on the Bucharest Stock Exchange, listed at the premium and standard category, during the period of time 2007-2016. The results obtained in the regression model, confirmed it’s validity, there being interdependence between the change of the independent variables and the Income rate of return.

Tax Evasion - Part of the Underground Economy in Romania Member of the European Union

ABSTRACT. The economies of developed or emerging countries have a component not subject to the eyes of the authorities, the underground economy, the size of which is likely to produce many imbalances and inequities. The attempt to mitigate state revenues by exploiting legislative imperfections or by using ingenious methods to avoid the payment of taxes is called tax evasion. The weight of the underground economy in Romania's Gross Domestic Product (GDP) is significant, with the percentage ranging from 22.4% to 28.4%. The European Union (EU) average is 10 p.p. lower than the level at which Romania is located, at the opposite end being Austria, Luxembourg and the Netherlands. The underground economy is predominantly dominated by black work and non-tax revenue. Measures taken at European and national level aim at eliminating legislative breaches, encouraging card payments, increasing compliance by improved tax morale and an effective monitoring and control system by the authorities.

The Effect of Board Characteristics on the Financial Performance: Evidence from Romania

ABSTRACT. This paper examines the impact of board stucture (more precise the impact of the board size and the board independence) on the firm’s financial performance for a sample of 1,432 Romanian companies, in a time frame that range from 2008 to 2015. Based on different types of static panel data regressions: Pooled Ordinary Least Squares (OLS), Fixed Effects (FE), Random Effects (RE) and a corrective model (PCSE), the main results indicate the fact that between board size and firm performance is an inverse relationship and between board independece and firm performance is a direct relationship. A potential explanation for these results consists in the fact that, although the introduction of the corporate governance principles which regulate the structure of the board of directors has been achieved late, Romanian companies have succeeded in adopting and practicing the concept of good corporate practices.

Roles and Responsibilities in the Proper Implementation and Functioning of Internal Control of Public Entities

ABSTRACT. The notion of performance is associated with an ideology of progress, of always doing better. As far as the performance of public entities is concerned, this is harder to quantify than for example, the performance of a company. However, in order for the public sector not to face a budget deficit with inappropriate management or inappropriate resource use, internal control can help with solutions for improving its activities, solutions to reduce inefficient spending and ways to use resources as efficiently as possible. This paper attempts to capture the links and interfaces between the best known and current models that can help organizations to define, design, implement, and develop risk management and the internal control system. This is "The COSO Cube" model presented in 2013 in the COSO Framework & SOX Compliance paper and the "THREE LINES OF DEFENSE IN EFFECTIVE RISK MANAGEMENT AND CONTROL" presented by The IIA in 2013.

Causes of Public Expenditure Inefficiency and Proposals for Their Streamlining
PRESENTER: Catalin Zeti

ABSTRACT. The public sector has continually developed, as new needs of the population have been identified and the expectations of the population regarding the quantity and the quality of the provided services have already been rising. Unlike private management, the public administration has not always been concerned with the way results have been achieved, but, particularly with the results themselves, and, as long as these have been satisfying for the population, the resources employed for obtaining the results were of no much concern. The public administration monopoly in the provision of some services has led to the possibility of generating imbalances between the quality of the provided services, the financial resources employed and the degree of satisfaction expected by the beneficiaries of these services. This is a matter of public expenditure inefficiency and, identifying solutions to counteract it and make it more efficient is a top priority.

Effects of Financial Crisis on Systems and Financial Markets

ABSTRACT. It is, of course, difficult to locate the financial or financial-banking crises in the more or less serious imbalances that occur today in the world due to the interdependence of real flows with monetary or fictitious flows, the causes them and even the quality of those affected in one way or another. There are market crises, as an expression of price instability in the financial markets and the lack of liquidity, which can be unexpected; these are the bond market crises, such as the commercial paper market crashes and the junk bonds. All these highlights the existence of risk sources that can spread across financial systems. There are bank crises, those that generate distrust of banks in general, which generates panic- these can also be quite large, but more specifically, affecting institutions of particular importance.Thirdly, the danger of the payment crisis (considered the worst type of economic-financial accident).

Perspectives on Investing in Collective Fund Placements

ABSTRACT. Nowadays it is important for people to know what investment alternatives exist besides bank deposits. The current state of the economy causes bank deposits to give the beneficiary a relatively low interest rate. Collective investment institutions come as an investment alternative for both individuals and entrepreneurs alike. This part of the capital market also presents risks, but sometimes these risks can be borne better than bank risks. Higher profit requires a higher risk because it has always been so. Therefore, an investor can get higher profits, passing through calculated and predictable risks. This paper concentrates information on open and closed investment funds. Information about SIF companies (Financial Investmet companies) and Fondul Proprietatea is also presented.

The Financial Sustainability of the Project for the Establishment of the Sovereign Development and Investment Fund (SDIF), Between Theory and Practice

ABSTRACT. Theoretically and virtually, the investment and development fund projects and their activity prove to be sustainable in the long run, for example in Norway, where the additional income from the exploitation of natural resources in the North Sea is accumulated in an investment and development fund. In this case, it is about a revenue surplus that has been estimated to be accumulated and multiplied. The project to establish a sovereign investment fund in Romania, which is based on an initially subscribed share capital, mainly constituted by contribution in kind, that is from participations held by the Romanian State in certain companies, underlines both theoretically and virtually, major differences compared to the Norwegian model and even to other European projects developed in this area.

Mergers and Aquisitions

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15:00-16:00 Session 6C: ECONOMICS
Sustainable Development & Circular Place Specific Innovative Solutions. Circular, Vital and Connected Local Communities

ABSTRACT. The most important aim of the paper is to highlight the importance of polycentric urbanization and localization for innovative spatial circular, vital & connected communities. From a methodological point of view, the paper is a conceptual position paper designed based on a desk research and examples of based practices. Despite a more theoretical background, the paper takes into account a strategic and pragmatic vision based on the Eco-Innovation Strategies & Solutions. Preliminary results support the need to shift towards modern approaches, including the territory dimension of a sustainable & inclusive development. Thus one of the main challenges for the future trends refers to the expected further development on the mezzo level concerning both the territorial/spatial dimension of sustainability and some sectors associated with the circularity of resource and the emergence of employment opportunities. We support also the idea of public - private partnerships and co-operations projects between these sectors.

Digital Component of People'S Quality of Life in Russia

ABSTRACT. The term “people's quality of life” has not been given any widespread explanation in the context of society digital transformation. There are six attributes specified to characterize digital component of people's quality of life. Basing on official statistics data, subindices for the corresponding data blocks were computed. A mixed method to estimate the digital component of people's quality of life was used. Also, the Russian index of digital component of people's quality of life was defined for the whole country and for its federal districts. The results of computations allowed to characterize the changes in subindices within blocks and in the integral index covering eight federal districts and in Russia in the whole for the period of 2015–2017. Positive dynamics of the Russian index of digital component of people's quality of life was revealed with some fluctuations for different federal districts.

Ways to Effectively Manage the Risks Associated with Transfer Pricing

ABSTRACT. The issue of transfer pricing is a priority one for multinational companies or for those having related party transactions. This work presents and analyses theoretical aspects related to the the way transfer pricing legislation influences a company's tax policy and practical aspects, contributing to the efficient management of the risks associated with transfer pricing. By documenting on the existing bibliography in the field, processing and interpreting statistical data or by comparative analysis of data, our paper arrives at the conclusion that, to effectively manage the risks associated with transfer pricing the following points are essential: appropriate management that defines a transfer pricing policy based on a critical analysis of the main risk areas, taking into consideration the possibility of resorting to an advance pricing agreement and the availability for ensuring and training staff that prepares, manages, monitors and is accountable to the supervisory authorities for transfer pricing documentation.

Dysfunctions of the European Monetary Union

ABSTRACT. This paper focuses on the dysfunctions of the European Monetary Union. The major contribution of this study to specialized literature is to identify the main issues affecting the euro area and to define a solution for a much deeper European integration. The purpose of this article is to identify the dysfunctions of the Eurozone and to formulate possible solutions for a deeper European integration. To achieve this goal, we need to reach a number of objectives that help us to draw conclusions: to analyze the malfunctions that emerged in defining the European project, to analyze the dysfunctions that led to the emergence of crises inside the euro area and to identify a possible scenario to deepen European integration. In achieving the objectives, we will use qualitative analysis methods, namely text analysis, and scientific observation.

The Utility of Economic Sanctions in View of Coercive Characteristics Towards Prosperity and Security

ABSTRACT. Research involving the utility of economic sanctions introduces misrepresentations and if categorized would include: ignoring comparisons of economic sanctions with coercive alternatives, analyzing economic sanctions as a substitute to hard force exclusively, and redefining the uses of economic sanctions for political purposes. We present a definition of economic sanctions and show the sequence of power as it may be imposed across a spectrum at various intensities relative to characteristics. We analyze how characteristics between power groups are diffuse and that conclusions involving utility are insignificant without analyzing variance within power strata. We’ve categorized characteristics into two groups that are inversely positioned and regressed on a power interval: characteristics of prosperity (target size, intervention, predictability, attractiveness, efficiency, and communication) and characteristics of security (clarity, rate, return, control, risk, costs, and violence). We illustrate that as prosperity increase or decrease the security characteristics decrease or increase respectively as inverse substitutes.

Financial Resources for NGOs

ABSTRACT. This paper aims at giving an overall perspective of the financing of NGOs in Romania, stressing the importance of having various financing resources in order to perform complex projects and programs for the targeted beneficiaries. We analyze all forms of financing for NGOs, using trustworthy data available. The conclusion is that the ground of financial resources for the non-governmental sector remains feeble. The financial resources of the majority of the non-governmental organizations are very modest, which restrains their action magnitude. Although the income sources of the non-governmental organizations became diversified, few of them receive support from the national public authorities. The most significant financial incomes for NGOs remain grants or contracts from the European Union and from foreign or international foundations.

U.S. Protectionism on the Rise

ABSTRACT. Like most of the developed countries, the U.S. got rich and promoted its young industries by applying tariffs and quotas. Protectionist measures proved to be beneficial in the short term, but if prolonged, they are likely to discourage trade and confer too much power to the state. The U.S. President Donald Trump has decided to turn from free and open trade toward so-called fair trade based on "America first" policy. Thus, the U.S. free trade began to lose the fight with economic protectionism, and national interest gained ground at the expense of economic cooperation. The desire to make America great again will benefit some national companies, but others will suffer major losses.

Collaborative vs sharing economy: the debate

ABSTRACT. Ten years ago, when Airbnb, Uber and BlaBlaCar had launched, sharing economy emerged as a new topic for research and debate in the academic world. While the number of studies, articles and reports on this topic has increased significantly, there is no agreement regarding the definitions. Moreover, new concepts, like collaborative economy, on demand economy, gig economy, platform economy, and continuous development of new business models increased the general level of confusion regarding this topic. The article compares existing definitions, identifies the overlapping circles and existing differences regarding collaborative and sharing economy in order to identify the key features and to provide a set of tools which can be used to distinguish between these multiple forms of new economy.

How Does a Trade War Work in the Era of Globalization?

ABSTRACT. Globalization is nowadays a phenomena that is being accepted as a fact of life. There are numerous debates on how to make it more equitable, that is, to share amongst all the benefits it brings, as well as the risk it implies. Yet, no one argues its existence and the understanding that all economies are more inter-linked and inter- dependent as ever before, which brings advantages for all involved. Playing this „game” is the only option for all national economies and trade relations represent one major aspect hereof. In this context, the trade tariffs imposed initially by the U.S. on Chinese goods, followed by Chinese retaliation measures seem to be „from a different era”. This paper aims to analyze the trade relations between the U.S. and China, to identify the origin of the current trade „battle” and to determine possible consequences, for both parts and for the „globalized” global economy.

Presence of Severe Injuries and Financial Burden of Hospitalization: a Case of Vietnam

ABSTRACT. Using Vietnam’s Household Living Standard Survey of 2014 and a multivariate regression analysis, this paper assesses the influence of the presence of severe injuries on inpatient out-of-pocket (OOP) expenditures. To assess the differential influence of the presence of severe injuries on inpatient OOP payments across three types of public hospitals, the regression model is then extended by including a set of three-way interaction terms between severe injuries, each type of hospital and inpatient visit. Presence of severe injuries increases inpatient OOP expenditure by 60% and the increase in OOP expenditure is more pronounced for contacts at a central hospital (154.7%) than at a district hospital (45.4%). The financial protection of health insurance is found to be modest, reducing OOP expenditure by 31.5% for a contact at a central hospital and by 44-50% for a contact at district and provincial/city hospitals. The high financial burden of hospitalization among individuals reporting at least one severe injury and its wide variation across the three levels of public hospitals suggest the need for policy measures to strengthen the injury care at the community level and extending the breadth and depths of insurance coverage.

16:00-16:45 Session 7A: ECONOMICS
Mihail Manoilescu, a Researcher Who Tipped the Development and International Trade Theory - Sketch Portrait –

ABSTRACT. Who was Mihail Manoilescu? What are the main dimensions of his scientific work? How did the researcher tilt the industrial development theory, that specializes in international trade, according to David Ricardo’s theory of comparative costs and the HOS theory? What was his place in the world economy? What current significations may one find in Manoilescu’s theses? Here are questions that these lines are designed to answer sketching a portrait of the Romanian economist.

Reshaping the Economy in the New Digital Transformation Trend by Strengthening the Connection with the Environment.

ABSTRACT. As a result of the dynamics that life is currently experiencing, especially due to, or sometimes caused by, the digital environment, we consider it an essential condition for harmony, that economics should extend its sphere of investigation more and more, so that, in addition to the current preoccupation with mathematical patterns and statistical analysis, etc. it also has to deal with and study some issues, in areas that are considered important and authentic, areas that are not addressed as much, such as anthropology, morality, but also eco-bio-economy. More and more speeches and newspaper articles have this theme, which means that it becomes a priority topic, meaning it gains his important place. There are many endeavors and should be more and more important not to discus so much just about GDP but to establish and to pay more attention at the indicators that looked more at human development in general terms.

The Manifestation of Power. an Analysis of Ten Best Economies of the World

ABSTRACT. The power manifestation within the world economy creates many debates due to its various forms of definitions and implications. In a multipolar world, power is shared between states and international non-state actors. The phenomenon determines the need to know the intensity with which each actor influences the world economy. This study seeks to respond to this dilemma from states perspective, extending the comparison between the best ten economies of the world by Gross Domestic Product. The analyze is meant to reflect the power by various dimensions, starting with economic and financial, continuing with investments, labor market and social aspects, and finishing with commercial, migration and military. Even if Chinese economy has the highest value of GDP based on purchasing power parity, the competition for power manifesting between China and United States is in a low level, as the finding of this research reveals.

The Role of Cohesion Policy in the Development of Romania

ABSTRACT. The role of cohesion policy in the development of Romania

The Festival Tourism as Source of Economic Development

ABSTRACT. The festival tourism. Role and place in the economic development

A Theoretical Model for the Determination of the Economic Costs in the Context of a Fundamental Desire of the Human Kind: the Sustainable Development

ABSTRACT. In this paper we propose a theoretical model for the determination of the economic costs. We will elaborate this model based on a concept of contemporary economists, namely sustainable development. For our model will consider the effects of the entropy law, as well as the possibility for the economic agents to benefit or be victims of the outcomes of market failures, besides the concept of sustainable development. The model of economic cost determination proposed is a theoretical one, because the economic reality of the countries generates specificities specific to the various activities that have to be taken into account through some adjustments made. That is why we aim, as an objective of future researches, the development of concrete tools and techniques to determine economic costs.

Electronic word-of-mouth impact on hotel score. Comparative study between four major cities from Romania

ABSTRACT. The use of eWOM has been growing ever since the spread of the internet worldwide. In the tourism sector electronic word-of-mouth became a key factor in decision-making and behaviour of the Internet users, generating useful information about a certain location. In this article we will approach the word of mouth on the tourism websites and applications. This paper’s aim, aside from a comparative analysis between four major cities from Romania, it is a research on how the eWOM affects the hotel general score from OTA websites like and

Regional Development in the European Union - the Case of Catalonia

ABSTRACT. With a population of 16% of the total population and a GDP of 19.2% of Spain’s GDP, Catalonia is currently the most prosperous Spanish Autonomous Community. The Catalan secessionist movement, more evident in the last years, has been stimulated by various socio-economic drivers, such as: on the one hand, the globalization, European integration, free trade and international governance processes have nourished the idea that states should not be large to take advantage of economies of scale, and the economic and political risks of an independent small state are smaller if it is part of a supra-national area like the EU; on the other hand, after 2008, the economic crisis has generated a massive social crisis in Spain (including Catalonia), with very high unemployment and an amplified impact on the middle class, which has led to a political crisis as this class is the usual electoral base of nationalism.

16:00-18:00 Session 7B: On-line
Building the Global Economy: a Case Study Regarding the CBM&as in BRICS Countries

ABSTRACT. The cross-border mergers and acquisitions (CBM&As) are growth strategies which allow the companies to expand their activities beyond the borders of their residence countries. The choice for a specific company is influenced, on a side, by the residence country, and, on the other side, by the characteristics of the target company. The proposed research hypotheses are to be tested on a sample of 356 mergers and acquisitions which involved an acquirer from a developed economy and a target located in BRICS, on the 2010-2017 period of time. Thus, the main result show that, at a macroeconomic level, the human development index (HDI) and the percentage of foreign direct investments (FDI) inflows in GDP have a significant influence on the percentage acquired in target shares and, at a company level, the size of the company, the accounting practices and the shareholders' funds are significant predictors for the selected dependent variable.

Acquirers' Perspective on the Determinants of M&as in Pharmaceutical Industry: Evidence from European Union

ABSTRACT. Pharmaceutical industry is one of the most prolific industry regarding mergers and acquisitions (M&As), being subject to a profound restructuring over the years. Also, this industry is characterized by rapid innovation, technology and specialized assets. This study explores the acquiring companies from pharmaceutical industry whose cash capacity and financial ratios provide them with motive for participating in M&As. The results of the research will confirm the fact that the percentage purchased in a target by an acquirer located in the European Union is influenced by predictors related to liquidity, deal value, R&D expenses, as financial indicators, and by the accounting practice (IFRS or local GAAP) of the acquirer. Regarding the acquirers in pharmaceutical industry interested in purchasing a controlling interest in the target, the deal value they are willing to pay is significantly influenced by their solvency, but not by the cash-flow and the R&D expenses.

Does the National Cultural Dimensions Influence on the Economic Freedom?
PRESENTER: Zoriana Matsuk

ABSTRACT. This Paper is continuation of the authors’ previous researches. Using the correlation analysis authors proved the hypothesis of the presence of the connection between the index of economic freedom and national cultural dimensions (after Hofstede). They also proved it between some indicators of the economic freedom and national cultural dimensions (after Hofstede) using the program Curve Fitting Toolbox (Mathlab). The analysis was done using 19 indicators from 35 European countries: 6 indicators of the national cultural dimension and 13 indicators of economic freedom. This research helped to find out, which indicators of the national cultural dimensions can influence the development of economic freedom in the country. For the answer to the question "How can the nation's mentality affect the level of economic freedom in the country?" authors plan to study deeper the mental dimensions, in particular to test the mental performance of S. Schwartz, C. Hampden-Turner, F. Trompenaars.

The Effect of Family Control and Institutional Ownership on Corporate Dividend Policy in Manufacturing Industries Registered in Indonesia Stock Exchange

ABSTRACT. The purpose of this paper is to examine the effect of family control and institutional ownership on dividend policy. The sample in this study covers all companies in the manufacturing industry listed on the Indonesian Stock Exchange (IDX) between 2013 and 2016. This study applies multiple linear regression analysis method with dividend as the dependent variable. Dividend measured by the dividend payout ratio. The independent variables include family ownership and institutional ownership. The results showed that family ownership had a significant negative effect on dividend payout ratio and the institutional ownership had a significant positive effect on the dividend payout ratio.

EMS Implementation: a Theoretical Process Design Approach

ABSTRACT. Abstract: The organizational sustainability orientation represents the current context need to sustain the economic development. Hence all the organizational process must integrate a sustainable behavior – that could be fulfilled by implementing an Environmental management system (EMS). The organizational processes identification is not a simple and automatic procedure, but an attempt to interpret the company operation. The integration of a predefined set of activities in a certain process is a choice based on the monitoring phenomenon and not on the phenomenon objective existence. Likewise to implement an EMS through a process perspective it’s very complicated because the literature is limited regarding information’s/ knowledge associated with this correlation. Therefore the main objective of this research is to develop/ propose a theoretical framework regarding the EMS implementation seen as an organizational complex process.

A Comparative Study of Corporate Social Responsibility Implementation of Islamic Bank and Conventional Bank in Indonesia

ABSTRACT. Islamic bank and Conventional Bank must conduct Corporate Social Responsibility. The aims of the paper is to conduct comparative study of Corporate Social Responsibility Implementation of Islamic Bank and Conventional Bank in Indonesia. This paper uses methodhology of content analysis based on annual report of Islamic bank which is representative by BNI Syariah and Conventional Bank which is representatives by BNI in 2017. BNI Syariah and BNI is one of Bank in Indonesia which represent State ownership. Bank Negara Indonesia (BNI) is the oldest commercial bank in the history of the Republic of Indonesia. This bank was established on July 5, 1946. At present BNI has branch offices in Indonesia and overseas. BNI also has a sharia banking unit, but since 2010 it has been spin off, called BNI Syariah. The result of this paper shows that Islamic Bank in Indonesia conduct Corporate Social Responsibility better than Conventional Bank.

Modelling of Population Consumption in Conditions of Instability
PRESENTER: Ganna Kharlamova

ABSTRACT. The analysis of consumption plays an important role in both macroeconomic theory and empirical research. The matter of macroeconomic instability is one of the main points in modern macroeconomics. The tasks of the paper are: to reveal the essence of the consumption of the population as an economic category; to assess consumer attitudes in different countries, to determine the number of factors that affect the level of consumption and its structural elements under instability; and to construct the models of population consumption patterns. The analysis of the changes in consumer attitudes over the world during the period of instability was conducted. We observed the dynamics and structure of household consumption spending in the United States, Canada, Japan, the European Union, the Russian Federation and Ukraine. It has been resolved that over the past few years the global trend has improved, which is characterized by an increase in the consumer confidence index for most countries. Note, that we made a focus on the post-crisis period only for Ukraine, not considering the war period due to unsupported data. Nevertheless, we found out that the Consumer Confidence Index in Ukraine has dropped sharply over the past two years. Ukraine's population still negatively assesses the economic trend due to the difficult macroeconomic situation in the country. We built the model of the dependence of the rate of consumption growth on the growth rates of the permanent and temporary incomes, the rate of inflation and the percentage deviation from the long-term equilibrium in the period of instability based on the samples for different periods for the United States, Canada, Japan, the Russian Federation and European countries

Adapting Entrepreneurial Activities to the Changes in Digital Era: a Cross Country Analysis

ABSTRACT. Through this paper we aim to identify if e-entrepreneurship is stimulating the development of new and innovative entrepreneurs. We analyse a sample of European Union member countries, by including them into two groups, according to the level of their economic development. Thus, we can put in contrast the e-entrepreneurship in developed and developing countries. The results of our study emphasize that e-entrepreneurship in developed countries is more advanced compared to developing countries. There are also significant differences regarding the use of informational technologies between types of firms by their size. Moreover, we find that the use of information technologies is stimulating the entrepreneurs to come with innovative ideas and to apply them into their business. E-entrepreneurship creates more opportunities for the businesses but also implies bigger challenges, because the entrepreneurs are in different virtual places, have different customers, suppliers but also have different rival companies.

Entrepreneurship in the 21st Century. the Inception of the Digital Revolution

ABSTRACT. The 21st century is the digital era and we are living under an ever-increasing economic globalization, affected by constant emergence of new information and communication technologies, the digitization process of the economy and the immediate opportunities and advantages due to low cost access through Internet. In order to elaborate the present article, I have approached a mixed method of research, the triangulation. I overlay data from three resource categories: literature, official documents and data from globally recognized research tools. In this way, the degree of convergence of the data obtained will be an indicator of the validity of the results. The aim of this paper is to emphasize that the contemporary entrepreneurial eco-system is important for understanding what the entrepreneur is today and the enormous opportunities that he offers to young people in global entrepreneurship.  The unprecedented digital revolution has transformed the significance and forms of entrepreneurship across the world.

Study on the Incidence of Social Security Contributions on Employment and Unemployment, in the European Context

ABSTRACT. The subject of social security contributions is not fully studied taking into account its importance, so the main objective of this research is to analyze the impact they have on the labor market. Through this research it is intended to respond if social security contributions have an influence on the decrease of labor demand, as well as on the labor supply. The research methodology involves the use of descriptive and comparative methods of the current situation, at the level of seven countries within the European Union, during 2007-2017. Then they will be followed by the analysis of the relationship between the contributions and the employment rate, respectively the unemployment rate. With SPSS software, backward method, it has been concluded that there is a positive correlation between total social security contributions and the unemployment rate, as well as a negative relationship between total social security contributions and the employment rate.

The Direct Contribution of Tourism to the Gross Domestic Product of Romania

ABSTRACT. Tourism, as one of the secondary activity sector of the economy, with a strong involvement and presence on the active labor market, has a particular dynamics in the context of GDP formation and determination. In Romania, tourism is and will be an activity that raises many questions, curiosities, in terms of oscillations, fluctuations in capital inflows and outflows, cash, labor force, active material base, etc. In the present paper I considered the study of the weight of the cash inflows in their various forms (cash, cash, meal vouchers, vacation vouchers), materialized in the sale of tourist services by non-residents in large part but also by residents.

The Role of Rental Apartments in an Urban Tourism Destination

ABSTRACT. The hospitality industry has suffered major, quite important transformations in recent years. Even if integration trend has been quite visible in the recent decades, small hoteliers have kept a very important market share. Moreover, the reservation platforms that promote rental apartments in luxury claimed and won a significant share of the market in certain touristic destinations, particularly major cultural centers and urban destinations.

This paper aims to study the way in which consumers relate to this opportunity, to replace classic accommodation in hotels with rental apartments in a daily basis, but also the reasons behind their choice. We also aim to anticipate the role of rental apartments for an urban tourism destination.

National Innovation Systems’ Readiness for the Fourth Industrial Revolution – a European Perspective

ABSTRACT. Fueled by technological drivers, built on a complex ecosystem of innovation and accompanied by a plethora of global and interconnected megatrends that reinforce each other, the fourth industrial revolution is about to transform the world – within and across all its and levels and domains. Against this background, and starting from the premise that innovation – as “fusion of technologies across the physical, digital and biological worlds” (Schwab, 2016) – is the ultimate source of an economy’s competitiveness, the paper aims to investigate the EU countries national innovation systems’ readiness for the fourth industrial revolution. Based on a gradual analysis of The Global Competitiveness Index 4.0 (WEF, 2018), The Global Innovation Index (Cornell University, INSEAD, WIPO, 2018) and The European Innovation Scoreboard (European Commission, 2018) – the paper compares and contrasts the performances of the national innovation systems of EU countries, in order to identify the main challenges ahead.

The Quality of Financial Reporting in the Context of Adopting IFRS

ABSTRACT. International Financial Reporting Standards are considered principle-based standards, because they offer general guidance concerning the acknowledgement, the evaluation and the presentation of various elements within the financial situation frame. The professional accountants depend upon the general principles shown in the IFRS to guide their professional thinking. The improvement of the quality of the accounting information depends not only on the characteristics of a country, but also on the entity, which influences the motivations regarding the financial reporting. The awaited benefits brought about the adoption of IFRS, concerning the comparability and the transparency of financial reporting, can be achieved only if the application of IFRS contributes to the improvement of the quality of the accounting information. Some specific traits of the international financial reporting standards could boost the improvement of the quality of the accounting information, just by their application and leaving outside the jurisdiction of other institutional factors.

16:00-16:45 Session 7C: BUSINESS
Culture Change in the Era of Depression: Lessons from the Political Economy of the Greek Crisis

ABSTRACT. A socioeconomic approach is conducted, which filters eclectic economic and mainly behavioural foundations and stylized facts through insights from other disciplines such as psychology, sociology and anthropology to produce a valuable account of processes of cultural political economy of the modern real world in situations of deep economic recession and depression such as in the Greek crisis. Beyond the reduction of wage share, a key conclusion of this socioeconomic analysis relates to the impact of asset price deflation and consumer/investment confidence shifts to explain micro-foundations such as behavioural reversals and resistance in attitudes. The analysis concludes with valuable insights and specific proposals for designing comprehensive policies for sustainable culture change management to improve social welfare in the sphere of contemporary public policy-making and to support the return to the modernization path and economic recovery so that to tackle the persistence of hysteresis.

E-Government Overview: Evidence of Theoretical and Empirical Models

ABSTRACT. This paper attempts to outline possible future developments in the Public Sector, a change resulting from the evolution of e-government processes. This change has an untapped potential that could have a profound effect in many economic areas, such as the rationalization of public spending, business ethics, university education to new professions required by the future labour market. After a methodological premise of systematization of the related topics of reference – whose origins can be traced back to the New Public Management Theory – the theoretical approach of the contribution will try to develop an E-Government overview, providing evidence on theoretical and empirical models.

Organizational Commitment and Entrepreneurial Intentions Among Employed Persons: Serbian Case

ABSTRACT. The paper presents the results of the study of the impact of dimensions of organizational commitment on individual entrepreneurial orientation dimensions, achievement dimension and the theory of planned behavior dimensions. Respondents were wage-employed persons in organizations in Serbia. The sample included 540 respondents, out of 72 organizations. It has been shown that all three dimensions of organizational commitment have a statistically significant and negative impact on entrepreneurial intentions, with the strongest negative impact being the dimension of Organizational Loyalty. Likewise, regression analysis has shown that the dimension Organizational Loyalty assumes a predictive effect and that the effect of this dimension is statistically significant and negative. Thus, there is a strong negative link between the dimension Organizational loyalty with the dimensions Subjective norm, attitude towards entrepreneurship, proactivity and need for achievement.

Economic Intelligence - Using Innovation to Reinvent the Business

ABSTRACT. Economic intelligence could be a tool for relevant innovation decision support and how its integration within the firm can strengthen its innovation capabilities, protect itself from competitors and ensure an essential competitive edge. Innovation is a difficult concept to identify. It is a decisive choice and risk-taking. Today, it holds a prominent place in corporate strategy. Innovative firms need information about their environments that are characterized by stiffer competition, resulting in the need to keep abreast of competitors' movements, vendor characteristics and changing technologies. Economic intelligence refer to a collection of concepts, methods and tools that unify all the coordinated actions of research, acquisition, processing, storage and dissemination of information relevant to firms. This is one of the key success factors of firm projects and decision support which promotes the success of an innovation process by developing interfirm networks for the production of new resources.

The Modern Entrepreneurs, or How to Survive When the Money Ran out

ABSTRACT. Entrepreneurship refers to an individual’s ability to turn ideas into action and it includes creativity, innovation and risk taking, as well as the ability to plan and manage projects in order to achieve objectives. This supports everyone in the day to-day life in society, makes employees more aware of the context of their work and better able to seize opportunities, and it provides a foundation for entrepreneurs to establish a social or commercial activity.

The Impact of Cultural Orientation on the Societal Motivations of Luxury Good Consumption of IT Professionals in Sri Lanka

ABSTRACT. The primary objective of the study is to examine the impact of cultural orientation on the societal motivations of luxury good consumption of IT professionals in Sri Lanka. Thus, the study has used a sample of 103 IT practitioners in Sri Lanka. Correlation and regression analysis have been used to achieve the primary objectives. Consequently, among the four independent variables; horizontal individualism, vertical individualism, horizontal collectivism and vertical collectivism, only vertical individualism has a significant and positive relationship towards the societal motivation of luxury good consumption. The other variables have negative none significant relationship towards social luxury good consumption. Regression analysis concludes that only vertical individualism is a significant predictor of social luxury good consumption motivation of IT professionals. The other variables are not significant predictors.

The Influence of Intangible Assets in the Company Performance: the Case of the World’S Most Profitable Corporations

ABSTRACT. Intangible assets are no longer a competitive advantage, but a must if a company wants to create value for the long-term and maintain performance at a high level compared with its peers. Due to the various factors that contribute to the performance of a company, there are a plethora of methods to measure the impact of each one. This paper's objective is to measure the performance of the company, with a focus on the contribution of the intangible assets. To fulfill this objective, financial ratios will be used, and a method ('Calculated Intangible Value') to quantify the impact of intangible assets. By applying a multiple discriminant analysis, two functions will result, a general one, and another considering the sector of activity, which will be used to calculate a score for the 259 companies, from the Global Fortune 500 most profitable companies in the world.

16:45-17:00Coffee Break
17:00-18:00 Session 8B: BUSINESS
Corporate Social Responsibility of Large Retailers. an International Comparison

ABSTRACT. Today, more so than ever before, companies are a part of a wider network of relationship and need legitimacy to operate in an increasingly global competition market. The growing attention of the world on ethical, environmental and social issues, has recently prompted companies to draw up their own annual Activity and Corporate Responsibility Report in order to create added value for their stakeholders and be successful. The purpose of this article is to analyze and compare the corporate social responsibility policies adopted by eight major retailers listed in the global retailers’ ranking of Deloitte, using a conceptual model composed of four fields of action: 1) company, 2) products and assortments, 3) social commitment, and 4) environmental commitment. The comparative analysis highlights some differences between retailers from different countries of origin and suggests new research perspectives.

Employees Motivation, Compensation and Loyalty, Important Factors in Human Resource Management Improvement Process

ABSTRACT. Our actions are the result of a simple triangle interaction, between soul, mind and body. Our soul generates our emotions, they are censored by our mind who commands our body. According to Paul R. Lawrence and Nitin Nohria, in their book “Driven: How Human Nature Shapes Our Choices”, our lives are guided by four basic emotional needs or drivers. They are as simple as ABCD: A. the drive to Acquire – obtain goods and properties necessary for live, including intangibles, such as social status; B. the drive to Bond – establish social connection with individuals and groups; C. the drive to Comprehend – knowledge based, satisfying our curiosity and master the world around us; D. the drive to Defend – instinct to protect against external threats and promote justice. These pages will highlight simple ideas to promote employee’s motivation, compensation and loyalty, as essential requirements for every organization’s success.

Information Areas in Logistics Supply Chain Management

ABSTRACT. Proper identification of information needs in logistics activities contributes to the improvement of both the entire logistics supply chain and its individual links. The importance of information in logistics processes is increasing. We are dealing with the growing pace of the information process itself. The effects of proper management of logistics information are visible especially in such areas as: inventory management, storage or distribution. Information flows are an integral part of any logistics supply chain. The article presents selected results of research on information areas important for the functioning and management of the logistics supply chain, implemented in enterprises in southern Poland. Empirical research was performed on the basis of anonymous data obtained from surveys addressed to selected 53 companies functioning in supply chains as chain links.

Consumer Resistance to Innovation in the Fashion Industry

ABSTRACT. Innovation is considered an essential point of market competitivity and industrial dynamics. However, there is one main reason that delays or inhibits the innovation spread, the consumer resistance to innovation. Resistance to innovation has experienced considerably less consideration as a mean to describe and predict adoption-related behaviour. The present paper develops and empirically validates a scale that aims to measure consumers’ inclination to resist innovations, rising from people’s inclination to resist changes and exhibit status-quo satisfaction, when it’s related to fashion products. The scale represents a measure of the tendency to the inclination toward the status-quo alternative, even if people are highly satisfied with existing fashion products or with the extent of innovation in the fashion industry.

Multinational Companies and the Management of Corporate Diplomacy

ABSTRACT. This article examines the influence of multinational and transnational activity over the corporate and business diplomacy practice, according to the industry type, the development extent of each corporation, and the degree of corporate power decentralization. The methodology used in the research papers analyzed included literature review, case studies and qualitative data collection based on interviews with managers from the international corporate environment. Research shows that in practice, there is a confusion in regard with significance of business and corporate diplomacy expressions and their activities extent. This view is also shared by literature, since the association of the terms diplomacy and corporate activities would have more meaning into a philanthropic context, compared to international business. By studying the different managerial actions of multinational and transnational corporations, results show that business diplomacy characterizes with a higher degree the TNC activity, while multinational diplomats perform by definition actions specific to corporate diplomacy.

Marketing Automation Systems as Part of the Management Information Systems Evolution

ABSTRACT. This paper is following up on management information systems through their eras of evolution towards cloud computing, where newly established systems generically named marketing automation systems are starting to play an important role in the enterprise applications of cloud computing based information systems. Given their novelty, their classification is loose to most measure, their features or desired applications overlapping with other types of enterprise software and this paper will look into all its defining characteristics and pinpoint its specifics and classification amongst the already established management information systems classification.

Study on the Implementation of Networking Activities for Businesses in the North-East Region of Romania

ABSTRACT. Social networks are increasingly important for entrepreneurs, as they can support the process of discovering valuable opportunities, especially for innovative businesses. Communication and cooperation between various stakeholders involved in the entrepreneurial environment have been considered essential in business relationships, and networking activities have the ability to mediate these two components. However, the interaction between relevant actors does not naturally arise, but rather they are actively organized by business support structures. We propose a model for analyzing social activities through a pilot study conducted among 10 business support structures in 5 counties in the North-East region of Romania. The findings of the study are commented with regards to two main hypotheses. Obtained results support the idea that networking activities are sufficiently promoted, but still insufficiently developed throughout the region, providing the necessary premises for a larger study, including a wider range of respondents and an improvement of the research tools used.

The Profile of the Project Manager in Academia: a Case Study on Alexandru Ioan Cuza University of Iași, Romania

ABSTRACT. The universities are the organizations that use projects to a great extent as instruments of change. The literature highlights a direct link between the project manager’s competences and the success of the project. This paper aims at identifying the main characteristics of the project managers from universities, starting from an extensive documentation of all development projects implemented within a representative university of the Romanian academic environment, Alexandru Ioan Cuza University of Iasi. In this context, characteristics related to gender, occupation, and level of academic career were analyzed. This study, through a focus group, captures the particular aspects of the appointment of the project managers by project category, and highlights the difficulties encountered and the adequacy of the held competences to overcome these. The conclusions focus on the synthesis of the main features of the project managers' competences, as well as the recommendations for improving their appointment in the university environment.

Raising Awareness on SDGs. a Multi-Stakeholder Approach

ABSTRACT. Over the past few decades we have witnessed an increasing importance given to sustainable development and to the need of integrating it in our lives. United Nations was one of the first leading authorities to take action, and it has been constantly working on finding ways to draw attention upon sustainable development. Adopting the 2030 Agenda as of 2015 is proof of it and its 17 Sustainable Development Goals (SDGs) through the 169 targets stand a bold challenge ahead all countries. Due to their complexity, the SDGs require a multi-faceted approach, and in ensuring their implementation, multiple stakeholders at multiple levels and from multiple sectors need to participate. Therefore, this paper aims to identify the key stakeholders involved in advancing the SDGs and argue their activities in support of meeting the targets.

18:00-19:00 Session 9A: BUSINESS
International Trade and Environment: Sticks, Carrots and Terms of Trade

ABSTRACT. A North-South model of international trade and capital mobility is used to explore the effects of trade on the environment. Two countries produce a set of goods traded internationally. The South abates pollution with both public sector and private industries. Investment flows from the North to the South while pollution crosses border from South to North. The two countries use a multiple policies. North uses a tariff (stick) and gives foreign aid (carrot) to encourage abatement in the South. South uses public funds for abatement (carrots) and an emission tax (stick). We determine the Nash equilibrium levels of the policy instruments in two scenarios: (1) with exogenous prices, and (2) with endogenous prices. Then, we analyze the impact of policies on the relationship between terms of trade (TOT) and welfare in the two economies. One result is that, with trade, the policies are likely to become more stringent.

Social Media Tools for Green Marketing

ABSTRACT. Social Media Tools for Green Marketing

The Impact of Guests’ Attitude and Subjective Norm on Willingness to Pay a Premium for Renewable Energy Practices in Sri Lankan Hotel Industry: an Application of Theory of Reasoned Action (TRA)

ABSTRACT. This paper examines the guests’ willingness to pay a premium for renewable energy practices in Sri Lankan hotel industry in a context where the renewable energy considered as an alternative source of energy that has a growing consumer demand. The aim of this research is to investigate the impact of guests’ attitude and subjective norm on their willingness to pay a premium for hotels’ ‘renewable energy practices’ by using the Theory of Reasoned Action. A structured questionnaire served as the main instrument in gathering primary data from 60 respondents. This study found that guests’ attitude and social norms have a positive relationship with their willingness to pay a premium and both independent variables lead to a strong impact on dependent variable suggesting that, the guests with positive attitude and stronger social norms are more likely to pay a premium for renewable energy practices.

Balneary Tourism, a Chance for Sustainable Regional Development

ABSTRACT. Balneary tourism is part of the other forms of tourism due to the many social and economic benefits that it derives from the positive effects it has on the physical and mental health of people. Under the current conditions in which the trend of gradual replacement of allopathic treatments with some milder, less toxic ones such as those based on natural factors of cleanliness, parallel to the shift of the centre of gravity from treatment to prevention, the role of spa tourism is becoming more and more important. This all the more so, the global trends show a positive evolution of the demand for the wellness component of the health tourism.

Segmenting Customers Based on Key Determinants of Online Shopping Behavior

ABSTRACT. Consumers have an increasingly higher predisposition to engage in online shopping, therefore this topic is of great interest for academics and marketing managers, alike, in order to establish the right premises to offer a great consumer experience and generates repeat business. Thus, this empirical paper aims to discover segments of online shoppers based on various constructs that include online consumers behavior, such as attitude, perceived risk, perceived price, perceived usefulness, perceived ease of use, privacy issues, trust, utilitarian value, hedonic value, and satisfaction. This study’s results showed that consumers are mostly interested in obtaining utilitarian value from online shopping and appreciate the convenience, the wide variety of products accessible in a digital environment, and the ability to compare different offers in an e-setting. Further, this paper concludes with its theoretical contributions, managerial implications and the restrictions of this current study, as well as the proposed avenues for future research.

Individual Entrepreneurial Orientation and Entrepreneurial Intention of Undergraduate Tourism Students

ABSTRACT. The economic and social gains created by the new initiatives in the society increase the welfare of the countries. Tourism one of significant sector that can contribute welfare of countries with tourism potential. At this point, it is important to increase the entrepreneurial qualifications of young people who have tourism education at the university In this study, it is aimed to determine whether entrepreneurship orientation has an effect on entrepreneurial intention. This research includes a field study and will be carried out within the framework of a quantitative research design. Research datas will be gathered by surveys. The population of the study is university students in tourism education at Nevşehir Hacı Bektaş Veli University and Aksaray University. Descriptive statistics, factor analysis, regression and correlation analysis will be used in this research.

Smart Entrepreneurship: Opportunity for Development of the Furniture Industry in the North-East Region of Romania

ABSTRACT. Augmented reality allows for further development of the physical world by adding real-time virtual information. This gives entrepreneurs unprecedented options to attract customers. Although it is expected that the AR solutions market to grow exponentially in the future and several companies have already tried to expand their business by using smart technology, this issue is less known among Romanian entrepreneurs. This paper argues that AR technology applied by a smart entrepreneur can direct customer behaviour in the purchasing process and produce favourable outcomes such as positive attitudes or stronger buying intentions. This paper addresses on a AR-type solution widely used by multinational companies may become an opportunity to develop entrepreneurship in the North-East region of Romania, analysing the Strategy for Research and Regional Innovation through Intelligent Specialization which evokes the furniture industry as a priority for the region, corroborated with statistical data presenting relevant information on wood industry primary production.

Evaluation of the Economic Values of Heritage Buildings in the Historical Center of Bucharest Municipality

ABSTRACT. Heritage buildings have a certain economic value that overlaps with socio-cultural values. The aim of the study is to analyze the economic values of use and non-use of heritage buildings of the historical center of Bucharest Municipality. Methodologically, assessing the economic value of the heritage is complex and difficult. For the elaboration of the study, the contingent valuation method was used to identify the non-used economic value. At the same time, indicators related to real estate values and to the use of buildings in the study area were selected to assess their economic value. The preliminary results show higher prices of the real estate values of the historical buildings. On the other hand, it is noticed that the reuse of heritage buildings is strongly influenced by the development of the cultural tourism in the historic center of the capital city (trade, tourism and cultural services).

The Lesson of Luxury Brands

ABSTRACT. The paper aims at demonstrating some interesting lessons we may be taught about the impact of luxury brands on clients. Many examples help us understand the attributes of the brands by demonstrating why in the end the aim is to keep the client and build emotional relationships with him. Their attributes are also connected to a complicated management with convincing strategies that make them unique through the price, the quality craftsmanship of the product, through programs of corporate social responsibility. Counterfeit comes as a warning that entails the dilution of the brand and the examples are proving this. The outcome of the study regards the future of luxury brands as a new class addicted to the digital, of more demanding, interesting consumers is emerging having different strategies to choose the brand. Luxury brands will never disappear because of the increasing purchasing power that will always exist in the world.

Dark Spots in Trade Theory: Early Testing Attempts

ABSTRACT. The beginnings of the economic theory correspond to philosophers’ attempts to explain why and how do countries trade with each other. Yet even more puzzling was the question how should countries trade? It is no surprise that despite the formidable developments of the theory in the last two hundred years plus, there still are dark spots in the economics of trade. Globalization has rendered the issue even murkier. Beside the fact that international trade cannot be insulated from other economic domains, which makes it inadequate for experiments, but even testing itself is cumbersome. Only, evidence on such a complex field as international trade is by no means easy to come by.

Sharing Economy – a Challenge for the Hotel Industry. Case Study: Airbnb

ABSTRACT. At present, alongside traditional forms of accommodation, reserved through travel agencies, intermediaries or directly from providers, peer-to-peer accommodation business models have been developed, to maximize economic, social and cultural exchange. In this respect, the technological development of the communications networks is one of the factors that influence the accommodation activity and implicitly the hotel industry. Sharing economy would not have been possible without information and communications technology, which not only facilitated the dissemination of information, but also contributed to a significant reduction in the cost of trading products or services. In this context, the aim of the paper is to analyse the impact of one of the biggest sharing platforms for accommodation services, namely Airbnb, on the hotel industry.

18:00-19:00 Session 9B: FINANCE
The Performance of 'Blue Chip' Companies Traded on the Bucharest Stock Exchange and the ROTX Index

ABSTRACT. Expanding older research, this paper analyzes the evolution of ROTX and how its value depends on the financial performance of the companies composing this index

Social Protection of Older People and the Structure of Consumption Expenditure in Countries of Central and Eastern Europe

ABSTRACT. The adequacy of a pension system, from the viewpoint of retired people, is given by the amount of the benefits and by the consumption smoothing. In this paper, we have made a comparative study regarding the consumption structure of older people in five countries from Central and Eastern Europe, where the public pension system is the main pillar providing income security and protection against old age poverty. Considering 2005 as the reference year, the differences of mean consumption expenditure in Czech Republic, Hungary, Poland, Romania and Slovakia before and after retirement had significantly decreased. Regarding the structure of consumption expenditure, the largest share of expenditure is made for housing, food and non-alcoholic beverages. After 60 years old the share of expenditures made to recreation, culture and health increases, highlighting the particular needs of the elderly.

The Influence of Low Income Families in Financial System

ABSTRACT. The paper presents the statute of low-income families into financial system. Taking into account the ways of access of this category of individuals at financial services we have study the impact of low-income clients on financial-banking credit, savings and financial environment performants.

Considerations on Financial Technology and the Impact on Financial System

ABSTRACT. As a result of digital evolution, business innovations have had a strong impact on economic growth. This paper aims to highlight the influence of technological developments, and especially the impact that financial technology have had and/or it will have on the financial system. The first part of the paper focuses on the main developments of financial system. Further, I introduced the notion of FinTech and the impact that this technology has on financial system, followed by an analysis of benefits and risks implied. Understanding the threats and opportunities brought by FinTech to the financial sector is essential, especially from central bank’s point of view which needs to protect society’s interests, financial stability and macroeconomic stability. Even though it is currently unlikely that virtual coins will overwhelm sovereign currency, this hypothesis is not excluded and it is necessary for the central banks to pay more attention to these issues.

Tax Burden, as Determining Factor of Tax Moralein Romania and the European Union

ABSTRACT. Tax burden and tax morale are economic variables that influence each other. Tax morale is one of the basic components of compliance decisions and fiscal pressure expresses the intensity with which revenue from taxpayers is collected from individuals and legal persons. The tax morale determines the taxpayer to voluntarily comply with the declaration and payment of taxes due to the budget. Any form of collection, other than voluntary compliance, entails additional costs that implicitly increase budget expenditures, and consequently reduce the standard of living. The creation and proper functioning of a control system, as well as voluntary compliance are imperative for achieving a high level of compliance with laws. It is essential to build trust in state authorities and create a culture of compliance with rules. Therefore, the study aims to analyze the factors that influence the fiscal morale, the most important of which is the level of tax burden.

The Analysis of the Signal Given by the Key Financial Indicators in Romania

ABSTRACT. The Romanian economy has passed through periods of growth and decreases during its recent history, moving from a centralized economy to an emerging economy, respectively to a market economy. EU accession in 2007 was an opportunity for the national economy to grow sustainably by accessing European funds. The waves of the 2008 financial crisis in the US, however, have also been felt in the national economy, along with political measures in the key sectors of the economy, that have made macroeconomic indicators highly volatile. My objective in this paper to analyze the evolution of some key financial indicators, to highlight the causes and implications that they have, and the signals that they send regarding the state of health of the economy.

Investments, Economic Growth and Employment: VAR Method for Romania

ABSTRACT. Economic growth can be seen as an effect of both fiscal policies and different legislative norms applied at national and macroeconomic level. This paper aims to identify the influence of investments on economic growth and employment using the VAR model. Based on the quarterly data from Romania, between the first quarter of 2000 and the second quarter of 2018, the Granger causality test and the impulse - response function were applied to identify the effect of the investments on the sustainable development of the Romanian economy. The results revealed that investments in Romania influence the economic growth and, implicitly, the employment. In terms of impulse – response function, a negative relationship between investment and employment was identified, which may be due to the fact that the need for human resources is no longer a priority in some sectors of activity due to technology.

Some Directions to Improve International Monetary System`S Performance

ABSTRACT. In this paper, we examine how international monetary system needs to be reformed in the light of what we have learned from the global financial crisis and of worldwide recession that accompanied it. We argued that rethinking is needed in six directions: the choice of a specific exchange rate arrangement; international capital flows treatment; ensuring financial liquidity; the choice of reserve currencies; coordination of macroeconomic policies; rethinking financial market regulation and surveillance.

External Factors Affecting the Financial Situation of Elderly Households in the CEE Countries

ABSTRACT. External factors affecting the financial situation of elderly households in the CEE countries.

Highlights of Romanian Taxation in the 30 Years Since the Fall of Communism

ABSTRACT. The year 2019 marks the passage of 30 years since the fall of communism in Romania. Throughout this period, we have witnessed significant changes in the fiscal field, both in terms of macro fiscal decisions (structural and marginal), and of micro fiscal decisions. Did these decisions contribute to improving the partnership between the state and the taxpayer? Is Romanian taxation a stimulating factor, for growth and economic development? Without claiming an exhaustive approach, through this article we will try to answer these two questions. Based on analyses like general-particular, induction-deduction and national-international we will highlight the main positive and negative aspects of the Romanian fiscal field in the 30 years since the fall of communism.

18:00-19:00 Session 9C: ACCOUNTING
Location: FIGARO (IBIS)
Convergence of Romanian Accounting Regulations with IFRS in the Context of Globalization

ABSTRACT. The primary role of accounting is to provide high quality financial information to a wide range of users. In today's economy characterized by the globalization of financial markets and the cross-border development of the main transactions between business partners, the comparability of the indicators presented by the financial statements of the entities is essential in the decision-making process. That is why at the level of the international accounting regulators an important issue is the process of harmonization and convergence of the relevant legislation. Based on these prerequisites, we have compiled a comparative study between Romanian accounting regulations and IFRS, considering the main business transactions conducted by entities. The results reflect a high level of accounting convergence in our country and can be a starting point for a quantitative analysis based on statistic similarity coefficients.

Investment for Education

ABSTRACT. Any public policy has the purpose of improving people’s lives. A person is more productive not due to technology but due to the education harnessed in time. A quality education has significant implications in a nation’s economy, it is a benefit for the individual but also for the society he is a part of.

To What Extent Are the Requirements of Sustainable Development Integrated into the Romanian Accounting Model?

ABSTRACT. This paper aims at establishing the elements of sustainable development in the accounting of the economic entities. Emphasis is placed on the principles of sustainable development both in the national context and in the European space. The entities’ approach to integrating the requirements of sustainable growth into the accounting model has long been debated since the consumed natural resources are not to be found distinctly in the accounting records of the entity. The debate on this topic is carried out through specific instruments in the form of sustainable development indicators. Thus, in this paper, macroeconomic elements are promoted and, through their compositions, they integrate as many elements of the sustainable development into the accounting model and they are the most appropriate to meet the requirements of the development.

The Role and the Importance of the Public Internal Audit Engagement Within the Public Ministry

ABSTRACT. According to the law, any public entity must be subjected to internal audit (Law 672/2002). This article aims to present a public entity, the case of the Public Ministry- The Prosecutor’s Office attached to the High Court of Cassation and Justice within the framework of which public internal audit engagements are conducted in a well-regulated manner, the Public Ministry being the primary credit release authority and through the Public Internal Audit Directorate, audit engagements are realized both at the level of the primary credit release authority, as well as at the level of the secondary credit release authorities, in the case of The Prosecutor’s Office attached to the Courts of Appeals and at the level of the tertiary credit release authorities, namely The Prosecutor’s Offices attached to the Courts.

The Typology of the Relationship Between the Social Performance and the Financial Performance of an Organization

ABSTRACT. The development of each organization is an objective based on three basic pillars: economic development, social development and environmental protection. This macroeconomic objective can be joined by various microeconomic objectives, including the global performance made out of the organization's financial performance and social performance, its sustainability and social responsibility. The article aims to find answers to the following questions: Is there a relationship between the financial performance and the social performance of an organization? And if there is this relationship between the financial performance and the social performance of the organization, how is it, positive or negative? Understanding the social impact on both the financial performance and the sustainability of the organization has been the subject of numerous studies focusing on the nature of the interaction between organizations' ability to achieve a high level of corporate social responsibility on the one hand and the financial performance on the other.

Accounting for Intangible Assets

ABSTRACT. intangible assets

Adopting Sound Corporate Governance Principles – a Prospective Approach Towards the Impact on Stock Prices of Romanian Listed Companies

ABSTRACT. Sound economic developments and successful businesses are conditioned by embracing proper corporate governance principles furthered by their proper implementation. There is a strong body of research that encompasses finance and accounting tools to establish valid links between qualitative corporate governance fundamentals and stock market performance of listed companies, that stem from accountability, operational integrity, transparency, management and board efficiency improvements, risk mitigation and overall better decision-making endeavours. The aim of the present research is to assess the impact of adopting sound corporate governance principles on the stock price of companies traded on the Bucharest Stock Exchange. Following our empirical efforts, the results of our regression study reveal the clear connection between price to book ratio and to our corporate governance assessment index and to a lesser extent between share price and our corporate governance assessment index.

Outcomes of IFRS Adoption on Financial Reporting Quality: a Review of the Literature

ABSTRACT. The International Accounting Standards Board (IASB) assume that financial reporting aims to deliver information about the financial position, performance and changes in financial position of an entity that is beneficial for users in making decisions. Based on these assumptions, this paper aims to provide a clear picture of empirical archival literature on how IFRS adoption affects financial reporting quality. The study is an effort trying to summarize the empirical evidence by chronological order in the literature about the outcomes of the IFRS adoption on financial reporting quality. Also, we focus on three factors around IFRS adoption (mandatory, voluntary and convergence).

Responsibility Centres Under IAS 2/ IFRS

ABSTRACT. In the last decades the implementation worldwide of IFRS to a larger extend impacts more and more the financial statements. The image on the financial statement is influenced by the accounting policies and moreover by used accounting methods. On one side, the internal reporting struggles to provide accurate and insightful information for decision making process and liquidity management. On the other side, the legal requirements of accounting standards influence not only the external reporting but also the internal one. In this paper, we discuss the impact of international financial reporting standard for inventory (IAS2) on the cost accounting system of an entity. In this line of thought, we conclude that the direct costing is wildly worldwide used for internal reporting, although it doesn’t comply with IAS2.

The Dynamics of the Stock Exchange Investments After Publishing Financial Reports by the Bucharest Stock Exchange Listed Companies

ABSTRACT. The main purpose of this paper is to highlight the cognitive value of the annual financial reports. We want to see how investor behavior changes in relation to the information published in these reports. In this respect, we chose to analyze the first five most traded listed companies on the Bucharest Stock Exchange (BVB). Certainly, investors, regardless of the stock they trade, act differently. Everyone uses his/her own calculation mode by applying different interpretations to the financial indicators or may consider differently which information is more or less relevant. However, investors can share common goals and values, central behaviors and decisions that lead to a "profit-making" universal goal. Starting from the premise that the investment decision is not a simple process of buying an object, we believe that investors need to develop complex analyzes based on the data provided by the financial reports made transparent by the companies.