ABSTRACT. The Bologna Process (1999) was born as an agreement in the European Higher Education Sector and was inspired by the Sorbonne Declaration (1998). The article offers some reflections for the improvement of the evaluation of the Italian university system, focusing on the topic of research evaluation.

ABSTRACT. This article aims to provide a general overview of the theories, measurement, and emerging trends of informality, with a focus on waste management sectors in Indonesia. Using a literature review and qualitative content analysis, this article systematically identified several key practices, concepts and approaches discussed in the informality literature that are prevalent in Indonesia. This article explores informality as an embedded activity in a broader set of disciplines: social actors and rational choice in behavioural study, informal governance, social capital, trust, and cost-benefit considerations from an economic development lens. The findings contribute to the debate on whether informal practices persist due to limited access to formal job markets and financial resources, an exclusive prohibitive regulatory landscape, or a type of act of resistance against the state.

The review identified several key practices and characteristics of informality in Indonesia, including gig workers in various sectors, unregistered small-medium enterprises, and patron-client relationships in small-scale fisheries. The review further focused on the waste management industry as a case study, where the majority of waste collection is contributed by informal players such as scavengers, scrap dealers and waste banks without being acknowledged by the formal system. With the rise of platform-business models, the articles also discuss the trends and challenges of digital platform models that emerge to tap the potential of the informal sector, which has been instrumental in absorbing low-skilled labour in urban areas.

By examining informality practices from multiple lenses, this article contributes to a deeper understanding of informality in Indonesia particularly in recycling sectors. It further provides valuable insights into the design and implementation of effective policies and interventions aimed at addressing its multifaceted manifestations. Ultimately, the paper underscores the importance of adopting holistic and contextually informed approaches to tackle the complex and evolving nature of informality that may emerge as both a survival strategy and a response to institutional deficiencies.

ABSTRACT. This study sets out to establish a new definition for the concept of corporate financial performance, mostly associated with the concept of corporate economic growth, highlighting the prevalence of the types of capital embodying sources of low entropy. Among the subjected types of such sources those specific to human, natural and social capital represent the main focus of this study. These types of capital comprise resources such as: renewable and non-renewable natural resources (forests, oil deposits), the individual’s health, well-being and knowledge, respectively social relationships based on mutual trust. The method of definition used comprises the sufficiency predicates and implies the development and transformation of five such predicates. The definition commences from the concept of performance to financial performance and lastly corporate financial performance. The transition from financial performance to sustainable performance is made with regards to the contribution that the sources of low entropy have towards the current degree of economic welfare. The importance of the resources that represent low entropy is highlighted by ecologists for natural capital and sociologists for social capital and human capital. Lastly, mathematic formulas are proposed in order to better evaluate the company’s conceptual sustainable financial performance, with regards to its consumption of low entropy sources. Nevertheless, the mathematic model implies the existence of some so-called artificial realities, which represent some conditions that are not fully reflected in the actual socioeconomic environment. Such artificial realities refer to the fact that all individuals are equal with regards to their rights in using the Earth’s ecological footprint, equal in the eyes of private companies, regardless of the latter’s direct or indirect impact.

ABSTRACT. The management of state holdings in the privatization process has been a central topic in the economic literature, especially in the context of the transition of many countries to a market economy in the last decades of the twentieth century. In managing state shareholdings, the approaches of the states involved differed from case to case, the measures being mainly ordered on the basis of management policies implemented either by a single state entity or by several. The main approaches in the area of managing state participations have envisaged the existence of regulatory and supervisory entities through which governments have the capacity to monitor, regulate and supervise the activities of SOEs, ensuring that they operate transparently, efficiently and in accordance with the legislation. Another approach is related to the establishment of holding companies ("The Role of State-Owned Financial Holding Companies" by Levi Yaron, OECD Journal: Financial Market Trends, 2014) or similar entities to manage the portfolio of state-owned companies, which provide a separation between the government (as a political entity) and the management of commercial assets, meaning that decisions based more on commercial than political considerations were allowed. In the same line is the establishment of sovereign wealth funds to manage and invest capital from national resources (e.g. oil, gas) in various assets, including companies. ("Sovereign Wealth Funds: The New Intersection of Money and Politics" by C. Reisen. OECD Development Centre Working Papers, 2008.). If, based on their own policies and strategies, governments order to capitalize on state participations in order to obtain amounts to the state budget or intend to transfer state property in the area of private property (privatization process), other approaches have been identified.

ABSTRACT. The development of an old and even a new business is often a situation in which the managers are investing important amounts of money without any guarantee of the business's success, an important influence coming from criminal activities to which companies are vulnerable nowadays, a category of interest being the financial crimes. Based on the literature review, financial crimes can be classified into four main bodies, namely, corruption, fraud, theft, and manipulation, with a massive variety of crime types and crime names in the literature that can be successfully allocated to these main categories, such as kickbacks, embezzlement, and extortion. With the development of the financial crimes and taking into consideration the effects on various aspects of society, many academic papers have been published. In this sense, the main purpose of this article is to return a bibliometric analysis in terms of research papers regarding the influence of financial crimes on the global economy. Thus, the results will expose the papers written in the domains of law, economics, business, business finance, and management. In this sense, the current research fields were examined, the analysis presenting essential information concerning the authors, journals, countries and keywords. It may be acknowledged that the phenomenon of financial crimes is a subject of great importance, continuously attracting researchers, who are bringing new perspectives on the analyzed field. Moreover, the interpretation of the results, and the recommendations should provide a framework for research possibilities and visible implications for the economic area

ABSTRACT. In order to stay ahead of the other businesses in the competitive retail and e-commerce industries, companies must pay attention to their consumers' feedback. This study investigates the use of open-source tools to automate sentiment analysis for product reviews. We created a Python-based framework that uses VADER and a RoBERTa-based model to get customer reviews from online platforms and analyze them. We scraped product reviews and then used both sentiment analysis algorithms to evaluate how effectively and accurately they could determine how customers felt. The results of the analysis showed clear differences in how people felt. RoBERTa had a deeper understanding of the situation, while VADER gave quick, but less complex, sentiment polarity scores. These new ideas demonstrate that there are trade-offs between how detailed the analysis is and how quickly it can be completed. This means that the appropriate tool should be determined by the sentiment analysis task's requirements. The study demonstrates that open-source technologies can be used to extract relevant information from product reviews. These tools offer businesses a low-cost way to get the valuable information from customer feedback.

ABSTRACT. The paper aims to assess the potential impact of the corporate social responsibility (CSR) on the evolution of stock prices for Romanian listed companies. Corporate sustainability reporting which reflects CSR policy and results have become increasingly important in our nowadays world. The Corporate Sustainability Reporting Directive (CSRD) entered into force in the European Union starting January 2023 with first European sustainability reporting standards (ESRS) being published in December 2023. The first companies will have to apply the new rules for 2024 financial year, while actual reports will be published in 2025. CSR is an important form of disclosing relevant non-financial information such as expenditures related to environmental protection and climate change, charity donations, and employee welfare which may affect enterprise value being thus of great interest to investors and other stakeholders. Throughout the years it has generated many debates whether or not it may influence the cost of capital, or whether corporates use CSR disclosure as a tool to gain better access to capital.

In this context, the aim of our research is to assess the possible correlation between CSR policy and disclosure and the price evolution for the stock of Romanian listed companies, while also providing an extensive review of the relevant academic literature on the matter. The qualitative research shall be based on the analysis of the share price evolution of a selected sample of Romanian corporates in correlation with their adoption of CSR standards and level of CSR disclosure.

ABSTRACT. This study conceptualises the informal housing in Zambia also known as ‘komboni’ from an institutional perspective approach. This study aims at looking at the oveview of informality in Zambia and investigating key insights into the unique trends, challenges, and opportunities of landlords, tenants, housing institutions, developers, real estate’s agents, and contractors, providing a comprehensive understanding of the multifaceted nature of informal settlements. Considering this, the combination of property rights and institutional structures serves as a system of coordinates for characterising the conflicting, never-ending, and contested efforts to keep the city in line, the levels and locations of decision-making access, and the structure of public policy shifts. To address the research gap, this study builds on an interdisciplinary approach guiding on literature review methodology and data collection process, drawing on theories from neoclassical to institutional economics on informal housing. The exploration study is proposed to rely on case study design of two informal settlements in the capital city of Lusaka. Based on the findings, recommendations for alternative sustainable policies and interventions will be sought in building more resilient urban communities in Zambia. In addition, the findings will be crucial in pointing the intersection of formal and informal dynamics, contributing to a more nuanced understanding of the challenges faced by vulnerable communities and women in the region.

ABSTRACT. The evolution and development of the capital market are complex topics and can be approached from multiple perspectives, including economic, political, technological and regulatory factors. Overall, the capital market is a barometer of a nation's economic health and plays an essential role in channeling financial resources into productive investment. The study of the capital market has been essential to understand how economies work globally. Many researchers have contributed to the development of capital market theory and practice, providing understanding and insight into various aspects of this market. Efficient markets theory laid the foundation for understanding the fundamental mechanisms that determine prices in capital markets, while the work of Shiller and Modigliani-Miller added depth and complexity to our understanding of these markets. As capital markets continue to evolve, it is essential for researchers and practitioners to be aware of these theoretical approaches, as they provide the tools to navigate an ever-changing environment.

ABSTRACT. This research digs into the intricate relationship between green policies and job creation within the green sector in developing countries. The focus of this study is on the last two decades, a period that has been marked by significant advancements in green policies worldwide. These policies, aimed at mitigating the impacts of climate change and promoting sustainable development, have varied implications for economies, particularly in the realm of job creation. The study employs econometric models as a methodological tool to analyse data from the World Bank and the International Labour Organization. These models provide a robust framework for understanding the dynamics of job creation in the green sector, which includes jobs that contribute to preserving or restoring the environment, whether they are in traditional sectors such as manufacturing and construction, or in new, emerging green sectors such as renewable energy and energy efficiency. The key indexes under consideration in this study include the number of jobs in the green sector, the growth rate of jobs in the green sector, and the proportion of jobs in the green sector relative to total employment. These indexes provide a comprehensive view of the employment landscape in the green sector and serve as indicators of the effectiveness of green policies in promoting job creation. The findings of this study are expected to provide valuable insights into the effectiveness of green policies in promoting job creation and sustainable economic development in developing countries. By shedding light on the dynamics of green job creation, this research could inform policy decisions and contribute to efforts to promote sustainable development and green economies in developing countries. The study also adds to the growing body of literature on green jobs and provides a foundation for future research in this area.

ABSTRACT. Digitalization offers ample opportunities for organizations to define new business models or modify existing ones. At the same time it creates challenges for companies going through these complex processes in terms of changes in operational flows, financial resources involved, level of knowledge and employee skills required etc. New digital technologies are challenging the current way companies do business and operate; consequently, some companies will emerge while others will disappear, all of which will depend on their ability to strategically adapt to this new competitive environment. Digital technologies are changing the 'rules of the game' in many sectors in terms of how companies compete, choosing the right business models and the dynamic balance between creating and capturing value. Digital transformation is a challenge for most of the companies and even more for the companies going through restructuring processes which pose already a high degree of complexity given the changes entailed in many areas: management, strategy, operations, finances, corporate culture etc. Digitalization may create further complexities for the corporates that are already struggling to survive in an increasingly competitive environment, or on the contrary may create faster new channels to approach clients or increase operational efficiencies which will consolidate the path to recovery, to provide some counter-arguments. The aim of our research paper is to provide an analysis of the main challenges and main advantages digitalization may generate in relation to the restructuring process for distressed companies, following an in-depth review of the academic literature on the subject and selected case studies.

ABSTRACT. During the 1930s the USA Economy had been struggling through the Great Depression. It was then when Alvin Hansen proposed the concept of secular stagnation to refer to an economy experiencing little or no potential for growth. Back then, the average growth rate of US economy, from 1930 to 1939, was 1.4%. Fast-forward, after the great recession, from 2007 to 2023 (17 years) the average growth rate was only 1.85%.

This paper claims that secular stagnation has been the status quo of the US economy (and that of many advanced economies) for a long period. In addition, the main result suggests that the trajectory of the US economy can be shaped as a Kondratiev wave. Currently, the economy seems to be on a long “tail” of that K-wave.

To find support for its hypotheses, the paper uses two (methodological) approaches The first approach, is an ANOVA type of model with a set of binary variables, aimed at separating the core of the long-run evolution of the US economy (from 1930 to 2020.) The second approach is a simple trend analysis: a set of moving averages (including 5, 8, 10, 13, and 15 years) are calculated using growth rates from 1930 to 2020.

All calculated trends show that the US economy has been going through a long phase of lukewarm performance with no sign of positive change for the foreseeable future (secular stagnation.)

ABSTRACT. This paper applies the bootstrap rolling-window Granger causality test to investigate the relationship between China’s climate policy uncertainty (CPU) and green bond (GB) prices. The method overcomes the disadvantage of ignoring the instability of coefficients in the previous studies. In addition, we find both positive and negative effects from CPU to GB prices, implying that the uncertainty of China’s climate policy is one of the factors influencing GB prices. This finding is consistent with the general equilibrium model. Furthermore, we find the positive effect is in the domination position in most significant periods, that is, the rising of GB prices often accompanies the increasing CPU. Thus, we conclude that the investment of GB is an effective method to hedge the uncertainty risks of China’s climate policy. In addition, we also find a positive effect from GB prices to CPU, which implies that the increasing GB prices make the climate policy environment vulnerable and reduce China’s climate policy stability. Considering the expanding scale of the GB market and the rising volatile CPU, understanding the mutual mechanism between China’s CPU and GB prices may help investors adjust investment strategies promptly and provide valuable implications for China’s government to formulate appropriate climate policy.

ABSTRACT. In this study we examine the effects of inflation on firm inventory costing choices. A common, but untested assumption in various studies, we posit that firms increase LIFO usage during periods of high inflation. For our empirical analyses we examine firm rankings of inventory methods and historical inflation rates over 70 years. We find that LIFO is positively associated with annual and 3-year average inflation rates, however the level of LIFO adoption remains relatively low even in high inflationary periods. With this in mind, we examine what factors may influence firms to be more or less likely to use LIFO in periods of high inflation. We find that firm inventory level, total asset level, and revenue level are positively associated with using LIFO during periods of high inflation. We also find that the positive association of inventory level continues even when nested within size quintiles. We also conjecture that firms with less to gain from the tax advantages of LIFO are less likely to switch to LIFO as a response to inflation. Consistent with this hypothesis we find a negative correlation between LIFO usage and net operating losses. Overall, our results are consistent with increased LIFO use during periods of high inflation, and that specifically larger firms with more inventory and sales are more likely to respond to inflation by choosing LIFO.

ABSTRACT. There are presently over 130,000 private foundations in the United States with combined assets in excess of $1.2 trillion (Board of Governors of the Federal Reserve 2023). However, little is known about how private foundations hold their grant recipients accountable once they release the funds, and whether accounting information serves as an accountability mechanism in this process. We interview 21 private foundation staff from 20 U.S. private foundations, with an average of $1.3 billion in total assets per organization, to enhance our understanding of how private foundation grantmakers make their decisions to award grants, and the methods they use to monitor the use of their funds throughout the grantmaking cycle. Further, we explore whether any mechanisms exist to hold private foundations accountable to the communities they serve.

We find that the emergence of the Trust-Based Philanthropy movement, perhaps accelerated by the COVID-19 pandemic, has changed the way that private foundation grantmakers use accounting information in their decision-making. Rather than viewing accounting information as a qualifier or disqualifier for the grant applicant, some grantmakers view poor performance as an opportunity to help their grant recipients, and will even provide additional services and resources to help the recipient organization. We additionally uncover new mechanisms private foundations are implementing to improve their accountability to their communities.

ABSTRACT. The empirical exploration of executive compensation determinants has been a focal point within scholarly inquiry. Nevertheless, despite the extensive scrutiny, the specific influence of "relationship capital" on executive compensation remains notably absent from existing literature. In this study, we address this gap by analyzing a dataset comprising 1,659 publicly listed U.S. firms spanning from 2006 to 2015. Our investigation draws upon data sourced from Compustat, Execucomp, and BoardEx, encompassing financial indicators, corporate governance metrics, executive compensation data, and CEO background information. Our findings reveal a positive association between director network size, serving as a proxy for "relationship capital," and executive compensation levels. Moreover, we provide empirical evidence for a negative correlation between gender and executive compensation within our U.S. firm sample. Unexpectedly, we observe that neither experience nor age demonstrates statistically significant impacts on executive compensation. Consistent with established literature, our analysis confirms a positive link between accounting performance metrics and executive compensation. Importantly, our empirical findings withstand rigorous tests across various subsamples, econometric methodologies, and CEO compensation variables, bolstering the robustness and reliability of our results. Furthermore, we analyze the possible transmission channels through which the CEO background enhances executive compensation. Our paper contributes to the extant literature by highlighting the importance of “relationship capital” for executive compensation and the role of transmission channels.

ABSTRACT. In recent years, climate change is increasingly focused the attention of people, businesses and researchers on the concrete benefits of following the concept of Sustainable Development. In this sense, efforts to transform cities into green ones can be perceived as a topical issue for both municipalities and the households that live in them. The third largest city in Bulgaria - Varna, has the profile of a tourist summer destination. The transformation of Varna into a green city can be perceived as a common goal for both the municipality and the households. In this regard, the main task of this report is to compare the strategic documents of the local administration for development in the period 2021 - 2027 and the goals set in them and the results of a study of the sustainable behavior of Varna households. The main research question is whether and to what extent a match can be found between local government priorities and actual household actions to achieve sustainability goals. Based on desk research, secondary data from strategic documents of the municipality is collected and analyzed. Turning the city into a green city is established as the main priority. As part of an empirical study, data is collected from 719 Varna households about their sustainable behavior in five main areas - food, transport, disposal of products and housing. The results show that the municipal priorities of ecological transport, waste recycling and a healthy lifestyle are shared by a significantly smaller part of the households covered in the survey. The results of the study can be used in defining and adapting goals related to Sustainability and aligning them with the real needs and habits of households, as well as in designing communication campaigns aimed at stimulating the participation of households in these processes.

ABSTRACT. The purpose of this paper is to present a methodology for visualizing spatial data on the results of monitoring sustainable household activities. The research covers the creation of a methodology for using a GIS-based approach in the visualization of spatial data on indicators on sustainable consumption. Current research activities on sustainable urban consumption and the methods for presenting aggregated results reveal the novelties in this paper. Testing the proposed methodology for using a GIS-based approach in the visualization of spatial data on indicators on sustainable consumption results in the adaption of the new technology in other countries, cities, teams focused on the analysis and visualization of spatial data on certain indexes. Moreover, the proposed approach opens two dimensions: (1) the possibility of visualization of cross-sectional spatial data on sustainable consumption and (2) the possibility of visualization of time series spatial data on sustainable consumption. The results of the study showed that other researchers and municipality specialists on sustainable urban consumption may use the proposed methodology for presenting (visualizing) spatial data. They may be cross-sectional or time-series spatial data. This visualization is an opening point for the decision-making process in finding solutions to some problems with ecology, recycling and taking specific measures to promote and stimulate sustainable consumption. Moreover, measures for preventing bad practices in contrast with sustainable consumption may be taken. The suggested method introduces the potential to visualize cross-sectional spatial data related to sustainable consumption and the opportunity to visualize time series spatial data on sustainable consumer activities. The study findings indicate that other researchers and consumption sustainability experts can employ this proposed approach to present spatial data effectively. This research is financed by project NPI-70/2023 “Sustainable consumer activities of Varna’s households – possible reasons”.

ABSTRACT. In terms of informational value, financial reports released by listed firms provide a comprehensive picture of a company's financial health and viability. They are also a crucial tool for determining a company's capacity to create shareholder value. The current study uses correlation and multiple regression analysis in order to analyze the implications of pertinent financial and non-financial indicators in the process of making investment decisions, specifically their impact on the stock market performance of securities traded on the Bucharest Stock Exchange. A sample of Romanian businesses operating in the sales, services, and industrial sectors for nine fiscal years has been included in the study. The results show an insignificant influence of asset structure, turnover growth, and industry type on stock returns and PBR (price-to-book ratio). However, the implications of ROE and auditor reputation (Big 4 or Non-Big 4) are significant in relation to PBR evolution, with the results reflecting a considerable predictive power of firm size and leverage on both outcome variables. Consequently, even though a company's financial performance serves as the main benchmark for stock market investments, the evolution of other financial and non-financial variables, such as leverage, firm size and auditor reputation, has a greater impact on the sample of Romanian firms under analysis when it comes to determining the variation in the performance of stocks. This highlights the fact that an overall analysis of the economic situation and reported accounting information is necessary to determine the efficiency of investing capital in financial instruments.

ABSTRACT. The current research assesses the extent to which innovation, digitalization, and competitiveness contribute to the simultaneous transformation of the European Union (EU) into a digital and sustainable community. Variables associated with innovation, digitalization, education, circular economy, sustainability, and competitiveness were used to determine the driving forces of economic development in European Union countries. The timeframe chosen for the analysis is 2000 – 2019; therefore, the study is holistic, covering an extended time period and offering valuable insights into EU policy. Quantitative methods, specifically panel data analysis, were used to conduct the research. The analyzed indicators are derived from categories including innovation, digitalization, education, circular economy, sustainability, and competitiveness. The data has been sourced from platforms including Eurostat, the World Bank, the Harvard Atlas of Economic Complexity, and Our World in Data. The findings of this study are significant and relevant for policymakers at both the national and international levels within the European Union. The outcomes of these studies can potentially shape the course of policies and initiatives regarding innovation, digitalization, and competitiveness. This, in turn, can contribute significantly to the EU's goals in transitioning to a digital and sustainable economy. The research findings emphasize the role of innovation and digitization in enhancing competitiveness while also indicating potential impediments that may occur.

ABSTRACT. This paper investigates the use of innovative technologies in modelling the agricultural waste management chain and their impact on sustainable agriculture. Our methodology involves a detailed literature review, assessment of current agricultural waste management practices and the use of a case study to highlight the benefits of innovative technologies in this area.

By integrating technologies such as the Internet of Things (IoT), data analytics and sensors into agricultural waste management processes, we identified their potential to improve the efficiency, sustainability and environmental impact of the waste management chain. Preliminary results indicate a significant reduction in waste, better use of resources and a decrease in greenhouse gas emissions.

In addition, we examined the social and economic implications of adopting innovative technologies in agricultural waste management and identified possible barriers and solutions for their implementation in practice. These findings suggest that the adoption of innovative technologies in agricultural waste management can play a crucial role in promoting sustainable agriculture and achieving environmental conservation goals. Our study highlights the importance of further research in this area and the need for practical implementation of technological solutions to ensure long-term sustainable agricultural development.

ABSTRACT. This research examines the factors influencing the US e-commerce market during the Covid-19 crisis, investigating the dynamics of consumer behavior in the e-commerce domain across three distinct periods: pre-pandemic (2010-December 2019), pandemic (December 2019-2021), and post-pandemic crisis (2022-2024). Employing multiple linear regression analysis using Python and Machine Learning Techniques, the research evaluates the influence of key economic indicators such as Gross Domestic Product (GDP), Unemployment Rate, Consumer Price Index (CPI), Internet Penetration Rate, and Consumer Sentiment Index on e-commerce sales. These variables were used to build a mathematical model that could explain the relationship between economic and sentiment indicators and e-commerce sales. During the pandemic period, there was a notable surge in e-commerce activity as lockdown measures forced consumers to rely more heavily on online shopping channels. However, post-pandemic, as restrictions eased and consumer confidence gradually recovered, the study found that the e-commerce market exhibited signs of continued growth, albeit at levels higher than pre-pandemic and pandemic times. Therefore, despite the initial surge caused by restrictions, e-commerce continued to thrive even as these restrictions were lifted. So, considering the initial restrictions and their severities, how comes that the gradual easing till the disappearing of those same restrictions that caused the surge in E-commerce sales, instead of following the same descending trend, it continued to rise even more? Then what are the factors that most influenced consumer behavior in this market, even after gradually regaining their freedom to walk and shop outside? The analysis underscores the importance of economic factors in shaping e-commerce trends, with GDP and Consumer Price Index (CPI) emerging as particularly influential variables. Additionally, the study highlights the critical role of internet penetration in facilitating e-commerce growth, especially evident during periods of physical distancing measures.

ABSTRACT. The 1990s were marked by the advent of the Internet, a revolutionary innovation in technology and the indispensable infrastructure of the digital economy. Digitalisation has permeated all fields of activity and has challenged the process of digital transformation, creating digitalised domains and sectors such as precision agriculture, the sharing economy, e-Business, the algorithmic economy and digital accounting. At the same time, digital transformation is the main driver of innovation in organisations. In turn, innovation shapes markets, supports digital transformation and the transition to a digital economy. The aim of this paper is to determine what role the digitalisation of the accounting profession plays in the EU SMEs' innovation and to answer the question: Can the digitalisation of the accounting profession affect SMEs' innovation? More specifically, this study determines the influence of Internet connection, use of ERP software, use of cloud computing services, exploitation of Office applications, running a financial-accounting software and having a policy on cyber security in financial-accounting activities on innovation in SMEs. This analysis was based on the econometric multiple linear regression model. The results of the study reflect the significant role that the digitalisation of the accounting profession plays in the innovation process of SMEs in the EU by 2021. The overall findings of the study refer to the fact that the digitalisation of the accounting profession is a driver of innovation in organisations, and that SMEs' innovation occurs during the adoption and implementation by accounting professionals of advanced computing technologies, implementation of blockchain and cloud technology, constant use of artificial intelligence to process and provide interpretation of economic transactions. This study represents an extension of the current literature on innovation in organisations focused on digitalisation of the accounting profession.

ABSTRACT. Nowadays, as nations struggle for power and security during complex geopolitical dynamics, the allocation of resources for defense is a critical aspect of national strategy. Therefore, this article will delve into the relationship between marketing behavior and military funding, exploring the complex implications of marketing principles and practices that have the potential to influence the allocation of financial resources within military units. The intersection of marketing and military “affairs” will be an area ripe for exploration. Thus, through the application of some of the marketing principles, such as segmentation, targeting and positioning, in military budgeting, decision-makers could better understand and anticipate the needs of various stakeholders, including decision-makers, national defense contractors. Through a review of existing literature and case studies, in this article I will attempt to highlight how marketing behavior could influence procurement decisions, thereby shaping military budgetary processes. Moreover, the role of lobbying is explored through the influence of industry for armaments and military technology, as well as the policy dynamics underlying the shaping of military budgetary decisions. This article will be divided into two sections. The first part will present elements of professional management specific – accounting officers in the operational structures of defense and the second part will draw a parallel between marketing strategy, showing the factors that will underlie the implementation of procurement decisions that are necessary to meet the needs of the army. Therefore, this article will address both marketing and military research perspectives, bringing to the forefront the complexities of optimal security and defense budgeting.

ABSTRACT. Crowdsourcing attracts more and more attention nowadays from companies and researchers alike, being considered one of the best ways to gather ideas from crowds all over the world and is an effective instrument of the open innovation paradigm. Open innovation is a concept which highlights that stakeholders outside the companies should be involved in the innovation process of the companies. Organizations use crowdsourcing through online platforms, specifically social media platforms, as a method to gather opinions and ideas shared by external stakeholders. Social media platforms gather people with different backgrounds and expertise, thus providing companies with a large pool of diverse ideas, leading to a shortage of the open innovation process, and setting up a rapid launch into the market for new products. By organizing online contests, companies convince people to contribute to the development process of a new product or service. Financial prizes or other benefits are provided to individuals who share the most valuable ideas as ways to recompensate them for their involvement and push them to compete with one another, ensuring the generation of innovative ideas. In this way, crowdsourcing becomes an important method used by companies in co-creating value with clients and other interested stakeholders. This paper provides evidence of how organizations use crowdsourcing techniques on social media platforms to involve clients in their open innovation process. Crowds become more and more important assets for organizations nowadays, especially due to the velocity of the digitalization evolution in the past years. Some companies prefer to invest in their own digital platforms, while others direct their efforts in using the existing social media platforms, thus minimizing the costs and time in promoting the new platform and gather interested stakeholders.

ABSTRACT. The coronavirus pandemic represented an exogenous shock that had negative effects on the entire global economy, but especially on developing economies.

ABSTRACT. The purpose of this paper is to analyze and determine the correlation between the determining factors of the quality of life in the last ten years in the European Union, in particular for the Eastern European countries that joined the European Union in 2000 – Poland, the Czech Republic, Slovakia, Hungary and Slovenia – as well as for the countries that joined in 2007, namely Romania and Bulgaria. The current research addresses the most relevant factors identified – Health, Education, Personal Activities, Voice of Politics and Governance, Social Connections and their relationship related to family members – taking into account three distinct indicators: income, consumption, materials and housing. All these indicators represent a useful analysis tool for identifying the dimensions of the quality of life, such as: physical well-being, material well-being, social well-being, psychological well-being, religious well-being and human well-being. In this analysis we will present the economic, demographic and social evolution, as defined above with all the factors involved in determining the quality of life trend from the European perspective, from the moment of joining the Union until 2022. According to Eurostat, the degree of subjective well-being is in a strikingly upward trend for certain countries from the former communist bloc and other countries with a static or even downward trend compared to the moment of joining the European Union. Also according to Eurostat, all factors involved in this analysis show how important an academic research is to identify the ranking of European Union countries correctly, with a subjective well-being relevant to increasing the standard of living and implicitly the quality of life.

ABSTRACT. Sustainable development has been a central element of European policy-making for a long time, being firmly anchored in European treaties and integrated into key projects. In 2015, the European Union became a leader in implementing the 2030 Agenda and, implicitly, the 17 Sustainable Development Goals. However, after nine years and multiple health, security, and financial crises, EU member states have not made significant progress in achieving these goals. This study investigates the impact of European Structural and Investment Funds on sustainable growth, estimated by the Green Growth Index (GGI), across the EU-27 countries from 2011 to 2022. By employing a Pooled OLS regression model, the research highlights the dynamics between economic, social, and governance indicators, primarily emphasising how the allocation of ESI funds directly affects the GGI. The findings reveal that while the Total EU Funds Paid per capita generate a negative effect on the GGI, the magnitude of this impact is considerably small. In contrast, the Social Progress Index is a significant predictor of GGI, suggesting that investments in social infrastructure, health, education, and human rights are pivotal for fostering green growth. Furthermore, the negative coefficient related to Voice and Accountability prompts a reevaluation of the nexus between democratic processes and the effectiveness of environmental policies within the EU framework. This research enriches the discourse on sustainable development by presenting empirical insights into the efficacy of EU financing mechanisms and highlighting the importance of social and governance dimensions in realizing green growth. It calls for a holistic approach to policy-making, where financial investments are complemented by solid social policies and effective governance to achieve the EU's sustainability goals.

ABSTRACT. Performance in public administration is a topic of general interest, a desideratum and a necessity in Romania. The Covid-19 pandemic and the crisis generated by it have highlighted the shortcomings in local public administration both from a managerial and logistical point of view. The economic and social restrictions caused by the crisis have also generated financial implications, with local budgets being affected. As the level of budget revenues decreases, local autonomy is questioned and the degree of development and well-being of communities suffers. Therefore, improving managerial performance becomes essential in order to ensure in crisis situations, and not only, the financial resources necessary to fulfill one of the purposes of the institutions in the local public administration, ensuring quality services to citizens. In this context, the role of the supreme audit institutions (SAI), who have a great responsibility on how they can contribute to ensuring excellence in the work of public institutions through the recommendations they make to them in external public audit missions, it becomes fundamental. The main purpose of the research is to highlight the effects of the coronavirus pandemic on the level of achievement of local government revenues and at the same time, to highlight the role of SAI Romania in increasing managerial performance in these administrations. The results expected from the research aim to highlight the impact of the pandemic on the liquidity of local administrations in Romania and to formulate recommendations, stemming from the practice of SAIs, as well, to ensure the performance and resilience of local governments in such situations.

ABSTRACT. The aim of the research is to provide a comprehensive overview and analysis of the specialized literature regarding the impact of the Covid on leadership. Through a bibliometric analysis of papers published on the Scopus platform between 2019 and 2024, the study aims to identify trends, patterns, and emerging insights related to how the pandemic has affected leadership roles, behaviors, strategies, and outcomes. The research started with the question 'What does current research say about how pandemics impact communication and trust within leadership teams?' In order to get an answer to this question, we proposed the following objectives: identifying the number and the evolution of publications regarding the impact of Covid on leadership, establishing the most common types of published papers, highlighting bibliometric maps about pandemic impact on leadership. The research continued with a comprehensive literature review using a keyword search strategy conducted in April 2024. The core keywords employed were "leadership," "crisis," "COVID," and "pandemic." This initial search yielded 1,870 English-language articles and involved analyzing relevant publications and visualizing the relationships between key terms used within them. This research aims to be a valuable resource for a broad audience interested in leadership during pandemics. It's particularly relevant for PhD students seeking insights for their research and anyone looking to strengthen their leadership skills in such circumstances.

ABSTRACT. Research-development-innovation (R&D) is society’s main technological and economic progress driver. R&D investments significantly impact a country's growth, development, and competitiveness. This study examines the significance of innovation in attaining economic development in the EU Member States. Our research strategy employs advanced panel data econometric techniques to achieve its objectives, including the Pesaran unit root test, panel cointegration test, and autoregressive distribution lag model (ARDL) for the period 2010–2022. Thus, to investigate the relationship between research and development–innovation expenditures and economic development, the ARDL model and data mapping analysis were performed. Moreover, an interactive approach to gross fixed capital formation, regulatory quality, and R&D personnel is introduced to assess their significant roles in economic development. In the long and short run, there is no evidence that innovation significantly affects economic development. However, evidence suggests that gross fixed capital formation and regulatory quality play crucial roles in influencing economic development over the long and short terms within the EU. Our findings reveal the need for countries to align their digital transformation plans with incorporating digital technologies and ongoing innovation. The main findings imply that nations with substantial research and development investments also evidence robust economic advancement. Belgium, Sweden, Austria, and Germany exhibited the most significant levels of innovation. It is important to emphasise that some countries with economic potential, such as Romania and Bulgaria, do not invest enough in R&D and innovation. The efficiency of innovation implementation relies on technology, well-suited strategies, and sufficient resource allocation. The proper allocation of funds and the development of effective strategies have the potential to convert economic potential into enduring growth and sustainable development substantially.

ABSTRACT. Stock markets can be volatile, thus accurate predictions can greatly help investors and stakeholders to make wise financial choices. The main goal of this paper is to test how well the Autoregressive Integrated Moving Average (ARIMA) model can capture and predict changes in closing prices based on other variables like opening prices, maximum prices, and minimum prices. The ARIMA model is the combination of autoregressive (AR) and moving average (MA) processes of an integrated or differenced time series model. Moreover, the selected model is part of the time series analysis under prediction algorithms, the purpose of the research being to predict the prices of the selected shares. Our analysis compiles daily trading data of financial companies on the BSE using a quantitative methodology. We preprocess the dataset to ensure reliability and accuracy, then conduct an exploratory data analysis to identify underlying patterns and correlations. Next, we use the ARIMA model, carefully optimizing the parameters through selection and a validation process, to forecast the closing prices over a 30-day period, we also evaluate the model's performance using standard statistical metrics to assess its predictive accuracy and reliability. The preliminary results show that the ARIMA model seems to be efficient at predicting closing stock prices accurately. The model appears to understand the patterns and fluctuations in the stock market data, which gives useful information about future price changes. The forecasts we generated show similarities with the real market results, capturing important patterns, and making it a viable option for forecasting market performance. The results could be used to analyze the stock prices and their prediction in-depth in future research efforts.

ABSTRACT. The paper aims to offer a comprehensive overview of Central European Public Administration Review (CEPAR) by using scient metrics, bibliometric techniques, and knowledge mapping. The purpose is to describe how the journal has evolved in the last 20 years.

ABSTRACT. The convergence of integrated reporting and sustainability reporting has emerged as a crucial mechanism for organizations to communicate their broader value creation efforts in an era of increased stakeholder expectations, regulatory pressures, and the imperative for sustainable business practices. The aim of this study is to examine the development, importance, obstacles, and synergies that exist between integrated reporting and sustainability reporting. In order to demonstrate the significance of integrated reporting in fostering transparency, responsibility, and stakeholder engagement, it employs both theoretical and practical examples. In addition, it examines how sustainability reporting contributes to a comprehensive understanding of the ESG performance of an organization. Likewise, the paper discusses key challenges and opportunities in the process of integrating sustainability considerations into corporate reporting practices and provides recommendations for moving forward in the direction of more coherent and effective reporting frameworks that lead to sustainable business practices and the creation of long-term value. In this way, the significance of integrating sustainability into corporate reporting is emphasized as a means to promote responsible business practices and to create a positive impact for both the company and society as a whole.

ABSTRACT. The corporate governance of public enterprises consists of the set of rules that govern the administration and control system within these enterprises. Public enterprises represent an important segment of the national economy, and their efficiency definitely depends on the performance of their management and on the correct implementation of the corporate governance principles. The importance of such a theme in the context of the public sector is given by the fact that the public enterprises are important actors of the Romanian economy and for a good activity they influence the stability of the national economy. In the same time, the efficient functioning of the public institutions have a positive impact on the contribution of them to the economy and to obtaining a balancing solution of the public budgets. Starting from this premise, through this paper I propose to offer a vision over the need and benefits of applying the corporate governance principles and of the way that these good governance mechanisms influence the development and implementation of various strategies (financial, managerial, etc.) at the level of these enterprises. This study has to do with particular aspects of the corporative governance in the public sector/sphere. This means a general framework necessary for establishing the relevant objectives for the public sector, measuring the performance of the public institutions or a classification of the performance standards. From the analysis of different national and international codes of corporative governance I have identified a set of basic pillars of the corporative governance which will be analyzed in this study: transparency, responsibility, control, observing performance, proportional payment for managers and an adequate leading structure.

ABSTRACT. The way financial services are delivered and accessed shows an archetype in the digital banking system, catalyzing remarkable levels of usefulness, performance and convenience. The revolutionary technologies empower users to conduct a multitudinous of financial transactions seamlessly. As follows, time constraints and geographical confines are efficiently surpassed. Leveraging bibliometric techniques, this article scrutinizes the research papers published in the last five years regarding the digital banking system, uncovering trends, patterns and key contributors in a very dynamic field. Through this research paper, it is intended to find the answers to a series of questions, but also the observation of the most relevant impact factors on the development of the digital processes in the banking sector. However, the bibliometric approach using quantitative research methods was chosen in order to explore the research interest towards the digital banking. Among the keywords that were taken into account, there must be noted digital, digitalisation and digital transformation. Likewise, the fundamental hypothesis of the research concerns the direct influence which the COVID-19 pandemic had on the increase in the number of significant publications. In this regard, the digital banking system not only symbolizes the fusion of finance and technology but also embodies the evolving dynamics of trust, easiness and security in the current financial landscape.

ABSTRACT. The Fintech industry in Romania has been experiencing significant development in recent years, driven by technological advancements, changing consumer behavior, and regulatory reforms. Romania’s Fintech Map includes over 60 projects, including national and international Fintech companies with local branches and continues to expand. Given the transformative potential, challenges, and opportunities inherent in this evolving domain, this paper aims to provide an overview of key trends, market insights and patterns within the Romanian Fintech ecosystem. To achieve a comprehensive understanding, we used a combination of qualitative and quantitative research methods: synthesis of academic literature, empirical data analysis, and stakeholder perspectives. Primary data sources include regulatory documents, industry reports, and qualitative interviews with key stakeholders, complemented by secondary research from academic journals. The findings of this study reveal a dynamic Fintech landscape in Romania with diverse sectors and catalytic drivers. The financial services industry shows significant innovation and disruption driven by sectors such as digitalized payment systems, peer-to-peer lending platforms and blockchain-based innovations. Agile frameworks and sandbox initiatives, among other regulatory reforms, have created an environment that encourages experimentation and innovation within the industry. Furthermore, the use of Fintech solutions has increased due to the widespread proliferation of digitalization, which has been driven by increasing internet penetration rates. As a result, the dynamics of the market and customer behavior have fundamentally changed. In conclusion, this paper offers some insights and recommendations to policymakers, industry stakeholders, and investors, charting a transformative path towards enhanced financial inclusion and resilience within Romania's Fintech sector.

ABSTRACT. Adoption, acceptance and use of CBDC digital currencies by individuals and companies (urmeaza)

ABSTRACT. Over the past two decades, we have witnessed a profound shift from a unipolar world order to a multipolar one. Following the dissolution of the Soviet Union, the United States emerged as the singular superpower, exerting unparalleled influence over the international stage. In the current landscape, power has undergone diffusion, with numerous major players wielding significant sway in shaping global affairs.

Amidst this dynamic backdrop, the spotlight shines brightly on BRICS, a coalition comprised of emerging and developing nations. Formed in 2006 by the alliance of four pivotal emerging economies: Brazil, Russia, India and China, it expanded its ranks in 2010 to include South Africa, hence the acronym "BRICS".

After 14 years of global turmoil, interest in this organization has surged. Its membership has grown, with the addition of four more nations in 2024, while a further 40 countries have expressed keen interest in joining. In this article, based on a quantitative analysis, I want to explore the reasons behind the newfound allure of BRICS and assess its potential as a viable counterbalance to Western economic and geopolitical hegemony.

ABSTRACT. The effects of EU green policies on employment demonstrate significant variability across different sectors and regions, with the overall impact increasingly viewed as positive. Recent studies have shown that while many EU countries are expected to benefit from the implementation of these climate policies, the adverse effects will be more concentrated and visible in countries like Romania and Poland, especially in traditional sectors such as mining and extraction. This paper explores the sector-specific repercussions of these policies, assuming that targeted regional policies have the potential to improve employment prospects in the hardest-hit sectors and regions. Although some studies have noted a positive impact on sectors like construction and market services, the negative impact on traditional 'brown' sectors is more widely acknowledged. The challenge lies in managing the trade-off between short-term losses and long-term benefits. This paper conducts a systematic literature review to analyze how green policies could reshape labor markets across various sectors, emphasizing both the positive contributions, such as job creation in renewable energy sectors, and the challenges, particularly job losses in brown sectors. The aim is to enhance understanding of the impacts of EU green initiatives on employment, identify sector-specific effects, and contribute to the development of more effective strategies that promote both environmental sustainability and employment opportunities.

ABSTRACT. In the current period, finance theory is going through a paradigm shift, i.e. we are witnessing a transition from traditional finance to sustainable finance, at least in theory, it remains to be investigated whether this change in approach to financial decisions has been integrated in practice finance. For the clarity of the approach, we will proceed to explain the two previously mentioned concepts. Traditional finance refers to concepts, organizations, and methods that facilitate the management of financial assets, and investments. Sustainable finance seeks to align financial activities with sustainable development goals, balancing economic prosperity with environmental protection and social equity. This approach recognizes that traditional financial models often generate negative externalities (e.g. pollution, social inequality, biodiversity loss, systemic risks), leading to long-term risks and societal harm. Sustainable finance aims to address these shortcomings by promoting investments that generate positive environmental and social impacts while delivering financial returns.

ABSTRACT. Sustainability reporting has undergone impressive development in recent decades, becoming a subject of interest in specialized literature. The number of publications has grown exponentially. The article aims to conduct a bibliometric analysis for the period 2002-2023, with the main goal of identifying the current state of research and conclusions regarding the correlation between reporting sustainability and a firm's value. The study used bibliometric analysis using VOSviewer software to perform publication trends, citation analysis, and keyword mapping analysis. Data for the analysis was extracted from Web of Science on 20 April 2024.

ABSTRACT. The Department for Emergency Situations within the Ministry of Internal Affairs, through the General Directorate for Medical Emergencies, the General Directorate for Civil Protection, the Decision Support Directorate and the structures under coordination/operational coordination, ensures the coherent legal framework, resources and operational capacities for the prevention and management of emergency situations emergency, the provision of emergency medical assistance and qualified first aid, as well as the implementation of civil protection measures. The situations in which the involved structures act in an integrated manner are brought together under the broader concept of ”major event”. The Department for Emergency Situations is fully responsible for Strategic Objective number 2 of the Ministry of Internal Affairs: ”Increasing the ministry's capacity to manage major events”. The objective is supported by a single budgetary program, ”Civil Protection and Community Support”. Adequate financing of the field of prevention and intervention in emergency situations must take into account the creation of essential capabilities for prevention, protection, limitation/reduction of impact, speed of response, increase in the quality of human resources, modernization of intervention procedures and better coordination with all the responsible institutions. The study analyzes the specialized literature related to the management of emergency situations and the financing of public institutions. Also, the study aims to analyze the factors that influenced the financing through the state budget of the program assigned to the Department for Emergency Situations.

ABSTRACT. This paper introduces an innovative method to enhance e-commerce strategies by leveraging real-time user interaction data to predict product interest and personalize the shopping experience. Our approach combines advanced data science techniques with a novel WordPress plugin designed for the WooCommerce platform, capturing engagement indicators such as clicks on product images, time spent on sections, interaction with descriptions, and shopping cart activities. This rich dataset feeds into a predictive model that dynamically suggests products through a non-intrusive popup, based on user's demonstrated preferences and interactions. Unlike traditional predictive models, our method emphasizes immediate data utilization to refine product recommendations, aiming to improve conversion rates and customer satisfaction by presenting products that closely match users' interests. This framework represents a significant advancement in creating intuitive e-commerce environments, optimizing user experience through personalized recommendations and demonstrating a promising way for increasing purchase likelihood. We implemented the plugin for two companies in the food services business and observed significant changes in user engagement, website traffic, and purchasing behaviour. For one company, the new addition to the website increased users' average page views, indicating increased engagement and exploration. Despite initial expectations, the average visit duration decreased significantly, suggesting that users found relevant products more quickly due to the personalized recommendations. The average number of orders increased, demonstrating the system's ability to streamline the shopping experience and positively influence purchase decisions. For the other company case the results were mixed. Users visited fewer pages, indicating a more targeted and efficient exploration process, but their average visit duration decreased. This suggests better recommendation personalization helped users engage with content more efficiently.

ABSTRACT. For non-payment by the debtor of the main fiscal obligations by the due date, interest and late penalties are due. Interest and late payment penalties are ancillary fiscal obligations that are communicated to taxpayers by the tax authority through the Decision on ancillary fiscal obligations representing interest and late payment penalties (unless the enforceable title provides, as the case may be, ancillary fiscal claims or other sums, without having established their amount, they are calculated by the forced execution body and recorded in a record that constitutes an enforceable title that is communicated to the debtor).

ABSTRACT. Abstract: The relationship between corporate governance and overall company performance is a very important area of investigation within management studies. Corporate governance encompasses the systems, procedures, and structures, governing the direction and control of companies, ensuring accountability, transparency, and fairness in all aspects of company’s processes and relationships. Effective corporate governance practices are believed to have a positive impact across multiple dimensions of company performance, including financial performance, social responsibility and long-term sustainability. Bibliometric analysis is commonly used in various academic disciplines, to map the intellectual landscape of a research field, track the dissemination of knowledge, and measure the impact of scholarly work. Through systematic review and analysis of scholarly publications, bibliometric studies can identify emerging research areas, gaps in the literature, and opportunities for further inquiry. This article aims to conduct a review of the literature concerning the relationship between the way companies are governed and their performance. Our research indicates a significant increase in interest in the research examining the relationship between corporate governance and company performance in recent years. This present study has been conducted using Elsevier’s Scopus, which provides access to large databases of academic publications and citation data, supplemented with VOSviewer as a visualization tool. It has involved a systematic examination of bibliographic data, such as publication records (articles, books, book chapters and proceeding papers), citation patterns, authorship trends, and occurrences of keywords and aims to offer insights into the structure, dynamics, and impact of academic research in the field of corporate governance and company performance.

ABSTRACT. Most of the revenues of the general consolidated budget of Romania are administered by ANAF. Thus, the administration plays a central role in society, having the important mission of collecting and administering effectively and efficiently the taxes, fees and contributions paid by about 8.5 million taxpayers. Acting in a constantly dynamic environment, ANAF is forced to operate in a manner as modern as possible and adapted to continuous changes, having a key role in revenue collection. In order to face the major challenges determined by the dynamics of the economic environment, in order to improve ANAF collection, it must first of all meet the requirements of professionalism and efficiency, a determining factor of taxpayers' fiscal morale and a key tool in the fight against tax evasion. The investigative process, an activity operated by ANAF inspectors, is part of this complex mechanism. The effectiveness of the investigative process is closely related to the elements involved, so the investigative process must be based on professionalism and objectivity. We believe that it would be appropriate for Romania to adopt examples of good practices present in the states of the European Union in terms of the status of control bodies, the powers that are granted to the staff within the control structures, the degree of professional training and their motivation for the purpose of educating taxpayers , improving the institution's image and implicitly the fiscal morale, resulting in a better collection of taxes, fees and contributions.

ABSTRACT. This paper provides a comprehensive analysis of brand audit as a consumer-focused process, with the role of assessing brand health and discovering sources of brand equity. The relevance of the topic stems from the need to identify the brand's strengths and weaknesses, opportunities and threats on the one hand and align the brand strategy, business objectives and customer expectations on the other. Through the analyzed components, a brand audit establishes the strategic elements necessary to improve the brand position and the brand's competitive capabilities within the industry of which it is a part. The result of the study aims to identify the purpose and importance of a brand audit, the stages and tools used in conducting it. We will start from the internal analysis (vision, mission, values, positioning, personality, tone of voice, visual identity) through tools such as brand audit checklists, brand pyramid, brand archetype, brand voice chart, interviews or surveys, up to the external analysis by using of SWOT analysis, competitor analysis, market analysis, customer journey map, online reviews, social media, surveys, focus groups, or interviews to see how a brand delivers value and satisfaction to the audience compared to its competitors. Furthermore, in measuring brand capital, tools such as brand awareness survey, brand recall test, brand association map, net promoter score, brand valuation or brand equity index bring a useful perspective on the financial value of the brand but also on the reputation, recognition, and brand awareness. Finally, the study will also reveal specific tools in determining brand loyalty through customer satisfaction survey, customer retention rate, customer lifetime value, customer loyalty program or score of customer engagement to measure and improve how well the brand retains and rewards customers and encourages them to buy more and spread the word about the brand.

ABSTRACT. This article examines the management of investment processes in Romania, emphasizing trends, opportunities, and the critical role of the banking system. We explore the evolution of investment strategies, the impact of global economic shifts, and innovative financing mechanisms that have emerged in response to these changes. The focus is on how banks are adapting to these dynamics, enhancing their role from traditional financiers to strategic partners in investment management.

ABSTRACT. The paper presents an overview of the global marketing of coffee sector, and analyzed the production and the traditional coffee markets, the coffee price, but also the changes in coffee demand and sales strategies, and the promotion of coffee. The coffee sector is a dynamic environment, governed by volatile market prices, uncertainties related to climate change, advances in technology and changing consumption patterns, to name just a few of the challenges present. In recent years, numerous negative events have rocked the coffee industry. Positive changes are also present: increasing value added at the origin of the coffee production chain and increasing consumption in coffee-producing countries. The global coffee sector has expanded significantly over the past two decades. The main driver of growth was increased consumption in emerging economies and coffee-producing countries. The growth of high-value market segments such as specialty coffee, coupled with product innovations that offer new flavors and more convenience to consumers, have reinvigorated demand in traditional markets with already high per capita consumption. Meanwhile, demand for coffee continues to rise and shows no sign of abating. The sector needs to be adaptable, resilient and strategic if healthy and inclusive growth is to be maintained. Coffee is a growing market. Globally, consumption is growing at an annual rate of 2.2%. Despite positive market trends, there are significant differences between actors in the coffee value chain in terms of risks, revenues, access to resources and vulnerability to price volatility and climate change. These differences hinder the sustainability of the coffee market. Coffee continues to be marketed as part of a culture or lifestyle that consumers want, rather than as a mere product. A major reason for its worldwide popularity lies in this marketing strategy, in which coffee becomes what consumers consider to be an "essential" product.

ABSTRACT. This paper analysed the tourism actual situation and the perspectives in Băneasa and Agigea communes in the Constanța/Romania County and in the municipality of Shabla in Bulgaria. The aim of the study is to develop sustainable tourism by promoting local tourism potential, establishing a cross-border network of cooperation of Tourist Information Centres and increasing the degree of competence of economic agents in tourism. The overall objective of the study is the sustainable development of tourism through the optimum use of environmental resources, the maintenance of important ecological processes and support for the conservation of natural resources, biodiversity as a basis for the development Economic and social wellbeing of local communities. This paper presented also the results of the sociological study conducted by applying a number of 444 questionnaires addressed to tourists, citizens, representatives of the administrative apparatus, economic operators from the three locations. The expectations of the holiday tourists are summarized in satisfying several specific needs that give content to a tourist benefit. With regard to factors that may influence the behavior of tourists in terms of holiday expectations, individual factors including their needs, personal provisions and distinct preferences are highlighted. Both previous experiences and current motivations, needs and interests are stimuli that influence the respondents, the expectations of the holiday. The sociological study was conducted on the basis of a questionnaire designed and structured on tourism activity and for achieving the proposed objectives, as well as for providing the necessary information to carry out the diagnostic analysis. The questionnaire was designed distinctly on each target group category. Widening the spectrum of tourism activities, in compliance with the measures proposed in the management plan, contributes primarily to the use of this resource in a sustainable manner, and secondly, it leads to the recovery of the natural framework.

ABSTRACT. The small and medium-sized enterprises sector plays a decisive role in the economy of the XXI century, representing the engine of the economy, contributing to the reduction of poverty and income inequality. SMEs are a source of entrepreneurial skills, innovation and job creation proving to be the most attractive and innovative economic sector. The vital contribution of SMEs to economic development is now unanimously recognized at EU level; their beneficial economic and social effects led to the SME sector being considered as an area of strategic interest for the economy (Avasilica, 2009). Peter Drucker said that small businesses are the main driving force for economic development. These small businesses contribute intensively to achieving the fundamental objectives of any national economy, becoming the backbone of socio-economic progress (Druker, 2009). In recent years, the sector has faced major challenges generated by both the pandemic and the uncertainties caused by the outbreak of war at the borders, whose effects were immediately felt in the European economy, the inflation that reached record levels, the energy crises and also the increase in interest rates on bank loans. However, we must point out that during this period, the SME sector has demonstrated its resilience, with Romanian entrepreneurs being more prepared to face new challenges, to adapt much faster to new changes in the exogenous environment than in previous periods fructifying the advantage of agility and superior ability to adapt to new situations. The purpose of this paper is to identify what these challenges were, how the main actors in this sector reacted, but also how Romanian entrepreneurs perceive the current context and future developments. The importance and timelines of the research topic result from the position of SMEs in the private sector of developed and developing countries.

ABSTRACT. In cultural terms, globalization makes its effects felt through the tendency to undermining of minority cultures, cultural homogenization, change the national value model and the emergence of hybrid cultural forms. Much the consequences of cultural globalization are frequently discussed in contradiction, materialized in a "specific set of values ​​and beliefs, widely shared all over the globe". In the context of the new cultural realities, it is obvious the need to raise awareness and promote intercultural communication at all levels of the education system, to point out obstacles and major challenges, faced by young people from different cultural backgrounds.

ABSTRACT. Worldwide, travellers’ participations to meetings, incentives, conferences, and exhibitions held in business and cosmopolitan centres have a significant importance for the tourism global market, contributing to income diversification for both companies and national economies. In 2022 the global business travel spending accounted 1.03 trillion U.S. dollars, and for 2024 is projected to reach around 1.5 trillion dollars, thus surpassing the pre-Covid pandemic period when the expenditure of business tourists worldwide was 1.43 trillion dollars. Business tourism is considered the most efficient segment of the travel industry, besides the contribution to the growth in gross domestic product, MICE sector positive effects include the mitigation of tourism seasonality, encouraging the growth of business infrastructure – airports, hotels, congress centres and exhibition halls – promotion of tourism destination image and transmission of know-how. Under these circumstances, this paper aims to analyse the main coordinates of business tourism in global market, namely: the leading business tourism markets, distribution of leisure and business travel spending in the leading travel markets, favorite formats of business meetings planned worldwide and the demand for digital services in the exhibition industry worldwide, while also presenting the challenges of business tourism global market development, including the highest-impacting factors on events-related businesses and the biggest financial challenges when planning a business event.

ABSTRACT. Mobile commerce has experienced exponential growth due to consumers’ increased use of mobile devices. To address current shopping circumstances, a proposed adapted TAM model, including subjective norms and trust, seeks to comprehend consumers’ predisposition to use m-commerce. Thus, this empirical research focuses on examining relational factors that drive m-shopping intention. To evaluate the suggested conceptual model, an online survey was undertaken based on m-commerce users. For the data analysis, this paper used a SEM-ANN hybrid approach to enhance m-commerce insights. SEM results showed that perceived usefulness and trust had significant positive effects on attitude, whereas behavioral intentions were impacted by consumers’ subjective norms and attitudes towards m-commerce. Based on ANN findings, the paper asserted attitude as the most important factor in driving consumer intent for m-commerce adoption. Overall, this research contributes to the understanding of m-shoppers in the context of new technology adoption, offering conceptual and practical implications for marketing strategies consistent with the study’s findings. From a managerial perspective, m-commerce apps should focus on creating seamless experiences, emphasizing the productivity dimension of m-shopping, and fostering trust among customers.

ABSTRACT. The digital revolution has transformed the global economic landscape, presenting both opportunities and challenges for nations around the world. In the wake of the COVID-19 pandemic, the adoption of digital technologies has become vital for economic recovery and the strengthening of health and care fields in all countries, including those in the EU. European countries are navigating the complexities of digital transformation to secure their competitive positions globally. The EU has made significant resources available to support digital transformation and it is one of the most important strategic priorities to become sustainably competitive. The article presents a comprehensive analysis of digitization efforts in European countries, deepening the perspectives and directions of strategies, initiatives and results. Through a synthesis of empirical and secondary data from international reports, we examine the multifaceted dimensions of digitization, but also present key indicators such as: human capital, connectivity, integration of digital technology and digital public services, infrastructure development, regulatory frameworks, skills acquisition, digital and innovation ecosystems etc. In addition, we explore the implications of digital transformation for economic growth, social cohesion and the European ecosystem. The work will contribute to the knowledge of the impact of digital transformation for companies, society and European citizens.

ABSTRACT. A brief overview of the main entrepreneurship indicators for Romania. This article presents a concise yet comprehensive overview of the main entrepreneurship indicators pertinent to Romania's economic landscape. Drawing upon a diverse array of statistical data and research findings, it presents the current state of entrepreneurship in the country.

ABSTRACT. In today's era of entrepreneurship, strategic communication is becoming a crucial element for business success and sustainability. This article examines how entrepreneurs can use strategic communication to promote sustainability and innovation within their businesses. In the context of a constantly changing world and an increase in environmental and social responsibility concerns, communication strategies must be adaptable and future-oriented. By adopting a proactive and creative approach to communication, entrepreneurs can build strong relationships with customers, investors, and other stakeholders, while strengthening their market position and helping to create a positive impact in society. Future strategies must include the impact of technology on communication, sustainable communication with consumers, collaboration with the public/private sector, and partnerships in communication, education, and awareness through communication, but also continuous evaluation and monitoring. Through quantitative and qualitative research, we will try to find relevant solutions and ideas for current and future entrepreneurs. The article explores concrete examples of businesses that have succeeded in integrating sustainability and innovation into their communication strategies and offers practical advice from entrepreneurs for entrepreneurs to optimize their efforts in this regard. By properly understanding and applying the principles of strategic communication, entrepreneurs can maximize their growth potential and become leaders in a forward-looking entrepreneurial environment.

ABSTRACT. In today's extremely competitive business landscape, the empowering of employees at the workplace has emerged as an important approach for organizational success. Therefore, it has become crucial to analyze and understand the role of empowering employees within the framework of internal marketing strategies. Our paper tackles the significance, methodologies, and the main outcomes associated with employee empowerment in an organizational business environment and especially within the development of a successful internal marketing strategy. We are underlining various strategies deployed by organizations to empower their workforce, including provisions for training and development, establishment of transparent communication channels, and the implementation of recognition and reward systems. Furthermore, the paper explores some of the main tangible outcomes resulting from empowering employees in internal marketing. These results may consist of increased employee satisfaction, amplified productivity rates, higher levels of satisfaction for the customers, but ultimately, organizational prosperity. By empowering employees, organizations can increase their collective potential, develop innovative thinking, and create a better and faster response to the evolving challenges of the current market dynamics. We also underline the role of employee empowerment within internal marketing frameworks, asserting its transformative influence on organizational culture, performance metrics, and competitive positioning. More than that, we will be supporting our findings and conclusions by presenting and outlining a brief bibliographic analysis of the concept of empowering employees within the business environment, especially in the context of developing a successful internal marketing strategy and its link to human resources management.

ABSTRACT. This paper explores the accelerated digital transition in Ukraine as a result of the continuing military conflict, with an emphasis on the economic consequences and potential future technology breakthroughs. The study finds three critical areas for digital adoption during the crisis. To begin, the deployment of blockchain technology has substantially improved the transparency and security of digital transactions, which is critical for sustaining economic stability during turbulent times. This technology has allowed for a more efficient flow of foreign financial aid, effectively avoiding the disruptions that traditional banking systems experience during crises. Second, the rise of e-governance platforms has assured the continuity of public services by digitizing administrative processes, enhancing government efficiency, and lowering corruption potential through fewer physical encounters. Third, the emergence of remote working solutions has aided business continuity amid physical interruptions and helped to economic resilience by encouraging job diversification and decreasing dependency on physical office buildings. To quantitatively analyze these impacts, the study employs multiple statistical methods: regression analysis to determine the influence of digitalization on economic stability, time-series analysis to observe trends over the conflict period, and cluster analysis to identify patterns in the adoption of digital technologies across different sectors. These approaches provide a solid foundation for evaluating the direct and indirect economic impacts of digital transformation activities during a crisis. The findings show that, despite the great difficulty imposed by the conflict, it has significantly accelerated Ukraine's digital growth, with major long-term benefits for its economic infrastructure.

ABSTRACT. Recent research has explored the influence of national culture on social responsibility, cultural values, and perceptions, but comprehensive studies focusing on how culture affects competitiveness are limited. This study aims to determine the impact of national culture on competitiveness through two models: Hofstede's 6D - cultural dimensions model (PDI - power distance, INV - individualism, MAS – motivation towards achievement and success, UAT - uncertainty avoidance, LTO - long-term orientation and IND - indulgence) and the Competitiveness Index (ICG) of the International Institute for Management Development (IMD). Using a multiple regression model, the study assesses how Hofstede's cultural variables (6D) impact the Global Competitiveness Index (ICG2021) across 56 countries. The regression model highlighted that the six cultural dimensions could explain the variance of ICG2021, demonstrating the model's strong predictive capability. Additionally, the ANOVA test indicated the model's consistency, while the analysis of the significance coefficient revealed that cultural dimensions such as PDI (power distance) UAT (uncertainty avoidance), and LTO (long-term orientation) significantly contribute to explaining the variation of ICG2021. This research, by exploring cultural influences and dimensions through Hofstede's 6-D model to enhance international competitiveness contributes not only to academic literature but also provides essential theoretical insights into national and business environments.

ABSTRACT. The purpose of the paper is to analyze the possibility of promoting a tourist destination through events, especially through sports events. The growth of tourist traffic over the past 60 years has been exponential, facilitated by several causes, among which: demographic growth, population income growth, the increasing ease of traveling over ever greater distances, and other causes. Under these conditions, the competition between various tourist destinations has become fiercer, having among the consequences a rather serious drop in the rates of tourist services, which became cheaper and cheaper. Therefore, destination management organizations have sought to find innovative solutions to attract new tourists, so that the race to lower rates does not lead to the inefficiency of these services and, subsequently, to the disappearance of providers. As mass tourism has already shown some major weaknesses, most destinations are trying to reorient themselves towards sustainable tourism, even if this sometimes involves addressing niche forms of tourism. Sports tourism and sports events can, in this sense, be a good promoter of a destination. It is also the case of Sibiu which, after the moment of 2007, when it was the European Capital of Culture, has grown almost constantly in terms of the number of tourists. The destination has thus reached the situation where it has to reinvent itself, to diversify the tools and reasons through which it tries to attract new visitors. The Sibiu International Marathon, the subject of the analysis of this paper, was designed to have a double component: a sporting event, intended to attract athletes and runners, but at the same time a philanthropic event, intended to help support some social causes that, once financed and implemented, will bring a big plus to the community and its members.

ABSTRACT. Artificial intelligence (AI) is developing at a rapid pace, and the ubiquity of new generative AI tools - especially of OpenAI's ChatGPT, which in just two months reached 100 million monthly active users, becoming "the fastest-growing consumer application in history" (Reuters, 2023) - raises a plethora of new opportunities and threats for universities around the globe. Against these challenges, a UNESCO global survey (conducted on May 2023 on 450+ schools and universities) found that “approximately 13% of the universities reported having some sort of guidance” concerning the use of generative AI applications (UNESCO, 2023); this low rate raises worries regarding universities’ (as fundamental institutions for education and research) capability to catch up with technological advancements and take full advantage of (if not lead on) them. Against this background, the paper aims to examine how the Top 10 universities in Times Higher Education’s World University Rankings 2024 address the use of AI tools in their teaching/learning and research processes in order to identify “best practices”. The study employs a qualitative research methodology, the research process involving: a literature review - to gain insights into the patterns and trends regarding the use of AI in academic contexts; an examination of the recommendations provided by international bodies (such as the European Commission, UNESCO, or the World Economic Forum) - to decipher, in a broad context, possible idiosyncrasies; and a qualitative analysis (using QDA Miner 2023) of the documents (e.g., principles, policies, rules, guidelines, recommendations) available on the selected universities’ websites - to identify and categorize the main challenges and the solutions these universities have employed. The preliminary results indicate that all ten of the universities under examination actively address the use of AI technologies in their teaching/learning and research processes, even though there isn't a single, "one size fits all" approach.

ABSTRACT. In a VUCA world, educational institutions are key for cultivating leaders via entrepreneurial competencies, which stand as essential for (thriving in) the 21st century. This study investigates the effectiveness of the Sibiu Impact Makers (SIM) program, a social entrepreneurship initiative that brings together students from diverse academic backgrounds at Lucian Blaga University of Sibiu. The program has a 10-week span and employs the Design Thinking Methodology in order to foster entrepreneurial skills among participants from the faculties of Economics, Engineering, and Social Sciences and Humanities. Our research aims to evaluate the impact of this interdisciplinary approach on students’ entrepreneurial competencies, as defined by the EntreComp framework, while also considering individual learning styles assessed through the Honey and Mumford Learning Style Questionnaire. Methodologically, we carried out an uncontrolled experimental design to assess the impact of the SIM program. We conducted a pre-and-post analysis using the EntreComp questionnaire to measure changes in entrepreneurial competencies and, simultaneously, we assessed students’ learning styles at the outset to explore their relationship with course outcomes. The findings revealed an enhancement in entrepreneurial competencies after completing the program, underscoring its effectiveness. Moreover, variations in learning styles were observed to influence the learning outcomes, suggesting a differential impact based on individual learning preferences. Therefore, we conclude that the SIM program demonstrates a successful model for improving entrepreneurial skills through social entrepreneurship education, while the study highlights the importance of considering individual learning styles in designing effective educational interventions. Last but not least, this research contributes to the broader discourse on entrepreneurship education and emphasizes the pivotal role of educators in preparing individuals to navigate complex challenges and create meaningful change.

ABSTRACT. Before the financial crisis, the ECB interest rate that interbank rates followed most closely was indeed the MRO rate and the commercial banks kept their reserves to the ECB beyond the minimum reserves requirements, so the ECB balance sheet extended rapidly. This pushed down interbank rates, which ended up moving away from the MRO rate and towards the deposit facility rate. In Romania, the most commonly used indicator is ROBOR 3M. It is found in both mortgage and personal loan contracts. In the case of mortgage loans, there are some banks where the interest rate is calculated based on the ROBOR 6M index. While ROBOR is calculated daily, IRCC has a quarterly value and is applied over the entire quarter to the average value recorded in the previous 3 months. The ROBOR was close to the NBR interest rate in November 2022, so it would seem that from March to November, banks accumulated government securities and could borrow from the NBR cheaper and the pressure on demand in the interbank market decreased so that the interest gap narrowed considerably. The NBR is trying to get commercial banks to raise interest rates more on household and corporate deposits, including by restricting liquidity in the interbank market. But we can see that the NBR granted loans (via the Lombard interest rate) very high, which means that the banks had securities with which to guarantee the loans. The NBR could increase liquidity so that the ROBOR does not reach its peak at 8.13%. The central bank can also correct the interest rate level by providing liquidity through repo operations (with a maturity of one week), which are done at a level equal to the key rate.

ABSTRACT. In the list of multiple stressors for the future climate change is recognized as one of the most emerging risks that must be included in current disaster risk reduction (DRR) and state development planning. Nowadays hazard mitigation is focused on anticipating upcoming needs and impacts, rather than responding to yesterday’s events. DRR is increasingly recognized as a major tool in achieving sustainable development in any country and remains a challenge. We consider DRR in two aspects: short-term and long-term effects recognition; and apply an appropriate methodology for a particular horizon. The most appropriate robust relevant model applies the uniform technique for uncertainty assessment. So the risk assessment is to be considered from the position: Significance (risk) = Probability * Consequence (impact). Our idea is to propose a system of possible stressors, in combination with their variation of possible impact and range of possibilities occurring in one or other impact event. This list will provide the ability to apply classical risk analysis and mostly matrix approach for consideration and creation of possible strategies and steps for DRR. The skating rank technique is useful for ranging the risk events under climate change on the value of their risk and the price of reduction/mitigation. The research leading to these results has received funding from the project titled "Cluster for innovative energy" in the frame of the program "HORIZON-MSCA-2022-SE-01" under the Grant agreement number 101129820

ABSTRACT. European stock markets are a complex and dynamic terrain, requiring sophisticated methods of analysis to understand their degree of interconnectedness and cohesion. The main goal of this study is to explore the integration between three groups of markets (the stock markets of EU-27 countries, the euro area and emerging non-euro countries in the European Union) using a dynamic Principal Component Analysis (PCA) approach. PCA combines autoregressive and moving average processes of an integrated time series, providing a robust framework to identify and analyze patterns of synchronized movement or divergence of leading stock indices. This study is part of time series analysis under prediction algorithms, aiming to identify latent structures governing the behavior of selected stock markets over a two-decade period from 2005 to 2024. Our research begins with the collection and pre-processing of historical stock index data to ensure the reliability and accuracy of the analysis. We follow with a detailed exploration of the data to uncover underlying patterns and correlations. Next, we apply the PCA method, carefully optimizing parameters through selection and a validation process, to calculate the index of integration and examine the relationships between stock markets of selected country groups. We evaluate model performance using standard statistical metrics to assess its accuracy and reliability. Preliminary results indicate the effectiveness of the PCA model in capturing the integration dynamics of European stock markets, suggesting a high ability to understand stock index movement patterns. These findings provide a basis for future analysis of stock prices and their predictions, thus contributing to the academic literature and providing valuable insights for investors, policy makers and researchers interested in European financial integration and cohesion.

ABSTRACT. Premature mortality affects both developed and developing countries, with impacts at the household and macroeconomic level. On the former, premature mortality may lead to significant income reductions, and on the latter, creates an impact on both productivity and human capital. The burden of premature mortality may defer economic growth through several mechanisms: reduced hand labour, reduced human capital, shifts in consumption, and excessive use of health care services. Developed economies, albeit more severely affected by premature mortality, are better suited to address its impacts through investment and migration, while least developed economies have fewer leavers to address the impact. The aim of this research is to explore the differences in the economic burden of premature mortality between economies in Europe and to explore how premature mortality may be a contributing factor in economic development disparities. This research uses a newly developed econometric model which uses economic and mortality indicators as independent variables to deliver a quantification of the economic burden of premature mortality, which is used to assess the burden and compare with macroeconomic output indicators to assess the impact at country level. A group of European countries are included in the research which are further assessed and compared by regions that have similarities in economic development and performance. Preliminary results point towards premature mortality being one contributing factor of economic disparities, with a more relevant impact in least developed economies.

ABSTRACT. In recent years, the impact of technology on management in the field of social work has become increasingly evident, reshaping how social services are delivered and managed. This article explores the various ways in which digital technology, including case management software, communication platforms, and data analytics tools, contributes to improving efficiency and effectiveness in social work. By adopting information technologies, social work organizations can enhance data collection, monitoring, and evaluation of provided services, while also facilitating access to information and resources for clients. Technology also enables better collaboration between different social service providers, improving case coordination and offering more comprehensive support for vulnerable individuals and families. In addition to the aforementioned benefits, technology also streamlines administrative tasks, allowing social workers to dedicate more time to direct client interaction and care. Moreover, digital platforms enable remote service delivery, expanding access to social services for individuals in remote or underserved areas. Bridging this gap requires concerted efforts from policymakers, practitioners, and technology providers to ensure equitable access to digital resources and training programs. However, integrating technology into social work management also raises certain challenges, including concerns about data privacy, the need for professional training for the effective use of new technological tools, and unequal access to technology. The article discusses solutions for addressing these challenges, emphasizing the importance of developing a solid technological infrastructure and ongoing staff training policies in the field of social work. In conclusion, technology offers significant opportunities for improving management and service delivery in the field of social work. Through strategic adoption of technology and a proactive approach to associated challenges, social work organizations can significantly improve the support provided to vulnerable communities.

ABSTRACT. This article investigates by use of statistical tools and methods and analytical accounting procedures the exposure to fiscal-accounting and financial risk, through analysis of sectorial and temporal risk profiles for 2018 – 2022 for economic entities from eight fields of economic activity in the service sector of the Romanian economy, that is: Residential and non-residential building construction work, Motor vehicle maintenance and repair, Hotels and other similar accommodation facilities, Real estate agencies, General healthcare activities, Accounting and financial auditing activities, Employment agency activities and Other cleaning activities. The analyzed risk markers consist of Total debt ratio, Personal expense ratio, Solvency ratio, Financial solvency ratio, Asset solvency ratio, Return on assets, Return on equity, Commercial return and Debt turnover rate. The general risk profile revealed that the analized economic entities register a very high degree of indebtedness, which, correlated with the Debt Turnover indicator configures the main risk exposure, where economic entities use excessive indebtedness. The most vulnerable business sector from this perspective is Construction works of residential and non-residential buildings, as the main sources of financing come from borrowed capital, directly influencing the ability of economic operators to bear operating costs and fulfill their commercial, financial and fiscal commitments. Risk exposure from a temporal perspective, revealed the years 2018, 2019 and 2020 as being the most vulnerable to risk, when the annual average of the indicators reaches values considerably above or below the general average. A possible explanation for the manifestation of the risk at the level of 2019-2020 could be represented by the emergence of the health crisis in 2019, with strong effects on the tertiary sector of the economy, especially on the activity volume, profitability and solvency indicators.

ABSTRACT. In the digital age in which we find ourselves, the banking sector is forced to adopt technologies that ensure security, operational efficiency and competitive advantage. The banking sector has experienced significant changes in recent decades. Two relatively new technologies, blockchain and cloud computing, have been tested and implemented in the last 15 years in the banking sector. This paper reports the results of a content analysis of 106 articles, published in the Scopus and WoS databases in the period 2010-2023, and the use of the subject code was evaluated using Atlas.ti, a software for analyzing qualitative research data, which allowed us to locate, code and annotate fragments of the articles' texts. Blockchain technology offers increased security, transparency, and reduced risk of fraud through its decentralized architecture, but raises concerns about scalability, energy consumption, and regulations. Cloud computing offers scalability, flexibility and cost efficiency but presents challenges regarding data privacy and security. Through the rigorous analysis of specialized articles, this paper aims to highlight the opportunities and challenges encountered in the application of both technologies in the banking sector. The purpose of the research is to provide a complex perspective on blockchain and cloud computing technologies in the banking sector, pursuing three key aspects: benchmarking, integration potential and practical implications. Through this approach, the individual impact of technologies is observed, but also the possibility of integrating technologies into banking operations. Although the literature provides information on the individual contributions of these technologies, the potential of these integrated technologies is not explored. The theoretical model proposed in this study can be extended to other sectors where blockchain and cloud computing technologies are or can be implemented, and future studies should validate the empirical model.

ABSTRACT. Even though is not visible, everything is interconnected. Any activity nowadays has to have an economic impact, to make profit and bring an economic contribution. But what causes the need of economic impact? Is it the consumer behaviour? People are social individuals and creating a fruitful environment for them to develop is as important. In the last years there has been a focus on the sustainability of the economic activities because if the environmental concerns caused by climate change. As consumers, we tend to have some damaging practices not only towards the planet but also towards the wellbeing of the members of our society. In this study we will analyse the definitions and current practices, what is working and what could be improved for the future taking into consideration the everchanging needs of the world. The problem nowadays is not that the society does not consider sustainability an important issue, but rather that it is not as relevant compared to personal needs. We produce waste through our economic activities because the primary goal is to have an economic benefit. The methodology will be a literature review and go through these three main pillars: economy, environment, and society with the aim of finding a balance between them. The results show what are the main problems that we are facing in finding a balance and why is harder to implement a circular economy pattern in certain places.

ABSTRACT. The paper intends to identify and investigate the main determinants of human capital in Romania by comparing its evolution with other high performing countries belonging to the same region, considered from a socio-economic point of view. Using data originating from the Penn World Tables and the World Bank’s data basis, a series of graphs will be generated in order to provide some valuable and relevant insights for input and output variables connected to human capital. The input variables taken into account consist of government expenditure and investments dedicated especially to health and education. The output variables are found, on one hand, in high-tech exports considered as a percent of total exports and correspondingly on the life expectancy at birth, on the other hand. During the last twenty years, it had been noticed that overall human capital levels have experienced constant improvements in the European Union. However, for the purpose of comparison, the study includes only countries that have joined the European Union in one of the last three admission waves. Out of these waves, outstanding results had been observed in the case of Croatia and Slovakia, countries which will be used as future benchmarks for analyzing Romania’s human capital levels. We expect to validate based on our research an already established positive correlation between governmental spending and investments dedicated to human capital, correlation that had been highlighted by other similar relevant previous studies. Moreover, the current research study intends to bring forward a way to measure and evaluate the public spending efficiency with respect to human capital and next to evaluate it against other output relevant indicators.

ABSTRACT. Despite numerous empirical studies on the causality of finance and growth, academic research inadequately addresses the derivatives market's crucial role in economic growth and its connection to macroeconomic factors. Although frequently associated with the 2008 financial crisis, derivatives markets also have the potential to positively impact the economy through several channels, that we discuss in the paper. The paper investigates the impact of regulated derivatives trading on the economic growth in the case of 22 countries including the USA, UK, China, India, Brazil, Canada and Australia. We cover the period from 1995 to 2022. Dynamic panel data model (GMM) is used to avoid potential endogeneity issues. The study yields several findings. We observe a positive correlation between the expansion of regulated derivatives trading and economic growth, both in terms of percentage change and per capita gross domestic product (GDP). Furthermore, there is a negative correlation between inflation and economic growth, whereas trade openness and fertility rates are positively associated with it. We observe counterintuitive results, at least according to some of the literature, regarding the relationship between foreign direct investments, gross domestic savings, government consumption expenditure, and economic growth.

ABSTRACT. Nowadays, there is a vivid debate around the proliferation of non-financial reporting regulations, reason why there is high concern on the less likely scenario of harmonization of the various reporting frameworks. The increase on efforts to define global, or at least regional non-financial reporting regulation, and to implement them through reliable corporate reporting systems is limited by the barriers and challenges raised by country, industry and firms’ specific characteristics. The question is how firms adapt to this confusing corporate reporting landscape. The purpose of this paper is to perform a benchmark analysis in terms of GRI reports completeness and mapping of different SDGs, on a sample of Bucharest Stock Exchange listed firms across the period of 2019-2023. The methodology consist of data envelopment analysis, based on GRI index quantitative analysis. Practical implications of the study reveal mainly best practice in the area of sustainability reporting, looking from the perspective of neo-institutional theory, that highlights the coercive, normative and mimetic forces related to sustainability disclosures.

ABSTRACT. The trajectory of global economic progress, predominantly focused on profit maximization and cost reduction, has engendered significant repercussions on the ecological, social, and even spiritual realms. Manifestations of this include environmental degradation, global climate shifts, and pervasive social and gender disparities. These challenges have prompted a reevaluation of prevailing global paradigms, leading to an acknowledgment of the imperative of sustainable development. Notably, the European Union (EU) has recently instituted a directive aimed at facilitating the establishment of a sufficient minimum wage across its 27 member nations. Nevertheless, disparities persist in minimum wage levels and conditions among these states. Despite concerted efforts, real minimum wages have declined in many EU countries, exacerbated by inflation peaks in 2022. The Organization for Economic Cooperation and Development (OECD) advocates for periodic reassessment of wages to safeguard low-income earners. The EU Directive seeks to establish a framework ensuring a baseline minimum wage while encouraging collective bargaining for wage determination and enhancing workers' access to exercise their entitlements. However, the process of determining an equitable minimum wage is fraught with challenges. Member states are afforded the discretion to utilize international or domestic benchmarks in setting minimum wages. The ratio of the minimum wage to the median wage remains a crucial metric reflecting the plight of minimum wage earners. According to OECD statistics, in 2022, the minimum wage constituted less than 50% of the median wage in ten EU nations. This paper endeavors to identify and propose solutions to address the aforementioned issues.

ABSTRACT. The first mention of the concept of "sustainable development" appears in the Brundtland Report of 1972, which advocates for meeting present needs without compromising the ability of future generations to meet their own needs. This concept reflects the current level of societal development and the issue of resource limitation. The current state of society is characterized by various crises, primarily associated with technological advancements in all aspects of human activity. Factors such as industrial society, which consumes a significant amount of natural resources, make it challenging to conduct activities solely based on these resources. However, civilization has not yet reached a level where it can completely replace natural resources. Therefore, an analysis of fundamental trends in the political, economic, and ideological domains is necessary, considering the strategy of sustainable development. A key conclusion of the article emphasizes that the typical model of sustainable development, promoted by the UN 30 years ago, which encompasses the economy, social aspects, and ecology, is no longer adequate to reflect the complexity of current changes. Thus, at least two additional components - ideology and politics - should be considered. Only in this way can we create a multidimensional environment that promotes sustainable development goals. Without this approach, any global strategy implemented in fragmented and crisis-affected social systems is unrealistic. This work is dedicated to addressing the mentioned problems, including reconsidering the scientific methodology regarding the necessity of an interdisciplinary approach to sustainable development.

ABSTRACT. Digital transformation has become known as the driving force behind all socio-economic activities in today’s world, defined by its focus on efficiency, accessibility, and safety. In a situation where the interest rate is consistently increasing, financial institutions are developing digital strategies to differentiate themselves from their competitors. The study aimed to investigate the impact of integrating financial technology on the delivery of banking goods and services, specifically examining the changes in loan operations resulting from differences in interest rates. The research method focused on using quantitative analyses to evaluate and contrast the two major banks in Romania, namely Transilvania Bank and Romanian Commercial Bank. The financial organizations were selected for investigation because they currently have the greatest market shares and represent the most digitally advanced banks in the Romanian banking industry. The quantitative research was conducted by evaluating secondary data, investigating the changes in interest rates, the amount of loans given by each bank, the efficacy of lending operations, the utilization rates of Internet banking services, and analyzing trends in the adoption of financial technologies. The study results indicate that the incorporation of technology in the financial industry has improved the efficiency of operational procedures in banks, enhancing online loan processes, expanding the variety of goods and services, using new technologies, increasing data security, and reducing the possibility of fraud. This study is valuable for the existing body of literature because it examines how Romania's two dominant financial institutions adapt to interest rate variations while also painting an extensive overview of how technology is revitalizing the field's products and services in the areas of banking. Furthermore, by contrasting each financial player's market share and degree of digitization, the comparative research reveals the digital actions that each has implemented.

ABSTRACT. In today's fast-paced world, keeping up with the new literature in economics is becoming increasingly complex, if not impossible, especially for busy researchers and academicians. The main reason for this generalised inability to stay updated with the newest research is the increasing number of studies published daily without a proper computer-assisted mechanism for their precise organisation in databases. Therefore, systematic reviews are still a very effective way to categorise and extract the main concepts from the plethora of scientific papers. This human-filtered way of mapping notions (the systematic manual reviews) is best used in conjunction with software-aided bibliometric analyses. These two research processes jointly create a powerful tool that ensures a better understanding of the economic field. In 2017, the household income tax was first discussed in Romania after the appearance of the new fiscal code in 2015. Seven years later, the matter is once again taken into consideration by the Romanian government. For such a complex tax system to be analysed, we must first understand its nature. Using Web of Science, this paper aims to conclude about the mandatory elements that the household income tax must possess to be named like this and to function efficiently as it does in other countries. To clarify its characteristics, we will do a systematic literature review and a bibliometric analysis in this paper.

ABSTRACT. Confronted with a kaleidoscope of crises and a package of challenges, European Union is obliged to manage a complex set of transitions. One of these paradigm shifts is the digital one due to the pandemic situation, experiencing an increased interest and addressability within the national and common regulatory and institutional framework. This research focuses on the steps ahead performed by Romania and Bulgaria and evaluates their Digital Economy and Society Index (DESI). As tackling the digital gaps among its members represents a key priority for the EU, the authors underlined the results of measures implemented by these countries to optimize digitalization for economic and social gains. Special attention was paid to the specific scheme of support available to the member state under the Recovery and Resilience Facility, with the aim of accelerating the twin transitions – digital and green - in the process of making economies more sustainable and resilient. This research adopts a mixed methods approach, allowing for a nuanced understanding of the digital landscape in Romania and Bulgaria. It combines quantitative data analysis derived from DESI's comprehensive metrics with the quantitative insights, providing relevant information through the comparative analysis of the two countries, based on DESI indicators and on their National Recovery and Resilience Plans (NRRPs). The results of the research indicate that the lowest aggregate scores that Romania and Bulgaria registered in DESI are determined by scoring below the EU average in most indicators. In contrast, the analysis reveals some common indicators situated above the EU average. There is still significant improvement required for both countries, across all areas, considering also the Digital Decade target levels. The findings of the analysis of the NRRPs highlight their significant role in achieving the digital transition through reforms and investments aligned with the provisions of digital-related European strategies and policies.

ABSTRACT. The underlying cause of the ongoing conflict in Libya traces back to the Arab Spring that took place in 2011 in The Middle East and North Africa. The so-called Arab Spring was a significant mass protest that started in Tunisia after Mohammed Bouazizi, a vendor street seller, who burned himself alive as a sign of dicontent with the behavior of public servants. It soon spreaded to Arab countries. To control the protest and disperse protestors, some Arab countries resorted to oppressive measures. Muammar al-Ghaddafi, the notorious leader of Libya, crashed the protestors using voilence. However, the joint military intervention by the U.S., the UK, and France assisted the opposed coalition forces to topple Ghaddafi’s regime and form a transitional national council. Nonetheless, it did not take long for factions to involve in civil war as result of desire for taking political power to rule the country. Since then, Libya has been going through conflict for more than a decade. There are numerous parties that are involved in Libyan conflict, but the main two ones are Government National Accord (GNA), recognized by the UN, and Libyan National Army (LNA). The result of Libyan conflict has been a significant change in the socioeconomic condition on the ground. It has lead to decline in economic growth and overall living standards. Thus, it caused a migration crisis associated with the violation of human rights.

This paper seeks to explore the devastating socioeconomic consequences of Libyan conflict. In brief, it begins with an overview of Libyan conflict. Next, it explores the impact of conflict on economic growth. Then, it continues with the discussion of migration crisis associated with the violation of human rights . Finally, it concludes the discussion.

ABSTRACT. This paper leverages the transformative capabilities of blockchain technology to introduce a new approach to developing Ponzi-like systems by integrating perpetual liquidity and time epochs within immutable smart contracts. Blockchain's transparent nature establishes a foundation for trust in the ecosystem. Departing from the unsustainable nature and inevitable collapse associated with traditional Ponzi schemes, the proposed framework ensures continuous token availability, mitigating supply depletion and thus minimizing system failure risk. The introduction of time epochs is a key feature that enhances the sustainability of our system. It enables continuous rebalancing, predictability, and transparency within the system. Through predetermined intervals, users can claim a percentage of tokens from previous epochs, ensuring a fair distribution mechanism and preventing stagnation. This predictable cycle fosters the user's confidence in the longevity of the protocol. The mechanics of the proposed system are designed to incentivize rational behaviour and trust among participants. Users are motivated to contribute to the ecosystem, knowing that their efforts will be reciprocated with proportional rewards. We design, implement and present the new model as a paradigm shift in Ponzi-like structures. Through a multidisciplinary lens encompassing economics, game theory, and sustainable development, this research aims towards fostering long-term viability and ethical financial practices.

ABSTRACT. The key specificity of Artificial Intelligence today is that it is a fast-evolving field with yet unknown capabilities and potential. In technical research as well as in media there are new emerging AI-related topics almost every day. We hear a lot about risks of AI but also about so many useful AI applications that help people and companies benefit from better lives or enhanced results of their activity. Businesses developing AI solutions worldwide face significant challenges not only in designing processes but also in putting on the market safe, efficient and reliable technologies. Thus, there is huge time pressure to set the necessary regulatory frame that will enable proper market functioning and encourage innovation in this area. On the other hand, there is considerable pressure from society to have a safe and trustworthy environment to use AI technology. Such expectations are only reasonable as AI development affects all the society and economy at all levels. Therefore, it’s important to identify the best regulatory option. Is there a need for binding rules and coercive state measures to regulate markets and social behavior? Or could the consensual technical requirements and ethical principles provide the necessary direction for a reasonable development, function and use of AI? This paper aims at formulating the most suitable regulatory framework to guide further development of AI. The two-step research methodology focuses on analyzing the incipient regulatory initiatives on AI, exploring the published articles in the area as well as the recently approved standards at international level. Based on this analysis authors will assess the pros and cons for the two regulatory options and will further elaborate the arguments for the best setting to regulate AI.

ABSTRACT. The article aims to develop an in-depth understanding of how quality and quality management influence the well-being and performance of employees in the education system. The analysis advances by examining the relationship between the implementation of quality management strategies and employee performance, highlighting how quality-oriented practices can lead to improved morale, motivation and productivity. First, the article focuses on the conceptualization of quality in education, examining the different approaches and definitions that have been proposed in the literature. By investigating the specialized literature and integrating various theoretical models, the study provides a detailed perspective on how quality management practices can contribute to improving working conditions and optimizing educational outcomes, through a positive impact on employees. The relevance of international quality standards is discussed, as well as the need to adapt them to the specific context of national educational systems. In this sense, the importance of a comprehensive understanding of quality is highlighted, which includes not only tangible aspects, such as material resources and infrastructure, but also intangible factors, such as organizational climate and employee job satisfaction. It discusses the importance of creating an organizational culture that values continuous improvement, merit recognition and professional development as critical factors in promoting employee well-being. Through a multidisciplinary approach, incorporating theories from the fields of management, organizational psychology and educational sciences, this article contributes to the existing literature by providing new insights into the impact of quality management on human factors in education. In conclusion, the results highlight the need to adopt well-thought-out quality management strategies as an essential means of improving the well-being and effectiveness of employees in the education sector, suggesting future research directions in this vital field.

ABSTRACT. In this article, we analyze the complexity of social management control practices and their impact on improving the performance of educational systems. Approaching a multidisciplinary perspective, the paper explores how social control mechanisms, implemented within educational institutions, can contribute to increasing their efficiency and effectiveness. The study is based on an in-depth analysis of the specialized literature, integrating theories from the field of sociology, educational management and organizational psychology, to provide a comprehensive perspective on the subject. The article begins with a clear definition of the concepts of social control and management in the educational context, emphasizing their importance for the optimal functioning of education systems. Different types of social control practices are analyzed, from the most traditional forms, such as supervision and performance evaluation, to more modern methods, based on encouraging self-regulation and continuous professional development of teachers and administrative staff. The purpose of the article is to highlight the challenges and ethical dilemmas associated with the implementation of social control practices in educational institutions. The need to balance the need for oversight and accountability with respect for the professional autonomy of teachers and the individual rights of employees is discussed. In this context, the paper proposes a series of strategies and recommendations for the development of social control systems that are both effective and ethical, emphasizing the importance of the participation and involvement of all actors involved in the educational process. By adopting evidence-based and person-centred approaches, educational institutions can not only increase the efficiency and effectiveness of education, but also promote a more equitable and sustainable work environment. Finally, the paper highlights the need for further research in this area, to expand the understanding of social control practices and their impact on various aspects of educational performance.

ABSTRACT. The aim of the paper is to thoroughly investigate and analyze the effects of artificial intelligence on consumer purchasing behavior. It seeks to explore the various ways in which advancements in AI technology are reshaping the consumer decision-making process, influencing preferences, and altering buying patterns. The research methodology was conducted by studying specialized articles and analyzing field data. Additionally, a bibliometric analysis was performed using the VosViewer program based on keywords found in reference databases such as Scopus. Artificial intelligence (AI) significantly influences consumer purchasing behavior through various mechanisms. AI-driven recommendation systems offer personalized product suggestions based on past behavior, shaping consumer preferences and guiding purchase decisions. Predictive analytics harness vast datasets to forecast trends and tailor marketing strategies to meet consumer needs effectively. Chatbots and virtual assistants provide personalized assistance, streamlining the purchasing process and enhancing consumer satisfaction. Dynamic pricing, facilitated by AI algorithms, optimizes pricing strategies to attract price-sensitive consumers and maximize revenue. Enhanced customer service, enabled by AI technologies like natural language processing and sentiment analysis, fosters deeper engagement and loyalty by addressing consumer feedback and sentiment in real-time. To enhance the relationship between AI and consumer behavior, businesses can implement several strategies. Expanding data sources to include various consumer data points such as social media activity and demographic information can provide deeper insights. Transparency regarding AI usage is crucial, alongside improving user experience through optimized interfaces and responsiveness. Ethical data use should be prioritized, adhering to privacy regulations and consumer expectations. Facilitating consumer education about AI's impact on their purchasing journey fosters trust and understanding. Customization options empower consumers to tailor their AI experiences, enhancing control. Monitoring consumer feedback and behavior allows for ongoing adaptation and improvement of AI-driven strategies, ensuring alignment with consumer needs and preferences.

ABSTRACT. IT technology and more recently Artificial Intelligence have led to radical changes in the labour market. There are an increasing number of professions that have disappeared or are on the verge of extinction. As new technologies are integrated into organizations, this process of change in the labour market accelerates. According to an analysis by the IMF (International Monetary Fund), in advanced economies, about 60% of jobs can be affected by AI. About half of exposed workplaces can benefit from AI integration, boosting productivity. For the other half, AI applications can execute key tasks currently performed by humans, which could reduce labour demand, leading to lower wages and reduced hiring. In the most extreme cases, some of these jobs may disappear.

In this complex landscape, the article aims to analyse the main references on the research area using bibliometric research.

ABSTRACT. Abstract: In the dynamic landscape of contemporary business environments, strategic management faces complex challenges, among which the investment in human capital development stands as a critical pillar. This research article delves into the intricate interplay between strategic management challenges and the imperative role of human capital development. Drawing upon an extensive review of literature and empirical evidence, this study illuminates the complexities and nuances inherent in effectively managing human capital within strategic frameworks. The article explores the challenges posed by rapid technological advancements, globalisation, and shifting demographics, which demand innovative approaches to human capital management. It scrutinises the impact of these challenges on organisational competitiveness, sustainability, and adaptability in an increasingly volatile marketplace and it highlights the significance of strategic foresight and agility in navigating the evolving terrain of human capital dynamics. The fundamental objective of this paper is to study the strategic imperatives for investing in human capital, ranging from talent acquisition and retention to fostering a culture of continuous learning and development. The authors seek to interpret the synergistic relationship between human capital investment and organisational performance, emphasising the role of strategic alignment and resource allocation in maximising returns on investment. Additionally, this article discusses the role of leadership in driving human capital strategies, emphasising the importance of visionary leadership, effective communication, and inclusive decision-making processes. It also addresses the challenges of managing diverse talent pools, fostering collaboration across geographically dispersed teams, and promoting organisational agility in response to dynamic market conditions. In conclusion, this research article features the critical importance of human capital development and offers insights and practical recommendations for organisational leaders and managers seeking to leverage human capital as a strategic asset in achieving sustainable competitive advantage and organisational success in an ever-evolving business landscape.

ABSTRACT. The global trend of digitizing public administration services aims to enhance efficiency, accessibility, and transparency. Governments worldwide are implementing electronic administrative systems to keep pace with technological advancements. However, there's notable variation in digitization levels among countries, with Romania lagging. This research highlights the perception of digitizing public administration services across eight Romanian counties, exploring the views of citizens and public officials. It delves into the challenges and benefits associated with this digitization process, particularly in reducing paperwork, enhancing service delivery, and improving efficiency. Through an extensive literature review and analysis of data from surveys and interviews conducted in the eight counties, the study examines factors shaping perceptions, such as the availability and accessibility of digital documents and services via government portals. The findings offer valuable insights for Romanian policymakers and public administration officials aiming to enhance digitization efforts and narrow the gap between Romania and other nations in digitalizing public services. Additionally, the study discusses the legal framework governing electronic administration in Romania, spotlighting implementation difficulties. Overall, the research aims to illuminate the perception of digitizing public administration services in Romania and provide recommendations for improvement. It provides an overview of the urgent need for global digitalization in the public sector, along with challenges encountered in implementing digital solutions. Furthermore, it emphasizes the specific focus on the perceptions and attitudes of citizens and public officials in eight Romanian counties towards digitization efforts in public administration services. Lastly, the study offers a concise summary of its objectives, methodologies, and key findings.

ABSTRACT. The widespread use of artificial intelligence is expected to have a major impact on data center development and related energy consumption. The paper aims to analyze the changes that AI adoption will produce on the technological area. According to the International Energy Agency, AI was responsible for about 1.5% of global energy consumption in 2023. However, 2023 is a year in which AI technology is still in its infancy, being present in a small number of organizations. Given the level of adoption for the coming years, related energy consumption is expected to triple. The paper will also present how artificial intelligence itself can be used to optimize energy consumption. The article aims to make bibliometric research specific to this field.

ABSTRACT. Nowadays, in a highly competitive environment, organizations should continually strive for excellence. Performance management enables organizations to plan and monitor their performance against competitors, identify areas for improvement, and gain a competitive edge. The aim of this paper is to analyze the main performance management systems (PMS) identified in the literature, highlighting both similarities and those that differentiate them. The study methodology includes a literature review that examines and synthesizes existing research on various PMS including Balanced Scorecard (BSC), Sustainability Balanced Scorecard (SBSC), Performance Prism, Objectives and Key Results (OKRs), European Foundation for Quality Management Excellence Model (EFQM), and Hoshin Kanri. One key finding from the analysis of these identified PMS is the common emphasis on a strategic approach to performance management. Therefore, aligning performance management with organizational strategy is essential. Furthermore, the analysis underlines the importance of a stakeholder-centered approach in driving organizational performance. Stakeholder engagement in the planning and implementation of both organizational strategy and performance management can create shared value. The analysis also identifies sustainability as a novel dimension of performance management. Integrating sustainability at the organizational level requires a holistic approach that balances the social, environmental, and economic perspectives. The evolution of performance management to include stakeholder engagement and sustainability as priorities reflects a broader recognition of environmental and social issues. Obviously, this is a complex process that involves rethinking objectives, key performance indicators and initiatives. By integrating sustainability into performance management, organizations can foster a culture of continuous improvement toward sustainability goals. As such, performance management is not only a driver of sustainable performance, but also a catalyst for cultural and behavioral change within the organization.

ABSTRACT. The academic interest in the economic rivalry between the United States and China has been a constant in the scientific literature of recent decades. However, the structural changes of the global economy have generated multiple shifts in perspective. The purpose and main research objective of this paper is to analyze the competitive positions of the United States and China in Africa between 2000 and 2023 in order to identify the relevant indicators for the research topic.

From a methodological point of view, the paper consists of an explanatory research that aims to identify the factors that influence the competition between China and the United States on the territory of the African continent. The starting point of the paper is the review and subsequent categorization of the relevant literature, as to determine and evaluate the most commonly considered factors in the literature. The economic variables most frequently used in the specialized literature in the analysis of the US - China relationship on the territory of Africa are foreign direct investments and trade flows. The results obtained generally show the existence of differences between China and the United States in FDI destination decisions and trade flows. Henceforth, in order to expand on already existing research, this paper employs the use of already validated tools from specialized literature (eg: Porter analysis, PESTLE analysis, etc.).

Ultimately, this paper contributes to the ongoing academic discourse on the economic rivalry between the United States and China by offering a comprehensive analysis of their competitive positions in Africa from 2000 to 2023. By identifying relevant quantifiable indicators and employing established analytical tools, it lays the groundwork for further empirical research in this area.