REC | November 2017


Proceedings Volume: Risk in Contemporary Economy 

Edited by: Seraphin Hugues, Nicoleta Cristache
Published by: © Editura LUMEN, 2017, London, UK & Iasi, Romania
ISBN: 978-1-910129-10-4

ISSN: 2344 – 5386
ISSN–L: 2067 – 0532

Indexed by: CEEOL, RePEc, Econ Papers
Conference title: 18th edition of the Conference “Risk in Contemporary Economy” RCE2017, June 9-10, 2017, Galati, Romania
Dates: June 9-10, 2017
Location: Galati, Romania
Organized by: Faculty of Economics and Business Administration, Dunarea de Jos University from Galati, Romania

The reproduction of any part of this volume by photocopying, scanning, unauthorized multiplication, regardless of the medium of transmission, is prohibited. Peer review & manuscript selection under responsibility of the Organizing Committee of the Conference



RCE2017 – table of contents


1. Education in the Contemporary Economy and Society. Risks and Challenges

Author(s): Sebastian Cristian CHIRIMBU*, Eduard IONESCU
Pages: 1-8


The 21st century economic and social context brings about unprecedented challenges in the field of education, raising, more acutely than ever, issues related to the effective criterion of competitiveness and the extent to which graduates are equipped with the skills required in the operational context of educational markets that often exceeds national boundaries, becoming international. Education will be focused in this regard especially on the preparation, as far as possible, the experts and staff with high qualifications for leading-edge sectors, able to ensure the viability of the various educational institutions and to validate the place they occupy in the market competitive tenders as educational. The present article discusses the risks and challenges that contemporary education is currently facing in a politically, economically, technologically fast changing world.
Keywords: 21st century education, curriculum in the knowledge based society, learning to learn, learning to do, learning to be.

2. The Statistical Connector between the Health Expenditures and the Life Expectancy, in United States

Author(s): Gabriela OPAIŢ*
Pages: 9-29


The efficacy politic of the federal government in United States, concerning the Health Care System and the Health Expenditures, develops a „fingerprint” in the optimization of the values regarding the Life Expectancy. The aim of this research is to emphasize the powerful and the precious statistical connection between the Health Expenditures and the Life Expectancy in United States. The Health Expenditures represents the “sparks of the internal combustion engines” which put in movement the circuits of the “energetic high tides” from hospitals and medical clinics, for to maintain or to obtain the health of the patients. In any country, the Health Expenditures constitute important “energetic source” for to achieve a high Life Expectancy. In this research, the United States represent a model which musts be applied on international level by all the countries.  In each year, the United States have “astronomical numbers” reflected by the Health Expenditures and this statistical analysis through the correlation coefficient demonstrates that, there is a very important and beneficial influence of the Health Expenditures on Life Expectancy in the United States, which have “astronomical numbers” presented by the Life Expectancy. Everywhere on globe, a high quota destined to the Health Expenditures has as effect a good health for nation and this effect, as in a “perpetuum mobile”, achieves a well-being and an economic development for the respective country. The Life Expectancy and the Health Expenditures must to represent for any country “targets” of the good health and well-being for these nations.
Keywords: Health Expenditures, Connector, Correlation Coefficient, Spectral Analysis.


3. Management of Educational Paradigms within the Framework of Contemporary Educational Strategies

Author(s): Eduard IONESCU, Sebastian Cristian CHIRIMBU*
Pages: 30-36


Each major pedagogical orientation brings with it a set of certain potential actions, a potential that becomes reality at the level of invariably at the level of educational reality. Assuming a certain pedagogical educational paradigm is thus equivalent to the transposition into practice of a certain type of experimental research and promoting a particular way of conceiving and modeling of human nature. In a world characterized by contradicting realities, by turmoil, fast developing technologies, discussing and deciding on the most appropriate educational paradigms should be a core process in the attempt of conceiving the educational vision and objectives of tomorrow. The present paper aims at discussing the role of educational paradigms within the framework of contemporary educational strategies.
Keywords: Educational paradigm, educational model, classical educational paradigm, modern educational paradigm, the open class paradigm.

4. Comparative Statistical Analysis Concerning „The Boom” of the Medical Equipments and Technologies, between United States and Germany

Author(s): Gabriela OPAIŢ*
Pages: 38-58



The „high artillery” of the medical innovations, concerning the Medical Devices and the MedTech, determines the „accelerator boom” of these „Top Management Products” on the United States and Germany markets. These medical innovations represent the synthesis of the interdisciplinary connexions between Medical Clinics, medical researches, academicians and medical engineering. The medical researches from the medical technology sphere reflect a high level of the innovations and them are components of the continuous high tides of the medical discoveries. The “attraction point”, in the “sphere of the excitements” reflected by the high-tech medical innovations, is represented by the tendency concerning the miniaturisation of the medical devices with a very striking design and in each year, at the international level, we can see a lot of events which present these medical equipments accompanied by the sophisticated medical technologies which reflect “the sweet cherry on fancy cake”. The Medical Devices and MedTech Planet occupies on the Earth Planet, the principal role regarding the interventions in the view of the improvements for the health of the people. In this sense, the modern medical technologies, for the high quality of the medical devices, make the medical diagnoses and the medical interventions with the biggest precisions. In the top ten international medical technologies are Medtronic and Boston Scientific from the United States, which occupy the first two places. The American leadership in the Medical Devices sphere, at international level, and the German leadership in the Medical Technologies sphere, at European level, created two forces in the medical innovation domain with maximum effect on the Life Expectancy from these countries, where the both nations are well on in years.
Keywords: Medical Devices; Medical Technologies, Medical Innovations, „t” Test.

5. Premises and Consequences of the Adoption of the Euro as the Single Currency in Romania

Author(s): Violeta Elena DRĂGOI*, Lucreţia Mariana CONSTANTINESCU, Larisa Elena PREDA
Pages: 59-73



For joining the Economic and Monetary Union, the intermediate objective for Romania is the fulfilment of the requirements of the Treaty of Maastricht which provide the obtaining of concrete results regarding the deficits/budget surpluses, public debt, inflation, the interest rates and the exchange rates. The Euro is the single currency adopted by the 19 Member States of the European Union which together form the euro area or the Eurosystem. The introduction of the euro was an important step for the European integration. The transition to a monetary union based on currency courses irreversibly fixed and the introduction of the single currency has an important impact on the international economic relations. A new framework for the operation of the markets of the European monetary is ensured, contributing to both the integration of the capital markets and to the harmonization of the financial policies. This paper presents an analysis of Romania regarding the criteria for the nominal convergence imposed by Economic and Monetary Union, and the criteria for the real convergence achieved by our country.
Keywords: The monetary union, the euro, convergence, stability, exchange rates.

6. Adults’ Educational Needs and Continuous Professional Development

Author(s): Geanina COLAN*, Marilena RÂPĂ, Diamanta BULAI, Monica RĂDUCAN
Pages: 74-82

Open access

In order to decide on an education necessity, one has to answer the question “What and who do we organize a certain educational process or system for and why do we organize it in a certain way and not otherwise?”. In order to decide on an education necessity one must also answer the question “What social problems does the educational process or system we devised solve?”. The problem of permanent vocational training is important in sustaining the vocational conversion of the working class. A change of views and mentality is desirable regarding vocational training, in the sense that people need to be more aware of the importance of permanent learning, more motivated in order to broaden their horizon and more willing to develop their professional skills.
Keywords: lifelong learning, globalization, network.

7. The Impact of Corporate Social Responsibility on the Performance of Organizations

Author(s): Nicoleta CRISTACHE*, Irina Olimpia SUSANU, Adrian Ciprian GHINEA, Ana Maria STAN, Marius George MUNTEANU
Pages: 83-94

Open access

The present study addresses some relevant aspects concerning the impact of CSR upon the performance of organizations. The MCDA-C model was used due to its capacity to encapsulate the perceptions of the company’s managers on the situation under scrutiny and also due to the possibility to provide conditions for assessing the specific elements of CSR management as well as suggestions for improving performance. Moreover, a set of performance indicators can be identified
thanks to this model, which characterize the company’s sustainability and asses its commitment both at the individual and global level. The model also enables establishing the company’s strategy that should take into account the economic, social and environmental criteria, showing that stakeholders will advocate the company’s CSR profile under to circumstances of optimum communication.
Keywords: Corporate Social Responsibility (CSR), MCDA-C model, performance of organization.

8. The Behavior of Stock Prices during Lent and Advent

Author(s): Ramona DUMITRIU*, Razvan STEFANESCU
Pages: 95-112

Open access

The religious practices generate some important calendar effects on the stock markets evolutions. This paper explores the impact on stock markets of two periods from the Catholic Church Calendar, Advent and Lent, for the period January 2009 – May 2017. We employ as data the closing daily values of stock exchanges indexes from five countries where the main religion is the Roman Catholicism: Argentina, Brazil, Chile, Hungary and Mexico. The sample of data used in the investigation is divided in two sub – samples: the first, from January 2009 to December 2012, covers a period when international stock market recovered after the 2007 – 2008 crisis, while the second sub – sample, from January 2013 to May 2017, corresponds, at a global scale, to a relative normal period. We employ GARCH models to reveal the impact of the Advent and Lent on the prices returns and volatility. For the first sub-sample we found no effect on returns but a decline in volatility during Advent for all the five indexes and during Lent only for the stock market from Brazil. For the second sub-sample the results indicate a decline in returns during Advent, for the stock markets from Argentina and Chile, but no impact on volatility. Such results could be explained by the circumstances specific to the religious practices but also by the inference of other calendar effects.
Keywords: Stock markets, Volatility, Returns, Calendar effects, Religious practices.

9. Identifying the Wastes from the Romanian Healthcare System using the Lean Approach

Author(s): Cosmin DOBRIN, Ruxandra DINULESCU, Adriana DIMA*
Pages: 113-123

Open access

Objectives: The following paper aims to present a part of the issues with which the Romanian healthcare system copes, from a Lean methodology point’s of view. The main objective is to identify the actions and medical processes that do not add value for the patients and how could be reduced or even eliminated. Prior work: The Romanian hospitals and clinics need to offer the best experiences for their patients. In this way, and studying the models from American and European
hospitals that already adopted Lean methodology as part of their every day job, introducing Lean to Romanian healthcare system represents a way of transforming a blamed system into a representative model.Approach: The paper relies on facts and actions that take place in public hospitals and clinics from Romania. After observing for a couple of years the patients’ behaviour and their needs, through surveys and direct interviews, we have arrived at the conclusion that the
Lean method could be an efficient way of improving the Romanian healthcare system.Implications: During the study, researchers have involved in observing and understanding waste in the healthcare system.Value: The paper presents a new vision for improving and better organizing the Romanian
healthcare system.
Keywords: Lean management; sanitary system; waste; pull system; push system.

10. Corporate Governance and Related Parties Transactions – Evidence from Romanian Listed Companies

Author(s): Iuliana Oana MIHAI*, Riana Iren RADU, Violeta ISAI
Pages: 124-134

Open access

The objective of this work is to offer contributions to improve the understanding of related party transactions. Our goal is to explore the role of related party transactions from the perspective of company’s corporate governance environment. Even though there is a growing interest in related party transactions, there is little academic literature to understand the nature of related party transactions and their economic consequences. Our study was conducted on a sample of 40 companies listed companies on Bucharest Stock Exchange activating in manuafacuring sector. Our objective was to analyse the way the companies follow the requirements of transparency of related party transaction. Based on our observations on companies’ financial reports and companies websites, the level of transparency between these companies was reflected by an index estimated from producers’ scores on Likert-type scales (one to five) that showed to what extent they disclose or not disclose information such as relationship between parents and subsidiaries, key management personnel compensation, the value of transactions with related parties or separate disclosure for the group entities.
Keywords: related party, corporate governance, financial reports.

11. Considerations Regarding the Assessment Capacity and Recognition in Accounting of Human Capital

Author(s): Riana Iren RADU*, Iuliana Oana MIHAI, Violeta ISAI
Pages: 135-145

Open access

At present, human capital generates interest in the global economic system for both researchers and different organizations, having both favorable and unfavorable arguments for recognizing accounting and financial reporting. However, aspects regarding the human capital are not clear and there is no international convention to provide unitary regulatory practice. In this context, having as a source of information papers belonging to well-known authors, specialized articles published at national and international level, we have corroborated the essential ideas to highlight the human capital characteristics, surnamed “the new millennium currency”, as component of human capital being considered the best asset of a company.
Keywords: human resources, recognition, capital, intangible assets.
JEL code: M41, M51

12. Approaches Regarding the Application of ISQC1 and ISA 220 in the Audit Activity

Author(s): Riana Iren RADU*, Iuliana Oana MIHAI
Pages: 146-156

Open access

In the context of global change, the financial crisis is highlighting how financial systems are connected. This interconnection brings more prosperity but at the same time a greater concentration of systemic risk. Policy makers are also responsible for the economic impact of the crisis and for legislative changes at the request of the user audience. In this paper the authors proposed to express a point of view on the importance of creating audit reports in order to ensure access to the structural funds, but especially the importance of including in the prepared reports of other information about the entities that access these funds and not just financial information. The author believes that this information would outline a more complete overview of the entity and ease the valuations for reimbursement by the contracting authority.
Keywords: audit, founds, quality, standards, services.
JEL code: M42

13. Strategic Management of Cerebral Arachnoid Cysts in Children in the Era of Globalisation

Author(s): Eva-Maria COJOCARU*, Victoriţa ŞTEFĂNESCU
Pages: 157-163

Open access

Introduction: Arachnoid cysts in children are incidental or symptomatic findings which can have associated neurological pathologies in children. Epileptic seizures and headache are by far the most common symptoms associated to arachnoid cysts but they can also associate cerebral palsy or facial dwarfism. Objectives: In the era of globalisation we want to highlight the importance of modern diagnostic procedures and long term strategic management of children with arachnoid cysts in order to rise their social competence and have a better quality of life. Material and methods: We searched the most important theories in the literature and the new methods in the management of the arachnoid cysts. Results: Even if surgical is necessary just in few cases, medication is needed for epileptic seizures. Many children receive neuroprotective agents while other receive antiepileptic drugs for the concomitant or associated epilepsy. For speech difficulties and movement disorders speech therapy, physical therapy and other further support is needed. Discussions and conclusions: The
EEG patterns are not mandatory identic to the site of the cyst. Facial dwarfism and other genetic hallmarks need to be further investigated for rare syndromes associated to cerebral arachnoid cysts. The arachnoid cyst could be a hallmark that children brain can be more sensitive to seizures.
Keywords: arachnoid cyst, children, strategic management, globalization, structural marker.

14. Information Security – A Growing Challenge for Online Business

Author(s): Gabriela GHEORGHE*, Ioana LUPASC
Pages: 164-171

Open access

In present, the cyber attack move to a global scale, also the online business cyber threats have the effect of impeding and even huge losses. Security issues currently facing online commerce, online payment systems require finding solutions to improve the security solutions offered by the providers of Business Information solution.
Keywords: Information technologies, Business Intelligence tools, data mining.

15. Combating Fraud in the European Union and in Romania

Author(s): Gabriela GHEORGHIU*, Cerasela Elena SPĂTARIU
Pages: 172-183

Open access

The present research paper aims to evaluate the level of expansion and the impact of actions undertaken at European level to combat fraud against the European Union’s financial interests, a phenomenon that has been growing in the recent years, especially as a result of the latest financial crisis. In this respect, the paper analyses the results of the activities carried out between 2008 and 2015 by two competent institutions – one at the European Union’s level, the European AntiFraud Office (OLAF) and the other one at a Member State’s level, the Romania’s Anti-Fraud Department (DLAF) (as Romania is a full member of the European Union since 2007) – to detect, investigate and penalize fraudulent actions affecting European Union’s financial interests. More specifically, on the one hand, to assess the level of expansion of the EU’s actions to combat fraud, the research paper presents how evolved the numeric variation of new open investigations and those concluded by these institutions during the given period, and, on the other hand, to appreciate the impact of these actions, the indictment rate of the decisions taken by national authorities following OLAF’s recommendations is determined and the financial recoveries/implications are
Keywords: fraud, European Union’s budget, financial interests, investigations.

16. Information and Communication Technologies for the Safety and Security of Fish and Fishery Products

Author(s): Liliana Mihaela MOGA
Pages: 184-192

Open access

The food industry is becoming more customer-oriented and needs faster response times to deal with food scandals and incidents. Good traceability systems help to minimize the production and distribution of unsafe or poor quality products, thereby minimizing the potential for bad publicity, liability, and recalls. The current food labelling systems cannot guarantee that the food is authentic, good quality and safe. Therefore, traceability is applied as a tool to assist in the assurance of food safety and quality as well as to achieve consumer confidence. This paper presents comprehensive information about traceability systems and the evolution concerning the actors involved and the information about safety and quality in the food supply chain administrated within the systems. Some inventive factors, which influence the traceability systems adoption, are underlined.
Keywords: traceability system, information, supply chain, fish and fish products.

17. Entrepreneurial Resilience, Factor of Influence on the Function of Entrepreneur

Author(s): Gabriel CROITORU*, Mircea DUICA, Ofelia ROBESCU, Valentin RADU, Oana OPRISAN
Pages: 193-216

Open access

The entrepreneurial spirit and its capacity of adapting is a current subject and it is still, quite simple, as the entrepreneurial resilience live to tell their story. It becomes difficult to believe, even tough, but reflecting on this subject, the whole world becomes a workplace. It is less known, though, what leads the entrepreneurs to make decisions in difficult periods. Our research, through this article, showed us that specific personal factors count a lot in doing the job of entrepreneur. It must be highlighted, that, after the analysis, we have to grow ecosystems for entrepreneurs, not to build them. We believe that there should be more gardeners than workers in constructions. All the actors involved in the entrepreneurial ecosystem in Romania should have as common elements the development of hubs of entrepreneurship, a civil society better shaped, partnerships based on sharing experience and resources in education. The recent economic evolutions claim the possibility of the apparition of a new science, anthropology, which judges the entrepreneurial motivations and attitudes in the new entrepreneurial ecosystem. Therefore, we analysed, in this article, a tool of measuring the entrepreneurial resilience under the form of an index. Based on this index, there can be taken certain early measures or interventions to help the sustainability of the business of the entrepreneurs. Maybe the results of this study will support the agencies, the directions to see measures for supporting not only the foundation but also the evolution of start-ups (performances, profits, business number, sales), at the level of the cognitive strong points but also social networking skills.
Keywords: Entrepreneurial resilience, entrepreneurship, entrepreneurial ecosystem, education, start-up.

18. The Impact of Standardization on Growth of Performances of Human Resources within an Organization

Author(s): Constanţa POPESCU, Roxana SURCEL (GEORGESCU)*
Pages: 217-225

Open access

“In terms of work performance individuals are not significantly different” (Deming, 2000). To eliminate subjectivism and errors in assessing performances of human resources within an organization, managers have to relate to well-defined standards of performance. Once assessment criteria have been established, they will be compared to standards and elements of reference in measuring results. This study introduces the most important results regarding teaching standards, their requirements in relation to knowledge, skills and mentalities developed by teaching staff in Dâmboviţa county. The data has been obtained by applying a questionnaire on a representative focus group of teaching staff in pre-universitary education.
Keywords: performance, professional standard, qualities, skills, competences.

19. Cross-Cultural Evidence on Students’ Perceptions of Experiential Learning

Author(s): Alexandrina TANVUIA, Matthew REILLY, Alexandru CAPATINA*, Adrian MICU, Angela Eliza MICU
Pages: 226-239

Open access

The experiential learning approach in higher education enables the effectiveness of courses and is particularly important for having a positive influence on students’ engagement in the learning process. This is because it is the learning experience that students tend to assimilate in their quest to develop their knowledge-base. In order to find out how students from United States and Romania perceive the benefits of experiential learning techniques, we conducted a quantitative survey on convenience samples from two higher education institutions, one from Romania and the other from United States and analyzed the results by means of appropriate statistical tests. The results indicate that U.S. students get in contact with experiential learning methods more than the Romanian students, as the American education system represents a model of students-centered setting, where learning through experience is highly supported.
Keywords: experiential learning, cross-cultural study, skills development, academic system.

20. The Impact of Development in Forestry Related Activities on Local Economy

Author(s): Florin-Octavian MATEI*
Pages: 240-249

Open access

The forests are a very important natural resource for Romania, but forestry has not have just the harvesting wood activity, is also have secondary activities with a local social and economic impact, because of the regional specification of those products. Fish farming, forest fruit and mushrooms, medicinal plants, wood seeds, ornamental trees, hunting and recreational activities, all those activities can have an influence on local economy, bringing turists and selling products for a higher price and can be done localy and only in small activities.
Keywords: forest products, forestry, local economy, development.

21. The Project Team: Features, Effectiveness and Leadership

Author(s): Ramona-Elena GABREA*, Cătălin-Ionuţ LĂSCAIE, Delia-Mioara POPESCU, Alin-Iulian ŢUCMEANU
Pages: 250-260

Open access

The project team that is responsible for providing flexibility and innovation to this structure in order to enable organizations to remain successful (1). The very nature of the project team’s work underpins a collective task much more complex than that assumed by other types of work teams. The aim of this paper is to explore the main factors that determine the project team effectiveness. The research methodology was the literature review. The main finding reveals that the organizational structure of projects and the project team should not be considered as a panacea for all problems of organizational effectiveness.
Keywords: team, project team, effectiveness, leadership.

22. Entrepreneurship in the Tourism Sector: A Risky Activity in French Overseas Departments?

Author(s): Hugues SERAPHIN*, Manuela PILATO, Claudio BELLIA
Pages: 261-273

Open access

Research in the field of tourism in the Caribbean is rather limited despite the fact the industry is capital for the area. This industry is very important for the French Overseas Departments and yet, the local corporate doing business in the sector are limited. Out of the 59 big French Overseas Department corporate, only 14 (24%) have tourism related activities. Tourism is the main activity for only one of them (7%). For all the others (93%), tourism is a fringe activity. Because the tourism sector is especially vulnerable to exogenous factors like political instability, economic crisis, natural disasters and the outbreak of diseases, the tourism industry can be considered as a high risk activity for entrepreneurs in French Overseas Departments. The risk for corporate doing business only in the tourism sector in French Overseas Department is therefore absolute. This risk is only speculative for corporate with tourism as a fringe activity and can become totally speculative for all corporate if the activities developed are non-exclusively tourism businesses. The findings of this research are calling for transformational entrepreneurs and transformational enterprises. The findings of this research are also calling for a better collaboration between stakeholders. Last but not least, it is extremely important for the entrepreneurs in the tourism industry in French Overseas Departments to provide high quality products and services as it is a differentiation tool.
Keywords: Corporate, French Overseas Departments, Tourism, Risk, Entrepreneurship.

23. The Mobbing Phenomene and its Impact on the Employees Activity

Author(s): Georgiana Tatiana BONDAC*, Maria Luiza HRESTIC, Crenguţa Ileana SINISI
Pages: 274-283

Open access

Mobbing is a less known phenomenon, but its effects are real and worrying. This is a form of psychological abuse encountered at work by any of the superiors or colleagues through repeated aggressive acts. This article defines the notion of mobbing, presents its conceptual delimitations and dynamics, drawing attention to its impact on the employees’ activity, as well as measures to counteract this phenomenon. Organizations should pay more attention to mobbing problems at the
workplace as it significantly affects the employee’s performance.
Keywords: mobbing, employee, stress, conflict.

24. Transforming the Banking Organization in the Context of Digital Economy

Author(s): Oana-Mihaela ILIE*, Constanţa POPESCU, Silvia Elena IACOB
Pages: 284-292

Open access

The technological evolution has brought about major changes in the behavior and expectations of bank customers. Thus, digital innovation is a “must” for the development of the domestic banking market. To the extent that more and more people are using new technologies, business models also change radically. The study focuses on the successful transformation of the banking organization into the context of the digitization of the economy, which offers extraordinary opportunities, but also on building the image of the future bank on the basis of five fundamental characteristics.
Keywords: hiperconectivity, super computing, cloud computing, smarter world, cyber security.

25. Relationship Between Supply Chain Risks: An Empirical Work

Author(s): Mustafa ÜNĞAN*
Pages: 293-303

Open access

Supply chain risk management is turned out to be a critical function for organization around the globe as a consequence of change in technology, economic, environment of organizations. Most companies or organizations view supply chain risk as a disruption of the flow of products or services that meet their requirements and consequently reduce their performance. A literature review for this study indicates that relationship between supply chain risks and developing appropriate mitigation strategies is drawing the attention of practitioners and academics in recent years. However, there is a lack of studies in this field. This paper aims to contribute to fill this gap in the literature by exploring the relationships between supply chain risks in Nigeria. To this
end, data were collected 82 companies operating in different industries. Correlation matrices and item to total correlations were used for the analysis. The results indicated that terrorist activity risk is the most perceived supply chain risk in Nigeria. It was also found that many companies can reduce the level of many supply chain risks with an optimum level of capacity and good planning. It is expected that the findings help supply chain managers and policy makers in their decisions.
Keywords: Supply chain, Risk, Supply chain risk management, Enterprise risk management.

26. Influences of the Capital Structure and the Cost of Capital on Financial Performance. Case Study on ENGIE Group

Author(s): Elena Valentina IVASCU, Nicoleta BARBUTA-MISU*
Pages: 304-320

Open access

The main objectives of the company’s financial management are to ensure financial performances and to choose the capital structure that corresponds to the lowest total cost of capital. The purpose of this paper is to analyse the relationship between the capital structure and cost, and the financial performance of Engie Transnational Group, one of the most important global electricity producers. The data used were extracted from the Amadeus and Bloomberg databases for the period 2010-2015. Financial performance was analysed both by creating and proposing an aggregate index, as well as based on the Z Conan & Holder score. The company’s financial structure was analysed on the basis of the total leverage ratio and for the total cost of capital, the weighted average capital cost formula was used. The results obtained at the Engie Group level show that the capital structure is predominantly indebted, and the maximum financial performance is obtained when the financial structure is minimal and the weighted average capital cost is maximum. The reversed relationship between the financial structure and the financial performance is in accordance with the financial structure theories of information asymmetry, pecking order and dynamic trade-off. The reversed relationship is confirmed in all Engie Group companies, except one company from United Kingdom.
Keywords: Financial performance, aggregate index, financial structure, solvency, weighted average cost of capital (WACC).

27. The Nitrification Capacity of Different Types of Biological Filters – An Overview

Author(s): Ahmed EL-SHESHTAWY*, Abdallah SALAH, Mostafa Abdel RAHMAN IBRAHIM, Dorina Nicoleta MOCUTA, Adrian TUREK RAHOVEANU, Ana Maria HOSSU
Pages: 321-328

Open access

Biological filtration is the keystone of any recirculating aquaculture system (RAS). Biological treatment process is considered the most economically feasible approach. Unfortunately, there is no ideal biofilter can be used for all different purposes. Understanding the nitrification capacity of different biological filters under actual production conditions will help the recirculating system designers in proper selection of the economically biological filters for the large scale commercial production use. In this review, we shed light on the performance, pros and cons of some of the most commonly used biofiltration systems.
Keywords: recirculating aquaculture system (RAS), biological filtration, nitrification process.

28. Analysis of Agriculture in the Socio-Economic Context of the Romanian Rural Environment

Author(s): Iulia GRADINARU (CRISTEA), Dorina MOCUTA*
Pages: 329-337

Open access

I would start wondering what one would respond to a simple question: “What agriculture means? “Is it just THAT countryside job? Is it working in a farm, feeding animals? Is it sowing corn for home use? Well, agriculture is a huge industry that involves rural areas and its communities, natural resources and not least, human resources. The enlarged European Union and the specificity of rural areas imply a new vision for the application of the common agricultural policy, so that basic principles, such as the maintenance of a single market and financial solidarity, are respected. The purpose of the paper is point out some generalities about agriculture in the socio-economic context in Romania.
Keywords: agriculture, socio- economic context, rural development.

29. Rural Tourism – Alternative to the Development of Rural Areas

Author(s): Maria Cristina PAIU, Adrian TUREK RAHOVEANU*
Pages: 338-346

Open access

Rural tourism through its content and its features is a distinct component in the economy of a region, and the sustainable, efficient use of local tourism resources can be an extremely important activity by: adding added value, boosting productivity, employment and increasing the living standard of the population. Rural tourism is considered a lever to mitigate local imbalances and besides attracting touristic areas in the circuit, it also has consequences on territorial development: housing construction, road development, development of public services and the development of small and medium-sized enterprises. Consequently, rural tourism has an impact on a country’s economic and social development strategy, but also on a branch level.
Keywords: rural tourism, rural space, sustainable development, tourism product.

30. Culture of Lavender: Investment for Health, Beauty and Food

Author(s): Stelica CRISTEA, Georgia BOROS-IACOB*
Pages: 347-356

Open access

Initially, the lavender cultures were found in the Mediterranean basin, in the limestone and rocky areas (Europe and North Africa), as well as in Western India (Essential oil crops. Production guidelines for lavender, Department of Agriculture, Forestry and Fisheries, 2009). Nowadays, with an increasing spread along Europe, lavender is cultivated on almost every continent and can be found also in North America, South America, South Africa, Asia or Australia. According to INTELIAGRO (Grebenicharski Stiliyan, Lavender Production in Bulgaria, 2016), Europe remains a main market, with Bulgaria and France holding 2/3 of the EU’s lavender exports. The EU member countries, such as France and Germany, are also among the main importers of lavender, as well as the US and Swiss markets.
Keywords: lavender culture, investment, health products, food, cosmetics.

31. The Intangible Assets, the Hidden Wealth of the Romanian Companies

Author(s): Florentina MOISESCU*, Silvia-Aurora TITOR
Pages: 357-363

Open access

Many of the Romanian companies are familiar with the intellectual capital notions but are hesitant to implement an assessment and measuring methodology of intangible resources. As in the case of the small and medium enterprises, such reticence is even higher, the study focused on measuring the performance of the intellectual capital in a micro-enterprise, by using the VAIC method. The structured methodology may be applied by such companies too only by means of internal resources, without involving additional costs, and the obtained results are easy to interpret and may be used in the value added indicators management reviews.
Keywords: intellectual capital, intangible resources, Value Added Intellectual Coefficient (VAIC), value added, microenterprises.

32. Impact of Globalization on the Romanian Labor Market

Author(s): Ramona Mariana CĂLINICĂ*
Pages: 364-373

Open access

Globalization has an important impact on the world economy, its influence being reflected in all areas of activity and changes in the labor market of many countries are quite spectacular. The purpose of this paper is to analyze the evolution of the labor market under globalization and to identify its impact on the Romanian labor market.
Keywords: globalization, labor market, migration.

33. The Effects of the Globalization on the Labor Market in Republic of Moldova

Author(s): Ramona Mariana CĂLINICĂ*
Pages: 374-382

Open access

Globalization is a phenomenon that currently marks the world economy and produces major changes in the national economies, in a multitude of areas within them, the labor market being an exception. This work includes the analysis of the impact of globalization on the labor market, the dynamics of the main indicators of the labor market and a complex analysis of migrants and immigrants in the case of the Republic of Moldova.
Keywords: migration, labor market, globalization.

34. Food Quality in Romania. Compliant or Not with Food Quality in Western Europe?

Author(s): Silvius STANCIU*
Pages: 383-396

Open access

The quality of food sold on the Romanian market represents a topical issue, of maximum interest for the health of the population. Information regarding the existence of double production standards for food products destined to East and West European markets has become a viral issue, with a wide public debate at media level, profile faculties and research institutes, governmental and nongovernmental bodies. The article proposed a comparative analysis of the media information and the CEE official’s reaction, correlated with the official results of the analysis carried out by the profile governmental bodies for the assessment of the quality of food products from the Romanian market. The results of the researches carried out have highlighted the lack of technical expertise of the national authorities, a late and improper reaction to sensitive issues at European level in the field of food products quality, linked also to discrepancies existing between G15 and the rest of the European Union, the inability of certain decisions focused on the cause of the problem analysed. The measures taken by the Romanian authorities were either late and the costs incurred for carrying out certain food analysis were useless. The lack of certain specialists’ decision-makers in the food sector, the prevalence of political decisions, based on obscure interests will still lead to discrepancies in the sector of food products marketed in Romanian stores, will increase the dependence of the domestic import market and will destroy the few companies with Romanian capital which are still active in the food sector.
Keywords: food, quality, double standards, Europe, Romania.

35. Analysis of Influence of Ethical Principles on the Performance of Health Care System

Author(s): Irina Olimpia SUSANU*, Nicoleta CRISTACHE, Diana Elena ZAHARIA (ŞTEFĂNESCU), Tiberius STANCIU, Tiberiu Ilidor PLEŞA Pages: 397-414

Open access

In this paper an approach is achieved integrated health system in Romania in terms of performance indicators and center with responsibility for patient concerns. Practical study highlights the characteristics differentiated the Romanian system of state health system and private health system. Using BSC method as a tool to obtain an image of the reality of the health system in Romania as well as the source for the formulation of future strategies. The implementation of medical ethical principles through a management of medical ethics will presuppose first, an adaptation of health system to patients’ needs, respect for patients’ rights, which come from the directive concerning cross border medical assistance. To conclude ethical principles in health care must be promoted since only due to these principles people will benefit from patient-centred care, will be provided respectful and responsive health care and above all will actually benefit from their right to health care.
Keywords: health system, responsibility, performance indicators, Balance Scorecard.

36. Transfer Pricing – An Innovative Approach

Author(s): Ramona MAXIM, Florentina MOISESCU*
Pages: 415-422

Open access

This paper presents transfer pricing and elements of drafting the transfer pricing file by the big companies. The transfer pricing procedure was founded based upon Order no. 442/2016 and the Fiscal Procedure Code and it represents a method upon which the tax base is transferred from a high tax country to a country with low taxation. This legislation outlines the conditions which companies must observe in order to draft the transfer pricing documentation and the significance thresholds. The purpose to draft a transfer pricing file is to reduce the differences between prices and market value and the actual results of company taxation. Economic double taxation occurs when tax authorities apply price adjustments because the company did not respect the principle of market value. Keeping records of transfer pricing and practicing a price aligned to market requirements contribute to an understanding of business development and the creation of appropriate tax planning. Taking into account all these aspects and the fact that any taxpayer is tempted to pay the lowest possible fees, tax havens become an option. In this context we can speak of a tax haven as a loophole in the use of the market price.
Keywords: transfer price, double taxation, market value.

37. Sustainable Rural Development through Promoting Non-Agricultural Activities

Author(s): Maria Magdalena TUREK RAHOVEANU*, Luxita RISNOVEANU
Pages: 423-433

Open access

In rural Romania the main activity is agriculture, so much of the rural population is occupied in agriculture and earns income from this activity. Due to small areas of agricultural land, lack of agricultural machinery and access to credit, many farms are subsistence. In the new 2014-2020 period, for job creation and for increasing the incomes of the rural population, it is necessary to diversify the activities and promote small-scale businesses.
Keywords: rural space, poor development, non-agricultural activities.

38. Romanian Health System on the National Statistical Data

Author(s): Cezar Ionuţ BICHESCU, Mariana CHIVU, Silvius STANCIU*
Pages: 434-446

Open access

The public health system represents a very important area for the national economy and must represent a priority for the authorities. The sector of the Romanian medical assistance services is under full development, having in view the reduction in the number of state financed hospitals and the recent increasing percentage of private investment in this area. This study advances an evaluation of the national health system from the perspective of national statistics data, under the conditions of applying successive reform attempts started in the 1990s. The research has shown an ascending evolution of the medical private services, with considerable growth in the number of hospitals and polyclinics. Family medical services, dentist clinics or technical dental offices are almost totally privatised.
Keywords: health system, public, private, statistics, Romania.

39. Academic Marketing

Author(s): Ecaterina Daniela ZECA*
Pages: 447-455

Open acces:

Academic Marketing is an investment in a future dominated by The Forth Industrial Revolution and Globalization and not an expense. This aspect will basically alter our way to teach and to learn. In its dimensions, arguably changes will be like anything we has seen before. We try to assess how will be all unfold but, anyway, academic field response at this challenge should be integrated and comprehensive, involving all stakeholders both public and private sectors, because
these changes herald upheaval of whole organizations. The educational service is a special one, delivered today but with effects in the future, the future of the individual, the future of generation, the future of nations. The educational service policy adapted to the requirements of time, brings to the front the opportunity of academic marketing. To analyze demand in a professional way, to measure trends and correlated university programs with the forecast demand for jobs, it is the subject. In the case of academic education, we are talking also about cost, distribution and promotion policies, but being a special service we also discuss about ethic boundaries. This work is an open chapter focusing studies on academic megamarketing, the work keeping up with the pace of change, students enrolment mobility, overtakes job market, and an imposed win-win-win formula, applied for students, local community and academic field.
Keywords: academic megamarketing, keeping up with the pace of change, overtakes job market, win-win-win, Big data.

40. Development Smart Water Aquaponics Model

Author(s): Gheorghe Adrian ZUGRAVU*, Kamel Ibrahim KAMEL, Maria Magdalena TUREK RAHOVEANU, Marian Tiberiu COADA, Stefan Mihai PETREA, Alexandru Cristian BANDI, Mirela CRETU, Ira Adeline CHIHAIA
Pages: 456-464

Open access

The present paper contributes to the modeling aquaculture. The paper main objectives are to identify an analysis smart water aquaponics. The purpose is to add more value to end aquaponics products. Aquaculture production depends on physical, chemical and biological qualities of pond water to a greater extent. The successful pond management requires an understanding of water quality. Intensification of pond makes the water quality undesirable with a number of water quality parameters. The objective of this model is to test and predicts plant and fish growth and net ammonium and nitrate concentrations in water in an aquaponic system. This is done by comparing the model outputs with measurements under controlled conditions in order to assess the accuracy of the tool to simulate nutrient concentrations in water and fish and plant biomass production of the system.
Keywords: aquaculture, aquaponics, integrated systems, business model, rural development.

41. Performance Audit, an Independent Assessment Instrument for the Management of Public Institutions

Author(s): Iliodor Tiberiu PLESA*
Pages: 465-178

Open acces

The activity of public institutions in Romania is extremely important in the context of ensuring the good functioning of Romanian society as a whole.The article analyzes the effect of the performance audit performed by the Romanian Court of Accounts at the level of the public institutions on the efficiency, effectiveness and economy of the public resources used by them.Also, is analyzed the international framework regarding the performance audit, with a range of issues found at other Supreme Audit Institutions of INTOSAI.
Keywords: management, efficiency, economy, effectiveness, INTOSAI, Romanian Court of Accounts.

42. The Equestrian Tourism Valorisation in Romania

Author(s): Violeta Andreea ANDREIANA, Lucretia Mariana CONSTANTINESCU, Maria Cristina STEFAN*
Pages: 479-490

Open access

Our argument for this achievement took into account medical recommendations for this tourism product, giving tourists the possibility of treating major medical conditions (e.g. autism, depression, poliomyelitis squeals, encephalitis, neurological disorders, behavioral disorders, stress, etc.) and the fact that the first herds of horses in Romania are attested in documents since 1870. Romania holds a recognized potential to develop this tourism product, due to its natural setting that offers multiple equestrian tourism practice opportunities for Romanian and foreign tourists with multiple benefits for them. Admitting the fact that “the touristic space managing cannot be exclusively determined by its natural properties”, our paper aims a tourism marketing strategy portfolio within positive results for the Romanian equestrian tourism promotion and also may increase the local attractiveness of the regions/areas/localities of our country within potential to equestrian tourism development.
Keywords: equestrian tourism, sustainable development, marketing strategy in equestrian tourism, local attractiveness, online tourism promoting.

43. End Users and ERP Systems’ Success. Three Models

Author(s): Gianina MIHAI*
Pages: 491-506

Open access

Information systems (IS) have an enormous impact on organizations, individual work, and performance in general. As a result, many research works in the field of IS are focused on the interrelationship between individual performance and IS performance. During the last 20 to 30 years many models have been developed and tested by researchers. Their main objective was to investigate IS success and user performance in different environments. Therefore, a number of models appeared, their goal being the studying of the success, usefulness, end user adoption and utilization of IS, and other user and IS-related aspects in different organizations. This research paper presents three of the most important models developed in specialized literature, which deal with measuring IS success and end user adoption of the IS: the TAM model, the D&M model, and the TTF model. The research also provides an overview of some studies that have applied these models in the field of ERP systems.
Keywords: ERP systems, TAM model, D&M model, TTF model.

44. Leadership Approaches – a Comparative Analysis

Author(s): George-Eduard NECULAE, Sofia DAVID*
Pages: 507-521

Open access

In the last several decades, many researchers in the field of human resource management alongside other sociological and psychological studies were interested in finding the most effective leadership approach in one or any given organization. The most common challenge is to take into account all potential variables among a considerably large spectrum of specific organizational situations: from the social and cultural background of the participants – its leader and followers, with their own traits and styles – to circumstantial factors dependent on professional or the given social context as well as on cultural and political environmental influences in each particular context. The purpose of the present paper is to identify a means for HR personnel working in public or private organizations or for their respective leaders to identify and choose a set of three approaches that are believed to be the most applicable in their specific situation. By observing essential particular features existing in each specific environment, the researchers would be able to draw up a tool that
would help achieve the desired improvement of leadership skills based on the particular circumstances of their organizational environment. This paper takes into account several existing theoretical studies and builds up a compared analysis of some proposed leadership approaches, the result being a leadership matrix conceived as a tool for increasing leadership effectiveness. Although for practical reasons only three approaches have been taken into account to prove the theory, this can be extended to any applicable combination based on the features observed by the researchers in the respective organization environment.
Keywords: leadership matrix, organization environment, leader, follower, leader traits.

45. Developing Customer Trust in E-Commerce Using Inbound Marketing Strategies

Author(s): Adrian MICU*, Marius GERU, Angela-Eliza MICU
Pages: 522-531

Open access

Developing a new argument that digital content is a factor for inbound marketing campaigns is redundant, considering there are numerous papers in the relevant literature. The aim of this paper is to use FsQCA to demonstrate the direct implications of quality content as a trust factor on the acquisition of search engine traffic. Concluding on strategies to build customer confidence in e-commerce, based on educative and representative content on a particular niche. In this research, we’ve analyzed 18 causal conditions collected from different online references to reach the outcome. These findings can help marketing managers to develop strategies to attract a relevant audience for e-commerce websites.
Keywords: Inbound marketing, e-commerce, FsQCA, qualitative analysis, search engine optimization.

46. Shale Gas Exploitation: Challenges for Development in Algeria

Author(s): Boualem Ammar CHEBIRA*, Lynda AMIRAT
Pages: 532-544

Open access

This paper aims to assess the situation of Algeria in the field of shale gas to illustrate the various potential benefits and risks in the exploitation area. The constraints for Algeria are numerous: the risks due in its exploitation, particularly the pollution generated by hydraulic fracturing and also the increased risk of earthquake; the scarcity of water resources and the high cost of such investments. Currently, and under conditions of non-availability of clean and safe technologies, the most available choice for Algeria is the diversification of non-hydrocarbon exports and the development of renewable energies.
Keywords: Shale gas, natural gas, water resources, hydraulic fracturing.

47. Analysis the Aquaculture Situation in the European Union

Author(s): Mihaela NECULIŢĂ*
Pages: 545-552

Open access

Aquaculture is the production sector that recorded the fastest development at global level in recent years, providing a quarter of the world fish production. That is why, analysing the aquaculture at European level, and taking into account the place it has in the world, we have found that it is important both in economic and in social terms. Given the fact that competition is becoming stronger, one of the most important tools of fighting is the production quality. Therefore, in the last decades, there have been drafted international standards and various information systems that would help farmers develop their businesses in the area of aquaculture. The main objective of this paper is to analyse the evolution of the aquaculture sector in the European Union, focusing on European funds supporting this sector. There are major differences among European countries as concerns endowment with factors that will potentiate aquaculture, as well as the importance given to it. It is well known that despite the large allocations, Central and Eastern European countries managed to absorb less than 50% of the funds. As a result, for the programming period between 2014 – 2020, it has been drastically cut from the funds for fishing and aquaculture of several Member States, including Romania, in order to redistribute them to other states. Aquaculture remains an important sector as it can contribute to the sustainable development of the countries and regions in which it develops.
Keywords: aquaculture, budget, European funds, sustainable development, productivity.

48. Features of Leadership in Cultural Institutions. Case Study: Arges County Museums

Author(s): Iuliana TALMACIU*, Diana Elena ZAHARIA (ŞTEFĂNESCU)
Pages: 553-562

Open access

The leadership has become, increasingly, a concept that combines all the tools, necessary to succeed, for an organization members. Studies have shown a direct relationship between leadership and performance of an organization and demonstrated that the efficacious leaders are those who lead people to a better job building a consensus around a common goal. The purpose of this article is to identify the leadership styles from cultural institutions and highlighting how these influence the organizational performance. The research method used consists of content analysis of literature and quantitative research based on questionnaires, applied among the employees of Arges county’s museums.
Keywords: styles of leadership, vision, efficient leader, cultural institutions.

49. An Expert System for a Business Problem

Author(s): Vasile MAZILESCU*
Pages: 563-578

Open access

The dynamic nature of economic processes and phenomena, their complexity and diversity, the prospect of economic globalization and decentralization, have determined the decision makers to focus on continually improving the methods and techniques aimed to support them, both at the microeconomic and the macroeconomic level. The work in hand compares Business Intelligence Systems (BIS) in relation to Intelligent Business Systems (IBS). We highlight the ways to shift from an E-business system to an IBS system, provide a solution for an Intelligent Business System based on Production Rules (IBSPR). We use this solution in developing a four levels Web application to solve a problem of planning, in compliance with all of the developing phases of an expert system, by using a methodology like UML-Agent for the analysis of the application and by using .Net technology.
Keywords: Intelligent Business System, Expert System, Knowledge, Artificial Intelligence Planning Problem (AIPP).

50. Socio-Economic Costs of Affective Disorders in Romania

Author(s): Valentin Marian ANTOHI*, Florin Marian BUHOCIU, Daniela Gabriela GLĂVAN, Cristina COTOCEL, Mihail Cristian PIRLOG
Pages: 579-604

Open access

The Romanian healthcare system is financed through public and private resources, the main source of public income for healthcare being the healthcare social insurance contribution, and the healthcare expense has grown constantly in the last decades. The highest costs in the health care system are those with primary, secondary and tertiary health care, affective disorders being treated in all these levels. Depression, the most common major psychiatric disorder, has an important burden of disease, involving a wide spectrum of disabilities and huge social and economic costs. Bipolar disorder leads also to an important impact on quality of life and a considerable economic burden. Our research analyzed, on a period of three years, the economic impact represented by direct cost of affective disorders, and efficiency indicators of the Romanian health-care system in this field on a sample of 236 health care institutions. Both number of patients and hospitalization days for affective disorders were decreasing, but these diseases still cause significant human and long-term costs. The direct cost per patient exceeds the national average every year. These costs associated with affective disorders and their impact contribute to the estimation of the health determinants.
Keywords: affective disorders, direct costs, burden of disease, social impact, healthcare system.

51. Transfer Pricing – between Optimization and International Tax Evasion

Author(s): Valentin SAVA*, Manuela Violeta TUREATCĂ
Pages: 605-617

Open access

Each enterprise in the private sector aims to increase financial return, which is achieved by obtaining a the higher net profit by increasing revenue and reducing expenditure. In this endeavor, compliance with tax obligations occupy a very important role because handling taxes may lead to an increase in revenue and / or a reduction of spending, and this action is called tax optimization. In the case of multinational companies, the main tool that can be used to lower the tax burden and increasing, sometimes in sizeable benefits in net, is the transfer prices or the prices they registered entities in the group transactions between them, along with another instrument with great impact, ie tax havens. Tax evasion, designating evading payment obligations of a company according to the national tax system, may be legal in the sense that tax optimization does not violate the rules, but exploiting loopholes that are in them. But when legal tax rules are violated, we deal with tax fraud, which will be subject to punitive measures by public authorities as it affects the whole population.
Keywords: transfer pricing, tax haven, multinational society, globalization, tax evasion and fraud.

52. Territorial Structures for Transborder Development; Efficiency and Financing

Author(s): Florin-Marian BUHOCIU*, George SCHIN, Dragoş Horia BUHOCIU, Valentin Marian ANTOHI
Pages: 618-626

Open access

The European Territorial Cooperation Groups (EGTCs) are modern structures that can bring more economic and social development to partner countries / regions. Taking into account the EU social and territorial cohesion policies, these new structures represent a concrete response to the needs of social and economic development of certain countries that have common borders and who want to capitalize on common resources on the respective territory. Each state or region can bring to this type of association the resources they want to share with other states in order to use them more efficiently. Within such territorial groupings can be funded various projects from European sources, among which Transnational Danube Program 2014-2020. We have also presented an European structure for territorial cooperation, one of the ESPON Program and the second BANATTRIPLEX CONFINIUM in Romania.
Keywords: European Territorial Cooperation Group, EU policy on social and territorial cohesion, economic efficiency of an European Territorial Cooperation Group, financing an European Territorial Cooperation Group through European projects.

53. The Appearance and Development of Wine Tourism in Romania

Author(s): Mihaela-Carmen MUNTEAN*, Rozalia NISTOR
Pages: 627-644

Open access

Wine tourism is spread all over the world and attracts thousands of wine-passionate tourists, wonderful landscapes of vineyards, captured by itineraries punctuated by wineries and cellars, each with its history or architecture, its traditions. Thus, this paper aims to explore the tourist phenomenon that unfolds around wine, taking into account the extent of wine tourism at European level, and especially its development in Romania.
Keywords: tourism, sustainable development, wine, vineyards.

54. Employment and Entrepreneurship. Strategic Orientations in Current Economic and Social Development

Author(s): Daniela NECHITA*
Pages: 645-657

Open access

Any free market economy is facing the problem of higher or lower unemployment rates. At a national level, it is important to increase employment opportunities, reduce poverty and promote full participation in society and the economy, and encourage elderly people to remain active on the labor market longer. In addition, financial sustainability is vital to guaranteeing rights and encouraging participation in society and the labor market. Social benefits systems should be centered on ensuring income security in transition periods and on poverty reduction, especially for groups at the highest risk of social exclusion.
Keywords: employment, entrepreneurship, exclusion, employment rate, unemployment rate, level of training.

55. Opportunities for Regional Development of the National Territory

Author(s): Daniela NECHITA*, Ludmila Daniela MANEA, Florina Oana VIRLANUTA
Pages: 658-666

Open access

The balanced and polycentric development of the national territory generates a series of opportunities to ensure real and sustainable economic growth across the network of localities, by capitalizing the local and regional potential in order to reduce income disparities and improve the living conditions of the inhabitants. In their essence, territorial systems are functional ensembles consisting of elements and relationships that have as a goal the achievement of common objectives while at the same time the active involvement of all the stakeholders interested in the harmonious development of the national territory.
Keywords: macroregion, urbanization, regional development, territorial structures, functionality.