CONTEMPORARY ECONOMY JOURNAL

11-17

Authors: Elena PIRVAN (OPRESCU), Georgiana -Tatiana BONDAC

The pandemic has caused an unprecedented shift to the online environment in most areas of life, and education was no exception. Since students all over the world have had to stay at home, the use of digital alternatives to classroom teaching has increased, thus determining a continuous improvement of teaching staff for a high-performance instructional-educational act. Therefore, the purpose of the article is to find an answer to the question "Is the change caused by the Pandemic in education, from the point of view of technology and digitization, advantageous?".

24-29

Authors: Ana-Maria VASILE

Social relations are governed by the rule of law. Through this regulation, the legislator takes into account the conditions under which the norm can and must be achieved, its ability to model behaviors, leading them on a path considered socially useful. At the same time, the legislator is considering the possibility of violating the rule through misconduct. Thus, the violation of the provisions of the legal norms attracts the legal responsibility of the guilty person. In the traditional conception of contractual liability, this is closely linked to the idea underlying the principle of binding force of the contract. Since the contract has the force of law in the relations between the parties, it is considered that each party must be liable for any non-compliance with its "law", respectively for violation of the "private rule" that the contract generates. Civil liability is a form of legal liability that consists of a report of obligations under which a person is obliged to repair the damage caused to another by his deed or, in the cases provided by law, the damage for which he is liable. As a legal institution, the civil liability consists of all the legal norms which regulate the obligation of any person to repair the damage caused to another by his extracontractual or contractual act for which he is called by law to answer.

34-39

Authors: Ioana-Daniela ANA (TOMA)

The conduct of teaching activities in Romanian educational institutions was based until March 2020 almost exclusively on traditional learning methods, namely they were organized face to face in a classroom. The sudden outbreak of the Covid-19 pandemic shook the world and forced the education system in all parts of the world to switch to online teaching overnight. The school environment has been reluctant to take over the changes in technology, often emphasizing the risks of using them compared to its benefits, but in the crisis the existence of technology facilitated the transition when the only option was to move entirely to to an online teaching-learning system. Teachers were given the opportunity to rethink the methods by which the instructive-educational processes were carried out and to find a balance between their traditional role and the new roles assigned through digitization. In order to achieve this balance, teachers need to be trained for today's education. This article aims to analyze the factors that determine an effective transition to online activities and to explain the need for an interdependence between specialized, pedagogical and technological knowledge in the context of teacher training for online teaching - learning activities.

50-57

Authors: Anamaria CONSTANTIN (BUCUR), Cătălin Vasile IORDACHE, Andrei MATICIUC

In general, communication is the key to solving organizational problems, including any type of organization, whether public or private, national or international. Adequate communication in a pandemic is vital to society. The way governments communicated with citizens determined how they developed their behavior in the crisis situation generated. The communication strategies used by the leaders of the states dictated the directions of action of the governments and, at the same time, influenced the reaction of the target audience. In the pandemic, when the priorities of all entities suddenly changed, organizational communication proved to be a key element in maintaining social distancing at work, but also in the private life of workers, who found information and answers at work.

63-69

Authors: Larisa BUGAIAN, Cristina DIACONU

At present, the economy of the Republic of Moldova is largely linear. Although there are circular initiatives, a very small share of waste and by-products is reintegrated into the economy. The new strategic framework of the Republic of Moldova provides for the increase of sustainable practices, from which can be listed: National Development Strategy "Moldova 2030", Moldova-EU Association Agreement, New Association Agenda for 2021-2027, Environment Strategy 2030. They focus on the prevention and management of waste, which is intended to drive economic growth and environmental responsibility. It’s certain that the industry has a key role to play in making specific commitments on sustainable production and cooperation along value chains. In this regard, companies need to reconsider their current business models by adopting resource-efficient production. Actually, substantial amounts of resources such as secondary raw materials are transformed into waste, reaching landfills. Only the national wine industry annually generates about 60 thousand tons of by-products, most of which remain unrecovered. Therefore, this study aims to analyse the resulting waste / by-products throughout the value chain and to quantify the sustainability of the wine sector by using the LCA (Life Cycle Assessment) instrument.

76-83

Authors: Melania Andreea STĂNCIULESCU (DIACONU), Nicoleta-Valentina FLOREA

The shock produced by the pandemic crisis on the public sector had a strong impact both on access to services of general interest and on their quality. The Coronavirus Pandemic has hardly hit the states of the world, forcing them to react beyond traditional limits - in an effort to protect their citizens - and to fight not only with a virus but also with their own shortcomings and dysfunctions and forcing them to reset their public services - especially health services - extremely quickly, in response to the crossed context. In Romania, the level of unsatisfied needs in terms of medical assistance has increased, but new opportunities have also appeared that can lead to the recovery and modernization of medical services.

93-100

Authors: Maria-Elena GHEORDUNESCU

Considered as a real psychosocial phenomenon, which might involve intra and intersubjective oppositions and confrontations, the organizational conflict highlights a series of characteristics and properties that may be objective, which can be analyzed and evaluated both quantitatively and qualitatively. The communication style of a business organization refers to the set of characteristics that may manifest in the communication process of said enterprise. This whole process involves both the way of receiving and decoding a message, while engaged in communication, and the way of processing and interpreting it. These characteristics of speech and communication are closely related to the uniqueness and individuality of both the transmitter and receiver, being an outlet of self-expression. Through the data presented, this paper aims to perform an analysis on the communication style of three distinct business managers and the way they may reach a conflict resolution within their organization. Quantitative methods were used as the primary research method.

111-116

Authors: Mircea GUTIUM

Customs law regulates the economic relations of foreign trade between different states and the way in which goods and individuals cross the border. In order to facilitate international trade, states simplify customs procedures and harmonize the legislative of customs. The interests of the Republic of Moldova, are closely linked to the customs system and accession to the European Union. That is why understanding the two customs systems and harmonizing them is a step towards an easy transition into the European Union's customs system.

124-134

Authors: Lucian IVAN, Cosmin Sandu BĂDELE

In opinion of some specialists, the Strategic Economic Analysis represents a science with strict rules, which must be respected sine qua non, without deviating from the methodological rigors specific to an exact science. Those who support this theory are based on the specific characteristics of a scientific branch, regardless of creativity that plays an essential role in the field of the Strategic Economic Analysis. On the other hand, there is the opinion that Strategic Economic Analysis constitutes an art, and the "maker" of the analysis is considered a genuine artist, from his brain resulting in a work in the true sense of the word. Nowadays, considering the amount of economic data and information available online, it is very difficult to product an integrated economic analysis in order to inform promptly managers for taking informed decisions at organizational level.

154-161

Authors: Valeri GAGAUZ

Enterprise processes and their effectiveness are an integral part of marketing activities within the framework of modern approaches to marketing. Business processes are becoming faster and more complex. Communications with customers and suppliers are shifting towards the use of modern information technologies. The control and management of such complicated and complex processes require the implementation of modern information systems allowing enterprises to successfully implement their marketing strategies. In turn, the achievement of all these and other fundamental goals for the functioning of the enterprise is impossible without the use of a full-scale automated enterprise management system. In this article, some features of the implementation and use of an ERP class system in the small and medium entreprises (SME) are considered. The research methodology is based on the analysis of activities for the implementation of the Symphony ERP system at five SMEs in the Republic of Moldova based on qualitative research (in-depth individual interviews with the managers of the companies). The study was conducted in January 2022. Key benefits of ERP using for marketing processes were analysed from perspectives of product information, customers relations, targeting, pricing, marketing campaign management, performance management, ROI and insights. The implementation of ERP on SME is most often associated with serious barriers suach as errors in preparation for implementation (uncertainty of goals, uncertainty of criteria for evaluating the effectiveness and depth of implementation), low level of formalization of business processes. The research shows the “Symphony” ERP system has been implemented in the above enterprises quite successfully due to the fact that this solution is specific and was developed from the very beginning for the auto service business. The developer of this program was the head of one of the companies, who actively promoted the implementation. Despite the rather high level of telecommunications development and high-speed Internet coverage, such integrated solutions are rarely used by SMEs in the Republic of Moldova. This is due to the high requirements for the qualification of personnel and management of enterprises, as well as the high cost of software and hardware components associated with the implementation of such systems.

167-170

Authors: Angelica BRATU

The European Union is committed to implementing the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDGs). Sustainability reporting is the practice of measuring and communicating organisational performance towards achieving the Sustainable Development Goal, and it also covers accountability for this performance to internal and external stakeholders. Sustainability reporting is both a management and accountability tool. It entails reporting on how an organisation takes into account sustainability issues in its operations, its environmental impact and its social and economic impact. The Court identifies four challenges in relation to sustainability reporting within the EU institutions and agencies:o Developing an EU post-2020 strategy covering the SDGs and sustainability o Integrating sustainability and the SDGs into the EU budget and performance framework o Developing sustainability reporting within the EU institutions and agencies o Increasing the credibility of sustainability reporting through auditing.

178-186

Authors: Viorel CORBU, Alina SUSLENCO

The present paper represents a complex approach regarding the research of the possibility of adapting the managerial strategy to the new post-pandemic context. We are all aware that in the context of the pandemic, companies had to adapt their business strategy to the new context, to identify new viable solutions, which would help companies overcome the challenges brought by the global crisis. Thus, any economic agent had to adapt its managerial approach to a new context, to reorganize its strategic objectives, to define the applied strategies, to identify new competitive advantages that would help them to position themselves strategically on the market. Thus, the managerial strategy has underwent changes, trying to adapt to the new context and to face the new challenges. The main objective of this study is to identify the adapting options of the management strategy to the new post-pandemic context. The research methodology focused on the use of the following methods: analysis, synthesis, induction, deduction, abduction, comparative analysis, qualitative research through documentation. In conclusion, we can reiterate that the application of a proactive strategy, innovative strategies, can help companies in crisis to adapt more easily to the new context and overcome challenges, problems and identify new market segments, competitive advantages that will help them stay on the market.

193-204

Authors: Zinovia TOACA, Victoria FALA

Exports and FDI are important tools of Governments to stimulate economic growth and prosperity. Many countries implemented successfully export led-grow models in their development path. Being a small European transition economy affected by mass migration, Moldova is trying to change its consumption led growth model fueled by remittances by an investment and export growth led model, were FDI have to be an important driver. Though, FDI inflows in Moldova are small comparative to many European countries, the economic growth is slowing down on long term, while there is slight improvement in export competitiveness. The aim of this paper was to analyze the long term causality between FDI, GDP and exports of goods in the Republic of Moldova. Estimations were performed based on the available data for the period 1995-2021. The Granger causality approach has been applied to test the relationship between the 3 variables based on annual data. The authors found a unidirectional causality relationship running from FDI to GDP, FDI to exports, and a Granger causality from GDP to merchandise exports. An impulse-response analysis has been performed based on VECM models. A 1% growth in FDI in Republic of Moldova causes an increase of GDP by 0.09 p.p. and of exports of goods by 0.08%.

213-220

Authors: Anca Daniela ȘENCHEA, Anda NECULA, Alice Mariana PREDA (SIMION), Andreea Cristina SAVU

This study will focus on addressing risk. The purpose of this article is to highlight the importance of the risk approach in the pursuit of effectiveness and efficiency in audit work. To demonstrate this, we will first show the limitations of the classical audit approach, then illustrate the importance of the risk-based approach, and finally present the approach to auditing according to this approach. A risk-based approach also improves an organization's decision-making process, regardless of its industry focus. Therefore, a risk-based approach consists of identifying, assessing, and understanding risks, as well as the subsequent application of measures proportionate to these risks to ensure their effective mitigation.

242-258

Authors: Sunday Olugboyega KAJOLA, Samuel Babatunji ADEDEJI, Joel Adeniyi OKEWALE, Segun Daniel OWOEYE

The study examined the influence of corporate board attributes on dividend policy decision in twelve Nigerian banks for the period 2009-2021. The independent variable, corporate board features, was surrogated by four attributes (board size, composition, gender diversity and meetings). Dividend per share served as a proxy for the dependent variable, dividend policy. Fixed effects least square regression model was adopted as the study’s analytical instrument. Findings reveal that board size, board composition and board meetings have an inverse and significant relationship with dividend per share. The finding further indicates a direct and insignificant association between gender diversity and dividend per share. Overall, result provides empirical evidence in support of substitution hypothesis perspective of agency theory.

15-20

Authors: Xiaoyu ZHAN

The epistemological positioning of the scientific research takes a constructive approach and tries to answer the research hypothesis: ”Does the analysis of the budget execution bring its contribution to the substantiation of the financial resources that are needed to carry out regional and local sustainable development programmes and projects ?”. This research study is based on the analysis of the budget execution accounts of the ministry that manages the financial resources for supporting the sustainable development at regional and local level.

25-42

Authors: Abraham Oketooyin GBADEBO, Yusuf Olatunji OYEDEKO

The proposition of MPT and CAPM was that the higher the risk, the higher the return and vice versa. This was premised on the assumption of rationality of market participant and efficiency of the market. However, several studies have violated this assumption, and that led to the anomaly in the market which is popularly known as low volatility anomaly. This study examines the effect of liquidity risk on low volatility anomaly in the Nigerian stock market. The population of the study is all the quoted companies in the Nigerian Stock Exchange (NSE) for the period of ten years. The purposive sampling technique was used to select forty-one companies’ stocks that are frequently traded throughout the study period. The data employed for this study are secondary data which were sourced from the NSE. Risk-free rate was proxied with treasury-bill rate, was sourced from Central Bank of Nigeria. The Ordinary Least Squares (OLS) technique was used. The study found that liquidity risk does not impact on low volatility anomaly in the Nigerian stock market. The study concludes that there is no strong relationship between liquidity risk and low volatility anomaly. This implies that liquidity risk is not an important driver of low volatility anomaly in the Nigerian stock market. The study recommends that investors and other stakeholders should maximise the opportunity of new information in the Nigerian stock market to trade in short-term investment horizon and avoid delay of the information because the market does not reward long-term investment horizon.

49-60

Authors: Victoria IORDACHI, Pavel CALPAJIU

The last decade has perceived illicit financial flows as a growing concern and threat to human progress. The topicality of this research is conditioned by the need for a scientific approach to the phenomenon of illicit financial flows to analyze its complexity (all dimensions and facets). At the same time, it is imperative to evaluate the existing methodologies for quantifying illicit financial flows in order to develop a methodology, which will be relevant for the Republic of Moldova, with the aim to reduce the economic-financial and social risks through their efficient management and to reap the benefits of the recovered financial flows. The purpose of the research carried out consists in the theoretical substantiation of the process of identification and evaluation of illicit financial flows. In order to achieve the proposed goal, the following objectives were proposed: identifying the conceptual-methodological landmarks of the concept of illicit financial flow; researching the fundamental methodological elements for evaluating illicit financial flows.

66-76

Authors: Luiza IONESCU

In the current context in which Romania elaborates the National Research and Innovation Strategy for Smart Specialization, based on the Regional Strategies for Smart Specialization, we consider important to highlight the role that ICT specialists can play in developing and ensuring the enterprises competitiveness. In fact, almost all the development regions of Romania (South-Muntenia, South-East, North-West, North-East, Bucharest-Ilfov, South-West Oltenia) have delimited ICT as a distinct field of smart specialization, within their own Regional Strategies. This paper mainly aims a quantitative descriptive research of the Key Indicators regarding the ICT specialists, from Romania and from the European Union, respectively: Enterprises employing ICT specialists, Enterprises reporting hard-to-fill vacancies for jobs requiring ICT specialist skills, Persons Employed with ICT Specialist Skills (broad measure), Enterprises where ICT functions are mainly performed by external suppliers, Enterprises provided training to their personnel to develop/upgrade their ICT skills, Individuals who have obtained ICT skills through formal educational institutions, Individuals who have written a computer program using a specialised programming language. We consider that the comparative analysis of these indicators represents the starting point in establishing the specific measures targeting the ICT field.

85-90

Authors: Diana-Andreea DUMITRACHE, Delia Mioara POPESCU, Andrei MATICIUC

The last two years have significantly influenced the evolution of companies and the leadership styles applied by managers. Work from home, downsizing, technical unemployment, reduced production capacity and all aspects of the pandemic have led leaders to adopt innovative team coordination strategies, involving changes in communication style, coordination, motivation, and evaluation of employee outcomes. The role of leaders changed significantly during the pandemic, the innovative ways in which they positioned themselves at the team level being the success factors in most cases, the most significant qualities being organizing via a network of teams, displaying deliberate calm and bounded optimism, making intuitive decisions amid uncertainty, demonstrating empathy and effectively communicating.

97-108

Authors: Tatiana GUTIUM, Olesea SPEIAN

The small and medium-sized enterprise sector is one of the main elements of the modern national economy and is the guarantor of the existence of competition. It contributes to increasing the percentage of the middle class and the creation of new jobs in the state. Finance plays a crucial role in the activities of small and medium-sized enterprises. One of the main obstacles to the development of SMEs in the Republic of Moldova is limited access to finance. The article presents the results of the analysis of the evolution of the main indicators of business activity of enterprises. The object of this study is to describe the experience of Moldovan small and medium-sized enterprises in accessing finance, highlighting the main obstacles. Using the software package EViews 9, an econometric model was developed for the dependence of the total credits given to the small and medium-sized enterprises on the follow factors: Consumer Price Index, base rate, non-performing credits and the volume of redemption government securities. Based on the results of the study, measures have been developed to improve access to finance for small and medium-sized enterprises in Moldova.

116-120

Authors: Nicoleta BELU

Over the last years and in a special context, spending one’s free time in rural areas has become an increasingly sought-after option of tourists. Less crowded tourist destinations, the diversity of outdoor activities, unique culinary experiences all turn rural areas into places with special tourist potential. In this context, Local Gastronomic Sites as a new type of public catering are an option to consider by rural and gastronomic tourism enthusiasts, and also with a view to the chance of sustainably developing rural environment, to preserving and disseminating special traditions, customs, and intangible cultural heritage.

126-131

Authors: Veronica RAILEAN, Angela TIMUS

This study presents an analysis of alternative financial resources for the research sector in the Republic of Moldova, in the context of internationalization. The indicators proposed by The Forum of the European Science Foundation on internationalization were used to assess the internationalization of science funding.

139-150

Authors: Camelia MILEA

In this article, the author aims to identify the main challenges and risks in achieving Romania's external balance, given our country's intention to achieve sustainable economic development. The methodology used combines literature review, empirical analysis of statistical data and their interpretation, with identification of causalities. Romania's external position has deteriorated during the pandemic crisis and it remains a vulnerability for our country's economy. From the analysis, it can be concluded that among the challenges and risks to Romania's external balance there are the structure of exports and imports, the deterioration of the external deficit financing way, the large fiscal deficits, the large public net external loans, from 2017 till present, the legislative unpredictability. The evolution from recent years of cost competitiveness and of factors that determine non-cost competitiveness have affected and will continue to influence negatively Romania's external balance. In addition, the low number of people with higher education employed, the low capacity for innovation of the economy, the increase in unit labor costs, the low level of labor productivity and the low technological achievements do not support the qualitative and quantitative increase of our country's exports, the production of goods of high added value and incorporating high technology, and thus the achievement of external balance.

161-170

Authors: Mariana Alice PREDA (SIMION), Anda Ileana NECULA, Anca Daniela ȘENCHEA

Financial auditors carry out an activity of confirming and certifying the accounts of a company coupled with a duty to protect the public interest, i.e. all those who are interested in the content of the financial statements and the audit report. To do this, it is mandatory going through all the obligatory steps of carrying out an audit engagement. They will have to consider it not only their own interest, but also a priority for the public interest as a whole. Financial auditors also contribute to the morality of business life by ensuring that conduct complies with the law and by promoting credibility and transparency of financial information. Thus, the concept of social responsibility is about fulfilling the obligations and meeting the standards imposed by the profession. Financial auditors which are promoted on the basis of the trust given by society will feel the pressure of social responsibility, but also moral responsibility. To maintain trust, they must respect the profession's specific, principles of integrity, honesty, impartiality, objectivity and, above all, independence in representing the interests of stakeholders. In this context, the social and moral responsibility of financial auditors also refers to the obligation not to act in any way that brings the profession into disrepute.

17-26

Authors: Teodora Maria SUCIU

The present article aims to present the analysis of the financial performance of the clothing industry in Romania through the economic value added or opportunity cost, as it is also called in the specialized literature. We consider the model as a topical and dynamic one because it takes into account financial data in order to measure performance and improve the future financial situation. The factors of economic value added have strong links in the productivity process of the company, so that they can be considered as basic elements in the efficiency of the managerial decisions and the increase of the performance. The results of the study undertaken on the analysis of the performance with the help of the economic value added are favorable, which means that the cause-effect relationship between the foundation of the best managerial decisions and the increase of the economic value added.

33-40

Authors: Sorin-George TOMA, Cătălin GRĂDINARU, Ștefan CATANĂ

After the fall of the Berlin Wall, the former East-European communist countries made significant efforts to shift from a centrally planned economic system to a market economic system. The challenge of surpassing their economic backwardness in comparison with the Western countries imposed the design and implementation of several key processes such as privatisation or liberalisation. The objectives of the paper are to briefly define the concepts of company and profit and analyse the evolution of the most profitable companies operating in Romania in the period 2017-2020. To reach these objectives the authors used a quantitative research methodology based on secondary data research. The results of the paper show the existence of strong competition among Romanian and foreign companies for economic supremacy in terms of profit.

55-62

Authors: Cristina UNGUR

The rapid exhaustion of natural resources has created the need to reconsider business in the direction of extending products life by reuse, repair and recycle. Thus, it was necessary to adopt new business strategies to create circular and sustainable economic systems. This study aims to help describe the concept of circular business model in order to help entrepreneurs to apply them in practice. The article analyzes the latest scientific papers, which have developed this concept. The differences between traditional and circular business models are identified. This study clarifies which are the specific modalities of value proposition, value creation and value capture in a circular business model. By conceptualizing circular business models, the study contributes to theoretical approaches development and effective application of this concept in a circular economic system.

68-73

Authors: Eva SZABO

The importance of education is undeniable. No matter what we want to do or what sector we want to rebuild, we need specialists. And specialists need solid knowledge that can stand the test of time. Another demand of the 21st century is the speed with which knowledge is acquired, so from the beginning of 2020, we live in a "new world" in which online courses have become a reliable help. Young people in poor countries have faced greater difficulties participating in online education, mainly due to a lack of technology and the necessary equipment. Universities and governments around the world have taken steps to make the specialization curriculum more attractive and to improve the teaching-learning process. Online learning demands the use of new and effective teaching tools, so blending online with traditional learning may be the desirable outcome. However, online learning requires clear regulation, and teachers believe that it is appropriate for a limited number of courses, primarily in the Humanities disciplines.

80-89

Authors: Alina V. POPESCU, Ion STOICA

Corporate social responsibility is a concept regulated by various international programmatic documents, based on the voluntary compliance of organizations with the requirements of sustainable social development. The concept involves adapting the structure and operations of companies to meet their social responsibility goals. The international concern to secure natural resources for future generations through their preservation is now an ambitious goal, but which international organizations did not want to regulate too strictly from a legal point of view. The aim is to make every individual and the society as a whole aware of the importance of sustainable development and to comply with the objectives set out in their own right. The study will present the overall understanding of social responsibility, the regulation of the concept and will analyse cases on how Romanian companies adapt to this concept and the implications of the adaptation to CSR for the management.

97-102

Authors: Silvia Elena ISACHI

Digitalisation and globalisation have had a profound impact on economies, and these changes have brought with them challenges to the rules for taxing income from international business. The Organisation for Economic Co-operation and Development has stepped up its efforts to address these challenges in response to tax avoidance concerns by multinational companies. The global agreement is designed to stop large corporations from moving to low-tax jurisdictions and to establish a more equitable system of distributing tax rights to multinationals, depending on where they operate, rather than their headquarters. The tax will no longer be due only where the respective corporations have registered their headquarters and thus managed, through tax optimization practices, to pay lower taxes. A state will be able to tax profits made abroad by a company registered in that home country if it has been taxed abroad at a lower rate than the agreed minimum threshold, in order to offset the difference. Strong tax competition between countries and the significant cross-border transfer of profits by multinational companies have distorted and reduced tax revenues. The global taxation of multinational companies shows a change of attitude on the part of the strong states.

112-117

Authors: Mădălina ALBU

The socio-economic development of societies in general and of economic entities in particular, depend on the way in which the results of technological and scientific progress are implemented in entrepreneurial activity. Innovation and creativity give entrepreneurship the opportunity to lead to economic growth. The role of creativity in entrepreneurship can be manifested by identifying methods that can lead to reduced costs, increased productivity and competitiveness and increased turnover. The multitude of problems that must be solved permanently, determine the entrepreneur to make the most of his creative ability, ingenuity and accumulated knowledge. The development of creativity can be a personal strength in approaching an entrepreneurial activity. Valuing creative ideas, combined with the ability to use the opportunities offered by the environment, can be the strengths of a successful entrepreneur. Starting from the specialized literature in the field, the present paper wants to make a plea in favor of the implementation of creativity and innovation in the development of entrepreneurship.

128-138

Authors: Nicoleta MIHĂILĂ

The aim of the paper is to present the evolution of tax revenues from direct taxation in the European Union (EU 27) in the period 2008-2020, and to highlight the situation of Romania compared to Member States, especially those in the region (similar states in terms of economic development). We consider, in this sense, the evolution of both tax revenues from the taxation of personal income and corporate profits (we also refer to the taxation of large corporations in order to reduce the transfer of profits and increase revenues worldwide) and the evolution of statutory tax rates, as well as the strengths and weaknesses regarding the Romanian tax system in the regional context. In our approach we use a descriptive methodology, by using relevant bibliographic sources and statistical data from international database.

150-155

Authors: Viorica UNGUREANU

Science is determined by innovation, and accounting is no exception. The professional reasoning in organizing the accounting activity within each entity in any field of the national economy, presupposes the implementation of technologies, innovations and the application of National Accounting Standards, IAS / IFRS, which can be influenced by taxation, level of experience, the quality of financial audit, as well as the attitude towards risk. The slowdown in the implementation of technologies and standards in the case of the Republic of Moldova has been influenced by the complexity of the adoption and implementation of IAS / IFRS, the imbalance of internal versus external beneficiaries, and the costs of implementing advanced technologies or innovations. The influence of factors (bureaucracy, formalism and professionalism) on the supervisory bodies of the Republic of Moldova has contributed to the slowdown in the full adoption of IAS / IFRS and innovations or technologies. The required direction at the moment is the digital domain, entities transiting from physical work in the office to the remote one, and which requires the moment of transition to the online environment of tools necessary for connection through technologies, to ensure data protection and to protect against cyber attacks. In this context, the emergence of several venture capital firms is possible. Every innovative idea needs to be reflected in Accounting Reports and Balance Sheets, for these reasons accounting is bound to crystallize truthful and current information, based on fair and true value.

161-173

Authors: Sulaimon Olanrewaju ADEBIYI, Oluwayemisi Temitope SODOLAMU

This study investigated into the application of autoregressive integrated moving average (ARIMA) and Holt winters methods for optimum sales forecasting of Nestle Nigeria plc, Lagos Nigeria. The purpose of this study is to examine sales forecasting model using ARIMA and Holt Winters methods for short-term decision-making. The specific objectives are to: assess the future sales of Nestle Nigeria Plc. using ARIMA forecasting model, evaluate the future sales of Nestle Nigerian Plc. using Holt Winters forecasting model, examine the optimum forecasting model between ARIMA and Holt Winter for Nestle Nigeria Plc, determine the appropriate forecasting model for Nestle Nigeria Plc. short term forecasting. Secondary data were sourced from yearly sales revenue data of Nestle Nigeria Plc., from 1990 to 2017 and analysed with the aid of Minitab software. Holt winters multiplicative model MAPE, MAD and MSD were 2.3, 1.7 and 4.8 respectively, while ARIMA is 1.8, 1., and 5.4 respectively. The result shows that the appropriate model is ARIMA model for Nestle Nig. to predict short term forecasting since, it has the lower value of the performance metrics. The result also revealed that ARIMA method seem more effective and powerful going by the MAPE result. It was recommended that in advance of attempting simple method of prediction, it is helpful in trying more complex ones equally they have the capacity to make available additional and precise outcomes in certain conditions.

22-27

Authors: Ionel LEONIDA

In this paper we present the main fiscal incidences manifested on the Romanian fiscal system, analyzed in terms of their realization in possible advantages or disadvantages, 15 years after Romania's accession to the European Union. We aim to highlight the advantages anticipated at that time, perceived as opportunities to reform and create a fiscal system stimulating economic development and their confirmation or possible transformation into certain disadvantages over the Romanian fiscal and economic system. We refer to the evolution of some indicators, of some tax rates and their translation in the fiscal and economic dynamics, in the period 2007 - 2021.

38-44

Authors: Constanţa POPESCU, Diana - Nicoleta GEORGESCU, Gheorghița DUMITRACHE (TORCICĂ)

As we take part in a series of imbalances that occur throughout the world, and globalization, with all its fundamental components, generates chain reactions when a phenomenon occurs, either positive or negative, the role of leaders in an organization is that of when trying to mitigate the effects of risks. The leader's attitude towards risk is important because the way he acts, how he manages and anticipates the risks lead the organization to success. To be able to manage and anticipate the risks of an organization, the leader must possess one of the most important qualities - the vision. By managing, anticipating and leading the vision, the effects of the risks to which organizations can be exposed due to frequent changes can be mitigated. Management and anticipation risks thus become a necessity for leaders, a distinctive element of the organization's struggle, differentiation from the competition by which it manages to foreshadow the future status of the organization. The purpose of this paper is to present the importance of risk management and their anticipation by leaders in order to reduce the effects of risks on the organization through a rigorous analysis of the specialized literature, of the scientific documents.

52-59

Authors: Cristian MOROZAN, Elena ENACHE

The evolution of the Romanian economy in 2020 was marked by the emergence of the COVID-19 pandemic and the adoption of measures to restrict mobility, needed to prevent the disease spread. The health crisis management obviously required significant financial resources, in addition to the significant pre-crisis debt stock. On the other hand, measures adopted to support the economy, along with the gradual easing of restrictions over certain periods, have had the effect of improving investors and consumers perception. However, in order to maintain easy and cheaper access to the external financing market, it is crucial for Romania to engage in fiscal reforms that will improve the predictability of the fiscal framework, revenues collection capacity and will adjust budget expenditures according to the revenues evolution. Improving the governance of public investments, focusing mainly on strategic areas, as well as using European funds to a greater extent are the elements that can lead our country's economy to a new growth model, while reducing the pressure on budgetary resources.

70-77

Authors: Nelli AMARFII-RAILEAN, Rodica PERCIUN

The sustainable development of the agricultural sector is identified as one of the primary strategic priorities of the Republic of Moldova and is crucial for ensuring economic growth. The agricultural sector, as a share of gross domestic product (GDP), ranks second by service sector and comes first in terms of contribution to economic growth. However, the productivity of sector remains at a deficient level, driven by a lack of investment and available loans, with low-yield technologies. For a long time, the agricultural sector was of no interest to the "new generation" of farmers and investors, being characterized by climate risks, lack of automation and innovation, and the application of IT in agriculture was limited to the use of computers for financial management and commercial transactions monitoring. Today, modern technologies have evolved, being intensely introduced into the practice of the agricultural sector; they are offering high-performance and efficient solutions. In the research, the author examines the digitizing prospects of agriculture in the Republic of Moldova and its potential to implement Industry 4.0 products. In the author's vision, the creation of digital ecosystems in the agricultural sector will increase the efficiency of farms management and will propel the Moldovan economy to a new development stage.

96-103

Authors: Mihaela Hortensia HOJDA

Investments, insurance, re-insurance and pension funds are essential parts of a working economy and also of functioning communities. This article presents a connection between these financial instruments and ESG, as a matter of functionality, eligibility and budgetary burdens. The argument will start with available data and the ESG requirements. Arguments will be narrowed down to green bonds as an example in regards to the need to stress test for economic growth and better financial reporting standards. In this sense, financial information and non-financial information can impact economic behaviour, business value and communities. This this paper presents the interconnections between the ESG and capacity of economy to revalue itself advantages and disadvantages for ESGR.

121-129

Authors: Alina STRATILA, Rina ȚURCAN

This study assesses the conditions affecting the formation of attitudes and system of values in young people under the influence of culture and traditions of the nation, standard of living, business climate, economic structure, etc. The formed image is characterized by the presence of the following characteristics of young people: a high level of education, possession of modern means of communication and an active social position. Despite the moderate level of youth employment (every fifth young person is working), this category of persons plays an important role in the long-term development of the Moldovan economy. On the basis of the performed correlation analysis it was demonstrated that the change of the national production volume by 99.4% is conditioned by the educational level of the employed youth. Accordingly, the obtained results are important for the development of the state.

138-147

Authors: Viorica POPA, Nicolae POPA

Hazardous waste management is a complex subject consisting of several components. There is no perfect model that can be applied in any situation, but the EU has firm principles on which to base its approach to waste management that can be applied in the Republic of Moldova. The most important challenge facing the authorities is to minimize the impact of hazardous waste on the population and the environment. Thus, risk minimization is possible only through an efficient and correct management of waste of any kind. In the study, the author aimed to analyse and evaluate the management of hazardous waste, to identify the most important problems and risks to the health of the population. This study was developed within the State Program 20.80009.0807.22 Development of the mechanism for the formation of the circular economy in the Republic of Moldova.

154-164

Authors: Nicolae GRĂDINARU

Confiscation is a sanction that consists in the forced and gratuitous transfer of state property, property under a court decision or an administrative decision. According to art. 562 paragraph 4 of the Civil Code, only the goods destined or used for committing a crime or contraventions or those resulting from them may be confiscated. Confiscations ordered by the courts are carried out by the Ministry of Public Finance, the Ministry of Internal Affairs or, as the case may be, by other public authorities empowered by law, through the competent bodies, established by common order of the heads of the institutions concerned. acts by the competent bodies of the Ministry of Public Finance, or by other public authorities empowered by law, in compliance with the legal provisions in force. If the confiscations concern amounts expressed in foreign currency, the amounts are converted into lei at the exchange rate communicated by the National Bank of Romania, valid on the date on which the confiscation measure becomes final. The confiscated sums, as well as those realized from the capitalization of the confiscated goods, less the expenses imposed by the execution and capitalization, are made income to the state budget or the local budgets, as the case may be, according to the law.