CONTEMPORARY ECONOMY JOURNAL

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.