CONTEMPORARY ECONOMY JOURNAL

5-14

Authors: Camelia MILEA, Cătălin DRĂGOI

In the article, the authors analyse the evolution of long-term private and public external debt in Romania in the period 2008-2022, as well as the evolution of related services, highlighting some of their characteristics, especially from the point of view of costs. The research shows that although medium and long-term public external debt increases almost continuously during the analysed period, while medium and long-term private external debt fluctuates, the costs are higher in the case of medium and long-term private external debt. Thus, the private external debt service in the medium and long term is higher than the public external debt service in the medium and long term, a situation generated by better loan conditions in the case of public external debt. The authors also show that the medium and long-term external public debt, respectively the related service, has deeper annual fluctuations compared to the medium and long-term external private debt. The methodology used combines the empirical analysis of statistical data and their interpretation, with the identification of causalities.

21-27

Authors: Maria-Elena GHEORDUNESCU

Car liability insurance is the most well-known type of insurance in Romania. The role of liability insurance is to allow people injured in an accident to be compensated without having to wait for compensation from the liable party or, in the worst case, until the discovery of the liable party itself. The civil liability insurance mainly covers damages resulted from an accident caused by the insured liable party, for which, according to the legislation in force, the liable party owes due compensation to the injured parties. Considering this, all legal entities and private individuals who own a motor vehicle registered on the territory of Romania, have the obligation to take out a car liability insurance, for cases of damages caused by vehicle accidents. The paper aims to present the situation of car liability insurance in the context of the insurance market in post-pandemic Romania. Based on the quantitative method, but also the qualitative one, the present paper is an exploratory research, aiming to highlightsome relevant information from the insurance field.

33-45

Authors: Henry K. FASUA

The study examines the relationship between audit quality and firm financial performance. The study focuses on two financial performance measures, namely return on assets (ROA) and earnings per share (EPS). It employed Auto Regressive Distributed Lag (ARDL) and Dynamic Ordinary Least Square (DOLS) techniques for analysis of data. The research utilizes secondary time series data covering the period from 1981 to 2021. In Model 1, which explores the effect of audit quality on return on assets, the findings reveal both short-run and long-run effects between audit quality and ROA. The study indicates that audit independence has a positive but insignificant impact on ROA. On the other hand, auditor tenure has a negative effect on ROA, though it is also statistically insignificant. Audit firm size demonstrates a statistically significant negative effect on ROA. In Model 2, which examines the effect of audit quality on earnings per share, the results show that audit independence has a negative but insignificant impact on EPS. Surprisingly, auditor tenure has a positive effect on EPS. However, this effect is statistically insignificant. Similar to Model 1, audit firm size has a statistically significant positive effect on EPS. In summary, the study reveals a significant short-run and long-run effect of audit quality on return on assets (ROA) in Nigeria. However, audit quality does not have a lasting impact on earnings per share (EPS) over the long term. These findings suggest that companies with higher audit quality experience improved profitability (ROA) in the short and long term, while EPS is not significantly affected by audit quality in the long run.

54-64

Authors: Eveyn OHIDOA-TOUWA

The study investigates the occurrence of accrual anomaly globally with specific attention on other countries factors beyond the informatory aspect of stocks price prediction, that account for accrual anomaly worldwide. The conceptual approach methodology was adopted; materials were sourced online and journals of accounting and finance researches from where the findings of most previous related studies were reviewed. We observed that, accrual anomaly is not only associated with the United States and countries that share common characteristics with United States, but with code law countries; country legal system, changes in accounting regimes, influenced accrual anomaly occurrence globally; also, we observed some methodological deficiencies in accrual anomaly measurement in prior studies and a limitation of Sloan coexistence hypothesis of accrual and cash flow anomalies. Hence, we recommend that; first, a pre and post study of International Financial Reporting Standard (IFRS) on accrual anomaly is necessary in order to establish the effect of changes in accounting regimes on accrual anomaly in Nigeria. Second, a validation of Mishkin-test commonly accrual anomaly test and Sloan 1996 coexistence of accrual and cash flow anomalies. Finally, a future study that will include profit and loss firms as sample is encouraged.

76-82

Authors: Ionel LEONIDA, Cosmin - Octavian CEPOI

The severe deterioration of public finances during the COVID-19 pandemic and its consequences brought aspects of a fiscal-budgetary nature into the debates, fiscal policy, through its instruments, being considered the main anchor through which the government can stimulate or inhibit the economy in a moment of crisis, but also afterwards. The proposed work is part of this direction of continuing the debates and analyses, aiming exploratory at the possibility of identifying some vulnerabilities or emphasizing some existing ones from the previous period, based on an analysis framework that aims at three important aspects: the evolution of the budget deficit; the evolution of public debt and their positioning in relation to economic dynamics. The result can be a source of information, of possible development and refinement, to the extent that it will signal the existence of significant fiscal-budgetary vulnerabilities in the short and medium term at the level of Romania.

6-16

Authors: Viorica UNGUREANU

In businesses with a risk profile, from which innovative projects originate, investments have an important place. When venturing into a project, the investor must be extremely cautious and calculated, correctly assess the risks related to venture capital activity, and the position of the economic agent, who initiates the project, must be an exemplary one, which accurately reflects the economic reality and its perspective to generate as high a return as possible. For this purpose, the accounting of innovations in venture capital activity must provide all users with the most truthful information. In the study, the author formulated a hypothesis: the financing sources of innovative projects represent capital investment sources, this is why it is necessary to know the capital market and its efficiency, from which it can be deduced that the innovative activity requires special knowledge of the field, starting from the operational record to the accounting record of all operations, including financial reporting based on fair value according to International Financial Reporting Standards. Under the conditions of the operation of the venture activity mechanism, the meaning of information and reporting in the financial statements takes on particular importance, because the results of the venture capital activity are reflected in slips, registers, order journals, trial balances and financial statements, the purpose of which is to provide actionable information for the adoption of the most effective solutions by its users.

22-27

Authors: Cristina Aurora BUNEA-BONTAȘ

A predictive management involves the planning and budgeting of the company's main activities and the control of compliance with the budget provisions, which makes the budget the main component of management control. Throughout the company's activity, no matter how perfect the company's strategy is, a control of forecasts is necessary in order to detect the causes that lead to the appearance of deviations, establish responsibilities and provide the necessary corrective measures. This article aims to present the operating budget of the company, its structure and the stages of the budgeting process. The advantages and disadvantages of using the operating budget as a predictive management tool are also emphasized.

35-42

Authors: Cristina GANESCU

Businesses gain competitive advantage if they manage to integrate corporate sustainability with environmental performance, economic contribution and social responsibility. The reduction of waste and environmental pollution, the use of non-polluting energy and the efficiency of the use of natural resources positively affect not only the environment, but also logistics, by reducing costs. A company's performance can be measured by resource productivity and waste reduction because waste does not add value to an activity. Adopting sustainable logistics is profitable for a business because the effect of responsible practices in sourcing, transportation, storage, packaging is cumulative. If sustainability intervenes at the level of each logistics activity, then we can talk about the integration of sustainable logistics. The implementation of sustainable logistics strategies becomes extremely important in the current global context. All sustainable logistics strategies are interdependent and interdependent. Waste management helps improve the quality of finished products, which could lead to reduced returns and reverse logistics efforts. Better information to stakeholders could reduce overstocking and subsequently waste. Such an intelligent business model facilitates the implementation of each strategy and generates a synergistic effect.

49-52

Authors: Cristian PIECU

This paper addresses the need to develop social entrepreneurship as a tool for economic progress, but also as a way to support community needs. Thus, social entrepreneurship comes to use economic mechanisms and profit-generating activities to support social causes. A social economy structure pursues several directions at the same time, one social and one economic, unlike a pure commercial enterprise, which has a single purpose. The aims of a social economy structure are not always in line, there are conflicts of purpose and a certain managerial dynamic. The levers needed to achieve this objective are primarily economic mechanisms, supported by better legislation, with the ultimate aim of facilitating the labour market integration of disadvantaged groups by providing the financial support needed to advise people on how to start a business. This is the only way to ensure the successful implementation of new businesses and their long-term continuity.

58-62

Authors: Daniela POPA

Inventory represents the set of factual verification operations of the existence of patrimonial elements in terms of quantity, quality and value, an operation to identify goods that belong to the public and private domain of administrative-territorial units. Accounting must provide a faithful, clear and complete picture of the patrimony. Sometimes, however, discrepancies may appear between accounting data and reality, caused by certain economic and natural phenomena, negligence, mistakes, embezzlement, etc. Concordance between written and real information can be checked with the help of the process called inventory. Accounting, as the main management tool, must provide real information on the activity of the patrimonial unit, in order to adopt scientifically based decisions. In order to achieve this objective, a fundamental condition is the complete agreement that must exist between the data recorded in the accounts and the factual reality existing in the unit. The main means by which the real situation of the patrimony is ascertained and which allows the comparison of the data obtained in this way with the accounting data, is represented by the inventory.

70-86

Authors: Marius GUST

At the end of the first half of March 2023, the most important banking markets in developed countries began to show signs of crisis, with stock markets falling, three banks in the United States and one in Europe were declared bankrupt, and others from roughly the same geographical areas were saved. The fear of a new crisis, this time of a banking nature, and of a global contagion made the banking authorities, government representatives or important bankers react quickly, making available to financial intermediaries important funds, but also with statements to calm the markets. This communication addresses three issues. The first refers to the term crisis that the press, as well as specialists, have used to name these turbulences on the banking markets. The second problem addressed in the communication concerns the causes of the turbulences, and the third problem analyze the particularities of these turbulences, in relation to the banking crises of the recent past.

92-99

Authors: Kishlay KIRTI, Raviranjan KUMAR, Rikil CHYRMANG

The census is one of the key sources of migration data that provide insights on internal, interstate and international migration; researchers have often ignored it in internal and international migration studies despite its usefulness. It is primarily used to explore interstate migration. With this understanding, this study uses census data of India to explore all three kinds of migration (internal, interstate and international) in the context of Bihar, an Indian state known for the large outflow of migrants (Sharma, 2005). The study uses the data on migration from the 1991, 2001 and 2011 censuses and provides insights into long-term migration behaviour. In that context, this study has explored the volume, streams, gender, origin, destination and reasons for migration. It also shows the implications of the bifurcation of the state on migration.

6-11

Authors: Mircea GUTIUM

Digitization leads to a permanent transformation of the economy and state services. State governments and economic agents must be ready for the transformations that will take place and on the one hand create legislative frameworks to control progress, and on the other hand economic agents must be ready to develop their business in accordance with new technologies informational. The analysis of the trends in the digitization of the economy and how to calculate it is the objective of the given article. The purpose of the study is to identify the transformations taking place in the economy and society with the implementation of information technologies, and the ways to quantify the stage of this transformation.

19-24

Authors: Aurelia TOMSA

Small and medium-sized enterprises have a more prominent role in the economy, acting as a tool for regulating economic relations between sectors of the economy and the population. The relevance of the topic of the work lies in the fact that small business plays a significant role in the development of national economy of the country, as well as a single region. The subject of the study is the regional features of the development of small entrepreneurship in the Republic of Moldova. The analysis of the structure of small and medium-sized enterprises by main types of activity showed that the largest share belongs to “wholesale and retail trade; repair of motor vehicles and motorcycles.” The purpose of this research is to analyse the current state of small business development in Moldova, and develop recommendations for improving the development of regions and state support for small and medium-sized enterprises.

37-48

Authors: Adriana HORAICU, Ana-Maria ANDREI, Laura-Andreea IAMANDACHE (FLOREA), Victor MUNTEANU

Traditional financial reports, as transparency and communication tools of traditional accounting, do not meet the information needs of stakeholders, they only reflect social and environmental aspects to some extent. Shareholders and investors focus more on the long-term impact of the sustainable model. These models can be developed through reports that deal with environmental, social and corporate governance issues. If entities do not publish high-quality non-financial reports, they may soon face evaluation problems during evaluations, as well as problems accessing funding sources and communicating with investors and clients. Starting with the financial sector, capital markets to all economic entities, regardless of the activity sector, non-financial reporting must be subject to strictly defined rules and standards. Each entity must define and report on its strategy, key risks and progress against strategic performance indicators globally. In this context, each economic entity must establish a series of criteria for identifying and prioritizing the targeted gateways, in accordance with the business strategy and reporting method adopted. The main objective of this scientific approach is to analyze the evolution of the financial and non-financial reporting system in order to identify a reporting format, the type of data, information that meets the requirements, taking into account the specifics of the entity, the specifics of the sector in which activates, as well as the information needs of the interested parties. In the second objective, we aimed to achieve the establishment of the threshold of significance and the representation of the most important non-financial aspects by analyzing some well-established variables (the level of influence of the stakeholders regarding the non-financial aspects and the entity's impact on environment, society and economy from the perspective of each non-financial aspect).

54-64

Authors: Alina SUSLENCO, Octavian COZNIUC

This paper represents a theoretical-methodological foray into elucidating the contribution of IT technologies to the efficiency of the modern management system. Currently, in the context of the multiple innovative changes affecting the activity of SME enterprises, there is a need to identify the most effective competitive advantages that will help companies ensure an efficient route to the market, as well as gain the trust of its customers. The purpose of the study is to develop a model of the modern management system focused on the use of modern information technologies. At the same time, among the objectives of the research we can note: a. the elucidation of the role of information technologies in the remodelling of the modern SME management system; b. Identification of changes in the management system as a result of the implementation of information technologies; c. Elucidation of the influence of the factors of the modern management system characteristic of SME. As a result, along with the progress in the methodological research approach, we used several methods such as: analysis, synthesis, induction, deduction, abduction, comparative analysis. Subsequently, we can note that the new model of a modern SME management in the 21st century is based on the use of new information technologies, which represent the fundamental competitive advantage, helping the SMEs to make their activity more efficient, as well as to draw a path towards increasing organizational competitiveness. Accordingly, towards the end of the research, we note that SMEs must infiltrate their activity with new IT technologies, software elements, which will contribute to the improvement of the management system in view of increasing competitiveness and sustainability.

75-85

Authors: Nicoleta MIHĂILĂ

The purpose of our work is to realize a comparative analysis of labor taxation in Romania and some of the countries in the region (Bulgaria, Czech Republic, Poland) in the period 2008-2021, by two indicators, the Implicit Tax Rate (ITR) and the Tax indicator wedge. The objectives pursued are: analysis of labor taxation in the European Union in 2021, by using ITR, analysis of labor taxation in the European Union in 2021, by using the tax wedge indicator, and making a comparison of labor taxation in Romania and the countries in the region mentioned above . We considered the share of tax revenues from labor taxation, in total tax revenues and in GDP, Taxation of labor revenues, paid by employees and employers, % in GDP, Tax revenues from social contributions paid by employers and employees in the period 2008-2021 , % in GDP. The statistical data used come from the Taxation Trends 2022 report (European Commission), OECD, as well as data from the tax guide developed by Mazars for the year 2022.

91-96

Authors: Corina DUCU

Entities constantly need material and monetary resources to carry out their activities. These resources cannot exist without a source of financing. One of the sources of financing, available to the entity, for a period of more than one year, with a stable character, refers to share capital. As an element of equity capital, share capital is the primary source of funding and gives owners rights over the assets of the entity. The reason for addressing the topic was precisely the importance of share capital in an entity, as the first source of financing, necessary for the conduct and development of the entity’s business in an economic climate of crisis and uncertainty. As a result, the objective of the research is to present share capital both from a theoretical point of view, through a general overview of the aspects related to the definition, forms and content of share capital, and from an accounting point of view, by presenting individual studies that provide a specific approach to this component of equity capital.

101-107

Authors: Cecilia MĂNTESCU (TÎLVAN)

Consolidation and promotion of integrity in the tax administration can ensure a favorable framework for economic and social development, as well as for the consolidation of taxpayers' trust and respect towards the tax authorities. The consolidation of integrity is a determining factor regarding the quality of public tax services, because it represents a fundamental the moral and legal of the functioning of the tax system. In this sense, the consolidation of integrity can be achieved by adopting measures that improve the transparency, responsibility and efficiency of the tax administration. To the same extent, the consolidation of integrity can contribute to improving the efficiency and effectiveness of public tax services, by reducing administrative cost and by encouraging voluntary tax compliance by taxpayers. A sound tax administration can also help reduce tax violations, increase tax revenues and improve international rankings on governance and transparency indicators. From the need to develop an adequate management at the A.N.A.F level, the New National Anti-Corruption Strategy was implemented, which was an important step, which contributed to strengthening the levers of assurance and consolidation of integrity through identification actions, prevention of corruption risks, monitoring, supervision and control of the activity of civil servants. A.NAF manages a large amount of information, but not all of it is used in the monitoring process. The identification of risks and vulnerabilities regarding integrity in the fiscal field and the measures to reduce them, is a point of great importance in the realization of a responsible fiscal policy, a determining factor regarding the quality of public fiscal services.

114-116

Authors: Leonid BABII

This article presents an approach to improving enterprise engineering in modern conditions by including in it the possibilities of systematic decision support based on an analysis of enterprise values in order to create a competitive production.

125-131

Authors: Sorin-George TOMA

The roots of today’s automotive industry are to be found in the First Industrial Revolution. The internal-combustion engine automobile is considered as the defining product of the industrial age. The history of the automobile began in the second half of the nineteenth century when spectacular advances in engineering enabled inventors to finally replace the horse with the car. The late 1890s witnessed the emergence of important manufacturers, such as Oldsmobile in the United States of America, Fiat and Renault in Europe At the turn of the past century, Henry Ford, an American engineer and entrepreneur, launched the famous Model T. The paper aims to briefly present the life of Enzo Ferrari and to identify some of the key factors that allow him to become so successful. To achieve the objectives of the paper the author used a qualitative research method It shows that the company and its products are intrinsically linked with its imperious founder. Also, the paper exhibits the triumph of Ferrari race cars but also illustrates the standards for luxury, elegance and performance set by its unforgettable road cars. It demonstrates that Enzo Ferrari was both a successful industrialist and entrepreneur.

6-13

Authors: Gabriela ANDRIȘAN, Andra MODREANU

The last several years have had a significant impact on how opportunities are evolving and how adaptive the business sector must be to continue pursuing successful corporate plans. Many businesses have begun to innovate and reuse their resources as a result of these structures, allowing them to continue operating despite the current economic circumstances. The goal of this paper is to highlight the importance of innovation within the context of a sustainable company strategy. Furthermore, it leads to a clearer understanding of how this type of organization has been able to respond to changing market conditions and thrive rather than merely survive. Following an examination of the available literature, a summary of the most common traits and principles may be extrapolated, allowing the option of further investigation in forthcoming studies. The findings indicate that innovation plays a significant role in the success of some firms, generating distinct niches in which even a start-up can thrive. To better demonstrate their views, the writers chose Allegorie as an example, a company that relies on fashion innovations and employs this to keep its sustainable ideals. The study's findings can also be used to gain a better understanding of the current state of business models and the critical roles adaptability and sustainability play in this volatile economic climate.

27-32

Authors: Mădălina ALBU

The identification of the motivation to stimulate creativity in the university environment, as well as the main objectives and characteristics of these activities, represents the starting point in the development of a strategy for the implementation of innovation in educational management. All the changes that have appeared in the external environment in recent years have generated the need to adapt the methods of teaching, evaluation and control, so as to provide a new, innovative environment for the development of study programs. In order to be able to integrate the concepts of innovation and development in the strategy of the educational environment, it is necessary to analyze and interpret the current state of the environment in which we operate, so that all those positive aspects can be maximized in the future strategy. Also, following the analysis, the critical factors must be reduced, even eliminated in order not to generate risks in the future. The process of adapting the university educational environment to the needs of new generations must be a continuous one based on the use of the stimulating factors of innovation. The actual innovation begins with the identification of innovation opportunities and the impact they can have on the interested parties. Starting from the presentation of the current stage of the integration of innovative strategies in university management, this paper aims to identify and detail a series of proposals and recommendations that can constitute alternatives in carrying out activities specific to university education.

39-47

Authors: Corneliu-George IACOB, Emilia IORDACHE

Competitiveness is a concept with multiple meanings, which led to the appearance of an important number of definitions: we encounter the concept of competitiveness at the national level, but also at the company level. Competitiveness considers all the elements that explain the success of a nation, from a global perspective. Competitiveness looks at how both nations and firms use the totality of their skills to achieve prosperity and profit. Competitiveness is relative and not absolute because it compares the performances of nations or companies with each other. The competitiveness of a country is one of the main aspects that ensure the country's evolution at the regional and even global level. The sources of competitiveness may differ for a country depending on its economic, political, cultural position, but also on the group of countries to which it refers. Since 2010, the European Union Regional Competitiveness Index measures the main competitiveness factors for all NUTS-2 level regions in the European Union. The index measures, with the help of a set of indicators, the ability of a region to offer an attractive environment for companies and residents. Starting in 2022, this index is based on an updated RCI 2.0 methodology.

53-72

Authors: Galina SAVELIEVA, Svetlana ZAHAROV

The purpose of research is to analyse the impact of socio-demographic factors on the transition from labour activity to pension in the Republic of Moldova. Demographic factors, including migration, population decline and ageing, have led to the deformation of age structure of population in the direction of elder age groups. The growth in the number of pensioners with a reduction in employed population have conditioned to financial instability of the Social Insurance Budget and disruption of terms payment of pensions and benefits. The analysis of the importance of social factors of stopping of labour activities at retirement the comparative assessment of wages reflects as the basis for pension accrual, average monthly disposable income and amount age pension, as well as indicators of living standards of elderly population (poverty rate). The analysis of the factors takes into account the forced stopping a work and retirement when reaching the established age limit due to the existence of age discrimination in the labour legislation. Taking into account the relevance of the problem, proposals for increasing the effectiveness of state policies to regulate the transition from labour market to pension, including the possibilities of continuing labour activity, were elaborated. The article was elaborated within the framework the Scientific Project “Migration, Demographic Changes and Policies of Stabilization the Situation”, registered in the State Register of projects in the field of science and innovation of the Republic of Moldova with the code 20.80009.0807.21 of the State Program (2020-2023).

81-85

Authors: Gica Gherghina CULIŢĂ

The society we live in evolves and develops more and more. Along with this phenomenon, the needs of individuals diversify and grow. Some of these needs can be met at the private level, such as the need for food, clothing, but another part of these needs can be met at the public level, here we can mention: education, national defense, internal order. Public needs constitute one of the most important components of the social policy within a state, that is why the state allocates financial resources in order to satisfy these needs in order to increase the standard of living of the population. Public expenditures for education represent one of the main components of social-cultural expenditures, they occupy a leading place within the actions that the state finances. It is recognized the role that the education system has in the evolution and development of society, especially in the conditions of the scientific revolution, which leads to the need for modernization and continuous development of school institutions, as well as the granting of financial resources from the state budget for to finance education. From the desire to explore the state and necessary actions in the educational field, this paper aims to analyze the level of public expenditure for education in Romania and in the EU member countries.

94-106

Authors: Kenny Adedapo SOYEMI, Mariam Abosede TIAMIYU, Emily OMALE

This study examines the influence of audit quality on financial performance of 40 quoted non-financial firms in Nigeria for 10 years from 2009 to 2018. Audit quality measures adopted include audit fees, audit committee experience, audit committee financial expertise, auditor tenure, and audit firm size while operating cashflow was adopted to proxy financial performance. Secondary data, panel in nature, were gathered from annual reports and audited accounts of these firms that were selected using a stratified sampling technique. Thereafter, ordinary least squares (OLS) was adopted to estimate the model specified for this study. The result revealed significant and positive influence of audit tenure and audit firm size on operating cashflow. Further, there were insignificant and positive relationship between audit fees, audit committee experience and operating cashflow, as well as insignificant and negative relationship between firm size and operating cashflow. Consequently, this study recommends a sustained audit tenure regulation among professional firms, alongside continuous engagement of the Big4 firms to improve on firms’ financial performance. In addition, small and medium local indigenous professional accounting firms should adopt an expansion strategy, through mergers and acquisition to improve capacity, thereby ensuring consideration for sustained engagement by large firms (clients).

113-127

Authors: Lilia SAVA, Valentina TÎRȘU

Human resources are the key factor in ensuring the success of any economic entity. The value of personnel increases as they accumulate new knowledge, abilities, skills, and competences that allow them effectively to carry out their work tasks and responsibilities. Ensuring performance both at an individual and organizational level can be achieved by employees who have the highest professional knowledge and skills, developed through professional training of employees, which has become a strategic factor and a source of competitive advantage. The purpose of this paper is to investigate the professional training needs of employees, to develop training objectives, and to identify the benefits and drawbacks of this activity in order to implement training activities within economic entities.

137-144

Authors: Mădălina TOCAN

Research, development and innovation play an important role in ensuring sustainable economic growth. By producing new knowledge, research is essential to the development of new and innovative products, processes and services that contribute to increased productivity, industrial competitiveness and ultimately prosperity. For this reason, the encouragement of the research-development and innovation activities has become now an extremely important imperative of the modern socio-economic and technological policies in developed and less developed countries. The present paper tries to present an overview of the efficiency of the research, development and innovation system in Romania in a global context. The analysis of the Global Innovation Index shows that the existing research-development-innovation system in Romania is not able to ensure overcoming the condition of being a modest innovator, due to some of its weaknesses. Thus, Romania is in a not exactly favourable situation, a fact that influence in a negative way the country's competitiveness and long-term growth prospects.

153-160

Authors: Vasile SECRIERU

In this article, the author starts from the observation that public financial management, including public financial control and audit, must take into account the problems and risks inherent in the public institution model itself, but also those specific to a country and its public sector at a certain time. Applying methods such as the method of scientific abstraction, the method of induction, the method of deduction, analysis and synthesis, the author comes to the conclusion that the safest public sectors, implicitly public institutions, are those from countries with developed democracies, namely - Denmark, Finland and Norway, followed by those from Germany and Canada. The following, according to the level of risks, are some post-socialist countries: Estonia, Slovakia, Slovenia, Lithuania, Latvia, Poland. Hungary, Romania and Bulgaria represent countries with public sectors facing high risks related to corruption and government effectiveness. Armenia and the Republic of Moldova face high risks at the level of the sector and public institutions. This finding suggests the conclusion about the lack of efficiency and effectiveness of the internal and external public financial audit activity.