Annals of Spiru Haret University. Economic Series

6

Authors: Amelia DIACONESCU

The consequences derived from any sentence pronounced for a crime committed by a major person pertain to the constitutional law, administrative law, civil law, family law, labour law or commercial law and consist in legal effects of criminal or extra-criminal nature, perpetual or long term ones which result from the fact of the criminal conviction itself and they place the convict in a disadvantageous situation. Having a legal tool character by which the legal consequences resulting from a conviction cease or, in a larger sense, a legal tool character by which the ex-convicts are legally reintegrated in the society, its effects are the same.

9

Authors: Bogdan SOFRONOV

The online tourism is part of e-commerce and unites some of the fastest growing technologies, such as communications and information technology, the hospitality industry, and strategic management / marketing / planning. Online tourism activities involve tour operators, travel agencies and other entities with tourism-related interests in the virtual space through a dedicated portal. The phenomenon itself has implications for the tourist services consumer. The Internet has revolutionized the travel industry both as a source of information and as a sales channel. Online marketing, photographs, and consumer reviews are bringing destinations and attractions to the screens of potential travellers around the world. The ease with which a customer can review and compare travel options opens up new markets for both large and small businesses and the ability to confirm prices and purchase services online benefits travellers and businesses alike.

13

Authors: Viorica JELEV

Artificial intelligence and automation will radically change the world, but if we want society to benefit from these changes, we need to properly prepare ourselves through an education tailored to new times. Until the last century, it was the manufacturing industry that created jobs. But today, as a result of the existence of artificial intelligence, robots, the manufacturing industry is no longer the main driver of job creation, but the service industry. As competition grows, brand manager imagination needs to work, and sales growth solutions need to focus on customer focus attention. It is a difficult task if all brands offer discounts in the malls they are in, and the announcement of differentiation is put to the attention of specialists who offer solutions for fun of any kind for the clients. The article aims to present the evolution of world trade in recent years and the various ways of diversion invented by retailers to keep customers in store chains longer time for them to buy more. The conclusion of this article will focus on the idea of future trade based on modern technology inside stores, which will lead to profound changes in customer buying behaviour.

17

Authors: Lawrence UFOEZE, Camilus N. OKUMA, Clem NWAKOBY, Udoka ALAJEKWU

1Department of Banking and Finance, Chukwuemeka Odumegwu Ojukwu University, Anambra State, Nigeria 2Department of Banking and Finance, Madonna University, Okija Campus, Anambra State, Nigeria 3Department of Banking and Finance, Nnamdi Azikewe University, Anambra State, Nigeria, Tel.: +2347030997856, Email: blueben2010@yahoo.com Abstract This study investigated the effect of exchange rate fluctuations on Nigerian economy. The fixed and floating exchange eras were compared to know the exchange rate system in which the economy has fairly better. The time period covered was 1970 to 2012. The study employed the ordinary least square (OLS) multiple regression technique for the analysis. The coefficient of determination (R2), F-test, t-test, beta and Durbin-Watson were used in the interpretation of the results. The resulted revealed that about 85% of the changes in macroeconomic indicators are explained in the fixed exchange era. In the floating exchange era, 99% was explained while the whole periods has 73% explanatory power, hence the floating exchange era (1986 to date) is more effective in explaining economic trends in Nigeria. Also, exchange rate has significant positive effect on GDP during the fixed exchange rate era and negative effect during the eras floating and all-time; inflation has insignificant negative effect on GDP during the fixed exchange era; significant effect in floating era and significant negative effect in the all-time period; money supply has insignificant negative effect on GDP during the fixed exchange era; and significant positive effect during the floating and all-time period; and oil revenue has significant positive effect on the GDP in all the exchange rate regimes (floating, fixed and all-time) in Nigeria. The study thus concludes that exchange rate movement is a good indicator for monitoring Nigerian economic growth. So far, exchange rate has always been a key economic indicator for Nigeria. The floating exchange period has outperformed the fixed exchange rate in terms of contribution inflation, money supply and oil revenue to economic growth. This indicates that the floating exchange rate has been a better economic regime for sustainable economic growth in Nigeria..

20

Authors: R. N. WEERASINGHE, A. K. W. JAYAWARDANE2

The university sector in the national innovation system (NIS) is considered as one of the key players, which links new knowledge with the industry for the purpose of diffusing new knowledge for economic and social benefits through commercialization of products, services, processes and other artefacts. This paper inquires the role of Sri Lankan universities in the innovation process by paying special attention on the strength of universityindustry linkages. Responses from the industrial sector were obtained through a surveys and interviews with respondents. Data presented and analyzed through descriptive statistics using summery statistics and figures. Social Network Analysis (SNA) was employed to determine the strength of the networking relationship among the universities and the firms’ qualitative data were analyzed employing the method of content analysis. The study revealed a positive trend in the higher education sector towards performing effective role in the future towards innovation. However, it was evident that these relationships have still remained very weak. The industrial sector remains inward oriented with little intention to innovation, while universities still prioritize their traditional teaching role in higher education.

27

Authors: J. N. ELOSIUBA, Emma OKOYE

1 Department of Accountancy, Chukwuemeka Odumegwu Ojukwu University, Anambra State, Nigeria 2 Prof., Department of Accountancy, Nnamdi Azikiwe University, Awka, Anambra State, Nigeria Abstract In the light of globalisation, where foreign investments have become trendy, comparability of financial reports of Nigerian firms and those of other firms across the world has become a concern. Nigerian firms have been mandated to adopt the International Financial Reporting Standards (IFRS) in their financial reporting. This study has examined the effect of the IFRS adoption on the reported performance of Nigerian banks listed on the Nigerian Stock Exchange. Eight (8) out of the fourteen (14) quoted banks were selected for the study. The four indices of performance employed in the study are profitability using the return on equity, liquidity using total deposit to total loan, loan grants and then market value measured by price earnings ratio for the period (2011 and 2012). 2011 represented GAAP era while 2012 stands for IFRS adoption. A comparability index for the banks was computed using the Excel Spreadsheet for each of the banks on each variable. Then the One Sample Test was employed for the analyses. The mean was used to answer the research question while the t-statistics tested the hypotheses. The results showed that mean values for profitability, liquidity and market value are greater in the GAAP era (2011) than in the IFRS period (2012), while loan grant was higher for the IFRS period (2012). The t-tested indicated the fact that none of the variables had significant effect. Thus, the study concluded that IFRS adopted does not have significant effect on bank performance reported in 2011 and 2012. The use of IFRS for all firms, as well as incorporation of IFRS guideline in professional training are recommended by this study.