Junior Scientific Researcher

9-18

Authors: Iskandar Muda

This study aims to investigate the influence perception of Capital Gains and Dividends on Stock Purchase Intention in Indonesian companies. Variables used in this research are the capital, profit and dividends (independent variables) and Stock Purchase Intention (dependent variable) and to show their relationship, it was used multiple linear regression. This research included Manufacturing Companies listed on the Indonesia Stock Exchange and there were taken into account a number of 38 societies Data of this research are secondary data, obtained from the financial statements of the investigated companies published in the Indonesia Stock Exchange. The results showed that simultaneous independent variables have a significant influence on the capital structure, while partially effect on the Capital Shares Purchase Intentions. It was also shown that Profit and Dividends do not affect the Stock Purchase Intention.

30-39

Authors: Silviu DUȚULESCU; Ileana NIȘULESCU-ASHRAFZADEH

Corruption is becoming an increasingly acute problem lately for Romania and the authorities are trying to find solutions in this regard. Until now the anti-corruption strategy has undergone four stages, by approving as many sets of anti-corruption strategic documents (National Anti-corruption Strategies in 2001, 2005, 2008 and 2012). In this research, we started from the assumption that there is a correlation between corruption in the public sector and the corruption in the private sector, involving the corrupting power represented by the private sector and corruptible power represented by the public sector. The hypothesis was confirmed by detailed analyzes conducted in this regard using a number of variables such as the percentage of convictions in the public or private sector, the position that the culprit holds, the county he/she comes from, the institution in which they operate, type of sentence (suspended or performed) and the penalty in months. Then using the statistical functions Data Analysis, PivotTable of Excel software, the 3110 observations were processed. The centralizing tables were made by filtration and then the ventilation data by numerical and geographical coordinates. The quantitative information provided by these summary tables combined with qualitative information derived from extensive analyzes conducted during this investigation, led to the confirmation of the basic assumption that there is a correlation between corruption manifested in the public and private sector. This correlation becomes more powerful as the bureaucratic system, namely the workload in the public sector is growing. In this regard, we have concrete examples in the counties of Cluj, Timiș, Constanța, Prahova, Bucharest, respectively

16-29

Authors: Ștefan Constantin

In March 2014 a change took place on Europe's political map. The Crimean Peninsula became part of Russia, switching sovereignty after more than 20 years during which it was part of Ukraine. This took place following a Russian military intervention and a referendum. A majority of the world's countries however, do not recognize the Russian control of Crimea and still consider it a part of Ukraine, rendering the territory an area with undefined political status. Shortly after the sovereignty change, the region and its population started experiencing all kinds of hardships. An often neglected type of hardship Crimeans are experiencing is the difficulty of obtaining visas. Following the referendum, many diplomatic missions in Russia have instituted a policy of not issuing visas to residents of Crimea who apply with Russian-issued documents. This article shall make a summary of EU and Schengen countries' positions regarding this issue, as these are the biggest groups of countries that requires both Russians and Ukrainians to obtain visas before travelling there. This research was made mostly directly, by requesting each country's diplomatic mission in Moscow to give an official position. The research had the purpose of verifying the information that certain countries do issue visas to Crimeans with Russian documents and also to give a more general and complex picture on the matter of visas for residents of Crimea. This theme is important as a policy of not issuing visas has significant repercussions on the region's economy and on the freedom of movement of its citizens.

36-45

Authors: Jahollari Heralda

Risk management in insurance and reinsurance companies is a very important element, which enables the organization to meet its obligations to customers and to survive in the market place. In order to be managed properly, the risk must be first identified correctly. The damage must be assessed carefully and using efficient methods, for the evaluation to be more realistic. This paper is the result of the use of several methods. Besides the theoretical and narration aspects, the paper also relies on the comparative method, as it addresses the practices followed by the Member States as well as Albania, a country that has recently adopted a new law, aiming to align its legislation with the acquis communautaire. The study shows that the Albanian legislation provides the necessary guarantees to ensure that companies will manage risk in the best way possible and will create all the necessary structures for this purpose. In this regard, we can say that the alignment with the acquis communautaire has been successfully accomplished.

12-29

Authors: Răducu Rușeț

This historical research entitled Careers, destinies and Romanian national attitudes in Bessarabia: Constantin Stere and Romanian Life Journal aims to evoke some aspects of biographical and journalistic activity of the writer, publicist and politician Constantin Stere. This biographic-intellectual and diachronic reconstitution of personality of Bassarabian Constantin Stere approach aims to bring on the first stage of actual historiography an exposure of his life. The author divided this article into several sequential steps: 1) Early Years; 2) High School and the first political initiatives; 3) The period of detention and deportation; 4) Return from exile and university studies; 5) Political and journalistic activity; 6) His last years. Far from having pretensions of completeness, this historical approach wishes, in anniversary year, to bring, based on bibliography, some important moments from Constantin Stere’s life, the novelty of this study consisting of historical and historiographical revaluation of the importance of Constantin Stere, proposing a new approach and a historical perspective of the subject. The current state of research on the topic consisted in a review and reevaluation of sources. Thus, we can mention that about Constantin Stere are written important works, studies, articles, numerous online sites that published articles about his work etc. A historiographical reconsideration of the subject proposed reveals a growing interest in the debate about his personality. We will mention the following works: Virginia Musat: Constantin Stere. The Writer (1978); Ion Căpreanu, The essay of a restitution. Constantin Stere (1988), Zigu Ornea Life of Constantin Stere (1989, 1991), a monography in two volumes. He also republished in Bucharest in 1991 and 1993, the work dedicated to Stere. The increased attention also in Moldavia was revealed in 1991 when appears the V. Badiu’s documentation about C. Stere’s activity. A great importance has I. Vasilenco’s article in1963. There are another two books published in 1957: Alone against all (Alina Ciobanu) and Constantin Stere: The victory of a defeat (Maria Teodorovici). More recent works are those of Ion Space, Constantin Stere the writer, the publicist, the politician, the man, Moldovian’s Academy of Sciences, Chisinau, 2009 and Lucian Boia, The Germanophiles, Humanitas, Bucharest, 2013. Also, in recent bibliographic literature about Constantin Stere, we have to reveal the threevolume edition edited by Professor Victor Durnea, C. Stere- Journalism, published by Alexandru Ioan Cuza University of Iasi. We can see that from the 90s until the present politico-literary and journalistic work of this writer became more researched and studied. After outlining the current state of this research, we can say that, through this article, in this festive moment for Chisinau, we reveal moments and aspects of the life of a journalist often forgotten: Constantin Stere. We consider it is important to study the personality of this politician and publicist because history can be defined by the sum of biographies of people who have worked in a certain period of time. The era of Stere worth to be explored and studied in the context of political and intellectual evolution in the second half of nineteenth century and the hole twentieth century.

38-50

Authors: Aluculesei Alina-Cerasela

Tourism is a dynamic domain and sensitive to changes caused by globalization. It is modeled both by operators and tourists, being in a constant transformation. The presence of the Internet and using it constantly turns the distance from impediment in ordinary. Destinations that not long ago were regarded with suspicion today can be explored including through testimonials of tourists from around the world. This study addresses one of the most important changes among travel agencies due to globalization that is moving their activity online. The research is made on the travel agencies from Romania in 2013 and includes both general issues such as the existence of a website, consumer protection in the online environment, card payment possibility on the site, and particular aspects, such as spa deals, social offers and tourist information.

10-26

Authors: Akwaa-Sekyi, Ellis Kofi; Bosompra, Portia

The initiation, funding, servicing and monitoring of loans by financial intermediaries has been done without regard to some critical factors which could have averted the likelihood of default. The study aimed at measuring the extent that owner-specific, borrower-specific, loan and lender-specific characteristics could determine the probability of loan default. The study used logistic regression for 224 business customers of a bank in Ghana from its nation-wide branches. The study found that owner’s extra income (ownership characteristics), multiple borrowing, diversion of loan purpose (borrower characteristics), loan price, loan purpose, loan age, repayment plan (loan characteristics) and underfunding (lender characteristics) significantly determined the probability of business loan default. The overall model predicted up to 78.5% of variations in the likelihood of default. The hierarchy of strong determinants given by their odd ratios were loan purpose (47.9 times), underfunding (19.2 times), diversion of loan purpose (11.7 times) multiple borrowing (9.4 times) and owner’s extra income (8.2 times). The study can conclude that financial intermediaries should be wary of the credit granting process taking cognisance of ownership, borrower, loan and lender characteristics especially the significant predictors. Combining quantitative and qualitative variables as determinants of default could be considered in future

33-41

Authors: Avram Daniel; Bălan Alina Mihaela

Innovations are considered the engine of economic growth, because they serve a s basis for obtaining the competitive advantage. Tourism is one of the most profitable and dynamic sectors of economy, occupying the second position in the international trade after oil. Rural tourism also has major implications in the economic, social and cultural development of villages. This study presents an analysis of the fluctuation of the number of employees and of the number of accommodation units specific to rural tourism in Romania, between 2007-2014. To this end statistical data from the National Statistics Institute has been used. Volunteer tourism, the development of national portals for presentation of vacant jobs in the tourism sector and the development of human resources by absorption of European funds, are the three suggestions presented in this study, which have the purpose ofreinvigorating rural tourism in Romania.