CONTEMPORARY ECONOMY JOURNAL

12-23

Authors: Viorica IDU (DINDAREANU)

The result of an entity is presented by means of some patterns that highlight the evolution in time of this concept. The new vision of the comprehensive income is shaped by the pyramid approach carried out by J.F.Casta and O. Ramond. The pyramid approach points out the difference between the operating income and the comprehensive one, by including the OCI component- a consequence of the use of the fair value measurements of some asset and debt items. There are also mentioned various patterns of the contents of the profit and loss account, according to the structure of the expenses, as a result of the nature criterion or the entity’s functions one. There can be found as well patterns of the result’s analysis by means of the direct costs and of the break-even point. The aim of the study follows the good knowledge of the advantages and the limits of the different ways of underlying the results.

32-38

Authors: Monica-Ionelia MĂRGĂRIT

This paper attempts to create and overview image of the main monetary policy instruments used by the National Bank of Romania, starting from 2000 until present, as well as the evolution and the changes that these instruments have undergone in terms of value. The first part of this paper tries to present the main monetary policy instruments used by the central bank, while the second part analyzes the evolutions they have encountered during the considered period. According to the National Bank of Romania, currently, three such instruments are used, namely, open market operations, permanent facilities and minimum reserves required. Following the analysis we have made, we can say that, overall, the evolution of the three monetary policy instrument can be characterized as a descending one and the effects that the changes made in terms of their values had on the economy were, most of the time, the ones that the central bank has anticipated.

45-53

Authors: Mihail CIOBANU

One of the main directions of the public spending policy in Republic of Moldova is the social protection of the population. A group of population that is, especially, vulnerable to the difficult social and economic conditions is the children in difficulty – children who have insufficient parental support or lack it, due to parents’ negligence, violence, death or other unfavorable conditions of familial environment. A widespread measure of support of these children is their separation from the difficult familial environment and the subsequent institutionalization. On the one hand, the need to make the use of public spending more efficient in supporting this category of children, on the other hand, numerous researches that demonstrate the negative effects of institutionalization on children have determined the government of the Republic of Moldova to orient itself towards deinstitutionalization measures in the last decade. In this paper we try to determine the main aspects of the public spending policy on the social protection of children in difficulty in the Republic of Moldova of the last decade in the light of deinstitutionalization efforts.

69-74

Authors: Sergiu - Dan IURIAN

March 11, 2020 will forever go down in history as a sad date for humanity. It is the date when the World Health Organization declared the spread of the COVID-19 as being redefined as a pandemic crisis. Since then, and even before that, the spread of the virus has left its mark over the way migration is being understood. Usually governments had to tackle mostly problems regards illegal migration and migrant flows due to war zones. Since the pandemic crisis and its impact over the economies, the world is facing another challenge: the one regarding huge legal labour migrant flows, of people who were left out of jobs by the economic impact of the pandemic crisis. The purpose of this article is to make light into the current global status regarding the most affected parts of the world where positive and negative migration is evolving and how authorities adapt their methods and respond to such challenges, but also to take into consideration the future of illegal migration.

86-90

Authors: Loredana Maria PĂUNESCU

A study on the labor market in Romania requires both knowledge processes, realities and trends across the country, and knowledge of phenomena manifested in this market over the years. The labor market in Romania is influenced by economic and social system of politics and the environment, so supply and demand on the labor market often have different tendencies, leading to a tense labor market. In recent years, the labor market has undergone a number of changes, so that both employees and employers have a new perspective regarding labor market insertion.

96-102

Authors: Mădălina ALBU

One of the major concerns of the companies in the field of natural gas distribution is the development of the natural gas distribution system, both by its extension in the areas covered by the concession contracts, respectively by the license, as well as by the concession of new distributions. The foundation of the plans for the sustainable development of the distribution system in the medium and long term is done taking into account the new innovative technologies in the field, as well as the use of modern computer applications that will ensure the efficient management of the distribution networks in accordance with the regulations of the National Regulatory Authority in Energy domain. Considering that natural gas plays a key role in the transition towards an economy based on reducing carbon emissions, representing clean energy, flexible and adapted to energy needs, one of the objectives of the activity in the field is the use of innovative technologies to increase performance. economic. The paper addresses the field and refers to the activities carried out by Distrigaz Sud.

122-131

Authors: Simon OGAGA

Employing descriptive analysis along with documentary evidence, this research investigated the time frame of budget passage in Nigeria and its implications on the economy since the time of her democratic dispensation. The enactment of the Federal budget prior to the new fiscal year is fundamental to quality governance. From the year 1999 to 2019, the different government administrations that have been at the helm of affairs have signed 21 national budgets into law (year 2000 budget to year 2019 budget). Of the 21 national budgets for the epoch of this study, findings reveal that only 14% of the federal budgets have been passed into law before the new fiscal year, while 86% have been delayed, with negative implications on budget implementation, the wellbeing of the citizenry and the general economy. Some of the consequences of a delay in budget passage are that it holds back private investments due to the fact that investors would be uncertain of the economic outlook for the forthcoming fiscal year, affects capital market activities and at the same time creates distortion in economic planning in the private and public sectors of the economy. It is recommended that there should be a constitutionally approved timeline for the enactment process which will be binding on all stakeholders of the federal budget process (and constitutional sanctions for violation of the approved timeline) in order to ensure timeliness in the yearly budget passage thereby creating the enabling environment for effective budget implementation and economic growth.

140-145

Authors: Tatiana MANOLE

In this article we wanted to inform the reader about the process of financing education in the Republic of Moldova. Although the number of educational institutions and the number of pupils / students is decreasing, the state budget increases the allocations for this branch from year to year. This effort of the state budget must change the content of education by increasing the quality and performance in this area of priority importance for the state. We have demonstrated the increase of budgetary resources by increasing the amounts of value norms for a weighted student and for an institution, starting with 2014, the year in which in the Republic of Moldova pre-university education moved to a new funding methodology - based on standard cost per weighted student.

153-163

Authors: Cristina-Cora PÎRVU, Maria Carmen IORDACHE

Social inclusion, as a support for social policies, is both a deliberate process of integrating and welcoming all people into a society based on equal opportunities and greater tolerance, and an objective aimed at combating social exclusion by removing barriers to people's participation in society. In the foundation of social policies are used social indicators that allow the description in statistical terms of the level of social development achieved in society, but also of the current existing problems. They provide confidence in social policy actions and make it possible to monitor progress in solving problems of general interest. This paper highlights the conceptual presentation of the term of social inclusion, both in general and from the perspective of the European Union, the system of indicators used in measuring social inclusion, social trends regarding the evolution of social inclusion indicators at EU and Romanian level.

170-179

Authors: Maria Carmen IORDACHE

Tourism and religion are two increasingly interconnected notions in many cultural contexts in the future, given the popularity and flexibility of both activities. Religious tourism is the pioneering form of tourism that began almost with the beginning of mankind. Since ancient times, religious destinations have not only been a part of the cultural landscape, but have also become a vital factor in local marketing and the economy of hosted destinations. The purpose of this article is to give an outline of a meta-analysis, which reflects the key areas of the perspective of the academic impact of the connection of religion and tourism, to generate a conceptual framework that may be useful to decision-makers in the industry, to understand the effects of and dimensions of religious tourism as well as the factors that affect the growth in religious tourism.

187-191

Authors: Niculina STANESCU

As a result of the risks to which the firm is presently exposed, their assessment and the analysis of the financial implications on the company imply a high level of professional judgement of the management. The recent events related to COVID 19 have implications for the financial reports of the companies, especially for those with economic connections with the affected areas. From January 2020, auditors must be extremely alert to audit risk, mainly in terms of the direct implications for the compliance with the principle of continuity by the audited companies.

16-22

Authors: Emil DINGA

The paper aims to analyse, from a critical point of view, the standard models of economic growth which are based on the consumption as command variable within a post-keynesian economy. To this end, firstly, the study identifies the theoretical macroeconomic variables which can stay as proxies for consumption (for example, the wage), extracting the pros and cons arguments for every of them. Finally, the paper provides a set of arguments in favour of considering the consumption as an appropriate macroeconomic variable to model the economic growth, especially in the post-pandemic COVID-19 period, based, of course, on taking into account the economic sustainability on medium and long term.

29-37

Authors: Teodora Maria SUCIU (AVRAM)

The analysis of the possibilities by which the expenses can be measured in the clothing industry in Romania, is the starting point of this research. We consider it useful to know the ways of measuring the expenses at the level of companies, in order to obtain a greater profit, by using as little resources as possible. The results of the empirical study are satisfactory, in the sense that through the safety interval of the average of the expenses, it is possible at any time to check the state of the company's performance. Therefore, according to the results of the proposed model, the company that is the subject of the case study should find solutions to reduce the operating and financial expenses existing in 2017.

50-57

Authors: Aurelia DUCA, Corina GRIBINCEA, Alexandru GRIBINCEA

The problem of ensuring the conditions of sustainable development is one of the most frequently discussed theme at international summits and meetings at different levels. The international community has recognized the degree of responsibility for future generations and outlined the concept of further development, but there are still difficulties in its implementation. The lack of uniform methodological approaches for the transition to a new development path, the lack of development of financial mechanisms and models of cooperation between international organizations and local communities - all require generalizations of modern experience and practical actions on the path to sustainable development. In this regard, the authors analyzed innovative financial approaches used for economic sustainability.

66-82

Authors: Angela TIMUȘ, Alexandru CEBAN

From ancient times the shadow economy has always found various ways and means to have its presence in any national economy in various forms. The development of this phenomenon leads to an economic activity parallel to the official one, which will eventually lead to the loss of control of the state authorities. The paper aims to make a general analysis of the theoretical aspects of shadow economy, being focused on concept approach, methodology of evaluation, as well as presentation of some countries’ experience in assessing the shadow economy. Taking into account that the paper has a pronounced theoretical character, the research methods are mainly focused on bibliographic research of foreign and local articles of scholars who dedicated their work to assessing the shadow economy. At the same time, a series of other scientific research methods have been used such as: the logical-abstract method, the method of comparison, the monographic method, etc. The main results are focused on development of an own definition of shadow economy by the authors and assessment of evaluation methods through their advantages and limits.

90-102

Authors: Patricia Amalia MERCEA (HANDRO)

Understanding how real economy adjust to the exchange rate fluctuations enables us to anticipate the effects on inflation, capital market, exports, as well as the monetary policy responses. This study examines the extent of the exchange rate pass-through to the real economy (consumer price index, industrial production, capital market, exports, interest rate) in Bulgaria, Czech Republic, Poland, Romania, and Hungary over the 2008M01-2019M08 period. A Vector Autoregressive analysis using impulse-response functions supported the results for the short term and found a lower degree of passthrough for the exchange rate shocks for all CEE countries. The results of its econometric analysis show that the degree of the exchange rate pass-through is incomplete. The conclusion is that exchange rate remains an important instrument for monetary policy in these economies.

115-123

Authors: Nicoleta MIHĂILĂ

This paper proposes several directions for adapting taxation to promote the stability and competitiveness of Romanian companies, directions that have as a starting point the current situation in Romania, from a fiscal perspective. These directions include: increasing tax revenues to the state budget (in this context we present comparative aspects on the situation of tax revenues in Romania and the EU), increasing the level of collection, stimulating investment in research and development through fiscal facilities, increasing tax compliance, fiscal predictability. In this regard, we used data provided by World Bank reports, the Fiscal Council as well as the report prepared by the World Bank and PwC, Doing Business.

130-133

Authors: Georgiana-Gabriela IACOBUȚĂ

The aim of this paper is to analyse the impact of strategic planning in the development of public transportation. Therefore, we conduct a short literature review concerning the relation between strategic management, in general, and the development of public transportation, and, more specifically, different aspects of strategic planning in relation to the development of public transportation. We include both theoretical views on the subject and empirical studies in different regions and states which show the effect of strategic planning on the changes related to public transportation.

141-148

Authors: Gabriela-Mariana IONESCU

The paper aims to examine two paired phenomena in the fiscal process (more exactly, in the budgetary obligations collecting), namely multiplying and dividing. The multiplier of the fiscal collecting indicates how and how much the fiscal evasion could increase the budget receipts (if the fiscal administration does work), while the fiscal divisor indicates how and how much the fiscal evasion could decrease the budget receipts (if the fiscal administration doesn’t work). The two indicators are algebraically modelled, and some empirical data are used in order to illustrate the mechanisms of multiplying and dividing, respectively, regarding the budgetary receipts when the voluntarily conformation to pay the budgetary obligations leaves to be still desired.

155-160

Authors: Mihaela PREDA

The modern conception of economy bases the conceptualism of finances on judgment, logic and practicability, which leads to the increasing of the benefit and to the importance of the organization. Finances are represented by the financial resources of the organization that performs its functions. In order to provide the products and services useful to the society, both the public and the private domain are needed. The private domain has a competitive economy with products and services made from private capital. The public domain has a forecasted, concentrated economy, the products and services being made from public funds. Public finances are made up of resources, expenses, loans and public debts associated with the state, the public and administrative-territorial authorities, and are materialized in the public budget. Private finances are made up of resources, expenses, loans, receivables and payment obligations of private organizations. Banks and other financial institutions that attract capital form the financial market. Financial management provides the institution with the resources it needs. Financial management can be defined as the science that studies the processes of leading, predicting, organizing, training and controlling the financial capital available in the organization in order to achieve the proposed objectives. The organization is a system, a set of sides that interact, perform processes or solve tasks in order to achieve the proposed objectives. This is made of inputs, processes, outputs and control or feedback.

170-174

Authors: Isabela STANCEA

The right to information is a fundamental human right, guaranteed by international law and which has been transposed into Romanian law. Information has an essential role in social progress, in promoting social values, being also called "the oxygen of democracy". The individual's right to information underlies his participation in the life of society, in democratic accountability and information must flow in a free flow, in two directions, from society to the citizen and vice versa. In most democratic countries, and not only, this right is stipulated in legal texts of the highest level (constitutional texts), but unlike other rights, this is a relative right and not an absolute one, being susceptible to restrictions or limitations. The limitation of the right to information must be proportionate to the interest protected by this restriction on the exercise of the right.

180-185

Authors: Delia TESELIOS, Mihaela SAVU

The evolution of Artificial Intelligence is closely linked to the evolution of technology. Thus, the increasing computing power of computers, their ability to perform more and more complex tasks, the access to very large volumes of data, the use of graphical processing units, are some of the elements that have contributed to the development of Artificial Intelligence, which has nowadays an active role in our daily lives. This paper aims to present the impact that the adoption of Artificial Intelligence has on the economic environment, through an analysis of some fields of activity together with a series of processes corresponding to each field.

195-200

Authors: Loredana Maria PĂUNESCU

In recent years, it found that universities attach great importance to participation in projects relating to the insertion of graduates in the labor market, both as coordinator and partner institution allocating significant human and material resources for the successful development of these projects. In this respect, the analysis carried out we started to focus on one of the problems in Romania, namely, that today, few graduates fail to integrate rapidly into the labor market. In fact, it is known that the labor market is the relationship between young graduate and employing companies. However, job security, one of the important conditions for graduates is endangered by the current economic crisis. Job loss is one of their main concerns given that supply is more limited than at the time of their enrollment in the labor market. Also, high rates of unemployment indicate their main difficulties that they experience in graduation-work transition. Better education and access to education for gaining greater stability in the labor market would allow natural insertion in the labor market. Also, high rates of unemployment indicate their main difficulties that they experience in graduation-work transition. In recent years, many young people graduate from university increased significantly in recent years. Of course we can not isolate statistical data quality workforce, amid the transformation of higher education in mass education, which often hide masked youth unemployment by delaying the integration into the labor market and further studies. However, this statement regarding the level of education required for a post became widespread labor market in Romania, in the sense that, even for jobs that would normally be performed by persons with secondary education is required diploma University studies. Also, in recent years we have witnessed an excess of demand for jobs in relation to the supply of the market. The current economic situation and the situation on the labor market leads university graduates to settle for work that you have, even if it does not meet their expectations.

18-26

Authors: Marius GUST

For many banks, the closure of agencies has been, in recent years, a coordinated development strategy, because their objectives are to reduce costs and the number of clients visiting their branch. The increase in alternative payment methods and decline in cash use means that there is little need to visit the bank for transactions. But people still like to visit a banking agency, though less frequently than usual and for other purposes. In today's digital age, in addition to virtual experiences, people also want physical experiences, and visiting a branch may be more appropriate for some clients and for certain services. Clients tend to visit an agency to learn more about banking products and services, such as mortgage loans or more complex investment products, such as pension plans, because they want to receive financial advice. Although most clients start the journey online to find the financial products they need, many of these trips are concluded and completed at the traditional banking agency. Thus, for many banks, the traditional branch remains a crucial point in the relationship with clients, the place of manifestation of its brand/image and all that it represents. Although branch closures have been a major issue in recent years, many banks - including new ones - are opening branches, while others are turning branches into counselling agencies. If the bank branch has outlived its usefulness, why do some banks open new ones while others retain theirs, even transformed. Banks that dispense with their branch networks could be endangering their future.

36-43

Authors: Lucian IVAN

Analysis of data on arms exports worldwide reveals relative stability in the international arms market that increased in 2019 compared to 2018, by about4%, with growth in the United States of 6.6%, equal to that of China. This trend in the United States of America may diminish considerably in the coming period, given the limitation of the increase in the defence budget from fiscal year 2021, and in the case of China, the sars-CoV-2 coronavirus crisis will have effects including in the defence industry. Recent developments resulting from the economic crisis caused by the medical emergency caused by the COVID-19 pandemic, induced by the worldwide spread of the SARS-CoV-2 coronavirus, will also have effects in the defence industry, mainly on the the basis of the contracting of gross domestic product at state level. To overcome this crisis situation in the defence industry, innovative measures are needed to enable the development of state-of-the-art military products adapted to the market requirements and defence needs of resource-enabled States financial support, while accelerating the work of the applied Research and Development sector that will enable such products to be produced.

50-61

Authors: Ion SCURTU, Gicuța SBÎRCIOG, Delia - Cristina CONSTANTIN

Food is one of the vital human needs and everything that is alive. In human nutrition, vegetables play a major role, bringing the body an important supply of vitamins, minerals and fibers. Therefore, horticulture is an important branch of the economy, especially since the Romanian people are one of the largest consumers of vegetables in Europe. Unfortunately, it is noted that the value of vegetable imports exceeds that of exports, although our country has the potential to offer a much higher of vegetables yield. The present research aims to outline some possibilities for increasing the economic efficiency of vegetable growing in Romania. For this purpose, the authors propose a number of possibilities, including increasing areas for growing vegetables in protected areas, gradually increasing vegetable production and export, lowering vegetable imports and bringing prices of exported vegetables closer to those imported.

72-81

Authors: Mihaela DIACONU, Amalia DUȚU, Mihaela BRÎNZEA

In the current context of the dynamics and volatility of the global labor market, the employability of graduates of higher education is a key indicator of identifying the extent to which a university successfully fulfills its assumed mission - education. At the international level, the researchers have proposed different approaches to the concept of employability and have built different models to determine the components of the employability and the ways to increase it. The purpose of this paper is to present the most important models of employability and to introduce a new approach that extends the debates on this concept by involving all stakeholders - students, graduates, employers, university. The paper also identifies the role of the university in supporting the employability of the graduates and introduces a model of curricular development applied to reduce the gaps between the competences provided in the curriculum and those required on the labor market in order to increase the rapid insertion in the labor market of the graduates. The proposed model has been applied and validated within a project funded by the European Social Fund, generating significant results by redefining the practical competences and improving the practical training of the students from 8 degree programs.

91-98

Authors: Carmen-Mihaela BOTEANU, Emanuel RĂUȚĂ, Oana LUCA, Florian GAMAN

The paper aims to carry out an analysis of the performance components of the local development strategies funded under the LEADER Measure from the National Rural Development Program 2014-2020. The article analyzes the Local Development Strategies financed in each development region of Romania from the perspective of the most relevant performance indicators achieved through the implementation of these strategies. The paper emphasizes the contribution of the Local Development Strategies to supporting the bioeconomy, as a smart specialization field, in the National Strategy for Research, Development and Innovation and within the smart specialization strategies adopted by Romania’s development regions. The "bottom-up" approach, specific to the LEADER concept, is highlighted, and the role of the Local Action Groups implementing the Local Development Strategies is outlined, in supporting the development and innovation at the local level, as well as in supporting the areas of smart specialization within the relevant regional and national strategies. The paper concludes that the field of bioeconomy, benefiting from the huge potential of the Romanian agriculture, in the context of a growing food industry, could represent a key sector of ​​development of the Romanian economy.

108-114

Authors: Evelyne Ingrid MITU, Elena Loredana COMĂNESCU

Interpretation by comparison of human resources management applied between two countries with different application methods and techniques of human resources management, yet with spectacular results in their economies (US and Japan). Despite the differences between Japanese and American management styles, both will have a huge impact on their national economies. In general, in the field of human resources, the labor relations within the organizations are, mainly, characteristics that differentiate the Japanese management system from the other countries, especially the USA.

125-132

Authors: Mariana MANDRA, Valentin ILIESCU, Amalia GURGUI, Alexandru GRIBINCEA

Modern tourism industry is progressing rapidly. Its development contributes to active economic growth of many countries on the globe. The development of tourism industry of a particular state is significantly influenced by world tourism development trends. Today, tourism has become an independent sector of economy, almost 6%of the global gross national product, 5% of all tax revenues and 7% of global investment. The future of tourism is closely connected to the ability of industry to introduce alternative energy technologies and design sustainable development strategies. Sustainable development strategies are a prerequisite for solving problems related to climate change, and play a key role in the implementation of the2030 Agenda for Sustainable Development. The tourism market is part of national economy. In the case of international tourism, it simultaneously refers to two sometimes very different economic systems, one of which exists within the borders of the source country and the receiving country. International tourism contributes to the design of a new type of spatial connections that reduce risks of regional conflicts, contributing to cultural and technical enrichment of countries and peoples. The World Tourism Organization declared the year 2020the year of rural and ecological tourism. The point is that tourism should develop and bring people financial resources not only in big cities, but also in provinces and in the countryside.

142-155

Authors: Ion CUCUI, Silviu Constantin NASTASIA

This paper empirically addresses the issue of creative accounting in financial reporting, focusing on how it influences the quality of financial statements prepared and reported by economic entities. Creative accounting cannot be automatically classified as legal or illegal, in the absence of an in-depth analysis, but is negatively correlated with the approach of managers or professional accountants to manipulate accounting data to achieve certain objectives or meet certain financial indicators relevant to third parties. The data were collected from open sources, from databases available to the general public, for the study being selected an economic entity based on certain representative criteria, such as economic size, business segment or history. The study revealed that, based on the analysis of the financial statements prepared by the economic entity for a period of two consecutive years, were highlighted elements that suggest a use of imaginative accounting, being likely to mislead stakeholders about the performances registered.

170-177

Authors: Georgiana-Gabriela IACOBUȚĂ

A growing number of businesses seek to become more environmentally-friendly and to employ effective and efficient strategies that include objectives such as decreasing their carbon footprint, reducing their waste and increasing their energy efficiency. In order to make their efforts measurable and to evaluate the implementation of the strategy, environmental key performance indicators (KPIs) are increasing in popularity for the companies’ strategy. However, the number of KPIs used in business strategies is rapidly increasing. Therefore, more and more companies and researchers are presented with the dilemma of selecting the most relevant, useful and important environmental KPIs. In this paper, we analyse the literature concerning environmental KPIs, discuss different criteria used in the selection of such KPIs, and make proposals regarding this criteria.

184-186

Authors: Lucian Gheorghe NĂSTASE, Maria Georgiana PONEA

Blockchain technology is used by entrepreneurs as an innovative tool in online trade so that they can handle the problem of traceability of the product in the management of the supply chain. This research want to be a cross-border between blockchain, ecommerce all made in the entrepreneurial environment. In the end it will be a set of methods and algorithms that are developed for the information encryption and for anticounterfeiting. There will be presented algorithms and methods to show a complete and working solution, which are evaluated by applying to several typical problems and attack cases. The effectiveness, extendibility, security, implementation and governance issues of applying these algorithms, methods, solutions are also discussed. This research contributes to the theoretical and practical literatures on blockchain technology, cross-border e-commerce and supply chain management research fields.

12-18

Authors: Diana-Maria DRIGĂ

The paper intends to clarify the concept of institutional resilience and proposes a logical formalization of this concept. In the first part of the paper some clarifications were made regarding the effects of disturbances on the systems and the conceptual family of resilience was proposed. In the next part of the paper, the concept of resilience and the concept of institutional resilience were defined. In order to define the concepts within this paper, a logical approach was proposed by identifying the sufficiency predicates of each concept and performing their logical analysis. The concept of institutional resilience, as a species of the resilience genre, was defined by identifying two additional sufficiency predicates, compared to the general case of the concept of resilience. In the last part of the paper, a logical formalization of the institutional resilience concept was proposed.

29-37

Authors: Klejda GABESHI

Banking performance is a reflection of how banks work, taking into account the environment in which they operate. The purpose of this article is to carry out a qualitative analysis of banking performance indicators, focusing on studying the efficiency of banking activity and banking productivity as determinants of performance. In order to understand the need and importance of evaluating the performance of the banking sector, firstly is elucidated the position of the sector in the structure of the financial system and the role it plays in its stability and economic development. The most important part of the paper emphasizes the identification of the factors that affect the efficiency and bank productivity. To determine the performance of the banking sector, micro and macroeconomic factors must be examined. Among the "micro" environmental factors in the analysis are considered the bank specific factors. As factors of the "macro" environment are all those factors that are not dependent on or determined by the bank's directors. "Efficiency" is different from "productivity", but it is related to it, and the two indicators together are essential for assessing the state of an economy in order to take appropriate measures to improve the situation and project future goals.

43-49

Authors: Ana-Maria NICOLAE (STAN), Iuliana MIHAI (VASILE)

Change has always been a challenge for society. Over the years, analysing the cosequences of change, people have tried to tip the balance in benefits and progresses favor, reducing this way the risks and dangers. The theme of change in the organizational field is current, as there are many changes and reforms in society, this happens in romanian educational area too. The ability to adapt of the human resources involved in the process of change, has become a fundamental condition for success, no matter the area, and in more and more cases, a condition for survival. In the current global context, changes that take place in the social and educational area require day by day a rethink of the educational approach, in accordance with the necessity to find new strategies and resources to create the premises of a trained, free person, able to adapt easily in a changing society.

55-66

Authors: Victoria IORDACHI, Rodica PERCIUN, Olga TIMOFEI

The transition to a circular economy has gained aspecial attention, being on the agenda of public authorities, the business environment,research institutes and non-governmental organizations. Thus, it is expected to bring about significant opportunities in creating new, better-quality jobs andcontributing to a more sustainable economic growth. The process of transition to a circular economy is closely related to the reconsideration of unsustainable consumption and production models in order to determine future development opportunities. In Europe, there has been a real interest of the state governments for the implementation of programs and legislation measures on the circular economy. Government actions play a crucial role in making a circular philosophy a reality. This article reviews the efforts of the initiatives of some EU states in modernizing and transforming the European economy, in order to make it move in a more sustainable direction. At the same time, state policies from the experience of advanced countries are described, which can serve as a good example for countries that want to promote the circular economy. The analysis of the Circular Economy practices has proved the limits of its implementation. As a result, it can be concluded that to date there is no government that developed a comprehensive approach to develop thetransition plan to circular economy.

72-78

Authors: Ana Georgiana CĂLUGĂRESCU

Due to the increasingly visible changes, the faster progress and the changes in each person's conceptions, organizations must cope and try to reinvent themselve smore and more often. There is no change without pressures from outside or inside, there is no change with chances of success from the project phase. Changes must be made gradually and aim to improve the process that is planned for a change. More and more change experts are interested in measuring change at the system level or organizational structure and comparing it with changing organizational culture. Many of the current changes are system changes and not organizational culture. However, change does not act as a unit. For this reason, change management is a dynamic and spectacular area. Although most changes are planned, there are quite a few cases where changes occur spontaneously, without prior planning, but which come to restore the balance of the organization.

84-93

Authors: Constanța POPESCU, Georgeta ANDRONACHE (GOGEANU), Antoaneta Roxana SURCEL (GEORGESCU)

The entrepreneurship does not imply a specific subject to be studied as part of both initial education and lifelong training. With reference to entrepreneurship as a key skill, this may be seen as a teaching method, in which the main role is played by experiential learning and activities specific to projects. In practical terms, the teacher, the one who lays the foundations of all and any type of learning, does not provide students with answers, but helps them to learn, research and identify the correct questions and the best solutions to solve the given situations. The data obtained are the result of a questionnaire applied on a representative sample of teaching staff in the pre-university education in Dâmbovița County, teachers who carry out their activity in academic, technology and vocational highschools. They were used to outline an overview on developing an entrepreneurship education of the employees of an organization through efficient initial education and lifelong training.

104-112

Authors: Adebayo OLAGUNJU, Jayeola OLABISI, Samuel Oladele OBISESAN

This study evaluates the influence of forensic audit drivers on quality of internal audit function in Nigeria with reference to medium scale firms in Lagos and Ogun States. The population of the study comprises of stakeholders of forensic auditing in the sampled states including internal auditors of sampled firms, forensic accountants and other relevant stakeholders considered appropriate for the study. A sample of 72 medium scale firms representing 10% of the total population (723) of Lagos and Ogun States was used as sampling frames for the study, chosen purposively in proportion of 60% and 40% for Lagos and Ogun firms respectively. Three (3) internal audit staff including internal auditors and assistant internal audit staff who were Chartered Accountants were used as respondents through purposive sampling technique. The results of the study showed that there is a strong and positive relationship between forensic audit and quality of internal audit function in medium scale firms in Nigeria. It also revealed that Forensic audit influence quality of internal audit function in medium scale firms. The study concluded that forensic audit enhances internal audit function for stronger internal control system. It is therefore recommended that medium scale firms need to employ quality forensic analyst and make use of modern-day technology to aid forensic audit.

120-126

Authors: Carmen Mihaela BOTEANU, Gabriela Elena BIŢAN, Ionica ONCIOIU, Ana Maria IFRIM

This article analyzes the role and the place of innovation in the sustainability process of an organization and in the economy. The authors consider that the fundamental economic changes that take place permanently, influence the quality of the innovative process within the companies and their sustainability. The need to approach an innovative process in sustainability is a necessity in this days when companies have to reinvent themselves to continuing working. Applying new information technologies and building partnerships between higher education system and business environment is an obligation for each organization in the process of reorganizing and restructuring the assumed mission. The need to develop new approaches and to identify new priorities for development will provoke companies to focus on the innovation process in the context of sustainability. The objective of this paper is to propose a model that integrate the concept of innovation management in the process of develop a sustainable company.

133-138

Authors: Aliona VEȘCA

The analysis of the main problems and dysfunctions of the tourist field in the development regions, as well as the effects they produce separately or aggregated, suggests the formulation of some challenges for the development of the tourism industry in the Republic of Moldova. The major problems of the Moldavian tourism industry, which are systematized and overlapped on the attributions of the deciding factors in tourism, allows through this research to present a systematized framework of problems to be solved for the country's development as an attractive tourist destination in all development regions. In this respect, the state policy and strategy regarding the tourism development of the Republic of Moldova must be elaborated and realized based on the concept of sustainable development.