Annals of Spiru Haret University. Economic Series

10

Authors: Esref Savaş BAŞCI

Company (or firm) valuation – an evaluation process of a company to appreciate the value of a company’s right in this company or business. There are two objective and subjective aspects of value. The subjective value is the value determined by individuals and desires. For example, it is a subjective decision that the investor assesses the competitor over the normal to be monopoly in the market. The objective value is the value determined by the cost and benefits of the goods and services. Although there are many performance measures that measure company success, none is as comprehensive as value. There is a strong and linear relationship between a company’s market value and its discounted cash flows. Because earnings are used to generate the income statement, they cannot be used to measure cash flows. Firm valuation means seeking the goal of the firm which is listing it on the Stock Exchange. Real value of the firm can be calculate with different methodologies. These methods are related to future expectations or background of the firm’s financial data. Discounted Cash Flow (DCF) Method is one of the firm valuation methods used all around the world and it is accepted by the experts. Market value is also used for comparison and performance measurement purposes. Valuation of a company’s future expectations, current status, mergers or acquisitions is extremely important. Even the firm value can be used to compare the capital markets of countries. In our study, capital markets and total market values of selected countries are compared. The increase in the share price increases the market value of the company. Therefore, the aim of the firms should be to increase the shareholder value or to take decisions to increase the stock price.

26

Authors: Vita JUKNEVIČIENĖ

Innovations play the crucial role in the economic growth in modern countries. It requires the technological progress and smart people as two main resources, needed for the actors in the national innovation system. Results of the national innovation system depend on the national innovation policy: its goals and priorities set in the agenda, policy formulation and adoption, its implementation process and its correction after the evaluation. But despite of the same stages of the public policy cycle, some countries implement the successful innovation policy (gain competitive advantage and the economic social benefit from it) and some countries struggle (they try to catch-up other countries in the field of innovations). Lithuania as a small developed country in the EU has made a huge progress in terms of economics, social and technological advantage. However, despite of declared goals of innovation policy and the priorities in national strategies, governmental funding, promotion and support, the national progress in innovations in Lithuania still remains low. Therefore, stimulus and barriers for the successful implementation of Lithuanian innovation policy should be identified and analyzed, looking for problems and possible solutions.

8

Authors: Daliana Ecaterina TAȘCOVICI, Carolina PLATON

The present paper speaks about the changes the Romanian system of learning suffers. Under these circumstances of social, political, economic and cultural changes and challenges, the pre-university and university systems of learning have to cover several forms and situations, namely those high school graduates without the baccalaureate diploma. The case study under analysis revealed some unexpected pieces of information referring to the young undergraduates’ vulnerabilities and degree of information and implication in their own future.

10

Authors: Bogdan SOFRONOV

The purpose of this paper is to show how marketing in developing and changing the tourism industry in the world. Tourism marketing is the business discipline of attracting visitors to a specific location. Hotels, cities, states, consumer attractions, convention centres and other sites and locations associated with consumer and business travel, all apply basic marketing strategies to specific techniques designed to increase visits. In the tourism industry, marketing includes determining the unique selling benefit or benefits one area has over its competition. A destination might offer people looking to combine business and pleasure ease of travel to and from the area, ample convention halls and hotels, interesting nightlife, and activities for adult partners and children. The tourism marketing uses a wide variety of communications strategies and techniques to promote areas and destinations. A convention centre might purchase advertisements in trade magazines for meeting planners and send direct mail materials to corporations that hold events. They might place ads in tennis or golf magazines to attract those consumers. The tourism destinations build websites and place ads in consumer publications read by their target customers. The chambers of commerce are involved in promoting their areas generally and the businesses within their areas specifically. This often includes offering potential visitors packets filled with brochures, discount coupons and other materials.

20

Authors: Beatrice Georgeta PETRACHE (LANG), Camelia Maria ISMANĂ-ILIȘAN, Raluca CREȚOIU,

In this article we aim to analyze the preferences and opinions of European furniture buyers in the context of Germany, Italy, Poland, France and Austria being among the top 10 world furniture manufacturers, accounting for over 19% of the world production and 60% of the European one. We have developed this research given that the furniture industry is an important sector in the economy, employing about one million people at the level of the European Union, in 130,000 companies in the field. The furniture segment is also well represented in the field of innovation also, accounting for 12% of the applications for design registration in the European Union Intellectual Property Office (EUIPO). This also reflects on the production of furniture, currently 2/3 of the world’s leading peak production coming from Europe. The research is of a quantitative nature, the technique adopted is the interview, and the research tool is the questionnaire. The purpose of the research is to identify the way and the level at which European consumers’ value furniture accessories in the general context of furniture quality assessment in conjunction with the need for accessory information.