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Kosmos
Astronomia Astrofizyka
Inne

Kultura
Sztuka dawna i współczesna, muzea i kolekcje

Metoda
Metodologia nauk, Matematyka, Filozofia, Miary i wagi, Pomiary

Materia
Substancje, reakcje, energia
Fizyka, chemia i inżynieria materiałowa

Człowiek
Antropologia kulturowa Socjologia Psychologia Zdrowie i medycyna

Wizje
Przewidywania Kosmologia Religie Ideologia Polityka

Ziemia
Geologia, geofizyka, geochemia, środowisko przyrodnicze

Życie
Biologia, biologia molekularna i genetyka

Cyberprzestrzeń
Technologia cyberprzestrzeni, cyberkultura, media i komunikacja

Działalność
Wiadomości | Gospodarka, biznes, zarządzanie, ekonomia

Technologie
Budownictwo, energetyka, transport, wytwarzanie, technologie informacyjne

Acta Univ. Danubius. Œconomica

Czasopisma naukowe z tego rumuńskiego uniwersytetu cieszą się uznaniem.

  • Kosovo, as one of the youngest countries in Europe, has a relatively new and very dynamic economy. From a conducted centralized economy, Kosovo’s economy became a free market after 1999. This fact made the economy of Kosovo to face a lot of challenges. One of them, and still a topic not studied and discussed among Kosovar economists is the Kosovo currency. Kosovo is not yet a member of EU but since 2002 is using euro currency. What are the advantages and disadvantages of using euro currency for the economy of Kosovo? Does Kosovo need to think and prepare the economy environment for a new currency? This was maybe not questionable in 2002, because Kosovo was still in the first steps of creating a financial system. But, today the importance of exchange rates in economy is crucial as a result of the internationalization of businesses and continuing growth of international trade. This made me to analyze, through quantitative and qualitative methods the development of exchange rate market in Kosovo and the effects of exchange rates movements in Kosovo economy. In the past, it was questionable why should we study exchange rates before having an academic answer on macroeconomics policy and international trade. But today the importance of exchange rate effects in economy is increased and this is a result of the internationalization of modern businesses, the continued increase of world trade with the national one and the rapid change of money transfer technology. One important role is also the fact that exchange rates are not only a variable but are very volatile. The worldwide growing importance of exchange rates was the reason for analyzing the connection and effects of exchange rates with prices, the role in GDP, inflation and in the overall economy of Kosovo. While working for years in the FX desk of the biggest commercial bank of my country, I was directly involved on exchange rate market and I was convinced that exchange rates is an interest variable for some of Kosovo businesses and it effects the economy even though we are a country in transition economy and we have not been exposed to exchange rates risk on macroeconomic variables.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2381 2014/09/01 - 03:30
  • http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2420 2014/09/01 - 03:30
  • This paper examines the models of economic growth and the dynamic interaction between models from the Solow Model to New Endogenous Models. Long-term relationship of these models is noticed to have been related in terms of causality. Model comparisons were made to examine their dynamics which is not as complex as reflected. Results that growth is led by endogenous or exogenous factors are not verified to be absolute but relative. Results indicate that FDI affect the economic growth in many developing countries, but there are also many cases (developed countries) that show that economic growth has led to a long term increase of FDI flow. It is also verified that the impact of FDI on the environment is relative, based on the fact that there are exogenous factors that may affect the reduction of externalities. Causal link among FDI, economic growth and their impact on the environment makes the endogenous models be analysed with the dynamics, through which is shown best which is the “cause-consequence” factor, that causes ​​gaps of concepts and practices in economic growth and environmental concerns.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2384 2014/09/01 - 03:30
  • The main purpose of this paper is to provide a general view on different stages of the negotiations of Algeria with World Trade Organization, since 1987 date of submission of the application for accession, Algeria still trying to snatch accession card with minimum cost, where it tries to provide small guarantees, where some members raises reservations over some issues like aspects related to investment, for example: the Rule of 49/51, and domestic component, prevention of exporting, besides the agricultural issue which takes advantage of domestic subsidies and exporting subsides, also services industry knows low degree of openness, especially In some sensitive areas such as financial services, telecommunications.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2412 2014/09/01 - 03:30
  • This study is about the level of under-pricing of 30 IPOs of eleven different sectors listed on Karachi Stock Exchange from the period 2006 to 2013. We also examined the factors that influence the money left on the table by IPO issuers in Pakistan. Like other countries, the under pricing was also found among the Pakistani IPOs. The sectors consist of Close Ended Mutual Fund, Commercial Banks, Modarabas, Investment Banks/Investment Companies, Textile Spinning, Miscellaneous, Chemicals, Engineering, Cement, Telecommunication and Power. The entire sample shows that market adjusted abnormal return of 68.22% is there in the sector of commercial bank, 14.88% in sector of Modarabas, 38.31% in investment banks and investment companies sector, 97.51% in Miscellaneous sector, 66.99% in Chemicals sectors, 143.66% in Engineering sector, 25.36% in Cement sector and 251.24% in power sector while investors have faced loss -21.45% in Close-End Mutual Funds sector, -32.89% in textile spinning sector and -19.84% in telecommunication sector. We have used the regression analysis to observe the level of under-pricing regarding eleven different sectors. Among the variables we use in our study ex-ante uncertainty and over-subscription variables showed significant effect while the other variables which include proportion of shares offered to general public, log of offer size and market volatility did not show great effect on the under-pricing. 

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2244 2014/09/01 - 03:30
  • Use of QR Codes in marketing is prevailing rapidly, however its effective integration in marketing mix remains mysterious as very little is known about consumers’ beliefs and behavioral intentions towards it. Current study focuses on examining consumers’ beliefs and behavioral intentions towards QR Codes in marketing across different cultures such as India & USA. Study also examines select variables that moderate the relationship between beliefs and behavioral intentions. For this a scenario based experimental design was used. Findings suggest positive relationship between beliefs & behavioral intention and between culture & beliefs. At the end, study makes useful implications for practitioners.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2404 2014/09/01 - 03:30
  • Economic-mathematic modeling is used by the manager as an alternative to the experiment used in the exact sciences. The experiment is not possible or it is non-rational when it comes to economic issues, systems that cannot be subject to experiencing. In industry for example, a company cannot afford the implementation of all investment alternatives in order to choose the best one. The model used within the research methodology involves identifying interdependencies between certain elements of the decision-making process within the SMEs in Romania (it may be about set objectives, decision criteria, prioritizing the decision problems). It will be presented the formalization of this decision model for decision problem identification. The group aims at identifying the basic problem, which can cause most of the other problems and determine others. In conclusion after calculating matrices, the resulting situation is not simple, but the first issue that must be addressed is P4: poorly qualified staff. The next issue to address is P3: used production equipment. Once P3 and P4 are solved, it conditions P5: poorer quality products, we can therefore address P5 and P2: decreased market share; as a result of solving these problems it will be also solved P1: decrease of turnover.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2508 2014/09/01 - 03:30
  • The general assumption that conventional cost accounting do not have the ability to provide absolute information for evaluating the environmental behaviour of an organization and its economic consequences has brought about the field of environmental cost accounting to its limelight. Environmental cost accounting aids managers in making strategic business decisions in the area of process and product pricing design, performance evaluation amongst others. Thus, this paper investigates the relevance of environmental cost accounting information and strategic business decision in Nigeria.  Towards achieving this, secondary data was employed and a linear model was specified.   Findings indicated that environmental cost accounting information as it relates to strategic business decision is value-relevant. It was on this note that we recommended firms to constantly reposition their accounting system in order to provide information on environmental costs so that the true costs in an organization can be ascertained and properly allocated. Also, due attention should be paid to waste management costs, employee health costs, investment financing costs, compliance and environmental costs and all environmental related costs by manufacturing concerns since they influence strategic decision.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2409 2014/09/01 - 03:30
  • This paper scrutinizes financial leverage behaviour and firm performance of publicly quoted companies in Nigeria.  Data of Leverage, Profitability and Firm Size were sourced from the Nigerian Stock Exchange Fact-book and Annual Report and Accounts of 120 publicly quoted companies in Nigeria during the period 1990 through 2013. Findings suggest thatprofitability and firm size had a negative effect on financial leverage behaviour of publicly quoted companies in Nigeria.  Thus, it was recommended that firms should carry out projects that would help enhance size and profitability in all aspect of the firm. Size in terms of assets would help increase the internal funding.  This in turn will have a positive impact on the financial structure of firm as more of internally generated funds will be used instead of external borrowings.  Firms should not assume that making of profit shows good application of leverage as this was not found to be true from the analysis. This implies that the result can be relied upon for policy direction.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2416 2014/09/01 - 03:30
  • This study aimed at examining environmental cost accounting information and strategic business decision in Nigeria. The general assumption that conventional cost accounting does not have the ability to provide absolute information for evaluating the environmental behaviour of an organization and its economic consequences has motivated this study.  Towards achieving this, secondary data was employed and a linear model was specified.   Findings indicated that environmental cost accounting information as it relates to strategic business decision is value-relevant. It was on this note that we recommended firms to constantly reposition their accounting system in order to provide information on environmental costs so that the true costs in an organization can be ascertained and properly allocated. Also, due attention should be paid to waste management costs, employee health costs, investment financing costs, compliance and environmental costs and all environmental related costs by manufacturing concerns since they influence strategic decision. Our study is one of those that have explored the issue of environmental cost accounting relevance in strategic business decision in the Nigerian context.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2421 2014/09/01 - 03:30
  • The aviation industry in Africa’s most populous nation has been experiencing an explosive growth in recent  years with older domestic operators fighting competing new players. The expansion has given Nigerians a wider choice of airlines, many of them flying with new or recently refurbished aircraft, which have helped reverse the country’s situation for air safety in the wake of a spate of crashes six years ago. This paper applied the Analytic Hierarchy Process to identify the determinants of customers’ satisfaction in the Nigerian  aviation industry. To achieve this aim, a sample of 100 customers were drawn from among customers (air passengers) at the Muritala Mohammed Airport 2 in Lagos,  Nigeria, using convenience sampling and snowballing techniques. The quantitative approach was used to analysed the data obtained by using descriptive statistics and the Expert Choice 2000 a software designed to analyse AHP data. Findings show that customers of the aviation industry players  derived their satisfaction when operators  respond quickly to their requests and provides information in relation to their flights. Although there is little relative preference in terms of customers’ satisfaction regarding the services provided by the aviation operators in Nigeria, customers’ satisfaction is derived essentially from how the operators handle their ticketing and reservation services.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2413 2014/09/01 - 03:30
  • Abstract: Housing market and housing price dynamics are very important to the economy. About 65% of households in the western world and 85% of Albania's own private apartment. The market of residential estates is very complex and influenced by many factors, some of which are hard to be measured. Such factors include handling of taxes and remittances. The analysis of such factors becomes more complicated by the interference of temporary trends during the period that some explanatory variables  have at their disposal. This generates an important identification problem, which prevents the accurate evaluation of long-term changes in the housing prices. The data used in this study are extracted from reports of Bank of Albania, INSTAT, IMF and newspaper “Celes” as well as from surveys to individual purchasers, investors and developers. Through the model it is analyzed the development of residential estates’ market compared to the historical trend of housing prices and to the theoretical determinant. The econometric model used is a generalized multiple regression equation. The model allows us to see the dynamic interaction between the housing prices and the variables selected according to hypotheses on the very complex economic structure associated with this market.    

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2398 2014/09/01 - 03:30
  • Objective - This paper has proposed to explore the satisfaction of employees that sell insurance policies. Prior work - Several authors had examined customer satisfaction, service quality and its implications on customer attitude towards different fields, but our concern was to address this relatively unexplored field which is employees` satisfaction. Approach - By using an exploratory approach, we collected data from a sample of 332 employees that sell insurance policies within north-Western Romanian. Results - By analyzing data it was possible to determine the GAP between the expectations of employees that sell insurance policies and their perceptions regarding the service quality in life insurance industry. In addition it was tested whether there is relationship between the frequency of contact with the back office employees and level of income earned from this activity Implications – It was revealed that from the analyzed population the most of those surveyed were employees of insurance intermediaries and not employees of a single company insurance. Value - considering that the number of researches that analyze the front office employees` satisfaction is rather low we consider that this paper brings a significant contribution to the literature review.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2427 2014/09/01 - 03:30
  • The article trats some aspects of the history of the theory of algebraic numbers

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2447 2014/09/01 - 03:30
  • Foreign direct investment (FDI) has significant impact on economic growth of developing countries like Pakistan for many decades. This paper has an objective to know the effects foreign direct investment on economic growth for the period from 1971-2012 by establishing empirical relation between business industries of primary, secondary and tertiary sector with FDI through Panel Cointegration and Granger Causality Framework for the specified period. The results show the significance of FDI and economic growth with proxies of GDP with the evidence of cointegration between these variables. The results also present long term causality between FDI and GDP while two-way causality if found under short run. Overall sectoral level, there is positively significance is identified between FDI and GDP. The policy Implications are also discussed in the paper showing that efficient and effective utilization of FDI. 

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2410 2014/09/01 - 03:30
  • This paper aims to identify the role and place of information and communication technology in Romania (ICT), the interest for innovation expressed in this field and the extent to which it relates to environment protection. The concern for the state of the ecosystem is growing, nevertheless it requires the active involvement in the innovation process so as to find solutions for the replacement of the old production techniques with new ones, environmentally friendly. ICTs in their spectacular evolution play a major role in this case. Frequently, they are present in all the production stages, from design to distribution of the final product. Starting from the above mentioned facts, the introduction of this paper presents the concept of green ICT and their implication in the economic and social development, as well as statistics data elaborated by international companies which are meant to increase their importance. In this section we include the objectives and prior work. We continued our research by presenting the way in which Romania gets involved in ICT innovation and environment technology, as green ICT stands at the junction between the two fields. The main conclusions and results are drawn in the end of the article. The value and implications of our research is in the area of green ICT innovation.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2419 2014/09/01 - 03:30
  • The advent of the World Wide Web is arguably amongst the most important changes that have occurred since the 1990s in the business landscape.  It has fueled the rise of new industries, supported the convergence and reshaping of existing ones and enabled the development of new business models.  During this time the web has evolved tremendously from a relatively static page-display tool to a massive network of user-generated content, collective intelligence, applications and hypermedia.  As technical standards continue to evolve, business models catch-up to the new capabilities.  New ways of creating value, distributing it and profiting from it emerge more rapidly than ever.  In this paper we explore how the World Wide Web and business models evolve and we identify avenues for future research in light of the web’s ever-evolving nature and its influence on business models.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2468 2014/09/01 - 03:30
  • The article deals with a rational production function of two factors with constant scale return. It was determined the compatibility conditions with the axioms of production function resulting inequality of a single variable.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2445 2014/09/01 - 03:30
  • Between 2011 - 2013, economic conditions which were encountered by the EU were marked by an intensification of the sovereign debt crisis in the eurozone, as the specter of double recession, to a greater extent in some countries in southern Europe and incentinirea growth, since 2011, even in the most advanced economies. SMEs are a key factor important catalyst for economic growth, innovation, employment and social integration. The main advantages of SMEs in the economy are felxibilitatea and adaptability which enables them more easily overcome periods of economic recession. The methodology used in this work consists of qualitative and quantitative methods, the analysis banzadu in most of the quantitative component collection, processing and interpretation of statistical data. In 2010 the number of removals from the Trade Register of historic peaked 186,144, increase over the previous year to approximately 325%. In 2009 there was a significant decrease in the number of commercial registration compared to 2008, from 32,407 companies in percentage with 22.47%. This shows that the recession was felt in the Romanian economy since 2009.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2509 2014/09/01 - 03:30
  • Sustainability becomes a primary concern for international destinations. The aim of this research is to analyse the development of a destination and its sustainability in terms of economic sustainability. For the purpose of this research, initially the knowledge and research on sustainability in the context of tourism with a focus on economical dimension is discussed. Further, the importance of sustainability for destinations is explained. This is followed by a discussion on Turkey in terms of economic sustainability. As such a SWOT analysis is conducted for Turkey. Therefore, it is intended to draw a roadmap for tourism planners operating in this country for a better understanding of the concept of sustainability for their success. Finally, recommendations are drawn on the wellbeing and sustainability of the destinations in the conclusion.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2436 2014/07/19 - 12:14
  • The current global drive towards devolution of financial resources and responsibilities has been increasingly justified on the basis that greater transfers of these financial resources and responsibilties to sub-central governments are theoretically expected to deliver greater economic efficiency in the provision of public goods and services and hence greater economic growth. There is a mixed result on these theoretical expectation across earlier empirical literatures. using the instrumental variables (IV) technique of analysis with the latest data from Nigeria for the period 1970-2013, this study found no robust significant effect of the decentralisation of spending or revenue on growth of real GDP per capital in Nigeria. The implication of this to the policy makers is that when it comes to the determinants of improved economic activities, decentralisation either fiscal expenditure or revenue side would not be instrumental to economic growth possibly because of existence of endemic corruption among politicians in Nigeria. 

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2397 2014/07/17 - 10:02
  • In this article I presented the importance of the implementation of both an econometric model useful for making the correlations required in order to make managerial decisions as well as of a Business Intelligence solution useful for the optimization of a company management. The case study was conducted on a company that distributes food products. In order to determine the connection between the average price and the quantity of products sold, in order to determine the trend and certain accurate forecasts, I used econometric regression models and in the end I also prepared a number of sales analysis reports projected by using the QlikView application. The projection of the reports, charts, and monitoring tools contributes to the business performance measurement, the analysis of the trends, and the measurement of the results. In our opinion, in order to stay competitive on the Romanian business market, company managers need all this items of information in order to have an image as clear and as accurate as possible of what they have done, what they do, or will have to do tomorrow.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2285 2014/07/01 - 22:11
  • The purpose of this paper is to examine the role of Foreign Direct Investment (FDI) in economic development through the development of the country that has the potential sectors. The effect of technology in these sectors had risen sector and area that until then had remained neglected. The paper investigates the impact of foreign direct investment (FDI) in economic growth using detailed sectoral FDI in Kosovo during the period 2000-2013. Sectors considered are: Agribusiness, Tourism, forestry, services, manufacturing, mining, energy, construction, wholesale and retail trade, hotels and restaurants, transport, telecommunications and other sectors. The negative effect of extractive industries in creating income and environmental pollution in Kosovo is not surprising.  FDI in manufacturing industries by stimulating exports generate more income. FDI are likely to repatriate their profits but are likely to increase employment. To ensure legal protection for foreign investors, have signed an agreement with the Agency Multilateral Investment Guarantee (MIGA), the avoidance of double taxation, taxes are the lowest in Europe. Investment Promotion Agency of Kosovo (IPAK), the level of government makes the promotion of Kosovo. As a developing country taking the time information is more difficult but efforts in this direction are great.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2365 2014/07/01 - 22:11
  • The previous researches explore the question of why firms hold cash. But there are few researches done in developing countries like Pakistan. The need for cash is characterized by its policies of firms regarding capital structure, working capital requirements, cash flow management, dividend payments, and asset management. In this paper, the impact of these factors is normally analyzed under the framework of Tradeoff theory, Pecking Order Theory and Free Cash Flow Theory. This paper focuses on determining the level of corporate cash holdings of non-financial Pakistani firms, and cash holding requirement among different industries. The data is set for period of 2008-2012 by using the data of 40companies and 6 industries. The findings of the study support the theories. Which show that firm size, net working capital, leverage, Capital Expenditure and Dividend significantly affect the cash holdings of non-financial firms in Pakistan.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2262 2014/07/01 - 22:11
  • Banks are the backbones of any economy therefore it is of immense importance for economies to possess a healthy and buoyant banking system with effective corporate governance practices. In Nigeria, the Central Bank replaced the past governance codes with the CBN code (2012). Therefore this study examines corporate governance and financial performance in Nigerian banks, using this new code. The main issues in this study are: what is the relationship between board size and financial performance of banks in Nigeria? What is the effect of the proportion of non- executive directors on the financial performance of banks in Nigeria? To what extent is the corporate governance disclosure of banks in Nigeria in compliance to CBN governance code (2012)? Does a relationship actually exist between banks that disclose on corporate governance and their financial performance in Nigeria? These questions were answered by examining the yearly published reports of the listed banks in Nigeria. In examining whether or not there is a relationship between corporate governance and the financial performance of the banks, this research employed the regression analysis method to determine the relationship. However, the variables that was employed for corporate governance are: board size, board composition (the ratio of non-executive directors to total directors), and corporate governance disclosure index. Variables used in this study for examining the financial performance of these banks were the financial accountant measure for performance. These measures are return on equity (ROE) and return on asset (ROA). In examining the level of compliance of the banks in this study to the CBN (2012) governance code, the research employed the content analysis method. Employing the content analysis, a disclosure index was formed and the annual report for each bank was examined using the CBN code of corporate governance (2012) as a guide. The results of the study showed that a positive relationship exists between the corporate governance variables and the performance variables.  

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2345 2014/07/01 - 22:11
  • There has been a rapid expansion in the commodities market in the recent past due to the sharp rise in appetite of institutional investors or financial institutions for commodities for asset management purpose. Commodities markets are demonstrating an ever-increasing volatility due to structural shifts in supply and demand sides leading to wide price swings. This volatility is puzzling researchers, academicians, and portfolio Managers who try to understand the volatility to design transmission mechanisms. The article attempts to examine the relationship between the steel price in commodity market and equity share price of steel industries. The article also attempts to examine association between CNX metal index with spot market steel price, spot market commodity metal index and Nifty index. The method used is primarily regression analysis. It has been found that the variables individually are having comparatively lesser impact on CNXMIR but jointly they are explaining 73% of total variation.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2353 2014/07/01 - 22:11
  • This paper examined activity based costing and product pricing decisions in Nigeria so as to ascertain whether activity based costing have the ability to enhance profitability and control cost of manufacturing firms. Towards this end, a multiple correlation and regression estimation technique was used in analyzing the data obtained in the study. The study found that activity based costing affects product costing and pricing decision. In addition, the results showed that improved profitability and cost control can be achieved by implementing activity based costing approach by manufacturing firms. The implication is that traditional costing approach fails in many pricing situations by arbitrarily allocating indirect cost and activity based costing helps in allocating indirect cost accurately. Thus, it was recommended amongst others that activity based costing need to be practiced, maintained and implemented by manufacturing firms since it has a broad range of uses for a wide variety of company functions and operations in the area of process analysis, strategy support, time-based accounting, monitoring wastage, as well as quality and productivity management.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2374 2014/07/01 - 22:11
  • The present work analyses the measures adopted in hotel industry with the purpose to obtain a sustainable consumption through a comparative approach of Romanian and Italian hotels, by highlighting the similarities and the differences between them. Consequently, we used the questionnaire as a research instrument, in order to gather the primary data, which were processed by the help of SPSS program. The results obtained emphasised the measures applied most often in the tourist units investigated for sustainable consumption. Therefore, we noticed that the measures concerning  the reduction of water consumption are most often adopted by the management systems of the tourist units analysed, both in Romania and in Italy. The measures concerning the efficient administration of waste are less applied in the Romanian hotels. As for the Italian hotels, among the measures for sustainable consumption, the least adopted are the ones referring to the reduction of pollution emissions.  

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2287 2014/07/01 - 22:11
  • The objective of this paper was to examine the relative effect of tax policy reforms on economic growth with a view to analyzing whether tax burden and tax mix have direct or indirect association with economic growth in Nigeria using annual data from 1970-2007. The Error Correction Mechanism and Cointegration technique were employed to analyze the data and draw policy inferences. The empirical result showed that both tax burden (t=16.36, p<0.05) and tax mix (t=7.08, p<0.05) were found to be statistically significant but negatively associated with economic growth in Nigeria. The study concluded that higher taxes are strongly correlated with reduced economic growth and that the policy reforms that reduced tax burden and tax mix by shifting from direct tax to indirect and improving on tax administration and tax collections would enhance economic growth in Nigeria.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2346 2014/07/01 - 22:11
  • The funding sources of the assets and liabilities in the balance sheet include equity capitals and the debts of the entity. The analysis of the structure rates of the funding sources allows for making assessments related to the funding policy, highlighting the financial autonomy and how resources are provided. Using the literature specializing in economic and financial analysis, this paper aims at presenting these rates that focus, on the one hand, to reflect the degree of financial dependence (the rate of financial stability, the rate of global financial autonomy, the rate of on-term financial autonomy) and on the other hand the debt structure (the rate of short-term debts, the global indebtedness rate, the on-term indebtedness rate). Based on the financial statements of an entity in the  Argeş County, I analysed these indicators, and I drew conclusions and made assessments related to the autonomy, indebtedness and financial stability of the studied entity.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2407 2014/07/01 - 22:11
  • The study seeks to examine the role of financial intermediaries and to find out whether financial intermediaries impact on economic growth in Nigeria. The study adopts the Harrod-Domar growth model which states that economic growth will proceed at the rate which society can mobilize domestic savings resources coupled with the productivity of the investment. The study employed the use of secondary data for the period 1981 to 2011 which were sourced from the CBN statistical bulletin. Nigerian banks being the dominant financial intermediaries, loans credits and advances from banks were used as proxy for the independent variable. Gross domestic product (GDP) was used as proxy for economic growth. Using the technique of correlation analysis in determining the association between loan credits and advances, and the GDP, the study reveals a relatively high positive correlation between financial intermediaries and economic growth in the Nigerian economy. The study recommends that Nigerian banks should lend higher proportion of their loanable funds to small and medium enterprises (SMEs) and should invest in information technology and human capital.Keywords: Financial intermediaries, economic growth, Gross domestic product, correlation analysis.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2325 2014/07/01 - 22:11
  • The EU economy is experiencing a severe recession amid the global crisis, and although in other regions began to appear mild signs of recovery, in EU countries are recorded a continuously worsening. In many European states, the economic contraction is a consequence of the decrease in net exports component of GDP. The aim of the article is to analyze the situation in which the EU chooses to devalue its currency to increase exports. We found that, the depreciation of the Euro, has no influence on exports and that in EU, it is not expressed a J-curve effects.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2326 2014/07/01 - 22:11
  • The 21st century came with blending of threats and opportunities of deep-routed obstructions of fast-paced business environment. Research on strategic management has consequently increased and grabbed the attention of both academicians and strategic policy makers. The current study is therefore directed to analyze the multifaceted influence of entrepreneurial orientation on strategic agility and organizational performance. The study uses exploratory approach; primary data is collected from 323 professionals working in private sectors in twin cities of Islamabad and Rawalpindi, Pakistan. The study found significantly positive relationship between entrepreneurial orientation and strategic agility, entrepreneurial orientation and organizational performance, and strategic agility and organizational performance. The study discusses important implications regarding entrepreneurs' deployment of entrepreneurial orientation and strategic agility for enhancing organizational performance.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2288 2014/07/01 - 22:11
  • Nowadays, there is no doubt that state economy refers to city economy. In other words, the most part of a state’s GDP is given by the urban environment, especially by capitals, which are often the economic engine of this environment. There are also cities having great economic importance abroad, beyond the state and even continental borders. These are the so-called global cities where the financial activities play an important role. There are a few cities (New York, London, Hong Kong etc.) centering financial activities which are influential for large geographic areas. This research highlights the importance of the financial sector within urban economy and, subsequently, how it consolidates the status of global city. These cities are the engine of the international financial system as they host the headquarters of the most important and famous international stock exchange markets, financial supervision institutions, law firms and consulting companies.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2383 2014/07/01 - 22:11
  • This article aims at emphasizing the level of institutional ethics for the needs of an organization, which is the consumers’ protection. By the means of this marketing research which has as a starting point the Fishbein- Rosenberg model, we wish to point out the importance of the main attributes specified by the Law of the Public Servant, whether these can be the basis of the relationship between consumers and economic operators. The institution of consumers’ protection acts as an arbitrer in this case and we wish to find out whether these attributes follow the requirements of the relationship between consumer and the institution which protects them.  

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2352 2014/04/30 - 20:35
  • Our paper approaches the extensible economic reporting language for collecting information on business processes, namely XBRL by analyzing its implementation in the European banking environment, closely related to the adoption of International Accounting Standards and Financial Reporting (IAS/IFRS). Our research problem mainly came from the accounting development issue, which is an evolutionary process dependent upon several factors. On the other hand, improving banking supervision on information reporting is a problem that needed special attention in order to increase its efficiency and effectiveness, especially in the latest period sprinkled with various banking failures. The results of the performed analysis using various statistical tools (descriptive statistic and correlation tests) reveal that the implementation of both XBRL-based projects (FINREP and COREP) is independent of a fully or partially adoption of IAS/IFRS, while the financial and prudential reporting frameworks are mainly inter-related. Thus, our paper came to point out XBRL’s major role in facilitating information communication in a homogeneous way that will allow the interchange of data between software applications, as well as the automatic analysis of financial information in a particular business field, the banking one.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2278 2014/04/30 - 20:35
  • Training and Development as an HRD intervention plays an important role in the success of the organization. The purpose of Training and development is to increase the skills of the employees; therefore it is increasingly believed that the training expenditures are not the costs but an investmentAttracting and retaining talent becomes difficult task for the organization. It is also true that successful outcomes are possible only with the quality of the training provided to the employees. It is equally important to assess the need of the training, the nature of the training provided, the methods and the selection of the training programs and ultimately evaluation of the training programs are important for the sound health of the organization.A study was carried out in the City of Greater Pune with the industries in different sectors excluding Information Technology and Chemical Industry.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2279 2014/04/30 - 20:35
  • This study examines the effect of foreign bank presence on the behaviour of domestic banks by using the annual data of 37 commercial banks comprising of 7 foreign and 30 domestic banks for the time period of 2007 to 2011, to investigate the effect of foreign bank presence  five banking ratios, net interest margin, return on assets, overhead, cost to income and nonperforming loans using panel regression analysis employing bank specific fixed effect model. As a developing country case, the results suggest that the increase in foreign bank share effects the interest margins and profitability of domestic banks in a decreasing manner. It wouldn't be erroneous to express that foreign banks have a positive effect on the competitive environment of domestic banks increasing overall banking standard in Pakistan, the licensing policies should be further liberalized to let new entrants further improve the domestic financial intermediation system. 

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2163 2014/04/30 - 20:35
  • Purpose – The aim of this empirical study is to analyse the impact of Corporate Governance on Capital Structure Decisions in Saudi Arabian commercial banking sector. The components of corporate governance whose impact has been analysed on the capital structure are board size, independence of directors, ownership structure, ownership of management, board meetings. Methodology – Multiple regression analysis, Correlation matrix and Descriptive Statistics is used to assess the relationship among corporate governance components and capital structure of Saudi commercial banks for the years 2010 and 2011. Findings – The results shows that ownership structure and board size are positively correlated which is coherent with most of the previous studies. Managerial ownership and board independence are negatively correlated and board meeting held in a year is also negatively correlated but is statistically insignificant. Moreover the study found that on average the Saudi banks uses 68 % debt capital.  Implications- The research study is supposed to facilitate regulatory authorities like CMA for improving the implementation of rules and regulations in order to make corporate governance tools work more efficiently in the Kingdom of Saudi Arabia. Originality- The research study evaluates the effects of corporate governance components on capital structure decisions of Saudi commercial banks.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2176 2014/04/30 - 20:35
  • Profit and loss sharing (PLS) based financing without collateral and interest rate could ease the financing difficulty of small and medium enterprises (SMEs). However, this PLS based financing is not widely offered by Islamic financial institutions (IFIs). This exploratory study illustrates that PLS based financing to SMEs is viable for IFIs. Using financial information of SMEs to calculate profit sharing ratio and net income under PLS based financing context, this study determined the profit margin ratio of IFIs from extending PLS based financing to SMEs. The findings show that extending PLS based financing to hypothetical diversified portfolios of SMEs generate higher profit margin compared to conventional lending at low risk based on the Markowitz portfolio theory of diversification. Moreover, as the number of SMEs in the portfolio increases, the risk of insufficient returns from the portfolio when an enterprise suffers a loss reduces.

    http://journals.univ-danubius.ro/index.php/oeconomica/article/view/2230 2014/04/30 - 20:35