The exchange rates – indicators for assessing the financial performance of the companies from Romania

The research aims to determine the financial performance of the companies listed and traded on the Bucharest Stock Exchange from the manufacturing sector in Romania, compared with the performance recorded by the Bucharest Stock Exchange, based on the exchange rates. It was concluded that the financial performance of the companies included in the research, quantified on the basis of the exchange rates, decreased significantly with the arrival of the financial and economic crisis, currently, the companies being unable to reach the level of performance recorded before the crisis.

Measuring methods of the corporate competitiveness, and those weaknesses

This treatise was carried out with the aim of giving the reader an overview of different conceptual approaches of the competitiveness. It particularly deals with the competitiveness according to the “practical” approach, “environmental/system” approach, “capital reorganisation” approach and with the widely accepted closed definitions of competitiveness. To determine the components of competitiveness according to different aspects, to assess some empirical examinations regarding the analysis of the aforementioned aspects as well as to present the results of an own primer research are also important parts of the treatise.

Return on investment in education. Case study on education in Romania

The aim of this study is to develop, test and validate based on a conceptual research model, the influence of education on the GDP/capita, starting from relevant theories and empirical models from literature or implementing additional impact models and variables. Building on the model developed by Mincer (1995) on the yield rates of investment in education, we applied econometric models for Romania, for the period 1960-2010. The results led to a main conclusion, namely, the importance of investment in education is undeniable, it has positive effect on the economic growth of Romania.

Study on the financial performance of companies operating in the pharmaceutical industry in romania

The study aims at determining the financial performance of companies in the pharmaceutical industry between 2009 and 2014 by means of the indicator of the financial return rate, using multiple linear regressions as research method. By analysing the evolution of the share of companies in the pharmaceutical industry based on the trend of the financial rate of return, we can estimate that the number of entities that resort to supporting the financial activities from loans and liabilities is growing in the period under analysis. This is due mainly to the liquidity crisis faced by entities, as a result of the high recovery duration of debts. Also, using the multiple linear regression we can highlight that, the financial return of pharmaceutical companies is positively influenced by their economic profitability, by the equity multiplier and by inflation, and negatively, by the net profit margin.

Competitiveness - higher education

Involvement of European Union plays an important role in the areas of education and training equally. The member states are responsible for organizing and operating their education and training systems themselves. And, EU policy is aimed at supporting the efforts of member states and trying to find solutions for the common challenges which appear. In order to make our future sustainable maximally; the key to it lies in education. The highly qualified workforce is the key to development, advancement and innovation of the world. Nowadays, the competitiveness of higher education institutions has become more and more appreciated in the national economy. In recent years, the frameworks of operation of higher education systems have gone through a total transformation. The number of applying students is continuously decreasing in some European countries therefore only those institutions can “survive” this shortfall, which are able to minimize the loss of the number of students. In this process, the factors forming the competitiveness of these budgetary institutions play an important role from the point of view of survival. The more competitive a higher education institution is, the greater the chance is that the students would like to continue their studies there and thus this institution will have a greater chance for the survival in the future, compared to ones lagging behind in the competition. Aim of our treatise prepared is to present the current situation and main data of the EU higher education and we examine the performance of higher education: to what extent it fulfils the strategy for smart, sustainable and inclusive growth which is worded in the framework of Europe 2020 programme. The treatise is based on analysis of statistical data.

Retro-Innovation and Corporate Social Responsibility

The paper deals with the retro-innovation and their importance to corporate social responsibility (CSR). Corporate social responsibility is a process with the aim to encourage a positive impact through activities on the environment, consumers, employees, communities, and all other stakeholders of the public sphere. The accelerated rate of technological and social change influences on the society. The main social problems are symptoms of future shock. Retro-innovation trend is emerging against an accelerating backdrop of “datafication”. New products are designed to connect customers with the past in ways that are nostalgic, interactive and environmental. CSR thanks to the retroinnovation encourages has a positive impact on the all stakeholders and eliminates the future shock.

Appreciation of the Swiss Franc and its Impact on Romania and other Central and Eastern European Countries

The decision of the Swiss National Bank of giving up the fixed rate of 1,2 Euro/CHF on the 15th of January 2015, a rate established at its admission to the Monetary Economic Union, had consequences on Central and Eastern European countries because a great part of the credits granted were in Swiss francs. In all these countries, the national currencies depreciated and the financial market rates were reduced. Regional banks started to face difficulties regarding the management of the situation and were under the necessity of finding solutions to avoid the risk of not recovering the granted credits. The issue of the Swiss franc appreciation was treated differently by the analysed countries and took into consideration the particularities characteristic to the credits granted in this currency. The present paper aims at emphasising the impact of the Swiss franc appreciation on the Romanian banking system but also the approach of other countries in Central and Eastern Europe in this respect.

What Drives Private Equity Investments in Romania?

This paper aims at presenting the determinants of private equity investments in Romania over the period 2000 - 2013. Additionally, this paper presents the main highlights in terms of evolution, source of funding and activities in which the private equity funds invested during the crisis. Starting from the existing literature, this paper extends the analysis of private equity drivers to Romanian market by including variables such as: economic growth, market capitalization, interest rate, unemployment rate and public R&D expenditure which were already tested in previous papers. In addition, this paper introduces new variables such us productivity and corruption index which we consider important factors in explaining the evolution of private equity investments in Romania. The results of our empirical model confirmed existing hypothesis regarding the importance of some determinants such as: unemployment rate, economic growth, market capitalization and corruption. Based on our empirical results, we have pointed several strategic directions that are meant to support the development of the private equity market in Romania. Keywords: private equity; economic growth; market capitalization; unemployment rate; corruption; private equity determinants; Romania.

Modelling Central Bank Independence and Inflation: Deus Ex Machina?

Central bank independence represents the core element of assessing the complex relationship between government and central bank, having at background the fundamental issue of a free monetary policy decision-making process from the hands of the political circle. However, central bank independence is a multilevel concept within some social, economic and behavioral implications both for the central banks and for the society at whole. Central bank independence is needed in order to establish an autonomous central bank with a high degree of freedom in choosing its’ instruments, objectives, techniques and tactics. Moreover, a high degree of transparency for the public disclosure and monitoring of central bank operation and transaction is needed for the social barometer of the central bank. Consequently the central bank must have a high degree of accountability and responsibility vis - á - vis of the most democratic institution, i.e. Parliament. In this article it is presented a comprehensive study regarding the complex relationship between central bank independence and inflation by modeling these two monetary policy panacea, in order to make a fine tuning regarding the causal relationship established in a heterodox manner.

Study on the Operational Programs in Romania During 2007-2014

The article is based on a study of the structural funds used in Romania during 2007-2014. The analysis examines all the programs carried out in the mentioned period in Romania. The study focuses on several indicators personally elaborated, which are meant to reveal the major differences between the operational programs and in each operational program by itself by comparing the ratios resulted. This research can be considered as an objective summarized examination of the first stage of EU funding in Romania.