Study on the personal luxury goods market

The field of luxury has a series of characteristics that allowed a spectacular growth over time, to acquire stability and remarkable recovery power after adverse economic events, including global ones. Associated with extravagance, prestige or elitism, luxury is a need that manifests itself at the level of individuals due to the emotional side that these products highlight. In this paper we conducted a study on the purchase of luxury products among consumers of the Mureș county, mainly aiming to identify the importance and characteristics of the consumption of luxury clothing and accessories.

Disaster risk management: management framework and technical process of settling disaster damage claims

Risk assessments are performed at multiple scales, from the global level to the community levels. These levels have their own spatial data objectives and requirements for hazard inventories, environmental data, triggers or causal factors and risk elements. The new catastrophic risk management systems include multiple approaches: i.e. vulnerability related approach, indicator-driven approaches, multiple risk approaches and spatial risk visualization. Multi-risk assessment is a complicated procedure that requires spatial data on several different aspects and a multidisciplinary approach. This paper provides an overview of the catastrophic risk management framework and the technical process for settling claims.

The effects of COVID-19 on the labour market

COVID-19 is currently a pandemic of such a magnitude that it affects economy, labour market, society and all aspects of life. Many researchers are currently engaged in examining the issues, challenges and impacts caused by COVID-19. It causes changes of such nature and degree in the economy and labour market that have been unprecedented. In fact, as a result of the pandemic, the operation and composition of the economy and the structure of the labour market will change. The present study examines how Romanian respondents see the impact of COVID-19 on the labour market, employment and on the different sectors of the economy.

Augmented Reality technology - a sustainable element for Industry 4.0

Augmented Reality (AR) is a current, sustainable, efficient, and promising tool that will make an essential contribution to the development of the Industry 4.0 revolution. AR technology fully and effectively responds to the current extended digital age, in the last year and in the field of education, of learning at all levels. The applicability of AR technology is varied and complex: retail interior design, health, industry, logistics, etc. This paper show the applicability of AR technology in the learning process, from the perspective of the Industry 4.0 concept, highlighting the sustainable and efficient aspects on the economic performance and not only of the companies. The main conclusion of this research is that the use of modern digital technology (AR and VR) in learning in various fields, including education, must be based on the principles of ROI (Return on Investments) and SROI (Social Return on Investments).

Research regarding creditworthiness estimation for bond issuers listed on Bucharest Stock Exchange

The purpose of this research is to test the resilience of issuers to the financial pressure generated by the commitments made in connection with the issuance of debt instruments (bonds) and to identify issuers whose financial position and performance present the susceptibility of a major default risk. The research actions involved determining the indicators specific to the fundamental analysis, applying the classic insolvency risk assessment models (Altman and Conan Holder) and assessing the future evolution of the key financial indicators on the basis of the forecasts. The results obtained confirm or disprove the existence of significant uncertainties regarding the ability to repay the bond loans.

Integrated Reporting Performance – Effect of Organizational Behavior Development

The effects of the economic crisis and the numerous financial failures of major companies call into question the reliability of financial reporting, which is considered insufficient in reflecting the clear and complete picture of performance, assessed in financial, environmental and social dimensions. In order to obtain an integrate report, it is necessary to combine both financial and non-financial information. Non-financial reporting supports and complements the classic ones, but the complexity of the information provided must also be taken into account, as the phenomenon of opacity may occur, not only due to lack of transparency but also due to difficulty of understanding by users and producer of financial information. Therefore, in the context of long-term global interests, to support sustainable development it becomes important to bring to the research area the identification of the current stage of implementation of integrated reporting with the exemplification of the ranking of sustainability reports of companies listed on the Bucharest Stock Exchange (BSE).

Reshaping European and national security in a post COVID – 19 context

The COVID-19 crisis, undoubtedly, raised a series of questions concerning aspects of national and human security. The crisis impact, per se, tested, in extremis, the medical systems and the political capacity to take swift decisions needed to protect the population. It is a general accepted thesis that the world will face a second wave of effects: economic and systemic. Regarding the last aspect, the current international system is constructed around many principles among them, relevant for our research are, global governance and national sovereignty. The manner in which the two concepts operate was tested during the pandemic. On one hand the international system of global governance failed to ensure a higher level of human security when facing a crisis. On the other hand, states were left to tackle the effects of the pandemic, more or less alone, as the entire international system was paralyzed. In this context state had to turn to classic concepts of national security, egocentric and protectionist, but needed to ensure one of its fundamental functions – providing the security of its citizens. As others crisis are expected to unfold in a domino like effect, redefining national security will be essential for states and regional organizations. But in this process decisions could collide with assumed international obligations. In this context the article explores this impact of the COVID 19 over the how states define their national security concepts. In this context a special attention will be given, as an example, to the industry sector in the context of the green deal, as European states will be pioneering in implementing new standards in climate protection policies that will affect certain sectors of the economy. Rethinking the national security agenda will certainly face aspects which impose the protection of certain sectors that have a higher negative impact over climate change.

Testing early signs of fraudulent financial reporting – case of WIRECARD

The experience of fraudulent financial reporting scandals that shocked American corporate history in the early 2000’s marked a turning point in the evolution of the financial auditing profession, out of a desire to restore investors’ confidence in the integrity of listed companies’ financial information. The establishment of a public supervision authority for audit firms (PCAOB), the establishment of an audit committee for listed companies or the obligation to report on the effectiveness of internal control over financial reporting, among with severe financial sanctions for corporate fraud, are the most representative legislative measures imposed in the US by the Sarbanex-Oxley Act (2002) to achieve this goal. To a large extent, these measures have also been adopted in Community law, most likely under the impetus of similar events, such as the Parmalat case (2003). Here that, at a not appreciable time distance, such a sensitive issue of fraudulent reporting returns to the center of investors’ attention through the case of the German electronic payment processor - Wirecard (2020). The article aims to investigate possible early signals that could have indicated risk factors or circumstances that could have favored fraudulent financial reporting in the case of this issuer. In essence, the research methodology is limited to the application of the Beneish model on the annual financial reports from 2016-2018, in order to assess its validation in relation to the values of the score function (M).

Comparative study on the dynamics and structure of the number of enterprises in Poland, Romania and Hungary

The number of enterprises, respectively their structure by fields of activity, influences the level of the national economy, so it is extremely important to know the “map” of economic agents in terms of evolution and level of competition by areas of activity. The purpose of this paper is to present in a descriptive way the evolution of the number and structure of active enterprises in Romania (by legal form and field of activity), as well as a comparative presentation of the situation of enterprises in Hungary and Poland. In all three countries, the total number of enterprises shows a continuous growth trend, but with significant differences in the growth rate, analyzed by areas of activity.

Student Relationship Management Optimization Using Organizational Process Automation Tools

Organizational process optimizations are crucial to meet nowadays challenges, especially in the educational institution environment, where information flow is very intense, and actors involved are different from decision making perspective. The relations with students are one of the most important aspect of educational institutions processes, therefore, the more automated and digitalized is this process, the more attention can be invested to continuous improvement of other organizational processes. Our study intends to promote continuous improvement of student relationship management of universities by active usage of ICT solutions available in organization and prepare internal regulations and staff for this transformation.