Exploring the Link between Idiosyncratic and Fundamental Indicators. Evidence on CEE Corporate Segment

This paper explores the link between idiosyncratic and fundamental dimensions of the corporate finance within CEE countries. We elaborate a Vector Error Correction Model integrating both idiosyncratic and macro related indicators. We expect idiosyncratic variables to be closely related to the macro fudamentals and we anticipate the sign of the relation. Conclusions regarding the long term relationship between these variables differ by country from the perspective of the way the macro related variables enter the cointegration equations. The impact is different according to the peculiarities of the macroeconomic architecture.idiosyncratic variables, macroeconomic

Which are the challenges of the corporate finance within East European emerging countries? Overview on the peculiarities of the finance mechanisms

The European East emerging countries represent an interest research topic both in terms of macroeconomic environment and corporate finance decision. Their evolution within the process of nominal and real convergence process requires a challenging analysis of the way the main macroeconomic environment affects corporate segment. This analysis will focus in a first stage on the macroeconomic environment, highlighting out the way it evolved during the transition process from the centralized and planed economy to the market oriented one. Secondly, the focus will be oriented on the corporations based in these countries. Their finance decision will be analyzed in comparison with the corporations located into the emerging countries and moreover a deep interest will be granted to their leverage, especially from the point of view of the way finance mechanisms can be valorized based on their balance sheet data.rating, sovereign risk, idiosyncratic risk.

Does sovereign risk have an effect on corporate rating? Case-study for emerging versus developed countries

This paper focuses on analyzing the correlation between corporate and country rating. Is there an impact from the part of the sovereign risk towards the company financial and economical performance? Can this impact be differentiated according to emerging and developed countries? If yes, can it be quantified? Does the sovereign ceiling continue to be an outstanding theory? These are the main questions this article proposes to offer an answer to. A case study using the financials of 150 companies activating in various fields has been performed in order to highlight out the correlation between the two variables.rating, sovereign risk, idiosyncratic risk, globalization, sovereign ceiling.

THE RELATION BETWEEN FINANCIAL MANAGEMENT AND CORPORATE GOVERNANCE: ANALYTICAL APPROACH AT THE LEVEL OF THE RISK MANAGEMENT STRATEGIES

This paper presents the contribution of corporate governance to the risk management system of an enterprise from the perspective of the financial leverage. We assume that companies with a strong corporate governance framework are likely to enhance the optimality of their financial structure. We perform a literature overview on this topic, in parallel with an empirical approach that brings forth the effect of corporate governance framework on the company financial structure, with a special focus on leverage. The empirical approach is developed using the Ordinary Least Squares methodology; the results of the research reflect a strong impact of corporate governance on the company financial structure. We construct this finding from the perspective of the beneficial effects of an enhanced corporate governance framework which reduces agency costs, conferring to the company more credibility in the eyes of creditors.capital structure, financial management, governance, leverage, risk management

CEE corporate finance peculiarities: comparative approach in relation with developed countries

In order to reveal the corporate finance peculiarities, we conduct a panel data study on companies located in European emerging (Czech, Poland, Slovakia, Hungary and Romania) and developed countries (United Kingdom, France, Spain, Italy and Germany). We identify specific elements at country level which strengthen the assumptions of heterogeneity at the level of corporate finance. We reveal that both firm specific and common factors have an impact on corporations; nevertheless, comparative to similar works, the degree of heterogeneity is lower, confirming the theories of CEE intercountry high correlation.CEE, corporate finance, capital structure, performance.

THE SUSTAINABLE PROTECTION AND EXPLOITATION OF THE LIVING AQUATIC RESOURCES FROM THE DANUBE DELTA BIOSPHERE RESERVE

The degradation of nature has known mostly during the last century alarming dimensions. Gradually, the natural world heritage has depleted due to the disappearance of several plant and animal species, and many of the existing ones are endangered. Natural resources are used in many areas, as industrial raw materials (vegetable oils, wheat starch, animal fats are used for obtaining soap, cosmetics etc.), energy production, food source or raw materials for medicines. Along with the overexploitation of natural resources, another problem is represented by the degradation of habitats (or its fragmentation, for example, by means of communications) or by their disruption, which contributes to the loss or degradation of species. Lately, the world has become aware that natural resources are not inexhaustible, that many species are threatened and that we need to strive for the rational use of natural resources for present needs, without compromising the ability of future generations to also meet their needsdegradation of habitats, sustainable protection, sustainable development, Danube Delta Biosphere Reserve

The Drivers of the CEE Exchange Rate Volatility - Empirical Perspective in the context of the Recent Financial Crisis

This paper focuses on the CEE countries volatility captured by the exchange rate dynamics. In the first part, the spillover phenomenon is analyzed from the perspective of the recent financial crisis, where cross-border capital flows increased the risk of financial contagion. Volatility will be approached bi-dimensionally, from the perspective of the permanent and transitory dimensions. We conclude that volatility is of long-term nature in the CEE countries, with a certain degree of pecularity in terms of shock reaction. In the second part, a research on the key determinants of the exchange rate volatility is conducted. Variables originating in financial markets were selected – EMBI spreads, Central Bank interest rate – as well as macroeconomic fundamentals – inflation, CROI index - in order to identify factors by which volatility pattern can be depicted. The key result of the research points toward a deep correlation of the exchange rate volatility between the CEE countries and the Euro Zone, implying the necessity to develop strong financial management strategies at the macroeconomic level, capable of annihilating the transmission belt crisis mechanisms.volatility, component, transitory, permanent, spillover

Effect of AgNO3 on androgenesis of Brassica oleracea L. anthers cultivated in vitro

The present article is a synthesis study accomplished at Vegetable Research and Development Station Bacau regarding the implication of silver nitrate (AgNO3) in modulating the morphogenetic reaction of white cabbage anthers cultivated in vitro. According to literature, silver nitrate is a strong inhibitor of ethylene action. Embryo formation, shoot generation and rooting of plantlets are key points on which relies the entire concept of in vitro tissue culture. Silver ions, in the form of nitrate play an important role in promoting the somatic embryogenesis and organogenesis, which led its wide spread use in different plant tissue culture in vitro. Therefore, our researches focused on testing different concentrations of AgNO3 (5, 10, 15, 25, 30, 50 and 60 μM) added to a pre-tested medium formula– Murashige and Skoog (MS), 1962 basal medium supplemented with benzylaminopurine (BAP)- 8.9 μM and naphthylacetic acid (NAA) 2.7 μM. The biological material is represented by unopened flower buds containing anthers with microspores at late uninucleate to binucleate stage. In the culture condition investigated in this study, the data obtained promotes the utilization of AgNO3 in a concentration of 50 μM for the successfully induction and sustaining of regenerative processes of white cabbage anthers cultivated in vitro.Keywords: Buds, embryogenesis, ethylene, organogenesis, regeneratio