THE INFLUENCE OF CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE ON BANK PROFITABILITY

Nowadays, the society expects economic performance from companies, but also a social commitment. Our observations will offer to the banks a perspective on the degree of their CSR Disclosure and will help the central bank to develop a corporate sustainability framework and guidelines for the improvement of the transparency and the reduction of the informational asymmetry. The objective of our work is to explore the amplitude of the information on CSR from the annual reports and the reports of the Administrative Councils of the banks, and also to examine the impact of the CSR Disclosure on the bank performance. The study uses an econometric model to analyse the effect of the CSR Disclosure on the profitability of the Romanian banks. Related to the banking field of activity, a specific feature in the behaviour of the customer was observed. The customers are more involved, analysing attentively the information and also have the tendency to establish a long-term relation with the financial institution

Does climate change drive up government healthcare costs in the European Union?

The continuous growth in average temperature around the world, caused especially by CO2 emissions, generates climate changes significantly impacts not only economic or social domains, but also human health. The previous literature provides evidence of degradation of human health due to climate change and emphasizes pressure on governments to increase government spending on health. The aim of this study is to analyze the impact of climate change, expressed by temperature and CO2 emissions, on healthcare spending in the European Union member states using available data from 2000 to 2020. In addition to prior research, this paper incorporates supplementary control variables such as governance, macroeconomic factors (GDP and inflation) and human development index. To capture the dynamic impact of climate change on healthcare expenditure, we use the Generalized Method of Moments (GMM) technique and the panel VAR Granger causality method. Empirical findings suggest that an increase in temperature and CO2 emissions levels, along with improvements in governance, economic growth, inflation, and human development, contribute to higher healthcare expenditures. Rising temperature and CO2 emissions are directly increasing the health burden on individuals’ health and force governments to enhance health spending. The paper is notable for its comprehensive approach, filling a significant gap in existing literature by combining climate change variables with governance, economic and human development indicators. The study provides policymakers with valuable insights into how climate change and other governance, economic and human factors impact healthcare spending. Global warming appears as a topic directly correlated with the governmental health spending burden and highlights the need for government involvement in mitigating global warming, reducing pollution and gas emissions

Time of COVID-19: stability analysis of stocks, exchange rates, minerals and metals markets

The coronavirus (COVID-19) pandemic has shaken the global economy and significantly affected the financial markets. This anxiety triggered panic reactions. The article aims to explain impact of abrupt changes in structural stability of four key asset markets due to pandemic. It includes a detail discussion regarding structural change in co-movement of stock indices, exchange rates, minerals and metal returns. The daily returns of 14 financial indices across four groups during a span of 25 January 2019 to 3 February 2021 are sampled. The selection of financial assets is based on trading volume and velocity in each of the four groups. The results of Markov Switching model explain that pandemic not only increase volatility of financial markets but also have a significant long-term impact on structural behaviour in daily returns. The analysis further reveals differences in co-movement of financial returns during two periods. However, on a positive note, pandemic does make a way for few financial assets to dominate the market, especially ones recognised as ‘safe-haven’ assets

Defending the nation, securing the economy

Literature on the effects of military expenses and GDP is mixed, although a significant body of research supports the hypothesis that military expenses positively impact GDP. To contribute to the literature, this article analyses whether military expenditures influenced GDP in 27 European Union member countries from 1998 to 2021 by studying two clusters specific to the analysed countries: NATO and non-NATO countries. The way in which military expenditures affect GDP has been analysed using both the classic static models for panel data (pooled OLS, fixed effects, random effects, feasible generalized least squares, panel corrected standard errors, Poisson pseudomaximum likelihood regression) as well as by applying dynamic panel model system GMM, reverse causality, and half-panel jackknife regression models, with unemployment and inflation selected as control variables. The findings indicate that the current values of military expenditures positively influence GDP in both clusters, while past values of military expenditures positively influence GDP in the NATO EU countries and negatively affect GDP in the non-NATO EU countries. There are several key differences between NATO EU members and non-NATO EU members, particularly in regard to their security commitments and defence spending. NATO members are part of a mutual defence pact, agreeing to the principle of collective defence, which also impacts public defence policies and public budgets. This paper offers practical value to policymakers, stakeholders, and academicians. In addition, it has two significant political implications. First, it highlights the role of military expenditures as a catalyst for economic growth but does not underestimate the dangers of using military spending as a pretext to stimulate employment. Second, it establishes the optimal proportion of military expenditures required to fulfil two essential targets of national and European policies – security and welfare

Insolvency of Companies in Romania

The purpose of the paper is to analyze the main aspects regarding the insolvency of companies in Romania. The main objectives considered were the theoretical presentation of the concept of insolvency, the principles of insolvency, legislative regulations, the report of the judicial liquidator. In the case study presented for the company X SRL, we presented some accounting records, the statement of payments and receipts, as well as information related to the liquidation balance sheet

Oxidación avanzada de Paracetamol mediante irradiación ultrasónica y estudio teórico del mecanismo de degradación

Existen más de 700 compuestos clasificados como emergentes (EPs) que han generado preocupación mundial por el potencial que tienen para causar efectos tóxicos en la salud y en los ecosistemas. Dentro de estos compuestos se encuentra el paracetamol, de los más utilizados en nuestro país, que no se remueve mediante los procesos convencionales de tratamiento de aguas residuales. En el presente trabajo, se estudia le degradación del paracetamol en medio acuoso, mediante ultrasonido de diferentes frecuencias (500 y 1000 kHz). Así mismo, se estudió el mecanismo de reacción de la molécula de paracetamol con radicales OH, mediante química cuántica computacional. Los resultados muestran que, a 500 kHz, se presentan las mejores degradaciones, alcanzando hasta un 72% de degradación en 30 minutos con una potencia del 80%. Se calcularon los perfiles energéticos correspondientes a cada camino de reacción, con la finalidad de elucidar el mecanismo principal de degradación.There are about 700 emerging pollutants (EPs) that have a negative potential effect on human health and ecosystems. The EPs cannot be removed efficiently in the wastewater treatment plants. Among these EPs is the paracetamol, which is one most used worldwide. In this work, the degradation of the paracetamol in aqueous media using ultrasound of 500kHz and 1000 kHz at different power was evaluated. The reaction mechanism of the paracetamol molecule with OH radicals in aqueous medium was studied using computational quantum chemistry methods. The highest paracetamol degradation reached was 72%, at treatment times of 30 minutes, using the sonoreactor of 500kHz and 80% of its power. The energy profiles corresponding to each reaction path were calculated, in order to elucidate the main degradation mechanism

Unlocking protein-based biomarker potential for graft-versus-host disease following allogenic hematopoietic stem cell transplants

Despite the numerous advantages of allogeneic hematopoietic stem cell transplants (allo-HSCT), there exists a notable association with risks, particularly during the preconditioning period and predominantly post-intervention, exemplified by the occurrence of graft-versus-host disease (GVHD). Risk stratification prior to symptom manifestation, along with precise diagnosis and prognosis, relies heavily on clinical features. A critical imperative is the development of tools capable of early identification and effective management of patients undergoing allo-HSCT. A promising avenue in this pursuit is the utilization of proteomics-based biomarkers obtained from non-invasive biospecimens. This review comprehensively outlines the application of proteomics and proteomics-based biomarkers in GVHD patients. It delves into both single protein markers and protein panels, offering insights into their relevance in acute and chronic GVHD. Furthermore, the review provides a detailed examination of the site-specific involvement of GVHD. In summary, this article explores the potential of proteomics as a tool for timely and accurate intervention in the context of GVHD following allo-HSCT

Multinuclear solid-state NMR investigation of Hexaniobate and Hexatantalate compounds

This work determines the potential of solid-state NMR techniques to probe proton, alkali, and niobium environments in Lindqvist salts. Na7HNb6O19·15H2O (1), K8Nb6O19·16H2O (2), and Na8Ta6O19·24.5H2O (3) have been studied by solid-state static and magic angle spinning (MAS) NMR at high and ultrahigh magnetic field (16.4 and 19.9 T). 1H MAS NMR was found to be a convenient and straightforward tool to discriminate between protonated and nonprotonated clusters AxH8–xM6O19·nH2O (A = alkali ion; M = Nb, Ta). 93Nb MAS NMR studies at different fields and MAS rotation frequencies have been performed on 1. For the first time, the contributions of NbO5Oμ2H sites were clearly distinguished from those assigned to NbO6 sites in the hexaniobate cluster. The strong broadening of the resonances obtained under MAS was interpreted by combining chemical shift anisotropy (CSA) with quadrupolar effects and by using extensive fitting of the line shapes. In order to obtain the highest accuracy for all NMR parameters (CSA and quadrupolar), 93Nb WURST QCPMG spectra in the static mode were recorded at 16.4 T for sample 1. The 93Nb NMR spectra were interpreted in connection with the XRD data available in the literature (i.e., fractional occupancies of the NbO5Oμ2H sites). 1D 23Na MAS and 2D 23Na 3QMAS NMR studies of 1 revealed several distinct sodium sites. The multiplicity of the sites was again compared to structural details previously obtained by single-crystal X-ray diffraction (XRD) studies. The 23Na MAS NMR study of 3 confirmed the presence of a much larger distribution of sodium sites in accordance with the 10 sodium sites predicted by XRD. Finally, the effect of Nb/Ta substitutions in 1 was also probed by multinuclear MAS NMR (1H, 23Na, and 93Nb)