RECENT EVOLUTIONS OF THE ROMANIAN CAPITAL MARKET IN THE CONTEXT OF FINANCIAL CRISIS

The favorable institutional and functional evolution of the Romanian capitalmarket was break out by the negative consequences of the financial crisis. Thus, the objectiveof this paper is to analyze the current evolutions and to identify some of the crisis’ pathologycharacteristics. Some conclusions are drawn and some further research directions areindicated.Romanian capital market, financial crisis, Quandt-Andrews test, BET, BET-C, BET-FI

National legislative systems and foreign standards and regulations: The case of International Financial Reporting Standards adoption

This study is focused on the linkages between the legislative families as descriptors of national legislative systems and International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). We consider such analysis as a case study for the more general issue of explaining the preferences of national regulators in the adoption of foreign norms, rules, standards and practices. By using a dataset of 162 jurisdictions and dummy variables designed to capture the current stage of IFRSs adoption and, respectively, the taxonomy of their legislative systems, we find that a full IFRSs adoption is more likely to occur in countries which have principles-based on legislative mono-systems. In addition, we observe that a strong rule of law, with an effective mechanism of property rights reinforcement, as well as the pre-adoption existence of a pro-growth set of public policies can contribute to the encouragement of IFRSs adoption.IFRSs adoption• Legislative families

EMPIRICAL EXAMINATION OF THE CLASSICAL DIVIDEND POLICY THEORIES IN EU-28 COUNTRIES

Dividend policies and their impact on company value represent a subject which attracted strong academic interest, with many researchers bringing their contributions at solving the discussion based on the standard theory. The main objective of the paper is to revisit the classical dividend theories in the context of the EU-28 countries over a 9 year timeframe (2009-2017) which is an extension of previous studies on the topic over the same geographical zone. The motivation of the study is to identify those factors which determine the dividend decisions for the companies comprised in the sample we used and compare the results to the previous studies on the topic to see whether the classical theories still stand or there are shifts towards other factors.  The results of the paper show that the lifecycle theory of dividends together with the pecking order theory and the available cashflow theory are still standing, and that both the accounting and market performance of the company have a significant impact on the level of dividends paid by the company

Does corruption affects business innovation? Insights from emerging countries

There are very different outcomes in the literature regarding the influences of corruption on business innovation and also arguments for both “sanding the wheels” and “greasing the wheels” approaches. The main goal pursued in this paper is to broaden the understanding of the corruption influence on business innovation, considering seven representative dimensions of corruption at governmental structures and institutions’ level and also four relevant dimensions of business innovation, less approached so far. The originality and relevance of this paper are based on that these seven different dimensions of corruption are targeting three characteristic features of it, as bribery's prevalence, the bribery's spread and the companies’ propensity to offer gifts for overcoming the bureaucratic pressures. Moreover, the four different new dimensions of business innovation are targeting the company’s propensity for innovating and strengthening its image and the way of connecting with business partners in a changing business environment. Considering an extensive data set for 110 emergent countries from four continents for the period between 2002 and 2014 and using the generalized linear model framework, this research study is emphasizing that corruption at governmental structures and institutional level has a significant negative impact on business innovation, adversely affecting innovation perspectives

Assessment of nicotine for second hand smoke exposure in some public places in Romania by UPLC-MS

BACKGROUND: Air nicotine monitoring is a well-known procedure for estimation of exposure to second hand smoke. Few research studies were realized in Romania to evaluate environmental tobacco smoke (ETS) exposure of humans in different public places. The levels of airborne nicotine from environmental tobacco smoke and urinary cotinine and nicotine levels of some subjects were analyzed. In order to better implement/enforce the European legislation regarding the interdiction of smoking in the public places the national authorities need a rapid and reliable analytical method to quickly asses the state of the pollution with cigarette smoke of these populated areas. RESULTS: The nicotine concentration in the air from different types of public buildings was determined. The median concentration of nicotine in the air from 32 pubs where the smoking was allowed was 590 ng · L(-1), comparing with the pubs where the smoking was not permitted (22 locations) where the median concentration of nicotine was only 32 ng · L(-1). Similarly, the median concentration of nicotine in restaurants where the smoking was allowed (23 locations) was 510 ng · L(-1), in comparison with the restaurants where the smoking was prohibited (11 places) where the median value was 19 ng · L(-1). The lowest concentrations of nicotine were found in high schools (8 locations, median concentration 7.4 ng · L(-1)), universities (5 locations, 23 ng · L(-1)) and hospitals (6 locations, 16 ng · L(-1)). CONCLUSIONS: The method was validated and gave good linearity, precision, accuracy and limit of detection. The buildings included hospitals, high schools, universities, pubs and restaurants. The presence of air nicotine was recorded in all buildings studied. The highest median levels of air nicotine were found in pubs and restaurants. The presence of air nicotine in indoor public buildings indicates weak implementation of the smoke free law in Romania

NACIONALNI ZAKONODAVNI SUSTAV I MEĐUNARODNI STANDARDI I PROPISI: SLUČAJ USVAJANJA MEĐUNARODNIH STANDARDA FINANCIJSKOG IZVJEŠTAVANJA

This study is focused on the linkages between the legislative families as descriptors of national legislative systems and International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). We consider such analysis as a case study for the more general issue of explaining the preferences of national regulators in the adoption of foreign norms, rules, standards and practices. By using a dataset of 162 jurisdictions and dummy variables designed to capture the current stage of IFRSs adoption and, respectively, the taxonomy of their legislative systems, we find that a full IFRSs adoption is more likely to occur in countries which have principles-based on legislative monosystems. In addition, we observe that a strong rule of law, with an effective mechanism of property rights reinforcement, as well as the pre-adoption existence of a pro-growth set of public policies can contribute to the encouragement of IFRSs adoption.Ova studija je fokusirana na veze između zakonodavnih okvira kao deskriptora nacionalnih zakonodavnih sustava i Međunarodnih standarda financijskog izvješćivanja (MSFI), koje objavljuje Odbor za međunarodne računovodstvene standarde (IASB). Takve analize se razmatraju kao studije slučaja za šira pitanja u objašnjenju preferencija nacionalnih vlasti u usvajanju stranih normi, propisa, standarda i praksi. Korištenjem skupa podataka od 162 pravne i dummy varijable, osmišljene za dostizanje trenutne faze usvajanja MSFI-a, odnosno, taksonomije njihovih zakonodavnih sustava, smatra se da će se puna primjena MSFI-a vjerojatnije dogoditi u zemljama koje svoja načela temeljena zakonskim monosustavima. Osim toga, primjetno je da snažna vladavina prava,uz učinkovit mehanizam jačanja imovinskih prava, kao i prethodno donošenje skupa javnih politika rasta, može pridonijeti poticanju usvajanja MSFI-a

National legislative systems and foreign standards and regulations: The case of International Financial Reporting Standards adoption

This study is focused on the linkages between the legislative families as descriptors of national legislative systems and International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). We consider such analysis as a case study for the more general issue of explaining the preferences of national regulators in the adoption of foreign norms, rules, standards and practices. By using a dataset of 162 jurisdictions and dummy variables designed to capture the current stage of IFRSs adoption and, respectively, the taxonomy of their legislative systems, we find that a full IFRSs adoption is more likely to occur in countries which have principles-based on legislative mono-systems. In addition, we observe that a strong rule of law, with an effective mechanism of property rights reinforcement, as well as the pre-adoption existence of a pro-growth set of public policies can contribute to the encouragement of IFRSs adoption

From the "Strawberry Jam" to the "Sushi-Bar": Romanian Migration in the Context of Asia’s Increasing Economic Role

The paper analyzes the following points: 1) The increase of Asia’s economical role (consequences of moving the world economic centre from the Atlantic to Pacific; the new centres of power: China and Japan; Asia’s attraction; the new economical configuration, an important migration vector) 2) Romania and the Strawberry Jam. Comparative analysis between countries of destination for Romanian emigration; remittances versus FDI; the influence of the economic crisis on development. 3) Chinese Diaspora in Romania. Romanian migration to Japan. Specificities, trends, development of phenomena. How to create a Romanian Diaspora

An Empirical Study on Public Debt's Determinants: Evidence from Romania

<p>The need for coordinating economic and budgetary policies in the Economic and Monetary Union, the awareness that pile of high public debt threatens future generations, increasing tax burden on a globalized market and the impact of population aging process on public finances has led to controversial opinions. Continuously borrowing resources and maintaining them consistently over time means to have a sustainable public debt, an important objective of any state fiscal policy. A sustainable public debt is the result of trade and monetary policy and budgetary decisions. The national debt is at the center of the current crisis of the Peripheral European countries. The objective of the paper is to provide a better understanding of public debt dynamics in Romania in the period 2000 to 2011. We decompose the changes in public debt to GDP ratio into macroeconomic components attributable to primary fiscal deficits, real interest rate, real GDP growth, and to the variations on foreign currency denominated debt. The research findings suggest that the reaction of the public debt to GDP ratio to the real growth rate of the output increased after the financial crisis. The real interest rate on government bonds remained a significant determinant of public debt in the entire sample period. Also, we find little effectiveness of monetary policy as an automatic stabilizer through the entire sample period.</p