Corporate Governance: a South-Eastern European perspective

The purpose of the article is to illustrate the main characteristics of the corporate governance challenge facing the countries of South-Eastern Europe (SEE) and to subsequently determine and assess the extensiveness and effectiveness of corporate governance regulation in these countries. Therefore, we start with an overview on the subject of the key problems of corporate governance in transition. We then address the issue of corporate governance measurement for SEE countries. To this end, we include a review of the methodological framework for determining both the extensiveness and the effectiveness of corporate governance legislation, as defined by the EBRD and a discussion on aspects related to corporate governance development, the quality of corporate governance codes and of the “law on the books”. We then focus on the actual analysis of legal institutions effectiveness and provide a measure of corporate governance in Romania and other SEE emerging markets. The paper concludes by emphasizing the relationship between legal change and the development of financial markets in the SEE region.corporate governance; South-Eastern Europe; transition; extensiveness; effectiveness

The Factors of the Capital Structure in Eastern Europe

The paper proposes a test of the extent to which the financial indicators of the companies listed on the stock exchanges in Romania, Poland, Hungary and Czech Republic and representing four sectors of activity - Food, Chemistry, Energy and Farmaceuticals - influence the debt ratios of these companies. We use linear regression and principal components analysis in order to test for the influence of 12 different financial indicators in each of the years from 2002 until 2006. The results show that there is evidence in support of the influence of the proposed factors because the coefficients are significant and maintain their signs in all the years of our analysis.leverage ratio, principal components analysis, financial indicators, capital markets, Eastern Europe.

EXPLORING THE CONCEPTUAL UNDERPINNINGS OF THE CREATIVE INDUSTRIES

This research is formulated in the context of increasing global recognition that creative industries are becoming progressively more important components of modern post-industrial knowledge-based economies. As momentum builds to prioritize this field of acreative industries, creative sector, knowledge-based economy

International services trade patterns and specialization potential: a comparative Assessment

The main purpose of this paper is to comparatively examine the international competitiveness of services trade, by determining its pattern and structure of specialization for Romania and Bulgaria, on the EU-25 services market. In other words, the research attempts to identify Romania's and Bulgaria’s ability to overcome difficulties and challenges that might arise from the hard competition within the enlarged EU, in the field of foreign trade in services. To this end, the paper attempts to suggest a multilevel framework for assessing the international competitiveness of Romania’s and Bulgaria’s services trade.international services trade, international competitiveness, specialization

RESEARCHES CONCERNING THE HISTOCHEMISTRY AND MICROBIAL FLORA OF THE PUERPERAL UTERUS IN COWS

The microbial population represents a group of heterogeneous germs comprising several different species which live and act together in the same place. The communities of micro-organisms, as independent population groups, are better adapted for growing than a unique species. The microbial flora of the puerperal uterus differs from case to case, being represented both as bacteria admitted as pathogenic and particular tropism for the uterine morphological structures and opportunist bacteria which are quite numerous. Here are some of the microbial identified species: Streptococcus spp., E.coli, C.pyogenes . These exercise the pathogenic action under certain circumstances such as: the existence of these germs in big quantities, virulence and the high rate of pathogenity, the low resistence of the body. The experimental and epidemiological observations have proved the fact that autochthonous microorganisms (the normal, permanent microflora), adapted to develop in certain natural habitats, exercise a barrier function which protects the animal organisms from the implantation of several microorganisms which penetrate in the outer environment. The necrotic processes at the level of the uterine mucous membrane were at different stages of evolution in all the cases in question with big or even huge differences from one geographical area to another one. In some geographical areas the alternative processes were obvious only at the surface of the mucous membrane, with the affecting of the cells and area placed close under the basic membrane, while the epithelium although it seemed obviously affected, was not detached from the basic membrane. The cells of the uterine mucous membrane seemed detached here and there either under the form of groups taking up small areas, or in big areas alternating with zones where the epithelium was still partially preserved and, eventually extensive areas, completely without mucuos membrane, where even traits of cells at the level of the mucous membrane could not be noticed