Changes in Japanese corporate governance

Corporate governance systems vary around the world. These differences result from different legal systems, systems of corporate finance and corporate ownership as well as divergent norms around the firm’s responsibilities to its various stakeholders. These different systems of corporate governance came into direct contact in Japan. The paper makes an analysis of the past changes of Japanese corporate governance due to the modifications in the ownership of the companies.Japanese corporate governance, foreign investments, corporate governance practices

FOREIGN INVESTMENT INFLUENCE ON OWNERSHIP AND CONTROL IN JAPANESE FIRMS

Corporate equity structure, whether is in a market-based system like US or a bank-based system like Japan is prone to changes due to foreign investment. Protection from outside investors varies greatly around these systems. Where protection is good, market-based systems flourish. These systems have certain advantages as they appear to foster innovation and to encourage the release of capital from declining industries. Bank-based systems may be better suited to established industries. These systems also help protect individuals from direct exposure to stock market risk. But, no matter the system, agency problems are inevitable. The paper looks at the past changes of the Japanese corporate ownership composition under the influence of foreign investment.Economic Systems, Capital and Ownership Structure, Corporate Governance

ECONOMETRIC MODELING OF ROMANIA’S PUBLIC HEALTHCARE EXPENSES – COUNTY PANEL STUDY

The purpose of our paper is to analyze the per capita public healthcare expenditure ofRomania in relation to different exogenous explanatory variables, through a panel study upon theforty one regions plus the capital city. The results of the four year panel study have been interpretedand commented. Our regional public healthcare expenditure is explicated to a great extent by theregional GDP. Other strong correlation variables were not found statistically significant.public healthcare expenditure, panel data, correlation, fixed effects model.

IT SECTOR DEVELOPMENT IN CLUJ-NAPOCA. THE CASE OF SMEs

The purpose of this paper is to to explore the evolution of SMEs from Cluj-Napoca in the IT sector by looking into the following problems: the relationship between number of employees, type of ownership and type of activity, as well as relationship between profit, liabilities, turnover, type of ownership and type of activity. The results indicate that the sector is attractive for the investors no matter what type of activity they want to develop (production or outsourcing). The main reason that makes them invest is the well prepared and relatively low cost workforce. Moreover, under favorable conditions (increase in turnover, decrease in liabilities or liabilities/capital ratio), the trend of the profit is ascending, making from this sector an interesting one for the investors (Romanian or international). Thus, our models show that this possible increase of the profit is a moderate one. Further investigations show that the development of the sector is rather a moderate one not a “booming” one. The results are normal if we take into consideration the fact that the process of developing Cluj-Napoca as an IT pole is at the beginning

FACTORS INFLUENCING THE UNEMPLOYMENT RATE IN ROMANIA DURING 1997-2019

Current macroeconomic theories examine the problem of unemployment rate from the aggregate demand point of view. Rising unemployment is always seen as a sign of the weak economy, where is a slow growth and also little spending. These might trigger actions by authorities to help reduce unemployment, by increasing the nation's money supply, so it can boost the economy. Among the factors that influence (un-)employment, at least two very important should be taken in consideration: exchange rate and inflation. The research aims to analyse the impact of inflation, the RON / EURO exchange rate and the financial crisis on unemployment rate in Romania during January 1997- March 2019. JEL Codes: E24, F31, E3

STOCHASTIC DOMINANCE ON FTSE INDEX

Stochastic dominance is a method that refers to a set of relations, which may hold between a specific pair of distributions. However, the concept can be applied in many domains, but in particular in financial economic areas, where the considered distributions are usually those of random returns to different financial assets. The aim of this paper is to provide an implementation of a stochastic dominance algorithm that establish which of more risky indices is preferred more by investors who have an aversive risk profile. The study is performed on FTSE indices. The focus is to emphasis the imbalance between FTSE regional indices and FTSE sectorial indices. The analyzed period for regional indices is April 3, 2000 –September 12, 2014. As regards the sector indices, the analyzed period is January 3, 1994 – September 12, 2014.Its relevance consist in that, it offers a different perspective for investors when choosing between different financial assets. This approach together with Meyer algorithm has been proved that it is a useful tool in risk aversion analysis. JEL Classification: C73, D9, D53

FOREIGN INVESTMENT INFLUENCE ON OWNERSHIP AND CONTROL IN JAPANESE FIRMS

Corporate equity structure, whether is in a market-based system like US or a bank-based system like Japan is prone to changes due to foreign investment. Protection from outside investors varies greatly around these systems. Where protection is good, market-based systems flourish. These systems have certain advantages as they appear to foster innovation and to encourage the release of capital from declining industries. Bank-based systems may be better suited to established industries. These systems also help protect individuals from direct exposure to stock market risk. But, no matter the system, agency problems are inevitable. The paper looks at the past changes of the Japanese corporate ownership composition under the influence of foreign investment

Taxation and its effect on foreign direct investments – the case of Romania

This paper focuses on the link between taxation and foreign direct investments and the struggle of governments to create a tax regime that would attract investors on the one hand and on the other hand increase revenues. The paper wants to test if the economic development of a country represented in consumption (measured in VAT income for the country) and production (measured in the change in Corporate Income Tax) would create an increase in Foreign Direct Investments. Based on a series of models of multiple regressions we test if the FDI is influenced by income obtained through Corporate Income Tax and Value Added Tax