COMPARATIVE STUDY ON CORPORATE GOVERNANCE

Corporate governance is a key element of todayâ€(tm)s economic reality being more and more present in many countries around the world. This paper has two main objectives. The first one is to offer more insight into the concept of corporate governance by a thorough literature review and by presenting and analyzing a framework of corporate governance. The second objective of this paper is to investigate the corporate governance situation in three developing economies (Romania, Bulgaria and Hungary). The World Bank and the European Bank for Reconstruction and Development published a series of reports on corporate governance. The present study uses data from these reports in order to illustrate how these developing economies are dealing with corporate governance. Based on ROSC Reports a corporate governance score was calculated. As this score shows, there is room for improvement for all three developing economies. This study is important because it shows the differences in corporate governance among developing economies and the need to study these nations at the individual country level. Corporate governance has many benefits for developing economies. It helps developing economies to register sustainable growth rates, to increases investorsâ€(tm) confidence in the national economy, and to increase the ability of capital markets to mobilize savings.corporate governance, shareholders, stakeholders, investors, corporate governance principles

DETERMINANTS OF ORGANIZATIONAL PERFORMANCE: THE CASE OF ROMANIA

Continuous performance is the objective of any organization because only through performance, organizations are able to grow and progress. Knowing the determinants of organizational performance is important especially in the context of the current economic crises because it enables the identification of those factors that should be treated with an increased interest in order to improve the organizational performance. The most important objective of this paper is to create a model that will allow, based on multiple dimensions, to evaluate the Romanian manufacturing companies and to underline the relationship between the way they operate and their performance. The model used in this study was developed from the existing literature on organizational diagnostic models and from a broad literature review conducted to identify the factors influencing the performance of an organization. The results of this study also offer information on the relationship between the performance measurement process and the organizational performance. This article offers the base to identify measures that can lead to an improvement in organizational performance.diagnosis, leadership, organizational performance, performance measurement, quality, strategy.

COMPARATIVE STUDY ON CORPORATE GOVERNANCE

Corporate governance is a key element of today’s economic reality being more and more present in many countries around the world. This paper has two main objectives. The first one is to offer more insight into the concept of corporate governance by a thorough literature review and by presenting and analyzing a framework of corporate governance. The second objective of this paper is to investigate the corporate governance situation in three developing economies (Romania, Bulgaria and Hungary). The World Bank and the European Bank for Reconstruction and Development published a series of reports on corporate governance. The present study uses data from these reports in order to illustrate how these developing economies are dealing with corporate governance. Based on ROSC Reports a corporate governance score was calculated. As this score shows, there is room for improvement for all three developing economies. This study is important because it shows the differences in corporate governance among developing economies and the need to study these nations at the individual country level. Corporate governance has many benefits for developing economies. It helps developing economies to register sustainable growth rates, to increases investors’ confidence in the national economy, and to increase the ability of capital markets to mobilize savings

EFFECTS OF CUSTOMER ORIENTATION, LEARNING ORIENTATION AND INNOVATIVENESS ON HOTEL PERFORMANCE - EVIDENCE FROM CLUJ COUNTY

This paper seeks to relate a strategy of diversification to inovativeness and to the performance of a hotel. Due to the more increased competition within the area of tourism e.g. hotel sector, the need of analyzing the variables mentioned in the title of the paper has become more and more obvious. The first part of the article regards the literature review for the three variables and thus, like an outcome four hypotheses are stated. The second part consists of developing findings for the studied region of Cluj County based on the presented research methodology. The results show that hotel performance is influenced by customer orientation and hotel innovativeness, while the latest one is associated in a positive manner with learning orientation. The three chosen variables could be considered real driven forces for competitiveness in the hotel sector. Thus, any management team should be aware of the results of this study and should create an appropriate environment within the organization able to sustain an expected performance level by focusing on the mentioned variables. Making a deeper analysis about the performance indicators, the results demonstrate the actual development stage of the hotel sector for Cluj County: above the national average, but with potential of growing, mainly from the perspective of efficiency. At this point, management should be aware about how significant could be innovativeness and learning orientation for creating or improving services and delivering processes. In the hotel sector it is very obvious that due to the increased role of employee the awareness is more valuable than in other sectors. Due to the most relevant market segment e.g. business tourism, the studied county is customer oriented and has a good mean value for sales goal achievement, also. In order to improve the profit goal achievement value, innovativeness and learning orientation have to be considered powerful instruments for management team. Taking into consideration the potential of growth in the Romanian hotel sector, we consider that the three chosen variables - customer orientation, learning orientation and innovativeness, should be further analyzed in respect with other performance indicators. Thus, we consider the study being valuable and relevant because it can be expanded not only to other regions - which gives it practical value, but also by including other performance indicators - for academic value

Pricing of the tourism product: a tool for entrepreneurs to adapt to a flexible market

The paper approaches the hedonic pricing analysis as a useful instrument for tourism entrepreneurs to get a competitive advantage through price setting policies. The main goal of this research is to conduct an analysis useful to measure the marginal effect of the attributes which contributes to price setting; the empirical analysis is developed on the prices of accommodation establishments from Romania. The study focuses on small and medium sized accommodation units, most of them entirely privately-owned. Within the analysis we set attributes from inside and outside the accommodation establishment as long as they are both ultimately linked with the pricing policy. Several hedonic specifi cations are estimated, in order to investigate the signifi cance of accommodation attributes in the formation of room rates. There is a set of attributes with signifi cant effect on the room price in all models, but with different intensity. The managers have to pay more attention to their internal facilities, goods or amenities (as recreational facilities), and to be committed to increasing the quality of their service delivery process, but there is also an opportunity for higher prices supported by attractive neighbourhoods. These fi ndings are useful for the entrepreneurs interested in developing new businesses in tourism but also for managers already performing in the sector. Both categories have to face challenges such as new services development, price setting policy, choosing new locations. A fl exible pricing strategy could become an effective and effi cient tool for accommodation units in order to increase their performance. These elements are potential competitive dimensions and provide good opportunities for adapting to a dynamic market. Public and local administration organizations can develop appropriate policies for regional development based on hedonic models and thus, generate revenues and create opportunities for a sustainable development of tourism and also of the geographical region