RISK MANAGEMENT, CORPORATE GOVERNANCE AND SUSTAINABLE DEVELOPMENT

Financial management implies a complex and extensive area of interest with deep connections with financial analysis, corporate finance and risk management. Thus, risk management is an integrative part of the financial management, referring to the set of actions and strategies performed in order to cover the risks incurred by various dimensions of the company activity. Financial management and, implicitly, risk management, involves an oversight responsibility of the Board. In fact, the Board is in charge with the monitoring of the effectiveness implied by risk management strategies and practices, resulting that the connector between financial management and corporate governance consists of the corporate risk management. The paper starts with general aspects on corporate risk management as support to company’s value, which sets forth the scope of the issues the paper discusses. It briefly describes why Board of Directors involvement in the company strategies is directly related with firm performance. Next, by reviewing the general evidence, the paper explores why corporate governance may matter for sustainable development

ROMANIA'S REAL CONVERGENCE TO THE EUROPEAN UNION Dragos Mihai Ungureanu , Permanent Representation of Romania to the European Union Ruxandra Dana Vilag, Romanian-American University Bucharest George Horia Ionescu, Romanian-American University Bucharest Florian Bogdan Stoian, “Lucian Blaga†University of Sibiu

In the process of European integration, switching in 1999 to the third stageof Economic and Monetary Union, has intensified the need to coordinate economic andsectoral policies of the Member States. The process of coordination is necessary toharmonize national economic policy objectives in order to minimize the negative impactof economic policy measures taken by some member countries to other member countriesand reduce the temptation for Member States to have behavior riders. Real Convergenceis an essential goal of Romanian integration into the European Union. Attenuation of thedevelopment gaps maintained between Romania and the EU can not be achieved solelythrough the use of market forces. Economic transformations occurring globally andincreased risk aversion contributed to a signifiant reduction of capital flows to Romania,increased pressures upon exchange rate.Real convergence, nominal convergence, integration, European Union

ASSESING THE IMPLEMENTATION OF REAL CONVERGENCE IN ROMANIA

The convergence is an essential objective of the integration process of Romania in the European Union. Minimizing gaps in the level of development that arise between Romania and the average European Union can not be achieved solely through the use of marconvergence, European Union, real convergence

FINANCIAL CONTAGION AND INVESTORS BEHAVIOR

International capital markets, in general, seem to be volatile markets, influenced bymany factors, a phenomenon that affects both developed markets, as well as least developed, withemerging market economies suffering most because of this. It is clear, however, that volatility willremain for as long as it is delayed the adoption of specific measures at national and internationalfinancial architecture level, measures that may be necessary to reduce these risks, to limit theirimpact, and that the question financial market can relapse in a manner as efficiently as possible.investor behaviour, financial crisis, rational investor, irational investor, financial contagion

The impact of ESG factors on market value of companies from travel and tourism industry

The aim of this paper is to investigate the relationship between environmental, social, and governance (ESG) factors and firm market value for the companies from travel and tourism industry and, in the same time, to investigates the question if the association between good ESG scores for travel and tourism companies and their market value can be used as a performance predictor. The impact of extra-financial ESG performance on market value of the companies was estimated using the modified version of the Ohlson (1995) model, based on a sample of 73 listed companies, worldwide distributed, during the 2010–2015 period. The overall results of this research are consistent with the value enhancing theory (as opposed with the shareholder expense theory). From the ESG factors, the governance factor seems to have the most important influence on the market value of the selected companies, regardless of the geographic region where they are located. Thus, our findings provide new insights into the influence of each ESG factor on the market value of the companies, providing a useful tool for stakeholders to measure economic impact but also for use as a predictor of economic performance. First published online 28 May 201