Aspects Regarding the Impact of the "Rabla" Program and the "Casa Verde" Program on the Ecological Consumption in Romania

The modern consumer behavior has been very complex in the recent context of budgetary restrictions occurred after the global crisis, but it has also been changed and influenced by different selections of strategies in order to purchase and use the products/ services. The supply results have also been changed, according to a better response to consumer needs, specific to the new consumption cycle. The consumer reaction to the green products/ services has been highly influenced by the economic consequences. A new role of experience and adaptability of consumers could be seen as completed by anticipation strength. A more aggressive response related to the quality of products/ services on their entire life cycle, but yet quasi-ignorance in the aspects of environmental consequences it still result. The main objective of the paper consists in offering a better understanding of the new philosophy of Romanian consumers based on different simple models of replacing generalized durable goods (GDGs) in a simple, but intuitive analytical framework. The impact of Rabla programs over the eco-friendly products consumption within the proposed hypothesis has been strongly limited by the economic component (by the costs associated to maintenance, the energetic products consumption and the environmental taxes).consumer’s behavior, environment, consumer’s decision, generalized durable goods (GDGs)

Aspect Regarding the Design of Active Strategies for Venture Capital Financing – the Flexible Adjustment for Romania as a Frontier Capital Market

Industry 4.0 revolution find a real interest of entrepreneurs but in the case of frontier and emerging markets it is difficult to find a reliable source of long-term financing. The decoupling of the technological evolution from the evolution of the access to financing capacities must be analysed from different point of view (financial, legislative, socio- technical). In Romania, as a frontier market there are only few alternative investment solutions capable to respond to the long-term financing demand of performant projects. The main interest is to understand the strategies for adaptation of venture capital fund (VCF) at real conditions. Venture capital funds (VCF) represents a particular form of private equity investments, scale down and more focused on innovative start-up (or even expansions on technology or markets) projects (the typical value is 10 mil Euro). This form of investments is a personalized response to the general problem related to the actors that do not have tangible assets for collaterals and / or cannot demonstrate the ability to make a profit. In the case of VCF, as a vehicle oriented on innovation and technology, the business plan represents the main element for project portfolio selection in the context of matching the interests of investors with the interests of financed firm’s managers. This contribution is especially important for the case of frontier and emerging markets characterized by additional restrictions (access to strategies, liquidity problems, and agency costs beyond a simple monitoring). For Romania, it is essential to adapt VCF investors\u27 objectives to all phases (selection, evaluation, contract signing and restructuring, progress monitoring, stimulating value-added and, especially, closing the VCF cycle) to real conditions and considering the performance indicators balancing with the value creation mechanisms specific of industry 4.0. This work is licensed under a&nbsp;Creative Commons Attribution-NonCommercial 4.0 International License.</p

NEW ASPECTS REGARDING THE EVALUATION OF INVESTMENTS IN CRITICAL INFRASTRUCTURE

The additional risks associated to the actual global and contagious crisis put a severe pressure on the investments in critical infrastructure and there is a real need for new valuations especially those regarding the synergic financing strategies in critsynergic investments, critical infrastructure, real options valuation (ROV)

An Innovative Flexible Investment Vehicle Oriented to Sustainability – The Adaptation of Hedge Funds in the Case of Emerging Markets

The problem of investments oriented on sustainability in emerging markets is actual and complex and should be carefully analysed in order to offer the optimal strategies. The sustainable investments based on ESG (environmental – social - governance) criteria could better respond to the global market drivers (the interest on environmental concerns, the spectral dynamics of energy prices, the speed of technological change) with impact on the design of new business models. The interest is to find an effective and efficient strategy and a vehicle capable to mobilize a critical mass of investment funds oriented in sustainability in the new context of Industry 4.0. The proposal to introduce socially responsible investment funds (SRIF) as a new investment area and hedge fund, as the structure of alternative investments in emerging markets is an absolute novelty for Romania, in the context of a capital market that only in 2020 it move to emerging market status. Putting into practice through effective implementation is possible considering specific adaptation elements presented in this proposal. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.</p

Aspect Regarding the Design of Active Strategies for Venture Capital Financing – the Flexible Adjustment for Romania as a Frontier Capital Market

Industry 4.0 revolution find a real interest of entrepreneurs but in the case of frontier and emerging markets it is difficult to find a reliable source of long-term financing. The decoupling of the technological evolution from the evolution of the access to financing capacities must be analysed from different point of view (financial, legislative, socio- technical). In Romania, as a frontier market there are only few alternative investment solutions capable to respond to the long-term financing demand of performant projects. The main interest is to understand the strategies for adaptation of venture capital fund (VCF) at real conditions. Venture capital funds (VCF) represents a particular form of private equity investments, scale down and more focused on innovative start-up (or even expansions on technology or markets) projects (the typical value is 10 mil Euro). This form of investments is a personalized response to the general problem related to the actors that do not have tangible assets for collaterals and / or cannot demonstrate the ability to make a profit. In the case of VCF, as a vehicle oriented on innovation and technology, the business plan represents the main element for project portfolio selection in the context of matching the interests of investors with the interests of financed firm’s managers. This contribution is especially important for the case of frontier and emerging markets characterized by additional restrictions (access to strategies, liquidity problems, and agency costs beyond a simple monitoring). For Romania, it is essential to adapt VCF investors\u27 objectives to all phases (selection, evaluation, contract signing and restructuring, progress monitoring, stimulating value-added and, especially, closing the VCF cycle) to real conditions and considering the performance indicators balancing with the value creation mechanisms specific of industry 4.0. This work is licensed under a&nbsp;Creative Commons Attribution-NonCommercial 4.0 International License.</p

Determining the sensitivity of Data Envelopment Analysis method used in airport benchmarking

In the last decade there were some important changes in the airport industry, caused by the liberalization of the air transportation market. Until recently airports were considered infrastructure elements, and they were evaluated only by traffic values or their maximum capacity. Gradual orientation towards commercial led to the need of finding another ways of evaluation, more efficiency oriented. The existing methods for assessing efficiency used for other production units were not suitable to be used in case of airports due to specific features and high complexity of airport operations. In the last years there were some papers that proposed the Data Envelopment Analysis as a method for assessing the operational efficiency in order to conduct the benchmarking. This method offers the possibility of dealing with a large number of variables of different types, which represents the main advantage of this method and also recommends it as a good benchmarking tool for the airports management. This paper goal is to determine the sensitivity of this method in relation with its inputs and outputs. A Data Envelopment Analysis is conducted for 128 airports worldwide, in both input- and output-oriented measures, and the results are analysed against some inputs and outputs variations. Possible weaknesses of using DEA for assessing airports performance are revealed and analysed against this method advantages

INNOVATIVE MULTIPLE IT&C LOW COST SYSTEMS USED IN SECURE COMMUNICATIONS

The purpose of this article is to point out the main aspects regarding the use of VoIP (Voice over Internet Protocol) to discover and locate the source of information, but also to create a data base with the information gathered this period. The user can not only access the files, but he can also use other types of Internet services at the same time. The applications refer to multiplex system, but a low cost solution will diminish the trust of the decision-makers in implementing and using these innovative solutions

Dynamic Capabilities for the Development of Romanian Social Enterprises (RSE): Support and Synergies with the New Legislation System

Romanian social enterprise sector had a typical development in the Eastern European countries, emerging from state’s role to withdraw from solving social problems, caused by the fall of communism, in comparison to the case of Western European countries where social enterprises emerged from active effort of the state to promote social enterprises as a solution to its massive economic problems. We are trying to understand the way social enterprises developed and which is their current status in Eastern Europe in comparison with the Western Europe, to further explore the sector’s evolvement in Romania. We have analyzed an important turning point for Romanian social enterprises, represented by the entrance into force of the Law on Social Economy. Largely, this chapter wishes to explore the potential social enterprises can have in the Romanian economic, political, and social environment newly regulated by the Social Economy Law. In order to achieve this, a series of case studies has been carried on with Romanian social enterprises. Attention has also been paid to the way theory of dynamic capabilities can be applied in the case of social enterprises and to policy recommendations, which would facilitate the transformation of potential to visible impact