CONSIDERATIONS ON REORGANIZATION. A COMPARISON OF REORGANIZATION RATES IN EASTERN EUROPE

In our paper, we discuss reorganization from two points of view: its purpose and the choice between reorganization and liquidation, by reviewing the existing literature. After setting an appropriate theoretical base for interpretation, we focus on comparireorganization rate, reorganization versus liquidation, Eastern Europe

Romanian country risk in the context of the adherence to the European Union

The main aim of this paper is to analyse all possible characteristics related to the country risk factor for the state of Romania. The country risk factor is a measure of a risk related to economic, political, physical and other unforeseen events able to affect the stability of the financial sector in a certain country with immediate results in the profitability index of the multinational companies operated in the country especially banks. Nowadays, in the context of a very high rhythm of economic globalization and of international investor’s expansion in multinational companies, the country risk factor is very important. The paper tries to assess the Romanian country risk factor especially after the year 2007, when Romania has became a member of the European Union. Some comparisons between its country risk factor and that of the other new member states will be also made in an attempt to find out the relative position of Romania with respect to the other nations joined the European Union recently. A valid analysis of the business environment will be also presented as it is consider as a key element for the enterprises in order to be aware of the direction they are heading and contributes to improve the favorable factors they should develop to come out with the competitive advantage. The SWOT analysis will be used to emphasize the strengths, the weaknesses, the opportunities and the drawbacks of the Romanian business environment and their mode to influence the country risk factor of the state of Romania.peer-reviewe

DRAWING UP THE FINANCIAL BUDGET IN THE CASE OF A PUBLIC TRANSPORTATION COMPANY

The drawing up of the companies’ budget represents one of the mostimportant instruments through which is accomplished an efficieny management, theevaluation of companies’ performances and personnel motivatio. Public localtransportation companies usually use budgets as comparison benchmarks for theperformances they obtain in their current activity. These bidgets represent anessential part in the unfolding of each company’s activity. This paper presents thedrawing up of the financial budgets with a public local transportation company,referring to the drawing up of purchase budgets, investments budgets and cash flowsbudgets.financial management, budget, financial budget, profit center

Is there a Connection among Environmental and Financial Performance of a Company in Developing Countries? Evidence from Romania.

AbstractThis paper analyzes the existence of a connection among corporate environmental performance and financial position and performance of a company in developing countries such as Romania. This paper mainly aims at assessing if obtaining environmental performance influences the costs, the revenues and the profitability of a company. Does better environmental performance increase the profitability or the rates of return of the company? Does better environmental performance determine the growth of revenues or the decrease of costs? In order to respond to the above questions we used a panel of Romanian economic entities for a time period of 6 years starting from 2005 until 2010. The results show we can’t establish a significant link between the two dimensions studied. The result of the study is confirmed by the literature review, which revealed that in developing countries were not demonstrated significant links between studied indicators unlike mature economies where was evidenced a positive or a negative correlation

Risk and perceived value: antecedents of customer satisfaction and loyalty in a sustainable business model

In the contemporary economic environment, each company that succeeds in creating and offering value to its clients/consumers will be able to survive in the market and even record profit for the medium and long time–thus value represents a driving force for a sustainable business model. Considering the significant role of perceived value within strategic management, the main purpose of this research is to identify and test an adequate conceptual frame in order to study the value concept and its connections with satisfaction, loyalty and perceived risk in order to offer a proper management tool for monitoring the sustainability of an existing business. So, this study proposed and tested concepts in the context of the S.M.E. market in Romania. Results show that both risk and value play a significant role in influencing satisfaction and customer loyalty, thus, in the end, company bottom line

Recent trends in the study of mergers and acquisitions

Mergers and acquisitions are important operations that happen nowadays. The goal of such processes is to “conquer” new markets and bene fi t from their resources (natural or human), or to lower competition (by acquiring a competitor or merging with it). More and more studies are written on this subject, thing that makes people interested in it have a dif fi cult job in staying up to date. That is why the present research had as a goal to evaluate and summarize the latest trends in the study of this subject. Based on our goal we have conducted an extended analysis on the studies published in 2014 in this fi eld. Additionally, we have also descriptively analyzed the period 2010–2014. For this, we have presumed that the most important research is to be found in the ISI- Thomson Web of Knowledge. We point out the lack on such literature on the developing countries, as most of these studies are related to the developed ones, such as the USA, the UK, China or Germany. The major part of them is published in the Journal of Corporate Finance. The second part of the article comes to emphasize the most important ideas that are to be found in the 2014 fi eld’s literature. Many of the studies are related to the banking sector. Additionally, we found new indexes created to evaluate the M&A performance or the concentration degree of the market due to and after M&A operations. There are papers that assess different theories, such as the merger waves theory, the concentration-fragility hypothesis, the too-big-to-merge, too-big-to-succeed or, too-big-to-fail theories and so on

ABOUT ETHICS IN PLANT, MACHINERY AND EQUIPMENT VALUATION DOMAIN

In this paper we put in discussion some ethical aspects of plant, machinery and equipment valuation. After a presentation of the general issues of ethics in valuation domain, we analyze the application of the fundamental ethical principles in plant, machinery and equipment valuation domain. To support our conclusions we use some findings of a study that we conducted to identify the particularities of the plant, machinery and equipment valuation activity in Romania

CONSIDERATIONS ON REORGANIZATION. A COMPARISON OF REORGANIZATION RATES IN EASTERN EUROPE

In our paper, we discuss reorganization from two points of view: its purpose and the choice between reorganization and liquidation, by reviewing the existing literature. After setting an appropriate theoretical base for interpretation, we focus on compar

ACCOUNTANT'S WARNING REGARDING THE LACK OF MANAGEMENT INTEGRITY

This article highlights the challenges faced by accountants when they find that the integrity of company management is poor. The main problem is in relation with the accountants’ fear, mostly: suffering some repercussions from the disclosure of such information. Also, this article aims to emphasize the danger brought by covering and concealing incriminating information against the management; but also, how accountants could expose this information in such a way that they would not suffer, under no circumstances from such disclosures

TRANSPARENCY OF LOCAL BUDGETS IN THE NORTH-WEST REGION OF ROMANIA

The central researched element in our paper is the local budgets, the basic component of local public finances. Local budgets, like any other budgets, are the most important tool for the management (of local governments) planning, forecasting, implementing and monitoring the results of administrative-territorial units activity, also being an appropriate tool for enhancing performance. A budget is the government's plan regarding the use of public resources to meet the citizens' needs. The aim of this paper is to realize a research on budget transparency in local governments from the Nord-West Region of Romania, regarding the availability of the budget information on the websites of the county councils and the county residences. The key element of good governance in today global economic environment is transparency that can be defined as the openness of public authorities (central and local) regarding their policy intention, formulation and implementation. For local governments budget transparency is an important issue, due to the growing role of administrative-territorial units, confirmed over time by the economic reality. The importance of local budgets has increased in recent years due to the need to improve management efficiency and accounting al the level of local governments. Not only policy makers but also the citizens need information regarding local government current activities, expenditures, development projects and policies. In this context of a growing need for information, the transparency of local budgets is a mandatory condition for any local government. The combination of budget transparency and public participation in budget processes has the potential to combat corruption, foster public accountability of government agencies and contribute to judicious use of public funds. In this context, budget transparency represents the mean through which ordinary citizens and civil society organizations can access information about the allocation and use of public resources, so that they can assess how government officials manage public funds. Budget transparency needs to be implemented due to the benefits it brings and the most important one is obtaining better budgetary outcomes