STRATEGIC PLANNING AND PROGRAM BUDGETING IN ROMANIA – RECENT DEVELOPMENTS

The paper emphasizes the efforts of Romanian authorities to implement program budgeting. Based on the first results, authorities decided to establish a link between strategic planning and budgeting, as a condition for implementing multi-annual budgeting.budgeting, program, plan, outcome

Assessing Financial Equilibrium of the Romanian Companies Traded at Bucharest Stock Exchange

This paper presents a model of financial equilibrium analysis. The model is based on relation between net working capital, necessary of working capital and net treasury of the firm. Based on the Pearson correlation coefficient and rank Spearman correlation coefficient, we have determined the intensity of the connection between the stability level, which is an expression of long term equilibrium, and different financial indicators yearly adjusted. Its applicability on Romanian companies traded at Bucharest Stock Exchange is limited by the insufficient amount of information. The list of indicators related to stability should be completed with some more indicators, such as the added value, the expenses profitableness, the financial result and so on.net assets, net working capital, net working capital required, net treasury, financial rates, stability.

THE FINANCIAL EQUILIBRIUM AND COMPETITIVENESS WITHIN AGRICULTURAL HOLDINGS

The paper refers to traditional methods of appreciating the financial equilibriumof the agricultural company, methods based on the study of the company’s financialstatements. As far as financial equilibrium is concerned, we consider that there’s no specificindicator to be analyzed in order to appreciate financial equilibrium due to differentperception the stakeholders have on the enterprise equilibrium. In real life we often see thesame indicator calculated differently according to the objective pursued by the analyst. Thispaper shows the calculation method of the static financial equilibrium indicators, theevolution and the factors leading to the alteration of these indicators, their financialmanagement. It also determines financial equilibrium by financing rates method and assessesfinancial equilibrium using profitableness rates for agricultural holding companies. Itconcludes with the specific factors that affect the financial equilibrium in agriculturalholdings.financial equilibrium, competitiveness, agricultural holdings, indicator

TRENDS AND CHALLENGES OF ROMANIAN BROKERAGE INSURANCE MARKET

The distribution of insurance products represents a key aspect regarding theattainment of positive results by insurers. Insurance brokers represent one of the majordistribution channels in some national markets, including Romania. The present paper aimsat highlighting the importance of insurance brokerage on the Romanian market, analyzing theevolution of brokers in quantitative terms and also grasping the main characteristics of therecent evolution of this market. Based on the official statistics, the paper emphasizes the mainmanagerial aspects that have guided and will guide the Romanian brokerage market, as wellas the challenges brokers will have to solve in order to have a positive development.insurance, brokers, distribution channels

CORRUPTION AND SOCIAL WELFARE IN THE EU27 COUNTRIES

The corruption is a complex and generalized phenomenon all over the world, withcultural, social, psychological, political and economical dimensions. The defining and the studyingof the phenomenon are going through the most different thinking filters known in the specializedliterature: social-cultural, political, administrative and economic. The article’s aim is to quantifyand analyze the relationship between corruption and political, administrative and economicdeterminants factors, through a regressive "pool data" model. The sample includes the 27 countriesof the actual European Union, and the data refer to the period 1996-2008. The study shows that thelimitation of corruption’s phenomena (maximizing FC index) has the result of increasing of socialwelfare (maximizing HDI index).corruption, social welfare, EU27

AGRICULTURAL INSURANCE IN ROMANIA

Production risks, meaning weather and climate related risks, affecting agricultural activities could be managed through agricultural insurance. First, the paper presents the specific production risk in agriculture and the tools that are used to manage itrisk, insurance, agriculture, catastrophe, climate

ENVIRONMENTAL ACCUNTING AND CORPORATE SOCIAL RESPONSIBILITY

Sustainable development is an economic growth strategy aimed to conciliate economic and social progress without endangering the natural equilibrium of the planet. The true stake of the future is the avoidance of environment degradation through developing of a responsibility sense both of citizens as well as of companies, for the purpose of reaching a stable sustainable development. Environmental accounting expresses the appearance of a new ethics that answer to the human worries for planetary development and progress. Starting from the damage caused to the environment, we ask ourselves about the destructive activity conducted by companies and making them responsible of the problem to the future generations.Environmental accounting, social responsibility, environmental cost

TAXES AND ECONOMIC GROWTH IN ROMANIA. A VAR APPROACH

The paper analyzes the relationship between taxes and economic growth in the case ofRomania in the period January 1999 - March 2010, using an unrestricted Vector AutoregressionModel (VAR) based on the rate of dynamic taxation’s level and the rate of dynamic economic growth.The relationship is questioned in both directions, namely with reference to the manner in which taxesaffect economic growth, but also in terms of the influence that economic growth exerts on taxes in thecase of Romania for the mentioned period. The results show that tax policy in Romania cannot be takento extremes, and should be very carefully implemented because a large amount of factors can influencethe resultstax, growth, VAR analysis, impulse functions, effects

Renewable Energy and Economic Growth: Evidence from the Sign of Panel Long-Run Causality

Unlike previous renewable energy-growth studies, this study examines for the first time the relationship between renewable energy and economic growth for 80 countries under the Canning and Pedroni (2008) long-run causality test, which indicates that there is long-run positive causality running from renewable energy to real GDP for the total sample as well as across regions. The empirical findings provide strong evidence that the interdependence between renewable energy consumption and economic growth indicates that renewable energy is important for economic growth and likewise economic growth encourages the use of more renewable energy source.  The presence of causality provides an avenue to continue the use of government policies that enhance the development of the renewable energy sector. Keywords: Renewable energy; Economic growth; Sign test; Panel countries JEL Classifications: C33; E23; Q2

Analysis of the Local Budget’s Expenditures Structure at Different Types of Administrative Units in Romania

Financial decentralization process affected the expenditure part of the local budgets in Romania by imposing new destinations for own revenues, but also by limiting the decision autonomy because of the equalization system design or the transfer of responsibilities without establishing new sources of revenues. But the effects on the local budgets are not the same for every administrative unit. The article highlights the structure of expenditures of local budgets for different types of administrative unit, for identifying variations in and potential causes of the financial autonomy regarding local expenditures