THE ROLE OF STRATEGIC PLANNING IN MODERN ORGANIZATIONS

There is a very important relationship between strategic planning andperformance management. Performance management is really about setting andachieving goals at the employee level, and identifying and fixing barriers related toachieving those goals. But where do the goals come from? That's where strategicplanning comes in. Strategic planning (and also tactical planning), are methods acompany, and its individual work-units define their goals and objectives. In turn, thosegoals and objectives are used to determine and analyze the goals and objectives of eachemployee in a work unit. This is called cascading of goals. When done properly, settingemployee goals should rely on the goals of the particular work-unit, which gets its goalsfrom the planning done by the next bigger work unit, and so on. That's why the setting ofindividual goals and objectives should be done once the goals and objectives of the work-unit are established. No enterprise will be successful today without a solid, integratedstrategic plan driven by a clear vision and supported by a strong performancemanagement system.strategic planning, organization, performance management.

The state and the tax evasion

State is one of human construction, in need of resources for services offered, to finance the costs of public services available. Increasing the cost of services provided has the effect of increased taxation. Tax evasion is a condemnable act. It is not possible a combination of legal proceedings to obtain maximum benefits, but is reprehensible act, aware of the harm of others. Tax evasion have 2 facets: a lawful and an unlawful, or tax fraud. In our opinion, law does not allow evasion but rather helps the subject to tax in not reaching the area of tax evasion.tax evasion, tax system, Community Aquis, tax audit

PUBLIC DEBT SUSTAINABILITY ANALYSIS: EU CASE

The global crisis has caused a serious fiscal deterioration that leaves the world economy with serious challenges. In many developed markets as well as in a few emerging markets (Emerging markets) public finances have already become, or are at least at risk of becoming, unsustainable. Commonly, public debt sustainability is defined as a sovereign's ability to service debt without large adjustments to public revenue and/or expenditure and without ever-increasing public-debt-to-GDP ratios. Hence, this definition refers to both a country\'s ability and willingness to repay its debt. We also have to add the fact that there isn`t an universal accepted definition of fiscal or debt sustainability. In light of the growing public debt, the issue of debt sustainability has increasingly attracted attention. In this paper we analyse public debt sustainability scenario in EU economies. At least half of the EU countries will have to implement stringent fiscal consolidation programmes over the next few years in order to prevent already high public-debt-to-GDP ratios from a further significant rise, also the case of Romania. However, drastic fiscal policy adjustment may be not feasible in the short term and hence public debt is likely to grow further. In some scenarios the public-debt-to-GDP ratio is predicted to soar to 133% in 2020, from just over 100% in 2010. By contrast, nearly all EM countries, including major economies, appear to be well positioned to stabilise or even outgrow their current debt ratios without drastic fiscal adjustment. Institutional improvements may help European countries to maintain fiscal credibility. In light of the future fiscal challenges, many European governments may introduce new or more effective national debt limits, similar to those put in place in the past with good results by some Emerging markets. Such institutional reforms could help to insulate fiscal policies from political pressure and to anchor financial market expectations.public debt, fiscal policy, fiscal sustainability, GDP, fiscal consolidation

Corporate strategies during the global crisis

The global downturn has hit many businesses as they were implementing global strategies to create, transfer and exploit competences across operations and locations world-wide. In an increasingly integrated world economy, multinational enterprises (MNEs) pursue opportunities for international growth, and thus manage global competition and develop strategies that create and exploit complementarities and linkages in the global net of their operations. Many conglomerates thus have in recent years accelerated their internationalization while simultaneously reducing their product diversification, a process known as “globalfocusing”. This process has been driven by shifts in barriers to entry across industries and countries due to the globalisation of markets, resources, supply chains and business models.global crisis, globalization, international growth

THE IMPACT OF FINANCING POLICY ON THE COMPANY’S VALUE

National and international financial system offers companies a wide range of funding sources. The choice of one or more of the available sources and their combination are major aspects of the company's financing policy. Managers must keep in mind that the call to one or other of potential funding sources is not a minor and independent decision, but has profound implications on the company’s value. Weighted average cost of capital can be used as the discount rate or the selection of investment projects.financing policy, cost of capital, capital structure, company’s value

New approach of measurement methods and forms of tax policy effects in Romania

The complexity of decision making on taxes, determined by the evolution of economic variables, government objectives and the diversity of fiscal techniques used vary from country to country, therefore we can not define general concepts that are universally accepted or acceptable, regarding the effects generated by them. The effects of fiscal policy are varied, depending on their expression are microeconomic and macroeconomic effects, which are interrelated in the formation and modification of behavior of economic agents, both economically and socially, leading to psychological, economic, social, political, environmental and other effects, on different time horizons. Therefore, achieving a classification of the effects of tax policy is based almost impossible and difficult, requiring a large amount of knowledge, scientific insight and sound impressive volume of comments. The aim of this paper is to give a new classification criteria of the effects of taxation, following strictly the direction of evolution of variables, namely: economic effects, socio-economic effects and political effects.tax policy, measurement methods, tax incidence

Finantarea autoritatilor locale in Romania

This paper is trying to establish, in Romania, at macroeconomic level, quantitative and qualitative, relations between gross domestic product and governmental and local revenues.financing, local autonomy, evolution, econometric analysis

Applying Basel II Requirements in Romania

The Basel II Agreement is a new stage in the development of prudential regulations. Compared to the initial agreement, Basel I, this one allows a more large and precise analysis of banking risks. The European approach of Basel II requirements aims to offer some common conditions for all the credit institutions. Secondly, in order to achieve the objectives of Basel II, an active implication of the supervisory authorities is needed, as well as a tighter cooperation between them in order to increase the financial integration at the European Union level. In what concerns Romania, that has recently joined the European Union, the implementation of Basel II requirements imply a new series of challenges both for credit institutions and for the Central Bank. These challenges, for the commercial banks, reside in adjusting the risk management techniques and the informational system, training the staff, obtaining the databases, etc. and for the Central Bank in both adapting the surveillance process and elaborating new regulations. This paper tries to analyze the main implications of implementing these requirements, both for the Romanian commercial banks and for the National Bank.banking, prudential regulations, supervision, capital requirements