CEEOL - Search Result

Russian Presence in France in 1920–1930s on pages of "Le Roseau d'Or"

Русское присутствие во Франции 1920–1930-х гг. на страницах журнала «Золотая трость»

Author(s): D. Millet-Gérard / Language(s): Russian / Issue: 12/2015

Keywords: “Le Roseau d’Or”; Russian emigration; N. Berdiaev; A. Remizov; B. Zaitzev

This article is a research on cooperation of Russian emigrants with French catholic journal “Le Roseau d’Or”. Its name is taken from John’s Apocalypse and reflects the spiritual search of Russian and French intellectuals. The journal became the ground for dialogue between Russian emigrant and French cultures and presented Russian soul and Orthodoxy to French public. “Le Roseau d’Or” published in all 53 issues which included articles of prominent French and Russian intellectuals (Jacques Rivière and Pierre Lafue). Special attention was attracted to the articles of Nikolay Berdiaev, developping his idea of the new “Middle Ages”, and also to the articles of Russian emigrant poets A. Remizov and B. Zaytzev. Author analyses their articles, especially the image of Russia.

More...

ROLE OF PERSONNEL SELECTION ACTIVITY IN ENSURING THE COMPETENCE OF AN ORGANIZATION WITHIN THE NATIONAL ENERGY SYSTEM

Author(s): Carmen Silvia Marian (Borugã) / Language(s): English / Issue: _/2011

Keywords: electrical energy; human resources; outsourcing; negative selection; Romanian National Energy Sistem; creative capacity of the employee; attitudinal side

At the energetic units’ level is significantly felt the need to follow closely the costs, including their distribution till the job level. This leads to a new vision of using human resources, mainly based on rational considerations and less on emotional ones. Reducing personnel number by outsourcing activities has the advantage of redundant personnel that can keep the job without professional retraining, but to a newly created unit that performs the same activities, with greater efficiency and higher productivity. Thus a series of activities within the national energy system organizations can be outsourced, process denominated as negative selection of personnel. Utilization method of the main success factors for selection activity and fitting on position, following the restructuring and conversion activities, requires a thorough analysis on the following issues: position careful definition; defining the candidate qualities for the job, preparing the employment process and / or promotion; objectivity in selection, consistency in application of personnel policy. However the work effectiveness of each employee to the position he occupies is directly influenced by the following factors: the works specific and tasks assigned to that position; using entirely the daily working time; effective competence on position of the employee.

More...

SUSTAINABLE DEVELOPMENT AND INDICATORS SYSTEMS ON NATIONAL AND INTERNATIONAL

Author(s): Ana-Maria Teodorescu / Language(s): English / Issue: _/2011

Keywords: critical; sustainable development; strategies; sustainable development; indicators system

Sustainable development is defined as that type of development that meets the needs of the present without compromising the opportunities of future generations to meet their own needs. This article presents a multidimensional concept of sustainable development, the emergence of sustainable development stategies and comparison of sustainable development indicators system in different countries. Over time there have been numerous concerns achievement of sustainable development indicators system. The importance of indicators and measurement data is essential for sustainable development objectives , such expression "we measure what we value and value what we measure" the Sustainable Development Commission 2001 is as relevant possible.

More...

CLUSTERS, CONVERGENCE AND ADVANTAGES FOR SMES

Author(s): Apostolos Apostolou,Evangelos Grigoroudis,Carmen Mihaela Voinescu / Language(s): English / Issue: _/2011

Keywords: clusters; economic development; cooperation; innovative networks; competitiveness

According to classical definitions, clusters are geographic concentrations of interrelated companies, various suppliers, connected public and private institutions, universities and associations, which are working in a specific field. Nowadays, the business environment became more dynamic and complex. All over the world, there are many firms adopting a cooperative entrepreneurship strategy aiming to attain sustainable development. Cluster initiatives and innovative networks have gained a higher importance in the economic development of the European Union. The main goal of this paper is to analyse the experience of the Romanian and Greek initiatives in developing clusters and cooperation. This study aims to review the literature regarding clusters and their influence on the productivity and competitiveness of the small and medium-sized enterprises, as well as the importance of clusters for the economic development.

More...

FINANCIAL ANALYSIS OF THE PROFITABILITY AND RISK OF DRUG MANUFACTURERS IN ROMANIA UNDER THE INFLUENCE OF ECONOMIC CRISIS

Author(s): Silviu-Valentin Carstina / Language(s): English / Issue: _/2011

Keywords: profitability; risk; correlation; pharmaceuticals; financial crisis.

This paper analyses the evolution of the romanian medicines industry in the context of the actual economic and financial crisis, by studying 3 of the most important production companies in the area: Antibiotice Iasi, Biofarm and Zentiva, in the period 2007-2009.The diagnosis was done by analyzing of some of the profitableness and risk indicators used in the international experience, and by studying the correlation between risk and profitableness for each company, starting from the financial situations published. Conclusions of the study reveals the fact that, even though the local production of medicines was affected by the crisis , it still continues to be profitable , being touched by little risks. The pharmaceutical industry works with the most important resource that anyone could have: our health. That’s why, it will be profitable no matter the conditions generated by the economic environment. Also, regarding the perspectives that this industry has, we consider that it will provide a real economic growth to our country.

More...

THE MONETARY POLICY INSTRUMENTS IN EUROPEAN UNION

Author(s): Diana Viorica Lupu,Irina Liliana Rotundu / Language(s): English / Issue: _/2011

Keywords: the monetary policy; the monetary policy instruments; the open market operations; standing facilities for credit institutions; minimum reserve requirements.

The monetary policy is a fundamental characteristic of modern economic life, having its own mark upon price stability, exchange rate, economic growth rhythm and EU economy’s health. This is the result of the capability of certain factors responsible for the monetary policies, to detect the main tendencies of internal and international evolution and capture the evolutionary directions of global and EU economy. We have started our conception of the present article from the role of the Europe Central Bank in developing and applying the strategies of monetary policy by using its specific instruments. We have analyzed how much the strategic objectives of the monetary policy have reflected the international economic realities and if they met the impartial requests of European economy development. Thus, we have suggested identifying the role that ECB has when using its monetary policy instruments for stimulating the economic growth and building a stable socio-economic environment.

More...

Correlation Analysis between Performances of the Privately Managed Pension Funds and their Asset Inestment Allocation in Romania

Author(s): Mirela Cristea / Language(s): English / Issue: _/2011

Keywords: private pension; performances; net assets; investment allocation; statical correlations; linear regression method

The main objective of this paper is to determine in what extent the performances of the privately managed pension funds in Romania, second pillar, are influenced by the investment allocation of their total net assets, in order to improve that performances. The research methodology consists in testing seven variables - as dependent variables, in relation with the average weighted rate of profit of all privately managed pension funds, second pillar – as independent variable, considering their investment allocation: bank deposits, government securities, municipal bonds, corporate bonds, supranational bonds, shares and undertakings for Collective Investment in Transferable Securities – UCITS, by means of the multiple linear regression method. The conclusion is that, for privately managed funds, the second pillar, there is a strong correlation between their average weighted rate of profit and the investment allocations of their assets. On a short-term time horizon, the performances of the privately managed pension funds are influenced negatively by the bank deposits, government securities, and supranational bonds and in a positive way by the municipal bonds, corporate bonds, shares and undertakings for Collective Investment in Transferable Securities – UCITS.

More...

THE CONTRIBUTION OF CASH FLOW INDICATORS IN TERMS OF INFORMATION TO THE COMPANY PERFORMANCE ANALYSIS

Author(s): Jenica Popescu,Victoria Firescu / Language(s): English / Issue: _/2011

Keywords: cash flow; cash indicators; performance

The necessity of cash flow appears in the context of the limits of the balance sheet and of the profit and loss account in the reflection of the financial and accounting information. Although the profit and loss account provides a dynamical image of the activity of a company, it does no allow for obtaining an image of the financial cash flows that change the financial structure of the company or that change the company’s cash. The information related to the cash flows of an entity is useful for the users of the financial statements in the economic decision-making process, because it is a basis for the assessment of the entity’s capacity to generate cash and cash equivalents, as well as the usefulness of such cash flows. The company performance analysis based only on indicators calculated with the help of the profit and loss account is often relative and, therefore, it results in the need to determine the entity’s capacity to generate cash or cash equivalents. Intermediate management balances are mere intellectual formalizations of potential gains that, in the context of the accrual accounting, create a hypothetical dimension of the company performance. Free cash flows should not be interpreted in a simplistic manner based on their negative or positive value.

More...

THEORETICAL DEBATES AND POLITICAL APPROACHES REGARDING TH EUROPEAN UNION GOVERNING

Author(s): Gheorghe Pîrvu / Language(s): English / Issue: _/2011

Keywords: government; governance; European Union; O.M.C.; flexible integration

The word ‘politics’ is typically associated with the business of governments and states, the sphere of public policy and questions of authority. The article discusses the perceptions of the European Union as a system of governance. In order to enable an enlarged European Union to function more effectively, the Lisbon Treaty is the latest attempt to reform its governing institutions and decision-making processes. The article also explores the multi-level governance which gives expression to the idea that there are many interacting authority structures at work in the global political economy. As a reaction to the EU’s economic integration, OMC is a relatively new and intergovernmental means of governance in the European Union, based on the voluntary cooperation of its member states. Last, but not least, flexible integration considered as an avant-garde of the European integration shall remain only as a potential method, as politicians claim, unless specific initiatives of transposition into practice appear in several fields. In the meantime it remains a controversial method and a major challenge among the European Union states.

More...

CONSIDERATIONS ON MEASURING PERFORMANCE AND MARKET STRUCTURE

Author(s): Cosmin Alexandru Spiridon / Language(s): English / Issue: _/2011

Keywords: critical; performance; market structure; added value at factor cost; turnover; profit; gross investment; gross result of the exercise

According to neoclassical theory, the relationship between the price, respectively of marginal cost and market structures, the methods for determining the performance of a firm or of an industry, deviate from the model of perfect competition. Assessing performance involves performing comparisons, reporting that their reference level can be a standard value, or a statistical value which can be a national-regional average, a homogeneous group, or an average value at a market level. Modern theories of the firm view that they may have other objectives than profit, which need to be taken into account when analyzing performance. Therefore between indicators for assessing the economic performance of an entity or a certain level of aggregation can not lack the profit or the gross operating surplus (gross profit), gross or net added value, turnover, as well as effort indicators like gross investment, tangible, intermediate consumption, cost of production, labor productivity, energy consumption, total productivity of production factors, etc.. It will be presented the main economic and financial indicators of enterprises, by class size and ownership in Romania.

More...

STUDY ON THE EVOLUTION OF PROFITABILITY OF ROMANIAN COMPANIES LISTED ON BUCHAREST STOCK EXCHANGE DURING THE ECONOMIC AND FINANCIAL CRISIS

Author(s): Iulia Oana Stefan,Marian Siminica / Language(s): English / Issue: _/2011

Keywords: financial crisis; profitability; Bucharest Stock Exchange; domains of activity

In a time when the term most commonly encountered in both the media and among people is the economic crisis, the usefulness of a study on the evolution of companies in our country in the last four years is obvious. In the present paper we intend to analyse, in both comparison and dynamics, in the pre-crisis period (2007-2008 in Romania) as well as in the height of it (2009-2010), the evolution of profitability of Romanian companies, listed on Bucharest Stock Exchange, from various areas of activity, such as food industry, oil industry, pharmaceuticals manufacture, retail trade, constructions, chemical industry, energy, etc.In order to achieve this goal, based on the data from both the balance sheets and profit and loss accounts of these companies from the period 2007-2010, in the framework of the article we have calculated the main rates of return, respectively, the economic, the financial, the consumed resources and income rates of return, in order to observe the remuneration level of certain key elements, such as assets, capitals, revenues or expenses. The level of these rates has been calculated both for each company and as a domain average. This way, we appreciate that the study is useful on one hand to company managers in taking decisions regarding patrimony administration, and on the other hand to investors, who can take it as a guide in order to choose investments depending on the profitability of different shares.

More...

The fiscal policy - an anchor in achieving macroeconomic stability in Romania during the economic crisis

Author(s): Cosmin Dricu / Language(s): English / Issue: _/2011

Keywords: anchor crisis; fiscal policy; macroeconomic stability

The current economic crisis that has spread in all national economies as a real domino effect, occurred because of economic interdependence is not just a single sector or at most in a national economy,but the entire world economy. In the new economic context and macroeconomic turbulence dominated by all national and international markets, the world's countries recorded a significant economic downturn in a fragile environment, it is necessary to formulate the following question: "What are the most appropriate policies to be applied?". This is a relevant question noting that current conditions are the result of policies pursued in the past both nationally and internationally. In Romania, one of the targets made during the current fiscal policy objective is reconciliation of nominal convergence criteria in a sustainable budget, with required mitigation measures and the global financial crisis on the Romanian economy. Fiscal policy in Romania can be an anchor in achieving macroeconomic stability will reduce the budget deficit, slowing from aging and stress can guarantee long-term healthy growth.

More...

ADMINISTRATIVE SERVICES PUBLIC MARKET

Author(s): Maria Elena Tudor / Language(s): English / Issue: _/2011

Keywords: public sector; public economics; public policy; collective goods; supplies umbrella; market failures; shortcomings of the state.

Needs of people and communities in which they live are met through consumption of goods and services. They are very diverse and can be produced and provided under competitive market forces, or under public authorities, which are not fully subject to market laws. Given these issues, goods and services are divided into public and private. It is understood, however, that more goods and services can be produced and provided, of course in varying proportions, both public and private sector. Some of them, for good reasons, are produced and supplied only by the public sector often assimilated state sector, which in some cases indefensible. The contemporary state is, however, undeniably a reality-portability, it has certain features, made more or less uniform, which used to carry out goods and services produced or provided by its specific institutions, but also purchased the private sector. Services rendered and provided by state institutions fall into the category of administrative services. This study aims to address certain aspects of administrative services to the public market, considering that this is a general interest if they are considering the implications of the existence of public sector in society and its interaction with the private sector.

More...

INFLUENCING MECHANISMS – PERSUASION, ASSERTION AND BRIDGING – KEY SKILLS FOR A SUCCESSFUL SALES MANAGER

Author(s): Gabriel Toader / Language(s): English / Issue: _/2011

Keywords: PERSUASION; ASSERTION; BRIDGING

In any relationship, both parties have power which will ebb and flow over time. The manager needs to understand the types of power they have, the power available to his organizational network and the power available to his clients. The manager will not necessarily have line control over the internal – organizational – resources and therefore will need to influence individuals and departments to support their external main clients. Before exploring the different types of influence it is important to define what is meant by influence, power and authority. Influence is the process of affecting what another person or group does and/or thinks. Power is the ability of a person or a group to influence other people or groups. Authority is the right to exercise power. It is now generally recognized that in business, a key skill which needs to be developed is the ability to influence effectively. This is because the old lines of authority and position no longer exist, and there is now a greater requirement for most employees to be responsible for many tasks and many outcomes, most of which cannot be controlled or managed by the individual alone. It is also evident that everyone in a chain have different priorities and most people have to influence those priorities to get their own desired outcome.

More...

THE ECONOMIC CRISIS IN EUROPE. MONETARY IMPLICATIONS*

Author(s): Anca Tanasie / Language(s): English / Issue: _/2011

Keywords: Euro; monetary integration; Romania; economic crisis

This paper aims to provide a monetary analysis of the economic and financial crisis in Europe. The main focus is concentrated on monetary evolutions surrounding the Single European currency - prevention mechanisms, financing of deficits, monetary indications, enlargement and perspectives of the Euro Zone. Also, the Romanian perspective of these evolutions is presented.

More...

TITLE HOW DOES THE STRUCTURE OF FINANCIAL FLOWS AFFECT THE STABILITY OF THE BANKING SYSTEM?

Author(s): Cristian Gulei Gradinaru / Language(s): English / Issue: _/2011

Keywords: banks; market; capital; banking regulations; risk; liquidity; solvency

Rochet constructs a model of the payment flows that allows him to capture in a simple fashion the propagation of financial crises in an environment where both liquidity shocks and solvency shocks affect financial intermediaries that fund long-term investments with demand deposits. Forbes maintains that banking crises are a serious concern and can be extremely costly. Landier and Ueda examine cases in which restructuring can bring economic gains.

More...

A STUDY REGARDING THE RETURN ON EQUITY OF ROMANIAN COMPANIES

Author(s): Marian Siminica,Bianca Mogoseanu,Daniel Circiumaru / Language(s): English / Issue: _/2011

Keywords: return on equity; efficiency,financial leverage; financial crisis

In this article, we conducted a case study with which we highlighted the statistical correlation between the rate of return on equity (ROE) as the dependent variable and a set of 24 indicators, which represent the independent variables. The analyzed period extends over four years from 2007 to 2010, 2010 included. The study included 40 companies, listed on the Bucharest Stock Exchange, which belong to different fields. To stress the influence of the indicators taken into account concerning the rate of return on equity we used the statistical software SPPS. Following the results we noticed that there is a certain correlation between the independent variables retained and the rate of return on equity, creating in this sense four correlation models, one for each year analyzed. From the case study one can see the significant influence that the financial crisis has had starting with the second half of 2008, and also the extent to which various financial rates have been affected. For instance, the rate of return on equity, indicator that we intended to analyze in this article, suffered one of the largest declines in the analyzed period. The reason why we stopped at a thorough analysis of a rate of return is the fact that, in general, the rates of return best express the degree of efficiency of the activity of a company and the rate of return on equity, in particular, is of great importance for any investor wishing to invest in a company without assuming unjustified risks.

More...

THE INTERNATIONAL TRADE SYSTEM IN THE CURRENT ECONOMIC AND FINANCIAL CRISIS

Author(s): Luiza-Loredana Năstase / Language(s): English / Issue: _/2011

Keywords: international trade system; institutionalisation; competitiveness; global integration; sustainability.

The study of the international trade system shows that this is not a natural state under human control. Nowadays, the most significant challenge refers to turning international trade into a welfare-creating factor, by changing rules of conduct, the behaviour of actors and institutions. In the context of the economic and financial crisis, but also due to the increase in the external debt of states, radical changes are highly required, both in terms of the involvement of companies in international trade and the assistance provided by supportive institutions to companies, in order to apply the best solutions for the creation and maintenance of sustainable competitive advantages. In principle, one needs a strengthened global trade system, based on regulations that should provide a strong framework and restore global confidence, avoiding protectionism in the meanwhile. The acceleration of trade, investment, technology and information flows at a global level has fostered structures which create economic and social progress and, hence, the emergence of the new international trade system. Therefore, one may speak of a multidirectional development of world economy.

More...

THE REVOLUTION OF THE BEHAVIOUR OF INVESTORS ON THE CAPITAL MARKET

Author(s): Sorin Claudiu Radu / Language(s): English / Issue: _/2011

Keywords: capital market; investors; estates; economic crisis; Bucharest Stock Exchange

This work captures the behaviour of investors who are moving away from domestic capital market and radically change their investment options while the role of capital market in financing private companies is really decreasing. consequently, a shift to bank credit or especially the self-financind is obvious. In 2010, the economic crisis deepened internally, its the effects being reflected particularly in the financial context: capital market activity was carried out with unbearable difficulty, the economic imbalances also affecting the act of investment.

More...

DO WE IDENTIFY SYNERGIES IN PUBLIC MERGERS/ACQUSITIONS: BEFORE AND DURING THE ECONOMIC CRISIS

Author(s): Oana Resceanu / Language(s): English / Issue: _/2011

Keywords: mergers and acquisitions; synergies; valuation; public offers

The aim of mergers and acquisitions is to create wealth for the shareholders and usually this is accomplished through synergistic expectations. However the evaluation and identification of synergies in mergers and acquisitions is one of the important issues in Corporate Finance. In this paper it is tested the markets reaction to a sample of 61 mergers/acquisitions in the European pharmaceutical sector, realized between end 2004 and beginning 2010- prior and during the economic crisis. In the study it has been analyzed the impact of the announcement of the deal on the stock price evolution of the acquiring companies for which it was used the event study technique. The results show the differences between the markets reaction before the economic crisis and after the economic crisis.

More...