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MĂSURAREA CONFORMITĂȚII CU DISPOZIȚIILE PRIVIND TRANSPARENȚA APLICABILE FIRMELOR DE INVESTIȚII DIN ROMÂNIA

Author(s): Ioan-Ovidiu Spătăcean / Language(s): English,Romanian Issue: 10/2016

Ensuring an adequate level of transparency by investment firms in Romania in relation to current and potential customers is an overriding requirement in line with applicable European regulations. Moreover, transparency and adequate disclosure of information is fundamental to assessing the potential investor the decision to initiate contractual relations with an investment firm authorized to provide investment services and activities on the Romanian capital market. In essence, matters covered by an appropriate degree of transparency relates to the provision by investment firms of information relevant to: position and financial performance, market share, its Operating Licence sanctions preceding the supervisory authority and regulation ( ASF), identity and reports issued by the auditor. The primary purpose of this paper is to assess compliance mode investment firms to the relevant provisions on transparency. Relevant research methodology consisted of assessing transparency received reports published on the official websites of investment companies selected in the sample. The research results support an adequate degree of transparency of investment firms in Romania in relation to investors.

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ANALIZA ELEMENTELOR COMPONENTE ALE AFACERII – TIMESHARE ÎN TURISM

Author(s): Ioan Rus / Language(s): English,Romanian Issue: 10/2016

The Author defines the concept of "Time-Sharing" as a tourism business, while also defining its Online functionality. In this practical research of this type of tourism business, the author identifies 3 key elements of the business: the real estate, the timeshare business administration and the connected services. The author sketches the global dimension of this type of tourism business, also showing some of the impediments to this business growing. Next, there are defined the quantifiable elements of the business, with the observation that these were evaluated in regional context, but also underlining the fact that the logical and element proportions can be generalizable. Finally, the author presents some conclusions referring to the possibility of extending this business in the future.

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RATA DOBÂNZII FĂRĂ RISC, ÎN EVALUAREA BAZATĂ PE VENIT

Author(s): Ioan Bircea / Language(s): Romanian,French Issue: 10/2016

En termes financiers, tout investisseur est intéressé par le retour de l’argent (le rendement) pour le montant avancé dans un certain laps de temps. Le rendement minimum requis (le gain) par un investisseur prudent est celui d’un investissement alternatif sans risque et qui offre la possibilité d’y accéder à tout moment (transactions sur le marché). Mais pratiquement, il n‘y a pas actuellement d’investissement (instrument financier) sans aucun risque Aujourd’hui les investissements les plus sûrs sont les obligations émises par les gouvernements des pays ou par des grandes entreprises qui ont une notation élevée (AAA). Dans de nombreux calculs d’évaluation, afin de déterminer le niveau du taux de risque, on utilise le taux du coupon à la place des obligations émises par l’Etat et la prime afférente au risque de non-paiement est négligée.

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EVALUĂRI PRIVIND DINAMICA PERFORMANȚELOR ÎN INDUSTRIA FONDURILOR DESCHISE DE INVESTIȚII DIN ROMÂNIA

Author(s): Ioan-Ovidiu Spătăcean,Andrei Vlad Tibor Oprea / Language(s): English,Romanian Issue: 10/2016

Considering that an open-end fund enables anyone with cash to invest with a minimum knowledge on the matter and with relatively low costs, to which is added a management of these resources by qualified persons and with experience in this field, the authors consider that an investment in such a fund, which provides a high yield relative to bank interests (the interest rate is below 2% for deposits) is and will be in the future one of the most attractive investing tool, the study aiming to analyze the evolution of this industry in terms of total number of the funds, of the investors, total net assets, and the performance of the main funds.

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IMPACTUL PRODUS DE EȘECURILE GUVERNANȚEI CORPORATIVE LA NIVELUL FIRMELOR DE INVESTIȚII - CAZUL HARINVEST

Author(s): Ioan-Ovidiu Spătăcean / Language(s): English,Romanian Issue: 11/2017

We based our research on the premise that, in efficient capital markets, investors are protected against fraudulent and abusive practices that, unfortunately, may occur in relation with investment firms. The bankruptcy of Harinvest investment firm, triggered in 2013, has shook investors' confidence in the integrity of the Romanian capital market mechanisms, generating profound negative effects that have spread to the entire community of intermediaries. A first lesson to be learned from this sad event was that prevention is far less costly than sanctioning, in the context of significant financial prejudices that investors in good faith eventually had to bear. From this perspective, it is necessary to consolidate on a proactive basis the governance structures within investment firms, including the prudential supervision mechanisms managed by the Romanian capital market institutions and authority. The paper aims to identify the main causes and circumstances that have initiated and favored the bankruptcy of Harinvest investment firm, to address possible signals that could have been taken into account in connection with the risk of insolvency and to assess the financial consequences for the Romanian capital market, in general and for investors in particular.

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CERCETĂRI EMPIRICE PRIVIND MĂSURAREA GUVERNANȚEI CORPORATIVE PRIN RAPORTARE LA INFRASTRUCTURA MACRO ÎN STATELE MEMBRE

Author(s): Ioan-Ovidiu Spătăcean,Andreea Loredana Ghiorghiță / Language(s): English,Romanian Issue: 11/2017

At a macroeconomic level, the corporate governance framework is a combination of legal and regulatory provisions, and codes of good practice. At enterprise level, corporate governance is defined as the system by which companies are run and controlled. The objectives of this paper are to analyze on a comparative basis the corporate governance systems in force at EU level, as well as to assess the implementation of the principles of corporate governance within the companies in the analyzed Member States. Research results support the need for legal and market regulatory infrastructure at macro level, impacting the quality of corporate governance by measuring the impact of the legislative system on the microeconomic environment by assessing compliance with the relevant corporate governance principles.

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SORIN BLAGA, CORPORATE SOCIAL RESPONSABILITY FROM A ROMANIAN PERSPECTIVE

Author(s): Mihaela Daciana Natea / Language(s): Romanian Issue: 11/2017

Book-Review: Sorin Blaga, Corporate social responsibility from a Romanian perspective, Presa Universitară Clujeană, Cluj, 2013, 194p. (Mihaela Daciana Natea)

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SITUAŢIILE FINANCIARE ANUALE ŞI ROLUL LOR ÎN COMUNICAREA FINANCIARĂ

Author(s): Nensi Xhani,Marioara Avram,Maria-Andreia(Ristea) Iliescu / Language(s): English,Romanian Issue: 12/2018

Annual financial statements are the main source of information for determining the circumstances in which an entity operates and evolves over time. They represent a fundamental instrument for the adoption of economic and financial decisions at the entity's top management level. Financial statements should present information in a way that helps the user quantify the liquidity of an entity's assets and liabilities in a manner that presents a cohesive financial picture of the entity and it is comparable and consistent from one period to the next, with the purpose to help investors, creditors and others understand the financial position of an entity.

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EVALUAREA UNEI CONSTRUCȚII AMORTIZATE INTEGRAL

Author(s): Ioan Bircea,Rodica Baciu / Language(s): English,Romanian Issue: 12/2018

The article analyses an economic phenomenon encountered by many entities in Romania where a tangible asset, after the full amortization of the original registration value, is still used. Due to the fact that no fiscal complications are desired, the management of the entities chooses an economic life of the tangible assets equal to the normal duration of operation. Thus, we can encounter the case when fully amortized tangible assets are further used in the performed activity, of course, due to their technical condition. The entity in this situation will re-evaluate the property, in most cases with the help of an authorized person. This revaluation process will result in a new book value and a new economic life period. The resulting surplus will be recorded in revaluation reserves, resulting in an increase in equity and a new financial position of the entity.

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CERCETĂRI PRIVIND UTILITATEA INSTRUMENTELOR DE ANALIZĂ TEHNICĂ ÎN ADMINISTRAREA PORTOFOLIILOR DE ACȚIUNI

Author(s): Ioan-Ovidiu Spătăcean,Andrei Gabriel Vultura / Language(s): English,Romanian Issue: 12/2018

Research is geared towards identifying and testing the utility of a set of technical analysis indicators in the portfolio management strategies, from the perspective of the prediction capacity related to stock price movements. The research was aimed at identifying relevant indicators of technical analysis through questionnaires applied to the investor community and their utility between January and May 2018 for a sample of seven listed entities within the BET-XT index. The results obtained confirm an average degree of efficiency for the most representative indicators used in the technical analysis.

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CARACTERISTICI ȘI TENDINȚE ALE COMERȚULUI CU AMĂNUNTUL ÎN SECTORUL ALIMENTAR (INTERNAȚIONAL ȘI ROMÂNESC)

Author(s): Kinga Emese Zsidó / Language(s): English,Romanian Issue: 12/2018

Supermarkets, discount stores, have a growing market share in food retailing, forcing "traditional", smaller shops into the background and in a difficult situation. In recent years, consumers have preferred hypermarkets, supermarkets, discount stores, reaching a market share of over 60% in Romania (in some Western European countries this share is already around 80%). In this paper, I have examined the globalization and concentration characteristics of food retail markets and compared the food retail markets of some Central and Eastern Europe countries, using different international and Romanian databases.

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IPOTEZE ACTUARIALE PENTRU BENEFICIILE ANGAJAȚILOR

Author(s): Tatiana Dănescu,Irina Diana Iordache / Language(s): English,Romanian Issue: 13/2019

Entities that have assumed the obligation to provide benefits to employees both during employment and post-employment, in accordance with international regulations, in particular IAS 19 "Employee benefits", have the obligation to present to users` financial payments and rights related to employees. The evaluation of the employees' benefits is based on actuarial techniques and on professional judgments that require the highlighting of the arguments underlying the identification and establishment of the actuarial hypotheses. To achieve this objective, we conducted research on how to select actuarial assumptions in the process of determining the benefits of employees in an entity in the energy field. The conclusions established highlight the role of the actuarial assumptions chosen in establishing the managerial vision on the obligations to be estimated for the personnel expenses, both present and in the future, in the context of the unpredictable evolution of the dynamics of the employees, as well as of economic circumstances created by constantly changing wage policies.

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EFECTELE TRAININGULUI EXPERIENȚIAL DE PREDARE-ÎNVĂȚARE A ANTREPRENORIATULUI ÎN ȘCOLI VOCAȚIONALE DIN EUROPA

Author(s): Lia Codrina Conțiu,Daniela Ștefănescu / Language(s): English,Romanian Issue: 13/2019

Following the training organized in vocational schools in five European countries, in which were used experiential methods of teaching entrepreneurship, through questionnaires applied to both students and teachers, the results obtained were analyzed, respectively the students' perception on the teaching methods used by the teachers, the knowledge, skills, abilities acquired. In order to carry out the study, three research hypotheses were formulated, and the results obtained have fully confirmed them. The conclusions of the study highlighted the positive effects of the experiential methods on the entrepreneurship teaching-learning process.

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INVESTIGAȚII PRIVIND INFLUENȚA GUVERNANȚEI CORPORATIVE ASUPRA PERFORMANȚEI FINANCIARE. STUDIU EMPIRIC ASUPRA BĂNCILOR COTATE PE PIAȚA ROMÂNEASCĂ DE CAPITAL

Author(s): Tatiana Dănescu,Maria-Alexandra Popa / Language(s): English,Romanian Issue: 13/2019

The role of corporate governance in achieving the financial performance in a sustainable development context is recognized. A fundamental premise in defining and applying good corporate governance is the area of the elements that describe the structure of the capital, elements that influence the guidelines and policies of the Board of Directors regarding the obtaining of the financial performance. On the equation "share capital - financial performance" we find the imprint of the compliance rate of the management statements with the requirements of the Corporate Governance Code applicable on the capital market on which the entity trades its shares. In this context, taking into account the compliance of the management statements published in the set of annual reports with the Corporate Governance Code, our researches investigate the relationship between the capital structure and the financial performance of the banks listed on the Bucharest Stock Exchange.

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TESTAREA RELEVANȚEI MODELULUI BENEISH PENTRU ENTITĂȚI CU RISC REPUTAȚIONAL CONFIRMAT

Author(s): Ioan-Ovidiu Spătăcean / Language(s): English,Romanian Issue: 13/2019

The Beneish model is a useful tool for assessing the potentially fraudulent behaviour of an entity that could resort to misstated financial reporting by manipulating earnings. Tarjo & Herawati (2015) concluded that "the M-score of the Beneish model was generally able to detect financial fraud", following a study on 35 listed companies that were confronted with allegations of fraud in the period 2001-2014, by accessing the sanctions database applied to companies of public interest (issuers) published by the Financial Supervisory Authority. Also, Ahmet Ozcan (2018) stated that the Beneish model "brings effective value in the analysis of the quantitative characteristics of falsified financial statements", a conclusion based on a concentrated research on a sample of 174 firms over the period 2005-2017. However, the construction of this model was not oriented for the financial services industry, therefore the studies referred to above do not include any investment firms. Our research aims to assess the relevance of the use of the Beneish model to entities involved in scandals on fraudulent or suspected distorted financial reporting operations (Romcab, 2017 and Harinvest, 2013) in order to Test the Beneish model's validation capability. On the basis of the conclusions obtained, it can be accepted that the applicability of the model is validated for the entities examined.

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REBRANDINGUL ŞI IMPACTUL ACESTEIA ASUPRA ACTIVITĂŢILOR BANCARE – STUDIU DE CAZ

Author(s): Marta Kiss / Language(s): English,Romanian Issue: 13/2019

Rebranding is regarded as a necessary form when an organisation faces different problems due to the economic transformations of the society that requires new ways of visibility and decides to assign revitalization techniques to the brand image in order to refresh it. Nowadays, most of the Romanian banking companies went through the rebranding process firstly because they were involved in mergers and acquisitions, and secondly, to expand their target markets and to keep their loyal customers in an ever changing market environment. This study aims to outline the impact of rebranding on a financial institution in Romania, CEC Bank, the oldest Romanian bank operating on the Romanian market since 1864. Following the 2007 rebranding, the purpose of the bank was to create a competitive commercial bank image. For this bank the rebranding process proved to be successful.

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Tehnologia realităţii îmbogăţite – componentă sustenabilă în Industria 4.0

Author(s): Ioan David Legman,Manuela Rozalia Gabor / Language(s): English,Romanian Issue: 2/2020

Augmented Reality (AR) is a current, sustainable, efficient, and promising tool that will make an essential contribution to the development of the Industry 4.0 revolution. AR technology fully and effectively responds to the current extended digital age, in the last year and in the field of education, of learning at all levels. The applicability of AR technology is varied and complex: retail interior design, health, industry, logistics, etc. This paper show the applicability of AR technology in the learning process, from the perspective of the Industry 4.0 concept, highlighting the sustainable and efficient aspects on the economic performance and not only of the companies. The main conclusion of this research is that the use of modern digital technology (AR and VR) in learning in various fields, including education, must be based on the principles of ROI (Return on Investments) and SROI (Social Return on Investments).

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Testarea semnalelor timpurii de raportare financiară frauduloasă – cazul WIRECARD

Author(s): Ioan-Ovidiu Spătăcean / Language(s): English,Romanian Issue: 2/2020

The experience of fraudulent financial reporting scandals that shocked American corporate history in the early 2000’s marked a turning point in the evolution of the financial auditing profession, out of a desire to restore investors’ confidence in the integrity of listed companies' financial information. The establishment of a public supervision authority for audit firms (PCAOB), the establishment of an audit committee for listed companies or the obligation to report on the effectiveness of internal control over financial reporting, among with severe financial sanctions for corporate fraud, are the most representative legislative measures imposed in the US by the Sarbanex-Oxley Act (2002) to achieve this goal. To a large extent, these measures have also been adopted in Community law, most likely under the impetus of similar events, such as the Parmalat case (2003). Here that, at a not appreciable time distance, such a sensitive issue of fraudulent reporting returns to the center of investors' attention through the case of the German electronic payment processor - Wirecard (2020). The article aims to investigate possible early signals that could have indicated risk factors or circumstances that could have favored fraudulent financial reporting in the case of this issuer. In essence, the research methodology is limited to the application of the Beneish model on the annual financial reports from 2016-2018, in order to assess its validation in relation to the values of the score function (M).

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Studiu privind piața bunurilor personale de lux

Author(s): Varga Elena-Iulia / Language(s): English,Romanian Issue: 2/2020

The field of luxury has a series of characteristics that allowed a spectacular growth over time, to acquire stability and remarkable recovery power after adverse economic events, including global ones. Associated with extravagance, prestige or elitism, luxury is a need that manifests itself at the level of individuals due to the emotional side that these products highlight. In this paper we conducted a study on the purchase of luxury products among consumers of the Mureș county, mainly aiming to identify the importance and characteristics of the consumption of luxury clothing and accessories.

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Semnalele de alertă în raportarea financiară – studii empirice pe piața AeRO

Author(s): Tatiana Dănescu,Ioan-Ovidiu Spătăcean,Roxana Maria Stejerean / Language(s): English,Romanian Issue: 1/2021

Understanding the factors that cause fraud and properly defining key areas of conduct is one of the most effective ways to detect potential irregularities, where the auditor's professional judgment and skepticism are essential. In this respect, it is necessary to study some key financial indicators, but also to use various procedures to identify and detect fraud and possible manipulation in the financial reporting process. The objectives are aimed at identifying and highlighting possible red flags in companies whose shares are traded on the Bucharest Stock Exchange. The sample considered sensitive to fraudulent financial reporting is composed of four distinct categories of companies, namely: companies recently admitted to trading on the AeRO market administered by the Bucharest Stock Exchange (21), companies that obtained a zero Vektor score in 2020 (9), companies that obtained a low score in the White Letter publication (5), and companies in insolvency (4).

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