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NON-FINANCIAL REPORTING: AN INSTRUMENT OF SOCIAL RESPONSIBILITY AT THE LEVEL OF PUBLIC INTEREST ENTITIES

Author(s): Georgiana Janina Soare / Language(s): English Issue: 1/2021

The globalization of markets imposes, more than ever, competitiveness imperatives for economic entities around the world and has consequences both on the environment and on the people. In this context, there are alternatives to the sustainable development to keep environmental and social resources in optimal shape. Economic entities as major players in society must play their part and be aware of the importance of integrating actions specific to sustainable development and social irresponsibility at the strategic and decision-making level. To survive and be more competitive, they are forced to innovate and develop products that are more environmentally friendly. Social responsibility is a concern at national and international level, and the reporting of non-financial information is a result of the actions taken by economic entities in this regard.

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IMPLEMENTATION OF UNIVERSITY SUSTAINABILITY MANAGEMENT BY MEANS OF UNIVERSITY PERFORMANCE STRATEGIES

Author(s): Alina Suslenco / Language(s): English Issue: 1/2021

This paper addresses the basic aspects of ensuring sustainability in higher education institutions through the development and implementation of university sustainability management that serves as a basic pillar in cultivating sustainability in higher education institutions. The relevance of the research topic derives from the need for universities to be competitive, to attract and motivate students, but also to gain the trust of stakeholders that can be guaranteed, in the 21st century, only through effective programs focused on ensuring a balance between ecological-economic-social environment. The aim of the paper is to identify the possibilities of implementing the university sustainability management in higher education institutions. The research problem is to find solutions for overcoming the main challenges faced by higher education institutions. The research question is: what is the safest way to achieve sustainability in higher education institutions. Thus, in this context, we elucidate the fact that within the universities of the Republic of Moldova it is necessary to implement effective strategies to ensure sustainability by means of implementing an efficient management aimed at achieving sustainability. The research methodology focused on the use of several methods such as: analysis, synthesis, induction, deduction, abduction, documentation, scientific abstraction. In conclusion, we can reiterate that ensuring sustainability in higher education institutions is possible due to the implementation of viable and efficient instruments that place special emphasis on the implementation of university sustainability management. Stepping firmly on the path of sustainability is possible by grounding the activity of universities on successful sustainability strategies, which must be implemented in all subdivisions, faculties, university departments.

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CONCEPTUAL BOUNDARIES BETWEEN SUBJECTIVITY, CREATIVITY AND A RELIABLE IMAGE OF FINANCIAL STATEMENTS

Author(s): Gabriela Constantin Anghel,Cristina-Elena Florea Poenaru,Mihaela-Raluca Boharu Mircea / Language(s): English Issue: 2/2021

The aim of this empirical study is to draw the line between the often unavoidable subjectivity of the professional accountant, and the creativity he has and cautionary employs in preparing and/or certifying financial statements. We turn our attention to the sensitive points of the financial statements, such as the classification of short-term or long-term loans, the recognition of written off debt versus income, or the restatement of uncertain receivables. We wish to clarify the accuracy of financial statements, the extent to which they are influenced by the creativity of the professional accountant and the extent to which the professional’s subjectivity affects the decisions of users of accounting information. The purpose of this article is to answer some of the inherent questions which weigh on us, such as: How do we mitigate the damage caused by financial statements whose accuracy has been affected, knowingly or unintentionally? How can we ensure a high degree of confidence in our financial statements? The responsibility for ensuring the conformity and quality of the information presented lies solely with the professional accountant who, by using well-known techniques and methods, which have been adapted to each client, is able to generate highly precise financial statements. The results of the study will indicate the factors that can influence the reliability of the patrimonial image and the implications on the accuracy of financial statements, having the role of leading us in a new direction of research: the possibility of labeling and marking highly precise financial statements.

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DETERMINING THE RESULT OF THE EXERCISE OF THE ECONOMIC ENTITIES IN ROMANIA

Author(s): Florin-Constantin Dima / Language(s): English Issue: 2/2021

The development of this article started from the need to suitably determine the result of the exercise of the economic entities in our country. The result of the exercise is one of the most important indicators when analyzing an entity that carries out economic activities. In our country, taxation prevails over accounting and, for this reason, it is very important to be able to make a correct interpretation of the result of the activity. In the following we will follow the way in which the expenses and incomes are grouped from the fiscal point of view and how they are taken into account when determining the fiscal result. We will also analyze, in addition to expenses and income, the other elements taken into account in determining the tax result such as: items similar to income, items similar to expenses, tax deductions, and tax loss. For a more complete analysis, we will also treat the deductions from the profit tax due.

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Macroeconomic sensitivity and firm level volatility: the case of New York Stock Exchange

Author(s): Muhammad Saqib Bashir Butt,Hasniza Mohd. Taib / Language(s): English Issue: 2/2021

Purpose -This paper investigates whether the macroeconomic factors affect the firm stock returns volatility differently depending on their location in different sectors. For this purpose, daily financial time-series data for 683 firms located in nine US sectors for the period of 2000 to 2017 are employed. Research methodology -The GARCH (1,1) model was applied to each firm located in nine US sectors. The four macroeconomic factors, namely, exchange rate, treasury yield spread, oil prices, and market return, are included in both mean and variance equations of GARCH (1,1) model to estimate the effect. Research limitations – This research study is limited to the New York Stock Exchange; therefore, it can be extended to the other economies as well. Further, this study uses one firm feature that is the sectoral location of the firm; it is recommended that some other firm features should be studied to explore the volatility behaviour of firms. In the methodological part, this study does not include the lag effect, since it is recognised in the literature that the investors underreact to public information, so future research can be extended to test the underreaction hypothesis. Practical implications – This study has implications for the investors and policymakers. Since it has emerged from the findings that some sectors are more sensitive than others to macroeconomic changes, so this knowledge will help the investors to diversify their portfolio and policymakers to maintain macroeconomic discipline. Originality/Value -The main contribution of this study is that it undertakes the assumption of heterogeneous nature of firms and conducts a detailed firm level analysis by sector covering a more extended period of time to investigate the impact of four macroeconomic factors, namely, exchange rate, treasury yield spread, oil prices, and market return on firm stock returns, volatility using daily data. Further, this study contributes by including all the macroeconomic factors together as an exogenous variable in mean and conditional variance equations of the GARCH (1,1) model to investigate the effect simultaneously.

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Modeling the process of risk management response to the negative impact of risks as the basis for ensuring economic security

Author(s): Svitlana Kryshtanovych,Viktoriya Gutsulyak,Ivanna Huzii,Tetiana Helzhynska,Valentyna Shepitchak / Language(s): English Issue: 2/2021

Purpose – the main purpose of the article is to form a methodological approach to counteract risks that most negatively affect the system of ensuring the economic security of engineering enterprises. Research methodology – the research methodology involves the application of the theory of graph connections, modeling from IDEF0. Findings – the main risks that most negatively affect the system of ensuring the economic security of engineering enterprises were identified, modeling of the main stages of response to their impact was carried out. Research limitations – the article has a number of limitations and this applies to the area of the study. The emphasis was on the engineering industry. In addition, it should be noted that there are other modeling methods for mapping the stages of response to the negative impact of risks. Practical implications – practical application of our methodological approach can be suitable for engineering enterprises. Originality/Value – the originality of the study lies in the presented methodological approach to identifying the risks that most negatively affect the system of economic security of engineering enterprises and modeling the process of responding to this impact.

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Financial security of the enterprise: an alternative approach to evaluation and management

Author(s): Larysa Dokiienko / Language(s): English Issue: 2/2021

Purpose – The main purpose of the article is to justify an alternative approach to assessing the level of financial security of the enterprises based on use the model of modified and adjusted financial statements. Research methodology – The following methods of general theoretical and empirical research were used in the writing of the article: abstract-logical (when systematizing scientific publications on the problems of financial security management of enterprises), comparisons and grouping (when developing and validating a model of modified financial statements), coefficient (when considering and using models for adjusting modified financial statements), grouping (when clustering enterprises depending on the results of the analysis), formalization (when developing a matrix for diagnosing the level of financial security of enterprises), generalization (when formulating research findings). Findings – Based on an established sample from nine of sunflower oil production enterprises of Ukraine their modified financial statements have been developed, it was adjusted to the consumer price index, key financial indicators of the model have been identified and the level of their financial security over the past 7 years have been assessed. The research identified a direct relationship between the level of financial security of enterprises and key financial indicators: financial stability, solvency and financial risk. Also, the proposed methodological approach can be not only an important tool for diagnosing the level of financial security of enterprises, but also its forecasting. Research limitations – The research limitation is associated with sampling size and geographical scope. Also, the diagnostic results may differ depending on the chosen adjustment base, determination of adjustment method and selection of inflation measurement method for the modification financial statements. Practical implications – Practical use of the proposed model proves that it is a convenient, simple, understandable and effective tool for diagnosing the financial security level of enterprises in terms of the main components: financial stability, solvency, and risk. The use of the proposed approach to the assessment of the financial security of the enterprise can serve as an indicator of the overall efficiency of its management at sunflower oil production enterprises and as an informative tool for factor analysis. Originality/Value – Consideration of a significantly different, alternative approach that allows enterprises to quickly and easily diagnose the level of their financial security; to manage it effectively during the current period, and can also become the basis for the formation of strategic directions of financial development and forecasting of the level of financial security for prospective period.

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Promoting fintech financing for SME in S. Caucasian and Baltic States, during the Covid-19 global pandemic

Author(s): Vakhtang Charaia,Archil Chochia,Mariam Lashkhi / Language(s): English Issue: 2/2021

Purpose – to analyse the digitalization trends in the Central Caucasian (Georgia, Azerbaijan and Armenia) and Baltic States with the aim of reducing a financial gap for the Small and Medium size Enterprises in Georgia, Azerbaijan and Armenia. Research methodology – comparative analysis between Baltic and Caucasian countries are made to analyse the basic positions and farther development opportunities for Georgia, Azerbaijan and Armenia. Findings of the given paper – while SME sector crucially important contributor to employment, diversification and productivity in any country of the world and especially in developing ones, they still face significant credit constraints through traditional credit providing institutions. However, the trend is changing and modern digital technologies from the fintech area are providing new alternatives, which already had been widely used in Baltic, but still are waiting their chance in Georgia, Azerbaijan and Armenia, with different level of progress and readiness. Research limitations – some statistical data does not exist for all six countries or were possible to obtain for different periods of time. Lack of academic literature on fintech in Caucasian countries. Practical implications – It can provide a useful perspective for researchers, academics, investors, investment managers, decision-makers, and scientists. Originality/Value – The paper analyses three advanced European Union member state’s (Lithuania, Latvia and Estonia) fintech positions and perspectives as a model of development for three developing Caucasian states (Georgia, Azerbaijan and Armenia).

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THE ROLE OF INFORMATION QUALITY MANAGED BY PUBLIC INSTITUTIONS IN THE PROCESS OF UNOBSERVED ECONOMY REDUCING

Author(s): Victoria Iordachi,Pavel Calpajiu / Language(s): English Issue: 2/2021

The economic security of the state is constantly affected by the phenomenon of the unobserved economy. The international community has developed international conventions and standards to combat the unobserved economy and the movement of illicit financial flows. However, insufficient law enforcement, inadequate compliance and high-risk countries can both have detrimental consequences, affecting the effectiveness of the whole prevention framework. The public institutions involved in reducing this phenomenon correlate its decisions with the economic-financial information accumulated, stored and managed in accordance with its statutory purposes. This requires the authorities to assess the role of the quality of information managed in its decision-making process. The purpose of the article is to identify the role of information quality accumulated by public institutions in the process of reducing the unobserved economy in the Republic of Moldova. As a result of the research, some gaps were found in the process of organizing the information management activity and some recommendations were developed.

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SOCIAL ENTREPRENEURSHIP: AN OVERVIEW

Author(s): Andra Modreanu / Language(s): English Issue: 2/2021

Social entrepreneurship may lead to sustainable economic growth through establishing the wellbeing of the society. Derived from the traditional entrepreneurship, social entrepreneurship is described as a responsible way of doing business. The concept involves the use of all available resources, capitalized in an economic entity with the aim of facilitating the production of a beneficial change in the society by solving pressuring social problems. Thus, social entrepreneurship marks the transition from the fundamental goal of increasing profits to that of community welfare and sustainable development of the economy. The paper aims to present a conceptual framework that can be used to define social entrepreneurship. The research methodology was based on the collection and analysis of secondary data, respectively scientific articles, and relevant books for the subject. The results of the study show that the interest for the social entrepreneurship concept has increased significantly in the past decades among researchers. Also, they outline the idea of what social entrepreneurship is and how it is implemented

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STUDY ON THE PERCEPTION OF QUALITY AT THE LEVEL OF PRE-UNIVERSITY SECONDARY EDUCATION INSTITUTIONS

Author(s): Elena Teodorescu Mănescu / Language(s): English Issue: 2/2021

The study on the perception of quality at the level of pre-university lower secondary education institutions highlights the importance of establishing the essential elements in improving quality management in school organizations. The quantitative research was conducted on a sample of 100 teachers from secondary school units, both in rural and urban areas, in Dâmbovița County. The research combined both the face-to-face interview technique and the internet survey, using the questionnaire as a research tool. The obtained results highlight the aspects related to the present initiatives and the acquisitions previously acquired by the school organizations in the field of quality management, to obtain performance, through the vision of the teaching staff

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FINANCIAL REPORTING VS. MANAGERIAL REPORTING - A COMPARATIVE APPROACH

Author(s): Cristina Aurora Bunea-Bontaş / Language(s): English Issue: 3/2021

Financial reporting provide detailed information for external users, like as investors, lenders and creditors but it doesn't provide enough useful information for those decisions made concerning the daily activities of the business or regarding planning and controlling the companies' operations on a long term. Management reporting closely examines the process of converting consumed resources into results, allowing managers to set and permanently evaluate the fulfilment of business goals. This article considers a comparative approach between financial and management reporting, analyzing some important differences in terms of the objective of financial and managerial reporting, users of reports, purposes of reports and types of reports.

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THE COMPREHENSIVE INCOME – A NEW DIMENSION IN MEASURING THE FINANCIAL RESULTS BY APPLYING IFRS

Author(s): Florin-Cristian Gheorghe / Language(s): English Issue: 3/2021

A premise of the normalization accounting, the globalization is characterized by the interaction of financial, material and human resources at international level. It develops and diversifies the transactions produced by economic entities, which influences the opportunity of processing and communication of information. A normalization of the synthesis situation (financial reporting) concerning the comprehensive income which would replace or complete the traditional format of the income statement has become a permanent joint project initiated by IASB and FASB to achieve convergence between the standards of IFRS and USA GAAP.

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CONCEIVING A COMPOSITE EVALUATION FOR OFFICIAL DEVELOPMENT ASSISTANCE IN SUPPORTING SUSTAINABLE DEVELOPMENT GOALS AND ECONOMIC GROWTH

Author(s): Alina Georgeta Ailincă / Language(s): English Issue: 3/2021

After an extremely difficult year, with colossal losses of human lives, discussions, debates and articles about sustainable development seem frivolous. However, the quality of the environment and the social situation of the world's population would probably have made a different impact on the number of illnesses and deaths if it had been treated more responsibly in the past. Therefore, this article discusses the capacity of financing for sustainable development in key areas of the world, in the period 2000-2019, through an instrument - Official Development Assistance. The composite analysis carried out, through three derived indicators, materialized in elasticities, really reflects the mobilizing capacity of official development assistance on the economy, being needed even more sustained efforts in the future for achieving the 2030 Agenda for sustainable development.

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FAITHFUL IMAGE AND ACCOUNTING REGULARITY IN CONDITIONS OF APPLICATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS. CHALLENGES FOR ACCOUNTING PRACTITIONERS AND AUTHORITIES

Author(s): Nicoleta Pavel,Geanina Iulia Boțoteanu Rădăcină / Language(s): English Issue: 3/2021

The objective of the annual financial statements is to provide a true and fair view of the financial position, financial performance and other information relating to the business of the entities or groups of entities, in accordance with applicable accounting regulations. The transition to the application of IFRS as an accounting basis by entities whose securities are traded on a regulated market has been a major challenge both for the professionals involved in the preparation and audit of the annual financial statements and for the authorities. The application of IFRS by some companies that carry out monopoly activities, which manage assets belonging to state authorities, requires professional judgment and appropriate measures to identify any risks that may arise from non-correlation of the provisions of legislation and IFRS. Given the existence of excessive and sometimes outdated legislation, the presentation of a true image in relation to IFRS and compliance with the applicable legal framework is a challenge for practitioners in companies, for statutory auditors but also for authorities that need to assess how to manage state capital and tax reported profits. The transition to the application of IFRS as an accounting basis in Romania by entities whose securities are traded on a regulated market was made without a prior analysis of the comparability between the provisions contained in legislation (including tax) and the provisions of International Financial Reporting Standards. There are a variety of economic and financial operations that are carried out by entities and various forms of their legal organization, so that they cannot be fully identified and legally regulated. The analysis of the information in the annual financial statements published by the companies can contribute to the understanding of the information by various users, including the representatives of the state authorities.

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CHALLENGES OF THE MUNICIPAL SOLID WASTE MANAGEMENT IN THE REPUBLIC OF MOLDOVA

Author(s): Victoria Iordachi / Language(s): English Issue: 3/2021

Among the many environmental problems that threaten the Blue Planet, waste and garbage is a major one. With the population explosion and the revolutions in agriculture and industry, waste has exceeded the capacity of the environment to absorb and neutralize it. The worst effects of poor management of this waste are air pollution and contamination of drinking water reserves, which leads to increased incidence of disease by pathogens. In the Republic of Moldova, the waste problem remains unresolved, and a number of management issues requires a stringent intervention on behalf of public authorities. This article focusses on municipal waste problem in the Republic of Moldova, starting with problems of localities’ sanitation in urban areas, waste storage condition, increase of unauthorised landfills, as well as lack of administrative capacities in elaboration and implementation of a complex program of actions for solid and liquid waste management in the country.

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ACTIVITY BUDGET AND PERFORMANCE OF THE ENTITY OF PUBLIC INTEREST-INTEGRATED APPROACH

Author(s): Viorica Dindăreanu Iuga / Language(s): English Issue: 3/2021

The objective of managers to efficiently manage the activity and to improve the performance of public interest entities has led to the emergence and use of budgets. These are considered useful managerial tools in carrying out the activity, allowing the efficient allocation of limited resources, activity planning and coordination, communication of objectives, control of activities and motivation of subordinates.

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THE PROBLEM OF HAZARDOUS WASTE MANAGEMENT IN THE REPUBLIC OF MOLDOVA

Author(s): Viorica Popa,Nicolae Popa / Language(s): English Issue: 3/2021

In recent years, the problem of hazardous waste management has been very acute in the Republic of Moldova and is getting even worse. This situation is caused by important changes in the national economy, such as: privatization or bankruptcy of large industrial enterprises, changing the spectrum of economic units, with the prevalence of small and medium enterprises, implementation of advanced technologies, application of new chemicals, use of pesticides and other harmful substances in agriculture, etc. The amount of waste we generate is closely linked to our consumption and production patterns. At the same time, demographic changes, such as the increase in the number of single-person households, also affect the amount of waste we generate. In the context of these realities, a major risk problem for the health of the environment and the population is generated by toxic waste, stored in industrial landfills, of former enterprises. The most important challenge facing the authorities is to minimize the impact of hazardous waste on the population and the environment. Thus, risk minimization is possible only through an efficient and correct management of waste of any kind. In the study, the author aimed to analyse and evaluate the management of hazardous waste, to identify the most important problems and risks to the health of the population. This study was developed within the State Program 20.80009.0807.22 Development of the mechanism for the formation of the circular economy in the Republic of Moldova.

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CHALLENGES THAT FACE MOLDOVAN FOOD INDUSTRY TO ACCESS THE EUROPEAN UNION MARKET

Author(s): Corina Gribincea / Language(s): English Issue: 3/2021

At present, Moldovan food industry faces a variety of challenges related to accessing the European Union market. While food industry go increasingly circular, more investment and more effective governance are needed to upscale promising innovations. Competitiveness on the home market and the export market needs to be strengthened. In a slowly developing circular economy, Moldovan food industry must improve operations and reduce costs while maintaining product safety and minimize produced waste. Moreover, the trends in the global food market are constantly changing. Studying the experience of German food industry will be helpful in this respect. Moldovan food industry must be able to anticipate and adapt to change in order to stay competitive. The analysis presented in this article highlights main challenges that face Moldovan food industry related to accessing the European Union market regarding productivity, consumer preferences and demand, food safety, government regulations.

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STRATEGIC COMMUNICATION PROCESS: SUPPORT FOR MEASURING COMPANY PERFORMANCE

Author(s): Gabriel-Florin Mesaroș / Language(s): English Issue: 3/2021

This article presents specific features of managerial communication as a management discipline and its evolution in time. It is also justified the dependence of the management functions and communication process. It can be noted an interdependent relationship between managerial and communication functions, concluding that the communication process is central to the management system of any enterprise. Also in the article are reflected several new approaches that aim the roles of the manager, and the importance of communication in exercising this managerial roles.

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