THE PROCEEDINGS OF THE NINTH INTERNATIONAL CONFERENCE
 ''INVESTMENTS AND ECONOMIC RECOVERy''
Bucharest, MAy 22 - 23, 2009, (Part I)

  

pag. 4	Summary

 

pag. 8	Economic research in a new challenge Author: VASILESCU  Ion
	Abstract: The Romanian economy goes through a stage of economic unbalances. In this context, the necessity generated by psychological and practical reasons to understand and draft ideas concerning the future behaviour of economic systems such as to overrun the actual condition of our country economy arises. Without claiming that the highlighted issues will have an exhaustive nature; this paper will present the affected economic regions, the causes of these situations and the likely action paths in order to overcome this situation. The purpose of this paper is to emphasize the individuality of the Romanian economic system, to draft suppositions regarding the system and not to draft laws or universal categories. Classification-JEL: A20, O30, D50, E22 Keywords: economic crisis, economic balance and unbalance, inflation, unemployment, efficiency, proficiency, economic recovery

 

pag. 12	Banking credit in the global economic and financial crisis. The situation in Romania. Author:  BUNESCU Petre
	Abstract The paper analyses the effects of global financial crisis and presents some arguments that can contribute to mitigating the effects of economic and financial crisis, and therefore to maintaining  the important role that the credit you have in supporting these efforts. Classification-JEL: G01, F31, G21, G28 Keywords: subprime credit, the depreciation of regional exchange, banking credit, bank interests

 

pag. 17	Strategic directions focused on SMEs for the way out of crisis Author:  NICOLESCU Ovidiu
	Abstract In the paper there are presented the main negative effects of the world crisis revealed by the analysis performed in SMEs, there are references to some approaches at the international level, and there are formulated some solutions to combat the crisis and relaunch the SME sector in Romania. Classification-JEL: G00, G01, G18, G20, H25 Keywords: financial crisis, SMEs, solution to combat the crisis

 

pag. 23	Existence crises of actual financial management systems Author:  SVASTA Mihai
	Abstract The present financial management systems  reflects only partially  the economic  reality and they are no longer  able to act as an instrument for the management. It is absurd that an economy  populated by business models based on 21st century technology to use financial management systems based  mainly on the same principles formalised by Luca Paciolli in 1494. Therefore, one of the causes of the current economic crisis  could be the  lack of coordination between the evolution of  the business models and the development of  new financial management models used by companies, state and investors.  The present financial management systems facilitate the existence of  grey or even black bookkeeping systems,  tax evasion with the help of fiscal paradises, and  financial shenanigans aiming to optimise, barely illegal, the financial situations. Classification-JEL: G01, P43, M20 Keywords: financial management system, information for management, economic crisis, poor coordination, business models

 

pag. 29	Attracting foreign direct investment under high risk and volatility of international financial markets Authors:  PaRȚACHI Ion,  ARVINTE Vitalie
	Abstract International financial crisis caused significant reduction of investment flows, especially to emerging markets, vulnerable to external shocks and foreign exchange rate fluctuations. Under these conditions, decision factors are pushed to adopt changes in investment strategies in order to maintain competitiveness in attracting foreign investments needed to stabilize economy and continue development programs. Under the conditions of incertitude and high risks emerging economies adopted different investment strategies. We propose to analyze in this article the following aspects: Which are the most efficient economic policies under the new circumstances of international financial markets? How to diminish the effects of the global economic crisis and ensure attracting of needed foreign investment? Which is the role of international financial institutions to support investment process in Central and Eastern Europe? Classification-JEL: E60, F21 Keywords: economic recession, foreign direct investment, government policy, risk analysis, foreign exchange market

 

pag. 35	Financial investments and real investments in the economy of Romania Author:  ROMaNU Ion
	Abstract This paper aims to highlight the benefits and the importance of investments in economic growth of a country. Global crisis creates impediments in obtaining these investments, which structure was divided into financial investments and real investments. Among the many causes that have helped macroeconomic destabilization and recession felt today in Romania, are found: defective management of banks, the decreased share of exports in external trade activity, the external deficit of the country. All these have negative implications also on the sums attracted from abroad which represent an important financing source of the real economy development. Classification-JEL: G00, G01, G20, E22 Keywords: real investments, financial investments, foreign direct investments, financial crisis, real economy

 

pag. 40	The quality -competitiveness factor of the organizations based on knowledge Authors: TODORUȚ Amalia Venera , VASILESCU Ion
	Abstract In the present frame, marked by economic crisis, globalization of competition, the quality of products and services is the reference point of any organization. Continuous improvement of product quality and service has become new references in the current economic landscape, highly complex located in a permanent dynamic, characterized by fast diversification and renewal of supply of goods under the impact of the rapid development of science and technology, globalization of markets, facilitated by developments in telecommunications, the growth of customers requirements and society. The competitive advantage of organizations obtained through high quality products and services gather new values in the frame of knowledge based economy. Classification-JEL: A10, M10, M11, M20, M21 Keywords: quality, competitiveness, knowledge, investment, efficiency

 

pag. 46	Using financial ratios to identify Romanian distressed companies Authors: ANDREICA Mădălina Ecaterina, ANDREICA Mugurel Ionut, ANDREICA Marin
	Abstract IIn the context of the current financial crisis, when more companies are facing bankruptcy or insolvency, the paper aims to find methods to identify distressed firms by using financial ratios. The study will focus on identifying a group of Romanian listed companies, for which financial data for the year 2008 were available. For each company a set of 14 financial indicators was calculated and then used in a principal component analysis, followed by a cluster analysis, a logit model, and a CHAID classification tree. Classification-JEL: G01, G33, C40, C50 Keywords: distress company, financial ratio, cluster, CHAID, logit model

  

pag. 56	Public investments and public-privat partnerships development Authors: SECRIERU Angela, LOPOTENCO Viorica, CIUMAC Eugenia
	Abstract Countries seeking to build up their infrastructure in different sectors have several options, including raising financing for public investment by borrowing, increasing public saving, and reallocating public spending from other sectors; getting more out of their investments by improving investment planning and project evaluation and implementation procedures; and encouraging private sector investment. The appropriate strategy will vary from country to country, depending on a country's fiscal position. An increasing number of countries have entered into PPPs to promote the private sector supply of infrastructure assets and infrastructure based services. Classification-JEL: H43, H54 Keywords: public-private partnerships, infrastructures, investments, public sector, private sector

 

pag. 62	E-education, information investors in people for relaunch economy Author:  DAVIDESCU Niculae
	Abstract: The paper addresses the issue of modern concepts of "e-education and e-learning", plus the models and the recovery of investment. The following are educational approach focusing on e-learning, using principles androgogic system E-learning, models for implementation of e-learning, plus a comparative analysis of standards and norms of global e-learning. Insertion peculiarities of international standards for e-learning(defining the standards and norms of international e-learning, the use of e-learning on the job market and the realization of e-learning focused on the correlation between strategic business objectives, infrastructure and evaluation system preparing staff). End of paper plays Six-Sigma methodology and the recovery of investment specific e-learning, the level of competence of the actors in the e-learning paradigm and implementation and benefits of online learning. Classification-JEL: I22, L86, O32 Keywords: e-education, web-based learning, open and distance learning, androgogic model of e-learning

 

pag. 68	Managerial analyses models in knowledge society Author:  LUPU Adrian
	Abstract Taking account of the actual economic conditions, the new dimensions of innovation, many factors are equally important in producing a position of success. The goal of much of business strategy is to achieve a sustainable competitive advantage that give a company an edge over its rivals and an ability to generate greater value for the firm and its shareholders. Competitive advantage is the result of a strategy capable of helping a firm to maintain and sustain a favourable market position. The more sustainable the competitive advantage is, the more difficult it is for competitors to neutralize the advantage. The goal of this article is to foreground a few of the most complex and pertinent typological approaches of managerial analyses, focuses on methods for strategic analyses of intern and extern environment. Classification-JEL:  M10, M21 Keywords: strategic analyses, competitive advantages, value chain, strategy

 

pag. 80	Globalization and the creation of the information society Author:  POPESCU DUDUIALĂ Lorena
	Abstract XXI Century must be a century of all the inhabitants of this planet, the full event, open and protected the human personality, the potential for work and intelligence of every citizen. It will be the century of the Information Society and Knowledge, in which information and knowledge will play a decisive role in the economic world of states, in shaping the construction and affirmation of each individual personality. This century will be those who will know how to adapt to new requirements of the Information Society, in which states and governments will need to ensure that their citizens be prepared to accept and to live in such a society. Starting from these basic options on the future of Romanian society, it must have the fundamental premise of these incontrovertible truths. Classification-JEL: F01, F15, F59 Keywords: globalization, information society, global economy, technical and technological revolution

 

pag. 84	Strategy elements of export improvement in agro-economy of Serbia Authors: MIHAILOVIÆ Branko,  SUBIÆ Jonel,  SIMONOVIÆ Zoran
	Abstract In forthcoming period, export organizations are going to face tougher competition, which will significantly influence on expectable export effects of their products. This factor must be counted on, and the only way to long-term neutralize the negative effects, based on insufficient competitiveness of domestic goods, is in constant efforts for competitiveness level increment of these products. That is to say, all reserves, primarily in the field of larger productivity and decreasing the production costs have to be engaged in this plan. That implies also certainly slower prices increment, as well as solutions regarding adequate export impulse and relief of export - oriented production, which would certainly help to react more efficient and faster to conditions on foreign market. Regarding comparative advantages, Serbia insufficiently uses even realistic natural possibilities for agricultural products production. Classification-JEL: Q12; Q16; Q17 Keywords: agro-economy, strategy, export, cooperation

 

pag.  93	The effectiveness of using intangible assets in order to decrease the costs of R & D for innovative SMEs for a research institute (INFOSIT) Authors: BĂNACU Cristian Silviu, DUNCA Victor, HaNCU Daniela, SĂSEANU Andreea, ALPOPI Cristina
	Abstract The paper deals with the ways how the intangible assets and other objects of intellectual property are identified and assessed at the Research Institute INFOSIT SA in order to participate at national, European and international research projects and for developing partnerships with innovative SMEs for business incubator activities. Classification-JEL:  O32, O34 Keywords: intangible assets, effectiveness of using intangible assets, partnerships research centres - SMEs

 

pag. 98	The magic of the century we live in. The supremacy of three bio factors and their impact on firms trading Authors: TĂNĂSOIU Georgiana Lavinia, ENEA Constanța
	Abstract Technology has come to be appreciated as key to the competitiveness of micro and macroeconomic level. Technological environment affecting business firms by increasing trade efficiency in making services and quality of services. Usually there should be no problems related to computer equipment or communications systems. Life of individuals and firms will be influenced increasingly more by biotechnology, bionic or biometrics. Today it put more emphasis on the development of biotechnology, whose future shows to be as extensive as in the case of information technology. Biotechnology also founded an alternative universe. Classification-JEL:  M20 Keywords: technology, biotechnology, bionic, biometrics, firms trading

 

pag. 105	Financial analysis of e-services investment projects in Romania Authors:  JANTEA Lorelai,  SACAL Bogdan , BaDESCU Adrian Victor
	Abstract Cost-benefit analysis is considered to be one of the most efficient tools in order to quantifiy the neccessity and oportunity of an investment project. The main advantage of this method is that it can be very easily applied in practical situations. Nevertheless using cost-benefit analysis has to take into account the specific elements of the analyzed project in order to draw the appropriate conclusions. Public e-services investment projects are a special type of investment projects that do not generate any incomes and are subject to non-reimbursable funding thorough existing financing programs. These particularities make for some adaptations to the classic cost-benefit analysis methodology. Classification-JEL:  L86, D61, H54 Keywords: cost-benefit analysis, public e-services, non-reimbursable funding

 

pag. 112	Aspects of the management of electronic public services - considerations on e-gov and the digital divide Authors: FRĂȚILĂ Laurențiu,  FRĂȚILĂ Romeo
	Abstract The paper relates to some newly introduced concepts in the practical and theoretical applications of the ITC technologies; all are related to an expected increase in the quality of the life of citizens and are vast consumers of tangible and intangible investments. The interest for the management at the domestic level comes from the need to prioritize resources, vast majority being publicly sustained. All that is pursued is the effective ways fi configure the usage of the ITC uses. The Electronic government (E-Gov) is the use of technology, particularly Web-based Internet applications, to enhance the access to and delivery of government information and services to citizens, business partners, employees, agencies, and other entities. E-Gov promises its government sponsors a powerful tool for improving processes and communicating with the rest of the world. Classification-JEL:  M15, M21, O33 Keywords: e-government, e-governance, digital divide, Internet, public services

 

pag. 123	Investment in education and professional advancement key elements in the development of society that is base on knowledge Authors: FRĂSINEANU Ioan, FRĂSINEANU Corina
	Abstract: The Human Resources field, through education and lifelong learning, represent the impetus of development in the knowledge-based society. The paper presents various measures related to possible European Social Fund investments in Romania between 2007 and 2013. Classification-JEL: I22, I28, J24 Keywords: knowledge-based society, education, lifelong learning

 

pag. 130	Values generating model in case of intellectual capital by new knowledge development Author: RAȚIU-SUCIU Camelia
	Abstract As knowledge becomes more efficient according to its utilization, the steps of a values generating model by new knowledge development, in case of intellectual capital,  are presented. The strategies of a training organization aiming at generating new information and knowledge are stated. Classification-JEL: M21, O34 Keywords: intellectual capital, training organization, innovation, creativity, network economy, new knowledge generation

 

pag. 133	Information management in healthcare organizations Authors: COLESCA Sofia Elena, DOBRICĂ Liliana
	Abstract The health care industry is currently experiencing numerous fundamental changes. Healthcare organizations (HCOs) are increasingly challenged to look at their operations and find new opportunities to reorganize their processes, in order to improve the efficiency and effectiveness of their services, reduce costs, be more competitive, and also provide high quality and more personalized patient care. This new business strategy requires HCOs to implement new Information and Communication Technologies, such as Internet applications, enterprise information systems, and mobile technologies, in order to achieve their desired business changes and results, mainly through better information management methods and techniques.  Based on these perspectives, this article aims to initially define and discuss the key challenges and opportunities for promoting high quality and cost effective care in HCOs. It describes the fundamental and important aspects of information management, as well as the technology drivers that aim to improve the generation and flow of health information within HCOs. Classification-JEL: I10, M15 Keywords: information technologies, management, healthcare organizations

 

pag. 139	Using simulation to evaluate investment projects Author: LUBAN Florica
	Abstract The goal of this paper is to show how the system dynamics simulation can be applied to incorporate in the evaluation process of various investment projects the interactions between market demand and financial health of the firm. Through simulation, a more accurate representation of the variability and uncertainty of business proposals or strategies can be obtained. Classification-JEL: C15, C63, E22, E37, D81, D92 Keywords: simulation, system dynamic, investment decision

 

pag. 145	Economic financial analyses - a way to determinate the corporate lifecycle in distribution companies Author: LUPU Felicia Adriana
	Abstract Distributions Companies .have a lifecycle and undergo very predictable and repetitive patterns of behaviour as they grow and develop. At each new stage of development an organization is faced with a unique set of challenges. How well or poorly management addresses these challenges, and leads a healthy transition from one stage to the next, has a significant impact on the success or failure of their organization. The aim of this article is to find out which are the representative indicators which provide information in this matte, considering the specific of this companies. Classification-JEL:  M10,  M21, M49 Keywords: lifecycle, economic-financial analyses, phases of the lifecycle, economics indicators

 

pag. 153	Strategies based on the quantitative global analysis of the concurrent position function Author: ȘTEFĂNESCU Roxana
	Abstract The paper shows an original model describing in mathematical language the way in which the concurrent position of the product considered varies in time [0,T]. The model starts from Arthur D. Little model consisting of a qualitative analysis of the various activities of the company depending on the maturity of the business scope and the position among the competitors of the company in its business scope. Classification-JEL: C65, M21 Keywords: concurrent position, illusory area, unacceptable area, natural development area

 

pag. 159	Analysis of the Romanian biofuels industry under the current economic conditions using PESTEL Author: OLTEANU Alin Paul
	Abstract Biofuels worldwide recorded considerable growth rates over the last years, making them one of the most flourishing young industries. The biofuels industry within the EU27 focused on the production of biodiesel, which is the equivalent of the regular fossil diesel. Main drivers, which led to this development, were a favorable legislative framework promoted by the EU, which was translated by each EU member state through excise tax exemptions and obligatory fuel blending levels, and higher production levels of oilseeds, the main raw material for biofuel production.  Based on the favorable context within the EU and its agricultural potential Romania could increase both its internal consumption of biodiesel and become a net exporter of biofuel to other EU countries. A thorough analysis of the current market conditions in the European and Romanian economy, and in the biofuel market specifically, is a requirement for the long term sustainability of Romanian investments in biofuels. This study aims at providing a basis for identifying the risk factors, faced by investment projects in Romanian biofuels, using the PESTEL analysis tool. Classification-JEL: Q42, Q57 Keywords: biofuels, biodiesel, sustainable biodiesel production, PESTEL

 

pag. 168	EVA - Advanced method for performance evaluation in banks Authors:  POPA Gabriela,  MIHĂILESCU Laurențiu, CARAGEA Codin
	Abstract EVA (Economic Valued Added) is a modern financial measurement tool that determines if a business is earning more than its true cost of capital. Including a cost for the use of equity capital sets EVA apart from more popular measures of bank performance, such as return on assets (ROA), return on equity (ROE), net banking income and the efficiency ratio, which do not consider the cost of equity capital employed. As a result, these measures may suggest a bank is performing well, when in fact it may be diminishing its value to its shareholders. EVA is a tool that focuses on maximizing shareholder wealth. EVA is an appropriate tool for motivation system and in this way it motivates managers to think like owners; and provides a common language within the corporate culture. The EVA application in banks is relatively new (it started to be implemented in U.S. in 1994) and is not as well known as other measures of bank performance. As in the Romanian Banking system this measurement method is not familiar or used, the purpose of this study is to introduce EVA and its advantages compared to other performance indicators and based on this study to try to implement it in one of the Romanian banks. Classification-JEL: G21, G31, G32, M21, M41, O31 Keywords: performance measures, EVA, shareholder value, banks, motivation system

 

pag. 174	Successful brands or key to any company's success Author: POPESCU Ruxandra Irina
	Abstract ''Some consumers would walk a mile just to find Camel cigarettes and would wait in line for hours to buy a Swatch. Others are attached to their cars or motorcycles, while teenagers spend hours and hours talking about hip clothing brands'' (Schroeder & Salzer-Morling, 2006). The subsequent question is: are these people victims of manipulation, publicity or are they simply people who love symbols? Chevalier and Mazzalovo (2004)  claim that a brand does not represent manipulation, that consumers choose certain brands as they see them as the best on the market. Classification-JEL: M31 Keywords: brand, marketing, global brands' value, consumers

 

pag. 180	Market structure and economic transition in the Baltic Republics Authors: WADSWORTH Frank, WHEAT Jerry, WHEAT Jerry
	Abstract Each of the four countries analyzed in this study has gone through a transition period since the fall of the Soviet Union in the early 1990's.  Each has tried different strategies to change their economies and each has different results. The purpose of this paper is to explore and compare the market structure of the four countries 10 years the after transition started. The data for the study comes from the Business Environment and Economic Performance study (BEEPS) 2002 sponsored by the World Bank. While the BEEPS data does not allow us to analyze the effectiveness of the different strategies employed, the data does allow us to compare 2002 market structures and thus the results of the transition. Classification-JEL: D40, P30, R10 Keywords: market structure, economic transition, Baltic Republics, BEEPS study

 

pag. 190	Substantiating the managerial decision regarding the introduction of an investment process in a rent a car company Author: URSĂCESCU Minodora
	Abstract The more and more complex economic phenomena, which appear on worldwide and national level, impose the use of some software products, capable to assist the decision factor in adopting some optimal decisions. Such software products are characterized by the use of a very complex economic-mathematical device, by means of which a series of real phenomena which generate a decision problem within the organization's framework can be formalized. The present article intends to approach a decisional situation confronted in a certain moment by a managerial team of a company which works on the renting cars national market. The decision problem consists in establishing the optimal structure of the car park, which the company intends to acquire by introducing an investment process, in terms of satisfying an optimization criterion, resulted from the general strategy of the company. Classification-JEL: M31 Keywords: rent a car service, influence factors, linear optimization model

 

pag. 198	The self-adaptable energetic amplificator coeficient of the human personality, performance indicator in the investment eficiency evaluation Author:  PĂUNESCU (NICOLESCU) Ramona Camelia
	Abstract This article proposes to bring to the specialists' attention to the necessity of a redefinition of some concepts and the introduction of new concepts, so that to be ensured a sharp, coherent and interdisciplinary   understanding of any organisation as a natural system with complex self regulation. In the accessed present literature it isn't treated the property of the holder of the post as self-adaptable energetic amplificator, either criteria of the efficiency investment evaluation, neither of the education efficiency. The self-adaptable energetic amplificator coeficient of the human personality (of the post holder) on the direct curle is a new indicator, which could help the educational manager to develope the evaluation of the investment efficiency in modern educational technologies (besides other consacrated indicators), and the economical manager to use efficiently the energetic potential of each employer. Classification-JEL: M21, I22 Keywords: system, intellectual energy, human interpreter of information, investment efficiency, self-adaptable energetic amplificatory coefficient

 

pag. 204	The importance of investment decision in enterprise management Author: CUCU Virginia
	Abstract The management of a company must fulfill at least two essential conditions in order to achieve the goal of maximizing the market value of the company: efficiently using the existent resources and the opportunity of increasing or decreasing the capital stock. The second condition implies a complex decision called the investment process or the programming of the investment or the financing of the capital. Any of these terms refer to the process of the expenses programming whose effects are estimated to be obtained in a period longer that a year. Classification-JEL: D81, D92, G11, G31 Keywords:  decision, investment, strategy, profitability, risk

 

pag. 211	Considerations about implementation of the Waste Electric and Electronic Equipment Directive in Romania Authors: CIOCOIU Nadia, DOBREA Cătălin, TaRȚIU Valentina
	Abstract Electric and Electronic Equipment Waste Management has become in the last years one of the most important concerns all over the world regarding environmental protection. For Romania, as for the other countries, members of the European Union, this concern has been intensified by the necessity of alignment to the European directives regarding electric and electronic equipment waste management, especially to the Directive 2002/96/CE. Although the waste quantities collected until now are far away from the goal proposed by EU, progresses have been made in what regards the implementation of an appropriate management system in Romania. This study presents the principal aspects with which European countries confront in implementing this directive and analyses the situation of Romania regarding the stage reached until now but also the main problems appeared during the last years. The paper is the result of the research in project ''Modeling the Waste Management System for Electrical and Electronic Equipment in Romania in Order to Optimize the Environmental Impact of the Digital Economy'', code ID_1834, director Nadia Ciocoiu. Classification-JEL: Q53, Q58 Keywords: Waste Electrical and Electronic Equipment (WEEE), Directive 2002/96/CE, consumer behavior, collecting, recycling

 

pag. 220	The agro-ecologic products, a new direction for the capital investments Author:  BOTEZATU Mihai
	Abstract One of the biggest problems facing humanity today is the nourishment problem and not as food seen in terms of quantity but especially in terms of quality. Quality of food in general we can say that it is in direct line with the quality of life. A significant part of the world's population lives loses annually due the consumption of non-food products that are based on their production of numerous chemicals, fertilizers, improper chemical, food additives and food colorings improper. All these things have made the world to wake up and notice that in order to prolong life expectancy is necessary to take urgent measures to improve on the technology of production of agricultural raw materials both animal and vegetable. Addressing this goal, however, involves the investment capital that will finally be materialized in obtaining products mentioned in another scheme, namely the environmental. This article tries to point the main problems faced by capital investment in this area, the investments also extremely necessary. A separate part of communication is devoted to the presentation of possible sources of investment among which are not lacking some possible sources on the capital market for financing such investments. Classification-JEL: Q16, Q18, Q57 Keywords: organic food, investments, ecologic technologies, shares, bonds

 

pag. 227	The impact of the bank credits on the sustainable development of the real sector in the Republic of Moldova Authors:  CIOBU Stela, PaRȚACHI Ileana
	Abstract The reformation and consolidation of the credit system is one of the factors that can stimulate national economic growth. In this context, the presentation is emphasizing the problems and proposals referring to the consolidation and sustainable development of the real sector through the bank credits. As well, it remarks the possibilities of decentralization of the national credit system, through the diversification of the types of credit institutions and financial products, both in urban and rural areas that could cover the financial necessities of all branches and spheres of the national economy. Classification-JEL: E50, O23 Keywords: bank credits, real sector, interest rate, sustainable development, bad credits, volume of credits

 

pag. 234	Romanian entrepreneurial environment, key aspect in investment decision Authors:  NICOLESCU Ciprian, CEPTUREANU Eduard
	Abstract The entrepreneurial environment in Romania is a big still unexploited asset for the European Union but a change in its perception can be noticed. With a population of 21,7 millions, Romania is one of the largest countries accepted in EU and provide important business opportunities for both local and international investors. But how are seen this issues by local entrepreneurs?. Classification-JEL:  F21; G11; L26 Keywords: entrepreneurial environment, SMEs, Romania

 

pag. 240	The influence of international economic crisis to Romanian foreign direct investments Authors: MUNTEANU Sebastian Mădălin, TUDOR Eugeniu
	Abstract The article focuses on the role of direct foreign investments in modernizing the economies in transition, the impact of these investments in changing the specialization type and increasing the exportation potential, all within the context of the current financial crisis experienced at world level. Simultaneously, the article analyzes and explains the paradoxical situation according to which the direct foreign investments for the first two months of 2009 have been bigger than for the same period of 2008, despite the unfavorable financial context. Taking into consideration the current transformations in Romania, the foreign investments role is to be analyzed both from the perspective of doctrinarian and economic world developments and in relation with the internal economical, social and political reforms. The foreign investment conditions and effects are widely ramified, thus their analysis automatically leads to an approach of the entire economic development system, both at national and international level. We aim to analyze the two stages of direct foreign investments, the one in which the said investments positively contribute to the beneficiary country's balance of payment and the one in which the said investments are to be repatriated as dividends in the investor companies mother-countries. Classification-JEL: D92 Keywords: direct foreign investments, financial crisis, current account deficit

 

pag. 246	„End of pipe'' clean metallurgic technologies Author:  CUCULEANU Georgeta
	Abstract In the paper the use of ''end of pipe'' clean technologies for steel making in oxygen converter are presented. The exhaust gases resulted from steel making process contain dust, smoke and oxides as pollutants. For restraining them electric filter or washers are used. The washer can be scrubbers and/or multitube Venturi. The equipment in which the pollutants are restrained depends on the oxygen blast into the converter: when the blast is done from up to down through a spear the electric filter is used, but when the blast is done from down to up through bottom of the converter the washers are used. Classification-JEL: A20, O30, D50, E22 Keywords: electric filter, blast, converter, washers, dust, steel

 

pag. 251	Organizational stress management Authors:  DIMITRIU CARACOTA Maria, MITOVSKI Andrea
	Abstract There are plenty of general problems that people at work worry about - increasing job competition, globalization, terrorism, annual appraisals, financial crisis, even new technology. Beside these, employees are put under pressure to meet sales targets, attend meetings on time, fit in with changes in organization by learning and following up new procedures. All these can result different levels of stress. Nowadays, working stress is the fastest growing cause of absence from work. Inefficient management, lack of decision-making by management, excessive working hours, uncertainty as to future employment prospects and the pressure of the job are some of the causes of stress described by employees. Therefore, employers should consider organizational stress as a serious problem and they must take measures to prevent employees suffering stress arising from their work. It can negatively influence the productivity and competitiveness of the organization, and can also increase health insurance costs. Classification-JEL:  J28, J81, M12, M54 Keywords: Stress Management, Organizational Stress, Total Working System

 

pag. 261	Components of public health system, decisive vectors in its efficiency Authors: CICEA Claudiu, PiRLOGEA Corina
	Abstract The present work tries to indicate the role of the most important institutions, components of the public health system in Romania: Ministry of Public Health, National House of Health Insurance, College of Physicians, College of Pharmaceutical chemists, Association of patients and The National Medicines Agency. These ones, functioning as power centers, are influencing the structure and the efficiency of the sanitary system. Classification-JEL: I10, I18, I19 Keywords: Ministry of Public Health, National House of Health Insurance, physicians, pharmaceutical chemists, Association of patients, National Medicines Agency