pag. 223	The Performance and Efficiency of Islamic Banking in South Asian Countries Author: Muhammad IRFAN, Yasir MAJEED, Khalid ZAMAN
	Abstract The objective of this study is to estimate and analyze the Islamic banks efficiency in South Asian Countries. The study sample consists of four countries i.e. Pakistan, Iran, Brunei and Bangladesh for being similar legal, social and economic framework for Islamic banking systems. Stochastic frontier approach is used to estimate the performance through input and output method for the period of 2004 to 2011. Results demonstrate that Islamic banking is efficient about 98.19% with respect to return on asset ratio; with respect to return on equity ratio is about 91.4% and 77.03% with respect to net profit ratio. As per the efficiency-ranking measurement, Brunei stands at top followed by Pakistan, Iran and Bangladesh among the South Asian countries. JEL Classification: G21 Keywords: Bank’s performance indicators, Islamic Banks, Stochastic frontier analysis, South Asian Countries.

 

pag. 238	Innovative Way of Optimizing the Manufacturing Processes on Parallel Production Lines in SME Authors: George Cristian GRUIA, Michal KAVAN
	Abstract The goal of the paper is to present a new way for scheduling the processes within and not limited to manufacturing companies. The aim of the paper is to offer the management of SMEs a revolutionary way for increasing the company’s productivity using a better planning and usage of the available resources. Author’s sequencing rules are presented together with their implementation methodologies and then are put to work into a Romanian middle size manufacturing company. Obtained data is statistically worked and conclusions are drawn. The paper is part of the authors’ yet not published work and represents partial results of their research in the field of Operational and Supply Chain Management. JEL Classification: L23, M11, O14, O32, L15. Keywords: analysis, optimization, resource, SME, quality.

 

pag. 248	Increasing the Sustainability of Museums through International Strategy Author: Izabela Luiza POP, Anca BORZA
	Abstract Museums use resources in order to provide public goods and services. The most important sources of income for many museums are budgetary subsidies. Unfortunately, these grants are limited and shrinking. In this context, during the last years the need for sustainable development of museums was stressed. In order to continue to operate, museums were forced to find ways of increasing their own income and keeping their costs under control. Thus museums have begun to use management and marketing strategies similar to those used by private companies. This paper examines the positive effects of international strategy implementation on museums’ sustainability. The first part of the paper explains why it is necessary to reform the traditional management of museums, which its main development directions are, what the sustainable development of museums is and why they should become sustainable. In the second part our research conducted on three museums (Guggenheim, Louvre, Hermitage) shows that international expansion helps museums to increase their sustainability. The international strategy enables museums to increase their revenue, through licensing agreements, reduce their storage costs, highlight their heritage, improve their market image and be closer to consumers. Thus, through a strategy applied until recently only in the private sector, museums can improve their sustainability, but also better fulfill their purpose of serving the society. JEL Classification: F63, L32, L82, L83, M16, O10, O19, Q01, Z1 Keywords: sustainable development, expansion, museums, licensing, international strategy

 

pag. 265	The Impact of Risks in Supply Chain on Organizational Performances: Evidence from Romania Author: Gyula Laszlo FLORIAN, Alexandru CONSTANGIOARA
	Abstract The proposed empirical research uses a national sample of 64 Romanian companies from various industries to document the relationship between organizational performances and risks in the context of Romanian supply chains. Empirical findings show that a supply chain risk management strategy successfully mitigates the negative consequences of risks. Our research underlines the changes necessary to maximize the benefits of supply chain integration. To extend the knowledge in this area our research is interdisciplinary, using a structural approach to model the determinants of organizational performances in supply chains and to measure the complex relationships among risks in supply chains and different facets of organizational performances in the context of Romanian supply chains. JEL Classification:  C35, C54, M10 Keywords: supply chain risks management, organizational performances, structural equations.

 

pag. 276	External CSR Communication in a Strategic Approach Author: Diana Corina GLIGOR-CIMPOIERU, Valentin Partenie MUNTEANU
	Abstract As part of a strategic approach, aimed at assuring mutual benefits for the social cause and the business organization, a good CSR - Corporate Social Responsibility communication is vital for the success of a CSR program. We argue that there is not a problem with the legitimacy of the CSR concept, but rather to its implementation. If a business organization implementing socially responsible initiatives is focusing only on reaping the image benefits from a simple public relations perspective, then it loses all the potential business benefits it could gain from a strategic approach focused on long term real results in a win-win perspective. The fact that the image benefit is one of the most important incentives that a business organization could obtain for engaging in CSR activities cannot be ignored, and that is the reason why we have chosen to analyse the topic of CSR communication, mainly external communication, as an important link in the process of implementing a CSR program, that plays an important part for the success of a CSR program. The approach on CSR communication should definitely be a strategic one, and long already common forms of external CSR communication like web pages or CSR annual reports new means of social media networks have an increasing importance. For the practical part of the paper, we were interested in analyzing how much of the external CSR communication in the Romanian business environment is oriented toward a traditional or a strategic approach. JEL Classification: L14, M14 Keywords: corporate social responsibility, CSR traditional approach CSR, CSR strategic approach, CSR communication, channels of communication

 

pag. 290	High Performance Activity Practices in Small Firms in Romania Authors: Gabriela ŢUŢUEANU, Elena Claudia ŞERBAN
	Abstract High performance activity practices (HPAPs) are human resource management activities aimed at stimulating employee and organisational performance. The application of HPAPs is not widespread in small organisations. We examine whether the implementation of coherent bundles of HPAPs (aimed at employee ability, employee motivation or at theopportunity to perform) depends on the scarcity of resources, as reflected in the size of the company, and on strategic decision-making in small firms related to the owner’s expertise and attitudes. In our research, a total of 224 employees from 50 small organisations were asked to rate the presence of HPAPs in their organisation. These averaged perceptions were linked to information provided by the owner–managers on the size of their firm and their own expertise and attitudes. The findings support that smaller but coherent bundles of HPAPs can be found in small organisations and that the implementation of these bundles depends on available resources, strategic decision-making and the combination of the two. These findings highlight the need to integrate the notions of resource poverty and strategic decision-making to understand the uptake of bundles of HPAPs within small firms. JEL Classification: D2 Keywords: Available resources, organizational performance, performance activity practices, strategic decision-making.

 

pag. 304	Catastrophe Bonds. From Structure to Strategy – A Cluster Analysis at European Level Author:  Laura-Gabriela CONSTANTIN
	Abstract As a core activity and discipline of corporate management and corporate governance, risk management is, especially nowadays, a central part in pursuing the sustainable development desiderates, both from the perspective of the firm and of the society as a whole. Considering the negative impact natural catastrophes have on the companies’ and countries’ competitiveness, the development of sustainable financial products that make a contribution to transferring the risk and allocating the capital in case of disasters stands for a continual preoccupation, especially for the (re)insurance industry, while the study of catastrophe bonds – insurance-linked securities – is of interest in the specialized literature. In this context, the scope of the present research is to expand the empirical studies within this field while examining the link between the structure of the catastrophe bonds and the risk management approach employed while accessing the capital markets through this transactions. The methodology entailed clustering a selection of transactions developed by European cedents based on the size of each issue and correlating the results with an innovative score, developed to encompass several important catastrophe bonds structural components. The findings reflect that the general structural elements of the financial transactions reflect closely the corporate approach regarding the innovative risk intermediation instruments for the examined catastrophe bonds deals. The outcomes also emphasize, as expected, that companies with a stronger presence on this market seem to have a more sophisticated risk management approach. JEL Classification: C38, G32, G22, Q1 Keywords: catastrophe (cat) bond, cluster analysis, risk management, sustainable development.

 

pag. 318	Customer Oriented System of Values Research Authors: Teodora ROMAN, Adriana MANOLICĂ, Laura GONDOR
	Abstract There is a wind of change in the past few years in the business environment regarding the customer value perspectives. This paper delivers a framework that entails the value creation development. Academics and business practitioners are interested in defining the concept of value and, more clearly, customer value. The objective met by the system of values in a company is to create principles that deliver the image of company internally and externally. It is about what the employees should know and what the customer should feel or see related to that company. It is very important from the point of view of competition in the market. The purpose of this study is to analyze and characterize through an econometric model the importance of customer oriented system of value in the companies from Iasi through a defined database. Identification of subgroups within the database could help elucidate trends and facilitate future model value building. The main objective is to reveal if the companies from Iasi have a stated or applied system of value and which is the place of customer-oriented value occupies in any system of value from the companies from Iasi. The foundations of the projects ensure that the design is conducted effectively and efficiently. Findings can be used as recommendations for the firms in Iasi because this paper considers and quantifies how the system of value of an organization is addressed and its importance in the context of the companies of Iasi County. JEL Classification: M12, M14, M19, M39 Keywords: customer-oriented value, organisational culture, system of values.

  

pag. 325	Marketing Management Relational Approaches Focused on Consumer’s and Customer’s Needs and Desires Author: Gheorghe MINCULETE, Maria-Ana CHISEGA-NEGRILĂ
	Abstract Currently, because of the evolution in the knowledge-based society, the marketing reveals another dimension, the one of relational marketing, which represents the special relationship established between the company and its consumers, with win-win advantages over a long period. In these circumstances, the managerial approach of marketing has new connotations for a more efficient managerial approach of the new national and international business environment. Within the marketing management process of a company, consumers or customers play a very critical role as these are the people who finally buy the goods and services of the organization, and the firm is always on the move to make them buy so as to earn revenue. This article presents the managerial approach of marketing management concept toward the strategic planning of a company and the marketing planning focused on needs and desires of consumers and customers. Therefore, consumers are the beneficiaries of the general and marketing strategy of the company while customers are those who respond to the loyalty process established by the firm. In this context, the purpose of this analysis is to highlight the strategic planning process of a company by integrating the strategic and operational marketing. In addition, we also consider important the issues related to Michael Porter’s generic strategies, which are thus presented in the context of relational knowledge within the process of marketing management. All these approaches are related to winning customers’ loyalty and obviously to customers' value that determines the company to achieve a value chain in the business process. Hence, the consumers and customers are the most important people for any organization. They are the resources which trigger the success of the business. JEL Classification: L11, L 26, M21, M31, M53 Keywords: marketing management, strategic planning, marketing planning, customers` value, value chain.