pag. 277	Generation Y: Views on Entrepreneurship Author: Alina Daniela MIHALCEA, Andreea MITAN, Alexandra VITELAR
	Abstract Today's generation is described to be born for entrepreneurship but with the development of the online medium, new meaning to entrepreneurship is brought. The youngest generation also referred to as ''digitally native'' is inclined to use technology and the Internet in every aspect of their life, including their professional one. Following this line of thought, this paper's aim is to discover whether the Gen Y is, indeed, oriented towards entrepreneurship and whether they are more inclined to start an online business. Thus, by conducting a quantitative study among young students we are focusing on discovering the Gen Y's reasons for starting their own businesses, the obstacles they fear they might face, and the financial resources they consider and also reveal the qualities they believe they should possess in order to become successful entrepreneurs. JEL Classification: L26, L81, M13 Keywords: e-business, entrepreneurship, Generation Y

 

pag. 288	Collaborative Networks Development Based on the Convergence of Strategic Axes for Increasing Competitiveness Authors: Marian NASTASE, Alexandru ROJA
	Abstract The emergence and development of collaborative networks can be analyzed from different perspectives and different levels of complexity. Collaborative networks are formed and developed as a result of the strategic axes for increasing competitiveness. The dynamics and complexity of the business environment led to the innovation of business models and to the identification of new ways to capitalize the organizational potential. The main objective behind the emergence of collaborative networks is to capitalize on the organizational potential through collaboration. Organizational progress and economic development can be achieved through innovation, knowledge and transfer of knowledge and by making the best use o JEL Classification: M10, M19, P13    Keywords: strategy, collaborative networks, innovation, entrepreneurship, competitiveness

 

pag. 297	Conceptual Relationship between Information and Communication Technologies and Competitive Intelligence Activities Author: Ramona-Mihaela MATEI, Ioan RADU
	Abstract This paper aims to describe the conceptual relationship between information and communication technologies (ICT) and competitive intelligence (CI) by emphasizing the role of ICT in support of knowledge processes specific activities relevant to the viability of the organization. Assessing the value and role of ICT to support CI activities requires an understanding of the relationship between the two. This study argues that starting from either the ICT or CI side to this relationship and linking to the other, as most studies do, cannot secure a fully adequate conception of ICT's value and role to CI. In such context the challenge is to find an appropriate approach in the relationship itself and use it as a possible pattern for developing an understanding of both ICT and CI. For this reason, the paper starts with a brief overview of CI function and continues with a review of the possible uses of ICT in the activities of intelligence. The third section of the study aims to analyze the relationship between ICT applications and CI function. Finally, this study describes a number of problems identified in the use of ICT applications to support intelligence activities within organizations and also it discusses possible solutions to resolve these deficiencies. JEL Classification: D80, M10, M15, O30 Keywords: competitive intelligence, information and communication technologies, intelligence, competitiveness, information

 

pag. 308	Macroeconomic Indicators Used to Study the Efficiency of Investments in Renewable Energy Field Author: Corina PIRLOGEA, Ion POPA, Corina FRASINEANU
	Abstract This paper aims to analyze the main indicators used to express the efficiency of renewable energy investments at macroeconomic level. Based on three econometric models, we present the calculation method of these indicators, along with interpretation. In the study are included countries with very high and high human development, member states of the European Union. Results indicate that all countries have a good economic efficiency of investments in renewable energy, but low social efficiency. As for the environmental efficiency of renewable investments, the findings reveal that only six European countries manage to direct their efforts to mitigate carbon dioxide emissions and in this way to have a high environmental efficiency of investments. JEL Classification:  C50, C82, E22, O13, O52, Q40, Q43 Keywords: renewable energy investments, economic efficiency, ecological efficiency, social efficiency.

 

pag. 316	Evaluating the Socio-Economic Efficiency of Sport Activities at Macro-Systemic Level in Romania Author: Sebastian Madalin MUNTEANU
	Abstract The importance of sport activities for the sustainable developed of different nations is one topic of practical significance in nowadays life. In this line of thinking, trying to fill the gap in the specialized literature, the aim of this research is to present a specific methodology and a set of dedicated indicators for quantifying the macro-systemic efficiency of sport activities in Romania, considering the fundamental economic and social role that sports have. Therefore, the empirical analysis for evaluating the macro-systemic efficiency of sport activities in Romania is based on the following series of specific indicators: number of legitimated athletes to 100,000 inhabitants; GDP per athlete capita; elasticity of GDP according to the expenditures allocated for sport activities. (Munteanu, 2011) The links between these indicators and the corresponding implications are deeply analyzed in the paper. JEL Classification: L83, D61 Keywords: Elasticity coefficient, Legitimated athlete, Sport efficiency, Sport federation, State expenditure for sport.

 

pag. 327	Investor's Commitment Bias and Escalation of Firm's Investment Decision Authors: Fadhila HAMZA, Anis JARBOUI
	Abstract This study examines the reasons of perseverance in firm's investment decision. It shows the possible influence of three closely related features which are: firm's financial indicators, investor's risk profile, and investor's commitment bias, on a firm's investment decisions escalation. This study aims to provide evidence as to whether investor considers the financial and risk's perception features (financial strength and risk profile) to persevere his initial investment decision while he notes a high level of commitment bias. The proposed model of this paper uses GLM univariate data analyses to examine this relationship. Investor's risk profile and his commitment bias have been measured by means of a questionnaire comprising several items. As for the selected sample, it has been composed of some 360 Tunisian individual investors. Our results have revealed that investors pay more attention to keep their psychology comfort than their financial comfort. It exposed the importance of the investor's commitment bias and its risk perception in explaining investment decision escalation. Moreover results shows that there is strong and significant empirical relationship linking the escalatory behavior in investment decision and the interaction effects between the three independent variables. This means that, in practice, investors consider the three factors simultaneously. JEL Classification: D2, G3, L2, L5, M1 Keywords: commitment bias, escalatory behavior, investor's risk profile, firm's financial strength indicator, investment level.

 

pag. 346	Industry Risk: Main Factor of the Investment Decision Sustainability Author:  Felicia Alina DINU
	Abstract Organizations are veritable decision machines, whose performance depends significantly on the management optimization methods. Today, the business environment characterized by continuous, rapidly and unpredictable changes, require complex approaches on investment decision substantiation. One of the actual decision making challenges aims the development of a sustainable organizational management. This paper analyzes the sensitivity of investments sustainability on industry risk value. The Romanian SMEs empirical study highlights significant influences of the business area risk on management decisions sustainability. JEL Classification: M14, C12 Keywords: industry risk, investment, model, sustainability, SMEs.

 

pag. 354	Techniques and Simulation Models in Risk Management Authors: Mirela GHEORGHE
	Abstract In the present paper, the scientific approach of the research starts from the theoretical framework of the simulation concept and then continues in the setting of the practical reality, thus providing simulation models for a broad range of inherent risks specific to any organization and simulation of those models, using the informatics instrument @Risk (Palisade). The reason behind this research lies in the need for simulation models that will allow the person in charge with decision taking inside the field of risk management to adopt new corporate strategies which will answer their current needs. The results of the research are represented by two simulation models specific to risk management. The first model follows the net profit simulation as well as simulating the impact that could be generated by a series of inherent risk factors such as losing some important colleagues, a drop in selling prices, a drop in sales volume, retrofitting, and so on. The second simulation model is associated to the IT field, through the analysis of 10 informatics threats, in order to evaluate the potential financial loss. JEL Classification: C15, G17, M21 Keywords: Monte Carlo simulation method, risk management, simulation

  

pag. 363	Performance Measurements, Critical Facts to Business Growth - Exemplification on Automotive Industry Author: Ilinca HOTARAN, Andreea Ileana ZAMFIR
	Abstract An important consideration in the process of modeling business processes is that in order to improve, you must define the current state of work. Accordingly, the general argument for business growth based on performance measurement is that in order to improve the process in the future, you must know how activities are conducted in the present. The article presents the key elements of performance measurements in relation to business growth, taking also into account main challenges and obstacles. The author based the research upon a larger study of increasing performance, developed inside four companies from an extended supply chain in automotive industry, relating the theoretical discoveries in the field with the real business experience. JEL Classification: M20, O1 Keywords: performance, measurements, processes, automotive industry

 

pag. 371	Transaction Costs and Economic Performance: An Institutional Approach Author: Cosmin MARINESCU
	Abstract The institutional arrangements, such as the property private order, market, law and other social institutions, governance, cannot function without certain costs. Such costs are not generally or necessarily measurable, but their identification helps understanding how the economic activity is organised and, therefore, appropriately explaining its performances. The study illustrates the fundamental theoretical research on the issue of transaction costs, as reflected in the institutional analysis entitled ''Transaction Costs Economics''. The inherent connection between the transaction costs and the entrepreneurial activity indicates the need to restate and extend the neoclassical approach. The argument calls up the institutional context of the property rights, which are in fact decisive for the manifestation of entrepreneurship. The restatement of the approach relates to knowing the fact that the property rights and the transaction costs influence the entrepreneurial activity and, therefore, the overall economic performances. JEL Classification:  B52, D23, O43 Keywords: Economic Performance, Institutions, Property Rights Transaction Cost.

 

pag. 380	Evaluation of the Impact of State Business Relationship on the Economic Growth of Togo Authors:  Somiyabalo BATCHA
	Abstract The lack of adequate business-led development policy is negatively affecting the development of free entry into more profitable business in Togo. Thus, this is negatively affecting the external competitiveness of the country. This paper before evaluating the correlation between State Business Relationship (SBR) and Gross Domestic Product (GDP) has investigated and explored the weaknesses in the business environment of Togo. This research has developed a formula for the calculation of SBR index and investigated the relationship between SBR and GDP by using Eviews version 6. This research finds that SBR is significantly contributing to GDP, hence strongly contributing to growth in Togo from 1960 to 2010. However, poor governance, administration deficiencies, bad state of infrastructure are the primary factors constraining business in Togo. Thus this requires the formulation of good institutional framework to facilitate free entry into more profitable business to enhance the development of Togo. JEL Classification: A11, E2, E3, M21 Keywords: state business relationship index, gross domestic product, business environment.

 

pag. 392	The Evaluation of US and Latin America's Corporate Governance Standards after Global Crisis Authors: Tran Ngoc Huy DINH
	Abstract There are many analytical papers and researches done in the field of examining and analyzing consequences of the Sarbanes Oxley Act (2002) and some done in the corporate governance in some Latin American countries. This paper chooses a different approach. First, it selects The US, Brazil and Chile, which represents for Latin American countries, as three (3) American countries to analyze their best suitable policies and corporate governance practices, in consideration of factors after crisis and scandals. Second, it aims to build a selected comparative set of standards for corporate governance system in the US and representative Latin American countries. Last but not least, this paper illustrates corporate governance standards that it might give proper recommendations to relevant governments and institutions in re-evaluating their current ones. JEL Classification: G00, G3, G30 Keywords: corporate governance standards, board structure, code of best practice, financial crisis, corporate scandals

 

pag. 412	Curriculum, Administrative Easiness, Educational Pricing for the Programme Enrollment Intention: A Case from a Private Higher Education Institution in Malaysia Authors: Dazmin DAUD, Dominic WONG, Wai Kee HO, Jasmine LAU
	Abstract Selecting a Higher Education Institution (HEI) is getting more challenging nowadays as there are many higher learning institutions in Malaysia. This paper is to discuss and find out main factors in Programme Enrollment Intention (PEI) for tertiary level students in independent variables of curriculum, administrative easiness and pricing. Regression analysis was used to study the causal relationship between PEI and independent variables. The findings indicate that curriculum and administrative easiness are two factors that have significant influence towards PEI. Discussion and limitations of the study are also discussed. JEL Classification: M10 Keywords: Programme Enrollment Intention, curriculum, administrative easiness, pricing, private higher education institutions

 

pag. 423	Premises and Challenges of Entrepreneurship in Romanian Rural Areas Author: Raluca IGNAT
	Abstract The rural inhabitants need to face and survive structural changes in rural economy and, thus, to become more market oriented. Traditions and old skills were somehow lost and new activities were approached. In order to reach them, public policy intervened and supported several types of activities. The public authorities demand Romanian inhabitants from rural areas to be truly competitive in a fully shacked economy. Therefore, the research question is: what are the premises and challenges that Romanian inhabitants from rural areas confront to? Entrepreneurial skills of Romanians in rural areas are a matter of national interest. The problem of entrepreneurships has, at least, two meanings in the present paper: the premises and challenges of the free manifestation of private initiative and the importance of this manifestation for national economy. The approach is pragmatic, for public policy. The main objectives of the research are: to identify the premises and challenges of the entrepreneurship in Romanian rural areas and to elaborate relevant solution for public policy in order to conduct to robust rural economy as a result of entrepreneurial expression. Therefore, next financial plan of the Romanian national Rural Development Programme 2014-2020 needs to take into consideration the premises and challenges of entrepreneurship, as this is the only pertinent solution for added value creation in rural economy. And the strategic approach is to define the future profile of Romanian rural inhabitant. JEL Classification: O13, O18, O52, R11 Keywords: entrepreneurship, motivating factors, quality of life, rural development, public policies