ECONOMIA. Seria MANAGEMENT

Volume 16, Issue 2, 2013

 

 

Summary

 

 

pag. 208

 

Employee Engagement: A Literature Review

Author: Dharmendra MEHTA, Naveen K. MEHTA

Abstract

Motivated and engaged employees tend to contribute more in terms of organizational productivity and support in maintaining a higher commitment level leading to the higher customer satisfaction. Employees Engagement permeates across the employee-customer boundary, where revenue, corporate goodwill, brand image are also at stake. This paper makes an attempt to study the different dimensions of employee engagement with the help of review of literature. This can be used to provide an overview and references on some of the conceptual and practical work undertaken in the area of the employee engagement practices.

JEL Classification: M10, M12, M19, M51

Keywords: employees, leadership, engagement, performance, satisfaction, relationships.

 

pag. 216

Statistical Modeling of Stochastic Dependences between Variables that Characterize Labor Market in Romania for Taking Relevant Management Decisions for a Competitive and Sustainable Development of Labor Force

Authors:  Barbu Bogdan POPESCU, Lavinia Ştefania ŢOŢAN, Silvia Elena CRISTACHE

Abstract

The labor market is an important component of the entire economic system and for social-economic development. However, the labor market is known as the most inflexible of markets, the existence of the phenomenon of permanent labor mobility. After 1990, the Romanian society has experienced a series of economic and social transformation, new reforms covering all areas of activity. Increasing labor resources was accompanied by a continued reduction in employment and increase in unemployment. The government tried to initiate programs, including external funding to create jobs, but compared to the massive layoffs that occurred following the restructuring of sectors, the number of new jobs created has proved insufficient. The paper presents a multiple regression model for employment and prognosis for this until 2020.

JEL Classification: J20

Keywords: employment, economic development, labor market, analysis.

 

pag. 227

Restoring the Economic Power of Russia through OFDI Expansion

Author: Imola DRIGĂ, Codruţa DURA

Abstract

When enterprises enter a new country they face the challenge to develop their acquisition and distribution systems. In this way modern management concepts are exported. Today, managers of multinational companies are more specialized in segmenting their activities and in finding optimal location for increasingly specialized forms of activity being able to adopt their products to local markets. These technological and managerial efforts have been extended by political that provided a larger opening than in previously closed economies. FDI is one of the most efficient means by which emerging markets become integrated to the global economy while FDI provides capital, technology and management know-how required by the restructuring of firms in the host economies. The propose of the paper is to analyze the growing importance of OFDIs from emerging markets underlining the fact that, in recent years, middle and low income countries, such as Brazil, China, India, Nigeria, Malaysia, Russia and South Africa, have become important in the global geography of capital flows. From among the BRIC countries, our paper will provide insights into the Russian economy, focusing on its goal of becoming a major outward investing country on a global scale. The expansion of Russian corporations to abroad, and particularly to Europe, raised many questions regarding the motivations behind their internationalization and led to a common acknowledged belief that they were tools of regaining political hegemony rather than pure economic entities. Given the complexity of the subject, the main objective of our paper is to explore trends for Russian OFDI and their impact upon the new balance of the global economic power.

JEL Classification: F20, F21, F23

Keywords: BRIC countries, emerging markets, FDI flows, Russian multinationals.

 

pag. 242

Interest Rate Risk Management and the Use of Derivative Securities

Authors: Ioana-Diana PĂUN, Ramona GOGONCEA

Abstract

This study aims to demonstrate the utility of derivative financial instruments for the management of interest rate risk that is faced by banks and financial institutions, and to provide an efficient flow of monitoring and control thereof. Banking institutions can now use a combination of balance sheet and off balance sheet measures, i.e. gap method, of interest rate risk management, in order to control exposure of short-term rates and derivatives to control the residual interest rate exposures.
The result of the study shows that banks can achieve better diversification and risk management using derivatives.

JEL Classification: G21; G28

Keywords: interest rate risk, banking industry, derivative securities, risk management.

 

pag. 255

Human Capital as Source for Sustained Competitive Advantages in SMEs: A Core Competencies Approach

Author: Carlos M. F-JARDON, Miguel GONZALEZ-LOUREIRO

Abstract

Human capital is a source of competitive advantage, since it helps to build core competencies which position the company above its competitors. Core competencies are dynamic competencies of superior hierarchy, which integrate, build and reconfigure internal and external factors of business to create value. Core competencies are competitive advantages when an organization gets better performance than competitors. Human capital is source of competitive advantage but it possibly does not directly affect to performance. It needs to associate with other elements in core competencies. These associations are not well known. That is the goal of this paper: to determine how human capital affects the organizational performance through core competencies. We argue that human capital needs other intellectual capital-based elements to constitute core competencies which finally improve and yields above average performance.

JEL Classification: L21, L25, M21

Keywords: Sustained Competitive Advantage, human capital; intellectual capital; SMEs, core competencies.

 

pag. 277

Exploring the Relationship between Human Capital Investment and Corporate Financial Performance of Jordanian Industrial Sectors

Author: Faris Nasif ALSHUBIRI

Abstract

The revolution of globalization, computerization and information technology has entered to Jordanian market. This phenomenon requires company's attention of human element and the acquired knowledge, experience and the development of the so-called concept of intellectual capital.(IC) In this study I used only the human capital as a part of IC. This study aims to exploring the relationship between human capital investment (HCI), and corporate financial performance. This study used an 11 industrial sectors listed of Amman Stock Exchange from 2005to 2011. Correlation analysis tests used in this study and the results indicate the high positive significant relationship between HCI and corporate financial performance related to, ROE , PTBV , log of sales , log of assets , DPS and ICR but no significant relationship between HCI and WCTO. The researcher recommends industrial companies to strengthen and stimulate the concept of human capital in the companies and the need for develop administrative innovation program. For future analysis may be used more sectors listed in market in addition used the all parts of intellectual capital related to structural and physical capital with corporate financial performance.

JEL Classification:  G14, J41, M41

Keywords: Intellectual Capital, Human Capital Investment, Corporate Financial Performance.

 

pag. 286

Economy and Transparency: The Model Invention

Author: Mahmud Hassan TALUKDAR

Abstract

Relation of Transparency and Economic growth is a long global debate in the society. Theoretically, policy makers, scholars and researchers argue that there is a close relation among these two variables. However, the quantitative relation and any global model is yet unrevealed. So, the main aim of this paper is to ascertain the nature, dimension and extent of the relationship between economy and Transparency as well as to invent a global model. This paper is useful for researchers, planners, policy makers and scholars who are directly or indirectly involved or willing to involve in the thrust for quantitative relation of these two variables. Literature review is the main source of information of this study. In introductory section, this paper briefly describes theoretical relationship of economy and Transparency as well as it also describes the proxy variables.GDP (2012) of different countries are used as proxy of Economy and Corruption Perception Index (CPI) scores (2012) of different countries are used as proxy of level of Transparency. In methodology section this paper describes the detail methodology, sampling procedure and level of analysis. This study randomly selects 30 countries (10 from higher CPI scores+10 from moderate CPI scores+ 10 from lower CPI scores) around the globe as sample. In the third section, this research presents the correlation value which divulge that there is a positive correlation (p=.047) with 95% confidence level. That reveals, if the level of transparency of any country increase, the GDP also increase accordingly. Then in this section two quantitative models are developed using linear regression analysis. First invented model is: Economy (GDP in billion US$) = [(8.983*Level of transparency) -108.11]. This paper termed the first invented model as “Mahmud EcoT Model-1”. This model calibrates that one unit improvement of transparency leads 8.98 billion US$ improvement in the GDP of a country. Then taking this unit change proportion, this research concoct second model for prediction purpose. The second invented model is: Predicted GDP in billion US$ of a country=Present GDP of the country +8.98*Targeted level of transparency improvement .The second invented model is termed in this research as “Mahmud EcoT Model-2”. This model is applicable for any country around the globe for prediction of economic growth according to the targeted Transparency level. In the last section, this paper briefly describes the application of the “Mahmud EcoT Model-2” taking Bangladesh and Romania as two case countries.

JEL Classification: C12, C31, D04, D73, O20, Y10

Keywords: Economy, Transparency, Model.

 

pag. 297

Adding Value to Customers and Developing Brands through Electronic Newsletters

Authors: Alexandra ZBUCHEA, Rareş MOCANU

Abstract

Online communication is highly efficient for contemporary business, in most market sectors. In this context, companies use several online instruments in order to achieve a wide array of objectives. Among these, online newsletters (e-newsletters) are widely used, since they offer a lot of benefits for companies. Since they are flexible in terms of format and content, they are suitable to address a wide variety of publics. Therefore, e-newsletters could be not just informative (as they are widely seen), but also could add-value to customers and support branding processes and relationship development. The present paper investigated various benefits of e-newsletters in this context and highlights some rules to ensure an effective added-value e-newsletter. The research made on the e-newsletters of 5 of the leading publishing-houses in Romania shows that, at least in this market sector, this instrument is not used at its full potential. It is considered in most cases a way to stimulate sales, either directly by announcing sales, or indirectly by announcing new books releases. In some cases news on events and on the activity of the publishing-houses are presenting, leading to image development.

JEL Classification: M39, L89

Keywords: e-newsletter, branding, publishing industry, Romania.

 

pag. 316

Flexicurity of Work Force from Romanian Organizations as Compared with the Requirements of the European Union

Author:  Ionuţ CĂŞUNEANU1

Abstract

Labor flexicurity within the organizations from EU countries represents an important objective for the fulfillment of the provisions of the "Lisbon strategy for more and better jobs". Flexicurity concept involves two components: flexibility of workers, respectively their capacity to adapt to labor market developments and to professional transitions and safety of workers, requiring them to advance in their careers, to develop skills and be supported by social insurance systems during periods of inactivity. This study presents the basic principles to be considered in developing the national flexicurity strategies and the directions should be acted to substantiate these strategies. As well references are made to the study "New skills for new jobs", the initiative of "Youth in movement" and to the "Lifelong Learning" Program. There are presented a series of benchmark indicators for the labor flexicurity.

JEL Classification: J21, J28

Keywords: flexicurity, flexibility, labor security, strategies of flexicurity, policies of flexicurity, indicators on flexicurity.

 

pag. 327

The Creative Industries and New Trends in the Economic World

Authors: Elena MARINOVA, Anca BORZA

Abstract

This article presents the re-branding of ‘cultural industries’ as ‘creative industries’ and new trends in economic world. The paper focuses on three central claims – first, the culture and the creative industry, second- the innovation and sustainability entrepreneurship and third represents the concept of creative industries cluster and new economy.

JEL Classification: Z11

Keywords: creative industries, culture, innovation, new economy.

  

pag. 333

Cereals Market in Romania under the Impact of the Common Agricultural Policy

Author: Florentina CONSTANTIN

Abstract

The aim of this paper is to analyses the cereals market after Romania accession to European Union. Thus, I considered necessary and appropriate to achieve the dynamic analysis of production, prices, trade, consumption, and self-sufficiency that provides an overview on the evolution of the cereals market in Romania, in the European context, starting from resources representing the demand, to the uses that represent the supply. I also point out the main mechanisms and support instruments for the cereals market under the Common Agriculture Policy, in the period 2007-2013 and towards 2014-2020.

JEL Classification: Q11, Q18

Keywords: Cereals, Production, Consumption, Self-sufficiency, Single Common Market Organisation.