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We are honored to announce the 32nd edition of the International Economic Conference of Sibiu (IECS), one of the most prominent academic and professional events in the field of economics and related disciplines.
The conference continues its long-standing tradition of fostering dialogue and collaboration among researchers, academics, and practitioners from around the globe. Participants are invited to present original research, case studies, and policy-focused papers that contribute to addressing contemporary economic challenges and opportunities.
Organized by
in partnership with
Keynote Speakers: Lavinia Stan (St. Francis Xavier University) & Dan-Cristian Dabija (Babes-Bolyai University)
Chairs: Eugen POPESCU and Nancy PANȚA
In Italy, the Law 30/12/2010, n. 240, “Regulations regarding the organization of universities, academic staff and recruitment, as well as delegation to the Government to encourage the quality and efficiency of the university system”, represents the starting point of the reform launched by the Bologna Process in 1999.
The Bologna Process was born in 1999 as an intergovernmental collaboration agreement in the higher education sector. The initiative was launched with the Bologna Conference at the conference of European Higher Education Ministers, signed in Bologna in June 1999 and inspired by the previous meeting of the Ministers of France, Germany, Italy and the United Kingdom in 1998 (Sorbonne Declaration 1998). The objective was precisely to build a European Higher Education Area that was based on principles and criteria shared between the participating countries. Subsequently, the inspiring principles of the reform were implemented by the various European countries adhering to the reform.
15 years after the entry into force of the law, on 20th September 2024 the Minister of University and Research signed Decree no. 1591 which establishes the working group that will deal with the reform of Law no. 240/2010.
The working group will have the purpose of carrying out support activities for the Minister for the analysis, study and development of revision proposals in the field of recruitment and quality of the teaching offer, the structure and governance of the evaluation of the university and research, as well as the revision of the structure and functioning of the consultative bodies of the Ministry of University and Research (in acronym MUR).
Among the issues that the reform will have to address, there is the recruitment of researchers and professors, who are divided into three distinct groups: researchers, associate professors and full professors. The three categories follow different recruitment processes that present numerous areas of improvement that are being studied by the working group established by Decree no. 1591.
The aim of the paper is to illustrate the current recruitment processes and subsequently provide a theoretical proposal for their improvement relating to two e-Government models called Citizen to Government and Employee to Government (in acronym C2G and E2G).
The proposal will also seek to strengthen the orientation of recruitment processes towards the themes of good performance and impartiality, today included in the neologism Open Government and since 1948 enshrined in Article No. 97 of the Italian Constitution.
To achieve these objectives, the theoretical proposal accepted in the paper will make use of current e-Government processes integrated by the application of innovative technologies, such as Artificial Intelligence (AI).
In the context of the digital economy, language accessibility has become a vital element of equitable participation in communication, digital engagement, and the preservation of linguistic diversity. As digital platforms evolve into major channels of interaction, the availability—or lack—of virtual keyboards significantly affects the usability of many languages. While globally dominant languages are well-supported, many minority and regional languages—such as Turkish—continue to face accessibility challenges.
This study explores Turkish language accessibility in digital keyboard systems. User-generated content was collected from platforms like Ekşi Sözlük, Reddit, YouTube, and forums. The initial dataset included 64 unique entries with unstructured textual feedback and timestamps. These comments addressed Turkish character support, keyboard layouts (F/Q), mobile typing usability, and multilingual input.
A hybrid methodology combining expert labeling and computational analysis was used. Experts first reviewed and labeled the dataset thematically. Preprocessing involved lowercasing, removing URLs, punctuation, and numeric symbols, normalizing whitespace, and preserving Turkish-specific characters (ç, ğ, ı, ö, ş, ü). To improve dataset variety and robustness, data augmentation techniques were used: random word shuffling, synonym replacement, and word deletion. This expanded the dataset to 141 entries.
TF-IDF vectorization and Non-negative Matrix Factorization (NMF) were applied to extract topics. Five topics were identified: (1) Turkish Character Input Issues, (2) Unclear/Off-topic or Social Commentary, (3) Multilingual Keyboard Concerns, (4) Typing Experience and Personal Sentiment, and (5) General Complaints / Usability Frustrations. Each comment was matched to a topic to create a labeled dataset.
To evaluate topic prediction, machine learning models—Logistic Regression, Random Forest, and Linear Support Vector Machine (SVM)—were trained using an 80/20 stratified split. Linear SVM and Logistic Regression both achieved 93.1% accuracy, while Random Forest reached 79.3%. These results demonstrate the feasibility of using lightweight machine learning for automatic topic classification in digital language accessibility feedback.
This hybrid approach supports scalable and adaptive analysis of linguistic accessibility, and may be applied to other structurally complex or low-resource languages.
Digital Economy and Management is an aspect that explores how digital technologies, online platforms, and data-driven practices influence economic behavior and management strategies. It examines how digital communication, social structures, and cultural norms intersect with economic actions, particularly in a globalized environment. This study analyzes the usage of English-derived words in Turkish social media texts within the framework of code-mixing, focusing on platforms such as YouTube and Twitter. Situated within the context of digital economy and management, this research investigates how code-mixing functions in digital communication and its role in shaping socio-economic interactions within the digital landscape. The study utilizes Natural Language Processing (NLP) techniques and modern language models to explore the frequency, context, and social-cultural implications of this linguistic phenomenon.
Data collection was carried out using two primary sources: YouTube and Twitter. For YouTube, the YouTube API was used to retrieve video transcripts by querying specific keywords and hashtags (e.g., #codeMixing, #Türkçeİngilizce). For Twitter, pre-existing datasets were used, filtered by specific keywords and hashtags to identify posts featuring Turkish-English code-mixing. Real-time data collection through the Twitter API was attempted, but limitations on the platform restricted the volume of data.
The raw data underwent several preprocessing steps: cleaning to remove unnecessary characters, stop words removal, tokenization, and lowercasing to ensure consistency. Various NLP techniques were applied to the preprocessed data, including frequency analysis, n-gram analysis, and language identification algorithms to detect code-mixed instances.
BERT (Bidirectional Encoder Representations from Transformers), a modern language model, was employed to detect code-mixed instances and analyze the contextual meaning of English-Turkish interactions. BERT’s ability to capture complex linguistic phenomena made it crucial in understanding code-mixing.
Findings revealed that English-derived words were frequently used in Turkish social media texts, serving communicative and identity-expressive functions. Code-mixing reflected social and cultural motivations, such as signaling cultural alignment. However, it also posed challenges for NLP systems, which struggled to handle mixed-language data. Suggestions for overcoming these challenges include adapting multilingual models.
This study provides valuable insights into the role of code-mixing in digital communication, examining both linguistic patterns and social implications. The integration of advanced language models like BERT enhances understanding of code-mixing and highlights its socio-economic impact on digital communication. The research contributes to both theoretical frameworks on language contact and practical advancements in NLP technologies for multilingual contexts.
In the current context of the transition to a green and sustainable economy, primary production through agriculture has an important role in the development of a circular bioeconomy that is functional. Given its agricultural potential and a high level of biological diversity, Romania is well-positioned to implement innovative business models that efficiently utilize biological resources and reduce waste to provide added value in circular value chains of bioeconomy ecosystem. The main purpose of this paper was to evaluate how to incorporate the principles of the circular bioeconomy into Romanian agriculture, by converting traditional value chains into sustainable value chains that have environmental value and impacts on rural communities.
The methodology of research included as a first step a documentary review. Literature review of circular bioeconomy and its linkages to agricultural value chains, European policies (Green Deal, Farm to Fork, Circular Economy Action Plan, Bioeconomy strategy) and respective national policy documents (circular economy related regulatory framework, research and development strategies, Strategic Plan) was conducted. Semi-structured interviews were also conducted with business, research and rural development stakeholders. The interviews addressed attitudes towards the circular economy, the level of implementation, the barriers and facilitators.
The results of the research indicated a series of significant aspects regarding the evolution of the circular bioeconomy in Romanian agriculture. The adoption remains limited but in progress. Most of the Romanian entrepreneurs are aware of some circular practices, such as crop rotation, composting, valorization of by-products resulted from main activity, but few of them is yet standardized in an integrated circular bioeconomy approach. Main challenges identified in this research study referred to the obstacles most frequently cited by respondents are: lack of information and training on bioeconomy-related issues; barriers to obtaining access to finance circular investments; lack of adequate infrastructure for collecting and processing waste; and lack of proper cooperation among value chain actors (farmer–processor–consumer). The majority of respondents identified a rather proactive public policy and research interest in this area. Financial incentives for circular biobased business, clear regulation of agricultural waste management, and the creation of platforms for collaboration among farmers, researchers, institutions, and the private sector were identified as immediate needs
To push forward the transition towards circular agriculture, there needs to be an integrated strategic plan, targeted investment, intersectoral coordination and continued training of farmers and other parties.
Abstract : The strategic integration of Artificial Intelligence (AI) and Big Data analytics is rapidly transforming corporate business models, reshaping competitive dynamics, and influencing financial outcomes. As digital capabilities become critical to sustaining market leadership, understanding the financial return on technology investment is increasingly essential. This study examines the impact of AI-related IT investments on firm performance, utilizing data for over 2k publicly listed global corporations selected based on disclosed AI initiatives, operational integration, sector and geographic diversification, and verifiable investment levels. Empirical results show a strong and growing positive relationship between AI/Big Data investments and firm revenues, particularly evident from 2022 onwards. Regression analyses indicate that each additional billion USD in IT spending is associated with an estimated USD 3.5 to 4.4 billion increase in revenue. Sector-specific and country-level factors are identified as significant moderators of this effect. Cluster analysis further segments firms into three maturity stages of AI adoption, revealing a direct link between higher AI investment maturity and superior financial performance. These findings highlight the material contribution of AI-driven technological capabilities to revenue growth and operational efficiency. Consequently, some data points were derived through estimation, either drawn from different fiscal years or inferred from R&D expenditures. These figures were identified by systematically reviewing explicit mentions of AI-related activities and investments in annual reports. While this approach ensures a consistent methodology across the sample, it also reflects the broader challenge of limited granularity in corporate disclosures related to emerging technologies. Improved transparency and standardization in reporting would significantly enhance the reliability of future financial analyses in this domain.
In the context of growing ecological and social pressures, regenerative business models are emerging as the new imperative in sustainable business development. This concept goes beyond traditional sustainability approaches, proposing a form of economic organization that not only minimizes negative environmental impact but actively contributes to restoring, renewing, and revitalizing its sources of energy and raw materials. Thus, the objective of a regenerative business model is not merely internal efficiency and profitability but also the restoration of natural ecosystems and the alignment of economic activities with broader social and environmental goals.
Scholarly literature argues that only regenerative business models can generate substantial long-term value. A regenerative economy fundamentally transforms how we understand economic performance, relying on principles such as ecosystem restoration, circularity, systems thinking, and value creation beyond financial profit. Unlike passive sustainable models that seek to reduce harm, a regenerative economy is active by nature, contributing directly to natural capital recovery and social equity.
Although the idea of regeneration has long been present in fields such as architecture, ecology, and urban design (through concepts like regenerative design), the term "regenerative economy" as an integrated economic framework has only recently gained attention. A key milestone in conceptual development is the seminal work of John Fullerton – Regenerative Capitalism (2015), where the author states that "[the theory] is less a new theory than a rediscovery and synthesis of what is hidden in plain sight."
This paper aims to map the academic interest around the concept of regenerative economy and regenerative business models by conducting a systematic literature review. The primary tool for bibliometric analysis was VOSviewer, which enables the visualization of thematic networks and emerging research clusters considering the research included in the Scopus database. Fewer than 100 relevant publications were identified in recent years, highlighting the emerging nature of this field. The thematic analysis reveals the existence of three major research clusters. The first encompasses studies focused on regenerative business models and their applications in management and entrepreneurship. The second one looks at macroeconomic and systems-oriented approaches, treating regenerative economics as a transformative framework at a structural level to ensure sustainability. The third cluster includes papers exploring the intersection between regenerative and circular economies, emphasizing the complementarities between these paradigms.
By conducting this systematic analysis, the study seeks to clarify the current positioning of regenerative economics in academic research and to provide a conceptual foundation for future theoretical developments and practical applications of these models in organizational contexts.
In a rapidly evolving economic and technological landscape, professional social networks (PSNs) have emerged as strategic infrastructures that reshape managerial practices and redefine organizational competitiveness. This study offers a comprehensive, literature-based analysis of the influence exerted by PSNs on managerial competitiveness and organizational development, with particular emphasis on the ongoing processes of digital transformation and sustainability integration.
Through dynamic knowledge exchange, real-time benchmarking, and collaborative innovation, PSNs enable managers to develop strategic agility, enhance decision-making quality, and co-create value across organizational boundaries. Far beyond their initial function as communication tools, PSNs have evolved into strategic assets that foster problem-solving, resource mobilization, and network-based advantage. Their integration into digital ecosystems amplifies the diffusion of best practices, supports responsiveness in volatile environments, and facilitates the transition toward more transparent, interconnected, and sustainable business models.
The research employs a mixed-method approach, combining a systematic literature review using the PRISMA protocol with a bibliometric analysis conducted through the Bibliometrix R-tool. This methodological integration provides both depth and breadth: it identifies thematic patterns, influential contributions, and conceptual linkages between PSNs, competitiveness, digitalization, and sustainability.
Findings indicate that PSNs significantly strengthen managerial competitiveness by offering access to expert networks, strategic intelligence, and global innovation flows. The social capital embedded in these networks contributes to organizational resilience, while also fostering ethical behavior and alignment with sustainability goals. Although transformational leadership remains a relevant theme in the literature, this study shifts the analytical focus toward structural and systemic mechanisms through which PSNs create value at managerial and organizational levels.
The originality of this research resides in its interdisciplinary conceptual framework, which bridges gaps between digital strategy, network theory, and sustainability studies. The integration of bibliometric insights with systematic review criteria adds methodological novelty and enhances the scientific robustness of the conclusions.
Practically, the study provides actionable insights for managers, policymakers, and educators by demonstrating how PSNs can be strategically leveraged to support sustainable digitalization, innovation diffusion, and competitive renewal. The paper contributes to the existing literature by articulating a network-centric view of managerial competitiveness—one that is adaptive, knowledge-driven, and anchored in collaborative value creation.
Small and medium-sized enterprises (SMEs) are the backbone of the European economy, accounting for over 99% of all businesses and generating around two-thirds of total private sector employment (European Commission, 2023). Yet, despite their strategic importance, SMEs often struggle to adopt innovation, particularly in navigating digital transformation and the green transition. Traditional policy instruments—such as grants, tax incentives, and advisory services—have had reported mixed results in bridging this innovation gap (OECD, 2021). This paper argues that integrating behavioral economics into EU-level SME support programs might unlock underused potential by addressing psychological and cognitive barriers that constrain entrepreneurial decision-making.
Building on Thaler and Sunstein’s (2008) concept of “nudging,” we explore how behavioral biases—such as loss aversion, complexity avoidance, and present bias— might limit SME engagement with innovation policies. For instance, “if complexity causes confusion, confusion can cause inaction” (Thaler, 2015: p. 111), a pattern evident in multi-stage EU application procedures. We assess how EU programs such as Horizon Europe, the Single Market Programme, and correspondingly the European Innovation Council (EIC) incorporate—or fail to incorporate—behavioral insights in their design and delivery.
Using a qualitative comparative approach, we analyze how Romania, the Netherlands, and Germany have implemented SME innovation support, focusing on behavioral levers such as simplification, framing, and timing. From a methodological point of view, your paper combines policy document analysis with behavioral mapping. Preliminary findings show that while some national programs (e.g., Dutch innovation vouchers) implicitly apply behavioral principles, most EU-level schemes remain administratively burdensome and cognitively taxing (European Court of Auditors, 2023).
For example, Romania’s innovation funding architecture often lacks clear guidance and imposes heavy procedural loads, discouraging smaller firms from applying. In contrast, the Netherlands has piloted voucher-based programs that “nudge” SMEs by reducing upfront commitments and using simple language to frame value propositions (Nesta, 2020).
The paper concludes with a set of policy recommendations designed such as to better facilitate the integration of behavioral insights into EU SME support. These include the use of simplified digital platforms, personalized nudges, default-based program opt-ins, and behaviorally-informed outreach strategies. We consider that by redesigning choice environments, policymakers can significantly increase SME participation and improve innovation outcomes across the EU.
The study examines the role of age, education, and family in the entrepreneurial activities of Start-Up founders in Greece. The study focuses exclusively on Greek Start-Up founders, analyzing trends and specific impacts within the Greek economic environment. The Greek Start-Up ecosystem has evolved significantly since 2018, despite Greece's low ranking in the Economic Freedom Index and the Global Innovation Index. The research highlights various demographic variables influencing entrepreneurial success, such as education, work experience, and age. Recent studies emphasize the importance of the founding team's experience, education, number of founders and their sets of skills and network.
The sample of the study consists of 321 Greek Start-Up founders. The study's data collection was conducted between November 2022 and December 2023. Data collection involved both probability sampling and judgmental selection techniques, focusing on companies present in exhibitions, accelerators and associations related to innovation and Start-Ups. The sample includes start-ups which have not been registered as companies, and excludes Start-Ups with Greek Founders which operate outside Greece. These choices provide a deeper understanding of the Greek Start-Up ecosystem, which distinguishes this study from the ones limiting on registered Start-Up companies and/or including Start-Up founders who base their companies outside Greece.
The research findings highlight the role of Age, Education, Entrepreneurial Education and Family not only on entrepreneurial success, but examines the impact on other entrepreneurial variables, providing a deeper understanding of the complex relationships of the entrepreneurial environment.
The rapidly changing economic and political environment may affect the Greek Start-Up ecosystem. Future research should include data from other ecosystem members, such as investors.
Chair: Silvia MĂRGINEAN
In this interdisciplinary paper we build on the work of John Henry (2004) by examining a recent edition of a corpus of medieval Arabic documents which describes aspects of the social, political and financial relationships between Islamic Egypt and Christian Nubia, Arabic Documents from Medieval Nubia (Khan, 2024). We highlight how the corpus has provided further evidence in support of the credit theory of money (Innes 1913, 1914). The theory of credit implies that when we buy or sell a commodity, we exchange a commodity with credit, whilst the value of credit or money is not caused by the value of gold or silver, but on the rights and obligations generated by the exchange (credit-debit relationships). We examine the complex interrelationships between gift exchange, monetary exchange, and barter. We show how the corpus points to the existence of a ‘hybrid’ system of interaction with respect to monetary and gift exchange. The gift exchange between the Arab merchants and the eparch (the king of Nubia’s representative) was important in terms of maintaining the truce between Egypt and Nubia and the success of the gift exchange depended on the assessment of the monetary value of the gift received from the eparch. The part played by barter is also considered. We argue that a difference of opinions as to its role in medieval Nubia emerges as a result of differing interpretations of the material evidence by historians and anthropologists, on the one hand, and archaeologists on the other. We draw upon empirical evidence in support of Karl Polanyi’s approach which stresses the importance of reciprocity as opposed to the neoclassical focus upon the pursuit of self interest. We further suggest that, rather than barter being regarded as a forerunner of money, it should be conceptualised as a process distinct from, and contemporaneous with, both monetary and gift exchange and that the corpus illustrates the role of barter was relatively small when compared to both gift and monetary exchange.
Economic stagnation represents a complex and evolving macroeconomic phenomenon that continues to challenge economists, policymakers, and institutions worldwide. Although it lacks a universally accepted definition, economic stagnation broadly refers to a prolonged period of subdued or near-zero growth in Real Gross Domestic Product (RGDP), distinct from recessions, which are marked by two consecutive quarters of negative growth. This conceptual ambiguity complicates efforts to identify and address stagnation, particularly when growth remains persistently below potential and historical norms without exhibiting the sharp contractions typical of a recession.
This paper aims to explore and refine the concept of secular stagnation—a long-term, structural form of economic stagnation that differs in both causes and consequences from cyclical slowdowns. Unlike short-term downturns, secular stagnation implies a chronic condition of economic underperformance, commonly characterized by diminished productivity growth, weak aggregate demand, innovation deficits, and a declining responsiveness to traditional monetary and fiscal tools. Suboptimal growth, combined with persistent inflationary pressures and an unsustainable level of indebtedness, has significantly constrained the effectiveness of policy interventions, further undermining recovery efforts and challenging the traditional macroeconomic policy framework.
Accordingly, the study differentiates between short-run stagnation (transient and policy-sensitive) and long-run stagnation (structural and persistent), asserting that the latter better reflects the prevailing conditions in many advanced economies, particularly the United States. Our central hypothesis posits that the U.S. economy has shown clear signs of secular stagnation in the post-Great Recession period (2008–2024), characterized by lackluster economic performance despite substantial and sustained policy intervention. We argue that this stagnation is not a temporary deviation but a symptom of deeper, structural economic weaknesses.
To support this claim, we conduct a longitudinal, data-driven analysis of U.S. growth rates from the 1930s to the present. This empirical approach minimizes subjective interpretation and highlights significant deviations from historical patterns, suggesting a structural break in the post-2008 era. The study also critically engages with key theoretical frameworks and historical interpretations of stagnation, demonstrating how earlier views often treated stagnation as a cyclical or policy-fixable issue. In contrast, our findings underscore the importance of addressing long-run structural deficiencies through targeted reforms—particularly in productivity, education, infrastructure, innovation, and labor market dynamics—as essential to mitigating secular stagnation and fostering sustainable economic growth.
Comparing Poland to other EU countries (especially Western European countries), it can be seen that the Polish mortgage market still has a huge potential. This is indicated by the share of mortgages in GDP, the percentage of households burdened with a mortgage, and finally the level of household burden with a mortgage. The Polish mortgage market is highly concentrated, because only 5 banks are responsible for almost 80% of new loan sales. At the same time, almost 70% of their sales are carried out through intermediaries. As 2023 has shown, the pace of development of this market depends on the introduction of government programs supporting young people in purchasing their first apartment. The digitalization of mortgage processes is therefore an expected and inevitable direction of development of banking processes. The aim of the article is to show the growing importance of digitalization in the process of granting mortgage loans and the procedure itself - its advantages and disadvantages. The article is of an illustrative and opinion-forming nature.
ABSTRACT
This article analyses the impact of Rumunia trade with 78 selected countries and crytocurency minig on Rumunia Actual-Open CO₂ Emissions (EAO) from 2000 to 2020, especially concerning the European Union’s CO₂ emission reduction policies active during that period. The countries selected for analysis were identified based on trade significance, emissions data availability, and consistency with BP statistical reports. The methodological approach relies on the Actual-Open CO₂ Emissions (EAO) model, which reveals a significant influence of Russia's foreign trade on its CO₂ emissions.
Results indicate that Rumunia international trade and cryptocurrency mining affected its emissions. While the results also indicate emission shifts affecting Rumunia trade partners, the analysis does not provide full EAO calculations for EU countries or others—only trade-attributed impacts are assessed. Differences indicate the presence of emission transfers via trade, complicating efforts to achieve emission reduction targets within the EU, which aimed for a 20% reduction by 2020. The findings of this study are particularly relevant in the context of the EU’s current "Fit for 55" policy, which targets a 55% reduction in greenhouse gas emissions by 2030, underscoring the need to account for emission transfers in trade policy considerations.
Heterodox economics is an umbrella for a plethora of economic approaches (e.g. Austrian economics, Institutional economics, ecological economics, Feminist economics, etc.) that is attempting to offer alternative economic policies to the mainstream economics model. The latest developments in the science behind environmental and climate change have demonstrated a failure of the mainstream economics model to offer strategies and policies to circumvent and revert such issues. Recently, Oxford economist Kate Raworth has produced The Doughnut Economics Model that is portraying the economy as a system embedded in the social and ecological models and is based on the Sustainable Development Goals elaborated by United Nations in 2015. The model is based on three rings: the social foundation, the safe and just space for humanity and the ecological ceiling. According to Kate Raworth, the social foundation represents social and basic needs that ought to be addressed to humanity to survive, to ensure a safe and just space for humanity; the ecological ceiling denotes the safe and just planetary boundaries needed to keep our societies and economies in a sustainable model. Its circular shape signifies equilibrium between these dimensions, where the safe and just space for humanity implies well-being for both people and the environment. Everything that is outside these dimensions denotes catastrophic decisions and situations for humanity. The model is fundamented by seven principles. One of the most important principles is the challenge brought to Gross Domestic Product as an indicator of economic growth, whilst prosperity can be achieved through meeting the needs of the people and planet. Other principles refer to the interdependence of economies, societies and the environment and the need to address economic and social inequalities in and between countries. This paper investigates the Doughnut Economics model as a heterodox proposal to ensure a sustainable development of our economies and societies and its conceptual and pragmatic implications. This paper attempts to investigate the applications of this model to cities like Amsterdam, Leeds and Melbourne and extends this analysis to Romanian cities like Sibiu.
The purpose of this paper is to present a novel methodology for profiling household sustainable consumption scores. The profiling starts with initial clusterisation with 3 clusters. The analysis continues with profiling of clusters by the main segmentations criteria (sub-segmentation). The used dataset contains 2117 rows. These are households from Varna, Sofia and Svishtov, surveyed in 2021 and 2022. The scores are calculated in 5 dimensions (total score, housing, food, mobility and product disposal) for each household. The multiple regression model cannot be applied for profiling because of high levels of correlation among the dimensions of sustainable consumption (multi-collinearity). Moreover, the functional dependency between the total score and its dimensions decreases the number of methods which may be used for profiling. The profiling procedures are closely related to clustering. The well-known techniques such as k-means clustering may reveal some clusters of sustainable consumption activities. But having 4 dimensions of sustainable consumption (housing, food, mobility and product disposal) outlines different profiles. Starting from the total score, the categorization may be done by 3 categories: high, middle and low levels of the total score. These 3 categories may be applied to each category: housing, food, mobility and product disposal. When categorizing the dataset by each category, people with a high total score may have high scores in all four dimensions; however, it may be a situation where respondents with a high total score have lower scores in the four dimensions. This approach outlines nuances in the people with high, middle and low total scores. What kind of combinations exist in the three dimensions of each level of total sustainable consumption? The proposed approach will give the possibility for detailed (in-depth) analysis for the sources to reach the expected results of the total sustainability index. Visualisation of the results is given. It is useful for the visualisation of similar approaches for clustering. Similar analysis may be conducted with other datasets for sustainable consumption. Other researchers may adapt the proposed methodology. Further steps of the data analysis following the interdisciplinary spiral include the identification of common characteristics in the identified complex categories. This research is financed by the project NPI-70/2023 “Sustainable consumer activities of Varna’s households – possible reasons”.
Ensuring sustainable economic development that supports and protects humanity's long-term existence is one of the most pressing challenges of the 21st century. Through its transformative character, education serves as a catalyst and a key determinant in achieving this goal. Environmental education is essential as a conservation tool that facilitates collaboration among researchers, decision-makers, community members, and other stakeholders, contributing to the formation of sustainable behaviours and policies. This study analyses the impact of education on environmental performance and sustainable economic well-being, exploring the interactions between educational investment, ecological indicators and parameters of financial well-being. The research’s methodological approach is based on a quantitative analysis of data collected from 27 member countries of the European Union for the period 2014-2024, encompassing factors such as public expenditure on education, consumption of renewable energy, and the rate of CO2 emissions. The preliminary results highlight a close link between educational investments and improvements in environmental indicators, as well as the quality of life, underscoring the potential of education to contribute to global sustainable development. This study presents an integrated perspective on the role of education, aligning with international efforts to support the achievement of the United Nations’ Sustainable Development Goals. The statistical analysis, based on Pearson and Spearman correlations, highlighted significant relationships between investment in education and environmental performance, as well as between education and living standards. Ultimately, the results suggest that countries that allocate a higher proportion of GDP to education generally have higher renewable energy consumption, lower CO₂ emissions and longer life expectancy. These results support the hypothesis that education plays a significant role in shaping sustainable behaviors and achieving the globally established Sustainable Development Goals.
Keywords
Environmental education, sustainable development, economic well-being, Sustainable Development Goals (SDGs).
JEL Codes
I25, I38, Q56, O44.
Acknowledgement
This work was supported by a grant from the Romanian Ministry of Research, Innovation and Digitalization, the project with the title „Economics and Policy Options for Climate Change Risk and Global Environmental Governance” (CF 193/28.11.2022, Funding Contract no. 760078/23.05.2023), within Romania's National Recovery and Resilience Plan (PNRR) - Pillar III, Component C9, Investment I8 (PNRR/2022/C9/MCID/I8) - Development of a program to attract highly specialised human resources from abroad in research, development and innovation activities.
Background: The EU plays a key role in the global response to climate change by applying various mitigation instruments of legal, fiscal, and policy nature. On top of this list, environmental taxation is the central strategy to combat pollution while rewarding sustainable customs. Still, the lengths to which this revenue has the desired effect are unknown.
Brief Literature Review: The EU's efforts against climate change have made it gain the spotlight in the complex interplay between climate change risks and environmental governance. The first is a policy breakdown that tackles the keystones in global climate governance. To understand how world governments fail in the battle against climate change, we relied on bibliometric research via VOSviewer.
Objective: The primary aim of this study is to examine the interplay between environmental tax revenue regulations and their impact on harmful emissions in the EU. The affinity between environmental fiscal strategies and climate change drivers requires a delicate yet concise plan. In terms of analysis, we aim to assess whether environmental taxation is an effective lever for emission reduction and supports the goals of climate resilience and green economic change.
Methodology: A multi-methodological approach was employed. First, a comprehensive policy analysis and bibliometric review were conducted to contextualise EU climate strategies and identify relevant academic contributions. The empirical component utilises panel data for all states over 2012–2021. The leading indicators are environmental tax revenue, CO₂ footprint, GHG emissions, renewable energy consumption, employment in environmental sectors, and GDP/capita. These components helped us to conceive the graphical descriptive analysis followed by econometric modelling using Ordinary Least Squares, Fixed Effects, and Random Effects regressions. A Hausman test was applied to determine the preferred model. Statistical analysis was conducted using EViews.
Results: Our analysis offers valuable insights into the environmental performance of EU countries. In the policy analysis, we discovered that the measures proposed towards a path to sustainability usually combine fiscal policies such as the Carbon Border Adjustment Mechanism (CBAM) or (Effort Sharing Regulation) ESR. The bibliometric study gave a deeper perspective into the interplay between environmental sustainability and the economic impact on emissions. Our study also presents valuable graphical representations of our variables. The correlation matrix offers insights into the relationships between our variables. Furthermore, we employed an economic model to understand better how climate change risks impact the ecosystem, and a Hausman specification test—yielding a p-value below 5%—indicated that the Fixed Effects model is preferred over the Random Effects model.
Conclusion: The study underscores the importance of national implementation and policy coherence in achieving targets.
Chairs: Emil Dinga & Cristina Tănăsescu
Chair: Claudia OGREAN
The current economic climate, characterized by inflation, crises, restructuring, labor market fluctuations, and rapid technological change, presents significant challenges to companies, particularly within the automotive industry. This sector is vulnerable to macroeconomic shifts such as rising material and labor costs, with HR departments playing a critical role in navigating these challenges. This paper explores, via a case study of a multinational company’s Romanian plant, how the Human Resources (HR) department can mitigate the negative impact of economic factors on automotive companies.A multi-method approach, incorporating document analysis, literature review, and interviews with industry experts, is used to examine the relationship between economic indicators and HR strategies. Preliminary findings reveal that financial pressures, including escalating production costs and volatile labor market conditions, directly affect salary policies, employee benefits, and job stability. These pressures often force workforce reductions, which can lower employee morale. In response, the study emphasizes innovative HR strategies, including digital transformation, flexible work arrangements, targeted talent retention programs, and a strong focus on the changing organisational culture. Reorganizing HR strategies with enhanced transparency and effective communication is crucial to sustaining employee wellbeing during restructuring and retaining high-value staff. Additionally, recruitment practices are shifting toward promoting current employees over new hires, and when recruitment does occur, it prioritizes quality over quantity. Ultimately, the paper recommends that HR professionals in the automotive sector employ adaptive strategies that address both short-term financial challenges and foster long-term organisational resilience. Implementing forward-thinking recruitment, retention, and cultural initiatives can help companies remain competitive in a volatile environment while ensuring an engaged and agile workforce.
Abstract: This study investigates the relationship between the proportion of employed ICT specialists in the workforce and the adoption of artificial intelligence (AI) technologies by enterprises across 27 European Union countries during the period 2021–2023. The primary aim is to assess whether a higher share of ICT professionals is associated with increased AI adoption and to determine if this relationship varies by the educational attainment of the workforce. In particular, the study distinguishes between two educational groups: individuals with lower educational attainment (levels ED0–4, comprising less than primary to post-secondary non-tertiary education) and those with tertiary education (levels ED5–8).
Data were collected for each country over three years, with observations comprising country, year, the percentage of ICT specialists, and the corresponding rate of AI adoption by enterprises. To rigorously analyze the panel data structure, we employed mixed-effects models using SPSS’s REML estimation method. The models incorporated a subject-level random effect for countries and a repeated measure for year, assuming a first-order autoregressive (AR(1)) covariance structure to account for temporal dependencies in AI adoption. The fixed effect of ICT specialists was estimated separately for the two educational groups.
For the lower education group, the mixed model revealed a positive trend between the proportion of ICT specialists and AI adoption; however, the fixed effect was only marginally significant, suggesting that while there is a tendency for increased ICT specialization to be linked with higher AI adoption, the evidence is not robust at conventional significance levels. In contrast, the analysis for the tertiary education group demonstrated a strong and statistically significant positive association.
These preliminary results indicate that while a general positive relationship exists between the proportion of ICT specialists and AI adoption, this association is considerably more pronounced among individuals with tertiary education. The findings suggest that advanced educational qualifications may enhance the ability of the ICT workforce to foster AI innovation in enterprises. This research contributes to the broader discourse on the human capital dimensions of digital transformation and underscores the potential role of educational attainment in driving technological change within organizations.
Key words: ICT workforce, AI adoption, Educational attainment, Human capital.
JEL classification: J24; O33; O15
Considering the growing demand for data analytics and the increasing development of data analytical tools, the present study aims to provide a summative state-of-the-art of the available literature on the impact of data analytics on decision-making and business performance.
Businesses that effectively harness the power of data analytics can achieve enhanced performance and sustained competitive advantages. As technological advancements continue to evolve, the role of data analytics is expected to expand, unlocking new possibilities for research and practical applications across industries.
The growing academic literature also reflects the unfolding potential of these tools. The interest and the impact across different industries suggest a need for a comprehensive study that could systematically analyze the breadth and depth of this impact. For this purpose, a deep search and research for "data analytics" (by the article title, abstract, and keywords field) on the SCOPUS database was conducted, which returned 41761 results, and a bibliometric approach was used to analyze time trends, citation patterns and high-frequency keywords by using VOSviewer. This initial query of 41761 results ranged from 2014 to 2024, with the number of publications growing exponentially in more recent times, showcasing the growing demand for data analytics within various fields. To narrow the search new filters have been added. The bibliometric analysis of data analytics and its effects on decision-making and implicitly on business performance aims to contribute towards closing this gap in knowledge and answering the call for further investigation into the relationship between business analytics and business value. It is meant to provide a proper systematization of the existing literature on the topic. In the end, the results suggest that understanding how these tools can be used to an organization’s advantage can be detrimental. As research shows, incorporating data analytics into the decision-making process enhances business performance and positions organizations for long-term success. Through the implementation of proper systems, the right capabilities can be unlocked and implicitly the true potential of data analytics is revealed. By leveraging data to its fullest potential, organizations can improve decision-making, optimize resources, gain competitive advantages, and ultimately increase their performance.
Key words: data analytics; decision-making process; business performance; bibliometric analysis
This paper investigates how Design Thinking can be integrated with rigorous econometric analysis to promote sustainable practices within the digital economy. The study is driven by the aim of understanding how digital platforms can be reengineered to support sustainable consumption and facilitate the transition toward a circular economy. By examining the interplay between digital innovation and environmental impact, the research seeks to determine how design-led strategies can address the challenges of increased online commerce, such as the potential rise in waste generation and unsustainable consumption patterns, while capitalizing on the transformative opportunities of digital technology.
The methodology is based on a mixed-methods approach that merges quantitative analysis with a comprehensive Design Thinking framework. Quantitative insights are derived from EUROSTAT datasets, which provide detailed information on digital commerce, environmental statistics, and structural business indicators. Regression analysis is employed to explore the relationship between the expansion of e-commerce and the increase in waste production, while correlation studies assess the influence of digital platform usage on consumer behavior and sustainability preferences. Time series analysis further illuminates trends in recycling rates and waste management over time. In parallel, the Design Thinking process is used to gain a deeper understanding of user interactions with digital platforms. This involves mapping user journeys to identify points where sustainable interventions can be integrated, prototyping innovative features that encourage practices such as product repair and second-hand exchanges, and conducting iterative user testing to refine these solutions. This blended methodology ensures that empirical data and user-centric design insights work in tandem to propose digital solutions that are both innovative and environmentally responsible.
Preliminary results reveal a clear association between the growth of digital platforms and shifts in consumer behavior that have significant environmental implications. Initial econometric analyses suggest that while increased online transactions are linked to higher levels of waste generation, there is considerable potential for mitigating these effects through carefully designed digital interfaces. Early evidence indicates that when digital platforms incorporate features that promote sustainability-such as tools for tracking environmental impact and systems for facilitating the circular exchange of goods-they can effectively steer consumers toward more sustainable practices. These findings underscore the viability of integrating design innovation with quantitative analysis to create digital solutions that not only meet market demands but also contribute to the broader goal of sustainable digital transformation.
The paper aims to assess and point out the potential that rural entrepreneurship holds in Romania and its positive impact upon the development of the local communities -economic value added and improving the standards of living, education, preserving natural patrimony and promoting local cultural and culinary heritage.
Nevertheless, the purpose of our study is not only to point out the benefits of such an endeavor, but also the many challenges one has to face in order to build a sustainable local business from the economic point of view.
During the last years there have been observed an increasing number of initiatives in the Romanian rural area, especial in regions like Transylvania. During Covid and the period after, many urban residents (usually enjoying above average education and income levels) have decided to switch to rural where they acquired properties and started up small businesses, usually in slow tourism and gastronomy.
Given its natural beauty and wilderness, as well as the rich cultural patrimony and multi-ethic character, Transylvanian Highlands attracted a large number of Romanians and foreigners in search of the " lost paradise" that decided to make there their second home and even start up new businesses to make a living.
How have these small entrepreneurial projects developed in time? Have they managed to survive in an economic environment more and more characterized by unpredictability, lack of support from the local authorities and labour force issues? Have their owners found the "lost paradise" or on the contrary?
The research shall be based on analyzing 15 local businesses that were set up in the period 2020 - 2023 in the Transylvanian Highlands, by either Romanian or foreign citizens that relocated in this period of time to Transylvanian Highlands. Apart from the financial and business assessments, interviews shall be conducted in order to assess all the soft facts that made the difference between success and failure. Moreover the economic impact on the local community welfare shall also be analyzed by interviewing local community representatives.
The digital transformation process has brought profound changes across diverse social and professional domains, reshaping traditional processes through the use of technologies that increase efficiency, accuracy, and adaptability. Learning systems are among the areas significantly affected by technological progress. Therefore, technology-enhanced learning (TEL) has become a key concept in higher education, providing better access to learning materials, individualized learning pathways and greater flexibility in learning and teaching.
Despite these developments, student performance is still predominantly measured by academic grading systems, which tend to focus strictly on exam results and theoretical knowledge. This approach often fails to fully capture a student's professional potential or personal development. Recent studies highlight a growing gap between the skills developed in academic environments and those expected by employers, who are increasingly valuing transversal skills, practical experience, communication skills and adaptability.
This paper examines the limitations of current evaluation models in higher education and proposes an alternative student classification system that incorporates both academic achievements and accomplishments in extracurricular activities. These include volunteering, internships, involvement in research projects, participation in academic conferences, and academic publishing. The proposed model aims to provide a more holistic understanding of student development, taking into account not only intellectual progress but also practical engagement and civic responsibility.
The article is based on a systematic review of academic literature, conducted through targeted searches in the Scopus database. The research is supported by a theoretical framework for identifying relevant evaluation criteria and structuring them into a new, multidimensional assessment model. This model is intended to better align educational outcomes with labor market expectations and contribute to the achievement of the Sustainable Development Goals set by the United Nations by promoting inclusive, equitable education and supporting student employability and lifelong learning.
The lifestyles of individuals, communities, and businesses worldwide have been impacted by corruption, which is increasingly prevalent and diverse. Consequently, scholars and various authors have engaged in the study of this topic; a plethora of specialist works have been released that analyze both the concept of corruption and the notion of anti-corruption strategy. The primary goal of this article is to provide a bibliometric study of research publications on the impact of anti-corruption measures on organizational management. Thus, the results will expose the papers written in the domains of political science, law, economics, public administration, criminology, management, business, and international relations. In this sense, the current research fields were examined, the analysis presenting essential information concerning the authors, journals, countries, and keywords. It is well known that the phenomenon of corruption is a significant topic of interest for researchers worldwide. Furthermore, the interpretation of the data and recommendations should give a framework for research opportunities and visible consequences for the economic area.
Background: Digital technology significantly affects various aspects of the economy, such as economic growth, innovation, overall quality of life, and sustainable development. Given the gaps in EU administrative and governance policies, the importance of digitising governance is becoming evident in promoting economic prosperity.
Brief Literature Review: Research in the digital economy has progressed, but most studies are limited to theoretical surveys, with few empirical aspects explored. The selection process for the digital economy index system is devoid of depth and encompasses a limited scope. Moreover, the construction of the evaluation index system has not adequately addressed selection criteria, diverse expert consultation, and horizontal comparison.
Objective: Our research aims to analyse the role of digital governance in promoting sustainable development within the European Union Member States in the period 2017–2022, focusing on SDG 8 (decent work and economic growth) and SDG 9 (industry, innovation and infrastructure). The study investigates how the digitalisation of the public sector, through adopting digital technologies and transforming administrative processes, contributes to improving economic performance, stimulating innovation, and developing sustainable infrastructure.
Methodology: The empirical analysis uses a robust methodological tool based on an innovative estimation: the fixed-effects method of moments quantile regression (MMQR). Including GDP and R&D expenditure as control variables will allow us to better understand the impact of digital governance implementation on sustainable development.
Results: The study's results confirm the hypotheses, highlighting digital governance's positive and consistent effect on sustainable development across Member States' economic performance levels. GDP and investment in R&D also have a significant positive impact, which underlines that economic strength and innovation capacity are essential pillars for achieving the Sustainable Development Goals (in particular SDG 8 and SDG 9). Strengthening the study by integrating it with the general equilibrium model provides a systemic perspective on the effects of digital governance on sustainable development.
Conclusion: Key findings of the study:
• Digital governance is a strategic lever for sustainable development. It integrates public policies, optimises resource allocation, and supports real-time decisions, contributing to a more equitable and resilient society.
• GDP and R&D significantly impact sustainable development, highlighting the importance of strengthening economic capacity and innovation to achieve SDG 8 through green technology, renewable energy or efficient infrastructure.
• To advance towards SDG 9, Member States must align digital transformation strategies with innovative policies and investments in digital infrastructure, crucial for developing sustainable industries and deploying advanced technological solutions.
Chair: Radu ȘERBAN
The Value Added Tax (VAT) was first introduced in France in 1954 and later harmonized at the European level in 1967, becoming a cornerstone of modern tax systems. Although VAT is considered a neutral tax for companies, its collection and deduction mechanism makes it vulnerable to fraud, especially in the context of international transactions. Romania, despite applying relatively low rates according to European standards, faces a significant VAT collection deficit. This study examines the impact of VAT rate changes on tax evasion and taxpayer compliance, using Romania as a case study for the period 2003-2023. Through a mixed-method approach (quantitative and qualitative methodologies), including econometric analyses and statistical surveys, the research aims to determine the correlation between VAT rate variations, fraud trends, taxpayer perception, and effects on different economic sectors.
The study also investigates how frequent VAT rate adjustments influence taxpayer behavior, particularly in terms of compliance and tax planning strategies. By analyzing historical data and conducting surveys among businesses, the research explores whether periods of VAT rate increases lead to higher tax evasion or shifts in business practices. Additionally, the study assesses which industries are most affected by VAT changes and whether certain economic sectors are more susceptible to fraud. The findings will contribute to a better understanding of how VAT policy adjustments impact fiscal revenues and compliance levels, offering insights into potential strategies for improving tax collection efficiency while minimizing fraud risks. The results are expected to highlight the need for a more stable and predictable VAT framework, as well as the importance of complementary fiscal control measures to mitigate revenue losses.
Companies can achieve their objectives by drawing on social relationships. One form of social relationships found at the disposal of a company are those held through the means of its directors’ affiliations. Thus, this study sets out to establish whether or not board affiliations have a positive impact on corporate financial performance. We make use of the extensive financial and non-financial data provided by LSEG Refinitiv Eikon and of the powerful analysis tools offered by STATA. The primary methods of analysis are instrumental variable regression, in the form of two stage least squares (2SLS) and generalized method of moments (GMM). The analysis begins with ordinary least squares (OLS) analysis and it provides results in accordance with our hypothesis. However, due to Granger causalities among our dependent and independent variables, the OLS findings are biased. In order to solve this shortcoming, we make use of 2SLS, as its results are robust to reciprocal influences among variables. Yet again, 2SLS results are supportive of our main hypothesis. The results are supported by Variance Inflation Factor (VIF) robustness analysis, thus suggesting multicollinearity is not an issue. However, as shown by the Jarque-Bera normality test, our variables lack normality, thus 2SLS results face a bias. Our solution for this bias is found within the appliance of GMM, as the use of the dependent’s first lag ignores issues related to the lack of normality. A final series of robustness – bias analyses refer to the appliance of cross section dependency tests. These underline the fact that there exists cross section dependence among our data. In order to overcome this final challenge, we adapt our GMM model so that it includes either industry fixed effects, or time fixed effects, in addition to standard errors made robust with respect to Windemeijer finite-sample correction. The obtained results show a positive and statistical impact of board affiliations on corporate financial performance, whilst controlling for company size, leverage, reputation and employee productivity. The results have strategic and governance implication for corporate actors. First of all, attracting those directors that present enhanced human and social capital places the company in a position from which it can capitalize both on its directors’ knowledge and on their social ties to other companies. Secondly, a director that serves more than one board provides conclusive proof for expertise and mastery of current work practices, thus enabling affiliated companies to mutually gain competitive advantages.
Abstract
This study investigates the impact of FinTech adoption on traditional financial inclusion across ten emerging and less developed economies in Eastern Europe over the period 2010–2023. Unlike prior research that has mainly focused on other underdeveloped markets, this paper explores a unique blend of EU and non-EU countries capturing the heterogeneity of digital infrastructure, regulatory environments, and banking systems in the region.
Our findings reveal that FinTech adoption tends to reduce reliance on physical banking infrastructure (geographic access), while simultaneously enhancing demographic reach and reshaping the way financial services are used. The overall effect of FinTech on financial inclusion is found to be positive but uneven across countries, with structural and institutional variables playing a moderating role.
The study contributes to the growing literature on digital finance and offers practical insights for policymakers, central banks, and digital innovators aiming to promote inclusive financial systems in Eastern Europe.
Methodology
This study adopts a quantitative research approach to evaluate the impact of FinTech development on traditional financial inclusion across ten Eastern European economies during the period 2010–2023. The selected countries—Albania, Bosnia and Herzegovina, Bulgaria, Georgia, Moldova, Montenegro, North Macedonia, Romania, Serbia, and Ukraine—represent a mix of EU and non-EU states, post-communist transitions, and varying levels of financial infrastructure and digital readiness.
The analysis is built on two core components: (1) the construction of a multidimensional index of traditional financial inclusion, and (2) the estimation of the impact of FinTech adoption on this index using a dynamic panel econometric model.
To measure traditional financial inclusion, we extract data from the IMF Financial Access Survey (FAS), focusing on three key dimensions:
• Geographic access, measured by the number of commercial bank branches and ATMs per square kilometer
• Demographic access, measured by the number of bank branches and ATMs per 100,000 adults
• Usage, proxied by outstanding deposits and loans with commercial banks as a percentage of GDP
Each dimension is standardized and reduced using Principal Component Analysis (PCA) to construct a composite index per dimension, as well as an overall Financial Inclusion Index (FII). This technique ensures comparability and reduces the impact of multicollinearity among individual indicators.
FinTech adoption is measured using proxy variables sourced from the World Bank’s World Development Indicators (WDI), including:
• Mobile cellular subscriptions (per 100 people)
• Fixed broadband subscriptions (per 100 people)
• Individuals using the Internet (% of population)
These proxies reflect access to and engagement with digital financial tools, mobile banking, and internet-based financial services.
In addition to FinTech variables, we included control variables.
This research aims to analyse the impact that salary benefits and salary increases have on the employer, employee, and the state. The main objective of the research is to identify the preferences of each party involved. The objective is pursued by answering three main questions: What does an employee prefer: salary benefits or salary increases? What implications do these have for the employer? How is the state budget affected? To find answers to the above questions, both qualitative and quantitative methods are used. The qualitative analysis uses a questionnaire, while the quantitative method involves a case study of a company in the logistics sector. The results of this research show that employers prefer offering salary benefits instead of direct increases due to the fiscal advantages, while employees tend to strongly favour direct salary increases. The salary package must be adapted to the needs of the employee to maintain motivation and loyalty towards the employer. Thus, the study provides a perspective for future research on optimizing the current salary package in a sustainable manner for all parties involved.
Issuing eurobonds, mostly 30 years government bonds, is a right that the European Commission has according to the European Treaty.
It does not need prior approval as long as the own means of the EU are not increased because of the loans. The European Commission uses this right already since 1976 so eurobonds are nothing new. In 1977 the European Commission issued eurobonds, or EU bonds as it calls them, to finance energy independence of the EU, then EEC, through nuclear energy.
It can be expected that the European Commission will at some point use eurobonds to refinance the debt of Member States above 60%. This is also necessary to establish the capital market union through common safe assets. This refinancing operation will take place through a new European Treasury Agency and take several years as an amount of about 4000 billion euro has to be financed through auctions and syndicated loans as is usually done.
Technology is essential for improving the collection, analysis and interpretation of financial and non-financial data in the context of increasing transparency regulations and the digital transformation of corporate reporting. The article investigates how academic research on corporate reporting can be supported by digital tools such as data processing software, programming languages, and standardized reporting formats. The study uses an applied methodology, examining the financial and sustainability reports of companies listed on the Bucharest Stock Exchange, focusing on the evolution of reporting practices over the period 2020–2023. The objective is to evaluate the advantages and disadvantages of extracting and processing reporting data using automated techniques. The results demonstrate that automation improves the consistency and effectiveness of content analysis, especially when identifying sustainability-related trends.
However, limitations such as inconsistent report formats, incomplete data availability, and the requirement for manual validation remain significant challenges. The findings support the idea that incorporating technology into academic research enhances analytical depth and aligns research methodologies with the ongoing digitalization of corporate reporting.
Chairs: Camelia BUDAC and Livia ILIE
The importance of local brands is widely accepted but despite a large body of academic research in areas such as place branding and place-of-origin effects, there is little understanding of what factors drive consumers’ preference for buying and producers’ willingness to participate in the development of local and/or regional brands that would be featured on their products’ labels. A place brand represents a promise or guarantee of quality for place-provenance products such as foods sourced and produced in a certain geographical area. Therefore, producers of foods across a variety of categories within a certain region need to collaborate and come to agreements in terms of provenance associations to build a coherent brand. Further, consumers need to share such associations and be willing to buy those brands. This paper investigates the ways in which consumers and producers’ sense of place identity defined at multiple levels along the Local-Mondial continuum, impacts their attitudes and behavioral intentions regarding the buying and the development of local versus regional place brands. From the producers’ perspective, the tradeoffs between developing specific brands at the village/city level versus developing regional brands which require a larger collaborative effort that cuts across multiple communities and geographies has not received adequate attention. From the consumers perspective, it is unclear whether consumers would respond differently to local versus regional brands.
The results of two studies attempt to provide some answers to these questions. Study 1 involves a sample of 280 consumers, the majority of which reside in Sibiu county. Study 2 involves a survey of 149 small and medium sized business owners located in 12 different town/village communities withing the boundaries of the GAL Marginimea Sibiului. Producers were 90% in sole ownership, evenly distributed between small, medium and relatively large firms. The business activity profile indicates that 70% of the businesses captured in the sample are food producers, primarily milk and cheese products (46%). The rest is represented by businesses that have a predominant hospitality service activity (90% bed and breakfasts).
Preliminary results indicate that consumers are more interested in buying a local brand than a regional brand for most product categories. However, in explanatory models, the local identity dimension has the strongest positive effect on both brands, and both are equally positively impacted by perceived importance of buying local traditional products and consumers’ trust in local producers. For the regional brand, the national identity dimension and trust in retail chains have added positive effects. Concerning producers overall, there seems to be a clear preference for supporting the development of a regional rather than a local brand although there are interesting differences in place identity effects along with environmental factors for each type of brand.
The purpose of this systematic literature review is to examine the most recent research on the use of language in Instagram influencer marketing. It focuses on trends and patterns in statistical methods, methodological designs, and theoretical frameworks in an attempt to provide a basis for further research in this quickly developing area. The review addresses the research question: “How is the usage of language in influencer-generated content treated in the body of extant literature?”. The objectives include comparing the theoretical frameworks, looking at methodological approaches, and exploring statistical methods used in the analysis of influencer-generated posts and associated consumer behavior.
The approach is based on the PRISMA flowchart, employing strict inclusion criteria to select relevant articles. Using prestigious academic databases consisting of Scopus and Web of Science, the literature search was performed using keywords such as “influencer marketing”, “Instagram”, “consumer behavior” and “linguistic cues”. Only publications written in English and published in Q1 and Q2 journals between 2020 and 2025 were taken into account. To give an extensive understanding of the linguistic strategies used for influencer-generated content and their effects on consumer behavior, the selected papers were categorized and examined based on their theoretical foundations, methodological designs and statistical methods. Other considered aspects are the main findings, limitations, goals, and attributes of the data that was employed.
Although a wide variety of theoretical frameworks were identified, the most common ones were the Elaboration Likelihood Model (ELM) and language expectancy theory. While statistical techniques like ANOVA, MANOVA, and mediation analysis were frequently employed, methodological designs included content analysis, survey-based approaches, and experimental models. The review identifies new trends and significant theoretical perspectives while highlighting the most recent developments in Instagram influencer marketing.
The novelty of this systematic literature review states in the fact that the latest advancements in the Instagram influencer marketing field are thoroughly synthesized. It also provides a detailed analysis of the language tactics employed in influencer-generated material and how they affect customer behavior. The patterns and trends that have been found provide a foundation for future research, pointing to possible areas for influencer marketing strategy advancements.
The review's conclusions have considerable implications for experts and practitioners of influencer marketing. They may improve the effectiveness of their content by knowing the linguistic tactics that influence consumer behavior and engagement. In order to better understand the language techniques employed in influencer marketing, the paper highlights the need for more research on a range of influencer categories and product sectors.
Evelyn Sabo1
1) Babeș-Bolyai University Cluj-Napoca, Romania.
E-mail: evelyn.sabo@ubbcluj.ro
Abstract
Purpose/objectives: This paper attempts to highlight and compare the perspectives/approaches of contemporary research regarding the distinction between consumers attitude and behaviour in sustainable fashion consumption.
Design/methodology: A systematic, critical literature analysis was employed, only Web of Science papers published in English between 2020 and 2025 in Core Economics journals being selected. The papers were critically analysed by means of a systematic literature review approach with the help of PRISMA checklist.
Findings: According to the analysis, customers may select fast fashion over sustainable alternatives for three primary reasons: a lack of information or resources, the higher price of sustainable clothes, and the significant effect of rapidly evolving online fashion trends. Although it may present new chances for sustainable choices, the social stigma associated with renting or second-hand clothing also plays a relevant part. As observed in other areas, such as plastic recycling, regional variations in the adoption of sustainability offer important insights for less sustainable areas.
Originality/value: The distinctive feature of this article is its meticulous analysis of recent studies, which meticulously draws attention to the ongoing discrepancy between customers' perceptions of sustainable fashion and their real purchase patterns. It provides new insights into the intricate dynamics driving consumer choices by closely examining important influencing elements, including perceived barriers, social norms, and individual beliefs. Additionally, it arranges the body of current knowledge into a coherent, understandable framework that not only makes the material accessible but also highlights connections and patterns that could have gone unnoticed, leading to a more profound and useful comprehension of the area.
Possible practical implications: By encouraging openness, knowledge, and positive narratives around responsible choices, influencers, lawmakers, and brands can all play a significant part in improving sustainability. Together, they have the power to increase awareness, motivate more ethical consumer behavior, pressure industries to adopt more ethical standards, and support laws that increase sustainability's acceptance and accessibility in society.
Keywords: Sustainable fashion, fast fashion, sustainability, slow fashion, green fashion, ethical fashion, behaviour gap
Sustainable consumer behaviour is critical to achieving global sustainability goals. In this direction, the role of brands and their positioning in the target markets as sustainable undoubtedly plays a big role. However, for consumer behaviour to be defined as sustainable, at least two conditions are needed. The first one is that the Sustainable Development Goals are perceived as important and significant by the consumers themselves. The second one is for consumers to perceive their behavior as a factor in achieving these goals. Only in the presence of these two conditions can it be argued that the behavior is sustainable. This is because the real sustainable behavior is motivated by the desire to achieve the Sustainable Development Goals and not by other factors.
This paper aims to explore the relationship between the brand's green initiatives on sustainable consumer actions. To achieve this goal, an empirical study in two waves is designed and conducted. Within the framework of the study, an online survey is used to collect empirical data. Data collection for the first wave is carried out in April 2023 and for the second in April 2024. The first wave included 136 students from the University of Economics – Varna, and the second one – 115 from the same university. To take into account changes in respondents' attitudes and actions, the data is collected using the same research tool.
In this research, two scales are designed. The first one is measuring the importance of the university's green initiatives. The second one is collected data on respondents' conviction that their actions are influencing the achievement of sustainability goals.
The results of the study conducted in the two waves outline two main differences. The first one is related to the differences in the assessments of the significance of the University's sustainable actions. If for respondents in the first wave, the degree of significance of these actions is less, then for respondents in the second wave these actions are defined as significant to a greater extent. The second difference relates to the perception of the degree of influence that respondents demonstrate in terms of achieving sustainability objectives with their behaviour.
While in the first wave, respondents demonstrate a higher sense of control over the achievement of sustainability goals, in the second this feeling is expressed to a lesser extent.
The conclusions of this study are based on a study of students' subjective assessments, but the results show the importance of brand behavior and the possible impacts that these actions can have in shaping sustainable consumer behavior. Moreover, the study also tested the role of corporate communications on consumer assessments related to their sustainable behavior.
The gender pay gap phenomenon has become an important issue over the last years as it affects significantly the economy of women and, therefore, their independency and autonomy. Stereotypes, gender roles and biases are some of the causes of labor inequality between men and women globally. This phenomenon influences the professional opportunities as well as the economic and career advancement for individuals, especially women. Even though there has been a rise on the gender equality issue during the 21st century, and its importance manifests to the point of constituting one of the Sustainable Development Goals (SDGs) in the 2030 Agenda and given all the progress achieved so far in a diversity of areas and fields, the reality displays that up to the present day there are still problematics that need to be tackled, such as the wage gap between genders. Despite studies have been done regarding this problem in the professional path of people among different fields within higher education in Europe, little attention has been given to the opinions of higher education students about this topic in Romania. Understanding the viewpoints of university students provides important insights into the attitudes towards gender equality that new generations have. The present study aims at analyzing the perceptions that higher education students have regarding the gender pay gap. A qualitative analysis, using the technique of focus group was implemented to analyze the opinions among higher education students who come from different cultural backgrounds and nationalities, enrolled in a Romanian university. The sample consists of an equal number of both male and female participants in order to have a balanced representation and to obtain as many diverse opinions as possible from the respondents. The results reveal the points of view, awareness and expectations of university students about the gender pay gap situation, shedding light on how their own context of origin, cultural patterns and personal experiences regarding the topic influence their own perceptions. Furthermore, the majority of students are aware of what the gender pay gap phenomenon means and the limitations that it brings about in the achievement of gender equality and the empowerment of women in general, especially at present, bringing up in this way a preoccupation about the future of the labor market and society in general terms.
This paper explores the influence of European Union funding on the sustainable development of rural areas in Romania over the 2014–2023 period. Focusing on instruments such as the European Agricultural Fund for Rural Development (EAFRD) and Cohesion Policy mechanisms, the study aims to assess how financial support has impacted key dimensions of rural sustainability, including economic performance, employment, environmental resilience, and social well-being. The research intends to employ an econometric approach, using regional-level panel data to investigate potential correlations between fund absorption and development outcomes. The paper will also consider structural and demographic factors that may influence the effectiveness of EU-funded programs. While the analysis is ongoing, the study seeks to offer insights into the challenges and opportunities associated with EU intervention in rural development and to contribute to policy discussions on improving funding efficiency and impact in lagging regions.
The rise of online platforms has fundamentally transformed the tourism industry, enabling global sharing of consumer experiences and opinions, consequently amplifying the importance of online reviews. These digital evaluations now constitute a significant informational resource for prospective travelers and a powerful determinant shaping the perceptions and behaviors of tourism organizations. The ability of tourists to post reviews provides businesses with invaluable feedback, shaping tourism decision-making processes. This shift has created a dynamic where organizational culture, defined as the shared values, beliefs, and norms guiding employee behavior, is increasingly influenced by the continuous feedback loop of online reviews. Consequently, tourism organizations must adapt their internal operations, service delivery, and marketing strategies to align with the expectations and sentiments expressed in these reviews.
The Internet is revolutionizing the tourism industry as both an information source and a sales channel, with online platforms expanding distribution networks and significantly impacting sector growth. Digital technologies have transformed the industry, causing major shifts in businesses, products, services, and experiences. The influence of online reviews on organizational culture within the tourism sector is a multifaceted topic, highlighting the interplay between customer feedback, organizational ethos, and competitive advantage. An organization's ability to respond to these reviews is critical, as they not only shape consumer perceptions but also reflect and mold organizational culture and internal practices.
This study conducts a bibliometric analysis to provide a comprehensive overview of the scholarly literature examining the impact of online feedback on organizational culture within tourism organizations. By analyzing publication trends, key authors, influential journals, and thematic clusters, this research aims to map the evolution and current state of knowledge in this domain. This approach will identify pivotal research areas, emerging trends, and potential gaps, contributing to a deeper understanding of how online reviews shape organizational culture and inform strategic management practices in the tourism sector. The findings will provide valuable insights for both academics and industry practitioners seeking to navigate the evolving relationship between online feedback and organizational culture in the digital age of tourism.
Abstract:
Value Added Tax is a pivotal component of modern tax systems, representing a significant source of revenue for governments worldwide. Understanding the factors that contribute to the VAT gap is crucial for policymakers, as it highlights areas where tax compliance can be improved and revenue losses can be minimized.
This study aims to identify and analyse the determinants of the Value Added Tax (VAT) gap across a panel of 26 EU countries for the period from 2000 to 2022. By investigating the relationship between key macroeconomic indicators and the VAT gap, the research seeks to provide insights that can inform policy decisions aimed at improving tax compliance and reducing revenue losses.
The analysis employs a two-way fixed effects regression model to account for both country-specific and temporal heterogeneity. The model incorporates several macroeconomic indicators, including the Corruption perception index (CPI), Gini coefficient, Real GDP Growth, Size of the Shadow Economy, Unemployment rate, VAT Standard Rate. This methodological approach allows for a comprehensive examination of how these variables influence variations in the VAT gap across different countries and over time.
This study contributes to the existing literature by highlighting the critical role of labour market conditions and income distribution in influencing tax compliance behaviour. The findings suggest that policies aimed at reducing unemployment could be effective in mitigating the VAT gap. Additionally, the nuanced relationship between income inequality and the VAT gap calls for further exploration of the underlying mechanisms, offering valuable insights for policymakers and researchers interested in tax policy and economic inequality.
As global efforts to tackle climate change accelerate, harmonising financial regulation with sustainability objectives has emerged as a crucial yet inconsistent endeavour across different economies. This study examines the global landscape of green finance regulation by identifying critical gaps and structural disparities in policy coherence, implementation, and effectiveness between developed and emerging economies. To achieve this, the research utilises network analysis and content analysis applied to a dataset comprising over 100 national plans from 32 economies and country groupings. This approach will help to map the structure and interconnections of green finance policies while extracting dominant themes and strategic focuses at both the global and national levels. The analysis reveals that developed economies possess relatively comprehensive policy networks, characterised by strong connections between financing arrangements and climate transition strategies. An analysis of the frameworks employed by developed economies reveals a frequent use of terms such as "climate," "finance," "sustainable," and "net zero," which indicates a sophisticated integration of sustainability principles. In contrast, emerging economies tend to have denser and more fragmented policies that prioritise external financial support and economic growth over regulatory coherence. A critical challenge affecting all regions is the absence of established methods for assessing sustainability metrics. This gap significantly increases the risk of greenwashing and ultimately undermines the credibility of green finance initiatives. The findings also suggest that the institutional capacity of financial actors to serve as key centres for policy implementation is directly linked to the maturity of green finance regulation. The study emphasises the crucial need for more integrated regulatory frameworks, enhanced government support, cross-sectoral collaboration, and technological advancements to strengthen transparency, risk assessment, and the longevity of green finance initiatives. The study also improves the overall understanding of the dynamics of green finance regulation, providing a strategic framework for policymakers and stakeholders seeking to strengthen financial sustainability and resilience in diverse economic contexts.
Acknowledgement. "This work was supported by a grant from the Romanian Ministry of Research, Innovation and Digitalization, the project with the title "Economics and Policy Options for Climate Change Risk and Global Environmental Governance" (CF 193/28.11.2022, Funding Contract no. 760078/23.05.2023), within Romania's National Recovery and Resilience Plan (PNRR) - Pillar III, Component C9, Investment I8 (PNRR/2022/C9/MCID/I8) - Development of a program to attract highly specialised human resources from abroad in research, development and innovation activities."
This paper provides a comprehensive overview of behavioral finance literature, focusing on key contributions and notable advances over the past 25 years. Behavioral finance has challenged the classical paradigm of efficient markets and rational agents and has shaped the psychological perspective of investment strategies. The review was based on the search for English-language articles in Web of Science database and the use of Biblioshiny software. The findings show a diversity of topics, ranging from the contrarian investor behavior to the behavioral theories in institutional structures. Recent studies highlight the impact of emotions on investment decisions, hybrid market behavior models, the relationship between behavioral finance (BeFi) and digital assets in decentralized financial markets (DeFi), neurofinance and the integration of artificial intelligence in stock market computing. The three publications with the most visibility are Journal of Behavioral Finance, Journal of Behavioral and Experimental Finance and Review of Behavioral Finance. The article also identifies the main opportunities for future research by extending cross-cultural studies and redefining the design of behavioral principles in financial education. In conclusion, behavioral finance is a rapidly growing field of research with great potential to redefine the understanding of stock markets through an integrated approach combining finance, psychology and technology.
Stock market price forecasting represents a challenge due to the inherent complexity, non-linearity, and volatility present in financial time series. Classical methods such as ARIMA have long been employed for forecasting financial data due to their ease of interpretation and solid theoretical foundations. However, such linear models face limitations in accurately capturing complex and nonlinear market dynamics. Forecasting stock market prices is often challenging because financial time series exhibit complex dynamics, nonlinear behaviour, and significant volatility. Traditional models, particularly ARIMA, are frequently applied in financial forecasting given their theoretical foundations and interpretability. Nevertheless, linear methods like ARIMA often face challenges to adequately capture the nonlinear structures that are present in stock market data. To address these limitations, this study proposes an LSTM-based approach, given its capability to effectively model temporal dependencies and complex patterns in sequential data. Because of that argument we hypothesize that the LSTM model will yield superior forecasting accuracy compared to the ARIMA model due to its enhanced ability to handle non-linear and complex relationships within the data. The methodology involved collecting historical closing price data from the stock market, with a particular attention to the European defence industry. The dataset was preprocessed and partitioned into training and testing subsets. The ARIMA model was developed using standard identification, estimation, and diagnostic checking procedures to identify an optimal set of parameters. For the LSTM network, a supervised learning strategy was applied where the data was structured into sequences suitable for training recurrent neural networks. Various architectures and hyperparameters, including the number of hidden units, layers, and training epochs, were tested and optimized. Both the ARIMA and LSTM models were implemented using Python, taking advantage of its extensive analytical libraries suited for financial time series forecasting. Preliminary results indicate that the LSTM approach outperforms ARIMA across the selected evaluation metrics, which include Root Mean Square Error (RMSE) and Mean Absolute Error (MAE). The performance improvement observed with the LSTM model confirms its advantage in effectively capturing nonlinear dynamics within stock price movements, which traditional linear models like ARIMA may inadequately represent. These preliminary findings showed the practical relevance and potential applicability of deep learning methods, specifically LSTM networks, in increasing the accuracy of financial time-series predictions.
Financial reporting is a fundamental tool in the faithful reflection of a company's activity, holding a dominant position in the information infrastructure of modern and efficient economies. Annual reports published by companies include both quantitative information and narrative components, designed to provide a comprehensive picture of companies' performance and financial position. The quality of financial reporting directly influences share price informativeness, playing a key role in predicting future returns of companies. This study focuses on two aspects of informational quality: faithful representation and readability of annual reports, as predicting factors of investment decisions. By measuring the market reaction based on stock market returns (annual and cumulative abnormal returns), the results suggest that investors are more concerned about the accurate representation of financial results both at the time of financial statements release and in the long term. However, the degree of understandability of financial information plays an insignificant role in the process of making investment decisions. The sample analyzed covers 49 companies listed on the Bucharest Stock Exchange during a seven-year period. Their annual reports are defined by complex vocabulary and extensive length, which increase processing costs and delay share price adjustments. Our findings suggest that the primary audience for these documents is financial professionals (financial analysts) or institutional investors with advanced education, as the way information is presented is detrimental to individual investors or users without financial expertise. In addition, we have divided the analyses into two distinct periods—characterized by economic instability (post-pandemic crisis) and normal operating conditions (pre-pandemic crisis). This study evaluates the readability degree and conciseness of financial reports based on notorious indexes in the specialized literature (FOG index, Flesch-Kincaid index, Flesch Reading Ease Score, and report length), being useful in future research on the Romanian capital market's reaction to financial information quality.
Chair: Lia BALTADOR
As Africa continues to navigate rapid political, economic, and institutional change, understanding patterns of governance across the continent is essential. Attaining a clear and exhaustive picture of governance dynamics in Africa is critical in analyzing the continent’s broader economic development and investment landscape. Governance quality influences key economic outcomes, including market stability, infrastructure delivery, and investor confidence. As a multidimensional concept, it offers a valuable framework for assessing the institutional environments that shape long-term growth potential and capital flows across countries.
This paper investigates governance trends across the African continent through an exploratory clustering analysis, using longitudinal data from 2005 to 2023, spanning 39 countries, 11 countries were left out of the studies due to lack of data availability. The Governance Index was used as an aggregate indicator for clustering. It captures five key dimensions: difficulty of management, steering capacity, resource efficiency, consensus building, and international cooperation.
Hierarchical clustering (Ward’s method) was applied to classify countries into governance-based groups, with K-means clustering used to validate the results. The analysis identifies three distinct clusters—high, moderate, and low governance quality—with minimal geographical coherence. This suggests that governance performance is influenced more by historical, institutional, and political factors than by regional proximity. Additionally, to enhance interpretability, a geospatial visualization of the clusters was created using Python, providing an clear graphic representation of governance classifications across the continent. The study highlights the diversity of governance trends among African countries and illustrates the potential of exploratory data techniques to reveal regional patterns and institutional dynamics.
This research contributes to the already existing body of studies, by providing a more exhaustive understanding of governance in Africa. Its findings are relevant for policymakers, development partners, and regional bodies that are seeking to design more appropriate governance interventions. More broadly, the study demonstrates the usefulness of unsupervised learning techniques for classifying institutional environments and contributes to data-driven approaches in comparative development economics.
Economic growth in Romania has been significantly influenced by migration dynamics, marked by increased immigration and sustained emigration. This dual challenge affects economic stability, labor market supply, and demographic balance. While the arrival of immigrants, especially from Ukraine since 2022, has temporarily boosted the labor force and contributed to economic growth, the ongoing outflow of skilled Romanian workers to Western Europe poses risks to long-term development.
This paper examines how this dual migration trend has shaped Romania’s economic trajectory. Using Eurostat data from 2019 to 2023, the research combines quantitative analysis with demographic-economic modeling to estimate the long-term effects on Romania’s GDP growth and labor market dynamics. The study also analyzes qualitative insights from surveys and policy documents to understand socio-economic and political factors shaping migration patterns.
The analysis highlights the differences between immigrant and emigrant populations, focusing on age, education, and employment sectors. Preliminary data indicate that while immigration has increased the labor supply, especially in lower-skilled sectors, the concurrent loss of skilled workers undermines these economic gains. The demographic model projects that if emigration persists, Romania may struggle to sustain economic growth despite temporary boosts from refugee inflows.
The paper also evaluates the effectiveness of current integration measures for immigrants and retention strategies for native talent. The findings suggest that a holistic policy approach is needed to balance the benefits of immigration with efforts to reduce emigration, particularly by addressing factors driving skilled workers abroad.
This study contributes to the broader discussion on how migration dynamics influence economic growth in countries experiencing both inflows and outflows. By understanding the dual impact on labor markets and economic stability, policymakers can develop strategies to foster sustainable growth in Romania.
The war in Europe, in Ukraine, once again highlights that the battles of the great powers are fought for territories and resources. In this context, the circular economy comes to respond to the increased needs for resources and capabilities, putting into a new, integrative paradigm, everything we knew about the economy and society until then. Circularity strategies, such as recycling, reuse, redesign, remanufacturing, etc. (10 R-Strategies), although they are still insignificant aspects within some private and public policies, will mean more and more in the fight for resources, and will show who the winners of the battle for the future are. In this framework, the article analyzes econometrically, based on Eurostat data, for the period 2010-2023, the implications of some circularity indicators, including SDGs, on the recycling rate of waste from electrical and electronic equipment at the level of the European Union with 27 states (EU27). Thus, in methodology although initially several indicators were calculated within the 10 R-Strategies, through repeated simplifications, only one indicator was chosen from them, the most relevant for the model, namely: Share of recovered waste from collected waste (%) (SRWEEEC). The data source is Eurostat, the data are systematized as panel for all EU27 and the analysis period is 2010-2023. The method is ordinary least squares estimation, and a correlation matrix is also created to better explain the links between the selected variables. The number of observations obtained is 378 and thus the information volume can be considered relevant. The results highlight that 10 R-Strategies along with indicators related to the development of the circularity field (added value, employees, trade, investments) have significant implications on the recycling rate of electrical and electronic equipment waste. The chosen explanatory variables relate to circularity strategies, economic development and especially the circular economy environment related to innovation and competitiveness. These, according to the chosen model, can explain 66.5% of the situation of recycling electrical and electronic waste (RRWEEE).
Key words: circular economy, WEEE, impact, correlation matrix, regression
JEL classification: C33, F64, N54, O44, Q53
Social media platforms have become a ubiquitous presence in contemporary life, profoundly influencing the way we communicate, learn, and interact. The new generations – Generation Z and Generation Alpha – have grown up in a highly digitalized environment, becoming familiar with information technologies and social platforms from an early age. However, this rapid technological development has brought about a series of significant challenges for the traditional educational system.
An increasing number of students spend their free time online, particularly on social media platforms, which contributes to a reduced attention span and a declining interest in conventional teaching methods. In this context, there is a growing need to reassess and adapt educational strategies to meet the realities of the digital age.
This paper, as part of a broader research effort, aims to investigate the impact of social media on contemporary education, with a specific focus on identifying and analyzing frameworks that can support the effective integration of these platforms into the educational system. By drawing on a wide range of academic sources and applying bibliometric analysis through the VOSviewer software, the study seeks to highlight how various theoretical frameworks and educational models can help harness the potential of social media in the learning process.
Economic growth in Romania has been significantly influenced by migration trends in recent years, particularly marked by increased immigration and sustained high levels of emigration. This dynamic presents a unique challenge to Romania’s labor market and demographic stability, shaping the country's economic trajectory. The recent surge in non-EU immigration, particularly due to the influx of Ukrainian refugees since 2022, has had both positive and uncertain impacts on economic growth. While the increase in the labor force has helped address immediate labor shortages, the persistent emigration of skilled workers continues to pose risks to sustainable economic development and long-term growth potential.
This paper focuses on analyzing the recent immigration trends in Romania from 2019 to 2023 and their impact on economic growth. The primary focus is on how Romania, as a Central and Eastern European country, has integrated immigrants, particularly Ukrainian refugees, into its labor force, and how this has contributed to the country’s economic performance. The study employs Eurostat data and a semi-structural general equilibrium model to assess the potential output increase in Romania’s economy due to increased immigration, taking into account demographic shifts and sector-specific impacts.
Preliminary findings reveal a marked increase in Romania’s immigration rate post-2020, with a sharp rise in 2022, driven largely by Ukrainian refugees under the EU’s temporary protection scheme. This immigration wave has positively impacted economic growth by filling gaps in key sectors such as agriculture, construction, and services. However, the long-term impact on potential output remains uncertain, primarily due to challenges in retaining these immigrants as permanent residents. The study also explores the socio-economic integration of these groups, including the challenges of skill mismatches and regional disparities.
The paper concludes that while increased immigration has brought short-term economic benefits to Romania, sustained integration efforts are necessary to ensure long-term economic growth and stability. The study will also discuss policy measures that could enhance integration and increase the likelihood of long-term settlement by immigrants, thereby strengthening Romania's economic prospects.
Over the past decade, data centers have evolved from auxiliary digital infrastructure into central nodes of economic value creation, shaping how capital, labor, and energy are allocated across sectors.
This paper examines the evolution of data centres as a substantial economic entity, exploring their macroeconomic impact with an emphasis on GDP contribution, job creation, infrastructure investment, and energy market dynamics. A key aspect of the analysis is the "halo effect", which marks the ability of data centre ecosystems to foster growth and innovation in related sectors, including renewable energy, manufacturing, and digital services.
The objective is to assess the aggregate economic impact of data centers across diverse geographies, identify sectoral and spatial discrepancies, and understand how these facilities influence national development strategies. It investigates the hypothesis that data centers contribute significantly to macroeconomic indicators and function as nodes of innovation and resilience in the global digital economy.
The methodology draws upon qualitative and quantitative approaches. A mixed-methods strategy was used, collecting macroeconomic data from various sources including industry reports (PwC, CBRE), institutional databases (OECD, Eurostat), and academic research. This data was used to assess the direct and indirect GDP contributions, employment multipliers, infrastructure investment levels, and trade volumes associated with data centre activities. In addition, qualitative study includes the analysis of important regional centres, such as Northern Virginia and Dublin.
Initial findings showcase that data centres represent roughly 6% of global GDP, mostly via enabling digital services in sectors such as finance, healthcare, logistics and manufacturing. The employment impact is significant: each direct job created in a data centre supports an additional 5–7 jobs in construction, energy, IT, and local economies. In addition, they generate around 400 billion annual investments, influencing broadband deployment and the use of renewable energy. Energy consumption is a significant concern, as data centres represent around 2% of global electricity demand. Thus, leading operators are accelerating their transition to sustainable energy. Moreover, data centres appear to generate extensive economic spillovers. In Dublin, the availability of advanced infrastructure has enabled the growth of the financial and SaaS industries. In Virginia, local tax revenue from data centres has funded public infrastructure and attracted associated technology sectors.
In conclusion, the article provides evidence that data centres have a substantial impact on macroeconomic outcomes and accelerate the transition to digital and ecological technologies. With the increasing need for AI and cloud computing, understanding and regulating the economic impact of data centres becomes essential for policymakers seeking to promote sustainable digital economies.
This paper analyzes how EU member states in the Balkans integrate research and development (R&D) priorities into their National Recovery and Resilience Plans (NRRPs), focusing on Romania and Greece, with an extended framework that includes Bulgaria and Croatia. The research investigates the extent to which R&D strategies contribute to long-term innovation capacity, structural modernization, and alignment with broader EU goals.
The methodology combines qualitative content analysis with a comparative matrix of key indicators. Each NRRP is assessed based on the share of total funding allocated to R&D, the balance between investment and reform, the quality of governance mechanisms, and the integration with EU-level programs such as Horizon Europe. Official documents, progress reports, and national statistical data inform the analysis, enabling cross-country comparison and the classification of strategic approaches to R&D.
Preliminary findings show significant divergence between Romania and Greece. Romania allocates around 1% of its NRRP, focusing on structural reforms to improve research governance, infrastructure, and researcher status. Despite its reform orientation, the implementation is slowed by bureaucratic bottlenecks and fragmented coordination. Greece allocates approximately 3% of its NRRP, prioritizing direct investments in high-tech sectors such as AI and biotech, and fostering public-private partnerships. Its approach reflects stronger institutional support and faster fund absorption but lacks depth in reform initiatives.
The analysis of Bulgaria and Croatia is currently in progress, following the same framework. Initial observations suggest lower R&D prioritization and a tendency to equate innovation with digitalization measures. The extended comparison aims to identify regional patterns, strategic gaps, and best practices in leveraging the Recovery and Resilience Facility for innovation-driven growth.
This paper contributes to the growing body of literature on EU recovery policy and innovation systems, offering empirical insights into how peripheral EU economies use post-pandemic funding to address long-standing weaknesses in R&D. The findings are relevant for both academics and policymakers seeking to optimize the design and implementation of future EU-funded research strategies.
Abstract: The evaluation of the students’ educational performance at the global level is representing a key tool in understanding the factors that influence learning and academic success. The Programme for International Student Assessment (PISA) surveys, conducted by the Organisation for Economic Co-operation and Development (OECD), provide a standardized measure of students’ abilities in mathematics, reading and science, and are widely used to analyse education systems in various countries. However, educational performance is not determined solely by individual factors, but also by a complex interaction between school, social, and economic conditions. In this context, the analysis of student academic performance must be implemented beyond the simple assessment of the academic achievements, integrating a holistic approach that takes into account the external and internal factors that influence learning. This paper proposes an innovative approach to educational performance, using the SOR (Stimulus-Organism-Response) model, a conceptual framework that describes the manner in which external stimuli drive the emotional state of the organism (student), which, in turn, is determining the behavioural responses (measured through academic performance). Using data retrieved from the PISA 2022 survey database, at the level of Romania, the application of the SOR model employing the advanced econometric techniques of SEM (Structural Equation Modeling), allows for a detailed analysis of the complex relationships between socio-economic factors, school environment, family support and academic performance at the students’ level. The study also addresses the current educational context marked by the COVID-19 pandemic, which has brought major challenges regarding the access to educational resources, learning styles and, implicitly, students’ results. Through this approach, the paper aims to provide a deeper understanding of how external and internal factors interact to shape educational performance. The results obtained can serve as recommendations to formulate more effective educational policies, capable of responding to multiple global challenges and supporting students in reaching their maximum potential.
Keywords: PISA, SEM, SOR approach, COVID-19 pandemic, education, socio-economic factors
Introduction/Purpose/Objective: The research explores the differences in digital public administration across EU member countries using the Digital Economy and Society Index (DESI) scores from 2018 to 2024. With the EU's ambitious digital agenda under the Digital Decade, it is important to evaluate national progress. The purpose of this study is to identify trends of digital transformation in EU public administrations, classify countries based on their DESI performance, and provide insights into the variation in digital preparedness and uptake across member countries.
Design/Methodology/Approach: The study employed a k-means clustering algorithm in examining overall Digital Economy and Society Index (DESI) scores for the 27 EU member states based on the latest available data from 2018 to 2024. Countries were grouped into High, Medium, and Low clusters based on their digital performance. Growth rates were examined to determine dynamic progress. Data processing was conducted using KNIME. The study took into account the four DESI dimensions: connectivity, human capital, integration of digital technology, and digital public services.
Results and Discussion/Findings: It reveals that countries like Finland, Denmark, and the Netherlands regularly get higher DESI scores, which represent their state of digital maturation. On the other hand, countries in the medium cluster had varied trends with some countries (e.g., Estonia, Slovenia) recording steady improvement. Low cluster had countries like Romania, Bulgaria, and Greece, which face challenges with infrastructure as well as digital skills. However, some countries in the low and medium cluster (e.g., Italy, Poland) recorded improving DESI scores and hold promise towards convergence. It emphasizes that challenges related to the digital divide are yet present but can be managed with the help of well-designed interventions.
Significance/Implications/Conclusions: The findings highlight the need for individualized digital policies in the European Union, given the differing levels of digital maturity among its member states. Clustering insights can guide strategic investment in the fields of infrastructure, digital competencies, and interoperability. The study highlights the importance of continuous benchmarking and policy harmonization. Finally, this research contributes to a more inclusive and prosperous digital Europe by providing evidence-based suggestions to national and EU-level policymakers.
Limitations: DESI data changes annually in methodology and indicators, which may affect comparability. Aggregated scores limit insight into specific public sector reforms. The analysis does not account for regional disparities within countries.
Future Research: Further studies can attempt to examine the individual sub-dimensions of DESI or conduct case studies of best practices. Exploring causal linkages between policy interventions and improvement in digitalization using longitudinal panel data is also suggested.
Abstract
This study makes a valuable contribution to management science by analyzing the role of artificial intelligence (AI) in influencing employee well-being within the human resources (HR) field. Amid ongoing transformations in the workplace such as the growth of remote work, increasing stress, and evolving demands in talent management AI is being increasingly recognized not only for its capacity to optimize HR operations but also for its potential to address psychological and emotional aspects of the employee experience.
The aim of this paper is to investigate how AI technologies ranging from the automation of routine tasks to the customization of career development and enhancement of hiring and onboarding processes can positively impact employee well-being. To achieve this, the paper employs a structured literature review of current academic research and industry publications that explore the link between AI, HR management, and employee well-being.
Methodologically, the study adopts a qualitative approach based on a narrative review of literature sourced from peer-reviewed journals, business case studies, and professional reports published between 2015 and 2024. The review focuses on empirical studies that present both the benefits and the limitations of AI integration in HR. Companies like IBM and Unilever are cited as illustrative cases, having successfully implemented AI-driven solutions to streamline HR functions, boost employee satisfaction, and monitor mental health.
Initial findings suggest that AI can enhance employee well-being by minimizing repetitive administrative work, enabling more meaningful tasks, and providing a more tailored employee experience. Nevertheless, concerns are raised in the literature regarding ethical implications, data protection, and the possible loss of human touch in HR interactions.
Overall, this paper seeks to advance the ongoing discourse on ethically aligning technological innovation with human values in the workplace, and it highlights the need for future research into responsible AI use that supports both employee well-being and organizational effectiveness.
Key concepts: Human resources, artificial intelligence, well-being, task automation and work-lifebalance
Digitalization is a key driver of rapid development, transformation, and evolution, expanding the scope of transactions, improving efficiency, and having a strong impact on global economic growth. Technological progress is continuous, the Internet is widespread, and investments in technology have become a major trend in company development. Amid worsening macroeconomic indicators caused by geopolitical tensions and rising prices in sectors such as agriculture and energy, interest rate hikes have led to increased bank lending costs.
This situation affects both the disposable income of the population and consumer behavior on e-commerce platforms, putting pressure on their commercial strategies. This article investigates the impact of interest rate developments on the dynamics of e-commerce platforms in the post-pandemic period, in the context of an economic environment marked by inflation and decreasing purchasing power. The study also examines the implications of rising interest rates on household debt levels and financial stability, as well as how these economic changes influence consumer behavior and the development of e-commerce platforms.
The research methodology is based on a detailed literature review, combined with statistical analysis of data related to interest rate trends and consumer behavior on e-commerce platforms. At the same time, the study analyzes the strategies adopted by platforms to face new economic challenges, such as price adjustments and the adoption of innovative technologies to attract and retain consumers.
In addition, the influence of technological innovation on these platforms is assessed, along with their ability to provide fast and efficient solutions to meet ever-changing consumer demands. In conclusion, the study highlights the evolution of e-commerce platforms in terms of adopting strategies to respond efficiently to the challenges posed by rising interest rates and macroeconomic pressures. With globalization, e-commerce has become essential to business strategies, enhancing competitiveness through technology, increased productivity, and cost reduction.
An essential component of the Smart City concept is traffic, which has a significant impact on the population's well-being and the city's overall economic vitality. The paper aims to propose a new method for Testing and evaluating the Effectiveness of a new Traffic Management System.
The method defined here is the final phase of a complex research project with a general objective of developing an AI-based system for urban traffic management. The primary aim of this research project is to propose a strategy and architecture for an AI-based system that reduces the overall Traffic Congestion Coefficient in any densely populated city.
To achieve the main objective, the research project defined and used a rich architecture, including specialised generators of synthetic data and a society of AI agents.
The Research Methodology consisted of consulting and studying specialized scientific and technical literature on the area of interest, formulating work directions based on each current research stage of the proposed topic, determining and analyzing experimental data, and interpreting and assessing the results. The research results will be published and disseminated to be available to the scientific community.
The objective of the present research was to develop a method that can integrate all the components already defined in the project, test the assembly, and evaluate the results of the leading project.
The advantage of this approach is that it permits the use of multiple scenarios and any combination of trained models to evaluate the results and to highlight the impact of applying different variants of trained agents on the overall Traffic Congestion Coefficient. The feedback obtained after each scenario was used to carefully fine-tune each of the components involved, such as generators of synthetic data, prediction models, and intersection models used inside agents.
The method involves the random generation of a complex network of intersections connected to each other by roads, topologically equivalent to a complex network of roads in a city. For the scope of this research, a reduced set of intersection types and road categories was used.
A visualization component allows for the observation and adjustment of the parameters used in the simulation. The method also provides for the use of statistics collectors at key points to automate as much as possible the final calculations for evaluating the Traffic Congestion Coefficient.
This research presents the promising results obtained in reducing the overall Traffic Congestion Coefficient for several scenarios. A live demo is also available.
Smoking remains a significant public health and economic burden, despite substantial governmental investments in cessation efforts. This systematic review aims to synthesize existing research on the effectiveness of information-based smoking cessation campaigns, focusing on their effect and associated costs. We conducted a comprehensive search on Web of Science, initially yielding 920 articles using the keywords “smoking information campaign effectiveness”. We refined further this search by selecting systematic reviews only and ended up with 54 review articles for in-depth analysis. Our inclusion criteria focused on campaigns that primarily employed educational or informational strategies, excluding those focused solely on medical testing. First, we employ a bibliometric analysis of the 54 papers to identify key research trends, scientific networks and cluster meaning. Second, we employ content analysis to explore consensus on measuring the effectiveness of mass-mediated health campaigns, key research designs and methodologies, as well as insights regarding the effectiveness of the interventions. Our findings seek to identify effective strategies within information campaigns that demonstrate a significant impact on smoking cessation, thus providing actionable insights for policymakers and public health professionals. This review will contribute to a better understanding of how to design and implement cost-effective smoking cessation campaigns, ultimately leading to improved health outcomes and reduced economic burdens.
Key words: smoking cessation campaigns, health education, health communication, public health intervention, bibliometric analysis, systematic review
In an era of swift technological progress, shifting economic conditions, and modifying societal trends, contemporary businesses are facing with the challenge of having to continually adjust to the constantly changing demands of consumers. Customers’ preferences are becoming increasing unpredictable, due to factors like immediate access to information, greater global competition, and also the influence of social media. Taking into account the above mentioned, businesses have to take a proactive approach in order to guarantee that their products and/or services, offered under a certain brand, as well as customer experiences meet these changing expectations.
In this rapidly evolving landscape where technology and consumer preferences come together, the current paper researches the significant influence of Artificial Intelligence (AI) on consumer behavior in the wide-ranging domain of e-commerce. Specifically, the research seeks to clarify the complex relationship between advanced AI technologies and the continuously changing patterns of customers’ online shopping behavior. Rather than simply recognizing AI's impact, the objective is to analyze the underlying factors that shape this interesting interaction. The above mentioned is especially valuable in a rapidly changing environment, where the ability to respond swiftly to market challenges is crucial.
The paper may be of importance not only for academics but also for businesses that navigate the complex digital environment. Specifically the practical importance of this research consists of the formulation of evidence-based recommendations for the integration of AI within the e-commerce sector. The results of this paper can assist businesses in obtaining more precise consumer insights, enhancing the efficiency of marketing investments, and encouraging sustainable customer relationships. As AI becomes a vital component of e-commerce platforms, understanding its subtle effects on consumer decision-making is essential. The research covers multiple aspects and aims to provide insights that extend beyond theoretical discussions and to suggest practical guidance for businesses in an increasingly AI-centric market. Future research on this topic should focus on the long-term impact of personalized recommendations on consumer choices, and on establishing regulatory guidelines for responsible use of AI in marketing.
The paper employs a variety of general theoretical methods, principles, and approaches. In order to fulfill its objectives several methods have been implemented, including content analysis, specifically the generalization of theoretical data, comparison, and synthesis, descriptive analysis, tabular and graphical methods.
Remote work, teleworking or working from home is usually defined as a flexible work arrangement that allows employees to do their jobs outside the designated office area (Brynjolfsson et al., 2023). This shift, had profound implications for the real estate market, particularly in housing prices and the spatial preferences of households (Mondragon and Wieland, 2022). Between 2019 and 2021, housing prices in the European Union increased by 16.6% (eurostat, 2024), while the United States experienced a record-breaking 23.8% rise in house prices during the same period (Mondragon and Wieland, 2022). These figures highlight the changes occurring in housing demand as more households adapt to remote work environments (Stanton and Tiwari, 2021). This research aims to explore the evolving link between remote work and the real estate market by focusing on three main objectives. (1) The first one is analyzing the scientific output in this field through content analysis. (2) The second one is identifying the main drivers in terms of scientific production. (3) Finally, the third objective is investigating the connection between working remotely and the recent surge of house prices through co-word analysis, utilizing a cluster map. For this study we found 55 articles, published between 2021 and February 2025, that were part of the Web of Science or Scopus database and we analyzed them in VosViewer. For our first objective, we observed that scientific papers peaked in 2023 at 21 papers. For the second objective, we identified two countries that stand out regarding the number of articles published on the matter of the impact of remote work on housing prices, United States of America and South Korea. In Europe, one of the most prolific countries when it comes about publishing is Albania. For our third objective we used a co-word analysis for both the abstract and the title. Through this analysis we could easily observe that: COVID, pandemic, impact and home, were repeated most articles.
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Leadership plays a crucial role in ensuring that employees move in the same direction together and channel their efforts in a synergistic way. Leadership is not just about transmitting tasks or giving directions, but about motivating, inspiring, exemplifying, and guiding people towards achieving meaningful goals that they may not otherwise address. The goal of our study is to analyze the impact of motivation to be a leader and the qualities of a good leader on work performance. Results indicated that both motivation to lead (β = 0.34, p < 0.001) and qualities of a good leader (β = 0.47, p < 0.001) significantly and positively influence employee performance, highlighting their critical role in enhancing organizational outcomes. The findings underline the economic and practical significance of investing in leadership development programs that enhance intrinsic motivation and critical leadership qualities. This study contributes uniquely to the leadership literature by integrating motivational factors and specific leadership qualities into a unified model, providing clear evidence-based insights for improving employee engagement, teamwork, and productivity. Practical recommendations include structured training, mentorship initiatives, and continuous professional development focusing explicitly on enhancing leadership capabilities within organizations.
The global freelance market has evolved into a dynamic and central pillar of the digital economy, fueled by demographic transitions, platform innovations, and new attitudes toward flexible work. This article examines key trends, workforce characteristics, and challenges shaping the freelance platform economy by synthesizing data and insights from three major industry reports issued by Upwork, Fiverr and Payoneer. Anchored in a conceptual exploration of related constructs - such as gig work, platform economy, and digital labor - this paper provides a multidimensional view of contemporary freelancing.
The findings show a consistent rise in the number of full-time freelancers, particularly among younger generations. Freelancers increasingly adopt artificial intelligence to enhance productivity, with platforms reporting an increasing use of AI tools, saving on weekly working hours. Characteristics such as flexibility, autonomy, and digital fluency emerge as defining features of the modern freelancer. Simultaneously, challenges such as market saturation, gender pay disparities, client acquisition hurdles, and ethical concerns regarding AI use persist.
A qualitative comparative approach reveals subtle yet important differences between platforms: Upwork positions itself as an AI-enablement ecosystem, Fiverr highlights earnings patterns in major urban areas and generational transitions, while Payoneer sheds light on global participation and economic resilience. Cross-platform analysis underscores the pivotal role freelancers play in shaping labor market transformations, respectively challenging traditional employment models, decentralizing work, and accelerating digital entrepreneurship.
The article contributes to ongoing debates on the future of work by analyzing the interplay between freelance autonomy, platform-mediated control, and workforce evolution. Findings support the need for adaptive policy frameworks, inclusive platform governance, and strategic investment in digital upskilling to sustain a resilient and equitable freelance economy.
The study explores the role of organizational learning as a strategic engine, emphasizing the need to dynamically align the (continuous) organizational learning process with an organization’s strategic approach. Despite quite an impressive literature (that spans more than four decades) on the (discrete/grained) linkages between organizational learning and strategy, limited research has comprehensively mapped the conceptual landscape that connects these two areas.
The aim of this paper is to uncover the antecedents (strategic foundations), enabling mechanisms (the learning engine), and strategic consequences (strategic value) of organizational learning, highlighting how it fits in and shapes strategic decision-making, innovation, and performance in a complex environment.
To achieve this, a bibliometric co-occurrence analysis of authors’ keywords using VOSviewer (version 1.6.20) was employed. A dataset of peer-reviewed Journal Articles (n = 713) covering publications from 2020 to 2024 in the field of Business, Management and Accounting was extracted from the Scopus database.
The analysis revealed five major thematic clusters, representing conceptual linkages between (organizational learning and strategic management) constructs: (1) strategic agility and performance (consequences), (2) knowledge management and innovation (antecedents and enablers), (3) dynamic capabilities and strategic positioning (consequences and feedback loops), (4) strategic learning models: exploration versus exploitation (mediators/enabling mechanisms), and (5) resilience and crisis-responsive strategy (consequences and contextual modifiers).
These clusters served as the basis for the development of a conceptual framework that positioned organizational learning as a mediating engine driving the transformation of antecedents (or strategic foundations, such as knowledge systems, change management, industry 4.0 technologies, and digitalization) into strategic outcomes (or strategic value, such as strategic agility, innovation performance, competitive advantage, resilience, and crisis management capabilities). This learning engine is powered by mechanisms of exploratory and exploitative learning, absorptive capacity, dynamic capabilities, open innovation practices, experiential learning, etc., while it also propels feedback loops (e.g., performance outcomes fueling further capacity building, or crisis experiences intensifying the organization’s learning orientation for future strategic resilience).
Overall, findings suggest that organizational learning could/should act as a core strategic function – rather than just a support and/or a spontaneous process, particularly in times of uncertainty and rapid/disruptive change. The theoretical framework provides recommendations on how organizations can develop learning architectures that improve strategic flexibility and long-term competitiveness. Future research may test the theoretical model for empirical validation.
Throughout history, the overall society and economy have undergone various transformations intended to streamline performed actions and processes by minimizing the efforts and resources involved. Countless changes determined by digital evolution have been gradually embraced by both individuals and organizations, once their beneficial effects have been demonstrated and, consequently, made aware. However, technological progress in the last decade has laid the foundation for the beginning of a new era, in which artificial intelligence (AI) is becoming an important pillar of increasing competitiveness.
Natural Language Processing (NLP), a branch of AI, represents the technology behind some of the fastest-adopted digital tools, facilitating human-machine interaction by interpreting and generating human language. Given the explosion in the number of active users of such tools, an organizational approach focused exclusively on the use of human resources, to the detriment of NLP tools, becomes counterproductive.
The increasing accessibility of natural language processing technologies undoubtedly opens up new directions for their integration into organizational processes, especially through the use of intelligent chatbots. Under these circumstances, following a natural path of research, with an extensive prior foundation focused on observing and analyzing relevant scientific literature, the present research aims to explore and highlight potential use of open-source NLP technologies in the development of custom conversational systems for organizations. Even though such tools already exist, and their number continues to grow, a micro-level approach could be more effective, by facilitating the implementation of existing technologies in an accessible and efficient way for small organizations.
Thus, by using the Python programming language and relevant key libraries, such as Sentence-Transformers, the demonstrative component of the study was focused on testing the applicability of such technologies in real scenarios, as well as on identifying the main advantages and possible limitations. Encompassing a mode of operation that can be easily adapted and applied in other organizational settings, the tested model served as an assistant for frequently asked questions in an educational environment.
The obtained results highlighted, among other important issues, several key directions for organizations that want to adopt such personalized technologies, using open-source instruments, including the following: the need for well-structured training data, the balance between model complexity and response speed, and the need for domain-specific tuning. Furthermore, the paper also discusses limitations that can occur in the development and usage of such systems.
Romania's power system operator, faces increasing complexity due to renewable energy integration (VRE), market liberalization, and cross-border demands, draining traditional supervisory control and data acquisition systems (SCADA). An AI-enhanced Situational Awareness (SA) platform is proposed to address this, aiming to reinforce operational capabilities and align with digitalization objectives.
The platform leverages publicly available data from CNTEE “Transelectrica” S.A., European Network of Transmission System Operators for Electricity (ENTSO-E), Romanian Gas and Electricity Market Operator "OPCOM" SA (OPCOM), and weather services. It features a multi-layered architecture for data ingestion, preprocessing (including harmonization to 15-minute intervals), fusion, analytics, SA interpretation, and visualization. Core AI functions include exploratory analysis to find correlations (e.g. VRE output vs. weather, market prices vs. cross-border flows, frequency vs. imbalance - all confirmed in initial tests) and a hybrid anomaly detection framework using Isolation Forest, Autoencoders (including LSTM-based), and Gaussian Mixture Models. Preliminary results show high detection accuracy with potential for reduced false positives using advanced methods, leading to increased economic efficiency.
The system aims to provide operators with contextualized anomaly alerts and insights via dashboards, enhancing decision support and transforming raw data into actionable intelligence. Anticipated benefits include improved SA, enhanced operational efficiency, better VRE integration through early warnings and optimized reserve deployment, predictive insights, and increased overall grid resilience, economic efficiency, and sustainability. Some major challenges will also be presented from the perspective of the quality and timeliness of publicly available data sources and addressing strict real-time processing requirements.
Strategically, the platform is a critical step in Romanian National Power System overall digitalization process and aligns with overall European trends in grid development and AI deployment. It serves as a foundation for potential future initiatives like Digital Twins and advanced asset management. Successfully overcoming the implementation obstacles is fundamental to realizing the platform's full economic potential
In the evolving landscape of entrepreneurship education, business communication has emerged as a key component in preparing future entrepreneurs to operate effectively in competitive and globalized markets. This paper investigates the role of business communication in enhancing entrepreneurial education programs in Romania, with the aim of identifying how communication competencies contribute to entrepreneurial mindset development, opportunity recognition, and successful business practices.
The study addresses a critical question: how can business communication training be integrated into entrepreneurial education to better equip students with the interpersonal, strategic, and digital communication skills required in modern business environments? While entrepreneurship curricula in Romania have expanded over the past decade, the explicit inclusion of structured communication modules remains limited. This research thus fills a gap in understanding the practical relevance of communication in entrepreneurial learning contexts.
A mixed-methods approach was adopted to explore this relationship. Quantitative data were gathered from students enrolled in entrepreneurship-related. A structured questionnaire was used to assess their exposure to business communication courses, perceived usefulness, and self-evaluation of relevant skills. Additionally, qualitative data were collected through semi-structured interviews with proffessors and entrepreneurship mentors, providing insight into curricular design and teaching practices.
Preliminary findings indicate a positive correlation between exposure to business communication content and students' confidence in pitching ideas, networking, and engaging stakeholders. Respondents who had completed at least one dedicated business communication course reported higher levels of preparedness for entrepreneurial challenges, particularly in areas such as negotiation, presentation skills, and digital outreach. Moreover, educators emphasized the need for interdisciplinary teaching approaches that connect entrepreneurial thinking with communication practice.
The study highlights several recommendations including the integration of experiential learning projects focused on real-world business communication scenarios, partnerships with industry for practical training, and the development of cross-disciplinary modules. By situating business communication as a core pillar of entrepreneurial education, universities can play a critical role in shaping agile, confident, and communicative entrepreneurs equipped for the demands of a dynamic economic landscape.
The private healthcare sector in Romania, led by prominent players such as Medlife, Regina Maria, Medicover, and Sanador, has become a cornerstone of the country's healthcare system. However, achieving sustainability in this sector remains a challenge. This article evaluates sustainability practices in Romania’s private medical sector and compares them to other European countries such as Germany, Sweden, and Poland. A bibliographic review highlights global trends in sustainable healthcare management, including environmental, social, and economic strategies, and provides insights into the cost-effectiveness of green initiatives. A special focus is given to the role of technology in driving sustainability through innovations in telemedicine, digital health records, and operational optimization The findings reveal that while Romanian providers excel in patient satisfaction and technological innovation, they lag behind their European counterparts in environmental sustainability and equitable access. Recommendations are proposed to address these gaps, drawing on successful strategies implemented in other European healthcare systems.
Keywords: sustainability; Romania; EU; cost-effectiveness; green initiatives; healthcare management; private medical sector; environmental impact; social equity; economic sustainability
The village of Biertan, recipient of the first-place award in the Destination of the Year 2024 Competition – Storybook Village category, represents a site rich in history and narratives, situated at the confluence of several cultures coexisting in Transylvania, including the Saxons, Romanians, and Roma communities. Recognized as a UNESCO World Heritage Site and counted among the most photographed landmarks in rural Transylvania, Biertan emerges as a vibrant and dynamic village, currently undergoing a process of self-rediscovery.
Through strategic partnerships with the County Council, the Transylvanian Tourism Association (AJTS), the Local Action Group Dealurile Târnavelor, and the Colinele Transilvaniei initiative, local producers and service providers are being integrated into various development projects, such as the Leader Gastro Tour, promotional campaigns, the expansion of touristic offerings through travel agencies, and participation in organized events.
The principal touristic products and experiences promoted within the village include traditional horse-drawn carriage rides, mountain biking, hiking, horseback riding, traditional craftsmanship workshops, local wine tastings, and cultural events (concerts, multimedia performances, festivals, among others).
The main objectives for promoting tourism as a catalyst for rural development focus on the development and maintenance of sustainable tourism infrastructure within the Colinele Transilvaniei ecotourism destination – including hiking, cycling, and thematic trails – improving accessibility to local attractions, as well as identifying and promoting green, environmentally responsible experiences.
In recent years, the village of Biertan has attracted over 70,000 visitors annually. A further priority objective for the local community is to increase the number of tourist overnight stays by at least 30% within the next five years, transitioning Biertan from a predominantly weekend or transit destination into a comprehensive holiday destination.
The research methodology employed relies on the analysis and interpretation of data collected through a structured questionnaire, designed to explore the means by which these strategic goals can be achieved.
Furthermore, it is imperative for the village to commit to promoting economic sustainability by fostering business development, encouraging entrepreneurship, and stimulating investment initiatives.
Cultural tourism is one of the fastest-growing segments of the global tourism industry, attracting millions of travelers seeking authentic experiences. However, the increasing demand for cultural tourism often results in the commercialization of cultural heritage, leading to concerns about authenticity, sustainability, and cultural dilution. Striking a balance between preserving cultural authenticity and catering to the demands of mass tourism presents a significant challenge for policymakers, tourism operators, and local communities. Cultural tourism, encompassing the exploration of heritage sites, traditions, art, and history, has become one of the fastest-growing segments of the global tourism industry. As international travel becomes more accessible and diverse, millions of tourists are increasingly seeking authentic cultural experiences that offer deeper connections with local communities and historical landmarks. Cultural tourism is no longer confined to elite circles or niche markets but is a mainstream phenomenon, influencing economic development, cultural exchange, and the global tourism landscape
The purpose of the paper is to analyze the possibility of promoting a tourist destination through events, especially through sports events. The growth of tourist traffic over the past 60 years has been exponential, facilitated by several causes, among which: demographic growth, population income growth, the increasing ease of traveling over ever greater distances, and other causes. Under these conditions, the competition between various tourist destinations has become fiercer, having among the consequences a rather serious drop in the rates of tourist services, which became cheaper and cheaper. Therefore, destination management organizations have sought to find innovative solutions to attract new tourists, so that the race to lower rates does not lead to the inefficiency of these services and, subsequently, to the disappearance of providers.
As mass tourism has already shown some major weaknesses, most destinations are trying to reorient themselves towards sustainable tourism, even if this sometimes involves addressing niche forms of tourism. Sports tourism and sports events can, in this sense, be a good promoter of a destination. It is also the case with Sibiu which, after the moment of 2007, when it was the European Capital of Culture, has grown almost constantly in terms of the number of tourists. The destination has thus reached the situation where it must reinvent itself, to diversify the tools and reasons through which it tries to attract new visitors.
The Sibiu International Marathon, the subject of the analysis of this paper, was designed to have a double component: a sporting event, intended to attract athletes and runners, but at the same time a philanthropic event, intended to help support some social causes that, once financed and implemented, will bring a big plus to the community and its members.
The aim of the paper is to validate the assumption that such a major sporting event can be a tourism promoter for a destination like Sibiu. We will try to obtain this validation based on interviews with representatives of the event organizers, the Sibiu Community Foundation, but also by analyzing available annual data series related to this event.
This paper aims to analyze the evolution of key labor market indicators within the European Union (EU) from 2022 to 2024, with a specific focus on the unemployment rate, employment rate, and overall labor market dynamics. The study highlights recent trends in the EU labor market, examines their impact on the European economy, and explores the strategic role of human resource management in adapting to these changes. Furthermore, it seeks to underline the importance of economic policies and EU wide strategies for sustaining high employment levels and reducing unemployment across member states.
The article adopts a descriptive methodology, relying on secondary data provided by Eurostat, the official statistical office of the European Union. Data were collected from Eurostat databases to assess changes in unemployment and employment rates, as well as broader labor market dynamics across EU member states between 2022 and 2024. In addition to analytical overview, the paper integrates a comparative approach to investigate the factors influencing labor market performance in different countries. The analysis also considers the impact of economic policies, support measures, and human resource management practices aimed at improving labor market outcomes.
Preliminary findings indicate that the EU labor market experienced a positive trend during the analyzed period, with the unemployment rate decreasing from 6.1% in 2022 to 5.7% in February 2024. Additionally, the employment rate increased from 75.3% in 2023 to 75.8% in 2024, showing an overall improvement in labor market conditions. Despite these encouraging trends, significant challenges persist particularly in integrating vulnerable groups such as youth, persons with disabilities, and women into the labor market. The results further underscore the need for targeted economic policies and effective human resource management strategies to promote broader inclusion. In this context, a synergistic approach that combines macroeconomic policy with organizational level human resource management (HRM) innovation is essential to achieving sustainable employment and long-term competitiveness across the European Union.
In the last decade or so, the Internet and online social networks have become integral components of everyday life for both individuals and organizations. These communication platforms are no longer simple tools, but have become central forces that shape social, economic, and cultural landscapes of today’s society. Some authors might even argue that these digital platforms now effectively shape, somehow, the global dynamics and have significantly contributed to extensive market penetration of goods, services, concepts, ideas or even social movements. At the same time, increasing dependence of individuals, of all walks of life, on online technologies, mass communication tools, and social networking platforms has become more apparent, particularly regarding their profound influence on personal behaviors and the business landscape.
Starting from all these ideas, we can see that the transformation of the Internet and social media into environments that encourage constant—and at times addictive—usage seems to be inevitable. As individuals grow more reliant on these platforms for information, entertainment, and social interaction, disengaging from them becomes increasingly difficult. This dependence may also contribute to issues such as information overload, content fatigue, and distorted perceptions of reality.
More than that, the intensification of digital communication often can lead to growing mistrust toward media credibility. Public concerns over misinformation, one sided reporting, and the manipulation of certain narratives have fueled distrust in both traditional and social media. Consequently, users tend to shift toward sources they perceive as more trustworthy, leading to a decline in engagement with platforms that they deem to be unreliable.
The current article explores three interconnected concepts—trust, social media, and perception—from a communication and marketing studies perspective. Drawing upon various academic viewpoints, as well as results form previous undertaken research (secondary data analysis), it examines how trust in social media is formed, sustained, or sometimes even broken. It also studies the main user concerns related to privacy, data security, online harassment, and surveillance etc., which seem to be the key contributors to the growing mistrust in these online platforms. Finally, the paper presents several practical insights and managerial implications for communication professionals and marketing specialists seeking to navigate and manage trust within the evolving digital media landscape.
TikTok has rapidly evolved into a major platform for product promotion and influencing purchasing decisions. Recent studies, both international and local, show that the platform affects young people's buying behavior through a combination of innovative marketing, engaging content, and authentic interactions. These findings reflect how TikTok is transforming the relationship between young people and brands, offering opportunities to better understand consumer behavior and adapt marketing strategies.
This paper aims to analyze the impact of TikTok on the purchasing behavior of young people in Romania and to identify the mechanisms through which the platform influences their relationships with brands. Through its findings, the paper seeks to make its own contribution to understanding the Romanian market, filling existing gaps in the current academic literature.
This paper provides an overview of the topic of “ESG ratings divergence,” a subject that has seen exponential growth in the past three years. Using a bibliometric approach, it examines the academic literature published and indexed in the Scopus and WOS database with the help of VOSviewer
Non-performing loans (NPLs) are a critical indicator of banking sector health and economic stability. This article evaluates NPL trends in Romania and compares them with those of the European Union (EU) countries, the United States (US), and China. Romania has made remarkable progress in reducing its NPL ratio since the 2008 financial crisis, while EU countries show varying trends depending on their regulatory environments. The US has maintained relatively low NPL levels due to its strong legal framework and proactive resolution mechanisms, whereas China faces challenges due to its high corporate debt and delayed restructuring processes. This comparative analysis highlights the importance of regulatory reforms, judicial efficiency, and economic resilience in managing NPLs.
Keywords: Non-performing loans; Romania; European Union; United States; China; financial stability; banking sector
Depending on the volume and complexity of the activities and risks associated with the management of each public institution, the organization of the internal public audit structure may operate either in the form of a general directorate, directorate, service, office or compartment, and according to the legislation in force, these structures need a minimum of 5 positions in the case of an office, and a minimum of 25 positions in the case of a general directorate.
In this context, given the organizational and financial constraints, most budget owners agreed to set up the public internal audit structure in the form of a compartment. In terms of the organization of local public administration, this form of organization was not specifically provided for until July 2017, but it was later introduced in the content of the republished Law no. 672/2002, in order to effectively support those budget owners who were unable to set up a public internal audit department. Accordingly, the normative act mentions that public internal audit may be organized as a department with a minimum of two full-time internal auditors.
In our opinion, due to the acceptance and indirect promotion of this form of organization, an important functional aspect needs to be taken into consideration: as this specific organizational function is not legally regulated in both central and local public administration, the “public internal audit department” thus established did not allow the existence of management positions with direct implications in the exercise of the public internal audit function and the intrinsic occurrence of problems in the performance of public internal audit missions. As a result, the authority of the head of the public internal audit department is strongly disguised and responsibilities are often formally and informally dissipated. The duties and responsibilities of the persons designated as activity leaders/coordinators can be treated with skepticism, as they are not included in the organizational charts of the institutions. Moreover, there is no legal possibility of remuneration, of granting a management bonus in relation to the duties contained in their job description compared to other internal auditors. This article proposes a quantitative and qualitative study on the existence of internal audit activity in all public institutions by using the empirical research method and the methodology used was the questionnaire and working hypotheses, and the analysis was conducted over a period of 7 years.
The integration of the Romanian banking system into the broader European banking framework is a complex process marked by institutional adaptations, harmonized regulations, and significant structural transformations. This article examines the main stages of this integration, focusing on alignment with the requirements of the European Banking Union, the implementation of Basel III standards, and the strengthening of prudential supervision through cooperation with the European Central Bank and the European Banking Authority. Additionally, the paper highlights the impact of integration on financial stability, banking competitiveness, and access to capital in Romania. A mixed qualitative-quantitative approach is employed, combining analysis of the legislative framework and macro-financial data to assess the current level of convergence and outline future prospects in a context shaped by geopolitical and digital uncertainties. The conclusions indicate an advanced degree of formal integration, while also emphasizing the need to strengthen institutional capacities and the resilience of the Romanian banking system to fully capitalize on the benefits of belonging to the European financial market.
This study explores the philosophical concept of time and its application in the management accounting through the Time-Driven Activity-Based Costing method. Time can be the fundamental element for cost allocation over products, services, and periods. In the management accounting, time is the most common denominator used for allocating the costs. Our research presents various philosophical interpretations of time, from Plato’s metaphysical perspectives to Heidegger’s existential approach, and identifies the eternalism as the most relevant view to the Time-Driven Activity-Based Costing method. Additionally, the existentialist approach highlights the importance of the individual meaning, resonating with the firms' pursuit of profits within their operational objectives. The Time-Driven Activity-Based Costing method, developed by Kaplan and Anderson in 2004, simplifies the cost allocation by focusing on time as a singular driver, offering a more flexible and accurate alternative to the traditional Activity-Based Costing method. Our paper also includes a practical case study of a company, showcasing the method's efficiency in calculating the costs based on time estimates, improving the operational transparency, and the decision-making processes. This approach demonstrates the advantages of the use of the Time-Driven Activity-Based Costing method in the modern business environments, particularly for the optimization of the cost management and the resource allocation processes.
This paper explores the relationship between cultural diversity, leadership styles, and motivational factors within medium-sized organizations in Sibiu County, Romania. Based on the theoretical framework of comparative management and intercultural theories (Hofstede, House et al.), the study investigates how cultural dimensions influence managerial practices and organizational performance. Using empirical data collected from 12 medium-sized companies and a sample of 512 respondents, the research analyzes aspects such as commitment to intercultural leadership, perceptions of innovation and flexibility, professional motivation, and job satisfaction. The findings reveal a significant correlation between professional identity, recognition, and perceived performance, supporting the idea that cultural adaptation and transformational leadership can play a decisive role in organizational success within global contexts. The study offers valuable insights for developing sustainable management strategies in economically dynamic and culturally diverse environments.
In recent years, the integration of Green Competences into education and workforce development has emerged as a crucial element in addressing global environmental challenges. This paper aims to explore the European framework of Green Competences, emphasizing their relevance in fostering sustainable practices across various sectors. The research objectives aim to assess the current state of Green Competences education and training within European institutions and to identify best practices and potential barriers in the implementation of Green Competences across different industries.
Methodologically, this study will employ a literature review. The analysis will focus on the alignment between educational programs and industry needs, utilizing case studies to highlight successful implementations of Green Competences in practice. The findings aim to provide insights into enhancing curricula, promoting collaboration between educational and industry sectors, and ultimately contributing to a more sustainable future.
In the digital age, social media has emerged as both a powerful communication tool and a potential source of risk within organizational contexts. As platforms such as LinkedIn, Facebook, Instagram, X and others gain widespread adoption, employees increasingly engage with social media for personal expression, professional networking, and even business-related activities.
The widespread use of social media has created a multifaceted challenge for managers, requiring a delicate balance between guarding organizational interests and honoring employee autonomy. This paper explores key management concerns surrounding social media use by employees and the implications for workplace governance, performance, and corporate reputation.
The paper first outlines the dual-edged nature of social media in the workplace. On one hand, it serves as a vehicle for brand advocacy, employee engagement, talent acquisition, and market intelligence. Employees often act as informal ambassadors of the organization, with their online behavior potentially enhancing employer branding efforts. Social media also facilitates knowledge sharing and collaborative work, especially in remote or hybrid environments. On the other hand, unchecked use of these platforms can introduce significant risks: data leakage, reputational damage, cyberbullying, reduced productivity, legal exposure, and breaches of confidentiality.
Another concern explored through the article lies in reduced productivity due to non-work-related browsing, especially in roles requiring focus or customer interaction. Attempts to monitor or restrict access can trigger resentment, raising questions about employee autonomy and trust. In addition, brand misalignment and unauthorized representation by employees acting as informal influencers can dilute corporate messaging and miscommunicate organizational intentions.
Cybersecurity and data privacy represent another major area of concern. The informal nature of social media creates opportunities for social engineering, phishing attacks, and data exfiltration.
In response, organizations are implementing policies, training programs, and AI-driven monitoring tools, but effectiveness depends on transparency, fairness, and collaboration.
This paper argues that a culture of digital responsibility is critical, alongside creating an environment where social media becomes a strategic asset, not a liability.
In today’s service-oriented and highly competitive economy, ensuring high quality in service delivery is essential for maintaining a sustainable competitive advantage. Total Quality Management (TQM), as an integrated and organization-wide approach to quality improvement, has been increasingly adopted in the service sector to enhance performance, customer satisfaction, and operational efficiency. The aim of this paper is to examine the theoretical foundations of TQM and analyze how its methods and tools serve as strategic instruments for gaining a competitive advantage in service organizations.
The study adopts a qualitative methodology based on a structured literature review and a comparative analysis of case studies across selected service industries, including hospitality and healthcare. The research focuses on the implementation of TQM principles such as customer orientation, leadership commitment, employee involvement, and continuous improvement, as well as the practical application of key tools like the Plan–Do–Check–Act cycle (PDCA), Six Sigma, benchmarking, and the seven basic quality tools (cause-and-effect diagram, control chart, histogram, Pareto chart, scatter diagram, flowchart).
Preliminary results show that service organizations that systematically apply TQM experience measurable improvements in service quality, customer satisfaction, and employee engagement. These outcomes have led to enhanced brand reputation and increased profitability. The findings also indicate that integrating digital tools and data analytics with TQM practices can support better decision-making and adaptability to customer needs.
The paper concludes that aligning TQM theory with practical implementation is crucial for building a resilient organizational culture centered on quality and innovation. Moreover, the consistent application of TQM principles across all levels of an organization strengthens leadership, promotes a shared sense of responsibility among employees, and fosters an environment where quality is viewed as a core element of the organization's identity. In this context, TQM also drives innovation by encouraging continuous improvement and adaptability. In summary, despite the specific challenges inherent in service environments, TQM remains a dynamic and valuable strategic asset for achieving long-term competitiveness.
As consumers use more and more their mobile devices, mobile commerce has increased in popularity among users and companies. As such, companies need to adapt to the changing shopping preferences of consumers. This research aims to provide insights into consumers’ predisposition to use mobile commerce based on an empirical investigation. Based on the theoretical premises of technology acceptance model, this research uses structural equation modelling to examine key influences of consumer behaviour in driving consumer intent for m-commerce adoption. The results highlight key marketing implications for academic research and practical implementations to address this prominent retailing trend. Specifically, the paper showcases that the practical implications for marketers of mobile commerce platforms extends to the experience of consumers on the apps to enhance their usage and subsequent adoption rates. This study also emphasizes the continued relevance of the technology acceptance model in understanding consumers’ interactions with mobile commerce.
Key words: technology acceptance model, mobile commerce, behavioral intention, SEM
The facilitation of tax debt payments represents a mechanism through which tax authorities allow taxpayers to pay their tax debts over a period ranging from 6 months to 5 years, in case they face temporary financial difficulties. These facilities are regulated by law to support taxpayers in fulfilling their tax obligations in order to suspend enforcement actions and reduce their tax burden.
The mediation procedure applies to debtors for whom enforcement actions have been initiated, and who, within 15 days from the communication of the summons, have submitted a notification to the tax authority regarding their intention to mediate.
Payment deferral is granted for all tax obligations included in the fiscal attestation certificate. Payment deferral can be either simplified or traditional.
The simplified payment deferral can be granted for a period of up to 12 months and is granted for tax obligations that are not older than 12 months. It can be obtained by submitting a request through the private virtual space, without the need to submit additional documents. Obligations subject to withholding tax are not included in this facility.
The traditional payment deferral, unlike the simplified one, is granted for a period ranging from 6 months to 5 years, for all outstanding tax obligations to the general consolidated state budget. Unlike the simplified payment deferral, in the case of the traditional payment deferral, additional documents required by current legislation must be submitted along with the deferral request.