ECONOMIA. Seria MANAGEMENT

Volume 14, Issue 1, 2011

 

pag. 3

Summary

 

MAPAMOND

 

pag. 5

 

Nau mai, haere mai! Welcome to Aotearoa, land of the Long White Cloud  or about Culture and Management in New Zealand

Author: Amedeo ISTOCESCU

Abstract

The Pacific nation of New Zealand may be geographically isolated but it's easily accessible and very much in tune with international trends in technology and lifestyle. And once you're here, you'll discover a technologically and socially advanced nation. Also you're never far away from the water and boating is a way of life. As in most developed nations, the majority of people live in cities and towns, meaning that vast areas are sparsely populated and numerous national parks and mountainous areas are inhabited by nobody at all.

JEL Classification: Z10, Z19

Keywords: New Zealand cultural story, Maori people, Westminster system of parliamentary

 MANAGEMENT

 

pag. 13

The perspective of Malaysian Manufacturing Organizations on Strategy, HR Outsourcing and HR Costs

Authors:  Hasliza Abdul HALIM, Norbani CHE-HA

Abstract

The paper discusses the relationship between different types of human resource management (HRM) strategy and the human resource outsourcing, and impact on the size of human resource (HR) department. Three HRM strategies are considered: Facilitation, accumulation and utilization. The data for the study were obtained from survey responses from 232 organizations, of which 113 were engaged in HR outsourcing. The findings suggest that organizations tend to rely on outsourcing of HR functions when they espouse facilitation and utilization HRM strategy. Concurrently, by relying on HR outsourcing, the organizations manage to experience a reduction in the size of HR department. The results show that it is important for the organizations to better understand the implications of an increased reliance on outsourcing within HR. This allows them to focus on how HR functions are delivered within organizations with the interaction of HRM strategy and the size of HR department will tend to be smaller resulting from outsourcing activities.  

JEL Classification: M550, L100

Keywords: outsourcing, strategy, HRM

 

pag. 25

The Effect of Private Brands on Business Performance in Retail

Author: Radojko LUKIÆ

Abstract

In the length of time many new retail features were developed, as a part of the total value chain (from manufacturer to customer). One such feature is: the development of private brands (private-label merchandise, private-label brands, store brands, house brands, own brands). Because of economic importance, both in theory and in practice, more complex stress was put on its research from various perspectives: the individual countries and regions - geographic, retail companies and formats (types of stores), product categories, as well as from the perspective of the perception of customers / consumers. In the context of it,  special empirical emphasis was placed on the effects of private brands on business performance in retail, in particular, on cost, gross margin, profit, in other words, on profit indicators, such as: rate of profits from sales, profit rate of assets and the rate of profit of the share capital. Having such starting point, this paper attempts to, as thoroughly as it can, primarily empirically, investigate the impact of the development of private brands in the retail business performance. Using the latest available relevant data gathered from various scientific and professional sources, including well-known agencies that primarily conduct empirical analysis of private brands in some countries, companies and retail formats and product categories. The results should serve as a reliable basis for creating the most efficient strategy for managing the development of private brands in order to improve business performance in retail. This is especially true of the so-called "emerging market" private brands, as it  is the case with Serbia.

JEL Classification: D40, L81, M41

Keywords: brands, market share, customer perception, price, gross margin, marketing costs, profit

 

pag. 40

Industrial Agglomerations and Clusters. The Textile and Textile Products Industry from Romania

Authors: Monica DUDIAN, Liliana CRACIUN

Abstract

The objective of this article is to identify the formal clusters and potential clusters from the textile and the textile products from Romania. The statistical method has been used to delimit the potential clusters. In addition, there have been studied all the available works and internal and international reports on Romania, having as topic this type of industrial organization. The research conclusions are the following: (1) there are two young formal clusters, holding the premises of a ''triple helix'': Astrico North-East and TMV South-East; (2) the spreading of the textile organizations, next to the structure of formal clusters, suggests the possibility of the natural building of three clusters: a common one for the North Eastern and Eastern regions, another one for the Central region and the third for the North-Western and Western regions. With reference to the professional literature, this work brings the picture of the spatial distribution of the textile industry in Romania.

JEL Classification: L67   

Keywords: cluster, textile industry, region, agglomeration

 

pag. 52

Transforming Match Final Results into Valuable Information for Managing a Football Championship

Author: Vlad ROȘCA

Abstract

The paper focuses on the four components of the informational system (Data and Information, Informational flows and circuits, Informational procedures, Ways for treating information) and their adaptability to a football championship. More precisely, the paper presents how the final results of football matches are transformed into information which is needed for running a championship, by using the case study of „Liga Economistului'', a football league with ten participating teams. The article shows how the executive managers of „Liga Economistului'' collect, process and manage data and information in order to properly run the championship, and why such steps are important for any sporting championship.

JEL Classification: M15, M19

Keywords: managerial informational system, football management, league management, informational circuits, Liga Economistului

 

pag. 58

Making the Mechanism of Enterprise Performance Management

Author:  Anatoliy  GONCHARUK

Abstract

This paper is devoted to the development and methodological ground of a conception of making the mechanism of enterprise performance management. It describes a model of implementation of performance benchmarking on the enterprise includes the sequence of operations, which enables to connect together several key management functions, and clearly divide the performance management process into several steps. It provides both direct and feedback to ensure continuity of performance management process. Author proposes an organizational mechanism to reduce the time and resources to implement the process of enterprise performance management that consists in an organization of the branch and regional benchmarking agencies (BBA and RBA). The BBA and RBA systems are functionally complement each other, and contribute to the accelerated development of various industries and regions: RBA increases the level of innovation development of efficient enterprises; BBA raises to this level remaining, less-efficient enterprises of the industry.

JEL Classification:  M11, L2

Keywords: benchmarking agency, economic efficiency, organizational mechanism, performance benchmarking, performance management

 

pag. 73

Human Resources Performance in Service Encounters - A Customer Service Case Study

Author: Claudia  GRIGORE

Abstract

Efficiency is generally defined as the extent to which resources or effort is employed in order to achieve a certain purpose or objective. As per an economic perspective, this term may also mean a minimum quantity of supplies which can generate a maximum result. But can we talk about efficiency in terms of human resources and their allocation to a specific task? And how one asses the activity of the employees when considering service encounters? This study aims to provide an answer to these two questions from an emotional labor perspective: individuals employ their emotional abilities in order to perform a certain job. This is a process under a commercial perspective: the wage represents the exchange value for these competencies. 

JEL Classification: J24, J31, L84

Keywords: human resources, emotional labor, emotional dissonance, job performance

 

pag. 81

Assessing the Role of Automation in Managing of Iranian E-banking and its Impact on Social Benefit

Authors:  Hamidreza Salmani MOJAVERI, Ali HASSANI, Javad ABEDI FIROUZJAIE

Abstract

Banks in the field of commercial developments have attention to create structural changes in the receiving and payment systems and also have facilities in services process to customers. In fact we can claim one of the reasons of general tendency to electronic business is the banks managers' attention to the importance and necessity of this phenomenon, thus have led to their trend and serious attention for providing banking structure, based on electronic method. What banking services makes it different in comparing with other conventional methods for using E-Banking systems, is, quantitative and qualitative expansion in customer service. In other words, E-Banking, prepares the situation to customer till have wider and more diverse services. Furthermore, time and spatial dimension will not have effect in reducing or increasing services to customers. Also the customer can control his/her financial activities in every time and everywhere without attending in bank's branches. The aim of this paper is to illustrate the status of banking automation, its social and organizational consequences in Iranian E-banking system, and providing appropriate recommendations.

JEL Classification: G21, L86

Keywords: Bank automation, ATM, E-banking, service quality

 

pag. 91

A Benchmark for Banks' Strategy in Online Presence - An Innovative Approach Based on Elements of Search Engine Optimization (SEO) and Machine Learning Techniques 

Author:  Camelia Elena CIOLAC

Abstract

This paper aims to offer a new decision tool to assist banks in evaluating their efficiency of Internet presence and in planning the IT investments towards gaining better Internet popularity. The methodology used in this paper goes beyond the simple website interface analysis and uses web crawling as a source for collecting website performance data and employed web technologies and servers. The paper complements this technical perspective with a proposed scorecard used to assess the efforts of banks in Internet presence that reflects the banks' commitment to Internet as a distribution channel. An innovative approach based on Machine Learning Techniques, the K-Nearest Neighbor Algorithm, is proposed by the author to estimate the Internet Popularity that a bank is likely to achieve based on its size and efforts in Internet presence.

JEL Classification: C81, O33 

Keywords: SEO, Internet Website Popularity, banking industry, Machine Learning, K-Nearest Neighbors

 

pag. 106

 

Inflation Targeting as the Monetary Policy Framework: Bangladesh Perspective

Authors:  Mohammed SAIFUL ISLAM, Mohammad Taslim UDDIN

Abstract

Inflation targeting strategy has become a widely accepted monetary policy framework in many countries all over the world. Our study finds that the central bank of Bangladesh is neither inflation targeting nor does follow any other rule-guided monetary policy, rather the policy is formulated with substantial discretion under the guidelines of donor agencies. This paper provides the evidence that monetary sector of Bangladesh economy has gained considerable degree of maturity and fulfils a number of prerequisites to adopt inflation targeting strategy. Using data over 1980-2010 we estimate an error correction model in order to examine if interest rate policy could fight the inflation. This is evident that deviation in inflation from target can be corrected via the changes in interest rate. Empirical findings jointly with few descriptive statistics provide strong evidence to recommend inflation targeting as the monetary policy strategy for Bangladesh.

JEL Classification: E44, E52, E58

Keywords: Bangladesh, Inflation Targeting, Monetary Policy

  

pag. 120

Foreign Direct Investment and its Role in the Development of Greece

Author: Vasiliki DELITHEOU

Abstract

A distinctive characteristic of Global Economy over the last few decades has been the rising rate and impressive increase in Foreign Direct Investment (FDI) globally. Due to the potential role that foreign direct investment may play in accelerating the growth rate and re-shaping the economy, many developing countries are seeking such types of investment that can multiply efforts being made towards the growth of their economy. Consequently, foreign direct investment has become an important source of private external finance for developing countries. For this reason, countries like Greece are attempting to focus on the implementation of policies that can attract specific FDI and thus achieve high rates of growth. Attracting FDI and the subsequent creation of sustainable enterprises that will provide an increase in jobs and will reinforce the productivity of the country, is today a national target.

JEL Classification: E22, O16 

Keywords: foreign direct investment, economy, development

 

pag. 132

Barriers to Investments in Energy from Renewable Sources

Author: Corina PIRLOGEA 

Abstract

This paper attempts to create an overview of the current situation in the Romanian energy sector, pointing out elements of energy demand, production, investment in the sector and not least the potential of renewable energy sources. As Romania has aligned itself with the European Commission's 20-20-20 program, an important step in achieving the set targets is represented by a significant amount of investments in the development of energy from renewable sources. But there are a number of challenges that investment projects may face, namely, barriers more or less deliberate, more difficult or easier to overcome or remove, some of them real market distortions and others coming from the comparison between green energy and classic sources of energy. So, the last part of the work is dedicated to these barriers. Dividing them into four categories administrative barriers, technical and technological barriers, market barriers and economic barriers allows a better distribution of the identified barriers. It is a comprehensive and equitable approach than their splitting into cost barriers and non-cost barriers, which would have meant a long list for the second category specified.

JEL Classification:  Q20, Q40, Q41, Q42

Keywords: barriers, energy potential, investment, renewable energy

 

pag. 141

Family Ownership, Firm's Financial Characteristics and Capital Structure: Evidence from Public Listed Companies in Malaysia 

Authors:  Punitharaja NADARAJA,  Abdul Hadi ZULKAFLI, Tajul Ariffin MASRON

Abstract

Capital structure is identified as one of focal facet in corporate finance branch of learning.  It provides comprehension on how firms choose to finance their operations and expansion.  The objective of this study is to explore the determinants of capital structure of Malaysian public listed companies.  The period of 2001-2006 was selected in this study, which reflected the post Asian financial crisis period. Firm's financial characteristics consist of size, growth, profitability, liquidity and ability to service debt. Family ownership which was identified as a unique feature in the Malaysian corporate sector was used to measure the effect of corporate governance in capital structure decision. Using panel data approach, this study infers that the role of ownership structure in the form of family ownership though is not significantly related to capital structure, its inclusion in the empirical equation changes the significance of other variables. Except for growth, all other financial characteristics have significant relationships with capital structure.

JEL Classification: G320, G340

Keywords: Capital Structure, Family Ownership, Corporate Finance, Corporate Governance              

 

pag. 156

EU Funded Projects: from Financial to Economic Analysis

Authors: Andreea Lorena RADU, Maria CARACOTA DIMITRIU 

Abstract

Investment projects represent the basis of economic and social development of our country. The investment is a cost that will most influence the future, but it is necessary that this influence should be not only positive, but also should exceed the investment efforts. There could be different sources of financing the investment, but lately, European grants are more and more accessed by various economic agents or institutions. To obtain European financing, the project must fulfill certain conditions and must follow certain economic, social and environmental indicators. Also, for some financing lines, is required the economic analysis preparation, in order to demonstrate that the project benefits to society are important and cover the investments efforts. Thus, economic analysis studies the project influence on macro-economic or regional level, and evaluates its contribution to the welfare of the region or local community. The present paper aims to analyze the most important and available theoretical resources and to provide practical examples for carrying out the economic analysis. In conclusion, economic analysis is an useful tool for each project evaluation, but the biggest barriers to its development are the lack of valid data and the reduced Romanian experience. Under these conditions, input data can be incorrectly estimated, resulting illusory and subjective project data. For a proper projects selection based on indicators of economic assessment, it must be developed a national, complete and complex guide.

JEL Classification: O22.

Keywords: Cost-benefit analysis, European funds, externalities, investments, shadow prices

 

pag. 177

Biomaterials. The Behavior of Stainless Steel as a Biomaterial 

Authors:  Sanda VIȘAN, Rodica Filofteia POPESCU

Abstract

The biomaterials belong to the broad range of biocompatible chemical substances (sometimes even an element), which can be used for a period of time to treat or replace a tissue, organ or function of the human body. These materials bring many advantages in the diagnosis, prevention and medical therapy, reducing downtime for patients, restoring their biological functions, improving hospital management. The market in Romania sells a wide range of biomaterials for dental, cardiovascular medicine, renal, etc. Scientific research contributes to the discovery of new biomaterials or testing known biomaterials, for finding new applications. The paper exemplifies this contribution by presenting the testing of passive stainless steel behaviour in albumin solution using technique of cyclic voltammetry. It was shown that passivation contribute to increased stability of stainless steel implants to corrosive body fluids.

JEL Classification: I12, L61, Q55

Keywords: biological environment, biomaterials, corrosion, cyclic voltammetry, stainless steel

 

pag. 184

Point Pollution Sources Dimensioning  

Author: Georgeta CUCULEANU 

Abstract

In this paper a method for determining the main physical characteristics of the point pollution sources is presented. It can be used to find the main physical characteristics of them. The main physical characteristics of these sources are top inside source diameter and physical height. The top inside source diameter is calculated from gas flow-rate. For reckoning the physical height of the source one takes into account the relation given by the proportionality factor, defined as ratio between the plume rise and physical height of the source. The plume rise depends on the gas exit velocity and gas temperature. That relation is necessary for diminishing the environmental pollution when the production capacity of the plant varies, in comparison with the nominal one.

JEL Classification: O14, Q53

Keywords: point pollution source, source diameter, physical height, proportionality factor

 

pag. 193

Aspects of Quality of Life by Type of Regions in European Rural Area

Author: Cristina NECULAI

Abstract

The analysis of the quality of life aspects, expressed through the indicators, by branch and by regions, allow to observe their contribution to economic and social development in rural area at national and community level. The analyzed indicators are: population density, age structure of the population, economic development (gross domestic product /capita), structure of economy (gross value added by branch), structure of employment, employment rate, unemployment and the long-term unemployment. The analysis of indicators is realised at NUTS 3 (county level) by types of regions. The determining of types of regions (''predominantly rural regions'' - PR, ''intermediate regions'' - IR and ''predominantly urban regions'' - PU) is corresponding to NUTS 3 county level, which are based on a revised urban-rural typology. The comparative analysis of economic-social aspects, for Romania and for other EU countries highlights the gaps by types of regions (PR, IR and PU) and by branch (primary sector, secondary sector, tertiary sector), what allows the focusing the efforts to reduce them.

JEL Classification: O18, R11, Q10

Keywords: intermediate regions, predominantly rural regions, predominantly urban regions

 

 

pag. 207

 

The Strategic Role of Human Resources Development in the Management of Organizational Crisis

Authors:  Cristina MANOLE, Cristina ALPOPI, Sofia Elena COLESCA

Abstract

Together with the global economic crisis, the impact of organizational crises on human capital and its performances has become increasingly obvious. From this perspective, the strategic role of human resources' development is crucial, being analyzed in this article. It provides the conceptual basis for human resource management practitioners, to understand how to strengthening and developing human potential enables the construction of crisis management skills, manifested at the institutional level.

JEL Classification: O15, J24

Keywords:  strategic development, human resources, institutional crisis, organizational stress, professional training

  

pag. 222

Measuring the Impact of Industrialization and Financial Development on Water Resources: A Case Study of Pakistan

Authors: Khalid ZAMAN, Muhammad Mushtaq KHAN, Mehboob AHMAD

Abstract

The objective of the study examines the impact of industrialization and financial development on water resources, in the specific context of Pakistan. Data set from 1975-2009 are taken for time series analysis. The result reveals that economic growth positively linked with the water resource, as water plays a pivotal role in the economic development of a country. Thus limiting this resource would affect the process of economic growth. Industrial processes have a negative environmental impact which causing water pollution. Financial development has an indirect effect on water consumption, as it shows that private firms finds more funding opportunities in a country, therefore,  avoid dirty industry game.

JEL Classification: C32, O14, Q25

Keywords:  Economics growth, financial development, industrialization, water resource, cointegration, bonds test, Pakistan

 

 

pag. 236

 

Aspects of the Correlation between Corporate Social Responsibility and Competitiveness of Organization

Authors: Răzvan Cătălin DOBREA, Alexandra GĂMAN

Abstract

In the recent years, the involvement and the development of social responsibility activities have become specific activities of organizations wishing to provide an adequate level of economic and social on long and medium term performance. The current global context establishes a correlation between performance and the way in which competitiveness is ensured and maintained on both microeconomic and macroeconomic level. This paper presents a number of issues of involvement in social responsibility activities that can cause a direct influence on the position of competitiveness for organizations in the domestic economic environment.

JEL Classification: M14, M21

Keywords: corporative social responsability, competitiveness, investments

  

pag. 243

Financial Investment Management: Testing the Market Model on the Romanian Capital Market During the Post Financial Crisis 

Authors: Radu CIOBANU, Sebastian Mădălin MUNTEANU, Irina-Eugenia IAMANDI

Abstract

Romania during 2009-2010, in the context of overcoming the global financial crisis. In the first part of the paper, we have made a brief presentation of the simplified model of market analysis introduced in the specialized literature by William Sharpe, the respective model representing the starting point in our study. The purpose of the present study is to emphasize how the evolutions of the financial securities rates listed on the Bucharest Stock Exchange could be explained based on the evolution of BET Romanian capital market index. Although the study over this phenomenon has begun in the middle of the last century, every day new studies appear that are either coming in addition to the already existing ones or are bringing a new approach regarding the financial theory. The novelty of the present study conducted by us resides in the highlighting of the evolutions of the financial securities rates during July 2009 - December 2010 periods. The second part of the paper presents the results of a study conducted on the Romanian capital market, emphasizing the correlations between the most important securities on the Romanian capital market, as parts of BET index and market index. The aim is to check whether during this period the evolution of the financial securities' return can be explained more or less by the return of the capital market.

JEL Classification: G01, G12

Keywords: financial market model, return of financial securities, security-market correlation

 

 

pag. 248

 

Motivating the Stakeholders, a Feature of SMEs

Authors:  Nicoleta Raluca ROBU,  Ludovica Ioana SAVLOVSCHI

Abstract

Motivation, in a narrow meaning, based on a classical vision on the organisation and management, aims only at the employees or staff of the organization. This optics still predominates both in theory and in the worldwide managerial practice. Motivation, in a broad meaning, contoured in recent years, based on a modern vision on the organization and management is centred on the stakeholders, namely on those people, categories of staff and organisms who have major interests in developing the activity and performances of the organisation.In order to understand motivation, the managers must first understand the reasons why the individuals behave in a certain way and for which they have certain reactions under threatening situations or by which influencing is attempted. Motivation is an internal process, not an imperative one which can be compelled from the outside. Managers must understand the motivation strategies, the way in which they succeed or fail on the grounds of the way in which they succeed in influencing the inner motivations of the employees.

JEL Classification:  D03, M51

Keywords: motivation, stakeholders in SMEs, behaviour, entrepreneur

  

pag. 253

The Managerial Process in the Media Industry

Author:  Andrei NICULESCU 

Abstract

Managing an organisation from the media industry has a series of particularities that are the object of this analysis. The main functions of management are studied with the help of relevant examples and case studies taken from the specialized literature. For such a complex, dynamic and versatile industry such as media, with the electronic sector evolving perhaps more rapidly than in any other industry, the challenges facing managers are multiple.

JEL Classification: L82

Keywords:: Media, management, functions, process

 

 

pag. 263

 

Evaluation of Attitudes & Knowledge Regarding Municipal Waste among Students. Case Study: Bucharest University of Economic Studies

Authors:  Valentina TaRȚIU

Abstract

As Maloney and Ward (1973) noted thirty eight years ago, ''determining what the population knows regarding ecology, the environment and pollution; how they feel about it; what commitments they are willing to make and what commitments they do make are necessary steps that must be made before adopting any strategy that modifies behaviour and habits''. Taking into account that Romania is facing a great challenge to bring its waste management system in line with EU Directives and the key role of education in this process, the paper aims to explore through a questionnaire based survey: (1) the level of knowledge and awareness regarding municipal waste among students, their attitudes and willingness to act in waste related activities, (2) if there are significant differences regarding students awareness, knowledge and concern according to their gender, age, affiliation (faculty) or job status. The paper is structured in four parts, namely: introduction, research methodology, results analysis and conclusions. The findings of this research study showed that the majority of students are generally aware of waste problems. It is important to note, however, that many respondents called for more information, frequent updates and reminders about waste management practices.  Pro-environmental and recycling attitudes were shown to be generally positive among students from BAES. Used in the right way such findings might be essential in achieving the overall goal of improving waste management systems, whether it is a recycling scheme, composting scheme or refers to the improvement of environmental awareness process.

JEL Classification: Q53,  I29

Keywords::  environmental behaviour, municipal waste, environmental education

  

pag. 277

The Role of SMEs in Modern Economy 

Authors: Ludovica Ioana SAVLOVSCHI, Nicoleta Raluca ROBU  

Abstract

The worldwide experience proves the special role and the importance of small and medium enterprises within the national economies. After the ascension of the last three decades, it is thought that the small and medium enterprises will be in the next period the main vector of the economic progress, both in the developed countries and the ones in transition. On the one hand, the attributes of small and medium enterprises situates this type of organization in the foreground of economic development. On the other hand, the coordinates defining the new configuration of the world economy are favourable to the expansion of the small and medium sector.

JEL Classification::L11, L16

Keywords:: small and medium enterprises, economic development, jobs