Abstract: The evolution of Enterprise Information Systems (EIS) has been shift from data-centric ... more Abstract: The evolution of Enterprise Information Systems (EIS) has been shift from data-centric information systems to process-centric information systems in last decade. Business Process Management (BPM), extension of Workflow Management (WFM) contains methods, techniques and tools to support the design, enactment, management and analysis of business process. Petri Nets (PN) are used like standard for BPM and WFM technology. Our approach is to define a methodology for analyze, design, implement, maintain EIS only ...
Purpose-Changes in food retailing (globalization, concentration) have negative impacts on smaller... more Purpose-Changes in food retailing (globalization, concentration) have negative impacts on smaller, "traditional" food retail businesses. Their market share decreasing year by year. The purpose of this study is to examine and compare the financial performances of these businesses under the given circumstances and current economic environment in a Hungarian and a Romanian county. Design/methodology/approach-The study is based on two complete databases, including all companies that behoove retail food activity (considering the NACE cod) in the counties of Hajdu-Bihar (Hungary) and Cluj (Romania). The database analyzed contains the financial statements for five consecutive years for 212 and 690 businesses. Databases were examined by the most typical financial indicators using the multivariate and univariate analysis of variance and the k-medoid cluster analysis methods. Findings-The results of the analysis have shown that there are differences in the number of retail food companies in the case of two counties, both in number and in financial performance. Companies in Hajd u-Bihar county perform better in terms of financial ratios than those in Cluj county. The groups created by k-medoids cluster analysis are relatively well distinguished in the case of Hajd u-Bihar county, while the picture is much more mixed in the case of Kolozs county. However, it is also important to note that the companies analyzed should generally perform better to survive. Research limitations/implications-Among the limitations of the study, it is important to note that the findings are relevant only to the two counties examined. Another limiting factor is that quite several companies had to be excluded from the analysis due to missing data or outliers. Practical implications-The study presents for the corporate decision-makers the current performance of the companies of the sector examined in the two counties. The results of the study highlight the business areas of concern in management. The findings show that they need to change this performance to strengthen their market position. We believe that it is not enough to complain about the expansion of the supermarket chains, but they should take appropriate actions to improve their situation. Based on the results of the study, it can be concluded that there is a need to improve the financial efficiency of retail food companies in both counties to survive in the long run. This improvement is essential because retailers can play an important role in smaller settlements and narrower residential environments. Originality/value-Comparative analysis of retail food companies in similar counties in these two neighboring countries has not been conducted using complex financial analysis. The study revealed the common and/or individual characteristics of these companies.
REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, 2011
Motivation of the intangible asset management When it was found a significant difference between ... more Motivation of the intangible asset management When it was found a significant difference between the market value of a company and its book value, the natural question was: What is the source of this value surplus? Since 1961, the Federation of European Accountants (FEA) has stated that "an enterprise value identifies with the value of the elements that are used for a specific economic purpose." Given this reasoning, the answer to the question is: the company also has intangible assets unrecorded in the accounts, which contributes to this value (GW). By the 80s, the vision of value creation assigns the external environment of an organization a major importance in understanding the competitive advantage and value surplus creation [1]. The value created externally was attributed to the influence of social, psychological, and political factors (whose individual influence is difficult to quantify). Since 90s, with the phenomenon of globalization a new perspective on competitive advantage has been shaped up, so domestic resources are considered responsible for this advantage. In fact, this new insight (resourcebased view) questions the external perspective described above and suggests that the competitive advantage is primarily due to differences between specific internal ABSTRACT In a society marked by economic crisis, creating value and market competition becomes a heady company need. According to recent studies, in competitive companies, the highest share in the assets is hold by the value of intangible assets. Consequently, this involves the identification, measurement, management and efficient development of these inputs (knowledge, information, intellectual property, skilled labor, etc.). It is noted that, in the case of companies that have established management responsibility on intangible assets (intellectual capital), they recorded a value creation, superior financial performance and long-term development. In time intangible assets have become the most important sources of competitive advantage. This work aims to identify these resources in a company, presenting the most appropriate methods for economic evaluation and estimation of surplus value generated by efficient management.
Une entreprise qui a pour strategie le developpement durable doit prendre en consideration un ens... more Une entreprise qui a pour strategie le developpement durable doit prendre en consideration un ensemble d'indicateurs financiers permanents et non-financiers, qui, par leur niveau et leur composition mettent en evidence la performance et le risque economique, social et environnemental. Les investisseurs et les marches financiers reglementes exigent que les societes soient de plus en plus evaluees au point de vue de la durabilite (Indice Sustebility Dow Jones). Pour repondre a ces exigences, meme les entreprises publient (RSE) des rapports, concernant les mesures prises pour le developpement durable. A la suite d’une etude menee sur un echantillon de 20 entreprises les petites en provenance de Roumanie et societes cotees a la Bourse de valeur a Bucarest (du domaine energetique et la production d'electricite et de gaz) ont montre que les indicateurs financiers de valeur ajoutee, l'investissement dans l'equipement et la technologie pour la protection de l'environnement, la bonne volonte prefigurent dans une certaine mesure le developpement durable de l'entreprise.
For unlisted companies, the lack of information on the market price of shares or debts make it mo... more For unlisted companies, the lack of information on the market price of shares or debts make it more difficult to calculate the volatility coefficient. As with any investment in financial securities, investing in unlisted companies is subject to market risk and specific risk. The return and implicitly the risk to which financial securities are subject are influenced by both internal and external factors. The volatility coefficient calculation in this case involves either methods based on comparisons with the volatility coefficients of listed companies (bottom-up method) or by methods based on linear or multiple regression. The purpose of this study is to present these methods and also to highlight that a pertinent estimation of the risk to which the shares or equity shares of unlisted companies are subject involves a corroboration of these methods. In this study the theory was expanded through a practical case regarding the calculation of the volatility coefficient of an unlisted company from the pharmaceutical.
As with any transaction conducted on a market the economic value of a property is assessed by com... more As with any transaction conducted on a market the economic value of a property is assessed by comparing it with the price of some identical or similar goods, recently traded on this market or any other market. This rule is also applied in the case of shares or social shares. Direct comparison method involves determining the value of the shares or the social shares of a company by comparing them with shares traded on the market of some similar and relevant companies. A prudent buyer not offers a higher price than the price of a similar traded asset.
The financial performance of a commercial company is dependent on a multitude of factors, which c... more The financial performance of a commercial company is dependent on a multitude of factors, which can be grouped into external factors and internal factors. Through the conducted study, we tried to analyze the influence of external factors specific to the period of the COVID-19 pandemic, on the financial performance of some commercial companies in the field of manufacturing pharmaceutical products in Romania (Antibiotice) pharmaceutical preparations (Biofarm, Zentiva) ambulatory healthcare activity (Med Life). These commercial companies faced the conditions of the COVID-19 pandemic period, the measures taken in this regard, as well as the fierce competition from some international manufacturers (Sanofi, Sandoz Romania, Hoffmann la Roche, Pfizer, etc.). Thus, some commercial companies in the field of manufacturing pharmaceutical products have reduced their volume of activity and others have performed much higher than the pre-pandemic period.
As with any transaction conducted on a market the economic value of a property is assessed by com... more As with any transaction conducted on a market the economic value of a property is assessed by comparing it with the price of some identical or similar goods, recently traded on this market or any other market. This rule is also applied in the case of shares or social shares. Direct comparison method involves determining the value of the shares or the social shares of a company by comparing them with shares traded on the market of some similar and relevant companies. A prudent buyer not offers a higher price than the price of a similar traded asset.
For unlisted companies, the lack of information on the market price of shares or debts make it mo... more For unlisted companies, the lack of information on the market price of shares or debts make it more difficult to calculate the volatility coefficient. As with any investment in financial securities, investing in unlisted companies is subject to market risk and specific risk. The return and implicitly the risk to which financial securities are subject are influenced by both internal and external factors. The volatility coefficient calculation in this case involves either methods based on comparisons with the volatility coefficients of listed companies (bottom-up method) or by methods based on linear or multiple regression. The purpose of this study is to present these methods and also to highlight that a pertinent estimation of the risk to which the shares or equity shares of unlisted companies are subject involves a corroboration of these methods. In this study the theory was expanded through a practical case regarding the calculation of the volatility coefficient of an unlisted com...
La valeur d'une compagnie (entreprise) est consideree dans la plupart des cas, en fonction de... more La valeur d'une compagnie (entreprise) est consideree dans la plupart des cas, en fonction des avantages economiques estimes raisonnablement (et non historiques, meme s’ils nous aident en ce qui concerne les previsions faites) ainsi que des comparaisons avec des compagnies, actions similaires negociees sur le marche recemment ou dans le passe. La valeur estimee grâce a une approche active basee sur l'hypothese de continuite represente un point de reference pour la comparaison avec les valeurs estimees par les deux autres methodes. Et dans le cas de fermeture et la fusion, cela represente une approche necessaire
In Romania, based on globalization of financial markets and the crossing of the economic crisis, ... more In Romania, based on globalization of financial markets and the crossing of the economic crisis, as well as the government policies developed, the internal and external environment is still hostile to many companies (especially small ones), and as such, they can register financial slippages or even bankruptcy. A solution to continue its activity and to maintain personnel (to refurbish etc.) could be merging, consolidation, sale of shares to other individuals or entities. But all these operations involve estimating the reliably of enterprise value. Based on a statistical study conducted by the authors in Romania, it emerged that two methods are the most encountered in evaluating small and medium sized enterprises, respectively asset-based method (method based on substance) and income-based method (method based on hope). Considering the fact that a prudent investor doesn"t offer a higher price than the price of a similar asset traded recently on the market, with all the imperfect...
Une entreprise qui a pour strategie le developpement durable doit prendre en consideration un ens... more Une entreprise qui a pour strategie le developpement durable doit prendre en consideration un ensemble d'indicateurs financiers permanents et non-financiers, qui, par leur niveau et leur composition mettent en evidence la performance et le risque economique, social et environnemental. Les investisseurs et les marches financiers reglementes exigent que les societes soient de plus en plus evaluees au point de vue de la durabilite (Indice Sustebility Dow Jones). Pour repondre a ces exigences, meme les entreprises publient (RSE) des rapports, concernant les mesures prises pour le developpement durable. A la suite d’une etude menee sur un echantillon de 20 entreprises les petites en provenance de Roumanie et societes cotees a la Bourse de valeur a Bucarest (du domaine energetique et la production d'electricite et de gaz) ont montre que les indicateurs financiers de valeur ajoutee, l'investissement dans l'equipement et la technologie pour la protection de l'environneme...
The study investigated the impact of factors such as non-performing loans, CO2 emissions, bank cr... more The study investigated the impact of factors such as non-performing loans, CO2 emissions, bank credit, and inflation on the variable sustainable economic growth for India, Brazil, and Romania during the period 2005–2017, through a panel data analysis. Specifically, we investigated the timeline before, during, and after economic turmoil, with a special focus on the global financial crisis. Our empirical results are valuable for both developing and developed nations. As a first result, we showed that CO2 emissions increased the level of economic growth, but in this context, authorities should design suitable policies to limit its impact on the overall society. In addition, a single supervision mechanism increased the level of sustainable economic growth. Last but not the least, the period during and after the global financial crisis, sustainable economic growth decreased under the influence of bank credit, inflation, and non-performing loans. Within this framework, public authorities ...
The study focuses on the effects of imports, exports, financial direct investment inflow and fina... more The study focuses on the effects of imports, exports, financial direct investment inflow and financial direct investment outflow on sustainable economic growth expressed by various macroeconomic indicators (gross domestic product, gross domestic savings, gross domestic capital) using the least squares panel method. Sample data were selected for ten Central and Eastern European (CEE) countries and the time frame considered was 2005–2016. Generally, transitional economies have to incorporate strong savings and a steady capital formation in order to achieve higher economic growth via foreign direct investment. Results showed that the analyzed factors played a major role in the sustainable economic growth of CEE countries. Another important and valuable insight of this study is that the financial sector steers the process of achieving sustainable economic growth across CEE countries.
PurposeChanges in food retailing (globalization, concentration) have negative impacts on smaller,... more PurposeChanges in food retailing (globalization, concentration) have negative impacts on smaller, “traditional” food retail businesses. Their market share decreasing year by year. The purpose of this study is to examine and compare the financial performances of these businesses under the given circumstances and current economic environment in a Hungarian and a Romanian county.Design/methodology/approachThe study is based on two complete databases, including all companies that behoove retail food activity (considering the NACE cod) in the counties of Hajdu-Bihar (Hungary) and Cluj (Romania). The database analyzed contains the financial statements for five consecutive years for 212 and 690 businesses. Databases were examined by the most typical financial indicators using the multivariate and univariate analysis of variance and the k-medoid cluster analysis methods.FindingsThe results of the analysis have shown that there are differences in the number of retail food companies in the ca...
Proceedings of the International Conference on Business Excellence, 2019
The commercial sector and especially the food trade in Romania have expanded more and more throug... more The commercial sector and especially the food trade in Romania have expanded more and more through the medium of hypermarkets-supermarkets, online commerce, etc. thus dominating the market. The turnover and profit they make are significantly increasing, while small and medium-sized businesses in stores and traditional stores lose customers, their market share is diminishing, profitability is low, and they are confronted with big financial problems. Modern trade tends represent almost 60% of Romania’s total market, which means that small shops are losing ground in detriment of others, despite their currently large number at national level. The study, extended over a period of more than 5 years, includes a comparative analysis of the small and medium-sized enterprises in the food commerce sector of Cluj County and the supermarkets-hypermarkets in Romania. Advantages of hypermarkets - supermarkets, online commerce, etc. in relation to small and medium-sized stores are ultimately reflec...
In Romania, on the background of the economic crisis and globalization of markets, the external a... more In Romania, on the background of the economic crisis and globalization of markets, the external and internal environment becomes more and more hostile and as such, many commercial societies, can record financial disturbances or even bankruptcy. Ignoring drawn signals (the level of some economic-financial indicators) following a correct diagnosis can lead to degradation of economic and financial condition of the company entering insolvency. The study conducted by the author, on a guided sample of small companies in Romania aimed to develop a model of financial diagnosis, which can quickly reflect, based on the level of a score, the probability of the insolvency or bankruptcy of the company.
In a society marked by economic crisis, creating value and market competition becomes a heady com... more In a society marked by economic crisis, creating value and market competition becomes a heady company need. According to recent studies, in competitive companies, the highest share in the assets is hold by the value of intangible assets. Consequently, this involves the identification, measurement, management and efficient development of these inputs (knowledge, information, intellectual property, skilled labor, etc.). It is noted that, in the case of companies that have established management responsibility on intangible assets (intellectual capital), they recorded a value creation, superior financial performance and long- term development. In time intangible assets have become the most important sources of competitive advantage. This work aims to identify these resources in a company, presenting the most appropriate methods for economic evaluation and estimation of surplus value generated by efficient management.
Against the background of the economic crisis and of a fierce competition, the external and inter... more Against the background of the economic crisis and of a fierce competition, the external and internal environment becomes more and more hostile and as such, many commercial societies, can record financial disturbances or even bankruptcy. On the basis of symptoms, the level of some economic-financial indicators, following a proper diagnosis, one can apply a therapy that can improve the situation or fully restore the company. The study conducted by the author on a guided sample of trading companies from Romania, aimed at developing a model of financial diagnosis, which can reflect quickly, based on the level of a score, the economic financial situation, the performance, the present and future risks, as a result of the policies and decisions taken.
Abstract: The evolution of Enterprise Information Systems (EIS) has been shift from data-centric ... more Abstract: The evolution of Enterprise Information Systems (EIS) has been shift from data-centric information systems to process-centric information systems in last decade. Business Process Management (BPM), extension of Workflow Management (WFM) contains methods, techniques and tools to support the design, enactment, management and analysis of business process. Petri Nets (PN) are used like standard for BPM and WFM technology. Our approach is to define a methodology for analyze, design, implement, maintain EIS only ...
Purpose-Changes in food retailing (globalization, concentration) have negative impacts on smaller... more Purpose-Changes in food retailing (globalization, concentration) have negative impacts on smaller, "traditional" food retail businesses. Their market share decreasing year by year. The purpose of this study is to examine and compare the financial performances of these businesses under the given circumstances and current economic environment in a Hungarian and a Romanian county. Design/methodology/approach-The study is based on two complete databases, including all companies that behoove retail food activity (considering the NACE cod) in the counties of Hajdu-Bihar (Hungary) and Cluj (Romania). The database analyzed contains the financial statements for five consecutive years for 212 and 690 businesses. Databases were examined by the most typical financial indicators using the multivariate and univariate analysis of variance and the k-medoid cluster analysis methods. Findings-The results of the analysis have shown that there are differences in the number of retail food companies in the case of two counties, both in number and in financial performance. Companies in Hajd u-Bihar county perform better in terms of financial ratios than those in Cluj county. The groups created by k-medoids cluster analysis are relatively well distinguished in the case of Hajd u-Bihar county, while the picture is much more mixed in the case of Kolozs county. However, it is also important to note that the companies analyzed should generally perform better to survive. Research limitations/implications-Among the limitations of the study, it is important to note that the findings are relevant only to the two counties examined. Another limiting factor is that quite several companies had to be excluded from the analysis due to missing data or outliers. Practical implications-The study presents for the corporate decision-makers the current performance of the companies of the sector examined in the two counties. The results of the study highlight the business areas of concern in management. The findings show that they need to change this performance to strengthen their market position. We believe that it is not enough to complain about the expansion of the supermarket chains, but they should take appropriate actions to improve their situation. Based on the results of the study, it can be concluded that there is a need to improve the financial efficiency of retail food companies in both counties to survive in the long run. This improvement is essential because retailers can play an important role in smaller settlements and narrower residential environments. Originality/value-Comparative analysis of retail food companies in similar counties in these two neighboring countries has not been conducted using complex financial analysis. The study revealed the common and/or individual characteristics of these companies.
REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, 2011
Motivation of the intangible asset management When it was found a significant difference between ... more Motivation of the intangible asset management When it was found a significant difference between the market value of a company and its book value, the natural question was: What is the source of this value surplus? Since 1961, the Federation of European Accountants (FEA) has stated that "an enterprise value identifies with the value of the elements that are used for a specific economic purpose." Given this reasoning, the answer to the question is: the company also has intangible assets unrecorded in the accounts, which contributes to this value (GW). By the 80s, the vision of value creation assigns the external environment of an organization a major importance in understanding the competitive advantage and value surplus creation [1]. The value created externally was attributed to the influence of social, psychological, and political factors (whose individual influence is difficult to quantify). Since 90s, with the phenomenon of globalization a new perspective on competitive advantage has been shaped up, so domestic resources are considered responsible for this advantage. In fact, this new insight (resourcebased view) questions the external perspective described above and suggests that the competitive advantage is primarily due to differences between specific internal ABSTRACT In a society marked by economic crisis, creating value and market competition becomes a heady company need. According to recent studies, in competitive companies, the highest share in the assets is hold by the value of intangible assets. Consequently, this involves the identification, measurement, management and efficient development of these inputs (knowledge, information, intellectual property, skilled labor, etc.). It is noted that, in the case of companies that have established management responsibility on intangible assets (intellectual capital), they recorded a value creation, superior financial performance and long-term development. In time intangible assets have become the most important sources of competitive advantage. This work aims to identify these resources in a company, presenting the most appropriate methods for economic evaluation and estimation of surplus value generated by efficient management.
Une entreprise qui a pour strategie le developpement durable doit prendre en consideration un ens... more Une entreprise qui a pour strategie le developpement durable doit prendre en consideration un ensemble d'indicateurs financiers permanents et non-financiers, qui, par leur niveau et leur composition mettent en evidence la performance et le risque economique, social et environnemental. Les investisseurs et les marches financiers reglementes exigent que les societes soient de plus en plus evaluees au point de vue de la durabilite (Indice Sustebility Dow Jones). Pour repondre a ces exigences, meme les entreprises publient (RSE) des rapports, concernant les mesures prises pour le developpement durable. A la suite d’une etude menee sur un echantillon de 20 entreprises les petites en provenance de Roumanie et societes cotees a la Bourse de valeur a Bucarest (du domaine energetique et la production d'electricite et de gaz) ont montre que les indicateurs financiers de valeur ajoutee, l'investissement dans l'equipement et la technologie pour la protection de l'environnement, la bonne volonte prefigurent dans une certaine mesure le developpement durable de l'entreprise.
For unlisted companies, the lack of information on the market price of shares or debts make it mo... more For unlisted companies, the lack of information on the market price of shares or debts make it more difficult to calculate the volatility coefficient. As with any investment in financial securities, investing in unlisted companies is subject to market risk and specific risk. The return and implicitly the risk to which financial securities are subject are influenced by both internal and external factors. The volatility coefficient calculation in this case involves either methods based on comparisons with the volatility coefficients of listed companies (bottom-up method) or by methods based on linear or multiple regression. The purpose of this study is to present these methods and also to highlight that a pertinent estimation of the risk to which the shares or equity shares of unlisted companies are subject involves a corroboration of these methods. In this study the theory was expanded through a practical case regarding the calculation of the volatility coefficient of an unlisted company from the pharmaceutical.
As with any transaction conducted on a market the economic value of a property is assessed by com... more As with any transaction conducted on a market the economic value of a property is assessed by comparing it with the price of some identical or similar goods, recently traded on this market or any other market. This rule is also applied in the case of shares or social shares. Direct comparison method involves determining the value of the shares or the social shares of a company by comparing them with shares traded on the market of some similar and relevant companies. A prudent buyer not offers a higher price than the price of a similar traded asset.
The financial performance of a commercial company is dependent on a multitude of factors, which c... more The financial performance of a commercial company is dependent on a multitude of factors, which can be grouped into external factors and internal factors. Through the conducted study, we tried to analyze the influence of external factors specific to the period of the COVID-19 pandemic, on the financial performance of some commercial companies in the field of manufacturing pharmaceutical products in Romania (Antibiotice) pharmaceutical preparations (Biofarm, Zentiva) ambulatory healthcare activity (Med Life). These commercial companies faced the conditions of the COVID-19 pandemic period, the measures taken in this regard, as well as the fierce competition from some international manufacturers (Sanofi, Sandoz Romania, Hoffmann la Roche, Pfizer, etc.). Thus, some commercial companies in the field of manufacturing pharmaceutical products have reduced their volume of activity and others have performed much higher than the pre-pandemic period.
As with any transaction conducted on a market the economic value of a property is assessed by com... more As with any transaction conducted on a market the economic value of a property is assessed by comparing it with the price of some identical or similar goods, recently traded on this market or any other market. This rule is also applied in the case of shares or social shares. Direct comparison method involves determining the value of the shares or the social shares of a company by comparing them with shares traded on the market of some similar and relevant companies. A prudent buyer not offers a higher price than the price of a similar traded asset.
For unlisted companies, the lack of information on the market price of shares or debts make it mo... more For unlisted companies, the lack of information on the market price of shares or debts make it more difficult to calculate the volatility coefficient. As with any investment in financial securities, investing in unlisted companies is subject to market risk and specific risk. The return and implicitly the risk to which financial securities are subject are influenced by both internal and external factors. The volatility coefficient calculation in this case involves either methods based on comparisons with the volatility coefficients of listed companies (bottom-up method) or by methods based on linear or multiple regression. The purpose of this study is to present these methods and also to highlight that a pertinent estimation of the risk to which the shares or equity shares of unlisted companies are subject involves a corroboration of these methods. In this study the theory was expanded through a practical case regarding the calculation of the volatility coefficient of an unlisted com...
La valeur d'une compagnie (entreprise) est consideree dans la plupart des cas, en fonction de... more La valeur d'une compagnie (entreprise) est consideree dans la plupart des cas, en fonction des avantages economiques estimes raisonnablement (et non historiques, meme s’ils nous aident en ce qui concerne les previsions faites) ainsi que des comparaisons avec des compagnies, actions similaires negociees sur le marche recemment ou dans le passe. La valeur estimee grâce a une approche active basee sur l'hypothese de continuite represente un point de reference pour la comparaison avec les valeurs estimees par les deux autres methodes. Et dans le cas de fermeture et la fusion, cela represente une approche necessaire
In Romania, based on globalization of financial markets and the crossing of the economic crisis, ... more In Romania, based on globalization of financial markets and the crossing of the economic crisis, as well as the government policies developed, the internal and external environment is still hostile to many companies (especially small ones), and as such, they can register financial slippages or even bankruptcy. A solution to continue its activity and to maintain personnel (to refurbish etc.) could be merging, consolidation, sale of shares to other individuals or entities. But all these operations involve estimating the reliably of enterprise value. Based on a statistical study conducted by the authors in Romania, it emerged that two methods are the most encountered in evaluating small and medium sized enterprises, respectively asset-based method (method based on substance) and income-based method (method based on hope). Considering the fact that a prudent investor doesn"t offer a higher price than the price of a similar asset traded recently on the market, with all the imperfect...
Une entreprise qui a pour strategie le developpement durable doit prendre en consideration un ens... more Une entreprise qui a pour strategie le developpement durable doit prendre en consideration un ensemble d'indicateurs financiers permanents et non-financiers, qui, par leur niveau et leur composition mettent en evidence la performance et le risque economique, social et environnemental. Les investisseurs et les marches financiers reglementes exigent que les societes soient de plus en plus evaluees au point de vue de la durabilite (Indice Sustebility Dow Jones). Pour repondre a ces exigences, meme les entreprises publient (RSE) des rapports, concernant les mesures prises pour le developpement durable. A la suite d’une etude menee sur un echantillon de 20 entreprises les petites en provenance de Roumanie et societes cotees a la Bourse de valeur a Bucarest (du domaine energetique et la production d'electricite et de gaz) ont montre que les indicateurs financiers de valeur ajoutee, l'investissement dans l'equipement et la technologie pour la protection de l'environneme...
The study investigated the impact of factors such as non-performing loans, CO2 emissions, bank cr... more The study investigated the impact of factors such as non-performing loans, CO2 emissions, bank credit, and inflation on the variable sustainable economic growth for India, Brazil, and Romania during the period 2005–2017, through a panel data analysis. Specifically, we investigated the timeline before, during, and after economic turmoil, with a special focus on the global financial crisis. Our empirical results are valuable for both developing and developed nations. As a first result, we showed that CO2 emissions increased the level of economic growth, but in this context, authorities should design suitable policies to limit its impact on the overall society. In addition, a single supervision mechanism increased the level of sustainable economic growth. Last but not the least, the period during and after the global financial crisis, sustainable economic growth decreased under the influence of bank credit, inflation, and non-performing loans. Within this framework, public authorities ...
The study focuses on the effects of imports, exports, financial direct investment inflow and fina... more The study focuses on the effects of imports, exports, financial direct investment inflow and financial direct investment outflow on sustainable economic growth expressed by various macroeconomic indicators (gross domestic product, gross domestic savings, gross domestic capital) using the least squares panel method. Sample data were selected for ten Central and Eastern European (CEE) countries and the time frame considered was 2005–2016. Generally, transitional economies have to incorporate strong savings and a steady capital formation in order to achieve higher economic growth via foreign direct investment. Results showed that the analyzed factors played a major role in the sustainable economic growth of CEE countries. Another important and valuable insight of this study is that the financial sector steers the process of achieving sustainable economic growth across CEE countries.
PurposeChanges in food retailing (globalization, concentration) have negative impacts on smaller,... more PurposeChanges in food retailing (globalization, concentration) have negative impacts on smaller, “traditional” food retail businesses. Their market share decreasing year by year. The purpose of this study is to examine and compare the financial performances of these businesses under the given circumstances and current economic environment in a Hungarian and a Romanian county.Design/methodology/approachThe study is based on two complete databases, including all companies that behoove retail food activity (considering the NACE cod) in the counties of Hajdu-Bihar (Hungary) and Cluj (Romania). The database analyzed contains the financial statements for five consecutive years for 212 and 690 businesses. Databases were examined by the most typical financial indicators using the multivariate and univariate analysis of variance and the k-medoid cluster analysis methods.FindingsThe results of the analysis have shown that there are differences in the number of retail food companies in the ca...
Proceedings of the International Conference on Business Excellence, 2019
The commercial sector and especially the food trade in Romania have expanded more and more throug... more The commercial sector and especially the food trade in Romania have expanded more and more through the medium of hypermarkets-supermarkets, online commerce, etc. thus dominating the market. The turnover and profit they make are significantly increasing, while small and medium-sized businesses in stores and traditional stores lose customers, their market share is diminishing, profitability is low, and they are confronted with big financial problems. Modern trade tends represent almost 60% of Romania’s total market, which means that small shops are losing ground in detriment of others, despite their currently large number at national level. The study, extended over a period of more than 5 years, includes a comparative analysis of the small and medium-sized enterprises in the food commerce sector of Cluj County and the supermarkets-hypermarkets in Romania. Advantages of hypermarkets - supermarkets, online commerce, etc. in relation to small and medium-sized stores are ultimately reflec...
In Romania, on the background of the economic crisis and globalization of markets, the external a... more In Romania, on the background of the economic crisis and globalization of markets, the external and internal environment becomes more and more hostile and as such, many commercial societies, can record financial disturbances or even bankruptcy. Ignoring drawn signals (the level of some economic-financial indicators) following a correct diagnosis can lead to degradation of economic and financial condition of the company entering insolvency. The study conducted by the author, on a guided sample of small companies in Romania aimed to develop a model of financial diagnosis, which can quickly reflect, based on the level of a score, the probability of the insolvency or bankruptcy of the company.
In a society marked by economic crisis, creating value and market competition becomes a heady com... more In a society marked by economic crisis, creating value and market competition becomes a heady company need. According to recent studies, in competitive companies, the highest share in the assets is hold by the value of intangible assets. Consequently, this involves the identification, measurement, management and efficient development of these inputs (knowledge, information, intellectual property, skilled labor, etc.). It is noted that, in the case of companies that have established management responsibility on intangible assets (intellectual capital), they recorded a value creation, superior financial performance and long- term development. In time intangible assets have become the most important sources of competitive advantage. This work aims to identify these resources in a company, presenting the most appropriate methods for economic evaluation and estimation of surplus value generated by efficient management.
Against the background of the economic crisis and of a fierce competition, the external and inter... more Against the background of the economic crisis and of a fierce competition, the external and internal environment becomes more and more hostile and as such, many commercial societies, can record financial disturbances or even bankruptcy. On the basis of symptoms, the level of some economic-financial indicators, following a proper diagnosis, one can apply a therapy that can improve the situation or fully restore the company. The study conducted by the author on a guided sample of trading companies from Romania, aimed at developing a model of financial diagnosis, which can reflect quickly, based on the level of a score, the economic financial situation, the performance, the present and future risks, as a result of the policies and decisions taken.
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Papers by Ioan Bircea