Papers by Voica Marian Catalin
Theoretical and Applied Economics, 2017
Foreign direct investments (FDI) are a force that shapes the world economy. Stocks and flows of F... more Foreign direct investments (FDI) are a force that shapes the world economy. Stocks and flows of FDI (inward and outward) are indicators followed with great attention by national and international entities and they are correlated with other macroeconomic indicators to detect trends at regional, national and international levels and to determine the degree of development of a country. The dramatically changes that occurred in world economy in the last 30 years have generated major changes on the motivations of foreign investors, the emergence of new types of economic agents that generate foreign direct investments and new international regulations regarding FDI. In this article, the authors analyzed the relations between FDI, import, export and GDP for Romania economy for the period 1990-2014. The research methodology applied is based on the Augmented Dickey-Fuller statistic test and the Granger causality test, the datasets for the variables included in the study have been drawn from ...
Industrija, 2016
Latest developments on the international markets create new challenges for the old way of industr... more Latest developments on the international markets create new challenges for the old way of industrial production and development. As the developing countries take the share of important players from the EU it is more and more visible the need for a change of the industrial policy. The advance in technology and the way we produce goods it's changing and the need for more advanced and more customized products is growing. The idea that there is no need for industrial policy and the believe that the market must be felt free is also loosing supporters in front of new actors from countries with a strong targeted industrial policy which get higher and higher market shares.
Sustainability, 2021
With rapid globalization, firm internationalization has become an important corporate strategy as... more With rapid globalization, firm internationalization has become an important corporate strategy as well as the necessity for the survival and growth of the business. In the last decade, there has been a growth in literature that studies this field, especially in emerging countries. However, there exists a gap in the literature in CEE countries. This study aims to fill that gap by conducting an analysis and providing insight regarding the factors that lead to an increase in firm internationalization in this region. This research paper studies the main determinants that have an impact on the firm internationalization of large companies in CEE countries using panel data empirical methods, such as the random effect model and generalized method of moments (GMM) model for a panel of 50 firms from 11 CEE countries and a time duration of 14 years. This study determines the main factors that positively influence firm internationalization in selected countries. These countries have experienced...
Journal of Risk and Financial Management, 2020
The exchange rate is a key macroeconomic factor that affects international trade and the real eco... more The exchange rate is a key macroeconomic factor that affects international trade and the real economy of each country. The development of international trade creates conditions where volatility comes with the exchange rate. The purpose of this paper is to examine the effect of real effective exchange rate volatility on economic growth in the Central and Eastern European countries. Additionally, the effect, through three channels of influence on economic growth which vary on the measurement of exchange rate volatility, is examined. The study uses annual data for fourteen CEE countries for the period 2002–2018 to examine the nature and extends the impact of such movements on growth. The empirical findings using the fixed effects estimation for panel data reveal that the volatility of the exchange rate has a significant negative effect on real economic growth. The results appear robust with alternative measures of exchange rate volatility such as standard deviation and z-score. This pa...
Procedia Economics and Finance, 2015
Climate change affects negatively, in a large extent, the activity of economic agents. Gradually,... more Climate change affects negatively, in a large extent, the activity of economic agents. Gradually, the companies and the public institutions have realized the need of adaptation to new climatic conditions, which led to the adoption of environmentally friendly behaviour and promotion of social responsible strategies. This article demonstrates the importance of the role played private investors and public authorities that made green investments, mainly in infrastructure, but they also create legal and institutional framework to encourage direct and portfolio investors in this field.
Procedia Economics and Finance, 2014
The transnational corporations and small and medium enterprises, as producers of goods and servic... more The transnational corporations and small and medium enterprises, as producers of goods and services, run different social responsibility programs and promote the principles of corporate social responsibility established by United Nations Global Compact; so, their activities are guide by following aspects: human rights, labour standards, the environment and the fight against corruption. The social responsibility is a dynamic concept that shapes the activity of actors from capital market: issuers like transnational corporations, different portfolio investors like investment funds, sovereign funds, stock exchanges and consulting firms. Through this article, the authors performed an analysis of the peculiarities of social responsibility promoted by capital market`s actors that must achieve a balance between the desire to obtain profit from the activities carried out on the stock market and the need to promote the principles for responsible investment developed by the UN Global Compact.
Industrija, 2014
Energy has become a major factor in promoting and achieving a highly competitive economy during l... more Energy has become a major factor in promoting and achieving a highly competitive economy during last couple of decades. The Romanian energy sector has passed through a massive reform process with divergent effects and restrictive implication both for industry and population. In this context it is very important that the major energy business players respect and follow the cultural model framework and their own CSR policies. The main aim of the paper is to analyze the implication of the CSR and cultural model features in Romanian energy sector.
Procedia Economics and Finance, 2014
This paper analyzes the importance of the BRICS group as representatives of emerging countries in... more This paper analyzes the importance of the BRICS group as representatives of emerging countries in the global economy. It is worth noting that the financial crisis had no strong effect on the BRICS group and it had a much better economic performance than developed countries. The main factors that led to the economic expansion of the group were an increased input of factors, and enormous scales of population and resources. For example, Brazil and Russia are mainly based on huge reserves of mineral resources and speculations made in international markets. China has an advantage of cheap labor and resources at low prices. India is also based on low-cost workforce. And last but not least, all the BRICS countries, except Brazil, show very high rates of investment. The current concern is to estimate whether the BRICS countries will have the same upward trend given the weakness identified within them: the high level of corruption, political different ideologies, over exposure to commodities etc.
Sustainability, 2021
With rapid globalization, firm internationalization has become an important corporate strategy as... more With rapid globalization, firm internationalization has become an important corporate strategy as well as the necessity for the survival and growth of the business. In the last decade, there has been a growth in literature that studies this field, especially in emerging countries. However, there exists a gap in the literature in CEE countries. This study aims to fill that gap by conducting an analysis and providing insight regarding the factors that lead to an increase in firm internationalization in this region. This research paper studies the main determinants that have an impact on the firm internationalization of large companies in CEE countries using panel data empirical methods, such as the random effect model and generalized method of moments (GMM) model for a panel of 50 firms from 11 CEE countries and a time duration of 14 years. This study determines the main factors that positively influence firm internationalization in selected countries. These countries have experienced a radical transition from centrally planned economies to market economies, and although they have experienced economic growth and a rise in productivity, they are still facing several challenges. Therefore, it is important to know what facilitates and helps firms to expand in international markets. The main findings derived from this study show that firm characteristics, such as age, size and corporate performance, have a positive effect on the internationalization process. An increase in age, size and firm performance leads to higher levels of internationalization. Larger and relatively older firms have access to more resources and are more experienced in dealing with the environmental difficulties characteristic of these countries.
Keywords: firm internationalization; international business; CEE countries; GMM model; random
effect model
Industrija, 2014
Energy has become a major factor in promoting and achieving a highly competitive economy during l... more Energy has become a major factor in promoting and achieving a highly competitive economy during last couple of decades. The Romanian energy sector has passed through a massive reform process with divergent effects and restrictive implication both for industry and population. In this context it is very important that the major energy business players respect and follow the cultural model framework and their own CSR policies. The main aim of the paper is to analyze the implication of the CSR and cultural model features in Romanian energy sector.
Journal of Risk and Financial Management
The exchange rate is a key macroeconomic factor that affects international trade and the real eco... more The exchange rate is a key macroeconomic factor that affects international trade and the real economy of each country. The development of international trade creates conditions where volatility comes with the exchange rate. The purpose of this paper is to examine the effect of real effective exchange rate volatility on economic growth in the Central and Eastern European countries. Additionally, the effect, through three channels of influence on economic growth which vary on the measurement of exchange rate volatility, is examined. The study uses annual data for fourteen CEE countries for the period 2002–2018 to examine the nature and extends the impact of such movements on growth. The empirical findings using the fixed effects estimation for panel data reveal that the volatility of the exchange rate has a significant negative effect on real economic growth. The results appear robust with alternative measures of exchange rate volatility such as standard deviation and z-score. This pa...
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Procedia Economics and Finance, 2015
Procedia Economics and Finance, 2014
The concept of social responsibility has seen continuous development in the past 20 years. Due to... more The concept of social responsibility has seen continuous development in the past 20 years. Due to the general public, international organizations have been involved in the regulation and development of principles as a guide for companies that want to make their work public in the field of social responsibility. In banking, corporate social responsibility takes many forms, from compliance with the conditionality of financing certain principles to the banks' own social programs. After the international financial crisis, many banks have changed the way in which they operate by changing their business philosophy, the focus moving from making big profits, on finding sustainable methods both for the Bank and for society to work in a comfortable environment.
The last two decades have been influenced by the growing concern regarding climate change and the... more The last two decades have been influenced by the growing concern regarding climate change and the ways that it will determine economic activities and human development. Many countries already took actions through international treaties to solve different problems like carbon emission reduction through certificate trade or low emission investments. The cost of the transition to a low carbon emission economy is too big for countries to support, so here, the private sector needs to help through a sustainable way of doing business. From this point of view, developed countries have a more sophisticated financing system than that of developing countries but, usually, developing countries have better competitive advantages that attract FDI. The main aim of the paper is to see how sustainable development is related to the flow and stock of FDI in the EU.
The transnational corporations and small and medium enterprises, as producers of goods and servic... more The transnational corporations and small and medium enterprises, as producers of goods and services, run different social responsibility programs and promote the principles of corporate social responsibility established by United Nations Global Compact; so, their activities are guide by following aspects: human rights, labour standards, the environment and the fight against corruption. The social responsibility is a dynamic concept that shapes the activity of actors from capital market: issuers like transnational corporations, different portfolio investors like investment funds, sovereign funds, stock exchanges and consulting firms. Through this article, the authors performed an analysis of the peculiarities of social responsibility promoted by capital market`s actors that must achieve a balance between the desire to obtain profit from the activities carried out on the stock market and the need to promote the principles for responsible investment developed by the UN Global Compact.
Climate change affects negatively, in a large extent, the activity of economic agents. Gradually,... more Climate change affects negatively, in a large extent, the activity of economic agents. Gradually, the companies and the public institutions have realized the need of adaptation to new climatic conditions, which led to the adoption of environmentally friendly behaviour and promotion of social responsible strategies. This article demonstrates the importance of the role played private investors and public authorities that made green investments, mainly in infrastructure, but they also create legal and institutional framework to encourage direct and portfolio investors in this field.
The concept of corporate social responsibility is in constant development. It passes from the sph... more The concept of corporate social responsibility is in constant development. It passes from the sphere of large
transnational companies to the smaller sized companies, in the field of SMEs. Although SMEs don’t have
the impact of great corporations, they have a duty to carry out social responsibility programs. An SME, as a
singular unit, does not have the social impact of transnational corporations, but the large number of SMEs
creates a social impact comparable to the one generated by large corporations. Due to competitive pressures,
large transnational companies have outsourced some activities. SMEs that have taken over these activities
have taken over responsibility for social programs to offset the negative effects arising.
The temperature-based derivatives contracts have appeared while the first deregulations in the ut... more The temperature-based derivatives contracts have appeared while the first deregulations in the utilities and the energy sectors from USA in the years 1990-2000. The transfer of the some services in the private sector has involved a better control of costs and revenues of different companies. The private investors who have turned to this area, have imposed a risk reduction management
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Papers by Voica Marian Catalin
Keywords: firm internationalization; international business; CEE countries; GMM model; random
effect model
transnational companies to the smaller sized companies, in the field of SMEs. Although SMEs don’t have
the impact of great corporations, they have a duty to carry out social responsibility programs. An SME, as a
singular unit, does not have the social impact of transnational corporations, but the large number of SMEs
creates a social impact comparable to the one generated by large corporations. Due to competitive pressures,
large transnational companies have outsourced some activities. SMEs that have taken over these activities
have taken over responsibility for social programs to offset the negative effects arising.
Keywords: firm internationalization; international business; CEE countries; GMM model; random
effect model
transnational companies to the smaller sized companies, in the field of SMEs. Although SMEs don’t have
the impact of great corporations, they have a duty to carry out social responsibility programs. An SME, as a
singular unit, does not have the social impact of transnational corporations, but the large number of SMEs
creates a social impact comparable to the one generated by large corporations. Due to competitive pressures,
large transnational companies have outsourced some activities. SMEs that have taken over these activities
have taken over responsibility for social programs to offset the negative effects arising.