Revista de Studii Financiare最新文献

{"title":"CORPORATE SOCIAL RESPONSIBILITY AND VALUE CREATION IN ROMANIA","authors":"Olivian Bîltac","doi":"10.55654/jfs.2023.sp.02","DOIUrl":"https://doi.org/10.55654/jfs.2023.sp.02","url":null,"abstract":"\"This paper examines the relationship between corporate social responsibility (CSR) and value creation in Romania. Specifically. This paper aims to identify the key CSR practices that companies in Romania are engaging in, and to explore how these practices are impacting business performance and creating value for stakeholders. By examining the extent to which companies in Romania are embracing CSR and the outcomes they are achieving, this paper will contribute to a deeper understanding of the role of CSR in creating sustainable and socially responsible businesses in Romania. The main tool at the basis of such an analysis is the international GRI (Global Reporting Initiative) – Social indicators reporting, differently approached by different companies within their sustainability reports, collected within a database, converted into comparable information based on a scoring method, as the indicators are either qualitative or quantitative, most of the times very difficult to bring to a common denominator. Such a method we also consider useful in further valuation and ranking. The findings of this paper suggest that corporate social responsibility (CSR) practices are becoming increasingly important for businesses operating in Romania. The analysis reveals that companies in Romania are engaging in a range of CSR practices, including philanthropy, environmental sustainability, and employee welfare, and that these practices are having a positive impact on both business performance and stakeholder perceptions. Specifically, the study finds that companies that engage in CSR are more likely to attract and retain talent, enhance their reputation, and brand value, and generate higher levels of customer loyalty and satisfaction. Moreover, the analysis indicates that CSR practices can also lead to cost savings and improved operational efficiencies, further contributing to value creation. Overall, these findings underscore the importance of CSR as a strategic tool for businesses seeking to create long-term sustainable value in Romania. The Sustainability Disclosure Database provides the existing sustainability reports of major companies in Romania, along recent years. Given such data, these reports have been processed and the information has been tailored into rather homogenous sets, starting with the GRI Standards’ indicators and generating an hierarchy of social activities and their results. We consider such an enterprise necessary if it is aimed at achieving a clear evaluation and identification of company’s both financial and social performance. This paper contributes to the literature on corporate social responsibility (CSR) and value creation by providing insights into the current state of CSR practices in Romania, a context that has received relatively little attention in the CSR literature. The paper builds on previous studies by focusing specifically on Romania, a transitional economy that has undergone significant political and economic changes in rece","PeriodicalId":32567,"journal":{"name":"Revista de Studii Financiare","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135343991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"ANALYSIS OF THE IMPACT OF FINANCIAL BALANCE INDICATORS ON THE STOCK MARKET PERFORMANCE OF COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE","authors":"Ioan-Alexandru Dumitrescu, Alin-Ionuț Dorobanțu","doi":"10.55654/jfs.2023.sp.05","DOIUrl":"https://doi.org/10.55654/jfs.2023.sp.05","url":null,"abstract":"\"This paper deals with the topic of the impact brought by the factors that contribute to the determination of financial balance indicators on the profitability of Romanian companies listed on the Bucharest Stock Exchange during several consecutive financial years. The subject under research was the subject of several studies that make up the specialized literature. The purpose of the research is to analyse the existence and intensity of the link between the financial balance indicators, determined semi-annually, and the economic performance of the companies, expressed through the profitability indicators. The research method used in the elaboration of the present study is that of multiple regression analysis of the data, applied using the SPSS statistical program.\"","PeriodicalId":32567,"journal":{"name":"Revista de Studii Financiare","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135344815","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"FROM CORPORATE SOCIAL RESPONSIBILITY TO ENVIRONMENTAL, SOCIAL, GOVERNANCE INVESTING: NON-FINANCIAL REPORTING - BENEFITS AND LEGISLATIVE IMPLICATIONS","authors":"Komalpreet Kaur, Daniela Corina Oprea Bîrlă, Raluca Simina Bilți, Vanina Adoriana Trifan","doi":"10.55654/jfs.2023.sp.08","DOIUrl":"https://doi.org/10.55654/jfs.2023.sp.08","url":null,"abstract":"\"The main objective of the paper is to highlight the importance of ESG (Environment, Social, Governance) investing for companies, while also elaborating its relation to better financial performance. Furthermore, the article conducts a literature review by analysing the already existing scientific papers (mainly from Google Scholar, Web of Science and ScienceDirect) to demonstrate how the relative importance of each of the ESG dimensions: Environmental, Social and Governance, may vary depending on different factors. The article highlights the value of non-financial reporting, its advantages, and the resulting legal ramifications. Investors and executors have recognized the importance of the ESG framework in recent years, which has helped it earn a lot of respect. The framework is said to serve several benefits, such as offering business sustainability, financial stability, and better financial performance, to a given economic entity. Similarly, the paper presents practical implications for the businesses, as it leads to their better understanding of the concept, from an investor’s perspective.\"","PeriodicalId":32567,"journal":{"name":"Revista de Studii Financiare","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135344156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"BANKING INSTITUTIONS AND AGGREGATED INDICATORS FOR FINANCIAL STABILITY ON THE ROMANIAN BANKING MARKET","authors":"Roxana Daliana Schiop, Mihaiela Joly Mircea","doi":"10.55654/jfs.2023.sp.12","DOIUrl":"https://doi.org/10.55654/jfs.2023.sp.12","url":null,"abstract":"In times of crisis, the behaviour of the participants in the economic process changes, they being forced to adapt to new times, at a rapid pace. It reflects prudence and a reorganization from all points of view regarding the activities of companies. The scientific research aims to analyse the behaviour of banking institutions in times of crisis, but also in periods of economic growth based on aggregate indicators that reflect the evolution of banking financial institutions over a period of 15 years, starting from the economic crisis from 2008 and ending with 2022. At the same time, the scientific approach makes a brief presentation of Romanian banking sector at the end of 2022 from the perspective of shareholding and market share for the main banks in Romania in order to better understand their position these in the market.","PeriodicalId":32567,"journal":{"name":"Revista de Studii Financiare","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135344279","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"THE ENVIRONMENTAL AND FINANCIAL PERFORMANCES ON THE ENERGY SECTOR. CASE STUDY IN NORTH AMERICA","authors":"Loredana-Georgia Nițu Ivan","doi":"10.55654/jfs.2023.sp.10","DOIUrl":"https://doi.org/10.55654/jfs.2023.sp.10","url":null,"abstract":"Nowadays, the population is becoming more and more environmentally conscious compared to previous years. Governments are under pressure to adopt sustainable legislation in light of the increased public acknowledgement of environmental issues, and consumers are urged to make purchases that have a lower environmental impact. Due to this phenomenon, the competition becomes significantly challenging. Companies must therefore adopt sustainable strategies in order to achieve sustainable growth. The research examines how environmental factors affect the financial success of the energy industry since the viability of the energy sector has drawn criticism. The objective of the current study aims to emphasize the relationship between non-financial sustainability, as determined by the environmental performance score, and the financial performance as represented by total revenues in the aforementioned sector. The dataset is obtained from Thomson Reuters Eikon and consists of 100 publicly traded companies in North America over a five-year period. It is processed using multiple linear regression and bivariate correlation techniques. The analysis findings indicate that the environmental score has a conflicting influence on the financial performance of the companies.","PeriodicalId":32567,"journal":{"name":"Revista de Studii Financiare","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135345100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Elimination of tax complexity issues through financial literacy","authors":"Faud Bahramov","doi":"10.55654/jfs.2023.sp.01","DOIUrl":"https://doi.org/10.55654/jfs.2023.sp.01","url":null,"abstract":"Modern taxation systems often experience complexity and investigations have attempted to define whether the tax complexity has an impact on the compliance of taxpayers. A low level of literacy can be an obstacle in the tax system. This paper will examine the impact of financial literacy on tax revenues to prove the relationship between literacy and taxation. The study will also provide suggestions for developing financial literacy which may reduce the negative influence of tax complexity on tax compliance. The educational systems do not provide taxation as a subject at any stage, however, tax knowledge is required for understanding taxes and for implementation of tax calculations and those skills directly affect the finances of individuals and the performance of businesses. A low level of financial education and tax knowledge in society affects the financial attitude of individuals and households which can lead to lower tax compliance and eventually, create a fertile environment for tax evasion. The tax complexity concerns not only people and businesses but also governments and tax administrations, because it also decreases tax revenues in the end. The study will use a simple regression model as a method in order to find out the relationship between financial literacy and taxation, as well as it will support suggestions to eliminate tax complexity issues. The main tax variables will be taken from the Eurostat database and financial literacy variables will be sourced from the OECD survey of financial competencies. Every individual and country must take financial education into serious consideration to avoid the anticipated consequences in personal life and negative results in economic development.","PeriodicalId":32567,"journal":{"name":"Revista de Studii Financiare","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135344628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"THE IMPLICATIONS OF CIRCULAR ECONOMY DEVELOPMENT AT EUROPEAN LEVEL","authors":"Laurențiu Paul Barangă, Elena-Ioana Țanea","doi":"10.55654/jfs.2023.sp.14","DOIUrl":"https://doi.org/10.55654/jfs.2023.sp.14","url":null,"abstract":"\"In the context of the production of more than 2,5 billion tons of waste every year in the European Union, the circular economy is a matter of significant importance, debated in the European area and beyond. The transition to the circular economy involves reducing waste to the lowest level and replacing the traditional linear purchase-use-disposal economy. Thus, given the World Bank’s 2050 estimates (2018), which support an increase in annual waste production by 70% and the premise that the United Nations’ Sustainable Development goals made, that the population will require the resources of three planets, moving toward a circular economy is a necessity for both the environment and society.\"","PeriodicalId":32567,"journal":{"name":"Revista de Studii Financiare","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135344935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"FINANCIAL LITERACY AND EMPLOYMENT: AN OVERVIEW AND BIBLIOMETRIC ANALYSIS","authors":"Ancuța Lucaci, Carmen Năstase","doi":"10.55654/jfs.2023.sp.09","DOIUrl":"https://doi.org/10.55654/jfs.2023.sp.09","url":null,"abstract":"People are currently facing high unemployment rates, and one of the main causes is financial literacy. Financial literacy is critically important for people as it enables them to effectively manage their money and decide whether to invest or save. Furthermore, everyone must be educated from an early age about financial issues because they will be taught about how to save, invest, budget, and borrow. The purpose of this article is to investigate the scientific literature on financial education and employment. To this end, we conducted a bibliometric analysis of financial literacy and the relationship between financial literacy and employment. The research methodology included a bibliometric analysis conducted with the VOSviewer software. The results highlight low rates of financial literacy in terms of knowledge, behaviour and attitude. The main determinants of poor financial literacy include poor financial education in schools, disinterest of people in the subject, limited accessibility to financial resources, and insufficient involvement of people in financial issues. Policy makers must take into account this unfavourable situation with respect to the state of financial literacy and implement actions to address it.","PeriodicalId":32567,"journal":{"name":"Revista de Studii Financiare","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135345101","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"K-MEANS AND AGGLOMERATIVE HIERARCHICAL CLUSTERING ANALYSIS OF ESG SCORES, YEARLY VARIATIONS, AND STOCK RETURNS: INSIGHTS FROM THE ENERGY SECTOR IN EUROPE AND THE UNITED STATES","authors":"Ștefan Rusu, Marcel Ioan Boloș, Marius Leordeanu","doi":"10.55654/jfs.2023.sp.11","DOIUrl":"https://doi.org/10.55654/jfs.2023.sp.11","url":null,"abstract":"This study employs k-means clustering and agglomerative hierarchical clustering techniques to visually examine the potential relationship between Environmental Social and Governance (ESG) scores, their year-over-year variations, and annual stock returns for a sample of 34 energy sector companies operating in Europe and the United States. While the agglomerative hierarchical clustering dendrogram suggests two clusters, the elbow method of the k-means algorithm suggests 2-4 clusters. The results indicate that neither ESG scores nor their year-on-year variations had an impact on the annual returns of the stocks. The conclusion is further confirmed by the Pearson correlation coefficient. However, the ESG scores of European energy companies show a tighter dispersion and smaller year-over-year change, making them more predictable ESG score-wise and thus, potentially, more attractive to ESG-driven investors.","PeriodicalId":32567,"journal":{"name":"Revista de Studii Financiare","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135344829","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"IMPACT OF SUSTAINABLE DEVELOPMENT ON SMART CITIES","authors":"Ioana Marinela Gavriluță Turtă, Maria-Simona Cuciureanu, Grigore Nepotu","doi":"10.55654/jfs.2023.sp.13","DOIUrl":"https://doi.org/10.55654/jfs.2023.sp.13","url":null,"abstract":"\"Sustainability is an important topic addressed and promoted by the European Union among its member states. Thus, environmental policies in the European Union are correlated with global problems and solutions are constantly sought to reduce the negative effects in society. Sustainable development has two important crises in the foreground, climate and biodiversity, but the measures to reduce their effects are for various fields and the development of a green economy is supported. The study aims to highlight that projects are being developed at the level of the city of Iași, either by accessing non-reimbursable funds or through private partnerships, which aim to develop the city of Iași as a Smart City. In the same development as Smart City determines a sustainable development, because projects are implemented in the field of public transport, by introducing new means of transport (trams, buses) whose main purpose is to reduce pollution. The opportunity to access European funds helps urban administrations develop sustainably and, in this way, aspire to become a Smart City. At the European level, there are instruments that promote the development of smart cities (non-reimbursable European funds, the European Ecological Pact, Agenda 2030), which facilitates an integrated sustainable development. This paper will use centralized information from the websites http://iasismartcity.ro/, https://iasi.digital/, www.mdlap.ro and www.mfe.gov.ro, which will analyze and highlight the projects, which have been implemented or are being implemented by the local public authority of Iasi for the development of Smart City.\"","PeriodicalId":32567,"journal":{"name":"Revista de Studii Financiare","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135344287","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}