Volume 2, Issue 2, June 2012 

 

1. MANAGEMENT STRATEGIES IN THE BANKING SECTOR

Octavian CIOBANASU

The Bucharest Academy of Economic Studies, Bucharest

Romania

 

The financial crisis that began in 2008 has had an impact on the way banks and financial institutions conduct their business. It’s not just the financial situation of such institutions that has changed, but the market as well. The measures that should be taken involve the banking sector itself as well as the governments and central banks. In Romania the banking sector has remained quite stable and did not require bailouts from the government as in other European Countries. However the presence of European banks in Romania is expected to generate effects as a result of sovereign debt evolutions in the European Union. ...

2. RELIABILITY OF “EBANKQUAL” SCALE: RETESTING IN INTERNET BANKING SERVICE SETTINGS

Vijay M. KUMBHAR

Abasaheb Marathe College, Rajapur, Maharashtra,

India

The purpose of this study was to test reliability and validity of eBankQual scale. Basically this scale was developed for measurement of service quality and customer satisfaction in e-banking. In the present study, author has conducted survey of internet banking users and examined reliability and validity of eBankQual scale. This scale was tested using Cronbach’s alpha reliability test which is well-known test. Result of the reliability and validity test shows that System Availability, E-Fulfillment, Accuracy, Efficiency, Security, Responsiveness, Easy to use, Convenience, Cost Effectiveness, Problem Handling, Compensation, Contact, Brand perception and Perceived value are most important dimensions of eBankQual Scale and it is reliable and valid for its further use. ...

3. DIAGNOSIS OF THE INTERNAL STRATEGIC CONTEXT OF THE COMPANY STRATEGIC ANALYSIS

Vasile DEAC

Florin Alexandru DUNA

The Bucharest Academy of Economic Studies, Bucharest
Romania

The conclusion of the internal strategic diagnostic should not be "we know how to do this" but "how we do it in relation to main competitors, based on the requirements imposed by the environment “, the objective of this diagnosis being determination of the strengths, weaknesses of the company and its distinctive competencies. Identifying of the strengths, weaknesses and of the key success factors will allow the company, on the one hand, to bring remedies to the likely aspects that may compromise its future development, and on the other hand, to build the strategy based on its distinctive competence. ...

4. USE CORPORATE SOCIAL RESPONSIBILITY MANAGEMENT STANDARDS IN ROMANIA: APPLICATION AND EVALUATION
AT CORPORATE LEVEL

Radu FILIP

Irina-Eugenia IAMANDI

Sebastian Madalin MUNTEANU

The Bucharest Academy of Economic Studies, Bucharest
Romania

The application of corporate social responsibility (CSR) is becoming in the international business context a source of competitive advantages, especially taking into account the current economic crisis and the prevalence of socio-economic business models in Europe. In order to prove their CSR involvement, companies could use specific voluntary instruments, one of them being the management standards. The purpose of the present research is to analyse the way in which national or international companies acting on the Romanian business environment apply some of the most significant CSR management standards and to determine a relationship (if any) between corporate culture and CSR management standards, on one hand, and between corporate financial power and CSR management standards, on the other hand. The main results emphasize that the financial power dictates the implementation of CSR management standards and not the corporate culture. The results are consistent with the main findings in the specialized literature. ...

5. CEO EMOTIONAL BIAS AND CAPITAL STRUCTURE CHOICE. BAYESIAN NETWORK METHOD

Mohamed Ali AZOUZI

Anis JARBOUI

Higher Institute of Business Administration (ISAAS), University of Sfax, Sfax,

Tunisia

This research examines the determinants of firms’ capital structure introducing a behavioral perspective that has received little attention in corporate finance literature. The following central hypothesis emerges from a set of recently developed theories: firms managed by loss aversion, optimistic and/or overconfident people will choose more levered financing structures than others, ceteris paribus. The article explains that the main cause of capital structure choice is CEO emotional bias (optimism, loss aversion and overconfidence). I will use Bayesian network method to examine this relation. Emotional bias has been measured by means of a questionnaire comprising several items. As for the selected sample, it has been composed of some100 Tunisian executives. Our results have revealed that the behavioral analysis of financing options implies the presence of pecking order choice (Pecking Order Theory, POT). CEO (optimistic, loss aversion, and overconfidence) prefer to finance their projects primarily through internal capital, by debt in the second hand and finally by equity. ... 

6. THE REVERSE MERGERS  ALTERNATIVES TO INITIAL PUBLIC OFFERINGS

Gheorghe HURDUZEU

Liviu Bogdan VLAD
Raluca HURDUZEU

The Bucharest Academy of Economic Studies, Bucharest

Romania

In recent years the mergers of companies have seen a setback due to the economic crisis and the implications that it has generated in the market. As such, the reasons behind the implementation of mergers have changed, if, in prior periods the common reason for merger was the desire to integrate into current business activity and the profits resulting from the resources which were to be invested in that business creation and development, under the present conditions, the mergers are becoming more and more a way to keep the business or selling on the best terms. One of the options available, especially for small and medium sized private companies, seeking new sources of funding, is to achieve a reversed merger. The objective of this paper is to present the concept of reversed merger in relation to Initial Public Offering. A company must always set to the smallest detail, the reasons for wishing to change its status from private to public. One way to obtain public status is given by the reversed merger, an alternative to the Initial Public Offering. The private company that wants to go public, purchases over 80% of a public company but inactive, company called shell company. Once this shell company merges with the operational company of the buyers, they form an active company, a listed company, in which the majority of the shareholders are represented by the major founders of the operating company. ...

7. RECONVERSION OF MILITARY SITES INTO BUSINESS INCUBATORS AND BUSINESS SUPPORT CENTERS – THE EUROPEAN EXPERIENCE

Cezar SIMION- MELINTE

The Bucharest Academy of Economic Studies, Bucharest

Romania

Abandoned barracks are a case of un-utilized government property which can be adapted and put back into use in the form of Business Incubators and Business Support Centers and thus serve SMEs in their efforts to grow and create new wealth. The task of transforming former military sites into new engines of entrepreneurial growth is a complex endeavor which mandates that civic leaders practice the common sense disciplines of collaboration. ...