FAP - Economics, Business & Business Finance

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Competitiveness and sustainable development in public services
(Sciendo, 2019-03) Grigorescu, Adriana; Lincaru, Cristina; Pîrciog, Speranța; Chițescu, Răzvan Ion
The last years were of profound transformation in public services that knows more or less the challenge from the private sector. A second dimension of competitiveness for the public services staring from 2007 was the free access of the citizens to at least education and health services in European Union. The paper aims to show the evolution of the cohabitation of the public and private sectors on the services of public interest, their development and evolution in different regions. Identifying and highlighting the key issues in competitiveness and quality of the services provided, will give us the main lines for the further development and public policies that should be considered. Considering the cohesion policy of European Union, an analysis of the public and private sectors in public services in Romanian counties could drive us to a conclusion about the affordability and the quality of the services. Using the statistics it can be show the regional distribution of the service providers especially for education, health, water supply and other services. The integrated analysis we offer a global picture of the regional potential and development. Based on the findings the public decision makers could better set up the sectorial public policies and the public spending. Never the less, the European support could be also directed to increase the quality and efficiency of the public services.
Do Investors Overreact to COVID-19 Outbreak? An Experimental Study Using Sequential Disclosures
(University of Finance and Management in Warsaw, Faculty of Management and Finance, Warsaw, 2023-03-31) Sulistiawan, Dedhy; Feliana, Yie Ke; Rudiawarni, Felizia Arni; Grigorescu, Adriana
This paper aims to investigate market participants' reactions to sequential information, presenting firm-specific news and market-wide information. Experimental study takes place in the COVID-19 pandemic era, as market-wide information representation. We also provide firm-specific information in the form of company fundamental information. The results show that participants, as representatives of retail investors, do not overreact to COVID-19. The recency effect dominates their decision-making. Neither firm-specific information nor market-wide information can eliminate the recency effect in decision making. Investors still provide valuations based on the latest information they receive. Another interesting finding in this study is that positive framing of information cannot mitigate the effects of bad news contained therein. Our findings contribute to the study of behavioral finance and corporate disclosure strategies. From the market participants' point of view, our results describe that investors' decisions are often not based on the information content but the latest information they received. From the company perspective, this research also contributes to the corporate disclosure strategy valued by investors based on how they disclose information to the public.
Educational barriers for disadvantaged groups in entrepreneurship
(Elsevier, 2016) Grigorescu, Adriana
Entrepreneurship on the small and medium size is considered to be the 'economy engine', at the same time it represents a reservoir of jobs. Self employment through an entrepreneurial initiative for micro business could be a way of subsistence income generation. There are plenty of educational programs focused on entrepreneurial skills, but they are mainly focused on the educated segment of potential entrepreneurs to teach them how to start a business. Specific ones are addressed to youth to access programs that are financing start-ups for bachelor degree graduates. There are also disadvantaged groups, as women, Romany, migrating, refugees, persons over 50, unemployed in rural areas, persons with disabilities that are interested in finding a source of income by starting their own business, but they are facing with limited knowledge, less self-confidence, lack of fund and not supportive attitude of the environment. The ELIEMENTAL Braking Down Barriers for Enterprise Project aims to high light the barriers of the disadvantages groups from 4 countries (Greece, Poland, Romania, UK) in staring a micro business and designing a training program. Knowing the barriers, that are considered by the studied group to be most important issue that are keeping them away, give us the opportunity to act on and to design tools for overcoming. After analyzing the results of a survey on the barriers and need of the targeted groups, it was designed a training program with two components: a training course and a mentoring to be tested on the target groups. The results of the testing process were partially unexpected from the evaluation point of view of the skills improvement. It was offered a different approach angle and new issues of concern on the training process design. The paper is presenting the results of the training and the discussions about the mentoring process.
Emerging trends and drivers for knowledge-intensive economy
(Sciendo, 2020-06) Grigorescu, Adriana; Zamfir, Ana Maria; Mocanu, Cristina
Innovation and knowledge-intensive economy are considered crucial for addressing challenges and opportunities currently faced by Europe. The present paper aims to provide inputs for building a long-term vision aiming to promote innovation and knowledge economy for fostering smart, sustainable and inclusive growth. We analyze microdata from the 2016 Innobarometer "EU Business Innovation Trends" (Flash Eurobarometer 433), covering 14,112 companies from 30 countries in order to shed light on main drivers and results of business investments in innovation. We focus our analysis on high-tech industries and knowledge-intensive services. Additionally, expected positive impacts of innovation in knowledge-intensive sectors are explored in terms of job creation, digital economy, environment protection, health, transport, food quantity and quality, development of smart cities, etc. Our results are useful for designing an improved support for the emergence and impact of knowledge-intensive economy.
Exploratory study of the companies' economic performance using a social customer relationship management
(Elsevier, 2016) Nițu, Valentin Claudiu; Nițu, Oana; Grigorescu, Adriana; Codrea, Elena
He epistemological positioning of scientific approach involves the diversity of the viewpoints of academics and specialists, exclusiveness not being considered. This paper aims to reflect own contributions to the development of management theory and management practice in Romania. First of all, the proposed scientific approach is a positivist approach, because it envisages the interposition of own reflections, an observation of what is happening in the market, an authentic presentation as it is. The main objective of this scientific research is to highlight the importance of social media as a mean of business development by creating new opportunities through promotion and a better brand visibility in the market. In the literature we have outlined a number of methods to assess the way in which companies approach the CRM: call method, the interview, the questionnaire, etc. Quantitative investigation of this paper was conducted based on assessment questionnaire, addressed to the employees of some Romanian companies. The qualitative investigation was conducted at the end of the research, based on analysis and structuring the information obtained. In this paper there were analyzed three elements: management position with the implementation of a CRM system; CRM to SCRM transition and the use of the new SM technologies in the implementation of a CRM system; applying of a SCRM system using social media platforms. As a result of the conducted study it was found that the media is one of the main trainers of public opinion, if not the main, controlling the public sphere. It conveys information, but also it controls and steers the public opinion. Thus, SM can form quickly enough media crisis to lower the public favorability for certain companies or politicians. In this way, by resorting to specific Social Media tools, the companies can obtain crucial information for evaluating the consumer satisfaction, information that would be more difficult to obtain traditionally.
Innovation and product management - The direction of the 21st century luxury market
(Sciendo, 2020-07) Grigorescu, Adriana; Ion, Amalia Elena
Today, most of the so-called luxury streets are covered with advertisements and stores of the mass fashion brands. On Champs Elysees, next to Louis Vuitton and Cartier are brands like Zara and Naf-Naf. The implication of such a picture triggers much needed changes in the general strategy of the luxury brands in product management and innovation management. Constructing their whole core marketing and branding strategy on appealing to human emotions and psychology, the luxury market focuses on symbolism, rarity, extraordinariness, and, of course, aesthetics. Nevertheless, trying to opt out for the same textbook management is not an option for these businesses. Stepping up the pace in the innovation sector, starting with technology, and going all the way to the rapidly evolving consumer profile, the 21st century luxury market can truly support a long history by giving back to the community, with strong brand equity and long-term strategic and financial business innovation and product management. The paper represents a theoretical research aiming at identifying the main strategic direction of the luxury market in terms scientifically proved innovation and product management, with the scope of understanding the new trends in management, and the impact of the latter on bettering the market results of the businesses involved under the form of a model. The results of the research are consistent for both the practical and theoretical sphere of the subject, as they underline the extent to which the influence of consumer psychology and brand management affects the innovation process within the luxury goods market. The limitations of the paper are consistent with the lack of primary data, although the results were condensed in a model that could represent the basis for further research on the topic.
Key drivers and skills need for innovative companies focused on sustainability
(Sciendo, 2019-05) Grigorescu, Adriana; Maer Matei, Monica Mihaela; Mocanu, Cristina; Zamfir, Ana Maria
Innovation is essential for European competitiveness and provides key inputs for developing business models that are conducive for a more sustainable economy. Recent evidences show that businesses have increased the management attention and investments they're dedicating to sustainability. This paper aims to identify the most important drivers supporting companies to develop innovation activities oriented towards making the business models more sustainable. We explore microdata from the 2016 Innobarometer "EU Business Innovation Trends" (Flash Eurobarometer 433), covering 14,112 companies from 30 countries. Using statistical classification methods, we identify the most important factors that are related to innovation activities that have potential to shape the efficiency of raw materials usage and the environmental protection. Special focus is given to companies' investments in training, software development, research and development, company branding, design of products and services, organization or business process improvements and acquisition of machines, equipment, software or licenses. Also, our analysis highlights the skills that are needed the most by companies in order to support their innovation activities targeting sustainability. Our results are useful for better understanding the attention that is given to sustainability by innovative companies and which are the main factors that boost innovation dedicated to sustainability.
Low-Low (LL) high human capital clusters in public administration employment - predictor for digital infrastructure public investment priority - Romania case study
(Enterpreneurship & Sustainability Center, 2018-12-30) Lincaru, Cristina; Pîrciog, Speranța; Grigorescu, Adriana; Tudose, Gabriela
Disruptive innovations generated by digital technologies push the public services to digital transformation in order to become not only a problems solver for community, but a real social, economic and environmental development engine. With all significant progress, the use of e-Government services in Romania remains the lowest in the EU; high quality services are not available in a significant part of rural areas. The paper highlighted the spatial heterogeneities of the broadband infrastructure at level of NUTS - 5 expansion correlated to Low-Low (LL) high human capital clusters in public administration and marginalized rural areas. Using data from World Bank studies, provided in the ArcGis Cloud, from Romanian broadband investment prioritization and micro data provided by INS census, we developed a spatial cluster analysis by the means of ESDA method. In public administration the high human capital is clustered in a few innovative hubs which in the absence of a functional and interconnected national administration IT system makes difficult the public administration modernization, especially in the context of regional decentralization. At the county level is visible the pattern of center periphery, where the center is usually the county residence and the LL clusters are the frontier of the counties. Usually, at this frontier are located marginalized rural areas where are provided poor public services. As a recommendation, the future e-government development must be spatial harmonized with the high human capital in order to assure a valuable public service, everywhere, whether it is the smallest village or a big city, to reconnect the public to the state and the state to the public in an inclusive and intelligent manner.
Mapping post crises the European job growth in travel agencies and tour operator reservation services
(Routledge Journals, Taylor & Francis , 2021-01-01) Grigorescu, Adriana; Lincaru, Cristina; Pîrciog, Speranța; Chițescu, Răzvan Ion
World Tourism Organisation, declares the Tour Operators as tourism engine of strategically importance to support jobs and inclusive growth in all regions. Tour operators emerges following the 2008 crises, as a global job engine. Its atypical profile of highest human capital concentrator in tourism, attract and retain talents, works digital with a high-intensity information use. Is a rapid adopter of technological innovation, generate high value added in highly competitive global markets. We look in this paper to understand why employment is growing or declining in a regional tourism tour operator sector during 2008-2018, in some EU28 regions? We use Exploratory Spatial Data Analysis to map the indicator 'tour operator's employment growth' components decomposed by the Shift Share Analysis Method. Analysed Eurostat data for 266 regions (281 regions) indicates that for the average regional tour operators employment growth heterogeneity is driven almost at half by region-specific factors. The main contributions are: identifying this indicator as appropriate to be a core one in OECD (2013) tourism competitiveness framework & redefine tour operator sector as a core sector of tourism in the Global model of tourism of Harrison.
Qualitative Analysis of Sustainability and Innovation Within the Luxury Business Sector
(Springer, 2022-12) Grigorescu, Adriana; Ion, Amalia Elena
There is a constant discussion in the modern society regarding innovation. Everybody talks about the word, the concept, and the strategy behind it. Nonetheless, not too many companies and industries of the economy can proudly mention their use of innovation at operational level. The usage of the innovation concept is mostly linked to the idea of product improvements for commerciality and immediate returns. At the same time, sustainability occupies the second pole position behind innovation as a concept easily identifiable in numerous marketing campaigns, mostly for the beautification of phrases, rather than for business-related purposes. The question that stems here is related to our history as an innovative and sustainable civilization (to some extent), and from the difficulty of finding examples of both concepts in real-world business sectors. The present paper aims at constructing a systematic review of the previous research regarding the concepts of innovation and sustainability from a product management perspective, followed by an application to the case of the luxury apparel sector of the economy. The research could be continued through the usage of primary data, by extending the paper with state-of-the-art luxury business examples.
Regional Digital Resilience and the 4Helix Model-The Higher Education Institutions' Case in Romania
(MDPI, 2023-06) Grigorescu, Adriana; Lincaru, Cristina; Sigurjonsson, Throstur Olaf; Pîrciog, Speranța
Against the background of multiple and simultaneous global socio-economic shocks, coupled with digital transformation and the green transition, regional resilience triggers new structural transformations. The more complex processes that need to be addressed now require the usage of complex integrated tools. The novelty of the integrated approach is the combination of the models and the synthetic spatial-temporal picture offered. The quadruple helix, or 4Helix, model puts Higher Education Institutions (HEIs) at the nexus of generating regional digital resilience. We posit a new mindset and behavior of human capital to reinforce innovation and knowledge production and transfer. We explore, using the Romanian national case, to what degree the spatial 4Helix model generates regional digital resilience as a positive externality of adoption of the 'new normal' digital education. We analyze this process in three steps. (1) We determine the spatial distribution of HEIs at the Romanian county level (NUTS3). (2) We calculate the regional static and dynamic resilience indexes (at NUTS2) as the outcome of the method for multi-criteria decision making (MCDM) by each region's digital economy as well as individual and regional wealth, social digital use and social digital connectivity dimensions. (3) Lastly, we provide the result of overlaid maps and radar charts (using HEIs number and spatial coverage and each region's static and dynamic digital resilience). These three classes of digital resilience models of 4Helix by region indicate a generalized failure in adopting digital education in Romania. The study contributes by adding a powerful tool to explore the complex processes or phenomena and generating an integrated perspective using a pre-existing framework. In doing so, it enables researchers to better understand and address society's needs, co-create knowledge and solutions together with the end-users, maximize the impact of these solutions, optimize resources usage, and increase the transparency and accountability of the decision-making processes.
Regional Resilience in Romania - Between Realism and Aspirations
(Elsevier, 2015) Iordan, Marioara; Chilian, Mihaela Nona; Grigorescu, Adriana
The resilience of regions/locations as a possible response to the uncertainty and various rapid and volatile changes in the social and economic environment began to capture the attention of both researchers and policy makers. Based on the concept of regional resilience and selected indicators, the paper analyzes the development of the Romanian regions and their counties over a longer temporal interval, characterized by both growth and crisis and recession. The results indicate different development and adjustment patterns among the regions and among the counties within a region, but also some common trends of economic fragility, continuous restructuring and attempts at adapting to the ever changing socio-economic environment.
Self-employment and unemployment relationship in Romania - Insights by age, education and gender
(Routledge Journals, Taylor & Francis, 2020-01) Grigorescu, Adriana; Pîrciog, Speranța; Lincaru, Cristina
We check on the short term if self-employment in Romania influences unemployment and vice versa. Age, education and gender characteristics treat both variables, and self-employment considers both cases with and without employees. The objective is to look at the job creation and unemployment reduction in quarterly variation during the 1999Q1-2017Q3 period. On autoregressive models, we apply the Toda and Yamamoto (1995) procedure, detailed by Giles (2011), to assess for Granger Causality. We found for unemployment rates a push effect in the self-employment rate for adults and youth with low education level to self-employment without employees' rate for adults and self-employment with employees' rate for old adults. We establish a 'Schumpeter' effect for the adult with a low level of education self-employment to unemployment, for adults' males with tertiary education and self-employed, and older adults self-employed without employees to unemployment. We conclude that unemployment work as an inclusion mechanism for some vulnerable groups but inefficient for others. Self-employment with employees is less diversified, indicating a high-risk aversion and low start-up effect. In general, the labour market presents a unidirectional flexibility effect.

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