Browsing by Author "Gheorghiu, Anda"

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Artificial systems and models for risk covering operations
(EduSoft Publishing, 2017-09-11) Treapăt, Laurențiu Mihai; Gheorghiu, Anda
Mainly, this paper focuses on the roles of artificial intelligence based systems and especially on risk-covering operations. In this context, the paper comes with theoretical explanations on real-life based examples and applications. From a general perspective, the paper enriches its value with a wide discussion on the related subject. The paper aims to revise the volatilities’ estimation models and the correlations between the various time series and also by presenting the Risk Metrics methodology, as explained is a case study. The advantages that the VaR estimation offers, consist of its ability to quantitatively and numerically express the risk level of a portfolio, at a certain moment in time and also the risk of on open position (in titles, in FX, commodities or granted loans), belonging to an economic agent or even individual; hence, its role in a more efficient capital allocation, in the assumed risk delimitation, and also as a performance measurement instrument. In this paper and the study case that completes our work, we aim to prove how we can prevent considerable losses and even bankruptcies if VaR is known and applied accordingly. For this reason, the universities in Romania should include or increase their curricula with the study of the VaR model as an artificial intelligence tool. The simplicity of the presented case study, most probably, is the strongest argument of the current work because it can be understood also by the readers that are not necessarily very experienced in the risk management field.
Fighting with Tax Fraud-Best Practices and Steps for the Future
(Tritonic, 2021) Gheorghiu, Anda
"The purpose of this paper is to identify the best methods that can be implemented by a state, or a group of states for protection against tax fraud; the paper also suggests improved mechanisms at the European and international level in the fight against tax fraud. The research method is a survey in which independent professionals and civil servants with positions of responsibility in relevant institutions in the field of combating tax fraud have expressed their views on tax fraud and how to take action to reduce or prevent it. The study objectives are finding the most appropriate measures and detection techniques that could be more useful to the state for the necessary protection against tax fraud, finding the most effective methods that should be imposed by law to create an internal control system in the companies to reduce the phenomenon of tax fraud. The study reveals that the most important measure that a government can implement for fighting tax fraud is the cooperation between public organizations. Also, civil servants working in the fiscal/judicial field should be highly qualified and comply with clearly stated ethical standards. Ground and maritime surveillance for the detection of smuggling illegal excisable goods for the detection of illicit trafficking of sensitive goods by sea are extremely important. They are as important as detailed procedures for dealing with cases of suspected fraud and for guaranteeing the quick transmission of information to the competent authorities; another kind of desirable procedure is those that guarantee the protection of the whistle-blowers. Implementing management's responsibility for financial reporting, likewise to The Sarbanes-Oxley Act in the United States, is crucial for minimizing the level of tax fraud at the international level. Hopefully, working together within OECD/G20 Inclusive Framework on BEPS, 139 countries and jurisdictions are collaborating on the implementation of 15 measures to tackle tax avoidance at the international level, improve the coherence of international tax rules and ensure a more transparent tax environment. More than 130 states reached an agreement in July 2021 on reform of multinational taxation to impose a minimum global profit tax of ""at least 15%"" on them. Likewise, the European Union also has strong institutions and strategies against tax fraud."
ICTs and digital risk in purchase transactions
(Military University of Technology, 2020-12-18) Wozniak, Jacek; Gheorghiu, Anda
The phenomenon of digital risk accompanies today's consumers every day, at the execution of every purchase transaction. Today's customers (so-called the Customers 4.0), who use ICTs on a large scale and are very prone to exploiting the potential of ICTs in purchasing processes, are usually aware of the digital risk, but do not give to it a high enough priority. In order to explore the peculiarity of the digital risk and customer use of ICTs, the CATI survey was conducted – on a sample of 320 consumers (from Poland). The research aimed to assess the complexity and importance of digital risk in customers' opinions, and the complexity of the use of ICTs in purchasing processes. The research process involved the statistical methods as follows: factor analysis (i.e. Principal Components Analysis method – PCA), as well as cluster analysis (k-mean method). In the study, three composite indexes were constructed – i.e. the Digital Risk Complexity Index – DRCI, the Digital Risk Importance Index – DRII, as well as the Consumers' Use of ICTs Complexity Index – CUICI. In particular, the study showed that the digital risk complexity is at a moderate level, the digital risk importance is at a moderate level too, as well as the consumers' use of ICTs complexity is at a relatively high level throughout the research sample.
Learning from financial practice
(Lambert Academic Publishing, 2015) Treapăt, Laurențiu Mihai; Anghel, Lucian Claudiu; Gheorghiu, Anda; Ivan, Ion
This book aims to address a wider target audience in comparison with the one that each of its component works used to address. The four works that make this book belong to several highly professional specialists in the financial field, each of them with more than 20 years of practice behind. Their papers are the result of an outstanding experience in the financial-banking field but also of their teaching and research activity until now. Consequently, these works were published in academic journals and communicated within international conferences. For this reason, the main beneficiaries of these papers were professors, researches and also students, as usual participants to these activities and events. Our wish is to share the practical experience of these specialists to an even wider public, not only to thus make it more marketable in bookshops and libraries. Source: Lambert Academic Publishing - https://www.lap-publishing.com/catalog/details/store/gb/book/978-3-659-56323-2/learning-from-financial-practice?search=Learning%20from%20Financial%20Practice
A microcredit evaluation model for non-bank financial institutions
(Emerald Publishing Limited, 2020-10-20) Leon, Ramona Diana; Treapăt, Laurențiu Mihai; Stan, Sergiu Octavian; Gheorghiu, Anda
The paper aims to develop a microcredit evaluation model (MEM) which could serve as a useful tool for banks and NBFIs when SMEs’ economic and financial risks are evaluated. Design/methodology/approach: Based on the literature review, a set of 17 qualitative and quantitative prudential indicators is selected. Further, a calculation system is developed which relies on the multiple criteria analysis model elaborated by Altman (1968); starting from this, a matrix is developed and a rating system is built. The model is tested among six NBFIs which operate on the Romanian market; three of them are labeled by the Romanian Central Bank as the worst performers, while the other ones are qualified as the best performers. Data are collected from companies’ annual reports and also from the Ministry of Finance. Findings: It proves that the MEM can serve as a useful tool for the national and international NBFIs’ risk assessment. It can anticipate NBFIs’ success or fall. Furthermore, its results can be guaranteed with a probability of 95 per cent, calculated through the VaR method. Last but not least, it can also be used by the international NBFIs which intend to enter in the Romanian market. Originality/value: The present paper proposes an original model based on both quantitative and qualitative indicators organized in an integrative equation. The MEM helps both parties involved in the financial grant awarding process – NBFIs are able to better assess requests from SMEs, enabling them to increase the volume of granting, whereas SMEs are able to access money for development projects more easily.
Sustainability in the Knowledge Economy: A Bibliometric Analysis of Research Trends and Policy Perspectives
(Sciendo, 2025) Ciuciuc, Victor-Emanuel; Vătămănescu, Elena-Mădălina; Gheorghiu, Anda
Integrating sustainability into managerial strategies has become a key research area in the knowledge economy, reflecting the growing need for organizations to adopt environmentally and socially responsible business models. This study conducts a bibliometric analysis of sustainability research, highlighting its impact on organizational performance and strategic management. Analyzing the academic output from 2000 to the present, this paper maps the evolution of the sustainability discourse and identifies the main research groups, thematic trends and citation networks in the field. Using data extracted from the Scopus database, this study applies bibliometric methodologies, including common-word analysis, citation mapping, and Bradford and Lotka’s laws, to track the intellectual structure of sustainability research. Results reveal a steady increase in academic contributions, with a notable acceleration over the last decade, indicating the growing relevance of sustainability as a strategic pillar for organizations. Key themes identified include corporate social responsibility, green innovation, stakeholder engagement and regulatory adaptation. Accordingly, this paper contributes to the scientific and managerial discourse by providing a structured synthesis of research on sustainability in the knowledge economy. The results provide insight into theoretical advances, research gaps and potential directions for future studies, guiding policy makers, academics and business leaders in developing sustainable business strategies. The study also highlights the role of collaborative research networks in promoting innovation and driving sustainable change in times of disruption.
A synthesis of the sharing economy in Romania and Russia
(Springer International Publishing, 2018) Treapăt, Laurențiu Mihai; Gheorghiu, Anda; Ochkovskaya, Marina
Ten years ago, renting a flat from a stranger instead of a room in a hotel might have been considered very unusual in some countries and, of course, not an ideal way to spend holidays. However, times have changed all over the world, and now there are a multitude of online services that offer alternatives to traditional hosting. The products and services of the sharing economy have begun to change lifestyles. The sharing economy, often called the collaborative economy or collaborative consumption, is a new form of business that is growing rapidly. This type of economy presents a challenge, mainly for producers, since, instead of producing new products, the system revolves around the exchange of goods and services that already exist. To better understand the sharing economy, it is beneficial to explore examples of how this economy works in different countries. In this paper, we concentrate our research efforts on Romania and Russia-countries that both experienced communism and are now developing their own market systems. The objective of the paper is to investigate the specifics of the sharing economy and single out successful examples in Romania and Russia. The paper begins by explaining the novelty and importance of the subject. It then depicts the sharing economy in Romania and Russia and specifies the research methodology. Finally, it reports results and findings from the presented case studies.
The development of the Romanian art market
(Hyperion University, 2024-05) Gheorghiu, Anda
The Romanian art market occupies a relatively modest place in the international context, but it has registered a significant growth in the last decades, attracting more and more attention on the global stage. Like most Eastern European countries, former communist states, Romania is an emerging art market, currently having a small volume of transactions on the world art market. At the moment, most sales of modern art in Romania are made through auction houses, with Artmark the authoritative leader, while contemporary art is mainly sold through galleries. However, the volume and value of transactions remain modest compared to the large international auction houses such as Christie's and Sotheby's. This paper examines the market dynamics, analyzing the activity of art galleries, auction houses, publications and art magazines, what are the quotes of Romanian artists, and other aspects, such as art fairs or data related to the trends of the Romanian art market good, because opportunities exist, including for a young market like the one in Romania. Events such as Art Safari, MoBU, Bucharest Contemporary Art Biennale and Cluj International Ceramics Biennale, etc. contributes to positioning the Romanian art market on the international map, attracting collectors and art critics from all over the world. The perspectives of the Romanian art market are particularly aimed at the function of art as an investment alternative, as there are still many heritage or contemporary art objects at affordable prices for the beginning of a collection, but also for older collectors or those people with solid financial funds who are looking for an alternative to secure savings. The paper concludes that the Romanian art market has the potential to develop and expand significantly in the coming years.
The influence of audit, an important component of corporate governance, on the companies’ performance in the energy sector
(Body of Expert and Licensed Accountants of Romania (CECCAR), 2024-06-01) Ceguș, Daniel; Gheorghiu, Anda; Neamțu, Florentina
The main purpose of the study is to analyze the impact of the audit as an element of corporate governance on the performance of companies in the energy sector, using regression analysis as its methodology. The sample consists of 140 European energy companies. To measure the results, the study considers independent variables (the existence of the audit committee, the independence of the committee, its expertise, the contractual period with the current external auditor and the existence of an internal audit department), dependent variables (return on assets and return on equity), and control variables (the size of the board of directors, the natural logarithm of total assets, and leverage). The results indicate that, of all the audit elements related to corporate governance, only audit committee independence has a significant and positive influence on a company’s financial performance. The originality of the work lies in the lack of scientific research on the chosen field during the period from 2019 to 2023.