FAP - Economics, Business & Business Finance

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Solar energy production in EU + countries using space–time forecasting
(Springer Nature, 2026-01-09) Grigorescu, Adriana; Lincaru, Cristina; Pirciog Camelia Speranta
The need for renewable energy is underscored by the shift from fossil fuels without compromising economic growth. The European Union’s strategy for resilient energy recognizes solar energy as a crucial resource. In recent years, there has been a significant focus on evaluating renewable energy production, distribution, consumption, storage, and applications. One key aspect of this evaluation is exploring production capacity trends using forecasting models. Our study proposes a space–time forecasting approach using the Curve Fit Forecast tool integrated in ArcGIS Pro 3.3, applied to solar energy in 37 European locations based on 1990–2022 data. The model tested four curved types and identified exponential growth patterns in 54% of cases, with consistent upward trends confirmed through RMSE validation. Outlier detection and 3D spatial–temporal visualization provide diagnostic insight into regional disparities and transformation regimes. This digitally enabled, geostatistical method aligns with the EU’s data-driven energy transition agenda, offering a scalable and interpretable tool for policymakers and planners.
Demographic Dependency and the Future of the European Workforce: A Spatial–Temporal Forecasting Approach
(MDPI, 2026-05-01) Lincaru, Cristina; Grigorescu Adriana; Pirciog Camelia Speranta; Tudose Gabriela
This research paper examines the spatial and time variation of demographic dependency in Europe in a 30-year horizon of the evolution of the demographic dividend regarding the economic dependency ratio (ADR1). We used the Curve Fit Forecast tool to estimate the trends of ADR1 in each of the EU Member States using data on Eurostat projections and a sophisticated geostatistical analysis tool developed in ArcGIS Pro 3.2.2. The findings indicate that the dependency in all countries has increased significantly in a statistically significant manner as the Gompertz function has appeared as the best curve in a third of the cases. It is an S-shaped asymptotic behaviour of this function that effectively describes the nonlinear patterns of acceleration and saturation of demographic ageing. As indicated in the analysis, the European regions are increasingly moving apart, with the southern and eastern nations such as Romania demonstrating the most alarming decline in ADR1. These trends highlight the need to reform labour market policies and social protection mechanisms to an ageing population. The paper combines the curve-fitting, descriptive statistics (median, skewness, interquartile range (IQR)) with time clustering (value, correlation, and Fourier) to provide an effective, replicable approach to early warning and policy prioritisation. Overall, the results highlight the importance of integrating predictive spatial modelling and demographic economics to support anticipatory and evidence-based policy decisions. The proposed approach proves to be a robust and transferable framework, applicable to a wide range of socio-economic phenomena characterised by inertia and structural change. Future research should extend the analysis to subnational levels, incorporate additional explanatory variables, and develop scenario-based simulations, including multivariate Gompertz-type models, to further enhance both predictive accuracy and policy relevance in the context of emerging structural labour scarcity.
Green Jobs in Europe: Contemporary Developments and Future Outlook
(Futurity of Social Science, 2026-05-08) Grigorescu, Adriana; Lungu Diana-Cristina
The rise of green jobs has become a pivotal component of Europe’s transition to a sustainable, low-carbon economy. As the demand for environmentally sustainable practices grows, green employment represents a significant opportunity for economic growth, job creation, and social equity. This paper explores the role of green jobs in the European labour market, focusing on contemporary developments and future trends. It examines the European-level policies and strategies that promote the growth of green employment, including government frameworks, private-sector involvement, and the role of green human resource management. The article also assesses the emerging sectors driving the demand for green jobs and the growing need for green skills across industries. Additionally, the paper addresses the challenges and research gaps in green job policies, including their impacts on social inclusivity, regional disparities, and long-term economic effects. As green jobs become increasingly central to Europe’s sustainability goals, understanding these dynamics is critical for shaping effective policies and strategies. The article concludes by emphasising the need for continued research at the intersection of green employment, sustainability, and labour market policies to ensure long-term socio-economic development and prepare the workforce for future challenges.
Talent Management in Europe’s ICT Sector: A Data-Driven Perspective
(SNSPA/Paradigm Publishing Services, 2026-06-29) Grigorescu, Adriana; Lungu, Diana-Cristina; Voica, Marian Catalin
The information and communication technology labor market in Europe has become one of the fastest growing segments of the economy, reflecting the broader digital transformation that is reshaping industries and societies. Despite this growth, employers and policymakers continue to face structural difficulties, such as a limited supply of skilled professionals, uneven participation across demographic groups, and strong regional imbalances in the availability of talent. The existing scientific literature underlines the growing demand for digital skills but also emphasizes persistent challenges, including gender disparities, mismatches between education systems and industry requirements, and difficulties in achieving cross-border labor mobility. While a considerable body of work has addressed these issues conceptually, fewer studies have employed systematic quantitative evidence to measure the scale of shortages and their variation across European member states. This study applies a quantitative research design based on secondary data from validated European sources, including statistical databases and official labor market monitoring reports. The methodology combines trend analysis for the period 2012 to 2024, cross-country comparisons between highly developed and emerging economies within the European Union, and correlation analysis focused on the relationship between gender balance and skill shortages. The findings highlight four critical dynamics: a near doubling of employment in the information and communication technology sector over the past decade, the persistent underrepresentation of women with only 19.4% of specialists, pronounced regional disparities with some countries reporting more than 65% of vacancies as difficult to fill, and a forecasted shortage of up to 8 million professionals by 2030. By integrating statistical evidence with a talent management perspective, this research contributes to the field by demonstrating how real-time labor data can inform more effective recruitment, reskilling, and mobility strategies, ultimately supporting the sustainable development of Europe’s digital economy.
REFLECTIONS ON FINANCIAL STRESS IN TIMES OF CRISIS. A RETROSPECTIVE ANALYSIS OF GOLD INVESTMENTS COMPARED TO OTHER PORTFOLIO ASSETS
(Vilnius University, 2024) Munteanu, Ionela; Oprișan, Oana; Barbu, Corina Aurora; Condrea, Elena; Grigorescu, Adriana
This analysis aims to alleviate the investment stress associated with intricate decisions concerned with finding an appropriate portfolio in times of crisis. Portfolio investment performance is assessed by comparing the rate of return and the relative price of gold with the evolution of silver, bitcoin and stocks. The multivariate regression was used to model monthly price fluctuations from January 2014 to March 2023. The relative prices were segmented and a breakpoint was set for February 2020. The rate of return of gold: a) increases when investments in silver increase and b) decreases when the rate of return of stocks increases. During crises, the relative price of gold increases: c) if investments in silver increase and d) if the relative price of bitcoin increases. The paper shows that gold investments follow positive long-term performance and alleviate investment stress in times of crises, such as the pandemic context or the Ukrainian war.
Clusters as engines of sustainable employment growth in Romania1
(Sustainable Regional Development Scientific Journal, 2024) Lincaru, Cristina; Tudose, Gabriela; Cosnita, Daniel; Pirciog, Speranta; Grigorescu, Adriana; Ciuca, Vasilica
The imperative for sustainable growth has elevated clusters as pivotal tools for economic and social inclusion, fostering job creation, equitable income distribution, and regional competitiveness. A cluster comprises interrelated companies and institutionsin close geographical proximity, establishing expertise and a robust network of suppliers and skills. Clusters enhance productivity and catalyze development by concentrating enterprises and labor within a unified framework, surpassing isolated firms in regional impact. This study aims to examine whether clusters act as accelerators of employment growth over time and space. Using Simple Linear Regression (SLR) to analyze data from the Romanian Association of Clusters (CLUSTERO) and the National Institute of Statistics (Tempo INS) for 2013, 2015, 2019, and 2022, we investigate the research question: Do firms within clusters, as defined by European Policy criteria, contribute to accelerating employment creation? Specifically, we assess whether the ratio of employment in clustered firms relative to total employment shows a positive trend over time. Findings reveal that clusters contribute significantly to employment growth, validating their function as a strategic asset in enhancing workforce specialization, economic development, and regional resilience. Policy recommendations underscore the need for inclusive growth strategies that incorporate sustainability to maximize cluster impact on social and economic objectives.
Does technological progress promote or prevent trade conflict? Evidence from China
(Vilnius Gediminas Technical University, 2024) Zhao, Q.; Su, C.-W.; Dumitrescu Peculea, A.
Using the bootstrap rolling-window subsample Granger causality test from China, this study analyses the influence of technological progress (TP) on trade conflict (TC). The results show that TP can both promote and prevent TC. In 2012 and 2018, TP led to more trade conflicts between China and its trading partners. This result proves the “trade-loss effect”, suggesting that TP in one country promotes TC by threatening other countries’ income. However, TP had a negative influence on TC in 2021 and 2022. This finding is consistent with the “welfare effect”, implying that TP can prevent TC by providing more high-quality and cheaper products for worldwide consumers. This study suggests that the government should adopt appropriate trade policies when encouraging TP to promote bilateral trade. Furthermore, firms should develop their own high-quality irreplaceable products through technological innovation to address TC risk.
Will peer-to-peer online lending affect the effectiveness of monetary policy?
(Vilnius Gediminas Technical University, 2025) Su C. W.; Liu, X.; Vătavu, S.; Dumitrescu Peculea, A.
Online lending is a product of digital transformation, which has had a profound impact on the traditional money market. This paper discusses the impact of peer-topeer (P2P) online lending on the effectiveness of monetary policy. Through the bootstrap sub-sample rolling-window Granger causality tests show that P2P has both positive and negative impacts on the money supply (M2). The positive impact of P2P on M2 indicates that online loans increase the amount of money supply. The negative impact of P2P on M2 shows that it may cut the money supply, thus weakening the monetary policy effectiveness. The general equilibrium model is inconsistent with these results, which underlines a positive effect from P2P to M2. In turn, the negative impact points out that the adjustment of monetary policy will hinder the development of P2P. The negative impact of M2 on P2P indicates that through the regulation of money supply, the online lending market can be correctly guided to prevent financial market from getting out of control. Through the supervision of online lending industry, we can accurately grasp the development of the internet financial industry and reduce its impact on monetary policy
Energy imports in turbulent eras: Evidence from China
(Elsevier, 2024) Su, Chi-Wei; Yang, Shengyao; Peculea, Adelina Dumitrescu; Biţoiu, Teodora Ioana; Qin, Meng
The turbulent world situation is an urgent crisis in energy trade and may exacerbate regional energy tensions. This paper measures the links between geopolitical risks (GPR), economic policy uncertainties (EPU) and energy import (EI) from 2005:M3 to 2023:M3. We use the Wavelet-Based quantile-on-quantile (QQ) approach based on China's import statistics for the first time. The results show that both GPR and EPU are important factors affecting EI. We confirm the negative impact of GPR and EPU on EI in the short term, while EI tends to recover in the long run. The result is consistent with the theoretical mechanism that reflects the interrelationship between external uncertainties and EI. As a result, the government should advance diversified energy access options, timely adjustment of energy policies to respond to crises, increase energy reserves and actively undertake energy innovation to reduce external energy dependence.
Capitalul social - demers strategic pentru o guvernanță locală viabilă?
(Revista Transilvană de Ştiinţe Administrative, 2011) Popescu, Luminița Gabriela
In this study the author explores the relationships between governmental public policies and social capital, with a focus on the case of Romania. The development of social capital as well as the development of links between social capital and civil society represents a strategic endeavor focused on overcoming the challenges local governance faces. From a theoretical standpoint, it can be argued that public institutions and public policies influence the formation of social capital, by means of developing mechanisms for stimulating the participation of the members of the sociaty in public affairs. From a pragmatic standpoint, it is very likely to have errors that will limit/stop the formation process of social capital. This study strives to prove that the viability of governance is ensured through: (1) a clear understanding of the role of the state, civil society, and the market; (2) a new institutional design and the existence of well established social capital; and (3) political will. The conclusion of the study, based on empirical data, is that for now social capital does not represent a support for governance. Even more, we believe that the current situation leads to the consolidation of authoritarianism and rigid bureaucratic structures.
Implementation of public policies. The compatibility of the model of public policy with the target space of the policy
(2020) Popescu, Luminița Gabriela
New realities bring to the fore a series of challenges referring to the implementation of public policies. One of the major challenges is caused by the lack of compatibility between the chosen model for the elaboration of policy, on the one hand, and the target public space, on the other. That could mean that either the technical solutions formulated by the researchers, to be applied to the target space are totally unrealistic, or in the target space there are zones of confusion, of instability, of unpredictability, where the model chosen by the policy-makers cannot be applied. The degree of difficulty is so much more difficult as the members of the community and society, in general, are preoccupied, predominantly, with the problems that appear in the target public space, while almost not at all interested in the technical problems faced by the policy-makers. Despite this lack of interest, anyway, the problems that the community/society faces cannot be solved but by the implementation of their initiatives and models proposed by the policy-makers. The success of a policy is, in our opinion, firstly, a matter of compatibility between the model of the public policy proposed and the target public space characterised by a high degree of inertia and tendencies manifest in maintaining the status quo. How could there be reached the compatibility between a public policy, whose vision is based on the behavioural change of the institutions(1), organisations and people, on the one hand, and the unreformed public space, aligned to the exigencies much exceeded by reality, on the other? Which are the approaches necessary to a compatibility between the models of the policies and the target space? What strategies must be chosen? How must the efforts and resources in the public space be graduated and oriented to become compatible with the model chosen by the policy makers? These are questions which we will try to answer in this article.
Conflict of Interest and Integrity in Public Administration in CEE Countries. Comparative Anaysis
(Alexandru Ioan Cuza University of Iași, 2013) Popa, Florin Marius
Corruption is a threat to democracy, to the law’s supremacy, to social equity and justice, it erodes the principles of efficient administration, undermines the market economy and endanger the stability of state institutions. Research on corruption has particularly focused on the classification of its various forms in order to operationalize the concept of analytical judgment and practical reasoning. In this context, conflict of interest represent one of the main form of manifestation of corruption in public administration.
Assessment of Public Administration Integrity Level: Between Morality and the Law
(National University of Political Studies and Public Administration, 2017) Popa, Florin Marius
In recent years, the academic and research institutions, international organizations (among which the International Monetary Fund, World Bank) have an increased interest for estimating the integrity, public administration reform and to gauge the impact of this reform on the level of economic development. From a marginal part in international aid programs, the integrity has grown to occupy a privileged position in most development programs. Currently, it is considered a key factor in good governance of a country with vast implications and whose development must be prevented. The large number of managerial incidents led to a growing interest in ethical programs within organizations. ""Respect"" and ""integrity"" are two alternative management strategies that are formulated in order to avoid moral deviations from organizations. Compliance and integrity differ regarding how the moral behavior of members of an organization can and should be achieved. The strategy focuses on explaining under a set of rules. The main objective of this paper is to analyze how the integrity within public organizations became an organizational value and not only a legal value.
Adjusting the 5C pentagon for better health policymaking: observing the leading behavioural risks factors (diet, smoking, and alcohol consumption)
(General Association of the Economists in Romania (AGER), 2023) Bițoiu, Teodora; Nicolescu, Cristina Elena
Smoking, alcohol consumption, and dietary risks pertain to the goods that can destabilisethe market should their production trigger too many negative externalities and not enough researchto counterbalance them. Moreover, all three are among the factors that, connected to ever-presentrisky behaviours, drive the most death and disability combined (the other two risk factors being themetabolic ones and the environmental/occupational risks). Therefore, they are to be considered as relevant to both the perceived health of the population and analysed in relation to the data onsmokers, alcohol consumers, and poor diet impact.However, the design of these health policies must be adapted to the pattern of national culture of Romania, increasing the degree of their acceptance by the population. This is particularly true whenless-damage alternatives are present in the market. Policymakers should incentivize their use overmore-damaging products. In fact, the existence of better alternatives deepens the market failure thata sub-optimal allocation of resources produces when consumers opt for more damaging productsover better goods. Clearly, the objective of policymakers ought to be to differentiate based on therisk profile of the products present on the market.
The Healthcare Public System – Does Standardization Withhold the Bucket from Leaking?
(Sciendo, 2017-12) Bițoiu, Teodora; Nicolescu, Cristina Elena; Rădulescu, Crina
The public healthcare system is heavily influenced by the 3C trilemma - cost - coverage - choice. The paper's argument tackles the fact that should the public decision on improving capacity be leaning towards universal coverage in would result in efficiency losses and, in an attempt to control the costs it would limit patients' choice. Should priority be given to performance or value? The present paper deals with the compromise between the equity and efficiency, a leaky bucket that becomes more visible in the struggle to build capacity and intervene in the market by setting standards. Setting healthcare standards is a global concern, the 3rd Sustainable Development Goal is a clear proof of that the aim to emphasise and better analyse two of the most influential variables: efficiency and equity. All in all, what we argue is that the current leaky bucket is a trade-off between choice, coverage, and cost. For a complex public service like healthcare, targeting a full coverage and multiple choice would incur huge costs and, cutting costs considerably restricts both the choice and coverage. The cost is influenced by the production capacity use when the activity has large fixed costs.
Neuromanagement decision-making and cognitive algorithmic processes in the technological adoption of mobile commerce apps
(Instytut Badań Gospodarczych /Institute of Economic Research, 2021-12) Andronie, Mihai; Lăzăroiu, George; Ștefănescu, Roxana; Ionescu, Luminița; Cocoșatu, Mădălina
"Research background: With growing evidence of consumer adoption of mobile shopping apps,there is a pivotal need for comprehending Internet-enabled consumer devices in mobile shopping behavior. Mobile shopping platform features and user technological readiness configure consumers'expectations and demands as regards mobile retailing adoption, leading to acceptance of mobile shopping apps and payment services.Purpose of the article: In this research, prior findings have been cumulated indicating that mobile social apps extend throughout consumer attitudes and behaviors by the widespread adoption of smartphones. We contribute to the literature by showing that cutting-edge technological developments associated with customer behavior in relation to mobile commerce apps have resulted in the rise of data-driven systems. Consumer behavioral intention and adoption intention in relation to mobile shopping apps/websites are developed on perceived risk and trust consequences. Methods: Throughout February and March 2021, a quantitative literature review of the Web of Science, Scopus, and ProQuest databases was carried out, with search terms comprising ""mobile shopping app"", ""mobile commerce platform"", ""mobile payment service"", ""Internet-enabled consumer device"", "" consumer technological adoption"", and ""mobile shopping behavior"". As research published between 2018 and 2021 was analyzed, only 330 sources met the suitability criteria. By removing questionable or indeterminate findings (insubstantial/inconsequent data), results unconfirmed by replication, too imprecise content, or having quite similar titles, 66, chiefly empirical,sources were selected. A systematic review of recently published literature was carried out on technological adoption of mobile commerce apps by employing Preferred Reporting Items for Systematic Reviews and Meta-analysis (PRISMA) guidelines. The Systematic Review Data Repository was used, a software program for the gathering, handling, and analysis of data for the systematic review. The quality of the academic articles was determined by harnessing the Mixed Method Appraisal Tool. Findings & value added: The consumer purchase decision-making process in mobile app-based marketing involves consumer engagement and willingness to adopt mobile commerce apps.Further advancements should clarify how technological-based consumer adoption of mobile shopping throughout social commerce can improve the payment for products and services."
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.
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.
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.
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.

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