Bucharest University of Economic Studies

The increasing capacity in renewables (RES) and batteries in the Romanian power system stirred discussions on increasing interdependency between day-ahead market (DAM) and intraday continuous (IDC) market. In this paper, we analyze hourly market-cleared prices and selling and buying quantities in the DAM and IDC over 3 months (4th of June to 11th of September 2024) to verify the connectedness between prices of the two markets, possible shock transmission and spillover effects. We employ generalized autoregressive conditional heteroskedasticity (GARCH) models to examine volatilities. The Diebold–Yilmaz spillover index is 95.69%, demonstrating an extremely high degree of volatility interdependence. This suggests that nearly all volatility in both markets is driven by cross-market shocks. Price shocks in the DAM initially raise IDC prices by 0.3 units, with this effect fading after 8 to 10 periods. Conversely, IDC shocks similarly raise DAM prices by 0.3 units, but both effects are temporary, indicating a short-term dynamic link between the two markets. Moreover, numerical results from the BEKK-GARCH model highlight significant volatility spillovers between Price_DAM and Price_IDC, with stronger cross-market volatility effects and evidence of interdependence, particularly from Price_IDC to Price_DAM. The findings suggest implications for market players to create bidding strategies and decision-makers to mitigate price volatility connectedness in DAM and IDC. Furthermore, our findings underscore the critical role of knowledge creation and diffusion in understanding the interconnected dynamics of electricity markets. By leveraging advanced econometric tools and spillover analysis, our research contributes to the body of knowledge essential for innovation in market strategies and decision-making processes.

The concept of well-being has garnered significant attention across diverse academic disciplines due to its important role in understanding quality of life and societal progress. In this study, well-being is studied through various strands, including objective well-being based on the fulfilment of basic human needs, subjective well-being encompassing positive mental states, and the capability approach assessing individuals' opportunities and freedoms. This study aims to investigate the emergence of creative cities within an international context through the theoretical frameworks of happiness and well-being by examining country-specific factors such as happiness , life satisfaction, freedom of choice, innovation, and economic inequality in relation to the number of creative cities designated by the UNESCO Creative Cities Network. Employing Poisson regression methodologies on data from international organizations, our findings reveal positive associations between happiness and life satisfaction with the number of creative cities, while economic inequality within a country slightly negatively impacts the emergence of creative cities. The paper ends with a discussion of the results and proposes future avenues for research and several policy implications.

This article explores Jean-Baptiste Andrea’s novel “Veiller sur elle”, from a semiotic perspective and shows how complex themes and aspects of human existence are constructed and conveyed through narrative techniques such as symbols and stories within stories. Building on Charles Sanders Peirce’s semiotic triangle as a theoretical framework, this analysis reveals how symbols and imagery function as semiotic triggers that draw upon complex interpretations of the human condition. Linking semiotic processes to aspects of the human condition - such as the quest for knowledge, the power of imagination, the contemplation of mortality, the pursuit of artistic immortality and protection – this article shows how multifaceted layers of literary texts reveal universal human themes.

F. Scott Fitzgerald’s Gatsby is in a constant quest for ownership - from accumulating wealth to winning Daisy over. This paper aims to briefly examine the question of ownership in The Great Gatsby, with regards to assets and people, particularly through the contrast between Gatsby’s material possessions and his desire for emotional ownership of Daisy, taking into account the partnerships and love triangles that appear between the characters, as reflections of various power dynamics.

The present paper focuses on the capacity of the English vocabulary as a whole and of the English economic vocabulary in particular to enlarge its number of words and expressions in order to suit the realities of nowadays non-business and business communication. In order to support this lexical reality we have resorted to placing under scrutiny a set of brand new especially economic words, expressions and abbreviations that have been included since 2021 up to 2024 in well known dictionaries like Oxford English Dictionary, Merriam-Webster Dictionary and Cambridge Dictionary mainly as a consequence of their already widespread usage. Moreover, our research went to the next level emphasizing the rapid circulation of the economic terms under discussion which have succeeded to go beyond the borders of the English language as several of them can already be found in Romanian economic contexts.

The present research is a pilot study that analyses citizens' perceptions regarding the rail services provided by the Romanian Railways Company - traveller division (CFR Călători SA). The main objectives of the research are: (1) To assess citizens' satisfaction concerning the rail services in Romania; (2) To investigate citizens’ perception regarding the quality of the rail services; (3) To identify the aspects that should be improved in the rail services provided to citizens. The research methodology consists of an opinion survey, conducted among citizens in Bucharest-Ilfov region. The study revealed a rather negative perception regarding the rail services provided by the Romanian Railways Company - travellers division (CFR Călători SA). Respondents were at least satisfied with: trains’ punctuality, the cleanliness in the train wagons, the number of counters for tickets available in the train stations and the food and drinks that can be provided in trains and were satisfied the most with the temperature in the trains wagons, the luggage space and, the attitude of the trains’ personnel. Also, the study showed that on the whole, the respondents considered that the rail company provides services of medium quality.

Critical raw materials (CRMs) represent essential resources for several strategic sectors in the European Union and strategies are necessary to reduce dependence on imports and improve the efficiency of their use. The European Union is facing significant challenges in diversifying supply chains, implementing effective sustainability standards, and reducing strategic dependencies on imports. Our study investigates the impact of critical raw material (CRM) imports on the competitiveness of the European market, addressing significant gaps in the existing literature regarding this relationship. Utilizing quarterly import values of CRMs for the EU during the period 2023-2024, the research employs a linear regression model to explore the correlation between CRM imports and economic competitiveness. The findings underscore the complexities of the relationship between CRM imports and EU competitiveness, highlighting the need for strategic policy frameworks that enhance recycling rates, promote research into alternative materials, and ensure sustainable practices in raw material extraction. This research contributes to a deeper understanding of the dynamics between resource dependency and market competitiveness, providing insights for policymakers aiming to secure a sustainable and competitive European economy.

This paper is an argue for considering climate change as a security threat, with all the advantages, disadvantages and implications involved in. Our work provides a condensed scientific explanation of how global warming leads to climate change and extreme weather events, and then frame climate change through both a narrow and broad understanding of security. The main research questions addressed in the study are: In what sense might climate change be viewed as a security threat? What are the advantages and disadvantages of viewing climate change as a security threat? What are the funding policy implications in the context of existing climate justice models? With appropriate literature references we argue that climate change can be viewed as a security threat because of its consequences for migration, civil war and interstate conflict, and for human security. Therefore we address the main advantages for considering climate change a security threat (namely the chance for states to prepare for worst-case scenarios) and the main disadvantages (namely the securitisation of climate change). An outline of the components of ‘loss and damage’ policies was made, explaining exactly what sort of measures are required by developing countries and climate-vulnerable countries to respond to climate disasters. Next, four different models for prescribing responsibility onto developed countries for funding climate justice were assessed and critically evaluated. Lastly, concluding remarks covered the overall need for caution when discussing climate change in a security context and the need to ensure a balance is struck between militaristic and humanitarian approaches to climate change.

Nowadays online public services are an essential component of government operations influencing significantly citizens perception and satisfaction. The research aims to assess the quality of online administrative services provided by local public administration, by exploring suitable methods and tools for evaluating the quality of public services in an online environment. The paper is structured into four sections, focusing on topics such as public services, the evaluation of online services and the situation in Romania. In this respect a mixed methods approach is used to present the case study of Suceava City Hall. Findings indicate that the online services provided by Suceava City Hall largely align with citizen expectations, highlighting trust, security, and usefulness as key quality factors. However, the overall satisfaction level remains at a moderate level. The conclusions and final recommendations emphasize the importance of orienting online services towards solving citizens' problems.

A value chain analysis was conducted to assess the potential of substituting coal with black pellets for energy production in Romania, including an evaluation of feedstock availability. The biomass production landscape in Romania is evolving due to rising demand and a growing number of pellet producers competing for raw materials. This shift is also driven by a decline in wood processing and exploitation activities, primarily due to reduced access to forest resources, legislative instability, and administrative complexities. Romania harvests 19 million cubic meters of wood annually, utilising only 50% of its sustainable harvesting capacity, which is equal to the natural growth rate of its forests. The operational costs for the value chains involved in power generation from black pellets and coal in a 50 MW power plant were also estimated. For the black pellets value chain, the annual operational costs are approximately 100.68 million lei–more than five times higher than the estimated 18.18 million lei for coal. This significant cost difference arises from higher expense of biomass harvesting compared to coal mining. The black pellets value chain also involves biomass pretreatment and steam explosion processes, which require electricity for feasibility. Additionally, the higher ash content of coal could increase the overall expenses due to ash disposal costs, although these costs were not included in this analysis.

Background: The global rise in obesity has been significantly influenced by shifts in dietary habits that have been exacerbated by external factors such as the COVID-19 pandemic. This study aims to analyze the trends in Romanian dietary habits from 2015 to 2023, focusing on the impact of the COVID-19 pandemic and the role of socio-economic factors, seasonality, and cultural practices. Methods: For dietary habits, we used nationally representative data from the Romanian Household Budget Survey provided by the Romanian National Institute of Statistics. The survey includes 30,000 households annually. From the same provider, we downloaded data about potential drivers of food consumption, such as income, the consumer price index, and the unemployment rate. The analysis mixes descriptive statistics and panel data analysis. Among the main drivers, the econometric models include seasonality and regional factors, ensuring a comprehensive understanding of the changes in dietary behavior. Results: During the COVID-19 pandemic, daily calorie consumption increased to over 3000 calories per person, representing a 20% increase compared to the pre-pandemic period. Post-pandemic, food consumption remains elevated, averaging 2500–2600 calories per person daily. The pandemic also led to a shift in dietary composition, with significant changes. Thus, we mark an increase in fat (p < 0.001) and carbohydrate intake (p < 0.01) and a decrease in protein intake (p < 0.001). Beyond the presence of health disruptors, we confirm the significant impact of income (p < 0.001) and seasonality (p < 0.001). Other factors like unemployment, the consumer price index, and hidden regional factors have a minor role. Conclusions: The COVID-19 pandemic has had a lasting impact on Romanian dietary habits, reinforcing unhealthy eating patterns that were already prevalent. The sustained increase in calorie consumption, particularly of nutrient-poor, energy-dense foods, poses a significant public health challenge. The study also highlights significant seasonal variations, with a marked increase in food intake during the last quarter of the year, driven by cultural and religious traditions. These findings underscore the need for targeted public health interventions and policies that address economic factors and cultural and regional influences to promote healthier dietary behaviors in Romania.

This paper aims to appraise the impact of ESG credentials on the financial performance of agricultural companies with main headquarters in Europe by examining the strategic ESG investment behaviour of firms in twelve specific sectors. The methodology consists of a two-fold approach: first, cross-sectional FGLS regression with generalised least squares; second, overall interlinkages between considered variables through Bayesian network analysis. The research questions focus on the implications of each ESG pillar – environmental, social, and governance – on the performance of agricultural companies. Key findings entail that the environmental dimension strongly relates to agricultural companies’ outcomes, such as toxic chemicals reduction strategies, waste recycled to the total waste contribution, biodiversity impact reduction, and eco-design products. As regards the social pillar of ESG, salaries and wages positively relate only to shareholders’ earnings, while governance factors like CEO compensation, board structure type, and board’s gender diversity favourably influence the financial performance of agricultural companies. ESG implications for agricultural companies are beneficial when they implement sustainable strategies. These strategies include establishing targets for water efficiency policies, increasing employee turnover, maintaining a steadfast water efficiency policy, enhancing the use of environmentally-friendly products, and reevaluating board structures from unitary to two-tier or mixed types.

Business internationalization and globalization revealed the new challenge of managing across different cultures and creating a new integrator for the employees of different emotional states and value systems. The new integrator is multicultural leadership, and its main ingredients are emotional intelligence, spiritual intelligence, and cultural intelligence (Lewis, 2018; Meyer, 2015). As Lewis (2018) remarks, “In the twenty-first century, with multinationals and conglomerates expanding their global reach, corporate governance and international teams will learn a lot about leading multicultural enterprises and workforces” (p. 86).

Corporate bankruptcy analysis is very important for investors, creditors, borrowing companies, as well as governments. The assessment of business failure provides tremendous information for governments, investors, shareholders, and the management based on which financial decisions are taken towards preventing potential losses. Likewise, by researching corporate downfall there could be gathered an early warning signal, together revealing the fields encountering problems. Moreover, nowadays the corporations are facing the senior staff retirement, thus being confronted by the loss of knowledge. Artificial intelligence (AI) seeks the promotion of systems related with human intelligence, comprising reasoning, learning, and problem solving. The most powerful applied field of AI is the area of expert systems (ES). However, the ES are applications that could reproduce the knowledge and experience of a human expert. This paper aims at designing and implementing an ES prototype towards corporate bankruptcy analysis. Therefore, we have considered a couple of production rules based on indebtedness ratios (e.g. General Indebtedness Ratio, Global Financial Autonomy Ratio, Financial Leverage Ratio), as well as solvency ratios (e.g. General Solvency Ratio, Patrimonial Solvency Ratio). For this purpose, Exsys Corvid® was used since it transforms expert knowledge into a structure that enables rendering of guidance and prescription to refine performance, capability, and efficiency, alongside lowering training and costly errors.

Integrated marketing communication (IMC) is one of the most controversial areas of research, the concept marking a constant progress from the simple coordinating of promotional tools to a complex strategic process. Further to the evolution of modern marketing, where IMC has become a major way of achievement the objectives of a company, there is a need to identify opportunities to increase its impact on consumer behaviour. Therefore, is of interest, the relatively recent approach found in the literature, according to which IMC works specifically through all the four classic elements of the marketing mix: product, price, placement and marketing communications. In this context, this paper intends to clarify some aspects regarding the effects of IMC on the consumer behaviour, materialized in the consumer decision- making process.

This study investigates the spatial clustering and spillover effects of COVID-19 vaccine uptake in Romania, focusing on the municipality-level distribution of vaccine acceptance and hesitancy while considering the factors that influence it. The research uses the Spatial Durbin Error Model (SDEM) and identifies spatial clusterization, as well as significant contagion and diffusion processes in the vaccination behaviour conditioned by socioeconomic factors, labour market characteristics, social and religious attitudes, urban, and health indicators. We find evidence in favour of spatial spillover effects of the poverty rate, opposition to same-sex marriage, COVID-19 infection rate, peri-urban towns, and denser cities. Our findings contribute to the literature of the spatial distribution and determinants of vaccine uptake and carry practical implications for policy makers offering evidence-based insights that can inform targeted strategies and interventions to enhance vaccine acceptance and address hesitancy in specific locations.

This study examines the relationship between corporate governance ratings and firm performance, includingboth a global measure of corporate governance and four sub-indices corresponding Audit, Board Structure,Shareholder Rights and Compensation, provided by Institutional Shareholder Services (ISS). The corporategovernance ratings represent a proper approximation of the quality of corporate governance practices from insidethe companies. This fact determines the investors which seek to hold shares in certain companies for a long termto be interested in the quality of corporate governance practices related to those companies. Using thecross-sectional multiple linear regression model for a random sample of 155 U.S. companies listed at New YorkStock Exchange, NASDAQ and NYSE Amex Equities, belonging to twenty industries, in 2011, our researchemphasizes a negative relationship between corporate governance global rating and firm performance. Also, wefind a negative relationship between corporate governance sub-indices and firm performance, with someexceptions. However, when we removed the companies from financial and real estate sectors, respectively 29companies, resulting another sample of 126 companies, the results support the same findings. This study revealsthat the commercial corporate governance ratings, like Governance Risk Indicators (GRId), provided byInstitutional Shareholder Services (ISS) are affected by measurement errors. This research is important to theshareholders and investors globally, who are using commercial corporate governance ratings, in order to identifyand quantify the risks of their investments. Our study suggests that shareholders and investors should not baseentirely on commercial corporate governance ratings in their investment decisions, because they couldn’t takethe proper investment decision each time.

The goal of the current study is to examine the relationship between corporate governance ratings and company value, for all the companies included in the S&P 100 Index, with the exception of companies involved in the financial sector, using data for 2013. The value of the company is quantified using the Tobin’s Q ratio and the Enterprise Value, adjusted according to each activity sector. The corporate governance practices are reflected using the ISS Governance QuickScore 2.0 overall rating, provided by the Institutional Shareholder Services Inc. (ISS), as well as ratings for the board structure, compensation, shareholder rights, and audit. By estimating cross-section regression equations, we revealed the lack of a statistically significant relationship between the corporate governance ratings and company value. Therefore, when making investment decisions, these corporate governance ratings should be taken into consideration with certain reservations.