About
49
Publications
49,480
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
1,819
Citations
Introduction
Current institution
Publications
Publications (49)
The aim of the paper is to examine the influence of climate vulnerability (CV) on the formation of new firms. Employing a large sample of 140 countries spanning the time frame 2006–2020, it has been found that climate vulnerability harms new firm formation. The empirical results show that the negative impact of CV on the average new business format...
Research background: Achieving a jointly stable and inclusive financial system represents an important pillar of the call for action among Sustainable Development Goals. Considerable attention from previous research has been given to traditional financial inclusion (FI) and its implications on financial stability and overall development, but the fi...
The paper explores the impact of digital transformation (DT) on new business creation in the case of European Union member states over the period 2015–2020 by employing several econometric techniques such as Ordinary Least Squares (OLS) and quantile regression (QR). The results of OLS regression indicate a positive and significant link between DT a...
The nexus between local governments’ budgets and regional growth is a complex one, with organic interconnections, ideally offering better outcomes, both in the matter of (local) fiscal consolidation and the welfare of societies. In this study, we analyze the impact of local fiscal consolidation efforts (as reflected by the budget indicators regardi...
The study examines the impact of institutional factors on working capital management for a sample of 5,431 European listed firms over the period 2010–2018. Employing a weighted least squares (WLS) methodology, we provide empirical evidence on the role of institutional quality in shaping the working capital policies of European listed firms. The res...
The paper aims to examine the relationship between leverage and firm growth and the impact of fiscal policy on this relationship using a panel data quantile regression approach. Employing a sample of gazelles from emerging Europe for the 2006–2014 period, we find that debt overhang negatively affects firm growth only for the lower growth quantiles....
Although temperature change is affecting economic activity, there are a few empirical studies on how it influences firm performance. Using panel data of 147 European listed firms active in the energy and gas sectors over the period 2009–2016, this study aims to analyze the impact of temperature change on firm profitability while controlling for fir...
The purpose of this study is to investigate the relationship between working capital and firm profitability for a sample of 719 Polish listed firms over the period of 2007–2016. The scarcity of empirical evidence for emerging economies and the importance of working capital efficiency motivate the research on the working capital–financial performanc...
The Enterprise Risk Management (ERM) process has heterogeneously developed across the world, although it represents a leading paradigm, supporting organizations to identify, evaluate, and manage risks at the enterprise level. Academics have studied the process, but there is no complete picture of the determinants and implications of such an integra...
Lucrarea de față creionează și relaționează caracteristicile indispensabile unei formări profesionale eficiente. Cele patru capitole din acest ghid vor ajuta studenții și absolvenții să își structureze propriile idei despre piața muncii, competențele cheie necesare pentru angajare și cum și le pot îmbunătăți, să obțină un loc de muncă, să redacteze...
The aim of the paper is to assess the effect of discretionary accruals on firm growth while controlling for firm characteristics and macroeconomic environment. Employing a large sample of 1.105 young and high-growth firms (gazelles) from 15 emerging European countries over the period 2006–2014, it has been found that the discretionary accruals nega...
The main aim of the study was to explore the integration of CEE’s stock markets (Central, South‐East and Baltic) with those of the developed ones (Germany, USA and the UK). Using daily data from 20 October 2000 up to 20 October 2016, the static analysis indicates a long‐run cointegration relationship between CEE markets and all three counterparts c...
The purpose of the paper is to investigate the relationship between sovereign Credit Default Swap (CDS) and stock markets in nine emerging economies from Central and Eastern Europe (CEE), using daily data over the period January 2008–April 2018. The analysis deploys a Vector Autoregressive model, focusing on the direction of Granger causality betwe...
The aim of this paper is to evaluate the impact of corporate governance characteristics on bank profitability in Emerging Europe while controlling for bank - specific and macroeconomic level factors. We analyze the effects on banking profitability using panel data fixed effects (within) and System GMM models, based on hand-collected dataset regardi...
In the context of imperfect markets, it is important to understand the relationship between non-earning assets and firm value, in order to evaluate the corporate financial policies and to attain the right equilibrium between liquidity and profitability. The aim of our paper is to assess the relationship between corporate cash holdings and firm valu...
One of the strategic objectives of the European Union is to increase the renewable energy consumption level, in a market which brings together technological, financing and customer engagement innovations. However, little is known about the impact of the financial sector on renewable energy consumption. The aim of the paper is to examine the effect...
The aim of the paper is to assess the impact of leverage on gazelles’ performance while controlling for firm characteristics, macroeconomic environment, and characteristics of domestic banking sectors. Using a sample of 1105 gazelles from Central, Eastern, and South-Eastern European (CESEE) countries for the period 2006–2014, we find that leverage...
Lucrarea de față își propune să ofere studenților informații utile privind înființarea, finanțarea și managementul noilor afaceri. În egală măsură, prin conținutul său, lucrarea se adresează antreprenorilor și potențialilor antreprenori din România. Autorii au oferit atât suportul teoretic necesar creării și dezvoltării unei noi afaceri, cât și exe...
The accelerated development of information and communication technology (ICT) over the past two decades has encouraged an increasing number of researchers to examine and measure the impact of this technology on economic growth. Our study aims to identify and evaluate the effect of using ICT infrastructure on economic growth in European Union (EU) c...
Enterprise risk management (ERM) represents a significant change in the way firms manage risks. In the last years, an increasing number of non-financial firms from emerging economies started to implement a holistic framework for risk management. However, little is known about the impact of ERM adoption on firm value in emerging markets. The aim of...
The aim of the paper is to build a Monetary Conditions Index (MCI) for four Central and Eastern European (CEE) countries by combining changes in the short-term interest rate and in the real effective exchange rate over the period August 2005 - December 2015. Contrary to previous papers, we employ a Vector Error Correction Model to assess the relati...
After the onset of the 2007 financial crisis, Bulgaria and Romania employed a large set of fiscal and investment incentives in order to attract FDI flows. The chapter provides a comparative analysis of the investment promotion strategies of the two countries. The Bulgarian investment promotion agency provides services to foreign investors through e...
Despite the importance of high-growth firms (HGFs) for job creation, innovation, and economic development in transition economies, current knowledge on the role of financial decisions in explaining their profitability is limited. The aim of this paper is to examine the relationship between working capital management and firm profitability. Using a...
The aim of the paper is to investigate to what extent access to finance explains differences in entrepreneurial activity across European Union (EU) member countries. We use a dataset containing information across countries and time to investigate the determinants of entrepreneurial activity in twenty-five EU members over the period between 2007 and...
Abstract—The substantial increase of the medical needs in society triggered the development of various medical domains which generated a wide field for the applicability of biomedical technologies, and thus facilitated new perspectives in the worldwide management of important health issues. Biomedical technologies are a useful segment of contempora...
The aim of the paper it to assess the “catalytic effect” of IMF lending programs on foreign direct investment (FDI) flows to Central, Eastern and South-Eastern European (CESEE) countries during and after the latest global financial crisis. This paper provides new empirical evidence on this catalytic effect while controlling for banking stability. O...
The aim of the paper is to assess the impact of leverage on firm growth in periods of economic growth and economic uncertainty. We employ a sample of Romanian listed firms over the period 2001-2011 and several alternative measures for firm growth (i.e. sales growth, assets growth, and employment growth). The results of fixed effects regression mode...
High level of cash holding can be appealing for investors as firms have enough cash to finance investments and also to pay dividends. On the other hand, keeping large amount of cash, firms are signaling that they are not able to invest and to develop their businesses. As a consequence, firm value will decrease. The aim of the paper is to test wheth...
Based on a set of variables measured in the Global Entrepreneurship Monitor (GEM) study, we analyzed the entrepreneurial profile of Romanian economy after the onset of financial crisis. We found a positive attitude towards entrepreneurship in Romania, but the financial crisis started in 2008 severely affected the entrepreneurial environment. In man...
The aim of the paper it to assess the “catalytic effect” of IMF lending programs on foreign direct
investment (FDI) flows to Central, Eastern and South-Eastern European (CESEE) countries during
and after the latest global financial crisis. This paper provides new empirical evidence on this
catalytic effect while controlling for banking stability. O...
The aim of the paper is to analyse the effects of the use of financial derivatives for risk management of the financial performance of Romanian pension funds. Using a sample of 14 second pillar pension funds for the period from June 2008 till March 2016, it was found that the differences in the use of financial derivatives explain the variations of...
Financial risk management has rapidly evolved over the past two decades and has become an indispensable function in many institutions from different area of activities. In the last two decades, as the financial markets have become more and more mature, an increasing number of firms from emerging economies have chosen to use derivatives to hedge fin...
The paper investigates the determinants of capital structure of micro- and small enterprises based in the county of Iaşi in Romania. Our study employed debt ratio as the dependent variable and five factors (profitability, tangibility, liquidity, size, and growth opportunity) as determinants of capital structure. We have found that leverage is negat...
The aim of the paper is to analyze risk management practice adopted by the Romanian metallurgical enterprises and to identify new tools for hedging price risk. Romanian metallurgical companies recognize the main risks that their businesses are facing: increased prices of raw materials and energy, foreign exchange risk, and lower (domestic) demand f...
The aim of the paper is to assess the technical efficiency of twenty health systems from Central and Eastern Europe (CEE) and Commonwealth of Independent States (CIS). We used an output-oriented Data Envelopment Analysis (DEA) to measure the technical efficiency of the health systems using the latest data available on infant death and life expectan...
The allocation of financial resources in accordance with population health care needs represents a complex task, with practical and ethical dilemmas. The decisions regarding resource allocation are made at macro, mezzo and micro levels. Legislative authorities and government decide how to allocate limited resources based on cost effectiveness crite...
In this paper, we analyse country risk of eight Central and Eastern European (CEE) countries by calculating time-varying betas. We have used daily closing prices of indices from 3 June 2002 through 2 December 2011, resulting in 2021 observations. The time-varying betas where calculated by applying multivariate GARCH BEKK models under multivariate n...
Modeling and forecasting the volatility of stock markets has been one of the major topics in financial econometrics in the last years. The aim of the study is to evaluate the forecasting performance of GARCH-type models in terms of their in-sample and out-of-sample forecasting accuracy in the case of Romanian stock market. We use daily stock index...
A common feature of all health systems from emerging economies is the shortage of financial resources. This fact is currently exacerbated by the economic crisis that has led many governments to reconsider the level of public spending in the health sector. Starting from the Romanian experience, the paper aims to highlight the linkage between the per...
The transition economies of Central and Eastern Europe are trying to construct viable modern financial markets which provide a wide range of financial instruments. The paper focuses on the evolution of exchange-traded derivatives in Czech Republic, Hungary, Poland and Romania. The results indicate that the most developed exchange-traded derivatives...
The aim of the paper is to explain the determinants of emerging market sovereign CDS spreads in the light of European debt crisis. There are two important types of factors that determined the evolution of sovereign CDS spreads: global, which equally affected all emerging markets and country- specific factors, which reflect the economic fundamentals...
In the last twenty years, the financial risk management has gained an important role for the companies and financial institutions. Financial innovations have improved the efficiency of risk management process, but at the same time, they have imposed new challenges for market participants and their supervisors in the areas of systemic risk. An impor...
By any measure, the current economic recession is the worst since the 1930s. The unprecedented global financial and economic crisis that started in 2007 has had a profound impact on the work of international financial institutions. The reform of the international financial system represents an important topic nowadays. The paper proposes far-reachi...
In the last years,in the context of financial globalization, it has been registered a significant development of the financial markets, but also an increase of the instability of the interest rates, of exchange rates, of prices in general, that determined the creation of new instruments and of protection markets against risks. Within those, one sho...
Considering the last few years, the European Union (EU) has became one of the most competitive and integrated economic regions of the world, following a rapid pace of change as a result of an inspired series of initiatives. The harmonization of the banking and other financial services legislation as component of the EU’ Single Market, the creation...
