bluuebunny/crossref_metadata_2025_split huggingface dataset:
Operational risk quantification and modelling within Romanian insurance industry
Authors: Tudor Răzvan , Badea Dumitru 
Published: August 2017

Abstract
This paper aims at covering and describing the shortcomings of various models used to quantify and model the operational risk within insurance industry with a particular focus on Romanian specific regulation: Norm 6/2015 concerning the operational risk issued by IT systems. While most of the local insurers are focusing on implementing the standard model to compute the Operational Risk solvency capital required, the local regulator has issued a local norm that requires to identify and assess the IT based operational risks from an ISO 27001 perspective. The challenges raised by the correlations assumed in the Standard model are substantially increased by this new regulation that requires only the identification and quantification of the IT operational risks. The solvency capital requirement stipulated by the implementation of Solvency II doesn’t recommend a model or formula on how to integrate the newly identified risks in the Operational Risk capital requirements. In this context we are going to assess the academic and practitioner’s understanding in what concerns: The Frequency-Severity approach, Bayesian estimation techniques, Scenario Analysis and Risk Accounting based on risk units, and how they could support the modelling of operational risk that are IT based. Developing an internal model only for the operational risk capital requirement proved to be, so far, costly and not necessarily beneficial for the local insurers. As the IT component will play a key role in the future of the insurance industry, the result of this analysis will provide a specific approach in operational risk modelling that can be implemented in the context of Solvency II, in a particular situation when (internal or external) operational risk databases are scarce or not available.
The potential of intermodal transport projects in Romania
Authors: Tudorica Alexandra , Banacu Cristian Silviu 
Published: August 2017

Abstract
The transport infrastructure sector is facing challenges related to the decarbonisation, financing and integrated developments, which need to be overcome so it can gain a competitive advantage among the strategic economic sectors. Known as a major pollutant, with 23.3 % of the total EU-28 GHG emissions in 2014, one of the transport policy objectives is to lower this percentage, by focusing on innovative solutions and modal shift (Eurostat, 2016). The White Paper (2011) promotes a sustainable development, aiming at a reduction by 60% by 2050 of the carbon emissions generated by the transport sector and at a modal shift from road to rail or waterborne transport for freight transport over 300 km with 30% by 2030, and more than 50% by 2050. The focus on an integrated development of the transport sector at the European level was reinforced with the adoption of the EU Regulation no. 1315/2013, marking the transition from a patchwork of different projects towards a vision for the achievement of an EU transport network. Moreover, another challenge is related to the scarce availability of the public money, making it necessary to attract private parties in the development of the transport infrastructure projects (The Investment Plan for Europe, 2014). Supporting the development of the intermodal transport is a way of surmounting the obstacles that this sector is confronting with, which is being implemented in Europe. The intermodal transport is introducing a paradigm shift, allowing the integration of the different transport modes together with their own advantages, as opposed to competing stand-alone modes and it can aid in the fight against climate change, scarce financial resources and congestion This article aims at determining the potential of Romania, as a member of European Union, to develop intermodal transport projects, to identify the funding sources, the obstacles and the solutions to promote the successful implementation of such projects.
Monetary policy as a source of risk in international business financings and investments
Authors: Paun Cristian 
Published: August 2017

Abstract
This paper aims at explaining the volatility of two main macroeconomic variables (interest rate and exchange rate) that impact the cost of international capital and, consequently, the international financing decision. Firstly, the main economic theories are called to illustrate the relevant determinants of these variables from the perspective of demand and supply of capital sides. The state intervention through monetary policy is introduced to emphasize the alteration of these prices (the price of capital, the price of foreign currencies). The paper is presenting the role of these prices in international financing decision (based on the theoretical model used to estimate cost of international capital), their impact on the foreign direct investment decision and on the international portfolio investment decision. Finally, the paper describe the economic consequences of the monetary public intervention on the financing and investment decision in direct connection with the business cycle theory. The paper associates the monetary policy to the business cycles. The paper comments the unsound solutions proposed against the economic crises and that continued to harm negatively these prices generating the seeds for next international economic recession. The paper is a theoretical one, containing some very interesting research hypothesis and opening the paths for presumable further empirical researches.
Data science and digital society
Authors: Chen Cathy Yi-Hsuan , Härdle Wolfgang Karl 
Published: August 2017

Abstract
Data Science looks at raw numbers and informational objects created by different disciplines. The Digital Society creates information and numbers from many scientific disciplines. The amassment of data though makes is hard to find structures and requires a skill full analysis of this massive raw material. The thoughts presented here on DS2 - Data Science & Digital Society analyze these challenges and offers ways to handle the questions arising in this evolving context. We propose three levels of analysis and lay out how one can react to the challenges that come about. Concrete examples concern Credit default swaps, Dynamic Topic modeling, Crypto currencies and above all the quantitative analysis of real data in a DS2 context.
Robotic Automation Process - The next major revolution in terms of back office operations improvement
Authors: Anagnoste Sorin 
Published: August 2017

Abstract
Forced to provide results consistent results to shareholders the organizations turned to Robotic Process Automation (RPA) in order to tackle the following typical challenges they face: (1) Cost reduction, (2) Quality increase and (3) Faster processes. RPA is now considered the next big thing for the Shared Services Centers (SSC) and Business Process Outsourced (BPO) around the world, and especially in Central and Eastern Europe. In SSCs and BPOs the activities with the highest potential for automation are in finance, supply chain and in human resource departments. This means that the problems these business are facing are mostly related to high data entry volumes, high error rates, significant rework, numerous manual processes, multiple not-integrated legacy systems and high turnover due to repetitive/low value added activities. One advantage of RPA is that it can be trained by the users to undertake structured repeatable, computer based tasks interacting in the same time with multiple systems while performing complex decisions based on algorithms. By doing this, the robot can identify the exceptions for manual processing, remove idle times and keep logs of actions performed. Another advantage is that the automated solutions can work 24/7, it can be implemented fast, work with the existing architecture, cut data entry costs by up to 70% and perform at 30% of the cost of a full time employee, thus providing a quick and tangible return to organizations. For Romania, a key destination for SSCs and BPOs, this technology will make them more competitive, but also will lead to a creation of a series of high-paid jobs while eliminating the low-input jobs. The paper will analyze also the most important vendor providers of RPA solutions on the market and will provide specific case studies from different industries, thus helping future leaders and organizations taking better decisions.
The impact and importance of new technologies in business development in context of economic diversity
Authors: Ciobanu Oana-Georgiana , Neamţu Daniela Mihaela 
Published: August 2017

Abstract
In a globalized world, led and connected by and through technology, gadgets and perpetual and intense technological development, the business environment and the trajectory travelled by entrepreneurs in the process of creation and development of a business, becomes more and more challenging and complex. Continuous innovation has become mandatory and „adaptability” became the keyword for the success of any entrepreneurial actions. In this socio-economic context, an organization must find, through entrepreneurs or managers, the courage to face the uncertainty and be always prepared to adopt radical solutions, so that, can provide sustainability of the business through competitiveness. The purpose of this research started from the need for adaptability and flexibility of the Romanian entrepreneurial environment to the trends in the digital era, in order to maintain the level of competitiveness and to develop sustainably. The objective of this scientific approach is to conduct a qualitative comparative analysis relating to the importance and the impact of new technologies in the development and sustainability of a business. The comparison will be made through the eyes of two main categories of actors in the creation and development of a business namely entrepreneurs and managers from two consecutive generations - generation X (born between 1965 and 1980) and generation Y (born between 1980 and 1995). The methodology used in this study is qualitative research through focus group method, and it aims to be highlighted the changes occurred in leadership and management style of a business/organization, by observing and comparing the two generations' attitudes towards change, towards new, towards the digital component, and the intent of the use of new technologies, and more than that, their impact on the management style.
Stop hitting the woodwork! CRM for better fan-identification in Romanian second division football clubs
Authors: Roşca Vlad 
Published: August 2017

Abstract
According to pundits, Romanian football is at an unprecedented low in terms of sporting quality and fan followship altogether. A mix of mismanagement and public regulations have transformed football clubs into under-financed organizations, unable to groom their academic work, raise quality players and, subsequently, perform at highest level which ultimately led to a decrease in entertainment on the pitch and of the numbers in attendance. Adding to this is the loss of brand identity that has created a rupture between clubs and their fan-bases. The paper aims to look at customer relationship management principles that lower-league clubs can use to build better fan relationships, while also identifying, using the same CRM optic, what actually led to the decline in quality. Second tier football has been chosen as opposed to top-flight because it consists of several clubs with development potential within their municipalities, because some of their problems are more stringent than in the upper league and, last but not least, in many cases, total attendance per game is as low as 50-300 people. The research starts with a general presentation of customer relationship management. In order to prepare CRM’s adaptation to the business of professional sports, some focus will be set on the services industry. The article then presents how CRM can be applied to sports, and, in the end, it narrows down to the specific case of Romanian football by starting the investigation from some of the challenges currently faced by the sport. Particular attention is granted to the online environment, as the latter one is host to a wide range of not very expensive CRM strategies and tactics that clubs can use, cost being a factor to be taken into account for a sector with scarce monetary resources. Last but not least, the paper ends with a set of recommendations as well as future ideas for research.
Millennials between consumer ethnocentrism and attitudes towards local campaigns
Authors: Stamule Stere , Todea Steluța 
Published: August 2017

Abstract
This paper aims to measure the Romanian Millennials’ ethnocentrism tendency, together with their attitude of consumption towards Romanian-made products. Millennials, known as the Generation Y, are the demographic cohort, following the Baby Boomers and the Generation X. There is no specific date in time when this cohort begins and ends, but researchers put the early 1980’s as starting birth and, the mid-1990’s to early 2000’s as the ending birth year. Representing the youth and the young adult population, they are the principal source of worldwide influence in the world. Given the fast and massive changes of the society, in which the Generation Y developed, there are numerous socio-psychological characteristics promoted by researchers, all of these being essential for buying and consumer status of Millennials. The data were gathered using a structured online questionnaire, filled in by 518 Romanian youngsters, representative for the Generation Y, aged between 15 to 34 years old. Ethnocentrism was measured using the consumer ethnocentric tendencies scale (CETSCALE) developed by Shrimp and Sharma (1987). The attitudinal statements were used to measure the consumption behavior towards locally made products. The data was analyzed with the SPSS 20.0 statistics software for Windows, using descriptive statistics, factor analysis and correlation. The research results underline the role of the government and industry in encouraging Romanians to buy local products.
Trust as catalyst for the organizational performance. A focus on a medium-size IT Romanian company
Authors: Badea Raluca 
Published: August 2017

Abstract
In an environment where the shift from knowledge to social economy forces the company to identify a new sustainable approach to attire, motivate and retain employees, partners and shareholders, social capital and its elements seem to be the key. The focus of the article is to prove the contribution that trust, in its entirety, as primary component of the social capital, has on the organizational performance of the company. The centric piece of the paper is based on a quantitative research conducted in a medium size IT company and it is designed to support the hypotheses per which a high level of trust will positively influence the overall business results. Regardless if it’s societal trust, market trust, relationship trust or selftrust, the respondents are requested to assess its multiple dimensions as these are translated into the company’s principles and values, the leaders’ strategy to improve the life of the shareholders, the company’s brands and their impact on the consumers, the relationship between individual and his/her peers and managers, as well as the individual’s aspirational behavior to be a trusted colleague/employee. Analyzing the results of the questionnaire, trust as core element of the social capital appears to be a main factor that drives the competitive advantage, designed to boost the employees’ energy, increase the sustainability for the company, irreversibly gain the confidence of stakeholders and eventually act a catalyst for the individual and organizational performance. The in-progress results of this paper represent significant key findings that trigger a more advance research, at a larger scale, by evaluating other companies, with similar employees’ profile to confirm the magnitude of this influence and convince the business leaders to continue supporting the creation and leverage of social capital in general and strive to generate, build and maintain trust as a must have asset.
Structure, conduct and performance paradigm in assessing travel agency performances
Authors: Stănciulescu Gabriela Cecilia , Molnar Elisabeta Ilona 
Published: August 2017

Abstract
The purpose of this paper is to present and exemplify traditional and neoclassical approaches to market structure and tourism firm performance analysis. The paper tackles some of the industrial economic thinking trends which were meant to fill the gaps left by the traditional approaches. Two approaches stand out from among the industrial economic trends: SCP paradigm and game theory. The results show that the strategy tourism operators prefer is to practise high prices; however there is no certainty that the competitors would adhere to such an idea at the beginning or during the season.
Social value of online information in the hotel industry
Authors: Moraru Remus Christian 
Published: August 2017

Abstract
Studies show that public information can create social value, which reflects on the purpose of this paper in identifying information on the online environment of the hotel industry which can directly or indirectly create social value and ultimately a competitive edge. Privately owned, small and mid-sized hotels in Romania find themselves in competitive online environment and, as such, many of them cannot compete or don’t possess the know-how to compete within the online environment. With identifying the information shared on the hotels online environment and the capability of the information in creating social value, hotels can reevaluate their online strategies. The immediate objective of this paper is to analyze the websites of a sample of 99 small and mid-sized hotels in Romania and to identify critical information that can directly or indirectly create social value. Part of the objective is to draw a conclusion of the main differences on the information shared on the hotels website, which in terms will show where small and mid-sized hotels can improve their online content strategy with socially valuable information. Key findings reflect that Romanian hotels have a clear pattern across the country when it come to their online environment. However, there are serious deficiencies that can influence both economical results and the possibility of creating socially valuable information online. This work increases our understanding of the information shared on the hotels websites in Romania and comes with suggestions that hoteliers can apply in the future to increase the competitiveness and the social value of their online environment.
Managing obligations to society. Case of best ranked universities in social responsibility
Authors: Păunescu Carmen , Găucă Oana , Drăgan Gilmeanu Denisa 
Published: August 2017

Abstract
Universities have always been engines for the economy, in multiple roles they play, trying to adapt to the continual dynamic changes in the environment, to better align their offerings with the current expectations of the students, employers and society as a whole. Many of the jobs that are now developing on the market and still will develop, as well as the multiple roles that the graduates are asked to play in society, have never been on the agenda of the universities in the past, nor on the mind of the curriculum designers. The current paper aims to assess the university engagement with community by analyzing 27 world universities best ranked in social responsibility according to QS Stars University Ratings 2016. In the paper, we discuss the extent to which different attributes of the university social responsibility are reflected among the initiatives and projects run by the universities investigated. Also, we analyze correlations between university ranking in social responsibility and other rankings. Following the QS Stars methodology, the criteria used to evaluate social responsibility of selected universities included: community investment and development, social work and service in community, human capital development, environmental concern and impact, and other social responsibility actions. The results show that the degree of involvement of universities in social responsible initiatives varies broadly for each one of the dimensions analyzed, in terms of nature, intensity and impact of initiatives. Our research findings offer good insights for both universities’ leaders and community developers in their joint-efforts to develop and grow a prosperous community.
Seniorpreneur as a career option for smart active ageing. A study on Romania
Authors: Păunescu Carmen , Blid Laura 
Published: August 2017

Abstract
The ageing of population is a global phenomenon and solutions are looked for in order to milder the economic impact. One alternative is supporting active ageing through development of entrepreneurship among senior population. Seniors are a valuable resource for entrepreneurship. They often have the skills, financial resources and time available to contribute to economic activity. This will lead to the growing prevalence of senior entrepreneurship. Engaging seniors in both business creation and in supporting new and existing entrepreneurs would maximize the quality of their working life, nurture intergenerational learning and ensure knowledge transfer. In this respect, the paper seeks to answer the following questions: What is the seniors’ perception about entrepreneurship and self-employment in Romania? How desirable is a self-employed career for senior population? What are the motivations of Romanian senior population to become self-employed? To achieve these objectives, the paper analyzes the pulse of self-employment in Romania for people from the age group 60+ years. The data used are extracted from the Amway Global Entrepreneurship Reports (AGER) developed for Romania, for the period 2014-2016. Analysis is conducted by taken into considerations the following dimensions of the “entrepreneurship perception”: attitude towards entrepreneurship, intention of starting a business, entrepreneurship career appealing and entrepreneurship motivations. The findings of the paper show that, in general, people over 60 years exhibit a decreasing positive perception about entrepreneurship that can be explained by multiple reasons. In the paper we raise some key issues that require consideration by policy makers in order to support senior entrepreneurship in Romania and improve seniors’ quality of life.