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Studies and researches
Vol. 13 Issue 1 - 5/2021
Foreign Exchange and Oil Exposure of CEE Companies: Risks for Investors in Financial and Energy Industries
The main aim of this paper is to analyse the exposure to exchange rate risk of 24 financial and energy companies from 4 Central and Eastern European countries, i.e., Romania, Hungary, Poland, and Czechia, using datasets covering the period between January 2010 and December 2017. The largest listed companies from financial and energy industries were selected by market capitalization and based on available data for this period. This study investigates the link between stock prices and a number of variables, such as stock market indices, monthly changes in the exchange rate of the domestic currencies to the EUR and USD, real GDP growth rate, Brent crude oil prices and 1-year bond yields. Applying the panel data methodology, the findings indicate that for both types of companies, when considering the stock market index, significant exposure to this variable is discovered. When excluding this variable from the equation at the financial companies, there is a significant exposure to the change in the exchange rate of the domestic currencies to the both EUR and USD and unexpectedly, to the oil price changes, fact that displays a remarkable result for the financial companies. The price of crude oil had a much greater impact on the stock prices of the financial companies than it was expected and at the same time, it seemed to be a risk factor. For the energy companies, when removing the stock market index from the equation, significant exposure is found to the change in the exchange rates of domestic currencies to the EUR and to the change in the price of oil. The exposure to Brent crude oil price turned out to be positive in both situations. Read more
Keywords:
currency risk, stock prices, stock market indices, panel data analysis, Central and Eastern Europe (CEE)

JEL:
G15, C33, F31
Studies and researches
Vol. 13 Issue 1 - 5/2021
Women Entrepreneurship in Egypt: Is It Just as Challenging for All Women?
This paper aims to investigate the challenges facing highly educated Egyptian women, who abandon a high paid job in the private sector to start their own business. This study, based on a qualitative research, focuses on demonstrating that educated women, with a good paid job in the formal private sector, encounter the same challenges as the rest of women in starting, running, and maintaining their business. The study employs in-depth interviews with 10 women from Cairo, Egypt, highly educated, formerly employed in highly paid jobs in the private sector, that converted to entrepreneurship. Data have been analyzed using QDA Miner software. The results reveal the same difficulties women face in starting, running, and maintaining their business, regardless of their level of education, revealing that among major obstacles in women entrepreneurship, in Egypt, are the socio-cultural constrains that define the role of women in the society. Read more
Keywords:
women entrepreneurship, private sector, challenges to entrepreneurship, Egypt

JEL:
L26, O53, J16, L20, J01
Studies and researches
Vol. 13 Issue 1 - 5/2021
Analysis of Romania's Performance in the Implementation of European Strategies for Innovation and Competitiveness at Country Level
The European economy has been strongly tested by the effects of the economic crisis in 2008, so economic policy makers had to identify tools to counteract them and identify innovative strategies meant to support economic recovery in the shortest possible time. Considering the complex character of the economies that form the European Union, and their various needs, the innovative character of the identified strategies represented the determining factor of ensuring competitiveness among them. The identification of the specific development needs of the national economies is the main condition for the programs started at community and national level to reach their objectives of economic competitiveness and innovation. This paper aims to analyze the economic competitiveness of Romania in the European context, aiming to identify how the premises of this concept are ensured by using the financial instruments made available by the European Union. The objective of this study is to establish competitiveness at regional level, which is particularly useful in guiding the financial support for the 2014-2020 multiannual financial framework.

The analysis of the competitiveness of the Romanian economy will take into account the Global Competitiveness Index and the Regional Competitiveness Index, following the way of relating the competitiveness and sustainability measured as economic dimension. The results of these evaluations will be the basis of the recommendations regarding the future efforts that Romania should make in order to successfully implement the competitiveness and innovation strategies promoted by the European Union. In this sense, the financial instruments used to support the competitiveness policy are an essential condition of innovation and they are the basis of the premise of sustainability of the Romanian economy.

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Keywords:
competitiveness, strategy, innovation, financial instruments

JEL:
O11, F15, F43
Studies and researches
Vol. 13 Issue 1 - 5/2021
Energy Saving in Households: A Systematic Literature Review
Households emit 72% of all greenhouse gases due to the energy consumption. They are therefore major players in achieving the 1.5 ° C target under the Paris Agreement. This paper is about reducing household energy demand to mitigate climate change. Short-term voluntary efforts alone will not be enough to achieve the drastic reduction of 1.5 ° C. Although the renovation of residential buildings is a key energy-saving potential that has not been yet fully achieved, scientists nevertheless agree that greenhouse gas (GHG) reduction targets will only be achieved through the modernization of buildings. In order to achieve energy efficiency goals, it is necessary to understand and guide citizens' behavior with regard to the energy consumption and savings of private homes. This requires households to have a regulatory framework that supports changes in their behavior. This systematic review suggests that financial incentives and education could help change consumer behavior to change energy consumption patterns in households and thus mitigate climate change. However, while the implementation of such a policy would contribute to the reduction of the energy demand and thus GHG emissions, it faces many barriers of the household behavior. Further in this paper measures to promote energy savings in households, behavioral barriers to their implementation, and policy measures to overcome these barriers are discussed. Read more
Keywords:
energy efficiency, energy saving, household’s behaviour, climate change mitigation

JEL:
Q47
Studies and researches
Vol. 13 Issue 1 - 5/2021
Tax Evasion- Corrosive Factor for the National Economy
­In order for the state to function in optimal conditions and to provide a reasonable balance both on an economic plane, as well as on a social plane for its citizen needs financial resources. The most important source is represented by the taxes, duties and the contributions charged by the fiscal apparatus as a component of the fiscal system. The budgetary income is classified as direct, indirect taxes and contributions. Its evolution, its level, its degree of collection, the ease of its administration, the pressure exerted on the taxpayers determines the level of the fiscal income and it present an importance for the state’s authorities in view of applying the fiscal policies. This article proposes to analyse the manner in which the fiscal policies influence the state’s collections and, at the same time, the impact they have upon the economic increases and stoppages, through the means of the tax evasion, both on a national level, as well as on a European one. One of the objectives of this study is to determine how friendly the structure of the budgetary income is with the Romanian economy and which are the weak points of this structure. It is also known that the underground economy decreases the potential for constituting public income. It is difficult to estimate the level of the underground economy, but it is known that it leads to a drastic decrease of the public income and, implicitly, it has an impact upon the economic growth. Having in view the impact of tax avoidance and evasion, parts of the underground economy, upon these important sources of income to the state budget and, implicitly, upon the economy of our country, the act of reducing these harmful factors, reducing the weight of the underground economy in the GDP as a matter of priority and as efficiently as possible through measures that determine the voluntary compliance of the taxpayers is a priority.

 

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Keywords:
tax evasion, corruption, fiscal pressure

JEL:
L26, M13
Studies and researches
Vol. 13 Issue 1 - 5/2021
The Euro-Atlantic Divergences and the Economic Impact of the Iranian Nuclear Issue
The United States and the Europe have been coordinated each other several times, especially after World War II. But, there have been some divergences between them in recent years, especially in economic terms. The American and the European views are different regarding a series of world economy issues, including bilateral trade relations, the attitude towards China, Russia and their influences, military defence, energy supply, but also about the Iranian influence in the Middle East. This paper aims to analyze the Euro-Atlantic divergences from the Iranian nuclear issue perspective, in order to study the economic impact on the economies involved. The different views regarding this issue determine different economic effects; the most affected being the Iranian economy, even if the European Union tried to reduce the consequences of the American withdraw from the Iranian nuclear deal. The new American paradigm, determined by the Trump administration, is looking to increase the United States influence over the world economy and to eliminate the poor trade relations, which caused numerous trade deficits. From the Iranian nuclear issue the most advantaged economy is the Chinese one, whose trade relations with Iran increased, while the American withdraw seems to be a good choice for the United States economy, generating trade benefits. Read more
Keywords:
world economic powers, EU influence, US supremacy, US-China competition

JEL:
F02, F31, F51, F53, O50
Studies and researches
Vol. 13 Issue 1 - 5/2021
A Triad of Driving Forces Behind FDI Patterns
The research aims to contribute to identifying the contemporary driving forces having an impact on FDI patterns. The study attempts to introduce a new way to think about the FDI drivers to overcome research limitations concentrated on economic factors. Among a range of factors that can affect FDI, the paper explores a capitalist system, humans' attitudes, and digitalization (CHD). There is evidence of complex and nonlinear interrelation between them, resulting in some synergy - the CHD triad. The FDI patterns are no longer designed solely by multinational firms but in interaction with governments, populations, and technological pressure. While the research started far before the global crisis caused by coronavirus infection, the pandemic intensified a chain of systemic, human, and technological reactions and confirmed our hypothesis. High bio-political uncertainty, human risk aversion with growing awareness, and expanding digital capitalism maintain profound social, economic, and technological changes, resulting in new FDI patterns. Read more
Keywords:
Foreign Direct Investment (FDI), CHD triad, variety of capitalism, institutions, risk aversion, digital economy, coronavirus pandemic (COVID-19)

JEL:
F21, F23, L22
Studies and researches
Vol. 13 Issue 1 - 5/2021
Fighting Against Organized Cross Border Crime in Romania: The Experts’ View
This research aims to find out the opinion of the experts in fighting against organized cross border crime regarding the scale of this phenomenon in Romania. The paper pursued the following research objectives: the scale of the phenomenon of organized cross-border crime in Romania, the vulnerabilities induced by the phenomenon in Romania, what are the factors that influence the development of organized cross-border crime, what are the necessary legislative changes to combat the phenomenon and to help the well-functioning of the competent institutions and what can be done to strength the institutional cooperation for combating organized cross-border crime. In order to achieve these objectives, a qualitative research was conducted on a panel of experts, employed in Romanian institutions responsible for preventing and combating this phenomenon. The research findings show that the characteristics of the phenomenon of organized cross-border crime are constantly changing and launch permanent challenges for both Romania's security and its economic development. Read more
Keywords:
organized crime, organized cross-border crime, Romania, panel of experts, economic development

JEL:
F01, N40, C89, O17
EJIS is published under the research grant no. 91-058/2007 The Development of Interdisciplinary Academic Research Aimed at Enhancing the Romanian Universities International Competitiveness, coordinated by the Bucharest Academy of Economic Studies and financed by CNMP Romania.
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