Emerging Issues in the Global Economy

Post-crisis period is described by several stylized facts with a significant impact on the business cycles. Examples of such stylized facts consist in the Phillips curve flattening, very low inflation levels, or a “passive” stance of the monetary policy. Thus, it was contoured the so-called new normal era, which raises a series of caveats for the macroeconomic modeling. In this regard, the present paper comes to address the issue on the incidence of self-fulfilling prophecy in a New-Keynesian model extended with financial sector. This extension consists in defining an additional equation which introduces the financial accelerator related to lending conditions. Basically, calibrating the model for Romanian and Euro Area economies, the underlying work aims to investigate the operational circumstances in which the benchmark New-Keynesian framework can to be resorted for policy analysis, given the new stylized facts. By considering the condition for multiple rational expectations equilibria underlined by Bullard and Mitra (J Monet Econ 49:1105–1129, 2002), we analyzed the emergence of a unique bounded stationary equilibrium in the specified context. Preliminary results underline that under a “passive” monetary policy, flattening of the Phillips curve facilitates the occurrence of multiple rational expectations equilibria. Obtained results reveal also a nonlinear relation between interest rate spread elasticity with respect to the output-gap and the incidence of self-fulfilling prophecy. This work is normative, so further investigations have to be made on the appropriateness of a sunspot-based approach in order to study the business cycle mechanics within the present framework.

This paper aims to synthetize some of the challenges that the European Union faces during these troubled times and also to suggest some of the possible scenarios that might actually unfold in order to address them. Symbolically, this year should have highlighted the biggest achievements of the EU and its Member States, as it celebrates 60 years of joint commitment for a better Europe. Yet, the uncertainty regarding Europe’s future is at an all-time high, due to internal and external factors. On the one hand, internal challenges, such as the Brexit process and the refugee crises, led to the reevaluation of the EU’s current organization and structure, which, in turn, might lead to a Europe of concentric circles or a Europe doing less more efficiently. On the other hand, there are external factors that will impose new approaches on important aspects such as the economic and political relations with the United States, negotiations with Turkey or the Republic of Moldavia in connection to their accession to the EU, and other global problems, such as tackling climate change, reducing poverty, promoting peace, and others. In order to project some of EU’s possible future steps, a critical analysis of reports and statements of the EU’s most important institutions and representative will be carried out, as a fundament for possible scenarios.

The purpose of the paper is to develop methodology of sustainability and reliability estimation of innovative project effectiveness’ parameters with application of fuzzy sets, as well as the procedure of computation of reliability and sustainability of its fuzzy parameters. The method of fuzzy sets allows to estimate the fluctuation range of innovative project parameters depending on “swinging” its main input (exogenous) parameters, such as market prices of the product, investments expenditures, raw materials costs, etc. In the same time, it becomes possible to assess sustainability of the project effectiveness parameters to variations of its main input parameters, as well as their reliability. The use of fuzzy sets extends the capabilities of real options method’s application to analysis of the effectiveness of investments in innovative projects and also allows to take into account the factor of uncertainty much better, which is especially important in the case of innovations implementation. Fuzzy set assessment of sustainability of forecasted financial flows and financial parameters generated by innovative project is carried out in three directions: for assessment of an innovative project effectiveness in a whole using discounted cash flows method, for assessment of innovative project effectiveness using the NPV method from venture fund’s position, and for assessment of innovative project effectiveness using the NPV method from position of a venture fund with application of real options. The developed methodology and computing procedures are tested on a real innovative project in the pharmaceutical industry.

One of the most discussed issues related to foreign direct investments (FDI) refers to the impact they have on the economic and social welfare of a country. Moreover, if these effects are positive, the question is to what extent and by what instruments they can be enhanced by host country governments. In recent decades, the general political opinion on FDI changed, as they are rather understood as generating competitiveness and growth for host countries and less in terms of their negative effects on the economy. Our paper investigates the relationship between FDI flows and economic growth in countries from Central and Eastern Europe that are also EU members using the panel methodology and implementing various panel specifications that shed light on the particularities of this relationship among the five countries. We find that FDI have a positive contribution to economic growth in these economies, together with capital and, to some extent, international trade size, but also that country and period idiosyncrasies matter for a better understanding of economic growth determination.

At the end of 2016, only the deposits in RON of households exceeded 103 billion RON, and those of nonfinancial companies exceeded 73 billion RON; this is why we consider that the approach of the return of investments on the capital market, as an alternative to investments on the monetary market, is a highly actual issue. In order to ensure the relevance of our approach, we have calculated and interpreted total return for the seven companies in the energy sector corresponding to the BET index (TGN, TEL, COTE, SNG, SNP, SNN, EL). In conclusion, the action of two “vectors,” i.e., low financial education and the fear of risk, is obvious in terms of both population and companies (seen not as an abstract notion but as entities managed by decision markers). For these reasons, many Romanian citizens and companies choose bank deposits as a way of investment money. This is why, in this context, we can talk of poverty generated by the fear of taking risks. It is very clear that, in order to achieve higher profitability, the risk one has to take is also higher.

In a world governed by complex financial and economic systems, knowing the process of financial intermediation becomes a must. We face times when the process of financial intermediation seems to change nearly as a natural phenomenon. Financial intermediation stakeholders find constantly new ways to interact on behalf of obtaining funds they need and returns they expect and manage risks they try to avoid. The article’s aim is to take a snapshot of a financial intermediation process that manifests in Europe Modern Era, specifically in one EU member like Romania, in contrast with other two EU member – Bulgaria and Croatia. In the same time, we also outline the relation between financial development and economic development, mostly after EU accession. In terms of Romania’s financial intermediation, we confirm that the banking sector represents the main component of financial system and that bank credit represents the most important financing channel for nonfinancial sector, denominated, mostly in national currency. Despite all that, Romania’s EU accession has led to a constant changing in financial structure, with more active nonbanking financial intermediaries.

The very fast online transformations cause rapid changes in consumers’ behavior and, implicitly, the need for businesses’ adaptation to market trends and wants. We are now at that moment when a business’s survival and development essentially depend on understanding the importance of marketing and on adjustment to online marketing trends like ultimate elements in bringing its success. Thus, online marketing is a business culture, an entrepreneurial mindset in all over the world, for each type of business. This paper aims to give an overview on Romanian online advertising market by presenting data, trends, and main players. Many recent studies showed that the online is in a growing process, and this will keep going at least till 2021. Therefore, Romanian audience is still enjoying smart advertising content. One of the most attractive this year is the mobile sector, because consumers will use, even more, smartphones in their buying process. Thus, advertising should go through creative campaigns, imagined for these kinds of devices. Romania is a great potential for online advertising, but there is still some space for quality content. In order to gain a great image, a brand should use in its creative campaigns last innovations and databases offered by Facebook, Google, YouTube, and so on. Thus, for Romanian audience, the way of displaying an ad is still very annoying.

In modern conditions, bankruptcy institute is intended to preserve the balance of interests of the state and business, to regulate contractions between economic agents. At the same time, parties interacting within bankruptcy institute (a principal of an enterprise in default, shareholders, creditors, employees) have opposite interests, which lead to conflicts among them. In return, conflicts of interest have a big influence on the choice of the priority mechanism for solving the current crisis situation. The article studies the characteristics of economic agents in the situation of insolvency depending on targets and available information. It specifies the impact of identified conflict of interest based on the desire to obtain distributive advantages and the choice of a mechanism for resolving the current crisis situation: preference for rehabilitation or liquidation procedures.

The business ecosystem perspective can be considered as a more advanced point of view for interpreting the development of local economic systems, if compared to more traditional concepts such as clusters, industrial districts, local or regional systems, and local networks. The business ecosystem perspective allows to better highlight the adaptive and evolutionary nature of local systems in front of the changing external environment and dynamics on national and international markets. The aim of the research was to analyze the key characteristics of firms belonging to a local business ecosystem specialized on an innovation-driven industry – the mechanical sector – in order to verify which kind of influence the local context still exerts on firms’ management, competitiveness, and relationships. A quantitative survey has been conducted on a sample of 104 firms located in Italy, focusing on organization, strategies, and relationships with both the internal (at the local system level) and external networks, and to relationships with the local environment and market. Results highlight the ability of firms belonging to a business ecosystem to take advantage of innovation diffusion processes and also to better develop the quality of products. An important issue that emerges is related to the cohesion of ties within the local context. When relationships are based on knowledge exchange, the evolution of smaller and weaker firms can be fostered, bringing to a general strengthening of the local system.

Today there is no state that can be sure in its energy security. States and its citizens are constantly faced with new threats. The layout of the article is as follows: Section 10.1 describes the introduction to the problem, highlighting the scope and agenda of the energy security study. Section 10.2 describes the concept of the energy security for Ukraine, current trends, and calculative assessments available in the world and considers the position of Ukraine in the World Energy Council (WEC) index in details. Section 10.3s provides expert scenario forecasting of the balance of electricity in Ukraine up to 2030 with regard to world megatrends and EU integration of the state. Comparison assessment of the international risk index for energy security of EU states and Ukraine is presented. Section 10.4 provides the VAR modeling and impulse analysis of Ukraine’s energy security to resource shocks. Those are followed by short conclusion and discussion. Results of this paper have a few policy implications for the energy strategies of Ukraine and the EU. First of all, it is a high time to review the energy policy in the aspect of the energy security adequate assessment and forecasting. It is also necessary to improve the Ukrainian legislation in the field of energy efficiency, in particular regarding the use of renewable energy sources (RES) in Ukraine, according to optimistic scenario of the development.

The present paper aims to study the influence of the determinants: category, size, and residence environment of the public hospitals of pneumophthisiology in Romania, on the quality management components through the opinion of their manager/director. The degree of satisfaction of human resources in the abovementioned hospitals depends on the importance given to the quality management components by the manager/director, influencing their commitment. Data were gathered using the questionnaire method (CHMQ) of hospital leadership, regarding quality management on its components and employees’ satisfaction in terms of working conditions, vocational training, and safety policy (health and safety) of the workplace. Each of the seven components of quality management, policy, objectives, planning, implementation, control, improvement, and commitment of human resources, is influenced by the size, category, and environment of the hospital. The importance given to quality management on its components influences all the processes of hospital management.

The studies and the research from specialty literature demonstrate that a free-open policy and an efficient governance of the economy are the basic pillars for economic and social growth, taxation having an essential role in the life of any nation. A fiscal system based on horizontal and vertical equity, stability, predictability, and efficiency contributes significantly to the sustainability of public finances. Based on these considerations, through this article, we will highlight the main similarities and differences in the field of taxation at the level of countries that are included in the emerging market and middle-income economies category from Europe and Central Asia, to identify best practices and to highlight the impact of taxation on economic and social development. Without claiming an exhaustive approach, by analyzing some indicators of the fiscal field, we will try to achieve a ranking of these countries, to identify the most attractive country from the perspective of taxation.

Basically, ERP implies a policy that reflects what it means to think and act for the purpose of economic processes and is therefore considered a strategic management solution. The new business model with process-focused operations increases productivity and meets the economic performance standards. The economic operational stages must be integrated in order to trigger workflows, to control the flow of information, and to create connections between the organization, suppliers, and customers. All this requires organizational changes, technological updates, and, eventually, a new identity for the organization itself. The present paper proposes a specific approach to the procedures needed to perform the audit of integrated informatics systems of the SMEs. Concrete methods of undertaking audit operations for the financial accounting modules of integrated informatics systems of the SMEs are presented in the present work.

The practice of corporate social responsibility (CSR) is much debated and criticized. There is a continuous debate regarding the link between CSR and corporate financial performance (CFP) because the narrative reviews of the literature and the empirical evidence are too varied and mixed in different country context to allow for definitive conclusions. This paper aims at empirically analyzing the relationship between CSR and company’s market capitalization, the indicator which measures the investors’ evaluation of a firm value. Starting from the existing literature, our paper investigates this relationship for the Romanian companies listed on Bucharest Stock Exchange (BSE). From a total of 85 listed companies, we selected only 70 of them which were listed on the BSE during the period 2010–2015, without being excluded from trading. Using panel least squares methodology, our results suggest a positive relationship between CSR activities and market capitalization of firms, which are also impacted by the dividend paid and return on equity. This is a clear clue that besides the financial performance of a firm, the investors take into account also the attitude of a firm regarding its CSR activities. Moreover, this paper highlights the benefits for both managers and investors, since CSR exerts a significant positive impact on the firm value.

While marketing can be considered an activity mainly focused outside the organization, particularly on consumers, in order to meet their needs and gain profit, we cannot talk about a uniform implementation of marketing strategies, policies, and tactics for all areas, since the field of services and specifically of financial services entails customizing the marketing approach based on a provider-consumer relationship.In this context, the present paper aims to highlight the characteristics of the purchasing behavior of the consumer of financial services, having as a starting point the emphasis placed on the characteristics of activities specific to financial services, which leads to a different perception of the consumers in what regards the quality of services that are inherently intangible and highly diversified in terms of the criteria of time, the degree of complexity of operations, or the manifestation of market demand.

The investments on capital market are more attractive nowadays considering the short-term potential earnings that this particular market can offer but also the opportunities generated by the new entry companies. The aim of the paper is to present different valuation models of share in order to identify/calculate a target price, on one hand, and to emphasize the impact of both internal and external information on price per share, on the other hand. The target price is an important instrument that drives, alongside with industry, financial, and risk analysis, the investment decision to buy, to hold, and to sell. The key issues in determining target price are equity analysis, cash flow forecasts, dividend forecast, peer valuation, and so on. But even if a fair/true target price of a given share according to valuation models was established, the external information (from the macroeconomic environment or related to the government policies) could have a huge impact on price per share and on investor decision to buy, to hold, or to sell.

Female unemployment rates are very high in Turkey. Women’s participation in the work force will not only increase the national income but also increase the number of female entrepreneurs in business life to join what is traditionally considered a man’s world. Although there are few (only about 8.5%) women in management, there are women in top and decision-making positions. To encourage Turkish women into entrepreneurship, there are third-party online organizations which share and publicize online success stories of Turkish female entrepreneurs. This research aims to discover the factors related to female entrepreneurs’ success in business life. The aim of the research is to evaluate female entrepreneurs’ emotional feedback in order to provide a general conceptual overview of the current situation in Turkey on the subject. To achieve this, 69 successful female entrepreneurs’ online feedback which was collected from third-party organizations was analyzed in order to extract the factors contributing to the success of female entrepreneurs in Turkey.

The Europe 2020 strategy bases the future development of the EU on smart, sustainable growth fostering social inclusion. One of its dimensions concerns the creative economy concept. Creativity comes from the combination of ability and environment. It relates to the capacity of people to think with imagination and challenge the existing. Creativity and science become twins in the aspect of impacting the future economy development. The cultural and creative industries are important drivers of economic and social innovation in other sectors according to the European Commission agenda “An Integrated Industrial Policy for the Globalization Era – Putting Competitiveness and Sustainability at Centre Stage” (2011). The article deals with the essence of creative industries and their state of formation and development in Ukraine with exact examples. This research examines the role of the creative approach to business activity and economic development in general. First, the difference between creativity and innovation has been described. Second, foundations of creative thinking have been discussed in details. The authors attempted to analyze the connection between global competitiveness, levels of development, and the creativity index. The coefficient of rank correlation may be considered as a reliable one. In this manner, there is a connection between Countries’ Creativity Index and the Global Competitive Index.

The paper deals with the gross output and GDP dynamics along with the trends in the development of the base (transformation) and transaction sectors of the economy including changes of their industry leaders in the countries of the Eurasian Economic Union (EAEU). Gross value added growth rates in both sectors of the economies of these countries are studied and analyzed. Transaction costs of the economy are measured as a share of the transaction sector gross output in the gross output of the economy using North-Wallis’s method and the approach proposed by the author. The impact of transaction costs on the GDP dynamics in Russia and some EAEU countries is also shown. Some conclusions about the trends in the transaction sector change and its effect on the GDP dynamics are made based on calculations. These trends indicate the heterogeneity of these countries’ economies and their gradual modernization under the influence of market reforms and integration processes.

Globalization was the mainstream paradigm in the last 70 years, long enough to create and explain prosperity and welfare in a connected world. Recently, there are many signs that we are reaching a turning point. From jobs, wages, and unemployment to immigrants and Brexit, all the key debates emphasize that the world is preparing for a new kind of globalization which will be less about countries and multinationals and more about people. There is no doubt that old globalization had winners and losers, but more than ever, the voice of the people who reject globalization was heard in 2016, specifically in the UK and USA. The world will have to deal with new institutions, and technologies and will have to find new indicators to measure these trends. European Integration itself, the most powerful success story of the post-War World II, is under question. The aim of this paper is to examine how, in the last year, mainstream economists and organizations reacted and contributed to the idea that the old globalization will be replaced by a new kind of globalization or if there are signs that a completely different paradigm will emerge. The methodology was to systematize the contributions as they were reflected in journals, scientific articles, conference papers, and different reliable online sources. As we emphasize in the title, the results of the review show that there are visible signs for the end of globalization as we know it and the seeds of a new form of globalization are already visible.

The globalization process, although criticized, is constantly growing, contributing to the internationalization of activities performed by companies and to the internationalization of markets. This also resulted in the occurrence of important changes regarding the operation and functioning of organizations, as well as regarding the operating mode of governments that have to adopt their policies to a changing market. In addition, the corporate governance, besides the ethical principles it observes, and the social responsibility also use rules and procedures aimed to increase the value of the company. Moreover, the emergence of the economic crisis showed that accounting frauds are a result of the lack of control or of control deficiencies, and that is why the corporate governance is even more important. This paper intends to analyze the different systems of corporate governance and to highlight the difficulties the companies are facing as a result of their adapting to the globalization system.

Mergers and acquisitions (M&A) market is a barometer of the attractiveness of the national economy for the foreign capital but also for the local capital to develop its businesses. In recent years, worldwide, foreign investments have resulted mainly in M&A transactions than in green field investment. The objective of this article is to analyze the financial performance of companies in Romania which went through a M&A transaction, before and after this transaction. The purpose of this research is to determine if the financial performance of these companies has improved after a M&A transaction. The financial performance of M&A transactions in Romania will be analyzed, during the 2010–2013 period, taking into consideration a sample of ten transactions from several industries. The objective of the study is to analyze the impact of M&A transaction on the financial performance of the companies involved. We consider that a M&A transaction is efficient in financial terms if it generates growth in profit and if it generates an increase in value for shareholders, compared to previous values before the transaction. Financial performance measurement method used in this study is accounting-based measure, using financial indicators analysis. Through this method, it will be established: the impact of M&A transaction on the profitability of companies and the impact of M&A transaction on the value created for shareholders.

The Baltic countries are apparently similar but actually very different not only concerning their language and culture but also their lifestyle. Regarding rural tourism, Latvia, Estonia, and Lithuania have many common points: given the care for the remarkable natural environment and for preserving traditions and rural tourism practiced in each of the Baltic countries, filled with recreation and active desire for knowledge, traditional life, and beauty of nature in protected areas. Rural tourism also contributes to preserving the cultural heritage, and youth people are encouraged to know and keep the traditions alive. The rural tourist offer is complemented by the variety of gastronomy, which benefits from the rich offer of products from the natural environment of the Baltic countries.

During the last few decades, the complex interplay between (the process of) globalization and (the evolution of global) multinationals has radically changed both the architecture of the global economy and the characteristics of their main players – the global multinationals; new configurations have emerged, while new complexities have replaced them, in unprecedented (in terms of speed, breadth, and depth) manners, adding new valences to the challenges firms and their strategists are confronting nowadays. The aim of the paper is to identify (some of) the most significant shifts that have marked the dynamics of the global multinationals during the last two decades, in order to sketch the new realities and trends that define the global economy as is it today, on one hand, and to determine the challenges these new (diverse and dynamic) conditions raise in front of firms and their strategic management, on the other hand. Against the background offered by the literature review – on the mutually reinforcing and ever-emerging relationships between globalization and (the global) multinationals, the paper will develop a (historical) comparative analysis of the world’s largest companies – based on Fortune Global 500 rankings (which represent a widely recognized benchmark); the combination of the two methods (literature review and analysis of real data) will ensure significant insights on the subject while setting the premises for reliable findings and conclusions, as well as for future research directions.

A reality today is that the economy, characterized by the expansion and development of financial mechanisms, cannot be conceived without the stock exchange: the real economy is reflected in the trend of stock, and, in turn, the stock can influence – good or bad – the economic life. Thus, by the rise of globalization, as instruments of capital accumulation, stock exchange has become the most effective way of targeting the capital available in the economy to the most profitable use. The market will determine which companies will be funded and what is the cost of their capital. The decisive factor is the efficiency with which companies use this capital. In this way, international stock markets have taken a central role in macroeconomic development of various countries of the world.

Starting from the literature that identifies different factors which determine whether a currency plays a global role, we propose an analysis of international status of major currencies using the following criteria: the demographic, economic, commercial, and financial size and importance of the currency issuer, the currency issuer’s financial market, and the history of using currency. We consider that the international use of a currency is mainly defined by the issuer’s place in the global economy, including its share of world trade and the size of its economy and financial market. The US dollar’s reference position was less influenced by the introduction of the euro, but nowadays it may be affected by the growing importance of China, the decline of the US political and economic power, and the crisis of the European Union.

The article attempts to outline possible future developments in the field of the public accounting and auditing professions resulting from the present e-government processes, which dates back to the early 2000s. This change has an untapped potential that could have a profound effect in many areas, such as the rationalization of public spending, business ethics, and university education to new professions required by the future labor market. It should be noted also that the future change of labor is a generalist issue proposed in many prestigious international researches: the paper seeks to make a contribution specifically oriented to the field of accounting and auditing professions applied to the public sector. After a methodological premise of systematization of the related topics of reference – whose origins can be traced back to the New Public Management Theory – the theoretical approach of the contribution will try to develop some Italian real implications regarding the change under study.

The paper is presenting a series of examples of ignored history – facts which were overlooked and the humankind who didn’t seem to learn anything. The examples are many: from the eighteenth-century revolutions to the First and Second World Wars and from the economic crisis of 2008–2009 to recent developments in East European countries, particularly in Romania, the people ignore the lessons, and the price paid for this ignorance is huge.

This article discusses the mechanisms of sales management and offers some methodologies that allow us to solve the problems of special-purpose product management and marketing. Our study considers special-purpose products as functional nutrition products with a balanced composition that are enriched in specific components, the main role of which is body process regulation to maintain its effective life. The article has undertaken the analysis of existing techniques for managing the production process, output, and delivery of goods and managing sales directly in trade. There have been singled out positive and negative aspects of these techniques and on the basis of that we have proposed some methodologies that help to identify potential customers for a specific product with the use of integrated events to promote products. Methodologies allow us to evaluate the efficiency of special-purpose product production, through the example of bread products, depending on demand for them, taking into account a combination of integrated events to promote this category of goods. This technique makes it possible to obtain the ratio of anticipated sales with due account for growth output indices and to determine the necessary quantity of shipped product from manufacturers to trade outlets. Methodologies include targeting mathematical methods of processing statistical data obtained in real-life conditions. Practical approval of mathematical apparatus was carried out on the example of citizens living in Kursk.

The debate around short-termism and its effects on the economic life, rather negative than positive, is far from ending, having academics, practitioners, and pundits arguing on this topic. The purpose of this paper is to determine if short-termism is part of the process of creating long-term performance (value) in an organization or it is harmful for harnessing performance, by presenting the definitions of the concept, who are the main promoters of short-termism, opinions of both academics and practitioners, and studies and examples that sustain on the one side the fact that short-termism encourages the manipulation of numbers in order to meet quarterly earnings, by cutting investments from R&D and innovations, and on the other side the fact that short-term approach is the cornerstone of the future and, without short-term performance, there is no long-term future for an organization.

The main aim of our paper is to highlight the importance of creative and cultural economy (CCE) for Romania on its road towards a knowledge and innovation-based society. In order to express the accelerated importance of CCE for ranking countries performance based on the new competitiveness framework specific to this new type of economy and society, we apply some of the most relevant new benchmarking methodologies such as the Global Creativity Index, European Innovation Scoreboard, Cultural Employment Index and Beyond GDP. The authors identify some of the key drivers of competitiveness specific to these new benchmarking methods. We also include a comparative analysis between these methods. We also compare the different ranking positions of Romania according to these methods, on one hand, and the performance of the top five countries corresponding to each of the benchmarking tool. Special attention had been given to Romania both from a static and dynamic point of view considering its expected evolution and trends based on different dimensions of development (economic, social, cultural, environment) under the broader umbrella of CCE. For further research we intend to enlarge our perspective including an alternative mix of socio-economic-cultural and environmental policies that would contribute and make the difference for a long-run smart, sustainable and inclusive development at all the levels of activities (micro-, mezzo- and macroeconomics). We will also take into account the specific ways in which these interconnected policies are affected by the emergence of CCE.

Knowledge workers are people with a high degree of expertise; education is the main purpose of their jobs, which includes the processes of creation, distribution, and application of knowledge. One of the major challenges for today’s managers is to find the right tools to manage knowledge workers and measure their performance individually. The increased demand for employees who know how to use their professional skills and their talent to perform complex tasks within the organization has led to the emergence of opportunities, as well as challenges. The aim of this article is to identify and present what are the key skills of knowledge workers and what makes them so difficult to be managed by their superiors.

Social media is one of the places where brands can communicate with their customers and potential customers easily and fast. Although there are lots of advantages to using social media including low cost, being able to measure customers’ feelings, having fast and easy access to consumers, etc., it is very important for a firm not to make any mistakes on social media, because the online brand is lonely against to the crowd. Customers can easily give feedback about brands. Unhappy customers can share their opinion with the masses through social media and negatively affect the firm. It is important for firms to control and manage brand unhappiness. Firms should understand brand unhappiness factors in order to increase the happiness of their customers. This research aims to discover a better understanding of the brand unhappiness concept by examining the online social media feedback of customers. For this purpose, 17 different firms’ Facebook customer comments are analyzed. Therefore, the brand unhappiness factors on social media are extracted.

The concept of sustainable growth rate was originally developed by Robert C. Higgins. In the case of companies with given stable financial policies, it is considered to be the link between growth-return rate combinations that gives a balanced growth line. This indicates the possibilities for a company to grow without generating deficits or cash surpluses. Increased sales require more assets, which can be financed by new debt, external equity, and internal equity through retained earnings. The sustainable growth rate is the maximum rate at which company sales can increase without decreasing its financial resources. The aim of this paper is to determine if the last year most traded companies on the Bucharest Stock Exchange (BSE) have registered growth and if it was a sustainable one. Our research is based on two hypotheses: (1) the analyzed companies have a constant growth and the growth is sustainable and (2) the main factor that is influencing SGR is the retention rate. The results are only partially validating these hypotheses.

This paper aims to look into the convergence model of Albania within the Western Balkans and toward the European Union. The Western Balkan countries are stuck in transition as their rate of economic growth has slowed substantially compared to the pre-global crisis period. Thus the economic convergence evidenced in the convergence of incomes and productivity is put into question. The variables that are used in the study are the income per capita, growth rate, and income per worker in the Western Balkan countries and EU. The data are measured for the period 1995–2015 in order to build a sound data series for trend analysis. In the paper, it is concluded that the Balkan countries are converging among themselves and toward the EU, but the speed of convergence is moderated with the hit of global crises, and the recovery seems still difficult to the rate of precrises. The main question remains on promoting productivity of their growth factors for sustainable growth and competitiveness in the wider European market. The region has a number of political and geographical advantages and unexploited potentials to stimulate further investments and thus growth.

The article analyzes and compares the main rating systems of research universities’ performance at the world level. It also suggests a system of relevant criteria designed to conduct strategic analysis and evaluation of a research university’s performance. The criteria allow objectivizing the results of the evaluation while minimizing the level of a subjective component within a set of consolidated results.