Daniel Circiumaru

A Study Regarding the Risk of the Micro-Enterprises in the Dolj District

The study of the risk has become very important in the last years, due to the increase of the competition on the Romanian market and also due to the consolidation of the market economy mechanisms that have determined the augmentation of the number of bankruptcies in Romania. The micro-enterprises are, obviously, the most exposed at the risk of bankruptcy, fact that justifies a study of the risk that these enterprises face. In this paper, we have analyzed the risk of the micro-enterprises during the period 2004-2005, on a database that included 1401 companies. For this aim, we have used two specific instruments: a score function, for the estimation of the bankruptcy risk, and the degrees of leverage, for the assessment of the operating and financial risk. After making this study, we noticed that the micro-enterprises from the Dolj District have dealt with a risk augmentation in 2005, fact emphasized both by the decrease of the average score and by the augmentation of the weight of the bankrupt companies in the total number of analyzed enterprises. Also, the other drawn conclusion was linked with the lack of correlation between the Z score and the degrees of operating and financial leverage, due to the different foundations of these instruments in appreciating the risk dimension.

European Union's Post Crisis Financial Regulatory System – A Brief Analysis of Existing Options

Abstract Given recent developments in terms of economic and financial evolution during recent years, the question concerning the architecture and the central pillars of a new financial regulatory system, is frequently raised inside the EU, by both academic, political and business environment. That is the case, mainly due to the limited efficiency of previously employed instruments, to an increase in instability of the financial side of the economy unless drastically controlled, but also due to the need for viable alternatives. The Euro Area established certain financial support mechanisms meant to bring back onto a floating level seriously damaged economies – bankrupt or affected by the foreign debt crisis, but preventing mechanisms have not yet been installed, and the transition towards a new stage of economic growth and expansion would further even more this possibility. This paper envisages to provide a brief assessment of such options – elements composing a solid financial regulatory system in Europe. Also, a brief analysis of the existing architecture is presented. The focal point is the Tobin tax alternative for the European Union, with an effects’ assessment from a multiple point of view – stability, prevention and revenue raising

Formal and Informal Aspects of Management Tools

Abstract Ask ourselves if we can copy and apply a management model as it was conceived? The answer to this question is yes and no. Information systems and management accounting common forms are similar in different countries, but their associated management practices differ from country to country visible. This distinction leads us to the idea that the main differences that arise between different countries and between Europe and the United States occur in the informal system, something that we want to argue and present its own model.