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Dr. Ştefan Cristian Gherghina
The Bucharest University of Economic Studies

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0 Corporate Finance
0 Corporate Governance
0 Energy Economics
0 Quantitative Finance
0 Sustainable Development

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Journal article
Published: 22 July 2021 in Journal of Risk and Financial Management
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This paper investigates the volatility of daily returns on the Romanian stock market between January 2020 and April 2021. Volatility is analyzed by means of the representative index for Bucharest Stock Exchange (BSE), namely, the Bucharest Exchange Trading (BET) index, along with twelve companies traded on BSE. The quantitative investigation was performed using GARCH approach. In the survey, the GARCH model (1,1) was applied to explore the volatility of the BET and BSE traded shares. Conditional volatility for the daily return series showed noticeable evidence of volatility that shifts over the explored period. In the first quarter of 2020, the Romanian equity market volatility increased to a level very close to that recorded during the global financial crisis of 2007–2009. Over the next two quarters, volatility had a downward trend. Besides, after VAR estimation, no causal connection was found among the COVID-19 variables and the BET index.

ACS Style

Ștefan Gherghina; Daniel Armeanu; Camelia Joldeș. COVID-19 Pandemic and Romanian Stock Market Volatility: A GARCH Approach. Journal of Risk and Financial Management 2021, 14, 341 .

AMA Style

Ștefan Gherghina, Daniel Armeanu, Camelia Joldeș. COVID-19 Pandemic and Romanian Stock Market Volatility: A GARCH Approach. Journal of Risk and Financial Management. 2021; 14 (8):341.

Chicago/Turabian Style

Ștefan Gherghina; Daniel Armeanu; Camelia Joldeș. 2021. "COVID-19 Pandemic and Romanian Stock Market Volatility: A GARCH Approach." Journal of Risk and Financial Management 14, no. 8: 341.

Journal article
Published: 01 July 2021 in Financial Innovation
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The essence of this study is to investigate the influence of the board gender diversity on firms’ accounting and market-based performance using a sample of Standard & Poor’s 500 companies belonging to the information technology sector over 12 years. Using the pooled ordinary least squares (OLS) method, the outcomes provide evidence for a positive influence of women on corporate boards on both measures of company performance, except for the percentage of female executives in the case of return on assets (ROA). After estimating the fixed effects and random-effects through panel data, the econometric outcomes show no statistically significant association among board gender diversity and ROA but a positive influence of the number and percentage of women on board on price-to-earnings ratio.

ACS Style

Liliana Nicoleta Simionescu; Ştefan Cristian Gherghina; Hiba Tawil; Ziad Sheikha. Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 Information Technology Sector. Financial Innovation 2021, 7, 1 -45.

AMA Style

Liliana Nicoleta Simionescu, Ştefan Cristian Gherghina, Hiba Tawil, Ziad Sheikha. Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 Information Technology Sector. Financial Innovation. 2021; 7 (1):1-45.

Chicago/Turabian Style

Liliana Nicoleta Simionescu; Ştefan Cristian Gherghina; Hiba Tawil; Ziad Sheikha. 2021. "Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 Information Technology Sector." Financial Innovation 7, no. 1: 1-45.

Research article
Published: 09 June 2021 in Applied Economics Letters
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This paper aims to explore the stock market returns-COVID-19 interdependence via wavelet coherence analysis. The sample comprises the top 15 affected countries by novel coronavirus outbreak, covering each continent over the period 1 January 2020 to 23 July 2020. Using daily stock index returns, COVID-19 new cases and new deaths, the empirical findings reveal that most of the stock market returns are in phase (cyclical effects) with pandemic variables, whereas a couple of stock index returns exhibit an out-of-phase behaviour (anti-cyclical effects).

ACS Style

Ştefan Cristian Gherghina; Liliana Nicoleta Simionescu. Exploring the co-movements between stock market returns and COVID‑19 pandemic: evidence from wavelet coherence analysis. Applied Economics Letters 2021, 1 -9.

AMA Style

Ştefan Cristian Gherghina, Liliana Nicoleta Simionescu. Exploring the co-movements between stock market returns and COVID‑19 pandemic: evidence from wavelet coherence analysis. Applied Economics Letters. 2021; ():1-9.

Chicago/Turabian Style

Ştefan Cristian Gherghina; Liliana Nicoleta Simionescu. 2021. "Exploring the co-movements between stock market returns and COVID‑19 pandemic: evidence from wavelet coherence analysis." Applied Economics Letters , no. : 1-9.

Review article
Published: 02 March 2021 in Renewable and Sustainable Energy Reviews
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The objective of the present paper is to determine the existence of a link between energy, CO2 emissions, economic growth, and urbanization worldwide level. Therefore, to achieve our goal, we approached a series of statistical techniques that allow us to study the cointegration between variables, impulse response function to follows the effect of a shock that occurred, and not least we investigated the types of causality that are established through the Granger causality test. We selected annual data for the period of 1990–2014, for a number of 106 countries. The empirical results confirmed the presence of long-term associations. The impulse response functions and the variance decomposition gave us an overview on how the variables: renewable energy consumption, types of energy, economic growth, CO2, and urbanization are explained by the others variables. Following the Granger causality test, both unidirectional and bidirectional causal relationships were identified. We are confident that our empirical results should be of interest to researchers, regulatory institutions, and investors as well.

ACS Style

Daniel Stefan Armeanu; Camelia Catalina Joldes; Stefan Cristian Gherghina; Jean Vasile Andrei. Understanding the multidimensional linkages among renewable energy, pollution, economic growth and urbanization in contemporary economies: Quantitative assessments across different income countries’ groups. Renewable and Sustainable Energy Reviews 2021, 142, 110818 .

AMA Style

Daniel Stefan Armeanu, Camelia Catalina Joldes, Stefan Cristian Gherghina, Jean Vasile Andrei. Understanding the multidimensional linkages among renewable energy, pollution, economic growth and urbanization in contemporary economies: Quantitative assessments across different income countries’ groups. Renewable and Sustainable Energy Reviews. 2021; 142 ():110818.

Chicago/Turabian Style

Daniel Stefan Armeanu; Camelia Catalina Joldes; Stefan Cristian Gherghina; Jean Vasile Andrei. 2021. "Understanding the multidimensional linkages among renewable energy, pollution, economic growth and urbanization in contemporary economies: Quantitative assessments across different income countries’ groups." Renewable and Sustainable Energy Reviews 142, no. : 110818.

Editorial
Published: 21 January 2021 in Journal of Risk and Financial Management
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Corporate finance deals with the financing and investment decisions set by the corporations’ management in order to maximize the value of the shareholders’ wealth

ACS Style

Ștefan Cristian Gherghina. Corporate Finance. Journal of Risk and Financial Management 2021, 14, 44 .

AMA Style

Ștefan Cristian Gherghina. Corporate Finance. Journal of Risk and Financial Management. 2021; 14 (2):44.

Chicago/Turabian Style

Ștefan Cristian Gherghina. 2021. "Corporate Finance." Journal of Risk and Financial Management 14, no. 2: 44.

Journal article
Published: 15 September 2020 in International Journal of Environmental Research and Public Health
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This paper examines the linkages in financial markets during coronavirus disease 2019 (COVID-19) pandemic outbreak. For this purpose, daily stock market returns were used over the period of December 31, 2019–April 20, 2020 for the following economies: USA, Spain, Italy, France, Germany, UK, China, and Romania. The study applied the autoregressive distributed lag (ARDL) model to explore whether the Romanian stock market is impacted by the crisis generated by novel coronavirus. Granger causality was employed to investigate the causalities among COVID-19 and stock market returns, as well as between pandemic measures and several commodities. The outcomes of the ARDL approach failed to find evidence towards the impact of Chinese COVID-19 records on the Romanian financial market, neither in the short-term, nor in the long-term. On the other hand, our quantitative approach reveals a negative effect of the new deaths’ cases from Italy on the 10-year Romanian bond yield both in the short-run and long-run. The econometric research provide evidence that Romanian 10-year government bond is more sensitive to the news related to COVID-19 than the index of the Bucharest Stock Exchange. Granger causality analysis reveals causal associations between selected stock market returns and Philadelphia Gold/Silver Index.

ACS Style

Ștefan Cristian Gherghina; Daniel Ștefan Armeanu; Camelia Cătălina Joldeș. Stock Market Reactions to COVID-19 Pandemic Outbreak: Quantitative Evidence from ARDL Bounds Tests and Granger Causality Analysis. International Journal of Environmental Research and Public Health 2020, 17, 6729 .

AMA Style

Ștefan Cristian Gherghina, Daniel Ștefan Armeanu, Camelia Cătălina Joldeș. Stock Market Reactions to COVID-19 Pandemic Outbreak: Quantitative Evidence from ARDL Bounds Tests and Granger Causality Analysis. International Journal of Environmental Research and Public Health. 2020; 17 (18):6729.

Chicago/Turabian Style

Ștefan Cristian Gherghina; Daniel Ștefan Armeanu; Camelia Cătălina Joldeș. 2020. "Stock Market Reactions to COVID-19 Pandemic Outbreak: Quantitative Evidence from ARDL Bounds Tests and Granger Causality Analysis." International Journal of Environmental Research and Public Health 17, no. 18: 6729.

Journal article
Published: 19 July 2020 in International Journal of Environmental Research and Public Health
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This paper aimed to investigate the impact of water, waste, and energy consumption on firm performance for a sample of enterprises that belong to the S&P 500 Information Technology sector over the period of 2009–2020. The quantitative framework covered both accounting (e.g., return on assets—ROA; return on common equity—ROE; return on capital—ROC; return on invested capital—ROIC) and market-based measures of performance (e.g., price-to-book value—PB), alongside firm and corporate governance specific variables. By estimating multivariate panel data regression models, the empirical results provided support for a negative impact of total water use on PB but a positive effect on ROA. With reference to the total waste, the econometric outcomes revealed a negative influence on the entire selected performance measures, whereas total energy consumption did not reveal any statistically significant influence.

ACS Style

Liliana Nicoleta Simionescu; Ștefan Cristian Gherghina; Ziad Sheikha; Hiba Tawil. Does Water, Waste, and Energy Consumption Influence Firm Performance? Panel Data Evidence from S&P 500 Information Technology Sector. International Journal of Environmental Research and Public Health 2020, 17, 5206 .

AMA Style

Liliana Nicoleta Simionescu, Ștefan Cristian Gherghina, Ziad Sheikha, Hiba Tawil. Does Water, Waste, and Energy Consumption Influence Firm Performance? Panel Data Evidence from S&P 500 Information Technology Sector. International Journal of Environmental Research and Public Health. 2020; 17 (14):5206.

Chicago/Turabian Style

Liliana Nicoleta Simionescu; Ștefan Cristian Gherghina; Ziad Sheikha; Hiba Tawil. 2020. "Does Water, Waste, and Energy Consumption Influence Firm Performance? Panel Data Evidence from S&P 500 Information Technology Sector." International Journal of Environmental Research and Public Health 17, no. 14: 5206.

Journal article
Published: 01 January 2020 in Sustainability
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Small and medium-sized enterprises (SMEs) are crucial for local economic development, playing a noteworthy role in job creation, poverty alleviation and economic growth, but they encounter many funding barriers. The purpose of the current paper is to investigate the impact of investments and innovation on territorial economic growth, as measured by turnover, for Romanian active enterprises, especially SMEs, over the period 2009–2017. By estimating several log–log linear regressions, the quantitative outcomes provide support for a positive influence of investments on turnover. The association was confirmed both for all active enterprises at the national level, as well as for micro, small, middle-sized and big companies. As regards expenditures on innovation, a positive impact on turnover was acknowledged for all enterprises and particularly for big companies, but there was an absence of any statistically significant relation in the case of SMEs. The impact of firm size on turnover was positive for all active enterprises at the national level, along with active micro-units. Also, the estimation results show a positive impact of the number of active micro-units on territorial economic growth. The empirical findings are relevant to managers and policymakers in order to stimulate, encourage and offer support to SMEs’ development through their strategies.

ACS Style

Ștefan Cristian Gherghina; Mihai Alexandru Botezatu; Alexandra Hosszu; Liliana Nicoleta Simionescu. Small and Medium-Sized Enterprises (SMEs): The Engine of Economic Growth through Investments and Innovation. Sustainability 2020, 12, 347 .

AMA Style

Ștefan Cristian Gherghina, Mihai Alexandru Botezatu, Alexandra Hosszu, Liliana Nicoleta Simionescu. Small and Medium-Sized Enterprises (SMEs): The Engine of Economic Growth through Investments and Innovation. Sustainability. 2020; 12 (1):347.

Chicago/Turabian Style

Ștefan Cristian Gherghina; Mihai Alexandru Botezatu; Alexandra Hosszu; Liliana Nicoleta Simionescu. 2020. "Small and Medium-Sized Enterprises (SMEs): The Engine of Economic Growth through Investments and Innovation." Sustainability 12, no. 1: 347.

Journal article
Published: 22 October 2019 in Journal of Risk and Financial Management
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This paper aims to analyze the influencing factors on the financial structure of 51 companies listed on the New York Stock Exchange, in the technology industry, from 2005–2018. The objective is to see the impact of independent company-specific variables such as company size, tangibility of assets, growth opportunity, effective tax rate, current liquidity, depreciation, stock rotation, financial return, working capital, price to book value, price to earnings ratio, as well as the impact of governance variables and macroeconomic variables such as inflation rate, interest rate, market size, gross domestic product per capita. Using panel data and multiple linear regressions, we analyze the relationship between the independent variables listed above and the dependent variables, namely the total debt ratio, the long-term debt ratio and the short-term debt ratio. The results of the analysis showed that variables such as size, tangibility, liquidity, profitability have a significant influence on the dependent variables in accordance with the theories regarding the capital structure.

ACS Style

Georgeta Vintilă; Ştefan Cristian Gherghina; Diana Alexandra Toader. Exploring the Determinants of Financial Structure in the Technology Industry: Panel Data Evidence from the New York Stock Exchange Listed Companies. Journal of Risk and Financial Management 2019, 12, 163 .

AMA Style

Georgeta Vintilă, Ştefan Cristian Gherghina, Diana Alexandra Toader. Exploring the Determinants of Financial Structure in the Technology Industry: Panel Data Evidence from the New York Stock Exchange Listed Companies. Journal of Risk and Financial Management. 2019; 12 (4):163.

Chicago/Turabian Style

Georgeta Vintilă; Ştefan Cristian Gherghina; Diana Alexandra Toader. 2019. "Exploring the Determinants of Financial Structure in the Technology Industry: Panel Data Evidence from the New York Stock Exchange Listed Companies." Journal of Risk and Financial Management 12, no. 4: 163.

Journal article
Published: 30 September 2019 in Sustainability
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This study aims to examine the link between foreign direct investment (FDI) inflows and economic growth, also considering several institutional quality variables, as well as sustainable development goals (SDGs) set in the 2030 Agenda for Sustainable Development. By estimating panel data regression models for a sample of 11 Central and Eastern European countries, from 2003 to 2016, the empirical outcomes provide support for a non-linear relationship between FDI and gross domestic product per capita. Regarding institutional quality, it is found that control of corruption, government effectiveness, regulatory quality, rule of law, and voice and accountability positively influence growth, while political stability and absence of violence/terrorism is not statistically significant. Moreover, SDGs such as poverty, income distribution, education, innovation, transport infrastructure, and information technology are noteworthy drivers of growth. The outcomes of panel fully modified and dynamic ordinary least squares partly confirm the findings. The panel vector error-correction model Granger causalities provide support for a short-run one-way causal association running from FDI to growth and a long-run two-way causal connection among FDI and growth. Furthermore, in the long run, unidirectional causal relationships running from each institutional quality indicator to economic growth and FDI are set out.

ACS Style

Ștefan Cristian Gherghina; Liliana Nicoleta Simionescu; Oana Simona Hudea. Exploring Foreign Direct Investment–Economic Growth Nexus—Empirical Evidence from Central and Eastern European Countries. Sustainability 2019, 11, 5421 .

AMA Style

Ștefan Cristian Gherghina, Liliana Nicoleta Simionescu, Oana Simona Hudea. Exploring Foreign Direct Investment–Economic Growth Nexus—Empirical Evidence from Central and Eastern European Countries. Sustainability. 2019; 11 (19):5421.

Chicago/Turabian Style

Ștefan Cristian Gherghina; Liliana Nicoleta Simionescu; Oana Simona Hudea. 2019. "Exploring Foreign Direct Investment–Economic Growth Nexus—Empirical Evidence from Central and Eastern European Countries." Sustainability 11, no. 19: 5421.

Journal article
Published: 27 September 2019 in Energies
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Energy is considered a critical driver of social and economic progress, but the use of conventional energy from fossil fuel sources is viewed as the main contributor to greenhouse gases that cause global warming. To overcome such issues, renewable energy technologies appeared as a viable substitute which lessens pollutant emissions and protect the environment. This paper investigates the impact of energy consumption and environmental pollution on economic growth, also exploring the causal associations, for a sample of 11 Central and Eastern European states over the period 2000 to 2016. The outcomes of panel data regressions indicate evidence of a non-linear link between renewable energy (both overall, as well as in form of hydro and wind power) and gross domestic product per capita growth. The non-linear relations were also established in case of alternative & nuclear energy and fossil fuel energy consumption. However, the influence of non-renewable energy on growth was not statistically significant, whereas greenhouse gases emissions exhibited mostly a positive impact on economic growth. The robustness checks by panel fully modified and dynamic ordinary least squares showed almost the similar pattern of results. The results of Granger causalities within six panel vector error correction models supported in the short-run the conservation hypothesis for renewable energy (overall), but also for hydro power and solid biofuels, excluding charcoal. In the long-run the growth hypothesis was established for renewable energy (overall), along with wind power, solid biofuels, excluding charcoal and geothermal energy. The findings imply that CEECs policy makers should consider imperative investments in the development of renewable energy sector.

ACS Style

Daniel Ştefan Armeanu; Ştefan Cristian Gherghina; George Pasmangiu. Exploring the Causal Nexus between Energy Consumption, Environmental Pollution and Economic Growth: Empirical Evidence from Central and Eastern Europe. Energies 2019, 12, 3704 .

AMA Style

Daniel Ştefan Armeanu, Ştefan Cristian Gherghina, George Pasmangiu. Exploring the Causal Nexus between Energy Consumption, Environmental Pollution and Economic Growth: Empirical Evidence from Central and Eastern Europe. Energies. 2019; 12 (19):3704.

Chicago/Turabian Style

Daniel Ştefan Armeanu; Ştefan Cristian Gherghina; George Pasmangiu. 2019. "Exploring the Causal Nexus between Energy Consumption, Environmental Pollution and Economic Growth: Empirical Evidence from Central and Eastern Europe." Energies 12, no. 19: 3704.

Journal article
Published: 17 April 2019 in Energies
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His paper aims to establish whether the Romanian energy market has an influence on the good running of the associated capital market. In order to achieve this objective, we approached a series of econometric techniques that allowed us to study the cointegration between variables, the presence of short-term or long-term causality relationships, and the application of impulse-response functions to analyze how the BET index responds to the shocks applied. The empirical findings from the Johansen cointegration test, ARDL model, and VAR/VECM models confirmed both the presence of a long-term and short-term relationship between the energy market and capital market. From all energy market indicators, only hard coal presented a causal relationship with the BET index. We also noticed a unidirectional relationship from the WTI crude oil to the Romanian capital market. Our findings should be of interest to researchers, regulators, and market participants.

ACS Style

Daniel Ştefan Armeanu; Camelia Cătălina Joldeş; Ştefan Cristian Gherghina. On the Linkage between the Energy Market and Stock Returns: Evidence from Romania. Energies 2019, 12, 1463 .

AMA Style

Daniel Ştefan Armeanu, Camelia Cătălina Joldeş, Ştefan Cristian Gherghina. On the Linkage between the Energy Market and Stock Returns: Evidence from Romania. Energies. 2019; 12 (8):1463.

Chicago/Turabian Style

Daniel Ştefan Armeanu; Camelia Cătălina Joldeş; Ştefan Cristian Gherghina. 2019. "On the Linkage between the Energy Market and Stock Returns: Evidence from Romania." Energies 12, no. 8: 1463.

Journal article
Published: 03 March 2019 in Sustainability
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This paper explores the sensitivity of Romanian collective investment undertakings’ returns to changes in equity, fixed income and foreign exchange market returns. We use a sample of 80 open-end investment funds and pension funds with daily returns between 2016 and 2018. Our methodology consists of measuring changes in the daily conditional volatility for the fund returns (EGARCH) and changes in their conditional correlation with selected market risk factors (DCC MV-GARCH) throughout different volatility regimes identified using a Markov Regime Switching model. We argue that, on average, the level of conditional correlations between funds and market risk factors remained stable and unconcerned by the volatility regimes. In addition, for only less than half of the funds in the sample, their volatility regimes were synchronized with those of the selected market risk factors. We found that, on average, fund returns are more correlated with equity returns and less correlated with changes in local bond yields, while not being significantly influenced by changes in foreign bond yields or changes in foreign exchange. During the period investigated equity returns were the most volatile while the funds returns volatility were, on average, much more reduced. Overall, our results show the resilience of the Romanian collective investment sector to the selected market risk factors, during the investigated period.

ACS Style

Leonardo Badea; Daniel Ştefan Armeanu; Iulian Panait; Ştefan Cristian Gherghina. A Markov Regime Switching Approach towards Assessing Resilience of Romanian Collective Investment Undertakings. Sustainability 2019, 11, 1325 .

AMA Style

Leonardo Badea, Daniel Ştefan Armeanu, Iulian Panait, Ştefan Cristian Gherghina. A Markov Regime Switching Approach towards Assessing Resilience of Romanian Collective Investment Undertakings. Sustainability. 2019; 11 (5):1325.

Chicago/Turabian Style

Leonardo Badea; Daniel Ştefan Armeanu; Iulian Panait; Ştefan Cristian Gherghina. 2019. "A Markov Regime Switching Approach towards Assessing Resilience of Romanian Collective Investment Undertakings." Sustainability 11, no. 5: 1325.

Journal article
Published: 16 August 2018 in Sustainability
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This paper examines the nexus between the main forms of transport, related investments, specific air pollutants, and sustainable economic growth. The research is important since transport may act as a facilitator of social, economic, and environmental development. Based on data retrieved from Eurostat, Organisation for Economic Co-operation and Development (OECD), and World Bank, the output of fixed-effects regressions for EU-28 countries over 1990–2016 reveals that road, inland waterways, maritime, and air transport infrastructure positively influence gross domestic product per capita (GDPC), though a negative link occurred in the case of railway transport. As concerning investments in transport infrastructure, the empirical results exhibit a positive impact on economic growth for every type of transport, except inland waterways. Besides, emissions of CO2 from all kind of transport, alongside other specific air pollutants, negatively influence GDPC. The fully modified and dynamic ordinary least squares panel estimation results reinforce the findings. Further, in the short-run, Granger causality based on panel vector error correction model pointed out a unidirectional causal link running from sustainable economic growth to inland waterways and maritime transport of goods, albeit a one-way causal link running from the volume of goods transported by air to GDPC. As well, the empirical results provide support one-way short-run links running from GDPC to investments in road and inland waterway transport infrastructure. In addition, a bidirectional short-run link occurred between carbon dioxide emissions from railway transport and GDPC, whereas unidirectional relations with economic growth were identified in the case of carbon dioxide emissions from road and domestic aviation. In the long-run, a bidirectional causal relation was noticed between the length of the railways lines, investments in railway transport infrastructure, and GDPC, as well as a two-way causal link between the gross weight of seaborne goods handled in ports and GDPC.

ACS Style

Ştefan Cristian Gherghina; Mihaela Onofrei; Georgeta Vintilă; Daniel Ştefan Armeanu. Empirical Evidence from EU-28 Countries on Resilient Transport Infrastructure Systems and Sustainable Economic Growth. Sustainability 2018, 10, 2900 .

AMA Style

Ştefan Cristian Gherghina, Mihaela Onofrei, Georgeta Vintilă, Daniel Ştefan Armeanu. Empirical Evidence from EU-28 Countries on Resilient Transport Infrastructure Systems and Sustainable Economic Growth. Sustainability. 2018; 10 (8):2900.

Chicago/Turabian Style

Ştefan Cristian Gherghina; Mihaela Onofrei; Georgeta Vintilă; Daniel Ştefan Armeanu. 2018. "Empirical Evidence from EU-28 Countries on Resilient Transport Infrastructure Systems and Sustainable Economic Growth." Sustainability 10, no. 8: 2900.

Research article
Published: 09 May 2018 in PLOS ONE
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This study examines the Environmental Kuznets Curve hypothesis (EKC), considering the primary energy consumption among other country-specific variables, for a panel of the EU-28 countries during the period 1990–2014. By estimating pooled OLS regressions with Driscoll-Kraay standard errors in order to account for cross-sectional dependence, the results confirm the EKC hypothesis in the case of emissions of sulfur oxides and emissions of non-methane volatile organic compounds. In addition to pooled estimations, the output of fixed-effects regressions with Driscoll-Kraay standard errors support the EKC hypothesis for greenhouse gas emissions, greenhouse gas emissions intensity of energy consumption, emissions of nitrogen oxides, emissions of non-methane volatile organic compounds and emissions of ammonia. Additionally, the empirical findings from panel vector error correction model reveal a short-run unidirectional causality from GDP per capita growth to greenhouse gas emissions, as well as a bidirectional causal link between primary energy consumption and greenhouse gas emissions. Furthermore, since there occurred no causal link between economic growth and primary energy consumption, the neo-classical view was confirmed, namely the neutrality hypothesis.

ACS Style

Daniel Armeanu; Georgeta Vintilă; Jean Vasile Andrei; Ştefan Cristian Gherghina; Mihaela Cristina Drăgoi; Cristian Teodor. Exploring the link between environmental pollution and economic growth in EU-28 countries: Is there an environmental Kuznets curve? PLOS ONE 2018, 13, e0195708 .

AMA Style

Daniel Armeanu, Georgeta Vintilă, Jean Vasile Andrei, Ştefan Cristian Gherghina, Mihaela Cristina Drăgoi, Cristian Teodor. Exploring the link between environmental pollution and economic growth in EU-28 countries: Is there an environmental Kuznets curve? PLOS ONE. 2018; 13 (5):e0195708.

Chicago/Turabian Style

Daniel Armeanu; Georgeta Vintilă; Jean Vasile Andrei; Ştefan Cristian Gherghina; Mihaela Cristina Drăgoi; Cristian Teodor. 2018. "Exploring the link between environmental pollution and economic growth in EU-28 countries: Is there an environmental Kuznets curve?" PLOS ONE 13, no. 5: e0195708.

Journal article
Published: 10 April 2018 in International Journal of Financial Studies
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This paper analyzes the evolution of the main theories regarding the capital structure and the related impact on risk and corporate performance. The capital structure is a dynamic process that changes over time, depending on the variables that influence the overall evolution of the economy, a particular sector, or a company. It may also change depending on the company’s forecasts of its expected profitability, capital structure being, in fact, a risk–return compromise. This study contributes to the literature by investigating the drivers of capital structure of the firms from the Romanian market. For the econometric analysis, we applied multivariate fixed-effects regressions, as well as dynamic panel-data estimations (two-step system generalized method of moments, GMM) on a panel comprising the companies listed on the Bucharest Stock Exchange. The analyzed period, 2000–2016, covers a cycle with significant changes in the Romanian economy. Our results showed that leverage is positively correlated with the size of the company and the share price volatility. On the other hand, the debt structure has a different impact on corporate performance, whether this calculated on accounting measures or seen as market share price evolution.

ACS Style

Elena Alexandra Nenu; Georgeta Vintilă; Ştefan Cristian Gherghina. The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies. International Journal of Financial Studies 2018, 6, 41 .

AMA Style

Elena Alexandra Nenu, Georgeta Vintilă, Ştefan Cristian Gherghina. The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies. International Journal of Financial Studies. 2018; 6 (2):41.

Chicago/Turabian Style

Elena Alexandra Nenu; Georgeta Vintilă; Ştefan Cristian Gherghina. 2018. "The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies." International Journal of Financial Studies 6, no. 2: 41.

Journal article
Published: 13 February 2018 in Emerging Markets Finance and Trade
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This article examines the driving factors of the effective corporate tax rate (ECTR) for a sample of companies listed on five Eastern European stock exchanges (Romania, Hungary, Poland, Bulgaria, and Slovenia), covering the period 2000–2016. The empirical research covers variables regarding firm characteristics (e.g., profitability, efficiency of assets, indebtedness, liquidity, and solvency), firm-level controls, auditing fees, and the statutory rate. The estimated panel data models provide support for a positive link between the ECTR and profitability, debt, capital and inventory intensity, firm size, and statutory rate, strengthening the validity of political cost theory. Further, the negative link between market capitalization and assets growth supports the idea of political power theory.

ACS Style

Georgeta Vintilă; Ştefan Cristian Gherghina; Radu Alin Păunescu. Study of Effective Corporate Tax Rate and Its Influential Factors: Empirical Evidence from Emerging European Markets. Emerging Markets Finance and Trade 2018, 54, 571 -590.

AMA Style

Georgeta Vintilă, Ştefan Cristian Gherghina, Radu Alin Păunescu. Study of Effective Corporate Tax Rate and Its Influential Factors: Empirical Evidence from Emerging European Markets. Emerging Markets Finance and Trade. 2018; 54 (3):571-590.

Chicago/Turabian Style

Georgeta Vintilă; Ştefan Cristian Gherghina; Radu Alin Păunescu. 2018. "Study of Effective Corporate Tax Rate and Its Influential Factors: Empirical Evidence from Emerging European Markets." Emerging Markets Finance and Trade 54, no. 3: 571-590.

Journal article
Published: 21 December 2017 in Sustainability
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This study aims at empirically investigating the drivers of sustainable economic growth in EU-28 countries. By means of panel data regression models, in the form of fixed and random effects models, alongside system generalized method of moments, we examine several drivers of real gross domestic product (GDP) growth rate, as follows: higher education, business environment, infrastructure, technology, communications, and media, population lifestyle, and demographic changes. As regards higher education, the empirical results show that expenditure per student in higher education and traditional 18–22 year-old students are positively linked with sustainable economic growth, whereas science and technology graduates negatively influence real GDP growth. In terms of business environment, total expenditure on research and development and employment rates of recent graduates contributes to sustainable development, but corruption perceptions index revealed a negative association with economic growth. As well, the results provide support for a negative influence of infrastructure abreast technological measures on economic growth. Besides, we found a negative connection between old-age dependency ratio and sustainable economic growth.

ACS Style

Daniel Ştefan Armeanu; Georgeta Vintilă; Ştefan Cristian Gherghina. Empirical Study towards the Drivers of Sustainable Economic Growth in EU-28 Countries. Sustainability 2017, 10, 4 .

AMA Style

Daniel Ştefan Armeanu, Georgeta Vintilă, Ştefan Cristian Gherghina. Empirical Study towards the Drivers of Sustainable Economic Growth in EU-28 Countries. Sustainability. 2017; 10 (2):4.

Chicago/Turabian Style

Daniel Ştefan Armeanu; Georgeta Vintilă; Ştefan Cristian Gherghina. 2017. "Empirical Study towards the Drivers of Sustainable Economic Growth in EU-28 Countries." Sustainability 10, no. 2: 4.

Journal article
Published: 01 May 2017 in European Journal of Sustainable Development
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ACS Style

Georgeta Vintilă; Mihaela Onofrei; Ştefan Cristian Gherghina. MULTIDIMENSIONAL DATA ANALYSIS TOWARDS ASSESSING THE EUROPEAN EDUCATION SYSTEMS. European Journal of Sustainable Development 2017, 6, 69-88 .

AMA Style

Georgeta Vintilă, Mihaela Onofrei, Ştefan Cristian Gherghina. MULTIDIMENSIONAL DATA ANALYSIS TOWARDS ASSESSING THE EUROPEAN EDUCATION SYSTEMS. European Journal of Sustainable Development. 2017; 6 (2):69-88.

Chicago/Turabian Style

Georgeta Vintilă; Mihaela Onofrei; Ştefan Cristian Gherghina. 2017. "MULTIDIMENSIONAL DATA ANALYSIS TOWARDS ASSESSING THE EUROPEAN EDUCATION SYSTEMS." European Journal of Sustainable Development 6, no. 2: 69-88.

Journal article
Published: 17 March 2017 in Energies
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Energy is crucial to economic progress, but the contemporary worldwide population increase that demands greater energy generated from conventional exhaustible resources, an energy price upsurge, and environmental concerns, imperils sustainable economic growth. Nevertheless, switching to renewable energy produced from naturally replenished resources promotes energy security, likewise addressing issues such as global warming and climate change. This paper aims at exploring the influence and causal relation between renewable energy, both overall and by type, and sustainable economic growth of European Union (EU)-28 countries for the period of 2003–2014. We notice that the mean share of renewable energy in the gross final energy consumption is 15%, while the mean share of renewable energy in transport fuel consumption is 3%, which are below the thresholds of 20% and 10%, respectively, as set by the EU Directive 2009/28/EC. By estimating panel data fixed-effects regression models, the results provide support for a positive influence of renewable energy overall, as well as by type, namely biomass, hydropower, geothermal energy, wind power, and solar energy on gross domestic product per capita. However, biomass energy shows the highest influence on economic growth among the rest of renewable energy types. In fact, a 1% increase of the primary production of solid biofuels increases GDP per capita by 0.16%. Besides, cointegrating regressions set on panel fully modified and dynamic ordinary least squares regressions confirm the positive influence related to the primary production of renewable energies on economic growth. A 1% increase in primary production of renewable energies increases GDP per capita by 0.05%–0.06%. However, the results of Granger causality based on panel vector error correction model indicate both in short-run and long-run a unidirectional causal relationship running from sustainable economic growth to the primary production of renewable energies, being supported the conservation hypothesis.

ACS Style

Daniel Ştefan Armeanu; Georgeta Vintilă; Ştefan Cristian Gherghina. Does Renewable Energy Drive Sustainable Economic Growth? Multivariate Panel Data Evidence for EU-28 Countries. Energies 2017, 10, 381 .

AMA Style

Daniel Ştefan Armeanu, Georgeta Vintilă, Ştefan Cristian Gherghina. Does Renewable Energy Drive Sustainable Economic Growth? Multivariate Panel Data Evidence for EU-28 Countries. Energies. 2017; 10 (3):381.

Chicago/Turabian Style

Daniel Ştefan Armeanu; Georgeta Vintilă; Ştefan Cristian Gherghina. 2017. "Does Renewable Energy Drive Sustainable Economic Growth? Multivariate Panel Data Evidence for EU-28 Countries." Energies 10, no. 3: 381.