The intellectual capital in its dynamic approach focusses on the development of the entropic model, which expresses the dynamic transformation of the theoretical intellectual capital in a concrete and useful intellectual capital. The aim of the present paper is to perform a detailed analysis of the intellectual capital inside the SMES of the North-Est region of the country. It also speaks about the influence of the main integrators of the intellectual capital, divided into three elements: the cognitive, the emotional and the spiritual capital, about how they are acting as a field of forces upon the basic components of the intellectual capital, such as knowledge, intelligence and values and how they determine the generation and development of the intellectual capital in the eastern analyzed SMEs. Both jobs and teams inside the analyzed SMEs are stimulating the development of the intellectual skills, which reduces the need for involving the external experts, by appealing only those specialists who could transform the tacit knowledge into explicit knowledge. The organizational communication provides the necessary information and contributes to the establishment of a fair climate and of the effective relationships between managers and employees, between work mates, and also with the people outside the organization.

Intellectual capital has become a key element of the knowledge economy and the knowledge economy, which includes today even the SMEs from Romania, alongside with other types of organizations, puts a great emphasis on the exploitation of the intellectual capital. The SMEs employees create a constructive work environment, they manifest a mutual trust and most of them have an appropriate work behavior conforming to the internal standards. The jobs and the teams formed inside the analyzed SMEs are stimulating the development of the intellectual skills, which reduces the need of involving external experts, appealing those experts would transform tacit knowledge into explicit knowledge. The organizational communication provides the necessary information for the employees and contributes to the establishment of certain fair and effective relationships between managers and employees, between colleagues, but also with the people outside the organization.

The purpose of this study is to emphasize the main aspects regarding the evolution of the capital market in Romania in the context of the COVID-19 pandemic. This study tries to present the main aspects which marked the evolution of the national capital market in the last period. The domestic capital market went through a delicate period during the beginning of 2020, since in times of crisis the stock markets react emotionally and thus, are recorded relatively important fluctuations. Although the COVID-19 pandemic created a lot of uncertainty in the capital market, the end of 2020 brought back optimism among investors. In 2021, the d domestic capital market recovered all the decreases registered in 2020 and ended this year with very good results.

To become more competitive, the SMEs in our study should encourage learning at all the organizational levels, meaning becoming learning organizations. The lifelong learning has become a vital necessity of the contemporary society, it is a theoretical principle and it acts to describe a specific reality of our century. The lifelong education should not be conceived as a mere preparation for life but as an important dimension, a continuous existential one, whose duration is overlapped with the life span. This research aims to capture the boundaries, inside the SMEs, where the organizational culture acts as an impulse for learning. The used investigation method was based on the findings and attitudes revealed by a questionnaire survey, on a systematic observation upon the phenomena and from the synthesis of some previous studies in this area. The paperwork emphasizes the importance of the strategic orientation towards knowledge management, stressing that the main advantage that such an economic entity as a SME can have is the ability to systematically and continuously exploit the obtained knowledge. The organizational learning may be even a means to achieve certain strategic objectives.