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This study explores drivers of fast-food consumption in Romania using the Theory of Planned Behavior. We analyze 532 responses to an online survey and use partial least squares path modeling to estimate the relationships between the intention to consume fast food and its possible determinants. Our results show that the most significant predictor is the subjective norms (injunctive norms: β = 0.218, p< 0.001; descriptive norms: β = 0.192, p< 0.001). Among the affective and cognitive attitudes, only the latter is statistically significant in predicting the intention (β = 0.088, p = 0.020), while perceived behavioral control is not significantly associated with intention toward fast-food consumption. We explain how our results can help policymakers to design better interventions on public health concerns about fast-food consumption and population obesity, especially children obesity.
Abigaela Bîlbîie; Elena Druică; Remus Dumitrescu; Daniela Aducovschi; Robert Sakizlian; Monica Sakizlian. Determinants of Fast-Food Consumption in Romania: An Application of the Theory of Planned Behavior. Foods 2021, 10, 1877 .
AMA StyleAbigaela Bîlbîie, Elena Druică, Remus Dumitrescu, Daniela Aducovschi, Robert Sakizlian, Monica Sakizlian. Determinants of Fast-Food Consumption in Romania: An Application of the Theory of Planned Behavior. Foods. 2021; 10 (8):1877.
Chicago/Turabian StyleAbigaela Bîlbîie; Elena Druică; Remus Dumitrescu; Daniela Aducovschi; Robert Sakizlian; Monica Sakizlian. 2021. "Determinants of Fast-Food Consumption in Romania: An Application of the Theory of Planned Behavior." Foods 10, no. 8: 1877.
We tested the Youth Physical Activity Promotion (YPAP) framework on Romanian students in order to identify actionable determinants to support participation in physical activity. Our sample consisted of 665 responses to an online survey, with participants aged 18–23 (mean = 19 years); 70% were women. We used the partial least squares algorithm to estimate the relationships between students’ behavior and possible predictors during the COVID-19 pandemic. Our results indicate that all the theoretical dimensions of YPAP (predisposing, enabling and reinforcing) have a positive and significant impact on physical activity, with two mediating mechanisms expressed as predisposing factors: able and worth. Unlike previous research, we used second-order latent constructs, unveiling a particular structure for the enabling dimension that only includes sport competence, fitness and skills, but not the environmental factors.
Elena Druică; Rodica Ianole-Călin; Monica Sakizlian; Daniela Aducovschi; Remus Dumitrescu; Robert Sakizlian. Testing the Youth Physical Activity Promotion Model during the COVID-19 Pandemic, with Partial Least Squares Second-Order Latent Constructs. International Journal of Environmental Research and Public Health 2021, 18, 6398 .
AMA StyleElena Druică, Rodica Ianole-Călin, Monica Sakizlian, Daniela Aducovschi, Remus Dumitrescu, Robert Sakizlian. Testing the Youth Physical Activity Promotion Model during the COVID-19 Pandemic, with Partial Least Squares Second-Order Latent Constructs. International Journal of Environmental Research and Public Health. 2021; 18 (12):6398.
Chicago/Turabian StyleElena Druică; Rodica Ianole-Călin; Monica Sakizlian; Daniela Aducovschi; Remus Dumitrescu; Robert Sakizlian. 2021. "Testing the Youth Physical Activity Promotion Model during the COVID-19 Pandemic, with Partial Least Squares Second-Order Latent Constructs." International Journal of Environmental Research and Public Health 18, no. 12: 6398.
Patient’s satisfaction with community pharmacy services, and patients’ trust in the information received in community pharmacies are important drivers of pharmaceutical care adoption. An online questionnaire assessing patient satisfaction with the services received in pharmacies and trust in the pharmacist’s advice, along with their determinants, was administered to 343 Romanian chronic and non-chronic patients. Using various statistical tests, exploratory factor analysis, and robust regression we explored determinants of satisfaction and trust. We found that satisfaction with services is predicted by pharmacists’ attitude (β = 631, p < 0.001), low waiting time (β = 0.180, p < 0.001), affordable cost of the drugs (β = 0.09, p = 0.009), and drug availability (β = 0.157, p < 0.001). At the same time, trust in the information received is driven by pharmacists’ attention (β = 0.610, p < 0.001), whether the patient received precautionary information (β = 0.425, p < 0.001), low waiting time (β = 0.287, p < 0.001), and whether the respondent is a chronic patient or not (non-chronic patients express more trust, β = 0.328, p = 0.04). Our study expands the existing paradigm that sees trust as a simple predictor of satisfaction by showing that trust and satisfaction are predicted by different variables, and thus they should be addressed using different strategies. In fact, we found that they share only one predictor—waiting time, highly significant in both cases. Our findings show that, without prioritizing trust in the information received in community pharmacies to reduce information asymmetry between patient and pharmacist, the focus only on patient satisfaction may lead to a scenario in which community pharmacies will end up to be better integrated in the business sector and not in the public health system.
Elena Druică; Rodica Ianole-Călin; Cristian Băicuș; Raluca Dinescu. Determinants of Satisfaction with Services, and Trust in the Information Received in Community Pharmacies: A Comparative Analysis to Foster Pharmaceutical Care Adoption. Healthcare 2021, 9, 562 .
AMA StyleElena Druică, Rodica Ianole-Călin, Cristian Băicuș, Raluca Dinescu. Determinants of Satisfaction with Services, and Trust in the Information Received in Community Pharmacies: A Comparative Analysis to Foster Pharmaceutical Care Adoption. Healthcare. 2021; 9 (5):562.
Chicago/Turabian StyleElena Druică; Rodica Ianole-Călin; Cristian Băicuș; Raluca Dinescu. 2021. "Determinants of Satisfaction with Services, and Trust in the Information Received in Community Pharmacies: A Comparative Analysis to Foster Pharmaceutical Care Adoption." Healthcare 9, no. 5: 562.
We use the Knowledge, Perceptions and Practices framework to analyze determinants of three types of self-medication practices in Romania: (1) self-medication in the case of cold/flu/viral infections; (2) taking non-prescribed medicine in general; and (3) self-medication based on recommendations by others. We analyzed 706 responses to an online survey and used a factor-based Partial Least Squares algorithm (PLSF) to estimate the relationships between each type of self-medication and possible predictors. Our results show that self–medication is strongly predicted by non-cognitive behavioral factors such as habits and similarity of symptoms, while cognitive determinants such as knowledge and understanding of potential risks are not significantly associated with self-medication behaviors. This paper identifies nonlinear relationships among self-medication practices and its predictors and discusses how our results can help policymakers calibrate interventions with better accuracy.
Elena Druică; Cristian Băicuș; Rodica Ianole-Călin; Ronald Fischer. Information or Habit: What Health Policy Makers Should Know about the Drivers of Self-Medication among Romanians. International Journal of Environmental Research and Public Health 2021, 18, 689 .
AMA StyleElena Druică, Cristian Băicuș, Rodica Ianole-Călin, Ronald Fischer. Information or Habit: What Health Policy Makers Should Know about the Drivers of Self-Medication among Romanians. International Journal of Environmental Research and Public Health. 2021; 18 (2):689.
Chicago/Turabian StyleElena Druică; Cristian Băicuș; Rodica Ianole-Călin; Ronald Fischer. 2021. "Information or Habit: What Health Policy Makers Should Know about the Drivers of Self-Medication among Romanians." International Journal of Environmental Research and Public Health 18, no. 2: 689.
Hospital accreditation, as a quality signal, is gaining its popularity among low- and middle-income countries, such as Romania, despite its costly nature. Nevertheless, its effectiveness as a quality signal in driving patients’ choice of hospital services remains unclear. In this study, we intend to empirically explore the perceptions of both healthcare professionals and patients toward Romanian hospital accreditation and identify perception gaps between the two parties. Exploratory and confirmatory factor analyses were carried out to extract the latent constructs of health professionals’ perceived effects of hospital accreditation. The Wilcoxon rank-sum test and Kruskal–Wallis test were used to identify correlations between patients’ sociodemographic characteristics and their behavioral intentions when confronted with low-quality services. We found that health professionals believe that hospital accreditation plays a positive role in improving patient satisfaction, institutional reputation, and healthcare services quality. However, we found a lack of awareness of hospital accreditation status among patients, indicating the existence of the perception gap of the accreditation effectiveness as a market signal. Our results suggest that the effect of interpersonal trust in current service providers may distract patients from the accreditation status. Our study provides important practical implications for Romanian hospitals on enhancing the quality of accreditation signal and suggests practical interventions.
Elena Druică; Bingyi Wu; Vasile Cepoi; Viorel Mihăilă; Marin Burcea. Testing the Strength of Hospital Accreditation as a Signal of the Quality of Care in Romania: Do Patients’ and Health Professionals’ Perceptions Align? Healthcare 2020, 8, 349 .
AMA StyleElena Druică, Bingyi Wu, Vasile Cepoi, Viorel Mihăilă, Marin Burcea. Testing the Strength of Hospital Accreditation as a Signal of the Quality of Care in Romania: Do Patients’ and Health Professionals’ Perceptions Align? Healthcare. 2020; 8 (3):349.
Chicago/Turabian StyleElena Druică; Bingyi Wu; Vasile Cepoi; Viorel Mihăilă; Marin Burcea. 2020. "Testing the Strength of Hospital Accreditation as a Signal of the Quality of Care in Romania: Do Patients’ and Health Professionals’ Perceptions Align?" Healthcare 8, no. 3: 349.
Given the importance of perceived susceptibility to a disease in adopting preventive behaviors, and the negative impact of optimism bias on prevention, this paper aimed to explore to what extent comparative optimism bias (understood as the tendency to assess a lower probability for oneself to experience negative health events compared to others) is present in the specific context of the Covid-19 pandemic, in two countries with different profiles in terms of the spread of the disease: Italy and Romania. After identifying optimism bias in both countries, we tested whether it depends on respondents’ characteristics like gender, age, education, health status and whether or not they have the opportunity to work from home. We surveyed 1126 Romanians and 742 Italians, and found that optimism bias depends on self-reported health status, and that optimism bias increases with age. Inconclusive evidences were found regarding gender and education level, as well as the option to work from home.
Elena Druică; Fabio Musso; Rodica Ianole-Călin. Optimism Bias during the Covid-19 Pandemic: Empirical Evidence from Romania and Italy. Games 2020, 11, 39 .
AMA StyleElena Druică, Fabio Musso, Rodica Ianole-Călin. Optimism Bias during the Covid-19 Pandemic: Empirical Evidence from Romania and Italy. Games. 2020; 11 (3):39.
Chicago/Turabian StyleElena Druică; Fabio Musso; Rodica Ianole-Călin. 2020. "Optimism Bias during the Covid-19 Pandemic: Empirical Evidence from Romania and Italy." Games 11, no. 3: 39.
We investigate the level of tolerance towards tax non-compliance and the informal economy in Romania, using a sample of 250 respondents. This variable is determined by a complex set of latent variables that include, but is not limited to, state capacity, social and business norms, the perception of non-compliance, and the perception of distributive justice. We find that our respondents are intolerant towards tax evasion and the informal economy, but the level of intolerance is relatively mild. Using a partial least squares—path modeling approach, we also find that a weak state capacity and the perception of lack of distributive justice increases the level of tolerance. The perception of tax evasion stemming from media reports, and the respondents’ own self-enhancement bias, combine to push the level of tolerance lower.
Călin Vâlsan; Elena Druică; Rodica Ianole-Călin. State Capacity and Tolerance towards Tax Evasion: First Evidence from Romania. Administrative Sciences 2020, 10, 33 .
AMA StyleCălin Vâlsan, Elena Druică, Rodica Ianole-Călin. State Capacity and Tolerance towards Tax Evasion: First Evidence from Romania. Administrative Sciences. 2020; 10 (2):33.
Chicago/Turabian StyleCălin Vâlsan; Elena Druică; Rodica Ianole-Călin. 2020. "State Capacity and Tolerance towards Tax Evasion: First Evidence from Romania." Administrative Sciences 10, no. 2: 33.
We investigate the extent to which the United States and the countries of Europe have achieved economic convergence of their corporate sector. We define convergence as the homogenization of economic performance, institutional arrangements, and market valuation taking place at the meso-economic level. We perform a cluster analysis along industry lines and find that industries and corporations on both continents cluster in four groups, based on six variables measuring operating performance, ownership, and market valuation. The clusters resulted from the US data are more unstable than those resulted from European data. We are also able to pair a handful of highly similar clusters between the US and European data. These findings suggest a complex dynamic. It seems that the US corporate sector is more homogeneous than the European one. Moreover, some degree of convergence between the European Union and the United States appears to have already occurred.
Călin Vâlsan; Elena Druică. Corporate Performance and Economic Convergence between Europe and the US: A Cluster Analysis Along Industry Lines. Mathematics 2020, 8, 451 .
AMA StyleCălin Vâlsan, Elena Druică. Corporate Performance and Economic Convergence between Europe and the US: A Cluster Analysis Along Industry Lines. Mathematics. 2020; 8 (3):451.
Chicago/Turabian StyleCălin Vâlsan; Elena Druică. 2020. "Corporate Performance and Economic Convergence between Europe and the US: A Cluster Analysis Along Industry Lines." Mathematics 8, no. 3: 451.
Introduction: Patients' satisfaction was extensively researched over the last decades, given its role in building loyalty, compliance to treatment, prevention, and eventually higher levels of wellbeing and improved health status. Patients' feedback on the perceived quality of health services can be incorporated into practice; therefore, understanding factors and mechanisms responsible for patients' satisfaction allows providers to tailor targeted interventions. Method: A questionnaire assessing patients' perception of the quality of health services was administered to a country-representative sample of 1500 Romanian patients. Using a partial least squares-path modeling approach (PLS-PM), with cross-sectional data, we developed a variance-based structural model, emphasizing the mediating role of trust and satisfaction with various categories of health services. Results: We confirmed the mediating role of trust in shaping the relationship between the procedural accuracy of health professionals, along with the perceived intensity of their interaction with patients, and patients' experienced quality of the health services. We confirmed the mediating role of satisfaction by the categories of services in the relationship between waiting time on the premises, attention received, and the perceived reliability of the information received, as predictors, and the experienced quality of the health services. In addition, indirect assessment of patients' satisfaction is a good predictor for direct assessment, thereby affirming the idea that the results of the two types of evaluations converge. Discussions: One of the most efficient solutions to increase both patients' satisfaction and their compliance is to empower the communication dimension between patients and health practitioners. Given the non-linear relationships among variables, we advocate that, unless the nature of the relationships between satisfaction and its predictors is understood, practical interventions could fail. The most relevant variable for intervention is the degree of attention patients perceive they received. We suggest three methods to turn waiting time into attention given to patients.
Elena Druică; Viorel Mihăilă; Marin Burcea; Vasile Cepoi. Combining Direct and Indirect Measurements to Assess Patients' Satisfaction with the Quality of Public Health Services in Romania: Uncovering Structural Mechanisms and Their Implications. International Journal of Environmental Research and Public Health 2019, 17, 152 .
AMA StyleElena Druică, Viorel Mihăilă, Marin Burcea, Vasile Cepoi. Combining Direct and Indirect Measurements to Assess Patients' Satisfaction with the Quality of Public Health Services in Romania: Uncovering Structural Mechanisms and Their Implications. International Journal of Environmental Research and Public Health. 2019; 17 (1):152.
Chicago/Turabian StyleElena Druică; Viorel Mihăilă; Marin Burcea; Vasile Cepoi. 2019. "Combining Direct and Indirect Measurements to Assess Patients' Satisfaction with the Quality of Public Health Services in Romania: Uncovering Structural Mechanisms and Their Implications." International Journal of Environmental Research and Public Health 17, no. 1: 152.
This paper advances the study of the relationship between the attitude towards academic dishonesty and other types of dishonest and even fraudulent behavior, such as tax evasion and piracy. It proposes a model in which the attitudes towards two types of cheating and fraud are systematically analyzed in connection with a complex set of latent construct determinants and control variables. It attempts to predict the tolerance towards tax evasion and social insurance fraud and piracy, using academic cheating as the main predictor. The proposed model surveys 504 student respondents, uses a partial least squares—path modeling analysis, and employs two subsets of latent constructs to account for context and disposition. The relationship between the outcome variable and the subset of predictors that account for context is mediated by yet another latent construct—Preoccupation about Money—that has been shown to strongly influence people’s attitude towards a whole range of social and economic behaviors. The results show academic dishonesty is a statistically significant predictor of an entire range of unethical and fraudulent behavior acceptance, and confirm the role played by both contextual and dispositional variables; moreover, they show that dispositional and contextual variables tend to be segregated according to how they impact the outcome. They also show that money priming does not act as a mediator, in spite of its stand-alone impact on the outcome variables. The most important result, however, is that the effect size of the main predictor is large. The contribution of this paper is two-fold: it advances a line of research previously sidestepped, and it proposes a comprehensive and robust model with a view to establish a hierarchy of significance and effect size in predicting deviance and fraud. Most of all, this research highlights the central role played by academic dishonesty in predicting the acceptance of any type of dishonest behavior, be it in the workplace, at home, or when discharging one’s responsibilities as a citizen. The results presented here give important clues as to where to start intervening in order to discourage the acceptance of deviance and fraud. Educators, university professors, and academic administrators should be at the forefront of targeted campaigns and policies aimed at fighting and reducing academic dishonesty.
Elena Druică; Călin Vâlsan; Rodica Ianole-Călin; Răzvan Mihail-Papuc; Irena Munteanu. Exploring the Link between Academic Dishonesty and Economic Delinquency: A Partial Least Squares Path Modeling Approach. Mathematics 2019, 7, 1241 .
AMA StyleElena Druică, Călin Vâlsan, Rodica Ianole-Călin, Răzvan Mihail-Papuc, Irena Munteanu. Exploring the Link between Academic Dishonesty and Economic Delinquency: A Partial Least Squares Path Modeling Approach. Mathematics. 2019; 7 (12):1241.
Chicago/Turabian StyleElena Druică; Călin Vâlsan; Rodica Ianole-Călin; Răzvan Mihail-Papuc; Irena Munteanu. 2019. "Exploring the Link between Academic Dishonesty and Economic Delinquency: A Partial Least Squares Path Modeling Approach." Mathematics 7, no. 12: 1241.
This paper investigates the distinct mechanisms through which energy poverty is linked to life satisfaction, via health status and one’s satisfaction with one’s own socioeconomic status, using data from the Life in Transition survey. Our sample contains 19,598 individuals from 11 former communist states located in Central and Eastern Europe, and two developed countries for comparison. We estimated a partial least squared–path model and found that both health status and socioeconomic status are relevant mediators. Our results also indicate that gender moderates the relation between health status and life satisfaction. Energy poverty has a low contribution to health status but a larger contribution to satisfaction with socioeconomic status, thus indicating that interventions on energy poverty may not greatly improve the level of health, but can have an influence on how people feel about their life. The contribution of our paper is twofold. On the one side, we continue to consolidate the existing link between energy poverty and self-reported health status with a new focus on the Central and Eastern European countries; on another side, we propose a theoretical framework expansion by including totally novel factors to be analyzed in this context: satisfaction with socioeconomic status, economic environment improvement, and intolerance.
Elena Druică; Zizi Goschin; Rodica Ianole-Călin. Energy Poverty and Life Satisfaction: Structural Mechanisms and Their Implications. Energies 2019, 12, 3988 .
AMA StyleElena Druică, Zizi Goschin, Rodica Ianole-Călin. Energy Poverty and Life Satisfaction: Structural Mechanisms and Their Implications. Energies. 2019; 12 (20):3988.
Chicago/Turabian StyleElena Druică; Zizi Goschin; Rodica Ianole-Călin. 2019. "Energy Poverty and Life Satisfaction: Structural Mechanisms and Their Implications." Energies 12, no. 20: 3988.
A common problem with using different statistical packages for the same data and method is the risk of getting dissimilar results. While the reasons behind this outcome are often known and accepted, the negative consequences might be significant. In a teaching environment, usually involving toy models, with no practical implications, only a reputation risk is at stake. Nevertheless, students should be aware of such incongruities, their causes and possible solutions. Starting from these considerations, our paper addresses the differences that arise between R and WarpPLS while applying the Partial Least Squares Path Modelling (PLS-PM) method. To this end we estimate a PLS-PM model for analysing health-positioning data, compare the results and explain how the two statistical packages differ and complement each other in an attempt to derive the best fit for the data.
Elena Druică; Zizi Goschin. Should Students Trust their Instructors in Statistics? Differences in PLS Path Modelling while using WarpPLS and R. Proceedings of the International Conference on Applied Statistics 2019, 1, 226 -239.
AMA StyleElena Druică, Zizi Goschin. Should Students Trust their Instructors in Statistics? Differences in PLS Path Modelling while using WarpPLS and R. Proceedings of the International Conference on Applied Statistics. 2019; 1 (1):226-239.
Chicago/Turabian StyleElena Druică; Zizi Goschin. 2019. "Should Students Trust their Instructors in Statistics? Differences in PLS Path Modelling while using WarpPLS and R." Proceedings of the International Conference on Applied Statistics 1, no. 1: 226-239.
We use panel data that consists of aggregated annual bank account balances and analyze the first two digits of each observation to evaluate conformity to Benford's Law. The data spans a period of 14 years, is naturally generated, and meets the “drawing from a sequence” criterion. We conduct a full battery of null hypothesis significance testing, and we also calculate annual mean absolute deviation and excess mean absolute deviation. The results range from marginal conformity to marginal non-conformity to Benford's Law. We concur with previous research and urge caution when approaching auditing and fraud detection using these analytic tools. This finding illustrates the concept of usual level of conformity, that is, a data-specific signature, driven by the idiosyncrasies of the process that generated it. We also examine the time series of annual mean absolute deviation and excess mean absolute deviation. In a couple of cases, the Dickey-Fuller tests suggest trend-stationarity, although the small number of observations renders the reliability of these results questionable.
Elena Druică; Bogdan Oancea; Călin Vâlsan. Benford's law and the limits of digit analysis. International Journal of Accounting Information Systems 2018, 31, 75 -82.
AMA StyleElena Druică, Bogdan Oancea, Călin Vâlsan. Benford's law and the limits of digit analysis. International Journal of Accounting Information Systems. 2018; 31 ():75-82.
Chicago/Turabian StyleElena Druică; Bogdan Oancea; Călin Vâlsan. 2018. "Benford's law and the limits of digit analysis." International Journal of Accounting Information Systems 31, no. : 75-82.
This work is a position paper discussing alternative viewpoints on factors that may influence the values of certain crucial healthcare efficiency indicators. We draw attention to the latest research in the area of behavioral economics, and make obvious certain inefficiencies in base healthcare packages, which are in close connection with human behavior. We begin with an analysis of healthcare expenses, first in absolute terms and then compare them with the Euro zone as well as former communist countries from Eastern Europe. The purpose is to offer multiple perspectives in relation to the widespread idea that medical care in Romania does not have the financial backing enjoyed in other places. We continue with the presentation of several healthcare variables and the attempt to find possible alternative explanations for their values and dynamics. Finally, we sum up with an emphasis on certain human behaviors that might underlie inefficiencies in healthcare packages and examine the corresponding experimental results, which offer some simple solutions to correct them.
Elena Druica; Rodica Ianole. How Behavioral Economics Can Help When You Think You Don't Have Enough Money. Health Economics and Healthcare Reform 2018, 236 -251.
AMA StyleElena Druica, Rodica Ianole. How Behavioral Economics Can Help When You Think You Don't Have Enough Money. Health Economics and Healthcare Reform. 2018; ():236-251.
Chicago/Turabian StyleElena Druica; Rodica Ianole. 2018. "How Behavioral Economics Can Help When You Think You Don't Have Enough Money." Health Economics and Healthcare Reform , no. : 236-251.
This study attempts to predict aggregate profits for small and medium Romanian firms using a relatively naïve model We use a dataset consisting of 4,519 observations spanning a period of eleven years, from 2001 to 2011 Each observation is obtained by aggregating the data associated with all small and medium firms that can be found for a given NACE and SIRUTA code in the greater Bucharest metropolitan area Our sample includes a number of more than 1,514 observations that correspond to firms with aggregate zero turnover and aggregate zero number of employees These are in fact shell companies, firms that are inactive, but somehow remained in the evidence of the Romanian Trade Register Office We split our sample into two distinct periods, using the 2008 financial crisis as the dividing point We fit a simple prediction model of aggregate total profits as a function of four variables, using the pre-financial crisis period We test the predictions of our model using the post-crisis period The results are imparting three important lessons First, by allowing shell companies in our sample, the prediction accuracy of our model appears to weaken Many surveys and economic policy studies conducted by the Romanian government take into account all companies in the evidence of the Trade Register Office, whether active or not We thus strongly recommend that policy initiatives be based solely on statistical surveys that include only firms in operation Second, we do not need very detailed information, a large number of explanatory variables, or a very sophisticated model in order to achieve a good prediction power Using only four variables, our naïve prediction model boasts an impressive out-of-sample R-square of almost 62% Third, the 2008 financial crisis that wreaked havoc in Western Europe and North America, represented a true tipping point for the economy of the greater Bucharest metropolitan area as well.
Călin Vâlsan; Elena Druică; Radu-Daniel Pintilii. An Exploratory Analysis of the Profitability of Small and Medium Firms Using Panel Data: The Case of the Greater Bucharest Metropolitan Area. Procedia Environmental Sciences 2016, 32, 337 -343.
AMA StyleCălin Vâlsan, Elena Druică, Radu-Daniel Pintilii. An Exploratory Analysis of the Profitability of Small and Medium Firms Using Panel Data: The Case of the Greater Bucharest Metropolitan Area. Procedia Environmental Sciences. 2016; 32 ():337-343.
Chicago/Turabian StyleCălin Vâlsan; Elena Druică; Radu-Daniel Pintilii. 2016. "An Exploratory Analysis of the Profitability of Small and Medium Firms Using Panel Data: The Case of the Greater Bucharest Metropolitan Area." Procedia Environmental Sciences 32, no. : 337-343.
We conduct an exploratory analysis using proxy measures of cross-sectional returns and rental yields in residential real estate. Asset pricing models predict that expected returns should exhibit some sensitivity to one or several fundamental variables that represent a common source of undiversifiable risk. Residential real estate, just like works of art and collectibles, is unique because it represents both an investment vehicle and a durable consumption good. Its pricing and returns should thus reflect both the benefits from portfolio diversification and the effect of supply and demand. In this paper, we investigate the variation in proxy returns and proxy rental yields across 34 major European cities, using a handful of independent variables that should account for the influence of market risk, inflation, and liquidity. In spite of obvious limitations stemming from our sample, we find that the explanatory power of our model is unusually high for a cross-sectional data analysis. Some of our findings concur with other studies showing that in spite of strong segmentation, real estate markets respond to the same structural risk factors. A good portion of our results, however, is hard to explain and interpret. Either we need to take into account cultural differences between Eastern and Western Europe as part of a behavioral approach, or we have to concede that we have been misled by the mismatch in the level of aggregation and the crude estimation of the dependent variables.
Elena Druică; Calin Valsan; Rodica Ianole. Residential Real Estate in Europe: An Exploration of Common Risk Factors. Review of Economic Perspectives 2015, 15, 413 -429.
AMA StyleElena Druică, Calin Valsan, Rodica Ianole. Residential Real Estate in Europe: An Exploration of Common Risk Factors. Review of Economic Perspectives. 2015; 15 (4):413-429.
Chicago/Turabian StyleElena Druică; Calin Valsan; Rodica Ianole. 2015. "Residential Real Estate in Europe: An Exploration of Common Risk Factors." Review of Economic Perspectives 15, no. 4: 413-429.
The natural experiments illustrated by the study of transitional economies in Eastern Europe continue to be an intricate but generous source of valuable lessons for both social and economic purposes, particularly under the framework set by integration and globalization phenomena. The present chapter tackles the Romanian transition process towards a market economy from a vivid historical perspective. The approach bears a specific distinction by the manner in which history is understood – a crucial determinant factor for such a complex path dependent interaction. The main focus is on the accumulation of social capital, specifically on its initial depletion under the underpinnings of the communist regime. Further along, the discourse follows the insidious transformation within the more recent models of post-communist and capitalist economic development. The rise of free markets is analyzed in a closed connection to the rise of consumerism, leading to new challenges for the financial stability and sustainable economic growth of the country.
Calin Valsan; Elena Druica; Rodica Ianole. From Neo-Stalinism to Sluggish Markets: Transition in Romania. Strategies Towards the New Sustainability Paradigm 2015, 35 -48.
AMA StyleCalin Valsan, Elena Druica, Rodica Ianole. From Neo-Stalinism to Sluggish Markets: Transition in Romania. Strategies Towards the New Sustainability Paradigm. 2015; ():35-48.
Chicago/Turabian StyleCalin Valsan; Elena Druica; Rodica Ianole. 2015. "From Neo-Stalinism to Sluggish Markets: Transition in Romania." Strategies Towards the New Sustainability Paradigm , no. : 35-48.
Economic stimulus programmes can be an incentive for foreign investment, but many developing countries do not have the financial resources to successfully compete with the investment promotion packages of developed countries. Once the Central and Eastern European (CEE) countries acceded to the eurozone, they will lose their monetary instruments to adjust the macroeconomic imbalances. Using linear regression, this article presents the impact of the fiscal and monetary policies on attracting the foreign direct investments (FDIs) in Romania, based on monthly data series during 2000–2010. Based on economic literature and on such empiric analysis, the article will propose some directions for the Romanian macroeconomic policy in the short-term in the context of crisis, because the FDIs are the engine for recovery and economic growth. In Romania, empiric results have shown that monetary factors such as higher interest rates and higher inflation attracted FDIs. Fiscal factors (mainly direct taxes) seem to play a less important role, being relevant only in the long-term. So, Romania should also focus on improving the other non-financial factors that greatly influence the investment environment here (infrastructure, legal and political stability). Only then can the fiscal stimulus be effective in attracting FDIs and supporting the economic growth in the same time. The article begins with presenting some findings from the economic literature regarding taxation and FDIs, it then follows the empiric analysis for Romania and ends with conclusions and some issues for a further research.
Magdalena Radulescu; Elena Druică. The impact of fiscal policy on foreign direct investments. Empiric evidence from Romania. Economic Research-Ekonomska Istraživanja 2014, 27, 86 -106.
AMA StyleMagdalena Radulescu, Elena Druică. The impact of fiscal policy on foreign direct investments. Empiric evidence from Romania. Economic Research-Ekonomska Istraživanja. 2014; 27 (1):86-106.
Chicago/Turabian StyleMagdalena Radulescu; Elena Druică. 2014. "The impact of fiscal policy on foreign direct investments. Empiric evidence from Romania." Economic Research-Ekonomska Istraživanja 27, no. 1: 86-106.