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Given the high resilience of the Central and Eastern Europe (CEE) banking sectors during the last financial crisis and their major role in the CEE region in financing the economy and supporting the high growth rates achieved there, our paper investigates the determinants of banking profitability in the CEE banking sectors based on a Generalized Method of Methods (GMM) approach using data between 2009 and 2018. We have selected determinants from the macroeconomic factors and from the financial-banking specific factors using a two-step GMM method. Our findings demonstrate that unemployment rate, inflation, budget balance, non-governmental credit, non-performing loan rates, concentration rate and capitalization rate negatively impact on the banking profitability in the CEE banking sectors. According to these findings, some policy recommendations were elaborated.
Alexandra Horobet; Magdalena Radulescu; Lucian Belascu; Sandra Dita. Determinants of Bank Profitability in CEE Countries: Evidence from GMM Panel Data Estimates. Journal of Risk and Financial Management 2021, 14, 307 .
AMA StyleAlexandra Horobet, Magdalena Radulescu, Lucian Belascu, Sandra Dita. Determinants of Bank Profitability in CEE Countries: Evidence from GMM Panel Data Estimates. Journal of Risk and Financial Management. 2021; 14 (7):307.
Chicago/Turabian StyleAlexandra Horobet; Magdalena Radulescu; Lucian Belascu; Sandra Dita. 2021. "Determinants of Bank Profitability in CEE Countries: Evidence from GMM Panel Data Estimates." Journal of Risk and Financial Management 14, no. 7: 307.
The European Union’s environmental goal by 2050 is to become the first climate-neutral continent in the world. This means specific efforts for diversifying the energy mix and investing in low-carbon energy. Our study investigates the nexus among carbon emissions, energy consumption and mix, and economic growth in a modified framework that includes the contribution of inward foreign direct investments and international trade to lowering air pollution. We have used a two-step approach to explore in more detail the links between these variables in 24 EU countries over the period 1995–2018, followed by a panel VECM analysis. Our results indicate that there is a unidirectional link between economic growth and CO2 emissions, which should imply a decoupling of environmental improvement measures from the pace of economic growth. We also find bidirectional causal relationships between low-carbon energy shares in consumption and CO2 emissions, as well as between low-carbon energy share in consumption and GDP per capita, which confirms both pollution haven and the halo effect hypotheses for FDI on gas emissions. However, in the long term, FDI, exports, and imports have positively impacted the reduction in CO2 emissions; therefore, stronger EU investment and trade integration should be promoted to improve the quality of the environment.
Alexandra Horobet; Oana Popovici; Emanuela Zlatea; Lucian Belascu; Dan Dumitrescu; Stefania Curea. Long-Run Dynamics of Gas Emissions, Economic Growth, and Low-Carbon Energy in the European Union: The Fostering Effect of FDI and Trade. Energies 2021, 14, 2858 .
AMA StyleAlexandra Horobet, Oana Popovici, Emanuela Zlatea, Lucian Belascu, Dan Dumitrescu, Stefania Curea. Long-Run Dynamics of Gas Emissions, Economic Growth, and Low-Carbon Energy in the European Union: The Fostering Effect of FDI and Trade. Energies. 2021; 14 (10):2858.
Chicago/Turabian StyleAlexandra Horobet; Oana Popovici; Emanuela Zlatea; Lucian Belascu; Dan Dumitrescu; Stefania Curea. 2021. "Long-Run Dynamics of Gas Emissions, Economic Growth, and Low-Carbon Energy in the European Union: The Fostering Effect of FDI and Trade." Energies 14, no. 10: 2858.
Background and objectives: Breast cancer is among the most common cancer types encountered during pregnancy. Here, we aimed to describe the characteristics, management, and outcomes of women with pregnancy-associated breast cancer at a tertiary-level hospital in Romania. Material and Methods: We retrospectively and prospectively collected demographic, oncological, and obstetrical data for women diagnosed with cancer during pregnancy, and who elected to continue their pregnancy, between June 2012 and June 2020. Complete data were obtained regarding family and personal medical history and risks factors, cancer diagnosis and staging, clinical and pathological features (including histology and immunohistochemistry), multimodal cancer treatment, pregnancy management (fetal ultrasounds, childbirth, and postpartum data), and infant development and clinical evolution up to 2020. Cancer therapy was administered following national guidelines and institutional protocols and regimens developed for non-pregnant patients, including surgery and chemotherapy, while avoiding radiotherapy during pregnancy. Results: At diagnosis, 16.67% of patients were in an advanced/metastatic stage, while 75% were in early operable stages. However, the latter patients underwent neoadjuvant chemotherapy rather than up-front surgery due to aggressive tumor biology (triple negative, multifocal, or HER2+). No patient achieved complete pathological remission, but only one patient relapsed. No recurrence was recorded within 12 months among early-stage patients. Conclusions: In this contemporary assessment of real-world treatment patterns and outcomes among patients with pregnancy-associated breast cancer, our findings were generally consistent with globally observed treatment outcomes, underscoring the need for a multidisciplinary team and reference centers.
Anca Simionescu; Alexandra Horobeț; Lucian Belaşcu; Dragoş Median. Real-World Data Analysis of Pregnancy-Associated Breast Cancer at a Tertiary-Level Hospital in Romania. Medicina 2020, 56, 522 .
AMA StyleAnca Simionescu, Alexandra Horobeț, Lucian Belaşcu, Dragoş Median. Real-World Data Analysis of Pregnancy-Associated Breast Cancer at a Tertiary-Level Hospital in Romania. Medicina. 2020; 56 (10):522.
Chicago/Turabian StyleAnca Simionescu; Alexandra Horobeț; Lucian Belaşcu; Dragoş Median. 2020. "Real-World Data Analysis of Pregnancy-Associated Breast Cancer at a Tertiary-Level Hospital in Romania." Medicina 56, no. 10: 522.
Specific and older age-associated comorbidities increase mortality risk in severe forms of coronavirus disease (COVID-19). We matched COVID-19 comorbidities with causes of death in 28 EU countries for the total population and for the population above 65 years and applied a machine-learning-based tree clustering algorithm on shares of death for COVID-19 comorbidities and for influenza and on their growth rates between 2011 and 2016. We distributed EU countries in clusters and drew a map of the EU populations’ vulnerabilities to COVID-19 comorbidities and to influenza. Noncommunicable diseases had impressive shares of death in the EU but with substantial differences between eastern and western countries. The tree clustering algorithm accurately indicated the presence of western and eastern country clusters, with significantly different patterns of disease shares of death and growth rates. Western populations displayed higher vulnerability to malignancy, blood-related diseases, and diabetes mellitus and lower respiratory diseases, while eastern countries’ populations suffered more from ischaemic heart, cerebrovascular, and circulatory diseases. Dissimilarities between EU countries were also present when influenza was considered. The heat maps of EU populations’ vulnerability to diseases based on mortality indicators constitute the basis for more targeted health policy strategies in a collaborative effort at the EU level.
Alexandra Horobet; Anca Angela Simionescu; Dan Gabriel Dumitrescu; Lucian Belascu. Europe’s War against COVID-19: A Map of Countries’ Disease Vulnerability Using Mortality Indicators. International Journal of Environmental Research and Public Health 2020, 17, 6565 .
AMA StyleAlexandra Horobet, Anca Angela Simionescu, Dan Gabriel Dumitrescu, Lucian Belascu. Europe’s War against COVID-19: A Map of Countries’ Disease Vulnerability Using Mortality Indicators. International Journal of Environmental Research and Public Health. 2020; 17 (18):6565.
Chicago/Turabian StyleAlexandra Horobet; Anca Angela Simionescu; Dan Gabriel Dumitrescu; Lucian Belascu. 2020. "Europe’s War against COVID-19: A Map of Countries’ Disease Vulnerability Using Mortality Indicators." International Journal of Environmental Research and Public Health 17, no. 18: 6565.
This study investigates the relationship between oil price fluctuations and renewable energy stock returns using daily data on Brent crude oil prices and global renewable energy stock market indices between 29 November 2010 and 18 February 2020. The investigation is based on the existing evidence on positive correlations between stock prices and oil prices, but it also considers the shift from non-renewable to renewable sources of energy. A two-stage GARCH(1,1) model and a Granger causality test were applied. Our results show that volatility clustering is present in the renewable energy companies‘ stock prices, but, oil price volatility does not seem to induce any significant effects on returns‘ volatility. This might suggest that oil markets and renewable energy markets are rather disconnected, which means that the development of renewable energy businesses is less affected by potential shocks in the oil prices and markets. As a result, the exposure of companies and entrepreneurs in the renewable sector to an important source of macroeconomic volatility is reduced.
Georgiana Vrînceanu; Alexandra Horobeț; Consuela Popescu; Lucian Belaşcu. The Influence of Oil Price on Renewable Energy Stock Prices: An Analysis for Entrepreneurs. Studia Universitatis „Vasile Goldis” Arad – Economics Series 2020, 30, 24 -35.
AMA StyleGeorgiana Vrînceanu, Alexandra Horobeț, Consuela Popescu, Lucian Belaşcu. The Influence of Oil Price on Renewable Energy Stock Prices: An Analysis for Entrepreneurs. Studia Universitatis „Vasile Goldis” Arad – Economics Series. 2020; 30 (2):24-35.
Chicago/Turabian StyleGeorgiana Vrînceanu; Alexandra Horobeț; Consuela Popescu; Lucian Belaşcu. 2020. "The Influence of Oil Price on Renewable Energy Stock Prices: An Analysis for Entrepreneurs." Studia Universitatis „Vasile Goldis” Arad – Economics Series 30, no. 2: 24-35.
Our research investigates the performance of companies from Central and Eastern European (CEE) countries in the period after the Global Financial Crisis of 2007-2009 with the aim of identifying the driving factors behind accounting- and market-based performance. We include in the analysis companies from various industries in CEE countries that are European Union members and we study their performance between 2008-2016 over the following areas of performance: liquidity, solvency and indebtedness, operational profitability, global performance (through Return on assets and Return on equity), returns available to shareholders and market-based performance (through price/book value and Tobin Q ratio). Employing the hierarchical and non-hierarchical k-means cluster analysis companies are segmented into various homogeneous groups using various financial performance indicators as variables, Euclidian distances and the Ward amalgamation method. Furthermore, the resulting clusters have been grouped according to the country of origin and industry. Our findings show that specific groups of companies in these countries share common attributes, as evidenced by their performance indicators, which do not seem to be entirely based on their countries of origin and industry. Moreover, our exploration of CEE companies’ performance dynamics after 2008 evidences the increased competition in all industries particularly after 2009, as well as businesses’ need to adjust their activities after the losses incurred during the crisis period, but these phenomena is present with different intensities depending on country of origin and industry. At the same, we note the enhancement of global performance through improvements in the operational performance instead of financial leverage and indebtedness, which is a sound business approach by CEE companies. Keywords: financial performance, Central and Eastern Europe (CEE), statistical cluster analysis, return to investors
Stefania Cristina Curea; Lucian Belascu; Ana-Maria Barsan. An Exploratory Study of Financial Performance in CEE Countries. KnE Social Sciences 2020, 286–300 -286–300.
AMA StyleStefania Cristina Curea, Lucian Belascu, Ana-Maria Barsan. An Exploratory Study of Financial Performance in CEE Countries. KnE Social Sciences. 2020; ():286–300-286–300.
Chicago/Turabian StyleStefania Cristina Curea; Lucian Belascu; Ana-Maria Barsan. 2020. "An Exploratory Study of Financial Performance in CEE Countries." KnE Social Sciences , no. : 286–300-286–300.
Crude oil is an indispensable resource for the world economy and European Union (EU) countries are strongly dependent on oil imports. In a framework defined by generally positive correlations between oil and stock prices, the paper investigates the relationship between financial companies’ stock prices and crude oil price using a sample of major financial companies headquartered in the EU. The link between stock prices and oil price risk is modelled using a set of macroeconomic variables that includes local stock market indices, the EUR/USD exchange rate, the oil imports dependency, inflation rate, and global volatility indices. We employ panel data as the base econometric model and an ARDL extension that is more appropriated for our research objectives. Our findings show that the EU financial sector is pervasively exposed to oil price changes over the long-run and this exposure is a component of financial companies’ exposure to real economy risk factors, which points towards the key role of the financial sector in the EU economy in transmitting systemic shocks. At the same time, we detect signs of a different behavior of market investors over the short-versus the long-run concerning the valuation of financial companies’ stock prices in relation to oil price and other macroeconomic variables, which raises distressing challenges for financial authorities.
Alexandra Horobet; Georgiana Vrinceanu; Consuela-Elena Popescu; Lucian Belascu. Oil Price and Stock Prices of EU Financial Companies: Evidence from Panel Data Modeling. Energies 2019, 12, 4072 .
AMA StyleAlexandra Horobet, Georgiana Vrinceanu, Consuela-Elena Popescu, Lucian Belascu. Oil Price and Stock Prices of EU Financial Companies: Evidence from Panel Data Modeling. Energies. 2019; 12 (21):4072.
Chicago/Turabian StyleAlexandra Horobet; Georgiana Vrinceanu; Consuela-Elena Popescu; Lucian Belascu. 2019. "Oil Price and Stock Prices of EU Financial Companies: Evidence from Panel Data Modeling." Energies 12, no. 21: 4072.
The availability of open government data has expanded considerably in recent years. This expansion is expected to generate significant benefits not just for increasing government transparency, but also for the economy. The aim of this study is to illustrate the use of open government data in estimating personal income levels for all 3181 municipalities, towns, and communes in Romania. The novelty of our work comes from the high granularity of the estimates obtained. We use tax revenues collected by local governments in Romania on vehicles and buildings owned by natural persons, as well as data on energy subsidies. The classification is conducted using the k-means clustering algorithm. We find three distinct clusters of communities, which we map. The results can benefit both businesses and policymakers. The former can use the income level estimates for market intelligence purposes, while for the latter, these may aid in determining the financial sustainability of local governments and a better allocation of central government resources at the subnational level.
Vlad-Cosmin Bulai; Alexandra Horobeț; Lucian Belascu. Improving Local Governments’ Financial Sustainability by Using Open Government Data: An Application of High-Granularity Estimates of Personal Income Levels in Romania. Sustainability 2019, 11, 5632 .
AMA StyleVlad-Cosmin Bulai, Alexandra Horobeț, Lucian Belascu. Improving Local Governments’ Financial Sustainability by Using Open Government Data: An Application of High-Granularity Estimates of Personal Income Levels in Romania. Sustainability. 2019; 11 (20):5632.
Chicago/Turabian StyleVlad-Cosmin Bulai; Alexandra Horobeț; Lucian Belascu. 2019. "Improving Local Governments’ Financial Sustainability by Using Open Government Data: An Application of High-Granularity Estimates of Personal Income Levels in Romania." Sustainability 11, no. 20: 5632.
Our study addresses the link between ownership concentration and corporate performance in the manufacturing sector in the European Union in an economic environment stressed by the global financial and sovereign debt crises. This is, to our knowledge, the first attempt to tackle differences between companies with different origin-countries in EU from the perspective of ownership concentration and corporate performance in a period marked by the adverse impact of the global financial crisis. Ownership concentration is measured by the number of shareholders and the percentage of their individual and collective holdings, while performance is measured by accounting-based and market-based indicators. Our results, based on a detailed and methodical statistical analysis, show a clear division between Western and Eastern companies in terms of ownership concentration and performance, with an impact on businesses’ recovery patterns. Overall, there is a positive link between ownership concentration and corporate performance in the case of Western companies, but not for Eastern-based companies. Moreover, ownership concentration has supported business recovery in EU, but particularly for Western companies. On the other hand, our results suggest that market investors’ assessment of corporate performance is disconnected from business fundamentals and do not acknowledge the role of ownership concentration (either beneficial of detrimental) for performance assessment.
Alexandra Horobet; Lucian Belascu; Ștefania Cristina Curea; Alma Pentescu. Ownership Concentration and Performance Recovery Patterns in the European Union. Sustainability 2019, 11, 953 .
AMA StyleAlexandra Horobet, Lucian Belascu, Ștefania Cristina Curea, Alma Pentescu. Ownership Concentration and Performance Recovery Patterns in the European Union. Sustainability. 2019; 11 (4):953.
Chicago/Turabian StyleAlexandra Horobet; Lucian Belascu; Ștefania Cristina Curea; Alma Pentescu. 2019. "Ownership Concentration and Performance Recovery Patterns in the European Union." Sustainability 11, no. 4: 953.
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.
Lucian Belaşcu; Oana Popovici; Alexandra Horobeţ. Foreign Direct Investments and Economic Growth in Central and Eastern Europe: A Panel-Based Analysis. Sustainable Transport Development, Innovation and Technology 2018, 35 -46.
AMA StyleLucian Belaşcu, Oana Popovici, Alexandra Horobeţ. Foreign Direct Investments and Economic Growth in Central and Eastern Europe: A Panel-Based Analysis. Sustainable Transport Development, Innovation and Technology. 2018; ():35-46.
Chicago/Turabian StyleLucian Belaşcu; Oana Popovici; Alexandra Horobeţ. 2018. "Foreign Direct Investments and Economic Growth in Central and Eastern Europe: A Panel-Based Analysis." Sustainable Transport Development, Innovation and Technology , no. : 35-46.
Alexandra Horobet; Lucian Belascu. Corporate Social Responsibility at the Global Level: an Investigation of Performances and Integration of Socially Responsible Investments. Economics & Sociology 2012, 5, 24 -44.
AMA StyleAlexandra Horobet, Lucian Belascu. Corporate Social Responsibility at the Global Level: an Investigation of Performances and Integration of Socially Responsible Investments. Economics & Sociology. 2012; 5 (2):24-44.
Chicago/Turabian StyleAlexandra Horobet; Lucian Belascu. 2012. "Corporate Social Responsibility at the Global Level: an Investigation of Performances and Integration of Socially Responsible Investments." Economics & Sociology 5, no. 2: 24-44.
More and more, in order to achieve global competitiveness, firms need to develop and apply unique and dynamic competitiveness models. With this paper, we propose an index that measures firm competitiveness by taking into consideration some tangible and intangible assets. This index demonstrates the fact that a firm is highly competitive as long as its managers are able to mix the tangible and intangible assets in the most effective and efficient manner; therefore, a firm can get the same score of competitiveness by using different combinations of assets and by giving different importance coefficients to the tangible and intangible assets.
Mihaela Herciu; Claudia Ogrean; Lucian Belascu. Leveraging tangible and intangible assets by using a possible firm competitiveness index. Global Business and Economics Review 2012, 14, 115 .
AMA StyleMihaela Herciu, Claudia Ogrean, Lucian Belascu. Leveraging tangible and intangible assets by using a possible firm competitiveness index. Global Business and Economics Review. 2012; 14 (1/2):115.
Chicago/Turabian StyleMihaela Herciu; Claudia Ogrean; Lucian Belascu. 2012. "Leveraging tangible and intangible assets by using a possible firm competitiveness index." Global Business and Economics Review 14, no. 1/2: 115.
The process of globalization is an undeniable reality of today's world. Yet, paradoxically, the cornerstone of this phenomenon, economic performance, varies widely across the world whatever indicator (for example, GDP/habitant, competitiveness) we choose to use to compare countries. Increasingly, studies tend to explain this apparently paradoxical situation with reference to the issue of corruption and ethics. In essence, corruption is perceived to be an important impediment to the economic development of a country (or area). Many studies of corruption are focused at the national level. The aim of this conceptual paper is to explore the role of the firm (as opposed to national states or international institutions) as an influence on national corruption. We call for firms to reconsider their behavior regarding corruption, particularly in relation to their relationships with their stakeholders. We argue that by focusing on issues such as cooperation and stakeholder theory, a firm will change the way it does businesses by reducing private‐to‐public as well as private‐to‐private corruption and incorporating business ethics into its management strategies.
Claudia Ogrean; Mihaela Herciu; Lucian Belascu. SEARCHING FOR NEW PARADIGMS IN A GLOBALIZED WORLD: BUSINESS ETHICS AS A MANAGEMENT STRATEGY. Journal of Business Economics and Management 2008, 9, 1 .
AMA StyleClaudia Ogrean, Mihaela Herciu, Lucian Belascu. SEARCHING FOR NEW PARADIGMS IN A GLOBALIZED WORLD: BUSINESS ETHICS AS A MANAGEMENT STRATEGY. Journal of Business Economics and Management. 2008; 9 (2):1.
Chicago/Turabian StyleClaudia Ogrean; Mihaela Herciu; Lucian Belascu. 2008. "SEARCHING FOR NEW PARADIGMS IN A GLOBALIZED WORLD: BUSINESS ETHICS AS A MANAGEMENT STRATEGY." Journal of Business Economics and Management 9, no. 2: 1.