INTERNATIONAL FINANCE AND BANKING CONFERENCE FI BA … · (Centrul de Cercetări Financiar-Monetare...

INTERNATIONAL FINANCE AND

BANKING CONFERENCE FI BA 2019

(XVII edition)

March 28-29, 2019, Bucharest, Romania

PROGRAM

INFER supported event

Organized by

FACULTY OF FINANCE AND BANKING from Bucharest University of Economic Studies

in collaboration with

SIF BANAT-CRISANA

Romanian Association of Banks

European Banking Institute (EBI)

Romanian Association of Finance and Banking – RoFIBA (Asociatia Romana de Finante - Banci –RoFIBA)

Finance Doctoral School

Center of Financial and Monetary Research (CEFIMO) (Centrul de Cercetări Financiar-Monetare CEFIMO)

www.fabbv.ase.ro

FACULTY OF FINANCE

AND BANKING

Special thanks

The International Finance and Banking Conference FI BA 2019 has benefited from the financial

support of SIF Banat-Crişana, and Romanian Association of Banks. Also, this conference is accepted as

an INFER supported event.

The conference activities were possible to take place given the support, implication, scientific

contributions and enthusiastic emulation of the following entities and persons that the Organizing

Committee FI BA 2019 would like to express its full gratitude:

National Bank of Romania;

SIF Banat-Crişana;

Romanian Association of Banks;

European Banking Institute (EBI);

invited keynote speakers: Professor Juana Pulgar Ezquerra, PhD. (Complutense University of

Madrid), Professor Jaap Spronk, PhD. (University of Curacao, Emeritus Professor at Erasmus

University Rotterdam, and Erasmus School of Economics (NEH) & Rotterdam School of

Management (RSM)); Ruxandra Avram (Director, Financial Market Infrastructures and

Payments Oversight Department, the National Bank of Romania); Rodica Tuchilă (Executive

Director, Romanian Association of Banks); Senior assistant professor David Ramos Muñoz,

PhD. (Universities of Bologna and Carlos III Madrid);

Professor Nicolae Istudor, PhD. - Rector of the Bucharest University of Economic Studies;

Directors and academic community of the two departments of the Faculty of Finance and

Banking;

Students;

Administrative departments of the Bucharest University of Economic Studies;

Romanian Association of Finance and Banking – RoFIBA.

A special distinguished thanks to all the participants from Romania and abroad that accepted our

invitation and contributed to the success of this scientific event.

Thursday, 28 March 2019

08.30 – 09.00 Registration

Location: Conference registration desk is open in front of the room 3M III, Bucharest University of Economic Studies (“Paul Bran” building)

Address: Mihail Moxa 5-7, District 1, Bucharest, 1st floor

09.00 – 10.30 PLENARY SESSION Location: Room 3M III


Session Chair: Associate Professor Ionela COSTICĂ, PhD. – Dean of the Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Welcome speech

Professor Nicolae ISTUDOR, PhD. – Rector of the Bucharest University of Economic Studies, Romania

Keynote speakers

The European banking resolution mechanism: challenges

Professor Juana PULGAR EZQUERRA, PhD. – Complutense University of Madrid, Spain

Structuring financial decisions in the dynamic network society

Professor Jaap SPRONK, PhD. – University of Curacao, Emeritus Professor at Erasmus University Rotterdam, and Erasmus School of Economics (NEH) & Rotterdam School of Management (RSM), Netherlands

Questions & Answers

10.30 – 10.45 Coffee break Location: near the room 3M III


10.45 – 13.00 Joint session on

FinTech perspectives

Location: Room 3M III


Keynote speakers

Ruxandra AVRAM – Director, Financial Market Infrastructures and Payments Oversight Department, the National Bank of Romania, Romania

Rodica TUCHILĂ – Executive Director, Romanian Association of Banks, Romania

Session Chair Senior assistant professor David RAMOS MUÑOZ, PhD. – Universities of Bologna and Carlos III Madrid, Italy

Questions & Answers


09.00 – 10.30 Plenary Session

Location: Room 3M III, Bucharest University of Economic Studies (“Paul Bran” building)

Address: Mihail Moxa 5-7, District 1, Bucharest, 1st floor, room 3M III

10.30 – 10.45 Coffee break Location: Room 3M III

Address: Mihail Moxa 5-7, District 1, Bucharest, 1st floor, room 3M III

10.45 – 13.00 Joint session on FinTech perspectives Location: Room 3M III


13.00 – 14.30 Lunch

Location: Cafeteria located in the Moxa Complex

Address: Mihail Moxa Street no. 3, District 1, Bucharest

15.00 – 18.30 Parallel Sessions Location: “Paul Bran” building (Moxa)

Address: Mihail Moxa Street no. 5-7, District 1, Bucharest

19.00 – 21.00 Dinner Location: Bistro La Taifas

Address: Mihail Moxa 12, District 1, Bucharest

Friday, 29 March 2019



12.30 – 13.00 Best Paper Award Location: Room 3209


13.00 – 14.30 Lunch



Session 1 Location: Department of Finance

15.00 – 18.30 Insurance Room 3109

Session Chair:

Associate Professor Paul TĂNĂSESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Assistant Professor Cosmin Octavian CEPOI, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Secretary: Aurora Elena DINA (MANOLACHE), PhD. Student – Bucharest University of Economic Studies, Romania

1. Effects of country-specific determinants on the size of life insurance market: new evidence from OECD countries based on panel quantile regression approach

Discussant: Presenter of paper no. 2

Professor Ingrid-Mihaela DRAGOTĂ, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Assistant Professor Cosmin Octavian CEPOI, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

2. The pension formula in Romania – inefficiencies and possible solutions


Associate Professor Bogdan-Andrei DUMITRESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Andreea Elena DRĂGHIA, PhD. Student – Bucharest University of Economic Studies, Romania

3. International solutions for management of natural catastrophes risks


Associate Professor Laura-Elly NAGHI, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Nicoleta RADU, PhD. Student – Bucharest University of Economic Studies, PAID Romania

4. Solvency capital requirements for a Romanian non-life insurer under Solvency II and Risk-Based Capital frameworks


Aurora Elena DINA (MANOLACHE) , PhD. Student – Bucharest University of Economic Studies, Romania

5. The effects of Solvency II on the Romanian insurance market


Costin Andrei ISTRATE, PhD. Student – Bucharest University of Economic Studies, Romania

6. Bancassurance between MiFID II and IDD


Elda MARZAI (ABLIZ), PhD. Student – Bucharest University of Economic Studies, Romania

7. Romanian policy of health


Associate Professor Paul TĂNĂSESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

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15.00 – 18.30 Session 2

Corporate finance and investments Location: Department of Finance

Room 3110

Session Chair: Professor Victor DRAGOTĂ, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania Lecturer Agnieszka BEM, PhD. – Department of Corporate Finance and Public Finance, Wrocław University of Economics, Poland

Secretary: Hanaan YASEEN, PhD. Student – Bucharest University of Economic Studies, PAID Romania

1. Does the world need an international investment organization to battle climate change?


Professor Hilmar Þór HILMARSSON, PhD. – School of Business and Science, University of Akureyri, Iceland

2. Determinants of hospital’s financial distress Discussant: Presenter of paper no. 4

Lecturer Agnieszka BEM, PhD. – Department of Corporate Finance and Public Finance, Wrocław University of Economics, Poland Lecturer Rafał SIEDLECKI, PhD. –Department of Corporate Finance and Public Finance, Wrocław University of Economics, Poland Lecturer Paweł PRĘDKIEWICZ, PhD. –Department of Finance, Wrocław University of Economics, Poland Lecturer Paulina UCIEKLAK-JEŻ, PhD. –Faculty of Philology and History, Jan Dlugosz University in Czestochowa, Poland

3. Quality of governance institutions and entrepreneurial activity: an empirical assessment for EU countries

Discussant: Lecturer Liliana SIMIONESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Professor Ovidiu STOICA, PhD. – Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University of Iaşi, Romania Scientific Researcher Valentina Diana RUSU, PhD. – Institute of Interdisciplinary Research, Social Sciences and Humanities Research Department, “Alexandru Ioan Cuza” University of Iasi, Romania Professor Angela ROMAN, PhD. – Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University of Iaşi, Romania

4. The exit behavior of private equity firms in Eastern Europe: an empirical analysis of the main exit strategies


Mihai PRECUP, PhD. Student – University of Paris 1: Panthéon-Sorbonne, France, and Managing Director at the Progressio Capital Partners, Luxembourg

5. Egalitarianism, hierarchy, and dividend policy Discussant: Presenter of paper no. 3

Professor Victor DRAGOTĂ, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

6. Identification of the inter-relationships between the strategic sectors of the company


Dragoş BÎLTEANU, PhD. Student – Bucharest University of Economic Studies, Romania Lecturer Florentina Olivia BĂLU, PhD. – Institute of Management, University of Geneva, Switzerland

7. Defining the concept of risk applied in entrepreneurship. Conceptual delimitation risk - entrepreneurial uncertainty


Andrei Alexandru TĂRĂBÎC, PhD. Student – West University of Timişoara, Romania Gabriel MORAR, PhD. Student – West University of Timişoara, Romania

8. Classical factors still influence significantly the dividend policy. An international evidence


Hanaan YASEEN, PhD. Student – Bucharest University of Economic Studies, Romania

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15.00 – 18.30 Session 3

Public finance

Location: Department of Finance

Room 3108

Session Chair:

Professor Kamilla MARCHEWKA-BARTKOWIAK, PhD. – Poznan Department of Monetary Policy and Financial Markets, University of Economics and Business, Poland

Lecturer Ştefan Cristian GHERGHINA, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Secretary: Radu Alin PĂUNESCU, PhD. – University of Economic Studies, Bucharest, Romania

1. Revenues of the EU ETS auctioning and their impact on budgetary allocation - the case of Poland


Lecturer Klaudia JARNO, PhD. – Poznan Department of Monetary Policy and Financial Markets, University of Economics and Business, Poland

Professor Kamilla MARCHEWKA-BARTKOWIAK, PhD. – Department of Monetary Policy and Financial Markets, Poznan University of Economics and Business, Poland

2. A panel data approach towards the drivers of effective corporate tax rate. Empirical evidence on emerging European countries


Professor Georgeta VINTILĂ, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Lecturer Ştefan Cristian GHERGHINA, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Radu Alin PĂUNESCU, PhD. – University of Economic Studies, Bucharest, Romania

3. Public sector performance orientation: relevant areas that influence the performance level


Professor Petru ȘTEFEA, PhD. –Faculty of Economics and Business Administration, Management Department, West University of Timișoara, Romania

Alexandru BOCIU, PhD. Student – West University of Timișoara, Romania

Associate Professor Andrei PELIN, PhD. –Faculty of Economics and Business Administration, Management Department, West University of Timișoara, Romania

Associate Professor Oana-Ramona LOBONȚ, PhD. Habil. – Faculty of Economics and Business Administration, Finance Department, West University of Timișoara, Romania

4. The benefits and downsides of measuring public sector performance nowadays


Lavinia Daniela MIHIȚ, Ph.D. Student – West University of Timișoara, Romania

Professor Nicoleta Claudia MOLDOVAN, PhD. Habil. – Faculty of Economics and Business Administration, Finance Department, West University of Timișoara, Romania

Associate Professor Oana-Ramona LOBONȚ, PhD. Habil. – Faculty of Economics and Business Administration, Finance Department, West University of Timișoara, Romania

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5. Military expenditures relevance for economic development: evidence for EU countries


PhD Stud. Oana Ramona GLONT, Ph.D. Student – West University of Timișoara, Romania

Associate Professor Iulia PARA, PhD. –Faculty of Economics and Business Administration, West University of Timișoara, Romania

6. How a flat tax rate can generate too much progressivity


Associate Professor Lucian ŢÂŢU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Associate Professor Nicoleta VINTILĂ, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Professor Andreea STOIAN, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Associate Professor Emilian MIRICESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

7. Effects of changing the balancing formula of Romanian local budgets


Associate Professor Attila GYÖRGY, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

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15.00 – 18.30 Session 4

Financial markets and institutions Location: Department of Money and

Banking Room 3207

Session Chair:

Lecturer Filip IORGULESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania Assistant Professor Faruk DAYI, PhD. – Department of Business Administration, Kastamonu University, Turkey

Secretary: Cristina GANJA, PhD. Student – Babes-Bolyai University, Romania

1. Modeling fractional cointegration between high and low stock prices in Asian countries


Alia AFZAL, PhD. Student – Institute of Statistics, Faculty of Economics and Management, Leibniz University Hannover, Germany Professor Philipp SIBBERTSEN, PhD. – Institute of Statistics, Faculty of Economics and Management, Leibniz University Hannover, Germany

2. Fiscal policy and stock market efficiency: What can be learned from a European stock market


Professor Andreea STOIAN, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Lecturer Filip IORGULESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

3.Genetic diversity and stock price informativeness


Daiana Florina PETRESCU, PhD. Student – Babes-Bolyai University, Romania Professor Alexandru TODEA, PhD. – Faculty of Economics and Business Administration, Babes-Bolyai University, Romania

4. Comparing airlines firms’ value in terms of activity ratios


Assistant Professor Faruk DAYI, PhD. – Department of Business Administration, Kastamonu University, Turkey

Associate Professor Tolga ULUSOY, PhD. – Department of Banking and Finance, Kastamonu University, Turkey

5. Market-level sports sentiment: the case of the Romanian frontier stock market


Assistant Professor Dan Gabriel ANGHEL, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

6. Impact of Romanian fiscal regulation on the evolution of BVB indexes


Associate Professor Laura-Elly NAGHI, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Adina Alexandra DARMAZ-GUZUN, PhD. Student – West University of Timișoara, Romania

7. Inherent inefficiencies of the financial system in Romania


Lecturer Andrei STĂNCULESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

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15.00 – 18.30 Session 5

Banking Location: Department of Money and

Banking Room 3209

Session Chair:

Assistant Lecturer Arndt-Gerrit KUND, PhD. Student – Department of Bank Management, University of Cologne, Germany Associate Professor Dan Costin NIŢESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Secretary: Adriana Daniela CIUREL, PhD. Student – Bucharest University of Economic Studies, Romania

1. An analysis of Dubai’s banking sector performance: Are foreign banks more efficient than domestic banks?


Research Student Haifa ALHAMDANI, PhD. – School of Economics, University of East Anglia, United Kingdom

2. Assessing the implications of IFRS 9 on financial stability using bank stress tests


Assistant Lecturer Arndt-Gerrit KUND, PhD. Student – Department of Bank Management, University of Cologne, Germany Research associate Daniel RUGILO, PhD. Student – Department of Financial Accounting and Auditing, University of Cologne, Germany

3. The impact of central bank independence on systemic risk contribution. Evidence from a global sample of banks


Professor Alin ANDRIEŞ, PhD. – Faculty of Economics and Business Administration, “Alexandru Ioan Cuza” University of Iaşi, Romania Nicu SPRÎNCEAN, PhD. Student – “Alexandru Ioan Cuza” University of Iaşi, Romania

4. Increasing profitability through contingent convertible capital. Empirical evidence from European banks


Research associate Matthias PETRAS, PhD. Student – Department of Bank Management, University of Cologne, Germany

5. Leading the Fintech investments: an empirical country analysis


Professor Marilen PIRTEA, PhD. – Faculty of Economics and Business Administration, West University of Timișoara, Romania

Lecturer Claudiu BOŢOC, PhD. –Faculty of Economics and Business Administration, West University of Timișoara, Romania

Alexandru BOCIU, PhD. Student – West University of Timișoara, Romania

6. Negative interest rates, bank profitability and

risk-taking

Discussant: Associate Professor Iustina BOITAN, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Whelsy BOUNGOU, PhD. Student – LAREFI, Department of Economics, University of Bordeaux, France

7. Banking sector and bank liquidity – key actors

within financial crises?


Associate Professor Dan Costin NIŢESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania Florin Alexandru DUNĂ PhD. Student – Bucharest University of Economic Studies, Romania

Adriana Daniela CIUREL, PhD. Student –Bucharest University of Economic Studies, Romania

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19.00 – 21.00 Dinner Location: Bistro La Taifas

Address: Mihail Moxa 12, District 1, Bucharest

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Friday, 29 March 2019





13.00 – 14.30 Lunch



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09.00 – 12.30 Session 1

Corporate finance and investments Location: Department of Finance

Room 3110

Session Chair: Associate Professor Ana-Cristina NICOLESCU, PhD. Habil. – Faculty of Economics and Business Administration, Finance Department, West University of Timișoara, Romania Lecturer Rafał SIEDLECKI, PhD. –Department of Corporate Finance and Public Finance, Wrocław University of Economics, Poland

Secretary: Rodica BACIU, PhD. Student – University of Economic Studies, Bucharest, Romania

1. Revisiting firm value determinants: US firms` analysis


Associate Professor Ana-Cristina NICOLESCU, PhD. Habil. – Faculty of Economics and Business Administration, Finance Department, West University of Timișoara, Romania Lecturer Sorana VĂTAVU, PhD. – Faculty of Economics and Business Administration, Finance Department, West University of Timișoara, Romania

2. Does social progress explain the dividend payout decision?


Hanaan YASEEN, PhD. Student – Bucharest University of Economic Studies, Romania

3. Non-profit hospitals valuation. Community benefit-based approach Discussant: Presenter of paper no. 1

Lecturer Rafał SIEDLECKI, PhD. –Department of Corporate Finance and Public Finance, Wrocław University of Economics, Poland Lecturer Agnieszka BEM, PhD. – Department of Corporate Finance and Public Finance, Wrocław University of Economics, Poland Lecturer Paweł PRĘDKIEWICZ, PhD. –Department of Finance, Wrocław University of Economics, Poland

4. The role of CEO background in explaining executive compensation. A study of U.S. listed firms


Professor Cosmin ENACHE, PhD. – Faculty of Economics and Business Administration, West University of Timișoara, Romania Associate Professor Sorin Gabriel ANTON, PhD. – Faculty of Economics and Business Administration, “Alexandru Ioan Cuza” University of Iaşi, Romania

5. Effect of liquidity on liabilities: an application in automotive companies


Assistant Professor Faruk DAYI, PhD. – Department of Business Administration, Kastamonu University, Turkey Lecturer Resit CETINKAYA, PhD. – Department of Business Administration, Kastamonu University, Turkey

6. The impact of bank credit on financial structure and financial return for the Romanian companies active in car parts distribution


Rodica BACIU, PhD. Student – University of Economic Studies, Bucharest, Romania Professor Petre BREZEANU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania Lecturer Adrian ŞIMON, PhD. – “Petru Maior” University, Romania

7. A discussion on basic investment alternatives Discussant: Presenter of paper no. 2

Lecturer Andrei STĂNCULESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

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09.00 – 12.30 Session 2

Public finance

Location: Department of Finance

Room 3108

Session Chair:

Associate Professor Bogdan Florin FILIP, PhD. – Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University of Iaşi, Romania

Nicolae-Bogdan IANC, PhD. Student in international cotutelle – Laboratoire d'Economie d'Orléans (LEO) from Université d'Orléans, and West University of Timișoara, Romania

Secretary: Carmen PIRVAN, PhD. Student – Bucharest University of Economic Studies, Romania

1. Determinants of public debt. The case of the European Union countries

Discussant: Professor Kamilla MARCHEWKA-BARTKOWIAK, PhD. – Department of Monetary Policy and Financial Markets, Poznan University of Economics and Business, Poland

Associate Professor Bogdan Florin FILIP, PhD. – Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University of Iaşi, Romania

2. How can culture affect taxation? Evidences from both advanced and developing countries


Nicolae-Bogdan IANC, PhD. Student in international cotutelle – Laboratoire d'Economie d'Orléans (LEO) from Université d'Orléans, and West University of Timișoara, Romania

3. The relationship between income inequalities and economic growth – new evidence


Milena KOWALSKA, PhD. Student – Wrocław University of Economics, Poland

4. Influence of public policies indicators upon

entrepreneurial activity


Alina Ioana CALINOVICI, PhD. Student – West University of Timișoara, Romania

Economist Florin COSTEA – Head of Finance Hella Romania

5. Poverty and inequality as predictors of corruption


Carmen PIRVAN, PhD. Student – Bucharest University of Economic Studies, Romania

Professor Ileana NIŞULESCU- ASHRAFZADE, PhD. – Faculty of Accounting and Management Information Systems, Bucharest University of Economic Studies, Romania

6. Economic growth and impact of social and economic factors in the Baltic States


Cosmina-Ștefania CHIRICU, PhD. Student – Bucharest University of Economic Studies, Romania

7. Testing the incidence of social inclusion on sustainable development


Associate Professor Iustina BOITAN, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Professor Emilia CÂMPEANU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

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09.00 – 12.30 Session 3

Financial markets and institutions

Location: Department of Money and Banking

Room 3207

Session Chair:

Associate Professor Andreea CURMEI-SEMENESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Lecturer Dan LUPU, PhD. – Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University of Iaşi, Romania

Secretary: Ruxandra TRIFAN, PhD. Student – University of Economic Studies, Bucharest, Romania

1. Can good corporate governance limit bank performance fluctuations in unstable economic environment?


Associate Professor Andreea CURMEI-SEMENESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Assistant Professor Dragoş Ştefan OPREA, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Associate Professor Cătălin CURMEI, PhD. – Faculty of Business Administration (in Foreign Languages), Bucharest University of Economic Studies, Romania

2. Integration impact on stock price informativeness


Ligia IACOBESCU, PhD. Student – Babes-Bolyai University, Romania

3. Corporate Social Responsibility and environmental metrics for companies listed Bucharest Stock Exchange


Lecturer Liliana SIMIONESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

Professor Dalina DUMITRESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

4. The liquidity premium: evidence from the Polish stock market


Cristina GANJA, PhD. Student – Babes-Bolyai University, Romania

5. Business cycles synchronization in CEE countries: evidence from wavelet analysis


Lecturer Dan LUPU, PhD. – Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University of Iaşi, Romania

DUMITRU NICUŞOR CĂRĂUŞU, PhD. Student – "Alexandru Ioan Cuza" University of Iaşi, Romania

6. The financial performance analysis of the listed companies from oil sector. A comparative analysis


Associate Professor Meral KAGITCI, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

7. The impact of dividend events on stock returns: Preliminary findings on companies listed on the Bucharest Stock Exchange


Ruxandra TRIFAN, PhD. Student – University of Economic Studies, Bucharest, Romania

8. Bioeconomy and bioeconomics: are they the same thing?


Assistant Professor Elena Valentina ȚILICĂ, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies, Romania

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09.00 – 12.30 Session 4

Banking

Location: Department of Money and Banking

Room 3209

Session Chair:


Alina ZAHARIA, PhD. Student – Bucharest University of Economic Studies, Romania

Secretary: Maria Alexandra CRISTEA, PhD. Student – Bucharest University of Economic Studies, Romania

1. The Nordic-Baltic region: European integration and security concerns



2.The nexus between macroprudential policy and credit growth


Professor Alin ANDRIEŞ, PhD. – Faculty of Economics and Business Administration, “Alexandru Ioan Cuza” University of Iaşi, Romania

Researcher Florentina MELNIC, PhD. Student – “Alexandru Ioan Cuza” University of Iaşi, Romania

3. Credit risk in Algerian public banks: Exploratory study


Fatima Zohra MAROUF, PhD. Student – Warocqué School of Economics and Management, University of Mons, Belgium

4. Using Data Mining methods to solve classification problems in financial-banking institutions


Oona VOICAN, PhD. Student – Bucharest University of Economic Studies, Romania

5. The competition between traditional power centers and emerging powers


Ștefan Cătălin TOPLICEANU, PhD. Student – “Alexandru Ioan Cuza” University of Iaşi, Romania

6.Lending evolution in Romania from the perspective of Prudential Regulations or how can the banking system be helped by financial crisis


Maria Alexandra CRISTEA, PhD. Student – Bucharest University of Economic Studies, Romania

7. Uncovering the dynamic relationship between credit and economic growth in Romania


Matei KUBINSCHI, PhD. Student – Bucharest University of Economic Studies, Romania Alina ZAHARIA, PhD. Student – Bucharest University of Economic Studies, Romania



13.00 – 14.30 Lunch



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Important remarks for the participants!

For each section of the International Finance and Banking Conference FI BA 2019

are allocated 30 minutes/paper, as follow:

- 15 minutes for the paper presentation;

- 10 minutes for the discussant presentation;

- 5 minutes for questions and answers.

There may be changes in order of presentation that will be notified properly.

Sessions


15.00-18.30

Session 1 Insurance

Session 2 Corporate finance and investments

Session 3 Public finance

Session 4 Financial markets and institutions

Session 5 Banking

1. Effects of country-specific determinants on the size of life

insurance market: new evidence from OECD countries based on

panel quantile regression approach

1. Does the world need an international investment

organization to battle climate change?

1. Revenues of the EU ETS auctioning and their impact on budgetary allocation - the case of Poland

1. Modeling fractional cointegration between high and low stock prices in

Asian countries

1. An analysis of Dubai’s banking sector performance: Are foreign banks

more efficient than domestic banks?

2. The pension formula in Romania – inefficiencies and possible

solutions

2. Determinants of hospital’s financial distress

2. A panel data approach towards the drivers of effective corporate tax rate.

Empirical evidence on emerging European countries

2. Fiscal policy and stock market efficiency: What can be learned from

a European stock market

2. Assessing the implications of IFRS 9 on financial stability using bank stress

tests

3. International solutions for management of natural

catastrophes risks

3. Quality of governance institutions and entrepreneurial activity: an

empirical assessment for EU countries

3. Public sector performance orientation: relevant areas that influence the performance level

3.Genetic diversity and stock price informativeness

3. The impact of central bank independence on systemic risk

contribution. Evidence from a global sample of banks

4. Solvency capital requirements for a Romanian non-life insurer

under Solvency II and Risk-Based Capital frameworks

4. The exit behavior of private equity firms in Eastern Europe: an empirical

analysis of the main exit strategies

4. The benefits and downsides of measuring public sector performance

nowadays

4. Comparing airlines firms’ value in terms of activity ratios

4. Increasing profitability through contingent convertible capital.

Empirical evidence from European banks

5. The effects of Solvency II on the Romanian insurance market

5. Egalitarianism, hierarchy, and dividend policy

5. Military expenditures relevance for economic development: evidence for EU

countries

5. Market-level sports sentiment: the case of the Romanian frontier stock

market


6. Bancassurance between MiFID II and IDD

6. Identification of the inter-relationships between the strategic

sectors of the company

6. How a flat tax rate can generate too much progressivity

6. Impact of Romanian fiscal regulation on the evolution of BVB

indexes

6. Negative interest rates, bank profitability and risk-taking

7. Romanian policy of health

7. Defining the concept of risk applied in entrepreneurship. Conceptual

delimitation risk - entrepreneurial uncertainty 7. Effects of changing the balancing

formula of Romanian local budgets 7. Inherent inefficiencies of the

financial system in Romania

7. Banking sector and bank liquidity – key actors within financial crises?

8. Classical factors still influence significantly the dividend policy. An

international evidence

19.00-21.00 DINNER

Friday, 29 March

2019

09.00-12.30

Session 1 Corporate finance and investments

Session 2 Public finance

Session 3 Financial markets and institutions

Session 4 Banking

1. Revisiting firm value determinants: US firms` analysis

1. Determinants of public debt. The case of the European Union countries

1. Can good corporate governance limit bank performance fluctuations in unstable economic

environment?

1. The Nordic-Baltic region: European integration and security concerns

2. Does social progress explain the dividend payout decision?

2. How can culture affect taxation? Evidences from both advanced and developing countries

2. Integration impact on stock price informativeness

2.The nexus between macroprudential policy and credit growth

3. Non-profit hospitals valuation. Community benefit-based approach

3. The relationship between income inequalities and economic growth – new

evidence

3. Corporate Social Responsibility and environmental metrics for companies listed

Bucharest Stock Exchange

3. Credit risk in Algerian public banks: Exploratory study

4. The role of CEO background in explaining executive compensation. A study of U.S. listed

firms

4. Influence of public policies indicators upon entrepreneurial activity

4. The liquidity premium: evidence from the Polish stock market

4. Using Data Mining methods to solve classification problems in financial-banking

institutions


5. Poverty and inequality as predictors of corruption

5. Business cycles synchronization in CEE countries: evidence from wavelet analysis

5. The competition between traditional power centers and emerging powers

6. Negative interest rates, bank profitability and

risk-taking 6. Economic growth and impact of social and

economic factors in the Baltic States 6. The financial performance analysis of the listed companies from oil sector. A comparative analysis

6.Lending evolution in Romania from the perspective of Prudential Regulations or how

can the banking system be helped by financial crisis

7. Banking sector and bank liquidity – key actors within financial crises?

7. Testing the incidence of social inclusion on sustainable development

7. The impact of dividend events on stock returns: Preliminary findings on companies listed on the

Bucharest Stock Exchange 7. Uncovering the dynamic relationship between credit and economic growth in

Romania 8. Bioeconomy and bioeconomics: are they the same thing?

12.30 – 13.00 BEST PAPER AWARD

13.00 – 14.30 LUNCH

Organizing committee

Members of the Organizing Committee

Bogdan Alexandru DRĂGOI – Chairman & CEO, SIF Banat – Crisana, Romania

Professor Ion STANCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Emilia CÂMPEANU, PhD. – Vice–Dean of Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Dalina DUMITRESCU, PhD. – Vice-Rector of Bucharest University of Economic Studies, Faculty of Finance and Banking

Professor Andreea STOIAN, PhD. – Head of Center of Financial and Monetary Research (CEFIMO), Faculty of Finance and Banking, Bucharest University of Economic Studies

Associate Professor Ionela COSTICĂ, PhD. – Dean of Faculty of Finance and Banking, Bucharest University of Economic Studies

Associate Professor Iustina BOITAN, PhD. – Vice–Dean of Faculty of Finance and Banking, Bucharest University of Economic Studies

Associate Professor Georgiana CREŢAN, PhD. – Vice–Dean of Faculty of Finance and Banking, Bucharest University of Economic Studies

Associate Professor Rodica GHERGHINA, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies

Lecturer Radu CIOBANU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies

Lecturer Liliana SIMIONESCU, PhD. – Faculty of Finance and Banking, Bucharest University of Economic Studies

Scientific committee

Professor Gabriela ANGHELACHE, PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Dumitru BADEA, PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Emilia CÂMPEANU, PhD. – Vice-Dean of Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Victor DRAGOTĂ PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Dalina DUMITRESCU, PhD. - Vice-Rector of the Bucharest University of Economic Studies, Faculty of Finance and Banking

Professor Nicolae ISTUDOR, PhD. - Rector of Bucharest University of Economic Studies

Professor Kamilla MARCHEWKA-BARTKOWIAK, Dr HAB - Dean of the Faculty of Economics, Poznan University of Economics and Business

Professor Alexandru MINEA, PhD. - Universitatea d’Auvergne

Professor Ciprian NECULA, PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Bogdan NEGREA, PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Dorel Mihai PARASCHIV, PhD. - Vice-rector of Bucharest University of Economic Studies

Professor Gheorghe RUXANDA, PhD. - Faculty of Economic Cybernetics, Statistics and Informatics, Bucharest University of Economic Studies

Professor Ion STANCU, PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Andreea STOIAN, PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Georgeta VINTILĂ, PhD. - Director of the Finance Doctoral School, Faculty of Finance and Banking, Bucharest University of Economic Studies

Professor Paul WACHTEL, PhD. - New York University

Associate Professor Florina Cristina BADARAU, PhD. - University of Bordeaux

Associate professor Alberto BAGNAI, PhD. - University of Pescara

Associate Professor Iustina BOITAN, PhD. - Vice-Dean of Faculty of Finance and Banking, Bucharest University of Economic Studies

Associate Professor Lucian ŢÂŢU, PhD. - Head of Department of Financ Faculty of Finance and Banking, Bucharest University of Economic Studies

Assistant Professor Pedro CERQUEIRA, PhD. - University of Coimbra

Associate Professor Ionela COSTICĂ, PhD. – Dean of Faculty of Finance and Banking, Bucharest University of Economic Studies

Associate Professor Georgiana CREŢAN, PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Associate Professor Rodica GHERGHINA, PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Associate Professor Paul TĂNĂSESCU, PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Associate Professor Camelia TURCU, PhD. - University of Orléans

Lecturer David DUFFY, PhD. - University of Ulster

Lecturer Dan Costin NIŢESCU, PhD. - Faculty of Finance and Banking, Bucharest University of Economic Studies

Dr. Christian OBERST, PhD. - University of Aachen

List of the Participants

Name Affiliation Country E-mail address

28 March 2019

Plenary Session

Professor Nicolae ISTUDOR, PhD. Rector of the Bucharest University of Economic Studies, Romania

Romania [email protected]

Professor Juana PULGAR EZQUERRA, PhD.

Complutense University of Madrid

Spain [email protected]

Professor Jaap SPRONK, PhD. University of Curacao, Emeritus Professor at Erasmus University Rotterdam, and Erasmus School of Economics (NEH) & Rotterdam School of Management (RSM),

Netherlands [email protected]

Ruxandra AVRAM Director, Financial Market Infrastructures and Payments Oversight Department, the National Bank of Romania


Rodica TUCHILĂ Executive Director, Romanian Association of Banks


Senior Lecturer David RAMOS MUÑOZ, PhD.

Universities of Bologna and Carlos III Madrid

Italy [email protected]

Associate Professor Ionela COSTICĂ, PhD.

Dean of the Faculty of Finance and Banking, Bucharest University of Economic Studies


Session 1 – 28 March, 2019

Insurance

Professor Ingrid-Mihaela DRAGOTĂ, PhD.

Faculty of Finance and Banking, Bucharest University of Economic Studies


Assistant Professor Cosmin Octavian CEPOI, PhD.



Associate Professor Bogdan-Andrei DUMITRESCU, PhD.



Andreea Elena DRĂGHIA, PhD. Student Bucharest University of Economic Studies


Associate Professor Laura-Elly NAGHI, PhD.



Nicoleta RADU, PhD. Student Bucharest University of Economic Studies

Romania

Aurora Elena DINA (MANOLACHE), PhD. Student

Bucharest University of Economic Studies


Costin Andrei ISTRATE, PhD. Student Bucharest University of Economic Studies


Elda MARZAI (ABLIZ), PhD. Student Bucharest University of Economic Studies


Associate Professor Paul TĂNĂSESCU, PhD.




Corporate finance and investments

Professor Hilmar Þór HILMARSSON, PhD.

School of Business and Science, University of Akureyri

Iceland [email protected]

Lecturer Agnieszka BEM, PhD. Department of Corporate Finance and Public Finance, Wrocław University of Economics

Poland [email protected]

Lecturer Rafał SIEDLECKI, PhD. Department of Corporate Finance and Public Finance, Wrocław University of Economics


Lecturer Paweł PRĘDKIEWICZ, PhD. Department of Finance, Wrocław University of Economics


Lecturer Paulina UCIEKLAK-JEŻ, PhD. Faculty of Philology and History, Jan Dlugosz University in Czestochowa


Professor Ovidiu STOICA, PhD. Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University of Iaşi


Scientific Researcher Valentina Diana RUSU, PhD.

Institute of Interdisciplinary Research, Social Sciences and Humanities Research Department, “Alexandru Ioan Cuza” University of Iasi


Professor Angela ROMAN, PhD. Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University of Iaşi


Mihai PRECUP, PhD. Student – University of Paris 1: Panthéon-Sorbonne, France, and Managing Director at the Progressio Capital Partners

Luxembourg [email protected]

Professor Victor DRAGOTĂ, PhD.



Dragoş BÎLTEANU, PhD. Student Bucharest University of Economic Studies

Romania

Lecturer Florentina Olivia BĂLU, PhD. Institute of Management, University of Geneva

Switzerland [email protected]

Andrei Alexandru TĂRĂBÎC, PhD. Student

West University of Timişoara Romania [email protected]

Gabriel MORAR, PhD. Student West University of Timişoara Romania

Hanaan YASEEN, PhD. Student Bucharest University of Economic Studies



Public Finance

Lecturer Klaudia JARNO, PhD. Poznan Department of Monetary Policy and Financial Markets, University of Economics and Business


Professor Kamilla MARCHEWKA-BARTKOWIAK, PhD.

Department of Monetary Policy and Financial Markets, Poznan University of Economics and Business

Poland

Professor Georgeta VINTILĂ, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies


Lecturer Ştefan Cristian GHERGHINA, PhD.



Radu Alin PĂUNESCU, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies


Professor Petru ȘTEFEA, PhD. Faculty of Economics and Business Administration, Management Department, West


mailto:[email protected]

University of Timișoara

Alexandru BOCIU, PhD. Student West University of Timișoara Romania [email protected]

Associate Professor Andrei PELIN, PhD. Faculty of Economics and Business Administration, Management Department, West University of Timișoara


Associate Professor Oana-Ramona LOBONȚ, PhD. Habil.

Faculty of Economics and Business Administration, Finance Department, West University of Timișoara


Lavinia Daniela MIHIȚ, Ph.D. Student West University of Timișoara Romania [email protected]

Professor Nicoleta Claudia MOLDOVAN, PhD. Habil.



PhD Stud. Oana Ramona GLONT, Ph.D. Student

West University of Timișoara Romania [email protected]

Associate Professor Iulia PARA, PhD. Faculty of Economics and Business Administration, West University of Timișoara


Associate Professor Lucian ŢÂŢU, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies


Associate Professor Nicoleta VINTILĂ, PhD.



Professor Andreea STOIAN, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies


Associate Professor Emilian MIRICESCU, PhD.



Associate Professor Attila GYÖRGY, PhD.





Alia AFZAL, PhD. Student Institute of Statistics, Faculty of Economics and Management, Leibniz University Hannover

Germany [email protected]

Professor Philipp SIBBERTSEN, PhD. Institute of Statistics, Faculty of Economics and Management, Leibniz University Hannover


Professor Andreea STOIAN, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies


Lecturer Filip Iorgulescu, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies


Daiana Florina PETRESCU, PhD. Student Babes-Bolyai University Romania [email protected]

Professor Alexandru TODEA, PhD. Faculty of Economics and Business Administration, Babes-Bolyai University


Assistant Professor Faruk DAYI, PhD. Department of Business Administration, Kastamonu University

Turkey [email protected]

Associate Professor Tolga ULUSOY, PhD.

Department of Banking and Finance, Kastamonu University


Assistant Professor Dan Gabriel ANGHEL, PhD.



Associate Professor Laura-Elly NAGHI, Faculty of Finance and Banking, Romania [email protected]

PhD. Bucharest University of Economic Studies

Adina Alexandra DARMAZ-GUZUN, PhD. Student

West University of Timișoara Romania

Lecturer Andrei STĂNCULESCU, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies


Session 5 – 28 March 2019

Banking

Research Student Haifa ALHAMDANI, PhD.

School of Economics, University of East Anglia

United Kingdom

[email protected]

Assistant Lecturer Arndt-Gerrit KUND, PhD. Student

Department of Bank Management, University of Cologne


Research associate Daniel RUGILO, PhD. Student

Department of Financial Accounting and Auditing, University of Cologne

Germany

Professor Alin ANDRIEŞ, PhD. Faculty of Economics and Business Administration, “Alexandru Ioan Cuza” University of Iaşi


Nicu SPRÎNCEAN, PhD. Student “Alexandru Ioan Cuza” University of Iaş


Research associate Matthias PETRAS, PhD. Student

Department of Bank Management, University of Cologne


Professor Marilen PIRTEA, PhD. Faculty of Economics and Business Administration, West University of Timișoara

Romania

Lecturer Claudiu BOŢOC, PhD. Faculty of Economics and Business Administration, West University of Timișoara


Alexandru BOCIU, PhD. Student West University of Timișoara Romania [email protected]

Whelsy BOUNGOU, PhD. Student LAREFI, Department of Economics, University of Bordeaux

France [email protected]

Associate Professor Dan Costin NIŢESCU, PhD.



Florin Alexandru DUNĂ, PhD. student Bucharest University of Economic Studies


Adriana Daniela CIUREL, PhD. Student



29 March 2019


Corporate finance and investments

Associate Professor Ana-Cristina NICOLESCU, PhD. Habil.



Lecturer Sorana VĂTAVU, PhD. Faculty of Economics and Business Administration, Finance Department, West University of Timișoara

Romania

Hanaan YASEEN, PhD. Student Bucharest University of Economic Studies


Lecturer Rafał SIEDLECKI, PhD. Department of Corporate Finance and Public Finance, Wrocław University of Economics


Lecturer Agnieszka BEM, PhD. Department of Corporate Finance and Public Finance, Wrocław


University of Economics

Lecturer Paweł PRĘDKIEWICZ, PhD. Department of Finance, Wrocław University of Economics


Professor Cosmin ENACHE, PhD. Faculty of Economics and Business Administration, West University of Timișoara


Associate Professor Sorin Gabriel ANTON, PhD.

Faculty of Economics and Business Administration, “Alexandru Ioan Cuza” University of Iaşi


Assistant Professor Faruk DAYI, PhD. Department of Business Administration, Kastamonu University


Lecturer Resit CETINKAYA, PhD. Department of Business Administration, Kastamonu University


Rodica BACIU, PhD. Student University of Economic Studies, Bucharest


Professor Petre BREZEANU, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies


Lecturer Adrian ŞIMON, PhD. “Petru Maior” University Romania [email protected]

Lecturer Andrei STĂNCULESCU, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies



Public finance

Associate Professor Bogdan Florin FILIP, PhD.

Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University of Iaşi


Nicolae-Bogdan IANC, PhD. Student in international cotutelle

Laboratoire d'Economie d'Orléans (LEO) from Université d'Orléans, and West University of Timișoara


Milena KOWALSKA, PhD. Student Wrocław University of Economics Poland [email protected]

Alina Ioana CALINOVICI, PhD. Student West University of Timișoara Romania [email protected]

Economist Florin COSTEA Head of Finance Hella Romania Romania [email protected]

Carmen PIRVAN, PhD. Student Bucharest University of Economic Studies


Professor Ileana NIŞULESCU- ASHRAFZADE, PhD.

Faculty of Accounting and Management Information Systems, Bucharest University of Economic Studies


Cosmina-Ștefania CHIRICU, PhD. Student



Associate Professor Iustina BOITAN, PhD.



Professor Emilia CÂMPEANU, PhD.





Associate Professor Andreea CURMEI-SEMENESCU, PhD.



Assistant Professor Dragoş Ştefan OPREA, PhD.



Associate Professor Cătălin CURMEI, PhD.

Faculty of Business Administration (in Foreign Languages), Bucharest University of Economic Studies


Ligia IACOBESCU, PhD. Student Babes-Bolyai University Romania [email protected]

Lecturer Liliana SIMIONESCU, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies


Professor Dalina DUMITRESCU, PhD. Vice-rector of the Bucharest University of Economic Studies


Cristina GANJA, PhD. Student Babes-Bolyai University Romania [email protected]

Lecturer Dan LUPU, PhD. Faculty of Economics and Business Administration, "Alexandru Ioan Cuza" University of Iaşi


DUMITRU NICUŞOR CĂRĂUŞU, PhD. Student

"Alexandru Ioan Cuza" University of Iaşi


Associate Professor Meral KAGITCI, PhD.



Ruxandra TRIFAN, PhD. Student Bucharest University of Economic Studies,


Assistant Professor Elena Valentina

ȚILICĂ, PhD. Faculty of Finance and Banking, Bucharest University of Economic Studies



Banking

Professor Hilmar Þór HILMARSSON, PhD.

School of Business and Science, University of Akureyri

Iceland [email protected]

Professor Alin ANDRIEŞ, PhD. Faculty of Economics and Business Administration, “Alexandru Ioan Cuza” University of Iaşi


Researcher Florentina MELNIC, PhD. Student

“Alexandru Ioan Cuza” University of Iaşi


Fatima Zohra MAROUF, PhD. Student Warocqué School of Economics and Management, University of Mons

Belgium [email protected]

Oona VOICAN, PhD. Student Bucharest University of Economic Studies


Ștefan Cătălin TOPLICEANU, PhD. Student

“Alexandru Ioan Cuza” University of Iaşi


Maria Alexandra CRISTEA, PhD. Student Bucharest University of Economic Studies


Matei KUBINSCHI, PhD. Student Bucharest University of Economic Studies


Alina ZAHARIA, PhD. Bucharest University of Economic Studies


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