Timisoara Journal of Economics and Business https://www.tjeb.ro/index.php/tjeb <p><a href="../../../../">Timisoara Journal of Economics and Business</a> (formerly <a href="http://www.tje.uvt.ro/index.php/tje" target="_blank" rel="noopener">Timisoara Journal of Economics</a>, 2008-2012) is a peer-reviewed on-line journal open to high-quality papers from all fields of modern economics and business. The journal will release two issues per year, one in June and one in December. The journal focus is on empirically oriented papers. However, good review papers or high quality theoretical contributions are welcomed as well.</p> <p>ISSN 2286-0991; ISSN–L 2286-0991</p> <hr> <article class="obj_article_details"> <div class="row"> <div class="entry_details"> <p><a title="Link TJEB on De Gruyter Open" href="http://www.degruyter.com/view/j/tjeb?rskey=ORQDKz&amp;result=1" target="_blank" rel="noopener"><strong><img title="De Gruyter logo" src="../../../../public/site/images/camelia-margea/De_gruyter.jpg" alt="De Gruyter Open logo" width="123" height="68"></strong></a></p> <a title="Link TJEB on De Gruyter Open" href="http://www.degruyter.com/view/j/tjeb?rskey=ORQDKz&amp;result=1" target="_blank" rel="noopener"><strong>Timisoara Journal <br>of Economics <br>and Business</strong> <br>in DE GRUYTER OPEN</a><br>(since 2014)</div> <div class="main_entry"> <p><em>Timisoara Journal of Economics and Business</em> is covered by the following services:</p> <p>AcademicKeys; <a title="Baidu Scholar" href="http://xueshu.baidu.com/s?wd=%22Timisoara+Journal+of+Economics+and+Business%22&amp;rsv_bp=0&amp;tn=SE_baiduxueshu_c1gjeupa&amp;rsv_spt=3&amp;ie=utf-8&amp;f=8&amp;rsv_sug2=0&amp;sc_f_para=sc_tasktype%3D%7BfirstSimpleSearch%7D&amp;rsv_n=2" target="_blank" rel="noopener">Baidu Scholar</a>; Cabell's Directory; Caboose Open Directory; <a title="CEJSH (The Central European Journal of Social Sciences and Humanities)" href="http://cejsh.icm.edu.pl/cejsh/element/bwmeta1.element.issn-2286-0991" target="_blank" rel="noopener">CEJSH</a>; Celdes; CNKI Scholar (China National Knowledge Infrastructure); CNPIEC; Directory of Science; <a title="DOAJ (Directory of Open Access Journals)" href="https://doaj.org/toc/1844-7139?source=%7B%22query%22%3A%7B%22filtered%22%3A%7B%22filter%22%3A%7B%22bool%22%3A%7B%22must%22%3A%5B%7B%22term%22%3A%7B%22index.issn.exact%22%3A%221844-7139%22%7D%7D%2C%7B%22term%22%3A%7B%22_type%22%3A%22article%22%7D%7D%5D%7D%7D%2C%22query%22%3A%7B%22match_all%22%3A%7B%7D%7D%7D%7D%2C%22from%22%3A0%2C%22size%22%3A100%7D" target="_blank" rel="noopener">DOAJ</a>; EBSCO (relevant databases); EBSCO Discovery Service; EconBiz; <a title="Open source Economics articles Index" href="http://www.econbib.org/index.php/browse/index/111" target="_blank" rel="noopener">EconBib</a>; <a title="EconLit" href="https://www.aeaweb.org/econlit/journal_list.php#T" target="_blank" rel="noopener">EconLit</a>; EuroInternet; Genamics JournalSeek; <a title="Global Impact and Quality Factor" href="http://globalimpactfactor.com/timisoara-journal-of-economics-and-business" target="_blank" rel="noopener">Global Impact Factor (GIF)</a>; Google Scholar; <a title="Index Copernicus" href="http://journals.indexcopernicus.com/Timisoara+Journal+of+Economics+and+Business,p4074,3.html" target="_blank" rel="noopener">Index Copernicus</a>; J-Gate; JournalTOCs; Naviga (Softweco); NewJour – Electronic Journals &amp; Newsletters; <a title="Global Impact and Quality Factor" href="http://oaji.net/journal-detail.html?number=2256" target="_blank" rel="noopener">Open Academic Journals Index</a>; Primo Central (ExLibris); ReadCube; <a title="Research Papers in Economics (RePEc)" href="http://econpapers.repec.org/article/wuntimjeb" target="_blank" rel="noopener">RePEc</a>; ResearchGate; <a title="SearchWorks catalog" href="https://searchworks.stanford.edu/view/10424610" target="_blank" rel="noopener">Stanford University Libraries</a>; Summon (Serials Solutions/ProQuest); TDOne (TDNet); Ulrich's Periodicals Directory/ulrichsweb; <a title="WorldCat (OCLC)" href="http://www.worldcat.org/title/timisoara-journal-of-economics-and-business/oclc/870997818&amp;referer=brief_results" target="_blank" rel="noopener">WorldCat (OCLC)</a></p> </div> </div> <p>&nbsp;</p> </article> De Gruyter Open en-US Timisoara Journal of Economics and Business 2286-0991 <a href="http://creativecommons.org/licenses/by-nc-nd/3.0/" rel="license"><img style="border-width: 0px; float: left; margin-left: 2px; margin-right: 2px;" src="https://i.creativecommons.org/l/by-nc-nd/3.0/88x31.png" alt="Creative Commons License" /></a>Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License. <br />(<a href="http://creativecommons.org/licenses/by-nc-nd/3.0/" target="_blank">CC BY-NC-ND 3.0</a>) (Since 2014) Good practices for improving promotion and sales for Romanian ecological agricultural products https://www.tjeb.ro/index.php/tjeb/article/view/321 <p>Nowadays, life is an uninterrupted discovery. The consumers tend to have a healthier lifestyle, with a diet that has optimal nutritional values, to maintain their health, in harmony with the nature and the environment. Thus, marketing is selling dreams, impressions, perceptions, creating the opportunity to live through a unique experience, to help the customers write their own story, not just to satisfy them. The main objective of this research is to find ways to support promotion and sales of ecological producers in agriculture. Producers offer high quality products, with no artificial additives and contribute to the protection of the biodiversity and the environment, and implicitly of our health. The exploratory research represents the main purpose of this paper. Starting from the analysis of the literature review related with ecological agricultural market, the evolution of the custo-mer’s behavior and the identification of the components of the promotional mix, an overview is established. The in depth interviews and the analysis of international models show that informing the producers regarding the consumer’s dynamic needs (product diversity and freshness, adaptability to the market demand, online orders, home delivery, the client feedback, the possibility to return goods, to process their own products etc.), openness to associations and collaborations on horizontal and vertical axes, communication and information campaigns, the&nbsp; multi-functionality of farms, proactive promoting, creating a cluster structure are among the key factors to improve sales and promotion</p> Irina HANGANU Cristina FLESERIU ##submission.copyrightStatement## http://www.degruyter.com/view/supplement/s22860991_Open_Access_License.pdf 2019-12-30 2019-12-30 12 2 71–86 71–86 Labour market and self-employment: the Israeli case https://www.tjeb.ro/index.php/tjeb/article/view/319 <p>The aim of this paper is to present and analyze the labour market from the perspective of self-employment. It investigates the phenomenon of this form of employment from several aspects: on the one hand, it examines the factors influencing the choice of Israelis to be self-employed among Arabs and Jews in Israel, and, on the other hand, it examines the extent to which human capital and family background characteristics determine the employment choice. The main aim of the paper is to characterize the phenomenon of self-employment in the labour market. By using 2008 data Israel Census, hypotheses concerning the effect of demographical variables on self-employment are formulated and tested, using logistic regression. The results support the research hypotheses, and the most notable predictors of self-employment are discussed. Thus, we conclude that family background, gender, age, number of children and an interaction between nationality and occupation are the most significant predictors of self-employment. Many factors affect the self-employment status of citizens of Israel, with the single strongest predictor being gender – males in Israel are more likely to be self-employed. Also, more urbanized areas such as Tel-Aviv and the Centre, have higher self-employment rate than less populated areas such as the South.</p> Iyad SNUNU ##submission.copyrightStatement## http://www.degruyter.com/view/supplement/s22860991_Open_Access_License.pdf 2019-12-30 2019-12-30 12 2 87 108 Coping with the exceptional economic problems in Turkey: a field survey on SMEs https://www.tjeb.ro/index.php/tjeb/article/view/318 <p>Developing countries need higher economic growth to reach the level of developed countries. When developing countries exceed the potential economic growth, problems, such as, high external debt and high current deficit emerge. Such situations increase the financial risk of the country; in addition, international political risks, fluctuations in capital inflows and some manipulative movements have subjected countries to extreme exchange rate fluctuations. Purposes of this research: (1) to uncover the impact of high exchange rate volatility on small business activities and (2) to determine whether the level of exposure of the exchange rate shock on business owners varies by age. The methodology of the study involved a survey administered to 390 small and medium-sized enterprises (SMEs). The findings of the study show that after a period of significant exchange rate fluctuations, business activities were negatively affected, sales decreased, and job cuts increased. On the other hand, the exchange rate effect was mostly felt by all business owners of different ages. According to the study, it can be concluded that small enterprises are vulnerable to rising exchange rate volatility. The effect on SMEs with more work experience is not different. In order to alleviate the effects of adverse exchange rate movements, enterprises should be more cautious in their activities. Two suggestions can be made at this point: (i) Governments should follow optimal growth policies and (ii) Small businesses that have an important place in the economy should be made aware of the exchange rate risk and crisis management.</p> Ercan ÖZEN ##submission.copyrightStatement## http://www.degruyter.com/view/supplement/s22860991_Open_Access_License.pdf 2019-12-30 2019-12-30 12 2 109 126 Trade-off between liquidity and profitability: an empirical study of pharmaceutical sector in the Republic of North Macedonia https://www.tjeb.ro/index.php/tjeb/article/view/327 <p>The relationship between liquidity and profitability is one of the most interesting topics in the corporate finance research. Having in mind that the pharmaceutical industry is one of the most competitive sectors globally and that its substantial investments in research and development make this industry a key asset for a country’s economic well-being, this paper examines the liquidity-profitability trade off in pharmaceutical sector of RNM. The empirical research en-gages the secondary annual financial report data of the two pharmaceutical companies listed on Macedonian Stock Exchange (MSE) over the period from 2006-2016. Current ratio (CR), quick ratio (QR) and cash ratio (CAR) were used as measures of liquidity while return on assets (ROA) and return on equity (ROE) were used to measure profitability as a dependent variable. The statistical tests used to evaluate the effects of liquidity on profitability involved descriptive statistics, correlation and regression analysis. The findings suggest that there is no significant relationship between profitability and liquidity determinants of the listed North Macedonian pharmaceutical firms. Regarding practical implications, these findings can help managers overcome dilemmas with respect to the liquidity and profitability trade-off. Furthermore, this study contributes to the existing research base in this field and represents one of the pioneer attempts in the case of RNM. The results gained from the research are very important for companies themselves, but they can also serve as a starting point for future research to eliminate financial and other corporate issues related to the relationship between profitability and liquidity determinants.</p> Snezhana HRISTOVA Dusica STEVCEVSKA-SRBINOSKA Ivona MILEVA Angela ZAFIROVA ##submission.copyrightStatement## http://www.degruyter.com/view/supplement/s22860991_Open_Access_License.pdf 2019-12-30 2019-12-30 12 2 127 148 The interpretation of Industry 4.0 by Hungarian technology-oriented startups https://www.tjeb.ro/index.php/tjeb/article/view/324 <p>Technology-oriented startups are valued participants of the economy in the 21st century. By inventing and bringing new technologies to the market, this sector supports not only the growth of competitiveness in the corporate sector but that of the standard of living as well. These companies reinterpret the meaning of enterprise by building new functional business strategies, collaborations and business models. As of changing production sequences, conditions of business activity will change together. In the near future, not only the activity of organisations but of technology and business platforms, networks shall be controlled and developed along the value production chain. As attitude to customers will undergo serious changes, the meaning of team working will also be reinterpreted. The carrier of changes will be the Industry 4.0 framework. Due to this, information technology will not exclusively support business but establish new business value by utilizing companies’ tools and resources. The aim of this paper is to present by a recent survey the attitude of Hungarian technology-oriented startups to the changing business environment in the era of Industry 4.0 which can already be observed in many sectors. The author of this paper believes that technology-oriented startups may take serious role in Europe to fight against low wage countries in the world.</p> Peter HALMOSI ##submission.copyrightStatement## http://www.degruyter.com/view/supplement/s22860991_Open_Access_License.pdf 2019-12-30 2019-12-30 12 2 149 164 Analysis of the volume and provenance of direct foreign investments in the West Region for Development in Romania, with a focus on German direct investments https://www.tjeb.ro/index.php/tjeb/article/view/328 <p>This article is a multicriterial analysis of foreign direct investments in the West Region of Development of Romania, with a focus on German direct investments, taking into account the 4 component counties of Western Development Region: Arad, Caras-Severin, Hunedoara and Timis. The analysis investigates 2 reference years, 2010 and 2016, with statistical data retrieved from the National Trade Register Office, the National Commission for Strategy and Prognosis and www.listafirme.ro, to which are added the author's own calculations. Conclusions are drawn for each of the considered criteria. For the German industry, Romania has affirmed itself in the last few years as being a direct investment market with a high strategic growth potential. Germany has become, both in exports and imports, one of Romania's most important business partners. The business relationships between the companies which play an important role in the economic system of the two countries represent a useful tool for the developments of the Romanian-German trade flows. In the case of direct foreign investments, the enterprises show a consolidated presence in several regions of Romania. German investors have shown an increased interest for Romania especially since the end of the 90s of the last millenium. Internationally renowned companies from Germany, such as: Continental, Bosch, Daimler, INA Schaeffler and Kaufland have extended their production activity areas in Romania. The West Region of Development of Romania progressed in a special manner because it is a region with a great desire to collaborate with Germany both geographically, as well as cultural-historically.</p> Norbert FÖLDI ##submission.copyrightStatement## http://www.degruyter.com/view/supplement/s22860991_Open_Access_License.pdf 2019-12-30 2019-12-30 12 2 165 186 Innovations in managing traditional organizations: German classic professional orchestras, specific nature and innovative aspects https://www.tjeb.ro/index.php/tjeb/article/view/329 <p>The armed forces, the state and the church are multiple-stakeholders organizations, designed according to very specific characteristics that describe their mission and their objectives. Alongside with them, the classic professional orchestra is one of one the oldest and traditional organizations, with distinguished features that describe its organizational culture, its mission and goals, namely: to present the classical music at the highest level of performance, to meet the public’s expectations, to represent their communities as cultural ambassadors and to protect the cultural patrimony. Innovations represent a response to new challenges of today’s society, such as multi culturality, digitalization, the new physical and social setting in which people live. German orchestras dominate by number and by high musical performance level the world’s orchestra market. Contrary to the strictness of the musical service provided by the classical professional orchestra’s “sound organism”, is there room for innovations? According to Forbes magazine, “innovation is crucial to the continuing success of any organization”. Are there any management innovations, and if there are, what is their impact upon the stakeholders’ satisfaction? This article is part of a complex research upon specific and innovative aspects in managing a classic professional orchestra for maximizing the satisfaction of multiple stakeholders.</p> Georgiana TEOHARI Nicolae BIBU ##submission.copyrightStatement## http://www.degruyter.com/view/supplement/s22860991_Open_Access_License.pdf 2019-12-30 2019-12-30 12 2 187 202 Is street art good or bad for you? https://www.tjeb.ro/index.php/tjeb/article/view/325 <p>Economic growth can occur within a monolithic, grey urban environment, allowing for decaying facades and deteriorating public spaces. Where artists provide a colorful facelift to urban infrastructure, cities learn to channel the creative capacity of street art. The public good aspect thereby becomes significant in street art’s dimension of wide accessibility and going beyond the controversy of graffiti. This paper explores the case for supporting street art, as a driver for innovation in urban economies. We review the influence of cultural goods on the well-being of various demographic groups and explore the learning process in their consumption. The paper evaluates the willingness to pay towards public culture by controlling for conscious and unconscious exposure to street art in the public space. From a set of 970 field-based interviews, cultural goods ultimately emerge as a promotor of public well-being. Education is the strongest individual characteristic linked with the appreciation of public art. The better skilled further increase their support for potentially controversial cultural goods when works of street art are explicitly presented. A ‘skilled consumption’ emerges for such novel public goods, with further potential for increasing public tolerance through ongoing exposure to art in the urban environment. Finally, as the value of public art amongst the active population is primarily linked to its potential to drive creativity, we will reframe it as a promotor of dynamic local economies, going beyond individual preferences and well-being.</p> Liliana HARDING ##submission.copyrightStatement## http://www.degruyter.com/view/supplement/s22860991_Open_Access_License.pdf 2019-12-30 2019-12-30 12 2 203 226 An assessment of regional innovation capacity as a factor of economic growth of Romanian regions https://www.tjeb.ro/index.php/tjeb/article/view/323 <p>According to Regional Innovation Scoreboard 2016, Romania’s regions, including the Bucuresti-Ilfov region, are ranked as modest innovators. This label says much but too little, at the same time, about the capacity of Romania to generate innovation.&nbsp; This paper aims to identify the potential ways of economic growth of the Romanian regions through its innovation absorptive capacity and innovation development capacity, according to the AC/DC model of the National Endowment for Science, Technology and the Arts (NESTA), UK. Using the 2016 pillar scores of the Regional Competitiveness Index (RCI) - Innovation sub-index, we analyze their compatibility with the NESTA model and assess the potential of Romanian regions to absorb external innovation. The paper proposes a qualitative and quantitative approach based on empirical evidence. The poor performances of the Romanian regions regarding innovation, as they were analyzed in this paper, draw attention to Romania's need to exploit innovation from abroad. The main conclusion of our analysis is that Romania has failed to reach the absorption threshold of innovation that will allow it to accelerate the value-creating processes. The ability to innovate completes the ability to absorb. A detailed analysis of the causes of reduced absorption capacity could also provide solutions for accelerating economic growth. We also formulate policy recommendations to increase Romania's regional competitiveness through the development of innovation capacity.</p> Raluca CLIPA Mihaela IFRIM Flavian CLIPA ##submission.copyrightStatement## http://www.degruyter.com/view/supplement/s22860991_Open_Access_License.pdf 2019-12-30 2019-12-30 12 2 227 242