cov( x, y )
1.
y x
We will obtain a new indicator that depends on the measure units of
the two variables, being also a statistical normalized measure, named linear
correlation quotient.
This indicator was introduced in statistics by K. Pearson and is
calculated with the relation:
i ( xi x )( y i y )
r
n x y
We appreciate the fact that this linear correlation quotient is efficient
to measure the intensity of the dependency between variables only if it is
linear.
We will express some appreciations regarding the properties of the
linear correlation quotient, by establishing the calculation relationships for
the estimators of the linear regression model parameters depending on its
value. Essentially, we emphasize the following significant relations:
The linear correlation quotient, as a symmetric measure,
r ( x, y )
u v
a x d v
ui
y y.
x i x and
vi i
y
x
The estimator of the quotient of the regression line slope has the
formula: a r
y
x
For the reciprocal line x i b' a ' y i , we use the calculation relation:
a ' r x .
y
After calculation, a and r have the same sign and three cases can be
observed:
- If r > 0, then a > 0, the dependency between the two
variables is direct;
- When r = 0 and a = 0, and we do not have linear
dependencies between variables (the regression model is a
line parallel to ox axis);
- When r > 0, the estimator of the regression line slope will
have a negative value; the dependency being inverse.
The variables of the linear regression model being linearly
independent, then the value of the linear correlation quotient is zero. The
reciprocal is not always true, because the null value of the linear correlation
quotient calculated for the variables of the model does not automatically
implies the independence of the variables.
The variables are independent if the reciprocal regression lines are
perpendicular. From this, it results that the two quotients satisfy the equality
a a ' = 0. Therefore, when the variables are linearly independent, r = 0.
The linear correlation quotient is not a transitive measure.
x
y
resulting that the two reciprocal lines are parallel, functionally correlated.
The reciprocal of this affirmation is demonstrated if we consider that the
two variables are independent. The reciprocal regression lines are parallel
and satisfy the relation r2 = 1.
The measure r2 expresses the intensity of the linear dependency
between the two variables. We deduce that the value of the linear correlation
quotient in reversely proportional to the angle between the two reciprocal
regression lines.
If the considered variables X and Y are linearly independent,
then the linear correlation quotient and the determination report lead to the
equality:
y i y 2
S
R2 i
a 2 xx r 2
2
S yy
yi y
i
S /n
SPE
SPR
1
1
.
SPT
SPT
S yy / n
(x
x )( y i y )nij
i, j
n x y
1 2
2 degrees of liberty)
The interpretation of the values for the linear correlation quotient
obtained for a series of values must take into consideration the following:
1 2 and
1 2 2
E ( R) 1
2n
var( R)
n 1
1 1
1 1
lg
N lg
;
2 1
2 1
n3
r
n 2 t n2 .
1 r
In the case of the bilateral test the null hypothesis is rejected if the
equality t r t / 2 is satisfied. The unilateral test > 0 leads to the rejection
of the null hypothesis if t r t , and for < 0 H1 is accepted, if t r t .
In the case of the linear regression model, i represents the residual
variable, and ei or i measure the difference between the real value yi and
the value adjusted through regression model.
To establish an estimation for the two parameters of the regression
line, we will determine an estimation for the dispersion of the residual
variable, starting form the properties:
- in the series of offsets , the sum of its terms is equal to zero, that is:
i 0 .
i
If we take into account the calculation formula for the offset, the one
for the free term estimator and the fact that the sum of the offsets for the
terms of a series in report to the average is zero, we obtain:
i yi b axi yi y a xi x 0
i
1
ei2 .
n2 i
2
n
2 ( xi x ) 2
1
2 2 xi x wi ( xi x )
.
a 2 i
n
- In the linear regression model, the size of the dispersion for the
offset series is higher as the series of values for the resultant characteristic is
( xi x ) wi
Selective bibliography
Anghelache C., Mitru. C, Bugudui, E., Deatcu, C. (2010)
Econometrics, Artifex Publishing House, Bucharest, ISBN 978-9737631-76-3
Anghelache C., Anghelache, G.V. (2010) Equilibrium models for
macroeconomic forecasts, Romanian Statistical Review, Issue 9/2010,
supplement
Anghelache C., Dinu M., Barbu C.M. (2010) - Estimation of the regression
functions transformation, Metalurgia Internaional Vol. XV (2010)
Anghelache C. (2009) - Models and methods used in the analysis of the
economic crisis, 57th Conference Statistics past, present and future,
ISBN 978-90-73592-29-2, Durban 2009
Colander, David C. (2009) Economists, incentives, judgment, and the
European CVAR approach to macroeconometrics, Kiel Institute for the
World Economy in Economics: The Open-Access, Open-Assessment EJournal
Fernandez-Villaverde, J., Rubio-Ramirez, J. (2009) Two Books on the
New Macroeconometrics, Taylor and Francis Journals, Econometric
Reviews
Johansen, S., Nielsen, M.. (2010) - "Likelihood inference for a
fractionally cointegrated vector autoregressive model", CREATES
Research Papers 2010-24, School of Economics and Management,
University of Aarhus
11
12
13
14
15
16
17
case, but it will build the agent as it seems fit, which can result in undesired
global behaviour.
Conclusions
The concepts, proposed within the Internet of Things, paradigm are
becoming a reality due to the research efforts leading towards the
development of new devices and services.
Knowledge management in particular, owing to its evolution that
parallels that of manufacturing paradigms, is expected to issue new methods
allowing humans to both benefit from - and increase the value of
technological advances. A hybrid knowledge structure can be foreseen,
where the interaction between human and non-human knowledge
stakeholders will became transparent and will allow creation and use of
meta-knowledge.
Selective bibliography
Camarinha-Matos, L., Afsarmanesh, H., Novais, P., Analide, C. (2007)
Establishing the Foundation of Collaborative Networks, PROVE
Virtual Enterprise 2007, Springer Verlag ISBN, 978-0-387-73797-3.
FInES (2009) Internet of Things 2020, A Roadmap to the Future,
European Technology Platform on Smart Systems Integration, Available
from: http://ec.europa.eu/information _society /policy/rfid/documents
/iotprague2009.pdf Internet of Things: an early reality of the Future
Internet Accessed: 10-08-2009
Molina, A, Chen, D., Panetto, H., Vernadat, F., Whitman, L. (2005) Enterprise Integration and Networking: Issues, Trends and Vision, in
Knowledge Sharing in the Integrated Enterprise, P. Bernus, M. Fox and
J.B.M. Goossenaerts (Editors), Springer / Kluwer, ISBN 0-387- 26608-9,
pp. 303 - 313.
Santucci G., (2009) From Internet of Data to Internet of Things,
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Stanescu, A.M., Dumitrache,I., Pouly, M., Caramihai,S.I., Moisescu,M.A
(2007) Towards a General Systems Theory approach to design the
future of Concurrent Engineering Science, In Loureiro,G.;.; Curran,R.;
(eds.) Complex Systems Concurrent Engineering Collaboration
Technology Innovation and Sustainability, pp 3-10, Springer Verlag
Stanescu, A.M., Ionescu, L.M., Georgescu, V., Badea, L., Moisescu, M.A.,
Sacala. I.S. (2010) Toward Digital Business EcoSystem Analysis In
Gunasekaran,A.; Sandhu,M. (Eds): Handbook On Business Information
Systems, World Scientific Books
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Moisescu, M.A., Dumitrache, I., Caramihai, I.S., Stanescu, A.M, Sacala, I.S.
(2010) The Future of Knowledge in Manufacturing Systems in the
Future Era of Internet of Things, IFAC- MCPL 2010, 8-10th September,
Coimbra, Portugal,
Stnescu, A., Karagiannis, D., Moisescu, M.A., Sacal, I.S., Manoiu, V.
(2008) - Towards a Holistic Approach for Intelligent Manufacturing
Systems Synthesis, IMS'08: Proceedings of the 9th IFAC Workshop on
Intelligent Manufacturing Systems, Szczecin, Pologne, October 2008,
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Alcaraz, C., Najera, P., Lopez, J. and Roman, R.(2010) Wireless Sensor
Networks and the Internet of Things: Do we need a complete
integration?, In Proc. Of 1st International Workshop on the Security of
the Internet of Things(SecIoT 2010), Tokyo, Japan.
Castellani, A.P., Bui, N., Casari, P., Rossi, M., Shelby, Z. and Zorzi, M.
(2010) Architecture and Protocols for the Internet of Things: A Case
Study, In Proc. Of 1st International Workshop on Web of Things (WoT
2010), pp.678-683, Mannheim, Germany.
Katasonov, A., Kaykova, O., Khriyenko, O., Nikitin, S. and Terziyan, V.
(2008) Smart Semantic Middleware for the Internet of Things, In
Proc. Of 5th International Conference on Informatics in Control,
Automation and Robotics (ICINCO08), pp. 169-178, Funchal, Madeira,
Protugal.
Moisescu, M.A., Sacala, I.S., Stanescu, A.M. (2010) Towards the
Development of Internet of Things Oriented Intelligent Systems, U.P.B.
Scientific Bulletin, Series C, Vol. 72, Issue 4, Romania.
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Enterprise Environments Using Web Services, In Vijayan sugumaran
(Ed.), International Journal of Intelligent Information Technologies
(IJIIT), Vol. 2, Issue 3, IGI Publishing, pp 72-88.
Environmental Policy
Instruments: Taxes and
Expenditures1
Nicolae TODEA
University 1 Decembrie 1918 Alba Iulia
Ionela Cornelia STANCIU
Doina Maria TILEA
University Valahia Trgovite
Abstract
The purpose of this article is to present certain aspects regarding
environmental policy instruments, namely: environmental taxes and
expenditure for environmental protection. The paper focused its attention on
clarifying the concepts of environmental tax and environmental expenditure,
on presenting the different criteria for their classification, on presenting the
accounting treatment applicable to environmental expenses, on presenting
the environmental charges dynamic by type of expenditure and by type of
producer in Romania during the 2006-2009 period and of environmental
taxes in the EU between 1999 and 2008. Given the aimed objectives, the
scientific approach is based on deduction from general to particular
regarding environmental taxes and environmental expenditure and how they
are recorded in accounting, combining quantitative with qualitative studies.
In this paper, we used research methods such as documentation, analysis,
synthesis, comparison, statistical study, being part of the positivist research
current.
Key words: environmental policy, environmental accounting,
environmental taxes, environmental expenditure
Introduction
The current global context that mankind is going through requires
new formulas for building a sustainable economy in which restoring
1
Financial support for this article has been provided through the project Bursele
doctorale, premiza pentru cresterea competitivitatii si competentelor in cercetarea
stiintifica, ID POSDRU/6/1.5/S/23 implemented under the Sectoral Operational Program
for Human Resources Development and financed by the European Social Fund and
Government of Romania.
20
21
Leontina Beianu, Total quality of the environment accounting, Alexandru Ioan Cuza
University Publishing House, Iai, 2008, p.9-11.
4
Ibidem, p.99
5
Ion Pohoa, Economic philosophy and policy of sustainable development, Economic
Publishing House, Bucureti, 2003, p. 106-110
22
23
Surs: http://epp.eurostat.ec.europa.eu/
Increasing revenues from environmental taxes should be interpreted
with caution. The increase may be caused by the introduction of new taxes
or an increase in tax rates, but also by an increase of the tax base, i.e. higher
emissions or increased use of products with a negative impact on the
environment6.
Environmental tax revenue in 2008
Surs: http://epp.eurostat.ec.europa.eu/
Denmark recorded the highest level of environmental taxes in the
EU (5.9% of GDP). In four countries, the Netherlands, Malta, Bulgaria and
Cyprus, environmental taxes are recorded at between 3% and 4% of GDP.
Only two Member States, Spain and Lithuania, levels of environmental
taxes were less than 2% of GDP.
Another classification of the environmental taxes is that offered by
the Eurostat regulations, which group the environmental taxes in four types:
6
24
ENERGY
TAXES
219.244,14
4468,80
881,07
2.939,03
4.872,25
45.275
289,90
2.305,60
2.739
14.639
27.862
31.715,70
280,36
361,83
459,35
887,82
2.008,98
97,58
10.267
4.453,19
7.403,60
3.330,40
TRANSPORT
TAXES
71.884,87
2.024,90
87,66
212,71
5.023,92
8.910
8,83
2.367,89
1.888
4.287
11.087
7.860
254,85
59,92
29,87
66
647,03
91,32
7.743
2.086,58
739,75
1.453,36
TAXES ON
POLLUTION/
RESOURCES
13.139,32
498,90
24,94
33,42
3.419,62
20
54,45
4,93
0
198
2.035
491
0
15,46
18,34
0
141,81
16,44
3.688
81,96
208
1,65
TOTAL
ENVIRONMENTAL
TAXES
304.268,33
6.992,60
993,66
3.185,16
13.315,79
54.205
353,19
4.678,42
4.627
19.124
40.984
40.066,70
535,21
437,21
507,56
953,82
2.797,81
205,34
21.698
6.621,73
8.351,35
4.785,40
25
ENERGY
TAXES
TRANSPORT
TAXES
2.110,01
807,38
1.004,23
2.961
7.317,87
37.506,21
432,31
169,36
110,44
1.847
1.414,80
1.0981,38
TAXES ON
POLLUTION/
RESOURCES
22,43
61,69
47,17
126
124
1.806,12
3.716,83
3.988,52
798,48
TOTAL
ENVIRONMENTAL
TAXES
2.564,75
1.038,43
1.161,84
4.934
8.856,66
50.293,71
8.503,84
Source: http://epp.eurostat.ec.europa.eu/
Systematizing the presence, the situation of environmental taxes at
EU level is as follows:
Environmental taxes in E.U. 2007
ENVIRONMEN
TAL TAXES
MILLION
EURO
% OF TOTAL
ENVIRONMENT
AL
TAXES
% OF
GDP
Energy taxes
Transport taxes
Pollution/Resourc
e taxes
Total
environmental
taxes
219.244,14
71.884,87
13.139,33
72
24
4
1,77
0,58
0,11
% OF TOTAL
REVENUES
FROM TOTAL
TAXES AND
SOCIAL
CONTRIBUTIO
NS
4,46
1,46
0,27
304.268,33
100
2,46
6,19
Source: http://epp.eurostat.ec.europa.eu/
It can be noticed that in 2007, the environmental taxes in E.U. were
304 billions of euro and represented almost 2,5% of GDP and 6,2% of the
total of the taxes and of the social contributions. Denmark registered the
highest level of environmental taxes in E.U. (5,9% of GDP). In four
countries, Netherlands, Malta, Bulgaria and Cyprus, the environmental taxes
registered values between 3% and 4% of GDP. Only in two countries, Spain
and Lithuania, the registered levels of the environmental taxes were under
2% of GDP.
Reflecting environmental expenditure in financial accounting
No matter what their activity is, entities must be within the general
rules of an open democratic society; one of the most important rules of
democracy is transparency. Transparency requires activity "in daylight" or
26
"sight". From this point of view, the entities cannot hide behind secrecy, at
least some of their aspects. They are forced to provide information about
aspects of their activities in order to allow control of the company on these
issues7. From the aspects of the entities activities are detaching the aspects
related to the economical and financial activity. Such aspects concern how
to obtain funding necessary to conduct normal business conditions, the use
of these funds, their efficiency, entities providing such information to
various categories of users, including public, the result of the existence and
operation of an economically information system. The idea is drawn from
the international accounting standards, namely IFRS (2007) which show
that "the objective of financial statements is to provide information about
the financial position, financial performance and changes of the financial
position of an entity; this information is useful to a broader sphere of users
in making economic decisions"8.
An important aspect of environmental accounting refers to the
recognition of the environmental costs. Obviously this requires defining
environmental costs. Such a definition is found in international and
European accounting rules. According to the IASB and the FASB,
environmental costs are determined environmental costs, which resulted in a
benefit that has expired and which is detailed along with income in the
income statement.
Recommendation of CE, 453/2001, defines environmental costs as
"those costs to prevent, reduce or recover damages that the entity has caused
or is likely to cause on the environment as a result of its activities. These
include prevention, elimination or reduction of waste and wastewater, air
emissions, treatment of contaminated soil, groundwater, noise and vibration
levels, the landscape changes, research and innovation of products and
cleaner production processes, control of environmental quality".
Canadian Institute of Chartered Accountants (CICA, 1998) 9 present
environmental costs as environmental costs which generate, directly or
indirectly benefits of the current period, the period in which they occur,
providing a series of details in this regard. Thus we have:
Costs generating direct benefits of the current period: expenditure on
waste treatment and monitoring, recovery or cleanup costs associated with
current business of the entity;
7
Nicolae Todea, Theory accounting and financial reporting, Aeternitas Publishing House,
Alba Iulia, 2009, p.25-42
8
International Financial Reporting Standards, CECCAR Publishing, 2009, p. 56
9
Canadian Institute of Chartered Accountants, Examination of national standards and
regulations for environmental financial accounting, 1998
27
Indirect costs which generates the current period's benefits: the costs of
administrative activities, compliance, evaluation and environmental audit,
courses and seminars related to staff training on environmental protection;
Costs regarded as losses for the period: costs that do not generate future
economic benefits that cannot be capitalized (costs related to research
performed to design cleaner products and processes, costs of participation in
recycling programs), costs related to activities undertaken but that generated
a benefit that expired (cost recovery and cleaning of polluted land), costs
that have not generated any benefit (fines, penalties, failure to comply with
environmental regulations and legislation).
As shown in the list above, we can see that the costs of penalties and
fines for failure to comply with environmental legislation are not included in
the environmental category. In our opinion they should be part of the
environmental costs, at least in terms of the sanctioned entity.
The National Institute of Statistics, at the macroeconomic level,
reflect environmental costs of financing environmental flows and include
payments for economic activities aimed at production of specific services to
prevent, reduce or control environmental damage. They are grouped into:
investment and running costs which in turn include internal current
expenditure (salaries and social security contributions, consumption of raw
materials, fuel, energy, water and other auxiliary materials, expenses for
research and development, training, information) and current external costs
(costs of environmental protection services purchased from third parties and
environmental taxes paid). According to the sources, expenditure in this
category in 2006-2009 in Romania is as follows10:
In 2009, the expenditure on environmental protection at national
level was approximately 12.2 billion lei, representing 2.4% of GDP
compared with 2.8% in 2008, 2.7% in 2007 and 2.3% in 2006. Based on
these data, we can see that a significant share of total expenditure on
environmental protection spent by producers is represented by the charges
incurred by specialized producers (64% in 2009, 65% in 2008, 72% in 2007
and 68% in 2006), to the detriment of charges incurred by non-specialized
producers (36% in 2009, 35% in 2008, 28% in 2007 and 32% in 2006). In
2008, compared with 2007, the share of expenses incurred by specialized
producers for environmental protection increased in absolute size by
1.288.880 thousand lei and in relative size by 18%, followed in 2009
10
28
Specialized
producers
(total)
from which:
- investments
Nominal
values
5.297.304
2008
%
2007
Nominal
values
68
%
72
Nominal
values
8.328.234
11
2009
%
65
Nominal
values
6.951.154
1.716.516
13
1.046.720
10
56
5.637.738
44
5.070.253
47
973.980
834.181
28
4.516.525
35
3.929.598
36
14
1.550.499
12
1.773.140
16
2.153.762
17
1.324.524
12
812.264
831.934
100
12.844.759
100
10.880.752
100
64
70.393.54
793.154
10
1.048.084
- internal
current
expenses
- external
current
expenses
Unspecialized
producers
(total)
from which:
- investments
4.101.018
53
5.487.074
403.132
5
504.196
2.460.918
32
2.743.422
1.125.384
15
1.329.980
- internal
current
expenses
- external
current
expenses
Total
environment
protection
961.416
12
913.847
374.118
5
499.595
7.758.222
100
9.782.776
29
2008
%
2007
Nominal
values
Nominal
values
2009
%
Nominal
values
expenses
Source: www.insse.ro
The result of these expenses is mainly materialized in endowing
enterprises with equipments, machinery and facilities for environmental
protection: equipments for capturing dust (the cement industry), equipments
for capturing, neutralizing and exploiting gases, equipments for water
protection and treatment, equipments for waste collection and treatment. By
executing some works as auxiliary or secondary activities, in addition to
their main activity, some non-specialized producers ensure the rising of
quality parameters for their own activity, but also contribute to the
improvement of environmental factors. Among these are included: works to
prevent flooding and to remove the effects of floods, land protection,
fighting erosions and sliding banks11.
The accounting treatment of environmental expenditure and
their reporting
The accounting treatment of environmental charges is influenced by
the tax laws in force. The Fiscal Code of Romania treats expenditure for
environmental protection and resource preservation as deductible
expenses12. Therefore, entities will multiply pollution prevention activities
in case the costs generated by these activities are deductible. Some
expenses, such as fines for violating environmental regulations or certain
remediation costs are not tax deductible. Entities will try to reduce nondeductible tax expenses, such as fines and penalties, and will increase the
number of environmental protection activities, which makes tax treatment
an important tool in changing the entitys attitude towards the environment.
Regardless of the environmental charges level, there is no accounting
standard that stipulates their separate recognitions and evaluation within
financial statements and the reporting of environmental expenditure is
viewed differently. Thus, EUs Accounting Advisory Forum recommends
the reporting of environmental expenditure through the profit and loss
account. Another recommendation that comes from the European
11
30
31
32
y t x1t1 x 2t2 ...x ktk e t ,
[1]
Where t it is a residual variable that has a normal distribution of zero
mean zero and variance.
Multiplicative model [1] is linearized by logarithmic manner:
34
Elena Bugudui
ln y t ln 1 ln x1t 2 ln x 2t ... k ln x kt t
0 1 z1t 2 z 2t ... k z kt t .
Yt K t
;
K t Yt
ii)
capital
eL
Yt Lt
;
Lt Yt
iii)
e eL eK ;
2 (ln K t ) 2 2 (ln Lt ) 2 1 ln K t ln Lt
[5]
35
0.6142
0.1486
The value of statistics F = 22.19 sows that the model adjusts well
enough range of values for endogenous variable. Note that production
function is decreasing scale yield.
Where it is included the technical progress, after the estimation of the
parameters by (MCMMP) was obtained the following model:
ln Yt 1.377 0.623 ln K t 0.0415 ln Lt 0.0023 t R 2 0.84.
0.778
0.213
0.1607
0.0074
2.36
3.50
0.38
0.55
0.79
R 2 0.82.
This work was supported by CNCSIS UEFISCSU, project number PNII IDEI 18082008
37
38
39
40
International Centre for Financial Regulation, The proposed EU, US and International
Supervisory Architecture, 2009
Michel Barnier Commisary for internal market and services, Press releases, Bruxelles,
June 2nd 2010
46
47
Serious is also the fact that a high rate of inflation determines a high
level of interests, level that in 1999, did not go in average, below 60 65%,
that cannot, in no situation, an effective process of economic revival.
The suffocating fiscal regime, the fragility of the banking system, the
precarious capital markets, the legal instability and the toleration of the
corruption also were other reasons that permanently deepened the economic
crisis. The counter-performances recorded by the Romanian economy in the
last ten years put an impact on the living standard of the population. After
1990 the living standard of the population had a continuous decrease, so
during the 1996 1999 period it suffered a real downfall. In 1999 the
average salary per economy and the pensions decreased in real terms with
more than 20% against 1996.
The prices rise with almost 100% in 1997, with 50% in 1998 and
two-thirds of the country population lives under the limit of poverty at the
end of 1999.
Since three consecutive years the consumption of the population
decreases dramatically, following the diminishing of incomes. The level of
consumption of food, non-food goods and services recorded at the end of
the last year a decrease by 25% against 1996 and by 50% against 1990.
The economic decline, the inflation and the fall of the general living
standard have determined the expansion and aggravation of poverty. The
number of paupers reached almost 7 millions of people, of which almost 1,5
millions are retired.
Maybe a most serious and alarming problem is represented by the
demographic decline, as a natural consequence of the economic decline.
And possibly the gravest fact is that the commercial balance is
seriously deteriorating, while the degree of foreign debt rises, going
currently over 9 billions of USD. The public external debt represents more
than 5,6% of the GIP. In the same time, the analyses show us that the budget
deficit rises exponentially following the interests engaged by the public
debt. The sums that have been paid from the budget with this purpose
surpassed well the budgetary income pre-designed at the beginning of 1999.
The prolonged economic decline, the chronic long-term unemployment, the
dis-articulations of the social and economic reforms, the bureaucracy and
corruption alter the economic and social environment, favoring the
development of underground economy, even the transfer of some economic
activities in the sphere of unofficial economy. Some estimations of
underground economy are confined within extremely wide limitations,
reaching around 40% of the GIP.
48
49
50
52
Alexandru Ioancea
the real value of assets. A clear trend is that much of corporate market value
in excess of the average declared value increased from 40% in the early '80s
to more than 80% in the late '90s. Development of capital markets in the
new millennium has not significantly changed the overall picture of the late
'90s, but attracted more attention on the importance of intangible asset
management and intellectual capital. Due to the nature of each company is
impossible to achieve a unique model to quantify the value of such
intangible assets. There is no generally accepted theoretical model to
quantify even intellectual capital of an undertaking, but many methods and
evaluation techniques. Have created custom models even for companies that
are part of the same domain, for example in the industry. It is known that the
most common methods are divided into two categories: technical analysis
methods (based on market capitalization, return on assets, etc..) And
methods based on the scores (Balanced Score Card, intangible Asset
Monitor, IC Index, etc..).The following are the two models to quantify the
value of intangible assets, one from each of the two categories found. The
two original methods bring added value to both the new methodology used,
and especially the superior results of existing methods. The two methods
have a common core are calculated by different methods in application to be
customized for each company, taking account of stock exchange listed
company where the business activity, etc..
Common starting point is the method,, invisible balance sheet "that
determine the value of intellectual capital as the difference between market
value and net assets of the company accountant, disproportion reflects the
value of all intangible assets invisible, for example those registered in the
balance sheet. Formula:
CI = VPC Anc
Where: - IC - intellectual capital
- VPC-market value of the company generally calculated by market
capitalization;
- ANC - accounting net assets;
It is estimated that the value of intangible assets is in this
difference, but that does not fully explain. General model from which the
two proposed methods:
VAI = k*(CP - AT)
Where: - VAI - the value of intangible assets;
- CP - market capitalization;
- TA - total assets;
- K - weighting factor - the relative size of structure that shows the extent to
which the difference is explained by the value of intangible assets.
53
54
Alexandru Ioancea
k manager p * k v * k exp
p 1; increase
p 2; transfer
kexp =
apt
i 1
10
Skills acquired:
i = 1 - Ph.D. in the field practicing, if so apt1 = 3 and 0 otherwise;
i = 2 - participated in at least one acquisition in the range specified, if so apt2
= 2 and 0 otherwise;
i = 3 - holds shares in the company he runs, if so apt3 = 5 and 0 otherwise;
10 managers of companies listed on Bucharest Stock Exchange following
data were recorded:
17
55
56
Alexandru Ioancea
***
The article elaborated and presented the progress made in economic
research on the identification and evaluation of intangible assets knowing
that the macro-economic research is pioneering in Romania. Create an
intangible asset valuation methodologies and development of computer
programs are expected to lead, on one hand the establishment of a real size
of the property as a trader, and on the other companies will know what is the
advantage of having the value these intangible assets, the ability to generate
profit. Note that in Romania, the main users of financial statements and tax
accounting creditors, unlike the Anglo-Saxon, in which financial reports are
addressed, in particular, stock market investors. From this perspective, one
can understand why the emphasis in financial reporting is on the tangible
assets. Restrictive rules on accounting recognition and measurement of
intangible assets and the identification and measurement of assets that
determine the difference between net book value and market value involve
additional costs. Many of the solutions proposed to solve the intangible
assets is based on providing more information about intangible assets in the
annual report. Analyzed companies comply OMFP no. 3055/2009, and the
National Commission of Securities Regulation and presented information
strictly required tax accounting regulations and legislation, without insisting
on the intangible business. In reports, financial ratios are calculated by
accountants traditional preference results are interpreted from their
perspective only.
57
Conclusions
It was found that Romanian companies are characterized by a low
degree of dissemination of information on intangible assets. Differences
between market value and the book can be explained due to assets not
recorded in the accounts, but from extra financial factors that stimulate
financial investor confidence. These aspects are captured in a greater or
lesser extent according to reports of the National Securities Commission,
but are not accounted for or disclosed in the notes. In fact, it's all about
prudence, capacity assessment and analysis .... Why not, the interests that
control the evaluation.
Selective bibliography
Sutherland, A.G., Stern, S. (2007) - "Measuring and Rewarding Asset
Manager Performance" October;
Ante P. (1988) "3rd World Congress in Hamilton";
Lerro, A., Carlucci, D., Schiuma, G. (2005) - "Intellectual Capital Index
Relationships between Intellectual Capital and Value Creation Capability
within Italian Regions";
Banacu, C.S. (2005) - "Active necorporale, proprietate intelectual: teoria
i practica evaluarii" Tribuna Economica, 2005;
Bontis, N. (2002) - "World Congress of Intellectual Capital Readings";
Boston: Elsevier Butterworth Heinemann KMCI Press.
Hao, J.X., Manole, V., van Ark, B. (2008) - "Intangible Capital and Growth
an International Comparison", November;
Hand, J.R. M., Lev , B. (2003) - "Intangible assets: values, measures, and
risks" Oxford University Press.
59
before the customer was given the means to satisfy that need. As it often
happens with the need for food in times of hunger, this need may have been
dominant in the customers life in all his moments of consciousness. But it
used to be a theoretical need; it is only when business agents turn this
abstract need into actual demand that a customer or a market has been
created. [2]
Several years before Peter Drucker, W. Eduards Deminig maintained
that profit comes from customers that keep coming back, from those who
praise your products and services and bring their friends along. [3]. To this
end, one must eliminate waste and this requires three basic principles.
Firstly: things should be manufactured only as they are demanded at the
right time, not just in case. Secondly: every employee should become a
quality controller, in charge of correcting errors at the moment they occur.
Thirdly: a company should be regarded as a value-generating flow,
stretching from suppliers / providers to customers or clients, not as a range
of individual products and processes. [4]
From this perspective, the organization / company / firm does not
represent an end in itself, but the means, the instrument used to develop a
business.
Consequently,
company
management
(organizational
management) represents the general knowledge (know-how) about
management processes and relations used to ensure the best employment of
human, material and financial resources for successful business
administration. The manager is the person who performs leadership and
management tasks required by the specific aims, competences and duties of
the position occupied within the general development of the business
company.
Types of managers.
The process of managing a company / an organization / a firm is
concerned with four important factors:
a) the targets to be achieved (clearly knowing and defining the goals to
be reached, the results to be obtained and the way they are
prioritized);
b) the means to achieve these targets (knowing if the objectives can be
achieved in order to make the business profitable);
c) analyzing the actual result (determining if the result was indeed
achieved);
d) comparing the final result to the objectives and determining if the
work was done properly or not.
60
61
62
Investments in Constructions
and Production of Services
Professor Gabriela Victoria ANGHELACHE, Ph.D.
Professor Constantin ANGHELACHE, Ph.D.
Academy of Economic Studies, Bucharest
Professor Ion IARCA, Ph.D.
Petroleum Gas University of Ploieti
Adina Elena FETCU (STOICA), Ph.D. Student
Artifex University of Bucharest
Abstract
When analyzing the outcomes achieved by Romania in 2010, we find
out that on an overall basis, the investment recorded a decrease as against
the previous year, out of which the investment for equipments and
conveyance means recorded the biggest reduction.
From the point of view of their destination, the investment directed to
the industrial sector in 2010 meant mainly the replacement of the old
equipments, the increase of the production capacity, technologies
modernization, environment protection, labor protection and investments to
other sectors.
This means that through the imports the completion of the capital
goods has been achieved, insuring thus the addition, by capitalization, of the
companies assets.
Key words: constructions, dynamic, residential, works, equipment
We used to characterize the constructions as being the most dynamic
sector of the economy, a natural conclusion arising out of a thundering
evolution followed by a downfall started in January 2009 and maintained in
2010-2011. The analyzed data are pointing out evolutions of approximately
the same tendencies, in respect of both the works categories (new
constructions, capital repairs and current repairs), underlining the fact the
overall dynamics is outrun by the new constructions, the types of
constructions (residential buildings, non-residential, engineering
constructions) where, similar to the previous years, a single type of
constructions, i.e., residential buildings, is prevalently giving the production
dimension.
64
- machineries (total)
- other expenses * )
P
Yrs.
Qtr.I
Qtr.II
Qtr.III
Qtr.IV
2008
2009
2010
2011
134,3
102,7
72,0
97,01)
130,2
70,3
93,0
91,42)
123,2
69,4
82,9
102,3
60,1
94,7
2008
2009
2010
2011
2008
2009
2010
2011
2008
2009
2010
132,5
106,6
70,6
93,41)
134,7
95,0
69,9
97,71)
146,7
121,6
82,2
134,8
91,4
83,2
90,82)
123,9
46,7
103,1
92,92)
149,9
95,7
109,7
127,8
81,4
77,9
107,3
77,4
89,0
114,4
56,3
83,8
103,6
42,9
99,6
136,3
51,4
95,4
78,9
73,0
93,3
2011 103,11)
75,52)
* here are included expenses made for geological and drilling works,
planting grapevines, trees, forest, buying animals, acquisition of
households inventory objects treated as fixed assets, at the end of each
semester reported, 1) Revised data 2) Provisional data
Data source: National Institute of Statistics.
The trends are similar to the one recorded per total, for all the three
elements of the investment (new constructions works, equipments and
conveyance means and other expenses), noticing however that the
constructions works outrun always the trend recorded by the equipments
and conveyance means.
Investments made in the national economy
on structural elements in 2010
65
66
67
Sem. I
Sem. II
Total
71,9
70,6
69,6
82,3
90,2
82,5
98,4
99,9
81,3
77,5
81,8
91,6
*)
68
69
70
although the provisions regarding the free circulation of persons within the
territory of other states of the community entered into force.
In 2010-2011, over 79.3% of the trips abroad have been achieved by
personal auto conveyance means, as tourism visits and trips abroad.
The volume indices of the trade turnover decreased, following the
general economic tendency.
The dynamics recorded over the year as far as retail is concerned
shows a down warding trend with a significant decrease as from in
November 2009.
However, the vehicles sales, with a constant trend up to the July
month, changes the trajectory marking decreases over the entire period left
for the year 2009, up to the end of the year 2010.
Selective bibliography
Anghelache, C. (2011) Romania 2011. Economical status in the crisis
masticator, Economica Publishing House, Bucharest
*** Romanian Satistical Yearbook, editions 2002, 2005, 2006, 2007, 2008,
2009, 2010
*** Statistical Bulletin no. 1-12/2002, 1-12/2003, 1-12/2004, 1-12/2005, 112/2006, 1-12/2007, 1-12/2008, 1-12/2009, 1-12/2010, 1-12/2011, edited
by the National Institute of Statistics
*** Industrial Statistical Bulletin no. 1-12/2002, 1-12/2003, 1-12/2004, 112/2005, 1-12/2006, 1-12/2007, 1-12/2008, 1-12/2009, 1-12/2010, 19/2011, edited by the National Institute of Statistics
*** Prices Statistical Bulletin no. 1-12/2002, 1-12/2003, 1-12/2004, 112/2005, 1-12/2006, 1-12/2007, 1-12/2008, 1-12/2009, 1-12/2010, 112/2011, edited by the National Institute of Statistics
Economia social
18
18
72
Sursele
autoritii
i
legitimit
ii
definiiei
FONDA
05.02.2002
CEP-CMAF
14.02.2002
COR
12.02.2002
CEP- CMAF
este singurul
comitet din
Europa care
regrupeaz i
i exercit
autoritatea
asupra
principalelor
tipuri
de
actori
ai
Economiei
sociale CEPCMAF este
acronimul de
la
conferina
European
Permanent a
Cooperativel
or,
Comitetul
pentru
Regiuni
al
Uniunii
Europene i-a
propus
s
defineasc
Economia
social
n
opoziie cu
Parlamentul
i
cu
Consiliul
European
care nu au
publicat nc
un
aviz
asupra
subiectului.
Aceasta
se
explic prin
COMISIA
EUROPEA
NA
1989-1990
n
cadrul
Comisiei
europene DG
ntreprindere
a fost creat
de
administraia
Romano
Prodi.
Aceast nou
DG acoper
cooperativele
i mutualele
n timp ce
asociaiile i
fundaiile
sunt legate de
DG Locuri de
munc
i
Probleme
sociale.
73
Economia social
Mutualelor,
Asociaiilor
i
Fundaiilor.
Concept
un
tip
de
antreprenoriat care,
prin nsi modul
su de organizare i
de
producie
rspunde, n fapte,
ateptrilor actuale
n
materie
de
dezvoltare durabil
i
de
responsabilitate
social.
Nu poate fi
msurat
doar
n
termeni
de
performan
economic,
necesara
totui pentru
realizarea
obiectivelor
sale
de
mutualitate i
de
solidaritate,
ci
trebuie
evaluat
nainte
de
toate
prin
contribuiile
sale
n
materie
de
solidaritate,
de coeziune
social i de
legturi
teritoriale. Ea
este
socialmente
responsabil,
este un tip
diferit
de
antreprenoria
relaia strns
ntre
Economia
social
i
teritoriul
local.
Aprobarea
oficial
a
acestui
document a
avut loc pe
14 martie.
Un hibrid
cu exigene i
obiective
sociale.
Forma
pe
care
o
mbrac
variaz de la
o ar la alta.
Conceptul de
Economie
social este
de
origine
francez.
Parte a unei
economii de
stakeholder
, ale crei
ntreprinderi
sunt create de
chiar cei care
mprtesc
aceleai
nevoi i care
sunt
responsabili
n faa celor
pe care ele se
presupune c
i servesc.
74
Actorii
Activiti
le
Activitile
se nscriu n
politicile
europene
(privind
bunstarea
social,
locurile
de
munc,
ntreprinderil
e
i
antreprenoria
tul, educaia
i
cercetarea).
Domenii:
protecie
social,
servicii
sociale,
sntate,
ntreprinderi
economice
care produc
bunuri
i
servicii, dar
care nu sunt
societi
anonime cu
acionari,
grosso modo
cooperativele
, mutualele i
asociaiile
care exercit
o activitate
economic.
ntreprinderi
le Economiei
sociale sunt
un partener
important
pentru
autoritile
locale
n
cadrul
strategiilor de
dezvoltare
local i n
construirea
unui
nou
welfare local
plural.
Aceasta nu
mpiedic
binenteles ca
principiul de
fair play s
Actori
economici
importani
(cooperative,
mutuale,
asociaii
i
fundaii).
Surse
de
antreprenoria
t i de locuri
de munc n
domenii
n
care
structurile
antreprenoria
le
clasice(defini
te
de
investitorii
lor) risc s
nu
fie
ntotdeauna
viabile.
Important
pentru c ele
stimuleaz o
concuren
performant
75
Economia social
bnci,
asigurri,
munc
asociativ,
comer
artizanal,
producie
agricol,
locuine,
alimentaie,
consumatori,
servicii
de
proximitate,
educaie
i
formare i n
domeniile
culturii,
sportului i
recrerii.
Valori
fie aplicat de
autoritile
publice sau
de
ntreprinderil
e sectorului
comercial
tradiional
care intr n
mod loial n
competiie n
cadrul
punerii
n
practic
a
strategiilor de
dezvoltare
local.
ndeosebi
Economia
social poate
acoperi
o
lips
furniznd
bunurile
i
serviciile
sociale
pe
care
sectoarele
public
sau
privat nu le
pot oferi.
Dezvoltarea
Aderare
Gestiune
durabil: caracter voluntar i deschis
i
intergeneraii,
deschis
transparent,
patrimoniu colectiv, nsoit de un democraie,
solidaritate,
control
participare.
responsabilitate
democratic
Valoare
social.
de
ctre adugat
membri.
procesului de
Solidaritatea
dezvoltare
i
local
i
responsabilita progres
tea.
social
prin
Autonomie
construirea
pe piee.
Participarea
voluntar,
aderare
i
angajament,
control
democratic,
autonomie i
independen
(fundaiile
sunt excluse
n
mod
explicit din
aceste
76
Obiective
Echilibrul
ntre
teritoriu
i
coeziunea social;
Pace i securitate;
Experiena
acumulat
de
ntreprinderi i de
economia social s
serveasc
pentru
definirea
de
standarde i de
instrumente
de
evaluare a unui
cadru comun pentru
toate ntreprinderile
privind
chestionarea
responsabilitii
sociale, n curs de
elaborare la nivel
european.
ntmpinarea
unor
noi
provocri(dez
angajare
crescnd a
serviciilor
publice,
integrare
social,
dezvoltare
durabil,
solidaritate
intergeneraii
). Trebuie
msurat
prin:
solidaritate,
coeziune
social
i
legturi
teritoriale i
performan
economic.
Dezvoltarea
unei societi
capitalului
social mrind
relaiile
de
ncredere i
ncrederea n
colectivitate,
angajamentul
ceteanului,
participarea
n societate i
stimulnd o
mai
mare
coeziune
social prin
reinseria
persoanelor
excluse
i
marginalizate
.
Bunuri
i
servicii
produse de
un hibrid
cu obiective
i
angajamente
sociale i o
nou cultur
antreprenoria
l
de
antreprenoria
t
social(OCDE
) n principal
orientat spre
inseria
grupurilor de
persoane
marginalizate
printr-o
participare
activ i o
nou
abordare:
motive,
valorile
i
caracteristicil
e lor fiind
diferite
de
cele
ale
celorlalte trei
categorii)
ntmpinare
a unor nevoi
Crearea de
locuri
de
munc i de
noi forme de
antreprenoria
t
ntrete
solidaritatea
i coeziunea,
contribuie la
integrarea
economiilor
rilor
candidate.
77
Economia social
Strategii
Solidaritatea
teritorial, risc i
beneficiu. Crearea
de
valori
economice
si
sociale: legitimarea
unei
economii
plurale. Formarea
de
reele
durabile...promovar
ea de societi
plurale. Finanarea
de proiecte(trebuie
s in seama de
dinamica
creatoare).
Pstrarea
caracterului
de
nemprire
a
rezervelor
cooperativelor
i
mutualelor,
permind
asociaiilor
s-i
plurale care
prevede
o
mai
mare
participare ,
mai
mult
democraie i
mai
mult
solidaritate.
Joaca un rol
important n
dezvoltarea
local
i
coeziunea
social.
Contribuie
la stabilitatea
i
la
pluralismul
pieelor
economice.
Utilizarea
excedentului
potrivit
obiectivului
social i/sau
voinei
membrilor n
investiii sau
distribuie(cr
earea
de
locuri
de
munc,
activiti,
ntreprinderi
noi,
rambursarea
capitalului
investit,
servicii
pentru
membri,
activiti
socioculturale
combinarea
unui
nou
amestec de
resurse(publi
c, privat i
benevolat)
pentru a crea
locuri
de
munc.
Economia
social poate,
deci,
ntmpina
acolo unde
sectoarele
publice
i
private nu o
pot face.
Ajut
autoritile
locale
s
transforme
securitatea
social
pasiv
i
alocaiile de
omaj ntr-o
investiie
social activ
pentru
o
dezvoltare
durabil As
ociind
spiritul
de
ntreprindere
cu obiective
sociale,
ea
poate
combate
dependena
pasiv
n
sisteme
de
Rol cheie n
implicarea
propriilor si
membri i a
cetenilor
europeni mai
profund
n
societate,
gestiune
potrivit
principiului
un membru,
un
vot.
Flexibil i
inovator.
Participare
voluntar,
calitate
de
membru
i
angajare.
Afiliere
voluntar i
deschis.
78
etc.).
Dispune de o
larg
baz
social i i
desfoar
activitile
sub diferite
forme legale
demonstrnd
u-i
competitivitat
ea
i
capacitatea
de a crete i
de
a
se
adapta noilor
provocri
economice i
sociale.
Corespunde
prioritilor
Uniunii
Europene i a
obiectivelor
sale
strategice:
coeziunea
social,
locuri
de
munc
i
lupta
mpotriva
srciei,
democraie
participativ,
guvernare.
Produce
locuri
de
munc
de
nalt
calificare i o
mai
bun
calitate
a
vieii i ofer
protecie
social.
Aceasta
poate duce la
situaii
fericite
n
care resursele
publice
pentru
servicii sunt
completate
de resursele
pieei
i
voluntari.
Comitetul
pentru
Regiuni
subliniaz c,
pentru
a
ntri tinerele
i
fragilele
democraii ,
rile Europei
Centrale
i
Orientale,
dezvoltarea
unei
economii
sociale
puternice i a
unei societi
civile
organizate
este esenial.
Exist
o
puternic
necesitate de
cooperare i
de
schimb
ntre U.E. i
rile
candidate.
Comisia
European
79
Economia social
o
structur
care convine
noilor forme
de
ntreprindere
i de munc
Relaia
ntre
individ/
societate/
capital.
trebuie
s
creeze o baz
de date cu
parteneriate
i cu cele mai
adevrate
practici ale
economiei
sociale
de
care statele
solicitante
vor
putea
profita,
transferul de
practici
adecvate...n
special
cu
organizaiile
Economiei
sociale
din
rile
candidate
pentru
a
ntri
coeziunea
social,
crearea
de
locuri
de
munc,
guvernarea i
democraia.
ntietatea
Neorientat
Obiectivul
individului i spre profit.
primordial nu
a obiectivului
este de a avea
social fa de
o rentoarcere
capital.
la capital.
Combinarea
intereselor
membrilor/uti
lizatorilor
privai i/sau
a intersului
public.
Utilizarea
80
excedentelor
potrivit
obiectivului
social i/sau
voinei
membrilor
pentru
o
reinvestire
sau
distribuire a
lor.
Economia social
81
- Stategiile:
Cele patru definiii fac aluzii la necesitatea muncii n reea i a
participrii cetenilor la nivel teritorial, a crerii unei legturi strnse ntre
teritorii, spiritul de ntreprindere i obiectivele sociale i creterea
mecanismelor financiare pentru ntrirea legturii cu teritoriul(rezerve care
nu se mpart, reinvestiie social de exemplu).
Relaia ntre fiina uman /societate i capital: cele patru definiii
sunt de acord pentru a recunoate c Economia social se caracterizeaz prin
ntietatea individului i a obiectivului social asupra capitalului.
Bibliografie selectiv
Anghelache, C. (2010) Romnia 2010. Starea economic sub impactul
crizei, Editura Economic, Bucureti
Cruceru, D. (2010) Istoria i doctrina cooperatist n Romnia, Editura
Artifex, Bucureti
ANCOM (2002) Cartea alb a cooperaiei meteugreti , Bucureti.
Studiu realizat de CIRIEC-International cu privire la politicile cheie pentru
dezvoltarea unei Economii sociale puternice n Europa Unita.
Raportul Comitetului Economic i Social prezentat la Bruxelles n 2002 i
concluziile Conferinei Europene de Economie Social din rile Europei
Centrale i Orientale desfurate la Praga.
83
84
85
Dunkin R., The HR challenge: some more thoughts. Response to keynote address at the
conference on Trends in the Management of Human Resources. In:Higher Education, 2526 August 2005, OECD, Paris, pag. 5.
86
87
89
24
90
Dan ogoe
91
COSTURI FIXE
PROFIT
PROFIT
92
Dan ogoe
COSTURI VARIABILE
P=
unde:
P = pragul de rentabilitate exprimat valoric;
CA = cifra de afaceri;
CF = cheltuieli fixe;
MCV = marja asupra cheltuielilor variabile.
n mod evident, n analiza pragului de rentabilitate trebuie s se in
seama de cheltuielile fixe i cele variabile, deoarece cheltuielile variabile
oscileaz n raport de direct proporionalitate cu cifra de afaceri, pe cnd
cele fixe nu sunt influenate de modificarea cifrei de afaceri. Analiza pe baza
pragului de rentabilitate ofer managementului posibilitatea de a rspunde la
o serie de ntrebri cum ar fi:
- Care este nivelul cifrei de afaceri corespunztoare
pragului de rentabilitate?
- La ce nivel trebuie s se situeze nivelul cifrei de
afaceri atunci cnd se urmrete obinerea unui
anumit profit?
- Ct trebuie s fie nivelul cifrei de afaceri pentru a
se obine un anumit profit, n condiiile n care
costurile fixe cresc?
Orice audit al performanei trebuie s porneasc de la un diagnostic,
prin care se determin situaia general a entitii, condiiile concrete n care
aceasta i desfoar activitatea.
Stabilirea unui diagnostic corect are o importan deosebit, deoarece
cu ajutorul su se poate aprecia modul n care entitatea poate depi
93
Abstract
Success results belong to those who respect in practice and
creatively the main characteristics shown before and they master the
systems, methods and management techniques, able to sign on with the
available efficient resources . The managers are different by the way they
are on the right side of the hedge, preferentially, inbreeding, regarding the
reality sides, therefore becoming in case good or bad, right or wrong,
greedy or heedful, moral or immoral. All these negative aspects turn for the
managerial practice into real sins.
In the whole amount of negative attitude we consider to be
determiner the aspect of greed. This sin turns the manager into an avid,
profiteer, immoral manager who ignores his involvement resources.
The managerial change may interfere after reasons regarding
attitudes, intemperate managerial decisions that are considered to be real
managerial sins for the given organizational accomplishments. The greed,
the inordinate optimism, the exaggerated obligation and carefulness in
changing plans applications represent frequent managerial practical sins
that guide to compromised results supported by hope and good intentions.
Key words: management, change over management, managerial
attitudes, managerial sins, marginal greed.
Cerine manageriale generale. Tot mai multe formulri teoretice
consider managementul ca fiind un ansamblu coerent de cunotine despre
procesele i relaiile de conducere a firmei (organizaiei), care genereaz
stabilitate sistemic, principii, metode i tehnici de conducere cu caracter
general, prin a cror utilizare se asigur folosirea optimal a potenialului
uman, material i financiar avut la dispoziie 25., iar managerul este persoana
25
95
96
99
100
Silvia Panuru, Mai poate Flamingo s zboare?, articol, Forbes, 24 august, 2009, p.15
De Adelina Vlad, Laureniu Rooiu, Greelile Flamingo, articol, Forbes, 11 ianuarie
2010, p.16
32
101
103
puncte
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
4
104
Antoanela Iliescu
Nr. opiuni
14
10
%
14%
10,6%
105
Sportul practicat
3. not
4.
Gimnastica
acrobatic
5. Culturism
6. Tenis de camp
7. Tenis de masa
8. Baschet
9. Fotbal
10. altele
Nr. opiuni
6
10
6,9%
10,16%
7
5
2
3
2
5
7,11%
5,8%
2,3%
3,5%
2,3%
5,8%
106
Antoanela Iliescu
107