PROGRAM AND ABSTRACT BOOKLET - ASE Bucuresticig.ase.ro/amis2012/image/book.pdf · Tomas Bata...

THE BUCHAREST UNIVERSITY OF

ECONOMIC STUDIES

FACULTY OF ACCOUNTING AND

MANAGEMENT INFORMATION SYSTEMS

PPRROOGGRRAAMM AANNDD AABBSSTTRRAACCTT

BBOOOOKKLLEETT

7th International Conference

Accounting and

Management Information Systems

June 13-14, 2012 Bucharest, Romania

AMIS 2012

AMIS 2012 3

OOrrggaanniizziinngg CCoommmmiitttteeee

Pavel NĂSTASE

Vasile RĂILEANU

Liliana FELEAGĂ

Cătălin ALBU

Nadia ALBU

Dana-Maria BOLDEANU

Daniela CALU

Costin CIORA

Iulia JIANU

Florin MIHAI

Iuliana SANDU

Andrei STANCIU

We kindly acknowledge the support of Dr. Donna STREET (IAAER Director of Research and Educational Activities) and ACCA for the organization of the IAAER – ACCA Paper Development Workshop for emerging scholars in transitional economies in association with AMIS 2012. We also thank Dr. Donna STREET, Dr. Ann TARCA (University of Western Australia and Academic Fellow: Education Initiative, IFRS Foundation) and Dr. Katherine SCHIPPER (Duke University, IAAER Vice President Research, and former member, FASB) for their involvement and support for the Joint IAAER – IFRS Foundation IFRS Framework-Based Teaching Workshop, and the IFRS Update session.

AMIS 2012 4

IInntteerrnnaattiioonnaall SScciieennttiiffiicc CCoommmmiitttteeee

CHAIR

Pavel NĂSTASE, ASE Bucharest, Romania

MEMBERS

David ALEXANDER University of Birmingham, UK

Alain BURLAUD INTEC Paris, France

Raluca DIMITRIU ASE Bucharest, Romania

Robert FAFF University of Queensland, Australia

Nicoleta FARCANE The West University of Timişoara,

Romania

Liliana FELEAGĂ ASE Bucharest, Romania

Niculae FELEAGĂ ASE Bucharest, Romania

Andrei FILIP ESSEC Paris, France

Philippe GERMAK INTEC Paris, France

Allan HODGSON University of Queensland, Australia

Bogdan IONESCU ASE Bucharest, Romania

Dorin LIXĂNDROIU Transilvania University,

Braşov Romania

Alan LORD Bowling Green University, USA

Dumitru MATIŞ University “Babeş-Bolyai”, Cluj

Romania

Ana MORARIU ASE Bucharest, Romania

AMIS 2012 5

Mihaela MUNTEAN The West University of Timişoara,

Romania

Marc NIKITIN University of Orléans, France

Recep PEKDEMIR Istanbul University, Turkey

Bernard RAFFOURNIER HEC Geneva, Switzerland

Vasile RĂILEANU ASE Bucharest, Romania

Vasile ROBU ASE Bucharest, Romania

Camelia STOICA ASE Bucharest, Romania

Donna STREET University of Dayton, USA

Claudia Elena ŞERBAN ASE Bucharest, Romania

Petru ȘTEFEA The West University of Timişoara,

Romania

Ilie TAMAȘ ASE Bucharest, Romania

Adriana TIRON TUDOR University “Babeş-Bolyai”, Cluj

Romania

Mathew TSAMENYI University of Birmingham, UK

Alexandru ŢUGUI University “A.I. Cuza”, Iaşi

Romania

Eugeniu ŢURLEA ASE Bucharest, Romania

Eddy VAASSEN University of Amsterdam,

The Netherlands

Florin VAȘVARI London Business School, UK

Lee YAO Loyola University, USA

AMIS 2012 6

CCOONNFFEERREENNCCEE PPRROOGGRRAAMM

Wednesday, June 13 2012

8.00 – 15.00 Registration – Aula Magna hall, ASE main building

- Ion N Angelescu, 2-10 Caderea Bastiliei

AMIS 2012 opening ceremony – Aula Magna

Messages

Pavel NĂSTASE

Rector of the Bucharest University of

Economic Studies, and Conference Chair

Liliana FELEAGĂ

Dean of the Faculty of Accounting and

Management Information Systems, ASE

Donna STREET

IAAER Director Research and Educational

Activities

Horia NEAMŢU

President of the Chamber of Financial

Auditors of Romania (CAFR)

Vasile RĂILEANU

Vice President of the Body of Expert and

Licensed Accountants of Romania

(CECCAR)

9.00 - 10.00

Şerban TOADER

Senior Partner, KPMG in Romania

10.00 - 10.30 Coffee break, Aula Magna Hall

10.30 – 12.00

Plenary panel , Aula Magna

Moderator: Dr. Donna Street, University of Dayton,

USA

Panelists: Dr. Mary Barth, Stanford University, USA

and Dr. Katherine Schipper, Duke University, USA

AMIS 2012 7

12.00 – 13.00 Lunch, ASE Restaurant, Ground floor, Stanislas

Cihoschi building

IFRS Teaching session - Room 0321

PS1 Management accounting 1 – Room 0319

PS2 Auditing – Room 0329

PS3 Accounting education and profession – Room

0320

13.00-14.30

PS4 Business law 1 – Room 0334

14.30 - 15.00 Coffee break, 3rd

floor hall, Ion Angelescu building

IFRS Update session – Room 0321

PS5 Management accounting 2 – Room 0319

PS6 Performance evaluation and executive pay –

Room 0329

PS7 Global reporting – Room 0320

15.00 – 16.30

PS8 Business law 2 – Room 0334

AMIS 2012 8

Thursday, June 14 2012

AMIS KPMG joint session 1 – Room 0321

PS9 Special sectors 1 – Room 0319

PS10 Finance– Room 0329

PS11 Management information systems I – Room 0320

9.00 - 11.00

PS12 Mergers and acquisitions – Room 0334

11.00 –11.30 Coffee break, 3rd floor hall, Ion N. Angelescu building

AMIS KPMG joint session 2 – Room 0321

PS13 Special sectors 2 – Room 0319

PS14 IFRS– Room 0329

PS15 Management information systems I – Room 0320

11.30 – 13.00

PS16 Cloud computing – Room 0334

13.00 - 14.00 Lunch, ASE restaurant, Stanislas Cihoschi building

PS17 Earnings management – Room 0321

PS18 Financial analysis 1 – Room 0319

PS19 Accounting in Romania 1– Room 0329

PS20 Empirical research in MIS – Room 0320

14.00 - 15.30

PS21 Accounting systems integration- Room 0334

15.30 –16.00 Coffee break, 3rd floor hall, Ion N. Angelescu building

PS22 Intangibles – Room 0321

PS23 Financial reporting – Room 0319

PS24 Financial analysis 2 – Room 0329

PS25 Accounting in Romania 2 – Room 0320

16.00 – 17.30

E-CAESAR Workshop - ICT developments for a digital

Europe- Room 0334

19.00 –23.00 Gala Dinner

AMIS 2012 9

International Association for Accounting Education and Research

and

Association of Chartered Certified Accountants

Paper Development Workshop for emerging scholars in transitional economies

in association with

AMIS and the Bucharest University of Economic Studies

June 11 – 12, 2012

Room 0321 9:00 - 9:10 Welcome Donna Street 9:10 – 10:40 Econometrics Mary Barth 10:40 – 11:00 Break 11:00 – 12:00 Qualitative Research Jane Broadbent and Jeffrey Unerman

AMIS 2012 10

12:00-12:45 Lunch

12:45 – 1:25 Proposal Session One Catalin Albu and Nadia Albu, both of Bucharest University of Economic Studies

Compliance with IFRS fair value disclosure requirements by

Romanian listed entities

Moderator Katherine Schipper 1:25 – 1:55 Proposal Session Two Mateja Jerman, University of Maribor

Is there some opportunistic discretion while applying the

impairment test of goodwill? An empirical analysis

Moderators Mary Barth and Martin Glaum 1:55 – 2:10 Break 2:10 – 2:40 Proposal Session Three Ioana-Maria Dragu, Babes-Bolyai University

The contribution of accountancy profession in setting global

standards for Integrated reporting and new audit

Moderator Jeffrey Unerman 2:40 – 3:00 Break

AMIS 2012 11

3:00 – 4:00 Concurrent Session 1 1a – Room 0319 Victor-Bodgan Oprean, Babeş-Bolyai University

The I in the capital

Raluca Valeria Ratiu, Babeş-Bolyai University Goodwill – the controversy and the impact on stakeholders

Moderators Martin Glaum and Ann Tarca 1b – Room 0320 Madalina Dumitru, Daniela Calu, Gabriel Jinga, all of Bucharest University of Economic Studies

An institutional approach of the process of change in

management accounting: the case of the reporting tools

Jiří Strouhal, University of Economics Prague and Marie Paseková, Tomas Bata University in Zlín

A strategy of financial reporting unification and its impact

on company costs in managerial accounting

Moderators Shahzad Uddin and Mary Barth 1c – Room 0321

Zeynep Suer and Melis Ercan, both of Istanbul University A case study in Turkey on initial recognition of goodwill for

IFRS

Ruslana Kuzina, Odessa National University of Economics IFRS implementation problems in transition economies

Moderators Katherine Schipper and Allan Hodgson 1d – Room 0329

Cristina Toman, Babes-Bolyai University The interplay between accounting and crises – an analysis of

accounting regulations Teodora Farcas, Babes-Bolyai University and University of Nantes

The beginnings of Cluj Accountancy School

Moderators David Alexander and Robert Faff

AMIS 2012 12

1e – Room 0334 Illeana Cosmina Pitulice, Madalina Dumitru, and Aurelia Stefanescu, all of the Bucharest University of Economic Studies

The probability of implementing IPSAS in EU member

states: challenge for Romania

Razvan Mustata and Carmen Bonaci both of Babes-Bolyai University Accounting regulations and the worldwide globalization

process: from absorption to harmony in an emerging economy

Moderators Jane Broadbent and Jeffrey Unerman 4:00 – 4:20 Break 4:20- 5:20 Concurrent Session 2 2a – Room 0319 Secil Varan, Dokuz Eylul University

Investment securities available for sale and earnings

management in banking Industry

Pavel Aletkin Kazan, Federal University Value relevance of deferred taxes: evidence from Russian

companies

Moderators Mary Barth and Martin Glaum 2b – Room 0320

Nadia Albu and Catalin Albu, both of The Bucharest University of Economic Studies

Accountant’s image and ethical reasoning - evidence from

an emerging economy

Georgeta Span, Babes-Bolyai University The background of professional judgment in statutory audit

Moderators Jeffrey Unerman and David Alexander

AMIS 2012 13

2c – Room 0321 Tatiana Bochulya Kharkov, State University of Food Technology and Trade

Object-oriented nature of IT in the audit of strategic

management

Mihaela Mocanu, Bucharest University of Economic Studies The financial audit market in young EU member-states.

Ardent issues and inter- disciplinary solutions

Moderators Shahzad Uddin and Allan Hodgson 2d – Room 0329 Emmanuel Ebe, Ebonyi State University Abakaliki

The impact of poor accounting and budgetary

implementation practices in Enugu state owned industries

Tettet Fitrijantin, Padjadjaran University In Indonesia as a developing country, obligation to report,

window dressing or changing its better

Moderators Jane Broadbent and Robert Faff 2e – Room 0334

Cagnur Balsar, Dokuz Eylul University The impact of audit quality on accounting policy

disclosures: implications on revenue recognition policy

Evren Dilek Sengur, Istanbul University Voluntary use of internal audit in Turkish listed companies

Moderator Katherine Schipper 5:30 – 5:45 – Room 0321

Closing Donna Street

AMIS 2012 14

Joint IAAER – IFRS Foundation

IFRS Framework-Based Teaching Workshop

Wednesday 13 June 2012 13.00 – 14.30 Room 0321

Chair: Donna Street

10 min Introduction to Framework-based teaching

Ann Tarca, Professor of Accounting, University of Western Australia and Academic Fellow: Education Initiative, IFRS Foundation

30 min Demonstrating Framework-based teaching

Ann Tarca The presenter will cover Framework-based teaching

of a particular topic focusing on the following stages:

• Stage 1: 1st IFRS course (eg Accounting 101) • Stage 2: in between • Stage 3: before final qualifying examinations 30 min Demonstrating Framework-based teaching for

MBAs

Katherine Schipper, Professor of Accounting, Duke University, Vice President Research, IAAER, and former member, FASB

The presenter walks the participants through the Framework-based teaching of a particular topic to MBAs.

20 min Roundtable Q&A

AMIS 2012 15

Workshop description

The workshop demonstrates the benefits of the Framework-based approach for teaching IFRS and introduces tools and techniques to carry out Framework-based teaching. Two experienced IFRS teachers will explain the rationale for, and the benefits of, a Framework-based approach. They will describe the link between objectives, concepts, principles and rules in IFRS and explore when and how judgements and estimates are used in IFRS.

IFRS Update session

Wednesday 13 June 2012 15.00 – 16.30 Room 0321

Moderator: Donna Street

AMIS 2012 16

4th

E-CAESAR Workshop

ICT developments for a digital Europe

Thursday 14 June 2012

16.00 – 17.30 Room 0334

Chair: Dana-Maria Boldeanu

IBM

Costin Matache – "e-Government and online services" Microsoft

Dan Vasile – "Digital resources for education development" Ministry of Communication and Information Society (MCSI)

Mădălina Adam – „e-CODEX - Building Cross Border initiatives in e-Justice across EUROPE”

E-CAESAR Dana-Maria Boldeanu, Radu Constantinescu – „SPOCS -

Romanian business case for travel agent pilot” Workshop description

The workshop aims to identify together with the participants from the IT industry, public administration and academic area ways in which administrative electronic procedures interoperates as a result of the European Services Directive’s implementation and which are the stakeholders interested in applying these electronic procedures between EU Member States, as sustainable support for a digital Europe.The present workshop is organized within the 7th International Conference AMIS 2012 with the support of the Faculty of Accounting and Management Information Systems and AMIS Conference partners from the IT industry.

AMIS 2012 17

IIII PS1 Management accounting 1

Chairperson

Shahzad UDDIN, University of Essex, UK

Wednesday 13 June, 13.00 - 14.30

Room 0319

PS1 Auditing 18

APPLICATION OF THE ADVANCED COSTING

TECHNIQUES IN CZECH HOSPITALS

Boris POPESKO, Tomas Bata Univerzity in Zlin, Czech Republic

Petr NOVAK, Tomas Bata Univerzity in Zlin, Czech Republic

Abstract

The paper deals with the application of the modern cost management

techniques in hospital management. The study analyses the used costing

methods and problems related to the application of accurate costing

method in hospitals. It further compares the world approaches and the

utilization of sophisticated costing system such as Activity-Based Costing in

hospital management with focus on the Czech Republic conditions. The

study finally delimitates three costing systems used in hospitals: two

defined by the Czech healthcare authorities - TEZP and TNS and third

Activity-based costing. Features and allocation procedures of these costing

methods are compared in order to define the benefits and limitations of

individual methods.

Keywords

cost management, costing system, overhead cost, Activity-based costing,

Hospital management

PS1 Auditing 19

PRACTICAL REQUIREMENTS FOR HUMAN RESOURCES

MANAGEMENT AND CONTROLING OF PUBLIC AND

PRIVATE ENTITIES IN ROMANIA

Mihaela DUMITRANA, The Bucharest University of Economic Studies, Romania

Gabriel JINGA, The Bucharest University of Economic Studies, Romania

Gabriel RADU, The Bucharest University of Economic Studies, Romania

Abstract

The practical study we have carried out consists on one hand of the

qualitative data analysis, and on the other hand on the types of companies

engaging in professional training activities and the employee perspective

on professional training, on the other hand the correlations that exist

between these, with the purpose of determining ways in which companies

may improve their human resources policies. We believe that the signs of a

successful company are longevity on the market and employee retention,

and because of this we have imagined that each company is in its nature a

micro-society, having needs, focuses, resources, and a hierarchy.

Keywords

human resources, employee retention, professional training, management

PS1 Auditing 20

COST ACCOUNTING INFORMATION SYSTEM-MEETING

THE NEW CHALLENGES

Radmila JABLAN STEFANOVIC, University of Belgrade, Serbia

Abstract

In modern conditions of great external and internal complexity companies

operate in an extremely dynamic world of interdependent and nonlinear

events. The trends of globalization followed by the removal of national

barriers inevitably result in sharp intensification of international

competition. The consumers’ demands are changing more and more

frequently and becoming more sophisticated which, along with intense

introduction of new information and communication technologies,

drastically shorten product life cycle. New environment brings new

challenges and problems which inevitably impose the need for serious

reconsideration of past business philosophy established in stable and

predictable business settings. Regardless of the specific commitments in

terms of business strategy, the modern company is, inevitably, faced with

the requirement of cost competitiveness. The contemporary business

environment inevitably requires the restructuring of cost accounting and

new approaches to costing and cost management. In this paper we discuss

the role cost accounting has in offering support to managers at all

managerial levels.

Keywords management, strategy, competitive advantages, cost accounting, cost

management.

PS1 Auditing 21

USING KEY PERFORMANCE ECO INDICATORS FOR

SELECTING R&D PROJECTS

Dragan BJELICA, University of Belgrade, Serbia

Nataša PETROVIĆ, University of Belgrade, Serbia

Marko JOVANOVIĆ, University of Belgrade, Serbia

Abstract

In this paper, we analyze key performance eco indicators for selecting

R&D projects using Microsoft Project Server 2010 tools. Project portfolio

selection is a crucial decision in many organizations, which must make

informed decisions on investment, where the appropriate distribution of

investment is complex, due to varying levels of risk, resource requirements,

and interaction among the proposed projects. A “project portfolio” is

usually defined as a centralized collection of projects managed jointly to

enhance advantages to the organization or to minimize risk. From a

technical standpoint, within Project Server 2010, a portfolio of projects

should be defined as a set of projects that share the same cost or resource

constraints.

Keywords

Project portfolio, eco indicators, R&D projects, MS Project Server 2010,

selection

AMIS 2011 22

IIIIIIII PS2 Auditing

Chairperson David PROCHAZKA, University of Economics, Prague,

Czech Republic


Room 0329

PS2 Auditing 23

INTERNAL AUDIT – RISING TO THE CHALLENDGE

Victoria STANCIU, The Bucharest University of Economic Studies, Romania

Abstract

Over the past few years, internal audit has evolved responding to the

increasing stakeholders’ expectations. Internal audit function is perceived

today as a key enabler that can add value to the organization. Internal

auditors are asked to play an important role in the evolving economic

scenarios issued to ensure sound corporate governance, proper risk

management, fraud identification and prevention.The scope of our research

was to identify the trends in internal audit landscape and new good

practice developments. In this respect, the author has performed an

empirical study on Romanian internal audit framework and the study’s

conclusions were compared and validated with the conclusions on internal

audit status emphasized by international surveys performed by Big Four

(audit firms). The conclusions of the research are presented in the present

paper aiming at emphasizing the internal audit drivers for the next years

and the means of internal audit improvement.

Keywords

internal audit, emerging risks, audit committee, value added, risk-centric

model.

PS2 Auditing 24

THE EVOLUTION OF THE FINANCIAL AUDIT MARKET

IN ROMANIA AND SPAIN - A COMPARATIVE STUDY

Jose Luis GALLIZO LARRAZ, University of Lleida, Spain

Ioana Iuliana GRIGORESCU, University 1 Decembrie 1918 Alba Iulia, Romania

Abstract

The object of the research is represented by the realization of a

comparative analysis of the evolution and the structure of the audit market

in Spain and Romania. The hypothesis from which starts this research

refers to the fact that the financial audit progresses and perfections itself in

a country step by step with the economic growth, as a response to the

challenges of the involved society. The comparison is present all along the

research. I have also used a mixed research method, combining the quality

to the quantity research methods. The numeric data has been collected

from the electronic basis of CAFR Romania and The Accounting and Audit

Institute (ICAC) Spain. They have been presented in their evolution, being

combined and contrasted inside some tables, which helped me extract

interesting conclusions according to the objectives of the research.

Keywords

audit market, economic growth, evolution, structure of the audit market

PS2 Auditing 25

NEW PERSPECTIVES FOR INTERNAL AUDIT WITHIN

FINANCIAL INSTITUTION IN THE LIGHT OF

CORPORATE GOVERNANCE

Ciprian Teodor MIHĂILESCU, University 1 Decembrie 1918 Alba Iulia, Romania

Abstract

The world has always been in constant change and evolution, but the rate

at which changes and the evolution of humanity take place has dramatically

increased over the past 70 years. Corporate governance and internal audit

profession were no exception, both evolving with great speed. All changes

on the global financial markets in the last 10-15 years and the multiple

crises that the global economy went through during this period produced

multiple mutations both in the internal audit activity and the role that this

activity and the audit committees have in corporate governance. There are

several aspects that will significantly mark internal audit in the 21st

century, and the organizations that will take account of these issues will

have an internal audit service that will truly bring them added value.

Keywords

internal audit, corporate governance, risk management, credit

PS2 Auditing 26

FLEXIBLE AUDIT PROCESS BY CUSTOMIZING

PROCEDURES

Mihaela ŞERBAN, The Bucharest University of Economic Studies, Romania

Valeria Maria ALBERT, The Bucharest University of Economic Studies, Romania

Abstract

Dynamic business environment, developing financial markets, increasing

the cost of the audit, calls for greater efficiency and effectiveness of

production insurance. In this context, a "natural step in the evolution of

audit approach" is characterized by increasing knowledge regarding

auditor client's business, auditors use professional competence holding a

more complex risk assessment and diversion of resources audit in

accordance with risk assessed (Bell, Doogar and Solomon, 2009). Subject

of this article assessing the financial auditor of the entity operating risk

customer by Cobb Douglas production function-as a tool to analyze the

contribution of two factors, namely tangible entity controlled by economic

and labor in obtaining economic results.

Keywords

audit, risk exploitation, Cobb Douglas production function, business risk.

PS2 Auditing 27

A CONCEPTUAL MODEL FOR LINKING BUSINESS RISK

WITH AUDIT STRATEGY

Daniel VILŞĂNOIU, The Bucharest University of Economic Studies, Romania

Abstract

Although there is much debate in the financial audit literature about how

beneficial was the change from the traditional substantive audits to

Business Risk Audit (BRA) methodologies, there is little doubt that most of

the large-scale audits performed nowadays are based on BRA

methodologies. A conceptual model is proposed for depicting the

relationship between business risk, fraud risk, audit risk and the audit

strategy. The author argues that the proposed model could be used in

finding an optimum mix of tests of controls and substantive audit

procedures that would enable auditors to reaching their goal of obtaining a

reasonable level of assurance that the financial statements give a true and

fair view in accordance with Generally Accepted Accounting Principles.

Keywords

Business Risk Audit (BRA) methodologies, audit risk, audit strategy,

conceptual model

AMIS 2011 28

IIIIIIIIIIII PS3 Accounting education and profession

Chairperson

Alain BURLAUD, INTEC Paris, France


Room 0320

PS3 Financial analysis I 29

INTEGRATING SUSTAINABILITY INTO THE

ACCOUNTING EDUCATION: A FASHIONABLE OR A

NECESSARY CHANGE?

Camelia Iuliana LUNGU, The Bucharest University of Economic Studies, Romania

Chiraţa CARAIANI, The Bucharest University of Economic Studies, Romania

Cornelia DASCĂLU, The Bucharest University of Economic Studies, Romania

Abstract

In an unpredictable and extremely competitive global market, where

companies put a great pressure on and expanded the role of the

accountants beyond narrow regulatory knowledge to include vision,

adaptability and ability to address sustainability issues, the prime

responsibility is for economic universities to adjust curriculum to meet

these demands. Therefore, a significant factor operating as impediments to

mainstreaming sustainability in accounting education may be the subjective

perception of the relevance of sustainability to the practice of accountancy.

The study is meant to be a qualitative research aimed to discuss the drivers

of change for sustainability in the accounting education, by reference to

multiple levels: accounting profession, companies (businesses), and

academic pool (with both research and pedagogical components). The

research serves to highlight that all participants to the sustainable

development have to be brought together to provide a valuable platform for

dialogue, sharing and stimulating sustainability practice.

Keywords

Accounting education, sustainability, academics, professionals, businesses,

curriculum.


THE IMPACT OF EDUCATIONAL COSTS ON

SUSTAINABLE DEVELOPMENT. AN EMPIRICAL

RESEARCH

Violeta CIMPOERU, The Bucharest University of Economic Studies, Romania

Maria RADU, The Bucharest University of Economic Studies, Romania

Valentin CIMPOERU, University Politechnica Bucharest, Romania

Abstract

This study assumes that education is the mainstay of social, cultural and

economic environment and the financing thereof holds out possibilities to

improve the quality of life. Education involves access to higher levels of

sustainable development, as well as more means to meet satisfactory

conditions for health and health care. The main purpose of this study is to

underline the importance of prioritizing the budget policies related

measures for the educational system. The judicious allotment of public

resources entails the improvement of quality of life, social security and a

high level of education, such being buoyed by empirical evidence presented

by the means of regression models used to explain the economic

phenomena. The study analyses the causality relations among the funds

assigned to the educational and healthcare system, as well as the

government’s final consumption expenditure at the macroeconomic level

for 68 countries, extending the cause-effect type of approach applied to

modern budgetary programs.

Keywords

education, health, budgetary policies, sustainable development


ETHICS AND PROFESSIONAL RESPONSIBILITY IN

ACCOUNTING AND AUDIT. SOCIAL IMPLICATIONS

AND PERSPECTIVES

Emil HOROMNEA, "Alexandru Ioan Cuza" University of Iaşi, Romania

Alina-Mariana ISTRATE, "Alexandru Ioan Cuza" University of Iaşi, Romania

Ana - Maria PAŞCU, "Alexandru Ioan Cuza" University of Iaşi, Romania

IaşiAbstract

The chain of economic phenomena and the interdependence relationship

established between them require a minimum social order, which can only

be insured by an ethical behavior. Its importance comes precisely from the

fact that numerous moral values are included in laws, regulations, or other

normative acts. When a company pollutes the environment, deceives a

business partner, does not respect the rights of its employees, or makes fake

publicity, then some of the company’s staff acts immorally. The

consequences of such behaviors are: the perturbation of economic

processes and harming the welfare of a person/of society. As an active part

of economic life, the accounting profession can support or harm social and

economic welfare. The purpose of this study is to stress the importance of

assuming professional responsibility and of complying with the

Professional deontology code, which has implications on economic life. The

study shows that the acquisition of ethical values and of professional

responsibility in relation to society is one of the premises and conditions

necessary to the welfare of the economy.

Keywords

ethics, professional responsibility, financial scandals, professional

deontology code, social responsibility

AMIS 2012 32

IVIVIVIV PS4 Business law 1

Chairperson

Raluca DIMITRIU, The Bucharest University of Economic Studies, Romania


Room 0334

PS4 IFRS I 33

CHANCES OF THE BUSINESS RECOVERY PRINCIPLE IN

MODERN INSOLVENCY LAW

Lubos SMRCKA, University of Economics Prague, Czech Republic

Abstract

Taking the situation in the Czech Republic as an example, the study

concerns the potential of recovery procedures in dealing with business

bankruptcies. Based on the analysis of statistics, it arrives at the conclusion

that despite the attempts at promoting the importance of recovery principle

under new legislation, there has been virtually no change in the proportion

of using the recovery principle to liquidation. It becomes evident that the

real obstacle in using such methods of resolving bankruptcy which enable

to save a going concern and retain jobs was not the legislation existing in

the Czech Republic prior to 2008, i.e. before the Insolvency Act became

effective, but that the cause has been mainly economic. According to the

author’s conclusions, the decisive fact is that businesses enter insolvency

proceedings too late, in a time when their assets are quite insufficient to

satisfy the creditors, which means that the assets are equally insufficient to

keep the business as a going concern.

Keywords

Insolvency, bankruptcy, reorganization, debtor, creditor, insolvency law

PS4 IFRS I 34

THE OBLIGATION OF THE AGENT TO FULFILL THE

MANDATE WITHIN THE LIMITS GRANTED BY MEANS

OF THE AGREEMENT – THE LIABILITY OF THE AGENT

Andreea STOICAN, The Bucharest University of Economic Studies, Romania

Abstract

The mandate is the agreement by means of which a party (called the agent)

undertakes to conclude legal documents in the name and on behalf of the

other party (called the principal). Therefore, the agent is obliged to

perform the activities given to him in the contract, in the manner allowed

by the principal. Thus, the goal of the present study is, first of all, to

outline and analyze the conditions in which the Romanian law allows the

agent to change the way of performing the activities which he is obliged to

through the mandate contract. Secondly, our aim is to see the limit of the

agent’s liability in case of disrespecting or not performing the obligations

properly- this also including the case in which the agent is making a

substitution in his duties with a third party, when in fact he was obliged to

perform the contract personally.

Keywords

agent, professional, onerous title, liability, intuitu-personae character

PS4 IFRS I 35

INSOLVENCY EVOLUTION IN THE EUROPEAN UNION

Iuliana GEORGESCU, "Alexandru Ioan Cuza" University of Iaşi, Romania

Elena Cristina BACIU, "Alexandru Ioan Cuza" University of Iaşi, Romania

Irina CHIRIAC, "Alexandru Ioan Cuza" University of Iaşi, Romania

Abstract

Europe is still having a difficult time from an economic point of view. This

situation has negative effects on the economy at the microeconomic level

and causes insolvency or bankruptcy of entities. This study aims to analyze

the phenomenon of insolvency of companies from different European Union

countries. The analysis performed has revealed, on the one hand, the

countries that have suffered serious changes in the considered period and,

on the other hand, the differences between European countries included in

the study. Such an analysis demonstrates that many companies come

voluntary or involuntary to insolvency and this phenomenon is not only

expanding in emerging markets.

Keywords

insolvency, European Union, Western Europe, Central and Eastern

Europe, insolvency laws

AMIS 2012 36

VVVV PS5 Management accounting 2

Chairperson

Adriana TIRON TUDOR, “Babes-Bolyai” University,

Cluj Napoca, Romania


Room 0319

PS5 Management accounting 2 37

IMPACT OF A NEW PARADIGM "DESIGN FOR

ADAPTABILITY" ON THE COST OF FINANCING IN THE

CONTEXT OF CHANGE OF THE MANAGEMENT SYSTEM

Eugeniu ŢURLEA, The Bucharest University of Economic Studies, Romania

Florin DOBRE, The Bucharest University of Economic Studies, Romania

Georgiana TOADER, The Bucharest University of Economic Studies, Romania

Anca CODREANU, The Bucharest University of Economic Studies, Romania

Abstract

With the economic crisis, many entities try to find new solutions for

planning and controlling performance for cost cutting. The most efficient

methods applied are MRP (Material Requirements Planning) and JIT (Just-

in-time). Ever since the technology workflow is the epicenter of a

manufacturing factory, the JIT management tool can make all the

difference between the success or failure of a production line. In the design

of the engineering systems, a new method (Design for Adaptability) for cost

cutting has drawn attention from researchers concerned about cost cutting

and the maximization of the stakeholders' satisfaction. The value of a

product or of a production line diminishes with time, but there are also

cases in which their value decreases more slowly. The decrease of a

system's value will be achieved in large part by the increase of the needs

and wants of the stakeholders and, partially, of its capabilities to adapt in

relation to alternatives in development. In this work we aim to highlight the

manner in which this new "DFA" paradigm can increase the life span of a

system, as well as the cost savings generated by this new method by means

of quantitative examples to obtain the socio-economic data required for

each model.

Keywords

just-in-time, design for adaptability, costs, stakeholders, management

system, cost of financing


MANAGING SATISFACTION OF CLIENT WITH SIX

SIGMA PROCESS

Alina CHIŢU, The Bucharest University of Economic Studies, Romania

Abstract

By positioning us in a competitive, growing market, companies should

concentrate their attention on the only permanent source of obtaining

revenue: customers. They must continually make efforts to understand

and meet the needs of all customers. The main possibility to keep or to

create new company - client relations is to use techniques for assessing the

degree of satisfaction in current or potential customers. The purpose of this

documentation is to present a model for the analysis of the impact of

management of complaints to the performance of companies by combining

theoretical aspects presented in articles dealing with the specialized

management strategy called Six Sigma, with practice. Focusing attention

on the quality of customers by applying Six Sigma strategies involves

attracting new customers, which will lead to accelerated development of the

company's activities, both at the economic implications of increasing

profits and also in employee satisfaction level through wage increases.

Keywords

Six Sigma, client, performance, quality, management process


TRANSFER PRICES: BETWEEN MANIPULATION AND

ETHICS FOR ASSESSING ORGANISATIONAL

PERFORMANCE

Corina GROSU, The West University of Timişoara, Romania

Alina Carmen ALMĂŞAN, The West University of Timişoara, Romania

Abstract

Globalization and internationalization of businesses have resulted in recent

years in a rapid growth of multinational corporations, transfer prices

becoming an important matter for managers, tax authorities, and the

accounting profession as a whole.The issue of transfer pricing

manipulation introduces an ethical dilemma for managers of multinational

companies, who must balance the objective of maximizing their profits and

tax compliance. Transfer pricing is an exciting field in this regards,

offering a “fertile ground” for testing the manager’s behavior in this

regard. The paper’s purpose is not to bring new conceptual elements or to

advance an alternative theory, neither to provide an interpretation of

complex legislation in this field. Through this paper we intend to contribute

to the enhancement of knowledge base in an extremely important area for

accounting practice in Romania. The paper approaches transfer pricing

effectiveness for management control, giving priority to internal objectives

of the organization.

Keywords

transfer prices, responsibility centers, management control, multinational

companies, strategy, performance


BALANCED SCORECARD AND ORGANIZATIONAL

FACTORS

Davood ASKARANY, University of Auckland, New Zealand

Abstract

Balanced scorecard (BSC) is an important strategic management tool

which helps organizational management to monitor the performance of an

organization towards its strategic goals. However, despite its important

role in organizational management, BSC has received scant attention in the

organization management literature. So, it is unclear whether there is an

association between the diffusion of BSC and organization management in

practice. Furthermore, according to strategic management literature,

understanding innovative behavior and organizational factors influencing

the diffusion of innovations in organizations has remained relatively

undeveloped, inconclusive, and inconsistent, while the study of

organizational and strategic management has long been concerned with

understanding factors influencing the diffusion of innovations in

organizations. Given the above, the main purpose of current study is to

investigate the association between the diffusion of BSC and organization

management as well as to examine the impact of organizations factors on

the diffusion of BSC (both on its adoption as „one tool‟ and on proceeding

with higher levels of its adoption „as a set of different activities‟) at the

same time.The findings provide a significant contribution to the literature

as it makes a clear distinction between the impact of organizational factors

on the „adoption of strategic management innovations‟ and „proceeding

with higher levels of adoptions‟.

Keywords

Organization management, strategic management tools, balanced

scorecard, the diffusion of innovation, situation theory, and organizational

factors.

AMIS 2012 41

VIVIVIVI PS6 Performance evaluation and

executive pay

Chairperson

Andrei FILIP, ESSEC Business School, France


Room 0329

PS6 Management information systems I 42

CEO PERFORMANCE EVALUATION SYSTEMS:

EVIDENCES FROM THE ITALIAN HEALTHCARE

CONTEXT

Adele CALDARELLI, University Federico II Of Naples, Italy

Clelia FIONDELLA, University Federico II Of Naples, Italy

Marco MAFFEI, University Federico II Of Naples, Italy

Rosanna SPANO, University of Catanzaro, Magna Graecia, Italy

Claudia ZAGARIA, University Federico II Of Naples, Italy

Abstract

This paper examines the performance evaluation systems of the Italian

healthcare organisation’s Chief Executive Officers. The aim is to analyse

the relationship between formal performance evaluation systems and

models of governance in the Italian Regional Health Services. Referring to

the framework of the Agency theory, an analysis was carried on the

Regional Health Plans. To test our hypothesis we did a multiple

correspondence analysis and a hierarchical agglomerative cluster analysis.

Findings confirm our hypothesis revealing a positive association between

formal CEO performance evaluation systems and the degree of

implementation of governance instruments, and no significant relationship

with the duration of CEO tenure.

Keywords

performance evaluation, healthcare governance, agency theory, CEO.


AN INVESTIGATION ON POSSIBLE LINKS BETWEEN

RISK MANAGEMENT, PERFORMANCE MEASUREMENT

AND REWARD SCHEMES

Selena AURELI, University of Ubino, Italy

Federica SALVATORI, Department of Business Administration, Modena and Reggio Emilia University, Italy

Abstract

The ongoing global financial crisis underlined the urgent need of changing

traditional executives compensation schemes. Governments and authorities

reacted through regulation and standards, while professionals and

academics have suggested several new pay mechanisms (e.g. deferred

bonus). Given some limitations of the above-mentioned solutions, the paper

aims at understanding whether they can be improved by introducing

incentives strictly tied to companies’ risk metrics for executive members of

the Boards and top managers with strategic responsibilities. The link

between monetary incentives and the achievement of desired risk-adjusted

performance is thus proposed and explored. Following a qualitative

methodology, four case studies were carried out using semi-structured

interviews with Italian risk managers and human resources managers.

Results show that a reward system based on risk measures is welcome and

feasible, if not already adopted. It needs to be carefully tailored to each

company. Lastly, its adoption and implementation rely on various

contextual conditions and can be hindered by some difficulties in risk

measurement. The paper contributes to the reward and risk management

literature by investigating new tools to satisfy the need of sounder

compensation practices.

Keywords

Risk, executive compensation, reward, performance indicators


IS THERE A CORRELATION BETWEEN CEO

COMPENSATION AND FIRM PERFORMANCE? AN

EMPIRICAL INVESTIGATION OF MAJOR US

COMPANIES

Ingrid-Mihaela DRAGOTĂ, The Bucharest University of Economic Studies, Romania

Ştefan Cristian GHERGHINA, The Bucharest University of Economic Studies, Romania

Andreea JORA BOEROSU, The Bucharest University of Economic Studies, Romania

Abstract

The development of corporate governance principles emerged as a solution

to different “external” and “internal” pressure from regulators,

institutional investors or stakeholders for better standards in companies’

management. Even if the United States made the first steps towards

corporate governance, especially after 2008 the executive remuneration is

seen as one of the key triggers of this crisis and its relationship with firm

performance. This paper summarizes some empirical research regarding

CEO remuneration and its determinants and then puts together different

firm, governance and CEO characteristics with the level and structure of

CEO pay (including basic salary, bonuses, options and restricted stock

awards) for 107 US big companies from Fortune’s Top 500, in 2009. For

CEO bonuses and the restricted stock awards, firm size and firm

performance variables are determinants. The rest of them are completely

detached from performance. No relationship was identified between CEO

option awards and dividend yield.

Keywords

executive compensation, company performance, corporate governance,

firm size characteristics, CEO tenure


THE EFFECTS OF STOCK OPTIONS RECOGNITION ON

CORPORATE GOVERNANCE: EVIDENCE FROM ITALIAN

LISTED COMPANIES

Ferdinando DI CARLO, Universitΰ della Basilicata, Italy

Manuela LUCCHESE, University Federico II Of Naples, Italy

Abstract

The increasing use of stock options as executive compensation in recent

years feeds a vast literature based on agency theory, in particular the

optimal contracting version: according to that theory, the firm’s

compensation policies should contribute to align the managers’ interests on

those of the shareholders. This theory has a weak empirical basis,

especially when applied to stock options – whose adoption does not seem to

lead to a significant improvement of firms’ corporate governance. This

themes can be linked to the stock-options accounting and disclosure:

according to the IFRS 2, stock-options now are to be accounted for as

labour costs. Such a change in disclosure rules might have an impact on

the corporate governance of European firms. Indeed, according to a

growing literature, disclosure mediates the relation between a firm’s

owners and managers; a better disclosure could help reduce contractual

problems linked to agency relations. The aim of the present work is to

understand whether the aforementioned change in stock option accounting

regulation has had an impact, and what impact, on the corporate

governance of European firms. We observe whether exists a significantly

positive relationship between the employee stock option expenses valuated

in accordance with the fair value approach and the stock returns. The

sample considered here includes all listed Italian firms, excluding financial

institutions, which have carried out stock option plans in 2005. The findings

of the present research suggest that the impact of new accounting rules and

more stringent disclosure on listed Italian firms corporate governance is

not significant.

Keywords

Stock Option,IFRS 2, Rent extraction theory, Italian listed companies

AMIS 2011 46

VIIVIIVIIVII PS7 Global reporting

Chairperson

Alain BURLAUD, INTEC Paris, France


Room 0320

PS7 Global reporting 47

EUROPEAN EVIDENCE REGARDING ASSURANCE

STATEMENT PRACTICES IN SOCIAL AND

ENVIRONMENTAL REPORTING

Elena Roxana ANGHEL-ILCU, The Bucharest University of Economic Studies, Romania

Abstract

Social and environmental assurance is a relatively new field of research

and emerged from the companies’ desire to improve the reliability of the

social and environmental reports that were made publicly available. This

paper aims to assess the current practices of social and environmental

assurance engagements. Also it provides a highlight of the 12

normalization bodies identified that act in the social and environmental

assurance field, together with the assurance standards promoted by them.

We based our research on a sample of the major 100 European companies,

with 50 British and 50 French companies, ranked by market capitalization

at 31 December 2008. Out of these, only 49 companies conducted a social

and/ or environmental assurance engagement (25 UK companies and 24

French companies). The content analysis of the 49 assurance reports was

made following several aspects: assurance standards applied, the title of

assurance reports, the intended users of the report, the responsibilities of

parties, criteria, subject matter and level of assurance, and the work

performed under the engagement. The originality of this research lies in

two aspects: (1) it provides a comparative view of the practices of social

and environmental assurance in the United Kingdom and France, and (2)

the subject matter was analyzed in relation to the regulatory framework for

social and environmental reporting issued by the Global Reporting

Initiative (GRI). Thus, our results show that there are major inconsistencies

between what is considered to be good practice in social and environmental

reporting, and what the actual corporate practice is, in relation with the

existing social and environmental reporting.

Keywords

Social and Environmental Assurance, Social and Environmental Assurance

Reports,Social and Environmental Standards, European Companies,

Comparative Studies


THE INFORMATIONAL VALUE OF THE TRIPLE BOTTOM

LINE REPORTING

Camelia MARINESCU, The Bucharest University of Economic Studies, Romania

Maria RADU, The Bucharest University of Economic Studies, Romania

Emanuel MARINESCU, Danubius University Galati, Romania

Abstract

Abstract: The 21st century is that of the most spectacular transformations

of human civilization, but their beneficial effects are sometimes reduced by

the most complex and unexpected negative effects on human health and on

the social and natural environment. These realities reflect on the

contemporary economic environment which, through the selecting capacity

originated in its competitive nature, is forcing companies to address issues

related to the social and environmental impact as mandatory ex ante.

Starting from the imminence of globally coordinating the efforts for the

reconciling the human species relationship with Earth, this study aims at

emphasizing the opportunity of integrated reporting (economic, social and

environmental) and the use of sophisticated indicator systems at individual,

sector and global levels as well as identifying some interdependencies

between economic, social and environmental performances by generating

an econometric model for analysing the evolution of a panel of aggregate

indicators in the energy sector.

Keywords

Triple Bottom Line, performance, sustainability, system of indicators,

social and environmental impact, Global Reporting Initiative (GRI)


RESPONSIBLE INFORMATION DISCLOSURE

Mădălina Elena OPRIŞ, The Bucharest University of Economic Studies, Romania

Abstract

The decision is influenced by many variables with different intensity. The

information is the most intense. This is the reason why companies that

disclose high quality information have a competitive advantage. Corporate

social responsibility offers the support for the integrated reporting of

information. Exhaustive, timely and transparent informing becomes a

distinct objective for responsible companies and helps satisfying the

stakeholders’ disclosure requirements. This paper examines corporate

social responsibility information disclosed in the annual report by the

Bucharest Stock Exchange listed companies. The study finds that a low

number of companies insert such information in the annual reports and

that the integrated reporting is a relatively new concept for the analyzed

area. It is obvious that companies only begin to realize their impact on

community and environment.

Keywords

Corporate Social Responsibility, Annual Report, Responsible Company,

Integrated Reporting, Decision, Reporting Standards

AMIS 2012 50

VIIIVIIIVIIIVIII PS8 Business law 2

Chairperson

Camelia STOICA, The Bucharest University of Economic Studies, Romania


Room 0334

PS8 Business law 2 51

THE TRADER NATURAL PERSON – PROFESSIONAL

UNDER THE NEW CIVIL CODE

Silvia Lucia CRISTEA, The Bucharest University of Economic Studies, Romania

Viorel BĂNULESCU, The Bucharest University of Economic Studies, Romania

Abstract

New Civil Code promotes the monistic conception of regulating private law

relationships. The new Civil Code took over institutions that were

previously regulated by the Trade Code, the latter being repealed. This

paper aims to present a comparative analysis of individual trader's legal

status in the context of entry into force of the new Civil Code. This paper

presents the institution introduced by the new Civil Code – the professional

and highlights the common features and differences of the three forms of

business developed by trader natural persons.

Keywords

new civil code, professional, trade natural person, entrepreneur, limited

liability company, family-owned undertaking


THE CONCEPT OF “PRECARIOUS WORK” AND ITS

IMPLICATIONS IN REGULATING LABOUR RELATIONS

Raluca DIMITRIU, The Bucharest University of Economic Studies, Romania

Abstract

The issue of the relations between the employer and the employee, more

sensitive today because of the economic crisis, reveals the dangers of the

precarious work. The difficulty to define the precarious work comes from

the fact that it does not really represent an illegal labour agreement.

Against the fragile balance between protection of the employee and the

need to revive economy, the changes in the Labour Code made in 2011

increased the chance of precarious work. The paper aims to put into light

the very concept of precarious work and to search the ways in which the

Romanian law-maker can fight against it. It is based on a case law and

comparative law approach, in an attempt to provide practical solutions in

this regard.

Keywords

Labour law, precarious work, dignity at work


THE MERGER OF COMMERCIAL COMPANIES- A

FINANCIAL AND JURIDICAL STRATEGY IN

RECESSIONARY TIMES

Alexandra Gabriela ROLEA, The Bucharest University of Economic Studies, Romania

Abstract

Company restructuring can be defined as a process through which a

company significantly changes the contractual relationships that exist

among its creditors, shareholders, employees and other stakeholders.

Usually, the goal of restructuring is to increase the overall market value of

the business. However, in recessionary times, the goal may be different, and

the focus may be on trying to maintain the company’s effectiveness and

profitability. This study aims to approach the issue of mergers and

acquisitions from an economic perspective, by outlining the benefits and

drawbacks of the operation, and from a legal standpoint, by presenting the

last legislative amendments at both the European and the national scale.

Keywords

Financial crisis, commercial companies, market value, mergers and

acquisitions law

AMIS 2012 54

AMIS - KPMG joint session 1

Moderators

Cătălin ALBU, The Bucharest University of Economic Studies, Romania

Şerban TOADER, KPMG in Romania

Thursday 14 June, 9.00 - 11.00

Room 0321

AMIS KPMG joint session 55

THE USE OF ACCOUNTING INFORMATION BY

FINANCIAL ANALYSTS IN EMERGENT MARKETS: THE

CASE OF ROMANIA

Mihaela Ionaşcu, The Bucharest University of Economic Studies, Romania

Ion Ionaşcu, The Bucharest University of Economic Studies, Romania

Abstract

The purpose of this paper is to investigate the use of accounting

information by Romanian financial analysts with a focus on the models

used and the factors affecting their forecasts accuracy. We hypothesize that

on the emergent market of Romania, analysts rely more on simple valuation

models (such as price multiples) and that accounting variables are

perceived as less important compared to macroeconomic factors when it

comes to forecast accuracy.To collect data we sent out questionnaires to

the Research Departments of the brokerage companies authorized by

Bucharest Stock Exchange (BSE) (investment firms, financial investments

banks, credit institutions). As IFRSs became mandatory for consolidated

accounts of listed companies and as the National Securities and Exchange

Committee (CNVM) envisions the application of IFRS in the individual

accounts of these companies, the paper also tries to capture the perception

of Romanian financial analysts on the role plaid by IFRS adoption in

reducing forecasts errors.

Keywords

valuation models, accounting information, financial analysts, forecast

accuracy, IFRS adoption in Romania

COMMENT ON „THE USE OF ACCOUNTING

INFORMATION BY FINANCIAL ANALYSTS IN

EMERGENT MARKETS: THE CASE OF ROMANIA

Răzvan NAN, KPMG in Romania


PERCEPTIONS OF PREPARERS FROM ROMANIAN

BANKS REGARDING IFRS APPLICATION

Mădălina GÎRBINĂ, The Bucharest University of Economic Studies, Romania

Mihaela MINU, The Bucharest University of Economic Studies, Romania

Ştefan BUNEA, The Bucharest University of Economic Studies, Romania

Marian SĂCĂRIN, The Bucharest University of Economic Studies, Romania

Abstract

Starting 1st January 2012, credit institutions are required to apply the

International Financial Reporting Standards (IFRS) as basis of accounting

for the preparation of the individual financial statements. Regulatory reforms

were done and banks prepared to face the transition process. In this context,

the aim of our study is to investigate, the perceptions of the main actors from

banks (responsible with the transition process) on the cost and benefits

involved by the use of IFRS as reporting standards (implementation strategy

used by some banks before 2012) and on the peculiarities related to the

application of IFRS as accounting basis (each transaction or event being

recorded following IFRS requirements) immediately after 1st January 2012.

We intended to investigate also if the transition process changed the attitude

of banks towards the application of IFRS. We observed that preparers still

have a positive attitude towards the application of IFRS considering that the

cost benefit report is positive. Not all preparers are convinced with the

proposition that the conversion will lower the cost of capital. The complex

nature of IFRS, the insufficient application guidance and the necessity to

adapt to frequent changes of IFRSs were considered as difficulties related to

IFRS reporting. Double reporting costs reduction and eliminating confusions

by publishing two sets of financial statements were considered unanimously

benefits of using IFRS as basis of accounting. It resulted that most preparers

are preoccupied about the costs involved by the modification of internal

evidence systems, the necessity to satisfy multiple reporting requirements

(accounting, prudential and fiscal), the impact on prudential indicators and

the insufficient resources allocated to this process. The most important cost


was related to the modification of actual IT systems. The impairment

methodology described by IAS 39 was rated as most challenging by

preparers.

Keywords

IFRS, financial reporting, banks, accounting basis, national regulations

COMMENT ON „PERCEPTIONS OF PREPARERS FROM

ROMANIAN BANKS REGARDING IFRS APPLICATION”

Andrei DOCHIA, KPMG in Romania


EMPIRICAL EVIDENCES OF ROMANIAN AUDITORS’

BEHAVIOUR REGARDING CREATIVE ACCOUNTING

PRACTICES

Victoria BOGDAN, University of Oradea, Romania Ioana Teodora MEŞTER, University of Oradea, Romania

Diana BALACIU, University of Oradea, Romania Dana GHERAI, University of Oradea, Romania

Abstract

A highly qualitative financial reporting refers to the publication of

accounting information complying with the requirements of the reporting

framework and generally, they must be transparent, intelligible, relevant,

credible and comparable. In most of the cases the managers, in their

pursuit of getting a certain level of the firm’s performances, actually and

implicitly their own performances and benefits, have often the tendency to

interfere, in this regard, with the financial statements and the information

presented in them as well. Based on the results of the theoretical research

regarding the auditors’ behaviour regarding creative accounting practices,

this paper focuses on the investigation of Romanian auditors’ attitude.

In this regard, we set up an empirical study that has as main objective the

identification of the financial auditors’ perception regarding the existence

and the forms of manifestation of creative accounting phenomenon in the

companies. Therefore, we used a descriptive analysis of the answers

provided by subjects from our sample and we tested some research

hypotheses.

Synthetically, these have in view the following suppositions: the number of

years of professional experience of the auditors influences their perception

regarding the quality of financial statements; there is a correlation between

the professional experience of the auditors and the incidence of creative

accounting practices encountered in their auditing missions; the existence

of an efficient internal control system determines the auditors’ perception

regarding the tendency to use creative accounting practices; the possibility


to identify the creative accounting tendencies is strongly correlated to the

frequency of creative accounting practices encountered in auditing

financial statements of Romanian companies. Our research is a descriptive,

transversal one. We carried out our investigation between May and July

2011, using the survey as research method.

Keywords

creative accounting, auditors, behaviour, manipulation, Romanian

companies

COMMENTS ON „EMPIRICAL EVIDENCES OF

ROMANIAN AUDITORS’ BEHAVIOUR REGARDING

CREATIVE ACCOUNTING PRACTICES”

Tal LAHAV, KPMG in Romania

AMIS 2011 60

IXIXIXIX PS9 Special sectors 1

Chairperson

David ALEXANDER , University of Birmingham, UK


Room 0319

PS9 Special sectors 1 61

ACCOUNTING FOR AN ETHICAL ENTERPRISE RISK

MANAGEMENT

Adele CALDARELLI, University Federico II Of Naples, Italy

Clelia FIONDELLA, University Federico II Of Naples, Italy

Rosanna SPANO, University of Catanzaro, Magna Graecia, Italy

Marco MAFFEI, University Federico II Of Naples, Italy

Claudia ZAGARIA, University Federico II Of Naples, Italy

Abstract

This study examines the relationship between Enterprise Risk Management

(ERM) and accounting, focusing on the role of ethical variables in

supporting strategic planning within Italian mutual credit

cooperative banks. After the recent failures the introduction of ethics in risk

management practices could contribute to the alignment between the

objectives of the firms and their stakeholders, in achieving the Common

Good for the social communities. This study is supported by holistic case

study of Banca di Credito Cooperativo di Napoli, as the most

representative mutual credit cooperative bank of the South of Italy.

Drawing on Glaser and Strauss (1967), we adopt grounded theory

methodology in order to explain how ethics influences either ERM

practices or accounting practices. This paper makes a contribution to

existing literature giving evidence of the ability of a consolidated ethical

Enterprise Risk Management process to lead the accounting practices

toward the area of social accounting

Keywords

Accounting, ERM, ethics, mutual credit cooperative banks.


FINANCIAL PERFORMANCE ASSESSMENT FOR

ROMANIAN BANKING INSTITUTIONS – A

COMPARATIVE VIEW OF TRADITIONAL AND

ECONOMIC BASED MEASUREMENT

Anca MUNTEANU, The Bucharest University of Economic Studies and Petru Maior University Tg. Mures, Romania

Petre BREZEANU, The Bucharest University of Economic Studies, Romania

Abstract

The aim of this study is to provide guidance on how to create a reliable

EVA measure adequate for financial institutions e.g. banks. Also one

important objective is to establish the relationship between traditional

measures of performance and EVA. Towards this end the study elaborates

on the accounting adjustments that general theoretical literature debates

upon. Although much literature exists in the field of EVA computation for

non-financial companies’ studies that are customized for banking

institutions characteristics are scarce. The results show that EVA best

correlates with Residual Income which is a measure of economic profit

without adjusting for balance sheet and income statements elements. This

conclusion is useful because parsimony always represents the best principle

of research.

Keywords

Banking performance, Economic Value Added, Traditional Measures,

IFRS, RAS


DECISION SUPPORT INSTRUMENTS IN REAL ESTATE

DEVELOPMENT COMPANIES

Muler ONOFREI, The Bucharest University of Economic Studies, Romania

Claudia Elena ŞERBAN, The Bucharest University of Economic Studies, Romania

Cătălina COZMEI, The Bucharest University of Economic Studies, Romania

Abstract

Every firm that is involved in business activity has its own strategy to

operate its daily business. But, the organization is said to be having a

competitive edge if it has planned effective strategies , especially that the

real estate development sector is vulnerable to price volatility risks and

their consequences. So, that borne a huge challenge and a clear interest for

building a framework capable of offering high-level decision support, in

high uncertainty, in operations, or planning.Therefore, the aim of this

research is to offer a description of the actual instruments used during the

decision making process by the real estate developers in general and by

those present on the Romanian market in particular and hightlight the basis

for improved decision support tools by referring to some deep-seated

obstacles currently hampering the implementation of sustainable

development principles within the industry .The expected outcome of this

research is to introduce a novel analysis approach to support, guide and

assist real estate developers in the optimal decision making to assess and

deal with the fluctuation of risk-full and competitive global economic

situation and potential risks in each stage of project development.

Keywords

real estate development, decision support system, financial model,

development process


DOES FAIR VALUE MEASUREMENT PRACTICE

PROVIDES SATISFACTORY INFORMATION?

REAL ESTATE VALUATION IN EUROPEAN LISTED

ENTITIES

Ion ANGHEL, The Bucharest University of Economic Studies, Romania

Monica PETCU, The Bucharest University of Economic Studies, Romania

Costin CIORA, The Bucharest University of Economic Studies, Romania

Cristina-Ştefania CUREA, The Bucharest University of Economic Studies, Romania

Abstract

The adoption of IFRS and fair value measurement in international and US

companies increased the quality of information provided by the annual

financial statements. Our main objective is to verify if the adoption of Fair

Value Measurement has changed the perspective or added clarity of

information. The hypothesis is that, on average, the EU-wide mandatory

adoption of IFRS is associated with a change in the quality of analysts’

information environment.

Keywords

fair value measurement, fair value, financial reporting

AMIS 2012 65

XXXX PS10 Finance

Chairperson

Robert FAFF, University of Queensland, Australia

Thursday 14 June 9.00 - 11.00

Room 0329

PS10 Finance 66

ECONOMETRIC ANALYSIS OF ARBITRAGE PRICE

THEORY (APT) IN EVALUATION OF SHARE RETURNS

Cristina Venera GEAMBAŞU, The Bucharest University of Economic Studies, Romania

Ionel JIANU, Bucharest Titu Maiorescu University, Romania

Liviu GEAMBAŞU, The Bucharest University of Economic Studies, Romania

Abstract

The aim of the present paper is to analyze the influence of the

macroeconomic factors over the return of the shares listed on the stock

exchange – with practical application on the Bucharest Stock Exchange.

The paper presents the APT model, the scientific literature that debates the

model, the working methodology and the results obtained on the Romanian

market in comparison with the results obtained on other markets. There

were identified the factors that explain the evolution of shares’ returns and

the amplitude of the influence for each selected factor. The significant

factors that affect the shares returns are the market evolution (measured

through index BET), GDP, inflation, BUBOR3M and the interest rate. The

regressions are more consistent for portfolios formed of shares with higher

liquidity.

Keywords

Arbitrage Price Theory (APT), share return, risk factors, multifactor model

PS10 Finance 67

QUANTILE ESTIMATION FOR COMPUTING VALUE-AT-

RISK

Filip IORGULESCU, The Bucharest University of Economic Studies, Romania

Ion STANCU, The Bucharest University of Economic Studies, Romania

Abstract

This paper explores the statistical models used for estimating the quantiles

needed for the computation of Value-at-Risk (VaR). The analysis was

developed on a portfolio consisting of four of the most liquid stocks traded

at Bucharest Stock Exchange and covered a period of 5 years, between

October 2006 and September 2011. Taking into account that asset returns

are not normally distributed, the following three approaches were

considered for modeling the portfolio returns: heavy-tailed statistical

distributions, the Extreme Value Theory and the Cornish-Fisher

approximation to quantiles. The results indicated that the VaR estimates

obtained by means of the Student’s t-distribution were the most accurate.

However, considering that the selection and performance of statistical

models is significantly dependent on the characteristics of the data sets, it is

strongly recommended that financial institutions should update their VaR

models on a regular basis.

Keywords

Value-at-Risk, Extreme Value Theory, Cornish-Fisher formula, statistical

distribution, heavy tails

PS10 Finance 68

INFORMATION SYSTEMS’ RISK MANAGEMENT – AN

EMPIRICAL RESEARCH IN ROMANIAN COMPANIES

Mihai CIOC, The Bucharest University of Economic Studies, Romania

Minodora URSĂCESCU, The Bucharest University of Economic Studies, Romania

Abstract

This paper’s purpose is to realize a study at the level of some Romanian

companies with private capital, regarding the maturity level they reached

in developing informatic security practices, especially of those regarding

the information systems’ risk management. The study focuses on the

analysis of some indicators specific for the informatic environment, which

reveal the exigencies imposed at managerial, operational, technological,

human level for the insurance of a high level of the organization’s risk

tolerance. Starting from the evaluation indicators of the maturity level in

using information risks’ management practices, this study permits the

conception of a scoreboard set, structured on the considered benchmarking

classes. This research shows that the actual stadium regarding the

practices assimilation for identifying, assessing and mitigating the

information risks in the analyzed companies is still in an incipient phase

and it differs depending on the activity sector, the organization’s dimension

or its dependency degree on the information systems.

Keywords

Risk management, Benchmarking, Key Performance Indicators, Threat,

Likelihood, Vulnerabilities

PS10 Finance 69

A REVIEW ON CORPORATE RISK MANAGEMENT

Mihai Cristian DINICĂ, The Bucharest University of Economic Studies, Romania

Erica-Cristina BALEA, The Bucharest University of Economic Studies, Romania

Abstract

The derivatives market had a significant growth during last two decades

and many non-financial companies started to use them in their risk

management programs. In conditions of perfect capital markets, corporate

risk management, seen as a part of the financial policy of the company,

can’t create value. Instead, hedging can increase firm value if one or more

assumptions of the perfect capital market are violated. The paper

summarizes the existing theory regarding the main rationales for corporate

risk management, like the agency conflicts between shareholders and

debtholders or managers, the costs of financial distress and the tax

reductions. The empirical evidences regarding these positive rationales are

also presented. Finally, the main studies on the impact of hedging on

company’s value are briefly reviewed.

Keywords

derivatives, risk management, hedging, company value

PS10 Finance 70

EXCHANGE DATA FEES IN A RAPIDLY FRAGMENTED

MARKET

Douglas CUMMING, York University, Canada

Sean FOLEY, University of Sydney, Australia

Abstract

We examine data fees in the Canadian market that went from a near

monopoly in equities trading in 2007 to rapid fragmentation with the

addition of 4 alternative trading systems. Unlike the U.S., there is no single

provider of the combined best bid and offer, with little obvious fee

regulation. Individual marketplaces charge independently for their data-

feeds. We analyse how different metrics can be manipulated to alter the

distribution of revenues, as well as the sensitivity of the estimated market

share to changes in the construction of the metrics. We then compare the

prices charged for data in Canada to a variety of comparable markets to

come up with an internationally “fair fee” for each exchange. The data

indicate some marketplaces charge in excess of the “fair” fee representing

their contribution to price discovery, with the overall cost to Canadian data

consumers much higher than in comparable international markets.

Keywords

Exchange data fees, Microstructure, Regulation

AMIS 2012 71

XIXIXIXI

PS11 Management information systems I

Chairperson

Lazhar EL ORF, CNAM Paris, France


Room 0320


INFORMATION TECHNOLOGY CONTROLS IN

OUTSOURCING AND AUDIT MODEL QUALITY

Tatiana MAZZA, University of Parma, Italy

Stefano AZZALI, University of Parma, Italy

Abstract

The research has two objectives: 1) to discover the elements that in Italy

influence the decision to outsource the IT services; 2) to recognize a model

to evaluate the quality of Information Technology Control (ITC) when the

Information Technology (IT) function is outsourced, identifying the

elements that in Italy more than others affect the ITC audit model

quality. The research has been realized on a sample of Italian mainly listed

company in 2011. The methodologies employed in the research are

descriptive statistics, association and correlation analysis, logistic and OLS

regressions, factor analysis. The results show that in Italy the industry and

the number of auditors (IT on financial reporting or on financial reporting)

are important elements that affect the choice of ITC outsourcing and the

number of IT services outsourced; overall the results show an excellent

direct relation between ITC audit model quality and the evaluation of ITC

outsourcing.

Keywords outsourcing, information technology controls, internal control over

financial reporting, COBIT for SOX


INFORMATION TECHNOLOGY RISK MEASUREMENT

AND REPORTING USING A BASEL II APPROACH

Simona Felicia UNCHIAŞU, The Bucharest University of Economic Studies, Romania

Pavel NĂSTASE, The Bucharest University of Economic Studies, Romania

Abstract

Today economy brings a new spectrum of information technology related

risks, such as disclosure of confidential data, non-availability of services

negotiated due to systems downtime, or missed business opportunities

caused by a rigid IT infrastructure. In many companies, the pervasive use

of information technology has created a critical dependency on the IT

systems. A failure in the process of creating a loss event can be tracked

down to a technology control that was not designed well or failed to

operate. Too often, the IT risk is overlooked.The problem of information

technology risk management is very complex and one of the most important

phases of this process is risk analysis. The literature is rich in proposing

methods, tools, best practices and benchmark data related to general risk

management. However, specific for the IT risk analysis, the tools available

today are directional indicators of risk. The article presents one of the most

significant stages in risk assessment which is risk measurement, by

revisiting the approaches followed by the risk professionals in the financial

world, as are used for compliance with the Basel framework. The article

describes the relation between the information technology risk and

operational risk and attempts to identify ways for measuring the

information technology risks by drawing a parallel with the more advanced

techniques used in the market and credit risk. The benefits resulting from

the risk measurement are multiple as it keeps a balance between losses and

cost of mitigating measures for the respective risk, help in planning the

expenditures needed and last but not least, legitimates a budget decision.

Keywords

Information Technology Risk, Operational Risk, Market Risk, Credit Risk,

Basel II, Confidence level


REFINING CASE STUDIES OF INFORMATION SYSTEMS

BY INCORPORATING SURVEY RESEARCH METHODS

Codrin-Marius TEIU, "Alexandru Ioan Cuza" University of Iaşi, Romania

Delia Sorana VARVARA MITYKO, "Alexandru Ioan Cuza" University of Iaşi, Romania

Abstract

This paper is providing a methodological model that can be obtained by

using survey research methods in case study research of information

systems which are integrating or are based on open source software. In the

first section of this paper we define and compare different types of case

study research with other research methods that can be applicable on

information systems. We continue with a series of strengths and weaknesses

of case study and survey research followed by popular designs of case

studies. Finally, we will concentrate our effort on a particular case for

which we try to provide an insight regarding the methodology that can be

used to analyze the case. More exactly, we will bring to discussion the

research of a case regarding open source software in the public sector,

where the scope of research is building a framework that can guide

decision making on software procurement and integration, having also an

interest on the user’s perception.

Keywords

Case Study Research, Survey Research Methods, Research Methodology,

Information Systems, Technology Acceptance Model, Open Source


CHALLENGES IN THE GOVERNANCE OF IT TEAMS

Valerica MAREŞ, The Bucharest University of Economic Studies, Romania

Marius Daniel MAREŞ, Spiru Haret University, Romania

Naiana ŢARCĂ, University of Oradea, Romania

Abstract

The economical conditions forced more and more companies to make

projects using outsourcing, with teams that use permanent or temporary

employees from different parts of the world, that communicate mostly

virtually with the company. This new type of virtual governance is a

challenge for leaders inside companies, because the necessary abilities are

sometimes opposite to the traditional ones. The effort of the virtual

enterprise to create a new product supposes clear objectives and projects

and, as a consequence, working in multidisciplinary teams, working

between organizations.

Keywords

virtual governance, multidisciplinary teams, virtual enterprise, cultural

differences


ISSUES REGARDING MODERN ORGANIZATION IN THE

KNOWLEDGE SOCIETY

Ioana BALAN, "Alexandru Ioan Cuza" University of Iaşi, Romania

Iuliana Eugenia GEORGESCU, "Alexandru Ioan Cuza" University of Iaşi, Romania

Abstract

National prosperity and individual standard of living nowdays are directly

related to the effective application of technology that involves creative

activity of the results. Socio-political framework established at European

and global level just encourages this process of innovation and technology

application, similar to socio- economic welfare. Given limited resources

and unlimited needs, intangible assets could be the answer for the welfare

of the society. For their character of news, their economic support to firms

welfare is still unknown. This process may raise serious economic problems

to the organisation including its evaluation on the market. The aim of study

is to offer a posible solution to the processes of recognising, evaluating and

reporting intangible assets. For this purpose to be demonstrated we will

have a theoretical part and, in the same time an empirical part form which

we will be able to conclude regarding the role of intangible assets in the

knowledge society.

Keywords

intangible assets, knowledge society, new economy, financial reporting.

AMIS 2012 77

XIIXIIXIIXII PS12 Mergers and acquisitions

Chairperson

Bernard RAFFOURNIER, HEC Geneva, Switzerland


Room 0334

PS12 Mergers and acquisitions 78

THE IMPACT OF CAPITAL INCREASE ON THE MAKET

VALUE OF PARENT-COMPANY AND ITS SUBSIDIARIES

Petru ŞTEFEA, The West University of Timişoara, Romania Ioana VIASU, The West University of Timişoara, Romania

Abstract

The main objective of this paper is to determine whether group

organizational form involves changes in the classical reaction of financial

markets to various types of adjustments, in particular the announcement of

capital increase and to quantify the impact of this decision on the market

value of the parent company and its subsidiaries. Since the key element in

determining indicators that measure value creation is played by the cost of

capital, econometric models employed in this article use the classical

theory of evaluation of financial assets, specifically the CAPM model.

Keywords

Parent-company, subsidiary, capital cost, value.


TRENDS IN INVESTORS’ PERCEPTION OF THE QUALITY

OF CONSOLIDATED AND PARENT COMPANY FINANCIAL

STATEMENTS ON THE LARGEST THREE EUROPEAN

CAPITAL MARKETS

Victor-Octavian MÜLLER, Babeş-Bolyai University, Romania

Abstract

One basic principle of Corporate Governance consists in the high quality

disclosure and transparency of financial information. A main characteristic

of financial information quality is relevance, which quantifies its capacity

to influence the decision-making process of users in general and investors

on the capital market in particular. Within the European Union, parent

companies have to prepare and publish both consolidated and individual

financial statements. Hence, the following question arises logically – which

of the two sets is of higher quality, respectively which of the two sets is

more relevant for investors? Of course, the possibility of both sets at the

same time being more relevant for investors should not be ruled out.

Moreover, starting with 2005 the group accounts have to be prepared in

accordance with IFRS, while the individual accounts remain compliant

(only) with the European directives. Therefore, the second questions arises:

what is the trend in investors’ perception of the quality (measured through

value relevance) of these two sets of financial statements, taking into

consideration the impact of the mandatory adoption of IFRS? In our

scientific endeavor we set to carry out an empirical association study on

the problem of market value relevance of consolidated financial statements

and of individual financial statements of the parent company, searching for

an answer to the above questions. We analyze the absolute and relative

market value relevance of consolidated and parent company accounting

information of listed entities between 2003-2008 on the largest stock

markets in Europe (London, Paris, and Frankfurt). We also investigate the

impact the mandatory adoption of IFRS starting with 2005 had on the

absolute and incremental value relevance of financial information supplied

by the consolidated financial reporting.

Keywords

Quality of Financial Statements, Market Value Relevance, Consolidated

Financial Statements, Parent Company Financial Statements, IFRS

Adoption


THE ANALYSIS OF COMPANIES ACOUNTING

PERFORMANCE RATIOS FROM MERGERS AND

ACQUISITION

Florentin CALOIAN, The Bucharest University of Economic Studies, Romania

Laura BRAD, The Bucharest University of Economic Studies, Romania

Radu CIOBANU, The Bucharest University of Economic Studies, Romania

Anca STAICU, The Bucharest University of Economic Studies, Romania

Abstract

This study measures the impact of mergers and acquisitions (M&As) on the

performance of companies in Romania. To achieve this, we analyzed the

pre-merger and post-merger financial rates for companies listed on

Bucharest Stock Exchange who made at least one merger or acquisition in

the period 2006-2011. A set of three rates (ROA, ROE and ROS) was

analyzed in order to measure the economic performance of companies

before and after the M&A announcement was made. Moreover, a logit

model was realized where the influence of ROA, ROE and ROS was

observed. In many cases, results showed that the performance of companies

is/is not significantly influenced the M&A announcement.

Keywords

Acquisitions, Mergers, Financial ratios, Economic performance


THE IMPACT OF M&A ANNOUNCEMENTS ON STOCK

PRICES

Elena TILICA, The Bucharest University of Economic Studies, Romania

Dragoş Ştefan OPREA, The Bucharest University of Economic Studies, Romania

Radu CIOBANU, The Bucharest University of Economic Studies, Romania

Abstract

This paper analyses the stock market efficiency by observing the impact of

the tender offers announcements (TO) on the stock price. The study is based

on the transactions made from 2002 to 2011 on the Bucharest Stock

Exchange (BSE). In order to test the impact on the stock price, we

calculated the average abnormal return (AAR) from the day of the

announcement. Also, we studied the evolution of the daily abnormal return

by graphically representing the cumulative abnormal return (CAR). The

paper tests whether an investor is able to obtain systematically abnormal

returns based on the mergers and acquisitions (M&A) announcements.

Results show that, in general, the market reads the information correctly

and instantly at the moment of its appearance. However, there are moments

when the market reacts prematurely or it needs more time to absorb the

information.

Keywords

Abnormal return, cumulative abnormal return, mergers and acquisitions,

market efficiency


THE STUDY REGARDING THE ECONOMIC INFLUENTIAL

FACTORS OF MERGER AND ACQUISITION OPERATIONS

AT A GLOBAL, EUROPEAN LEVEL AND AT THE LEVEL

OF ROMANIA

Iuliana GEORGESCU, "Alexandru Ioan Cuza" University of Iaşi, Romania

Irina CHIRIAC, "Alexandru Ioan Cuza" University of Iaşi, Romania

Elena Cristina BACIU, "Alexandru Ioan Cuza" University of Iaşi, Romania

Abstract

Our study has as a goal the analysis of the way in which economic factors

influence the number and value of mergers and acquisitions, at a global

and european level and especially at the level of Romania. The analysis

performed for the period of 2005-2011 has underlined that the distribution

and the evolution of mergers and acquisitions is influenced by the following

macroeconomic factors: economic growth, the stock market index, the

opening degree of economy, the reference interest of the central bank and

inflation.In order to test if the macroeconomic factors influence the number

and the value of mergers and acquisitions, we used the multiple regression,

with the help of the statistical software SPSS 19.

Keywords

mergers, acquisitions, economic growth, the stock market index, the

opening degree of economy, the reference interest of the central bank,

inflation

AMIS 2012 83

AMIS - KPMG joint session 2

Moderators Cătălin ALBU, The Bucharest University of Economic

Studies, Romania Şerban TOADER, KPMG in Romania

Thursday 14 June, 11.30 - 13.00

Room 0321

PS13 AMIS KPMG joint session 2 84

IMPACT OF IFRS ON ROMANIAN ACCOUNTING AND TAX

RULES FOR FIXED TANGIBLES ASSETS

Costel ISTRATE, "Alexandru Ioan Cuza" University of Iaşi, Romania

Abstract

Romanian accounting and tax rules have evolved, after 1990, from an

almost complete connection to a more and more clear de jure

disconnection. One reason for this development is the influence of the

international financial reporting standards. Analyzing the relationship

between accounting and taxation, we find some interesting evolutions in the

field of tangible fixed assets. The current Romanian accounting standards

include many detailed rules taken directly from the IAS 16 (the initial

recognition and measurement, the revaluation, the depreciation of fixed

assets), while the fiscal law doesn’t follow the same way. Since 2004, the

Romanian Tax Code states explicitly that the accounting depreciation is

separate from the tax depreciation. However, we found, for Romanian

entities listed on Bucharest Stock Exchange, that the accelerated method of

depreciation (a fiscal one) is used sometimes in accounting. More than

80% of the listed entities revaluate buildings and we could think this is for

tax reasons.

Keywords

accounting vs. taxation, RAS vs. IFRS, depreciation, revaluation

COMMENT ON „IMPACT OF IFRS ON ROMANIAN

ACCOUNTING AND TAX RULES FOR FIXED TANGIBLES

ASSETS”

Clemente KISS, KPMG in Romania


ENVIRONMENTAL REPORTING AND CORPORATE

GOVERNANCE CHARACTERISTICS

Ionel-Alin IENCIU, Babeş-Bolyai University, Romania

Abstract

Within this study, I have focused on factors related to the entity, such as

internal characteristics, consisting mainly in how the entity is managed, in

order to identify the existence of certain associations between the

characteristics of corporate governance and the existence of environmental

reporting in the case of Romanian companies listed at Bucharest Stock

Exchange. I have suggested a model comprising corporate governance

characteristics such as size and structure of the board, existence of the

board committees and the practice of separation between Chief Executive

Officer and Chairman of the board. I found board independence and board

size as factors that explain environmental reporting within Romanian

companies. For assuring a high transparency level of environmental

performance within a company, the board of directors should ensure a

sufficiently number of independent members able to exercise an

independent reasoning in order to solve potential conflict of interest.

Keywords

corporate governance, board independence, environmental reporting,

entity level, Bucharest Stock Exchange, Romania

COMMENTS ON „ENVIRONMENTAL REPORTING AND

CORPORATE GOVERNANCE CHARACTERISTICS”

Gheorghiţa DIACONU, KPMG in Romania

AMIS 2012 87

XIIIXIIIXIIIXIII PS13 Special sectors 2

Chairperson Nicoleta FARCANE , The West University of Timişoara,

Romania

Thursday 14 June, 11.30 - 13.00

Room 0319

AMIS 2012 88

MANAGEMENT MODELS APPLIED TO THE LOCAL

ISSUES OF FAIR VALUE MEASUREMENT AND

ACCOUNTING MODELS DEVELOPMENT IN FORESTRY

Dana DVORAKOVA, University of Economics Prague, Czech Republic

Abstract

Forestry is a branch that has a lot of specifics. Specifics arise not only from

biological nature of production and also from a long-term production cycle

and risks which are connected with this branch. The main factor that

causes an increase of forest’s value is a biological transformation (natural

ability of living organisms to grow) and biological transformation is also a

major factor that brings a profit in forestry. The specifics of forestry

production bring many theoretical questions in accounting. The aim of this

research is to propose a model of accounting and measurement in forestry,

which allows the user to provide relevant information based on fair value

measurement, while reducing the risks associated with this measurement

base.

Keywords

Forestry, Measurement, Fair Value, Accounting

AMIS 2012 89

ENHANCING THE QUALITY OF FINANCIAL

INFORMATION ACCORDING TO FADN – THE CASE OF

ROMANIA

Ileana Cosmina PITULICE, The Bucharest University of Economic Studies, Romania

Cătălina GORGAN, The Bucharest University of Economic Studies, Romania

Abstract

Although the Romanian agriculture has a significant share in GDP, during

various steps taken to adapt Romanian accounting to market economy

needs, specific references to agriculture have not been made. Providing

generic information which is not specific to agriculture field alters the

quality of financial statements of agricultural entities and therefore the

users decisions. Moreover, Romania is involved in adopting IFRS and

member of European Union (actively involved in Common Agricultural

Policy). In this context, our paper aims to signal the need for specific

information publishing in the case of agricultural entities and identifying

ways to improve the quality of financial information published by them. In

order to achieve these objectives, our study proposes a set of appendices

that should be included in the notes to the financial statements of

agricultural entities, with the reference information required by Farm

Accountancy Data Network (FADN).

Keywords

agriculture, FADN, quality of Financial Information, current prices,

replacement value

AMIS 2012 90

PUBLIC FINANCE: EVIDENCE FROM ITALY

Massimo POLLIFRONI, University of Turin, Italy

Abstract

In the past, as in the weak international economic situation, the Regional

Financial Institutions may be considered an important public tool to

support the local public finance. The objective of this paper is to revisit the

business model of the Regional Financial Institution through the

presentation of the Italian case study and the comparative analysis of the

related sector. The research has revealed a potentially strategic sector in

the current economic time, but characterized by the presence of actors with

multiple elements of heterogeneity (in terms of, for example, mission,

governance, nature of the service provided , etc..): the most important

objective of this contribute is to propose - through a comparative analysis

of the underlying referential sector - a review of the Regional Financial

Institution’s business model.

Keywords

Financial Accounting, Local Financing Policies, Regional Financial

Institutions, Strategic Localism, Italian Case Study.

AMIS 2012 91

CORPORATE GOVERNANCE INTO THE PUBLIC SECTOR

ENTITIES – A EUROPEAN AND NATIONAL VIEW

Aurelia ŞTEFĂNESCU, The Bucharest University of Economic Studies, Romania

Eugeniu ŢURLEA, The Bucharest University of Economic Studies, Romania

Mădălina DUMITRU, The Bucharest University of Economic Studies, Romania

Daniela Artemisa CALU, The Bucharest University of Economic Studies, Romania

Mihaela MOCANU, The Bucharest University of Economic Studies, Romania

Abstract

The financial difficulties faced by the public sector from Romania point out

the information disparity and the conflicts between the state (central and

local administration and their subordinate structures), respectively

stakeholders (tax payers, patients, suppliers, employees, public, etc). In this

context, by the fundamental research performed, we integrate the corporate

governance into the public sector, as a mechanism eliminating the

neuralgic points related to the public resources management and the

objective of the entities belonging to this sector. The research has a two-

dimensional undertaking. The first dimension consists in reviewing the

professional literature and the regulations in the field in terms of defining

the concept of corporate governance, the opportunity of definition and the

tone of this concept into the public sector. The second dimension is an

empirical study in terms of the perception and dissemination manner of the

information related to the corporate governance into the health public

sector entities from the European Union member countries. Also, we

consider that the results of the empirical study partly explain the absence of

performance into the health public system from Romania, the significant

diminution of the hospital number, the defective management of the

resources asigned to the sanitary system and the public’s mistrust in the

health public system.

Keywords

corporate governance, public sector, Romania, European Union, health

public system

AMIS 2012 92

XIVXIVXIVXIV PS14 IFRS

Chairperson

Bernard RAFFOURNIER, HEC Geneva, Switzerland

Thursday 14 June, 11.30 - 13.00

Room 0329

PS14 IFRS 93

DEVELOPMENT OF FINANCIAL AND MANAGEMENT

ACCOUNTING SYSTEMS OF CZECH COMPANIES AFTER

THE IFRS ADOPTION

David PROCHAZKA, University of Economics, Prague, Czech Republic

Abstract

Traditionally, management and financial accounting were two relatively

independent information systems. Recent progress in the business

environment of developed countries leads to a gradual intergrowth of these

two originally separate systems into one integrated structure. Specific

situation occurs in transitional countries in the Central and Eastern

Europe. Financial reporting of these countries is heavily influenced by tax

legislation, which impairs the usefulness of financial statements for

external users. Entities are forced to remove those lacks in management

accounting in a great extent to obtain useful information for the internal

decision-making. A separate coexistence of management and financial

accounting is then inevitable. The IFRS adoption has increased the quality

of financial reporting in transitional countries, despite significant

implementation costs. To lower the cost burden, the IFRS are becoming the

leading principles of management accounting. The paper assumes that the

IFRS may be a special driver for the convergence of financial and

management accounting in transitional countries and supports this

assumption by empirical questionnaire survey among selected Czech

companies.

Keywords

IFRS, Accounting systems, Financial Accounting, Management Accounting,

Convergence, ERP Systems

PS14 IFRS 94

HAS IFRS ADOPTION AFFECTED MANAGEMENT

ACCOUNTING SYSTEMS? EMPIRICAL EVIDENCE FROM

GREECE

Sandra COHEN, Athens University of Economics and Business, Greece

Sotirios KARATZIMAS, Athens University of Economics and Business, Greece

Abstract

The present study is an attempt to examine the impact of the IFRS adoption

on management accounting. More specifically, the internal reporting

methods, the management accounting practices and techniques, as well as,

the implications on decision making and the interaction between external

and internal reporting, after the IFRS transition in Greece, are explored.

Results suggest that the significance of the IFRS-imposed policies in

providing efficient managerial information is mostly of moderate

magnitude. However, the more IFRS are perceived as important for

efficient managerial information provision, the more they affect decision

making. Internal and external reporting in the Greek firms appear to

interact in various ways, while the findings do not reveal significant

changes in the choice of management accounting practices and techniques,

after the transition. It is however evident that the more IFRS financial data

is used for internal reporting purposes, the more is used for management

accounting purposes such as decision making and performance

measurement as well.

Keywords

IFRS, management accounting, internal reporting, integration, decision-

making, Greece

PS14 IFRS 95

IS ANY CONNECTION BETWEEN THE IFRS ADOPTION

AND FOREIGN DIRECT INVESTMENTS/MIGRATION?

David PROCHAZKA, University of Economics, Prague, Czech Republic

Ilinitchi Cristina PROCHAZKOVA, University of Economics, Prague, Czech Republic

Abstract

The globalisation of economy is accompanied with the changes in volume

and structure of international trade, capital flows and human migration.

Policy makers aiming at regulating particular economic, social and

political spheres of life are facing new challenges. The paper focuses on

theoretical aspects of recent changes in the area of international

harmonization of accounting through the adoption of the International

Financial Reporting Standards (IFRS), migration and foreign direct

investments with the emphasis on their mutual interdependencies. In

addition, the paper tries to answer, why empirical evidence on capital and

migration flows does not correspond to the neoclassical economic model.

Keywords

Foreign direct investments, Migration flows, Migration theories, IFRS

adoption, Brain drain/gain

PS14 IFRS 96

IASB’S MANAGEMENT COMMENTARY FRAMEWORK

AND DISCLOSURES PRACTICE IN ITALY

Gianluca GINESTI, Second University of Naples, Italy

Riccardo MACCIONI, Second University of Naples, Italy

Giuseppe SANNINO, Second University of Naples, Italy

Abstract

This study is aimed to investigate whether Italian listed firms have

responded to recent IASB’s Management Commentary framework. We

reviewed the content of Management Commentary for fiscal year 2010, of

31 non-financial firms listed the Italian stock exchange, using a content

analysis method. The disclosure in Management Commentary report was

analyzed using a self-constructed checklist based on the guidelines

contained in the IFRS practice statement.The findings suggest that the

general level of disclosures provided by the Italian listed firms seems not be

affected by the IASB guidelines. Notably, the analysis shows that the

disclosure provided in the Management Commentary report is affected by

the general requirements of Italian law (article 2428 of Italian civil code)

and the specific recommendations of Italian Security Commission.

Keywords

Management Commentary, IFRS practice statement, narrative reporting,

disclosure.

AMIS 2012 97

XVXVXVXV PS15 Management information

systems II

Chairperson

Massimo CIAMBOTTI, University of Urbino, Italy


Room 0320

PS15 Management information systems II 98

BPMN VS. UML ACTIVITY DIAGRAM FOR BUSINESS

PROCESS MODELING

Cristina Venera GEAMBAŞU, The Bucharest University of Economic Studies, Romania

Abstract

During the last years, it has been noticed a growing interest of

organizations in improving their business processes in order to be more

competitive in a globalized economy that passes nowadays through a

severe financial crisis with restrictive market conditions and limited profit

margins. The first step in achieving this goal is to use an adequate business

process modeling language to represent their business processes. For this

purpose, an evaluation of the existing business process modeling languages

would be very useful in making the right decision. Our research work

comes to supplement the previous researches that have evaluated business

process modeling languages. The evaluation performed in this paper is

focused on the two most widely used graphical notations for business

processes: Business Process Modeling and Notation (BPMN) and UML

Activity Diagram (UML AD). The evaluation criteria are: capacity of being

readily understandable, adequacy of the graphical elements of BPMN and

UML AD to represent the real business processes of an organization and

mapping to Business Process Execution Languages. The results of

evaluating BPMN and UML AD against each of these three criteria are

presented in the paper.

Keywords

Business Process Modeling, BPMN, UML Activity Diagram, Workflow

Patterns, Business Process Execution Language


BUSINESS APPLICATION USING GRID COMPUTING

Carmen TIMOFTE, The Bucharest University of Economic Studies, Romania

Abstract

The grid technologies, like smart grid, and services will help companies to

be winners in the acerb competition. After a brief overview of cloud versus

grid computing concept, this paper presents grid’s technologies, services

and application and try to preview the direction’s trend.

Keywords

grid computing, OGSA, OGSI, services, cloud computing


THE MANAGERIAL PROCESS OF DELEVERAGING IT&C

Valerica MAREŞ, The Bucharest University of Economic Studies, Romania

Marius Daniel MAREŞ, Spiru Haret University, Romania

Naiana ŢARCĂ, University of Oradea, Romania

Abstract

Under the current socio-economic conditions of the economic crisis, a

number of combined factors make the capital budgeting an important task

and the results of the decision of capital budgeting continue to give

flexibility to a company. The complexity of managerial decisions, of

deleveraging decisions can have consequences over the economic and

financial strategies, rising problems for the management which has to use

methods and techniques to systemically rationalize processes, in order to

enable the company to obtain competitive advantages. Deleveraging is a

rational decision and it consists in giving up continuing the exploitation of

an asset when it starts to become inefficient More and more often decisions

are elaborated using scientific procedures, and the use of computers has

become a frequent practice while the efficiency of the decision process has

seen an ascending evolution so that for managers deleveraging represents

a real challenge.

Keywords

decision of capital budgeting, competitive advantages, rational decision,

durable development


DESIGN CONSIDERATIONS ON GRANULARITY OF

SOFTWARE SERVICES

Cristina RĂDULESCU, The Bucharest University of Economic Studies, Romania

Abstract

The past decade has validated service-orientation as one of the most

popular topics in IT literature and a major focus for important players in

the software market. As there is a direct connection between organization

agility and flexibility of software systems, service-orientation is regarded as

a promising solution to challenges related to software adaptation to

changes that occur in the business environment. Nevertheless, flexibility is

far from being an intrinsic feature of service-based solutions as it is highly

dependent on the modeling approaches used for service identification and

specification. Designing services with the right level of granularity is one of

the most problematic aspects of service-orientation which directly impacts

reusability, flexibility and other characteristics of software. This paper

offers a detailed investigation into challenges pertaining to service

granularity, exposing factors to consider when deciding on a specific level

of granularity, as well as potential consequences and trade-offs.

Keywords

service, modeling, service-orientation, service granularity, granularity

AMIS 2012 102

XVIXVIXVIXVI PS16 Cloud computing

Chairperson

Stefano AZZALI, University of Parma, Italy


Room 0334

PS16 Cloud computing 103

FROM E-ACCOUNTING TOWARDS CLOUD ACCOUNTING

IN ROMANIA

Bogdan IONESCU, The Bucharest University of Economic Studies, Romania

Iuliana IONESCU, The Bucharest University of Economic Studies, Romania

Andrei STANCIU, The Bucharest University of Economic Studies, Romania

Florin MIHAI, The Bucharest University of Economic Studies, Romania Laura TUDORAN, The Bucharest University of Economic Studies,

Romania

Abstract

The main reason to implement the Cloud Computing technology in business

environment is the economical one, seen through the lower costs

perspective and the opportunities for outsourcing and automation of

resource management as well. At the accounting level, cloud technologies

foster the use of on-line documents and the assignment of some operations

and data processing into the cloud. The present paper aims to analyze some

hypotheses which sustain the partial transfer of accounting data processing

to the cloud space. These e-accounting platforms hosted into the cloud

allow the accounting companies or the individual accountants to relieve

specific operational activities which, to a greater or lesser extent, could be

reassigned to the clients up to the point when the stream of processing

operations overlaps the operations performed in traditional accounting

programs.

Keywords

Cloud computing; e-accounting; cloud accounting; accounting processing

flow; dematerialization of accounting documents.


DELIVERING SECURITY IN THE CLOUD

Dragoş Marian MANGIUC, The Bucharest University of Economic Studies, Romania

Abstract

The cloud is no longer the future, but the present for small and medium-

sized computer-centric companies. Technologies in the Enterprise 2.0 area

keep on gaining popularity, as the business cloud computing market

flourishes. While companies of all sizes start to evaluate the potential fit for

cloud-based services, the security issues become more and more

significant. In addition to the security provided by the cloud services

providers and the security measures taken by customers themselves, a third

“wave” of security sources arises: security provided as a service. Based on

both literature review and action research, the paper at hand is a synthesis

for the results of a thorough review of the opinions and study attempts

performed during the last years among Romanian and foreign companies,

in order to find and formulate a consistent, independent and impartial

answer to the question: “Is the service-based security a valid option for the

cloud-based services, or is it just a tempting promise made to attract

customers?”. The paper is a part of a larger research performed by the

author in the field of cloud computing and the neighboring technologies.

Keywords

Cloud computing, Software as a Service, Platform as a Service,

Infrastructure as a Service, Security services


CLOUD IDENTITY AND ACCESS MANAGEMENT – A

MODEL PROPOSAL

Dragoş Marian MANGIUC, The Bucharest University of Economic Studies, Romania

Abstract

Even if in a typical organization, where applications are deployed within

the organization’s perimeter, the “trust boundary” is mostly static and is

monitored and controlled by the IT department; with the adoption of cloud

services, the organization’s trust boundary will become dynamic and will

move beyond the control of IT. With cloud computing, the network, system,

and application boundary of an organization will extend into the service

provider domain. This loss of control continues to challenge the established

trusted governance and control model, and, if not managed properly, will

obstruct cloud service adoption within an organization. Based on both

literature review and action research, the paper at hand is a synthesis for

the results of a thorough review of the opinions and study attempts

performed during the last years among Romanian and foreign companies,

in order to find and formulate a consistent model for the integrated identity

and access management, and, if possible, a cloud extension of the model.

The paper is a part of a larger research performed by the author in the field

of cloud computing and the neighboring technologies.

Keywords

Cloud computing, Identity as a Service, Identity management, Access

management, Control systems

AMIS 2012 106

XVIIXVIIXVIIXVII PS17 Earnings management

Chairperson Allan HODGSON, University of Queensland, Australia

Thursday 14 June, 14.00 - 15.30

Room 0321

PS17 Earnings management 107

THE IMPACT OF THE 2008-2009 FINANCIAL CRISIS ON

EARNINGS MANAGEMENT: THE EUROPEAN EVIDENCE

Bernard RAFFOURNIER, University of Geneva, Switzerland

Andrei FILIP, ESSEC Business School, France

Abstract

We examine the impact of the 2008-2009 financial crisis on the earnings

management behaviour of European listed firms. We find that earnings

management has significantly decreased in the crisis years. This trend is

confirmed in most of the 16 countries under review. We report a link

between the level of earnings management and the economic growth rate

and provide evidence suggesting that national characteristics and market

forces affect the propensity of income smoothing but not accruals quality.

Keywords

earnings management, financial crisis, Europe


ACCOUNTING POLICIES, EARNINGS MANAGEMENT AND

THE CEO/CFOS

Mirela NICHITA, The Bucharest University of Economic Studies, Romania

Meral KAGITCI, The Bucharest University of Economic Studies, Romania

Georgiana TOADER, The Bucharest University of Economic Studies, Romania

Abstract

Research on accounting choice addresses the fundamental question of

whether accounting matters. An accounting choice is any decision whose

primary purpose is to influence, either in form or substance, the output of

the accounting system in a particular way, including not only financial

statements published in accordance with accounting principles, but also tax

returns and regulatory filings. There is still no consensus on what purposes

accounting choices serve. For example, managers whose incentives are

consistent with those of the firms’ owners may exercise accounting choices

to convey private information to investors; other managers may use

discretion opportunistically, possibly inflating earnings to increase their

compensation. In our paper, we present the relationship between

companies’ chief financial officers and the incomes reported.

Keywords

accounting policies, earnings management, CEO/CFOs, income, financial

reports


EARNINGS MANAGEMENT DURING RECENT ECONOMIC

CRISIS: AN EMPIRICAL STUDY

Cătălina GORGAN, The Bucharest University of Economic Studies, Romania

Ileana Cosmina PITULICE, The Bucharest University of Economic Studies, Romania

Vasile GORGAN, The Bucharest University of Economic Studies, Romania

Abstract

Financial markets rely on confidence and confidence is supported by the

presumption that financial statements are accurate and reflect the

economic reality. Financial scandals from 2001-2002 as well as the recent

economic crisis have raised questions about the integrity of accounting

information provided to investors and other categories of users. In the

context of the current international accounting regulation our study aims

to analyse the evolution of earnings management seen as a factor that alter

the quality of financial reporting during the recent economic crisis. The

main objective of the paper consist in arguing that earnings management

by discretionary accruals for big European companies declines during the

recent economic crisis compared to previous period.

Keywords

economic crisis, earnings management, accounting information quality,

discretionary accruals


POLITICAL COSTS AND EARNINGS MANAGEMENT IN

TUNISIAN LISTED COMPANIES

Mouna BEN REJEB ATTIA, Manouba University, Tunisia

Naima LASSOUED, Manouba University, Tunisia

Anis ATTIA, Ministry of Finance, Tunisia

Abstract

Firms in Tunisia have faced high political costs before Tunisian’s

revolution in 14 January 2011, because they are affected by political

system. However, research to date has found no consistent evidence on the

relationship between political costs and earnings management in Tunisia.

This study tests whether listed firms attempt to decrease earnings during

periods of the former government, using variables related to the Tunisian

market as proxies for political costs. We find that Tunisian companies used

more income-decreasing accruals before revolution. Similarly, we find that

firm’s political connection is not significantly related to earnings

management. Our results are consistent with the political costs hypothesis.

Keywords

political costs, earnings management, political ties, Tunisian revolution.

AMIS 2012 111

XVIIIXVIIIXVIIIXVIII PS18 Financial analysis 1

Chairperson

Claudia Zagaria, University Federico II of Naples, Italy


Room 0319

PS18 Education 112

A SURVEY OF EVOLUTION OF PROFITABILITY

INDICATORS OF PHARMACY ENTITIES LISTED ON

BUCHAREST STOCK EXCHANGE BEFORE AND DURING

THE GLOBAL FINANCIAL CRISIS

Meral KAGITCI, The Bucharest University of Economic Studies, Romania

Mirela NICHITA, The Bucharest University of Economic Studies, Romania

Marcel VULPOI, The Bucharest University of Economic Studies, Romania

Mirela PĂUNESCU, The Bucharest University of Economic Studies, Romania

Abstract

The Romanian pharmaceutical products sector is maintaining on an

ascending trajectory despite the financial crisis and the international level

difficulties. Among the favoring factors we can highlight the ageing of the

population and after that, because of the lack of drugs, the growing

imports. One of the most important risk factors is the collaboration with the

Romanian state, well known being the delays in payments and the high

grade of bureaucracy. If we consider that the financial results reported by

Romanian producers of drugs for the first nine months of 2011 were below

expectations and evaluation indicators are higher than European region,

the local pharmaceutical sector has low chances to attract attention of

foreign investors. The shares listed drug manufacturers on Bucharest Stock

Exchange (BSE) have corrections ranging from 1.9% (Biofarm Bucharest)

and 30.63% (Antibiotice Iaşi), while the BET - the 10 most liquid shares the

stock market - was corrected to 14.44%.

Keywords

current stock market performance, stock market development, global

financial crisis, pharma market

PS18 Education 113

MULTIDIMENSIONAL ANALYSIS OF FIRM’S FINANCIAL

PERFORMANCE THROUGH THE INFLUENCE FACTORS

IN PHARMACEUTICAL SECTOR

Dana-Maria BOLDEANU, The Bucharest University of Economic Studies, Romania

Mirela GHEORGHE, The Bucharest University of Economic Studies, Romania

Abstract

The purpose of this paper is an attempt to identify financial performance

influence factors at the level of a number of companies from the same

sector of activity, in particular pharmaceutical sector, in order to generate

a particular econometric model. The findings of the our paper will focus on

the explanation or prediction of the Return on Equity (ROE) as main

performance measurement and a large number of factors which contribute

to its changes. The multidimensional analysis of the influence factors

through the benefits provided by Business Intelligence components will

bring to light the importance of the decision maker in the management

activity and the necessity of taking pertinent decisions for the continuous

improvement of the financial performances. The paper is going to explore

the facilities brought by multidimensional analysis in order to help

companies to move from the desire to obtain performance to action through

better and faster decisions.

Keywords

financial performance, financial ratios, econometric model,

multidimensional analysis, performance management

PS18 Education 114

THE ANALYSIS OF THE INFLUENCE OF FINANCIAL AND

NON-FINANCIAL FACTORS OF THE BANKRUPTCY RISK.

OBTAINING A DETERMINISTIC MODEL FOR THE FIRMS

LISTED AT BUCHAREST STOCK EXCHANGE

Marilena MIRONIUC, "Alexandru Ioan Cuza" University of Iaşi, Romania

Mihaela-Alina ROBU, "Alexandru Ioan Cuza" University of Iaşi, Romania

Ioan-Bogdan ROBU, "Alexandru Ioan Cuza" University of Iaşi, Romania

Abstract

Currently, the importance of bankruptcy risk is enhanced by the financial

crisis, with global impact on economic life, and by the phenomenon of

globalization, a phenomenon characterized by the extension of the trade

beyond national borders, by technological progress and by creating

international organizations in various fields. To these the feature of any

economic activity that of being always subject to risk due to the inevitable

threats that may arise is added. Although the probability of bankruptcy risk

primarily interests the managers of a company, nevertheless failure has

repercussions on stakeholders and even on the entire community who want

to know the vulnerable areas and the influence of different factors on the

bankruptcy risk. This study aims to analyze the influence of the financial

and non-financial factors on the occurrence of bankruptcy risk by creating

a profile for firms subject to bankruptcy risk, based on the activity field of

the firm and the section in which the company's shares are listed at the

stock market. The study also aims to estimate the parameters of a

deterministic model for the assessment of bankruptcy risk, regarding the

considered financial and non-financial factors.To obtain the results of the

research multiple correspondence factorial analysis and multiple

discriminant analysis were used, using SPSS 19.0 as a statistical instrument

on a sample of 94 industry firms listed on Bucharest Stock Exchange (BSE),

from different activity fields from Romania, between 2008 and 2010.

Keywords

financial analysis, bankruptcy risk, statistics model, activity field, multiple

discriminant analysis

PS18 Education 115

CONSIDERATIONS FOR COMPETITIVENESS IN SOUTH-

EASTERN COUNTRIES

Monica PETCU, The Bucharest University of Economic Studies, Romania

Vasile ROBU, The Bucharest University of Economic Studies, Romania

Ion ANGHEL, The Bucharest University of Economic Studies, Romania

Iulia DAVID-SOBOLEVSCHI, The Bucharest University of Economic Studies, Romania

Costin CIORA, The Bucharest University of Economic Studies, Romania

Abstract

Competitiveness is an intrinsic feature of human nature, caused by constant

struggle for survival and need to adapt to a changing environment, but also

other fundamental features related to balance, harmony, well, knowledge.

Competitiveness at national level measures the level of economic prosperity

interest entity and is considered one of the fundamental levers of society

development. The objective of this article covers the relativism of the

competitiveness concept, assuming the comparison, as a defining method of

knowledge and evaluation.

Keywords

competitiveness, competitive analysis, competitiveness assessment

AMIS 2012 116

XIXXIXXIXXIX PS19 Accounting in Romania 1

Chairperson

Dumitru MATIŞ, “Babeş-Bolyai” University, Cluj Napoca, Romania


Room 0329

PS19 Accounting in Romania 1 117

STUDY ON THE VALUE RELEVANCE OF

COMPREHENSIVE INCOME. CASE OF ROMANIAN LISTED

ENTITIES

Irina-Doina PAŞCAN, Petru Maior University of Tg.Mureş, Romania

Ramona NEAG, Petru Maior University of Tg.Mureş, Romania

Abstract

In Romania, since 2007, the entities listed on a regulated market must

prepare their consolidated statements in accordance with the International

Financial Reporting Standards (IFRS). According to IAS 1 Presentation of

financial statements, revised in September 6th, 2007, IASB requires that all

changes in equity, other than those arising from transactions with owners

(named “other comprehensive income”), should be presented either in a

single financial statement (a “Statements of comprehensive income”), or in

two financial statements (a separate “Income statement” and “Statement of

comprehensive income”). The effective date of these changes to IAS 1 was

January 1st, 2009, with earlier application permitted. Accordingly,

beginning with the financial year 2009, Romanian listed entities that

prepare consolidated statements compulsorily report the comprehensive

income. In this paper, we intend to test empirically whether reporting

comprehensive income in Romanian listed entities offers more value-

relevant information for assessing financial performance, compared with

the traditional approach based on net income.

Keywords

comprehensive income, financial performance, IFRS, Romanian listed

entities, value relevance


COMPARATIVE ANALYSIS REGARDING THE

INFORMATION DISCLOSED IN ROMANIAN FINANCIAL

STATEMENTS FROM THE CURRENT AND POTENTIAL

INVESTORS’ POINT OF VIEW

Iulia JIANU, The Bucharest University of Economic Studies, Romania

Ionel JIANU, Bucharest Titu Maiorescu University, Romania

Abstract

The financial-accounting reporting represents one of the most discussed,

debated and analyzed subjects of our times. It is argument reason between

managers and accountants, between managers and shareholders, between

managers and bankers, between managers and employees and between

managers and the public in general. The goal of this study is to examine in

a comparative manner, the current and potential investors' perception from

Romania regarding the relevance on information disclosed in financial

statements. To realise this goal we undertook an empirical research based

on a questionnaire in order to identify the importance given to the financial

statements by current and potential investors. The conclusions of this study

revealed that no significant differences exist between current and potential

investors’ perceptions.

Keywords

accounting, financial statements, current investors, potential investors


THE RELATIONSHIP BETWEEN ACCOUNTING AND

TAXATION UNDER THE SPECTRUM OF THE FACTORS OF

INFLUENCE: CASE STUDY OF ROMANIA

Dan Dacian CUZDRIOREAN, “Babeş-Bolyai” University, Romania

Abstract

In this study is performed an empirical analysis regarding the relationship

between accounting and taxation in Romania, as particular case study.

Based to an extensive international literature, the study analyzed, based on

a survey applied to national level, the perception of licensed accountants’

experts regarding the tax-accounting link. The study was conducted based

on 11 factors of influence, selected from international literature and

preliminary tested in the study conducted by Deaconu and Cuzdriorean

(2011). The sample of study was representative to the national level (1710

licensed accountants experts), the final analysis being performed based on

169 questionnaires received. erforming a differentiated analysis on type of

entities (small, medium and big), the findings illustrate that there is a

relationship between accounting and taxation, with different level of

intensity depending by the entity size. As general conclusion, it is observed

a trend of disconnection from accounting practice perspective, in the

present being considered level 3 (accounting leads) as appropriate based

on Lamb et al. (1998) classification, regarding the type of intensity of the

relationship between accounting and taxation.

Keywords

accounting, taxation, relationship between accounting and taxation, factors

of influence, empirical analysis, Romania

AMIS 2011 120

XXXXXXXX PS20 Empirical research in MIS

Chairperson

Tatiana MAZZA, University of Parma, Italy


Room 0320

PS20 Empirical research in MIS 121

THE USE OF INFORMATION SYSTEMS IN SMALL AND

MEDIUM-SIZED FIRMS. OPERATIONAL TOOLS OR

INSTRUMENTS FOR MANAGEMENT CONTROL AND

STRATEGY DEVELOPMENT?

Selena AURELI, University of Ubino, Italy

Massimo CIAMBOTTI, University of Urbino, Italy

Daniele GIAMPAOLI, Unviversity of Urbino, Italy

Abstract

Information and its management are important issues for any type of

organization and represent a central element for a better enterprise

performance and management. Information characteristic depends by

decisional level it is meant to, so it changes when passing from operational

to strategic level. This paper investigates Information System adoption

between micro, small, medium and large organizations, the actual use of

information systems, company’s beliefs regarding IS functions and benefits.

Data were collected using a web based questionnaire. We sent the

invitation to fill the questionnaire to about 500 Italian firms. Results reveal

that a smaller size is related to a lower rate of IS adoption and to a lower

presence of both managerial and strategic information systems. The study

also shows the different role assigned to IS in supporting activities of

strategic relevance and which areas are characterized with the highest

frequency use of IS.

Keywords

information systems, small firm size, system adoption, information

management, SMEs, management information system, strategic information

system, information technology, ICT


MODELLING ROMANIAN SME’S INTENTION TO

CONTINUE USING THE ONLINE MARKETING TOOLS: AN

INFORMATION SYSTEM THEORIES APPROACH AND

EMPIRICAL RESULTS

Gheorghe ORZAN, The Bucharest University of Economic Studies, Romania

Octav-Ionuţ MACOVEI, The Bucharest University of Economic Studies, Romania

Claudia ICONARU, The Bucharest University of Economic Studies, Romania

Alexandra PERJU, The Bucharest University of Economic Studies, Romania

Abstract

The IS theories have long been able to explain and predict the adoption and

continued use of innovative information systems. Theories such as

Technology Acceptance Model (TAM), the Theory of Planned Behaviour

(TPB), The Innovation Diffusion Theory (IDT) and Expectation

Disconfirmation Theory (EDT) have been validated across various

research fields, including IS and online marketing. In our approach of

modelling Romanian SME’s intention to continue using online marketing

tools, we find appropriate to draw fromthe above mentioned theories in

order to propose our conceptual model. In order to measure our variables,

namely continued intention, attitude, perceived ease-of-use, perceived

usefulness, expectations confirmation, satisfaction and perceived

implementation barriers; we define 7 constructs, each having 4 items. The

measurement scales are drawn from previousliterature. Our hypotheses are

verified using least squared regression analysis and standardized path

coefficients are graphically represented. Conclusions and implications are

also stated.

Keywords

information systems, online marketing tools, use, intention, attitude


AN EXPLORATION OF WEB-SITE QUALITY DESIGN

Victoria STANCIU, The Bucharest University of Economic Studies, Romania

Adrian PANĂ, The Bucharest University of Economic Studies, Romania

Abstract

This paper addresses the concern for effective web-site design by means of

the conceptualization and empirical validation of a web-site quality

assessment model. There is less research effort in examining the Internet

technology applications in high schools and universities. That is why our

research effort focused on web-site applications for university field. Our

research goal was to define a theoretical and practical framework for

measuring web-site quality. In this respect, the research was based on IS

success theory, hypermedia design theory and qualitative exploratory

studies. The research imbeds conclusions of anthropologic studies that

offer important clues for web-sites designers. One of the main conclusion of

our empirical study is that when customizing a web-site to different cultures

it is not enough to translate the text; the overall communication strategy

and, as a result, the web-site design should be appropriate to the audience

as well. Our research findings on universities web-sites served as the

groundwork for expanding research on user satisfaction and quality

assessment studies within a web-based environment. Such studies are

important considering that the web-based systems are the common platform

employed in today’s organizations. The aim of the research was to provide

a conceptual model for web-site quality evaluation. Partial results of the

model validation are presented and concluding remarks are discussed.

Keywords

web-site, web-site quality model, user satisfaction, quality attributes, IS

quality dimensions


CASE STUDY ABOUT FEATURES OF ROMANIAN

E-COMMERCE SITES

Carmen TIMOFTE, The Bucharest University of Economic Studies, Romania

Abstract

We have too many technologies and we do not know which one is proper

for our business application. We have too many e-commerce sites and no

one help us too select the best of them. We will have more and more e-

commerce sites and we will need an evaluation system for them. This is why

I think that it is necessary to have an evaluation system for e-commerce

sites, considering the specific profile of the Romanian consumer. In this

paper I try to establish the first steps in developing an evaluation system for

e-commerce sites, starting with the determination of e-commmerce sites

features.

Keywords

e-business, e-commerce, features, technology

AMIS 2012 125

XXIXXIXXIXXI PS21 Accounting systems integration

Chairperson

Jiri STROUHAL, University of Economics, Prague, Czech Republic


Room 0334

PS21 Accounting systems integration 126

A TYPOLOGY OF SITUATIONS OF ACCOUNTING

SYSTEMS INTEGRATION

Lazhar EL ORF, CNAM, France

Abstract

This paper presents the first results of a qualitative research about the

organization of the Accounting Information Systems (AIS) of four

companies operating in different contexts (two medium-sized and two large

companies). Our study's main objective is to contribute to the

understanding of the determinants of the integration of accounting

information systems. It shows that the strategy is, beyond all other

considerations, the primary determinant of integration practices of

accounting systems of the companies surveyed, followed by the size and

elements of context such as the system of management control.

Organizations whose activities are not diversified (or monoactivity) opt

more for accounting systems partially integrated or stand-alone while those

whose activities are diversified prefer more diversified integrated

accounting systems whose design is based on event-based approach and

multidimensional accounting (Sorter 1969). The integration of accounting

subsystems seems to be part of the mechanisms developed by diverse

organizations to manage / control their very different structures. Hence, the

theory of differentiation-integration (Lawrence and Lorsch 1969) explains

very well the practical integration of accounting systems observed. Our

study leads to a typology of modes of integration of accounting systems: (1)

multidimensional, (2) integrated, (3) partially integrated, (4) autonomous.

Keywords

theory of differentiation-integration, event-based approach,

multidimensional system, integrated system, partially integrated system,

autonomous system.


A CONTINGENCY-BASED APPROACH TO ERP

IMPLEMENTATION AND ORGANIZATIONAL

IMPLICATIONS – WHAT IS DIFFERENT IN EMERGING

ECONOMIES?

Valentin Florentin DUMITRU, The Bucharest University of Economic Studies, Romania

Nadia ALBU, The Bucharest University of Economic Studies, Romania

Cătălin-Nicolae ALBU, The Bucharest University of Economic Studies, Romania

Mădălina Dumitru, The Bucharest University of Economic Studies, Romania

Abstract

Literature gives mixed results with regard to the effects of ERP

implementation. We place our research in the context of emerging

economies, characterized by a reduced level of accountability especially in

the case of SMEs. In this paper we conduct an in-depth investigation of an

ERP’s implementation context and its effects within a Romanian company.

Triangulated data from 2006 to 2011 was collected and the contingency

theory was employed in order to analyze and explain the organizational

context of the ERP implementation, the internal alignment and the effects

on company’s performance. The case reveals particular aspects of the ERP

implementation related to the case of emerging economies, bringing

evidence that once the managers’ support is secured, the ERP might

become the central alignment mechanism, supplementing the accounting

and controlling functions. Also, by covering the period before and during

the economic crisis in Romania, our case illustrates how the alignment

between organizational elements evolves, in order to respond to the needs

of the environment. The case contributes to a nascent literature on ERP

effects in the context of emerging economies, and provides useful results for

researchers, managers and IT employees.

Keywords

ERP, contingency theory, performance, Romania


THE NEWEST KEY TO UNLOCK THE ERP SYSTEMS

“ACCOUNTING INTELLIGENCE”

Irina IONESCU (NĂSTĂSESCU), The Bucharest University of Economic Studies, Romania

Abstract

Another article on ERP Systems... there has been written so many of them!

Why should you bother with this one? What makes this article better than

the others? It provides a novelty in a world of unpredictability, where

immediate action and decisions must be taken in a company in a matter of

minutes. In today’s organizations, ERP Systems, support organizational

activities and decisions based on the majority of data input. These systems

were lately challenged by the management and financial accountants

because the information they crucially needed were not given in real time.

Because the known keys used to unlock the ERP Systems, such as Business

Intelligence Systems and Spreadmarts could not fully satisfy them, a new,

revolutionary information system appeared: “Accounting

Intelligence”(AccI). The aim of this research is to provide knowledge about

this system, for those who daily use accounting information, in order to

improve their time management and their periodically reports.

Keywords

Accounting Intelligence, ERP, Business Intelligence, Spreadmarts

AMIS 2012 129

XXIIXXIIXXIIXXII PS22 Intangibles

Chairperson David ALEXANDER, University of Birmingham, UK

Thursday 14 June, 16.00 - 17.30

Room 0321

PS22 Intangibles 130

SIGNIFICANCE OF BRANDS ON THE PRESENTATION OF

THE BALANCE SHEET: EUROPEAN EVIDENCE

Liliana FELEAGĂ, The Bucharest University of Economic Studies, Romania

Niculae FELEAGĂ, The Bucharest University of Economic Studies, Romania

Abstract

Our research is trying to verify the hypothesis according to which the value

of brands represents an important percentage within the intangible assets

and the total assets of big companies. The sample comprises 45 companies

included in the STOXX® Europe 600 Consumer Goods Index, from 12

countries. Keeping with the previous literature, the present study has

computed the brand-to-intangible assets ratio and the brand-to-actives

ratio. The dates are collected from the annual reports of the selected

companies, for one fiscal year. For all sample companies, the measurement

and recognition of brands is done in accordance with IFRS for the

preparation of consolidated annual accounts. Several comments and charts

are included in the discussion section.

Keywords

Brands, International Financial Reporting Standards (IFRS), European

firms, brand-to-intangible assets ratio, brand-to-assets ratio


ANALYSIS OF LABOUR PRODUCTIVITY DYNAMICS

TRIGGERED BY PSHYCHOLOGICAL FACTORS AND

IMPLICATIONS IN RECORDING INTANGIBLE

RESOURCES

Florentin CALOIAN, The Bucharest University of Economic Studies, Romania

Ada Lorena NICULIŢĂ, The Bucharest University of Economic Studies, Romania

Abstract

The paper focuses on emphasising the evident impact of psychological

factors (job satisfaction, emotional intelligence, organisational stress and

their dimensions) on the productivity of employees by analysing the

dynamics of the correlations under the knowledge based economy

paradigm, in economies characterised by scarcity of production factors as

innovation, skills, research and most of all, of time. The purpose would be

to prove that the possibility of accounting for human capital in terms of

intangible assets. In this sense we constructed a model by means of which

we assess the degrees of correlation between psychological factors

influencing work environments and the levels of labour productivity of

employees. Consequently, human capital fulfils all criteria in order to be

recognised as intangible asset in the organisational financial statements.

The target is to asses different dimensions of interpretation for intangible

resources recognition given a series of psychological variables influencing

labour productivity and the dynamics of various organisational capitals

under the knowledge-based economy conceptualisation framework.The

paper also allows for some recommendations in terms of how the influences

and changes that take place in this substructure of labour productivity can

be forecasted, evaluated and used so that it might bring organisations

economic benefits, by validations against the criteria by which

organisational investments in human capital can be considered intangible

assets.

Keywords

knowledge, labour productivity, intangible assets, human capital,

accounting recognition


FINANCIAL REPORTING OF INTANGIBLE ASSETS.

COMPARATIVE STUDY ROMANIA – FRANCE

CONCERNING THE APPLICATION OF IAS/IFRS

Cristina-Ionela FĂDUR, "Alexandru Ioan Cuza" University of Iaşi, Romania

Alina RUSU, "Alexandru Ioan Cuza" University of Iaşi, Romania

Abstract

Our paper aims to identify the extent to which the companies quoted in the

stock exchanges in two countries with a continental accounting system

(Romania and France) and that must apply IAS/IFRS truly comply with the

provisions of these norms in presenting the information concerning

intangible assets in financial statements. We have analyzed the annual

financial statements corresponding to the fiscal year closed on 12.31.2010

drawn according to the provisions of IAS/IFRS for 19 companies quoted in

the Bucharest Stock Exchange and 36 French companies quoted in the

Paris Stock Exchange, components of the CAC40 stock exchange index,

and we have computed the mean degree of dissemination of the information

concerning intangible assets based on the points obtained by each company

to a set of questions, designed in the spirit of the provisions of IAS 38. Our

conclusion is that French companies comply to a greater extent with the

provisions of international norms in financial reporting of intangible

assets.

Keywords

Intangible assets, commercial fund, financial-accounting reporting,

harmonization, IAS 38.


AN EXPLORATORY STUDY REGARDING INTELLECTUAL

CAPITAL PERFORMANCE IN THE CASE OF ROMANIAN

PUBLIC COMPANIES

Maria Cristina MORARIU, The Bucharest University of Economic Studies, Romania

Abstract

The main objective of this paper is to test the effect of the intellectual

capital (IC) performance on corporate conventional financial performance

in the case of Romanian public companies. In achiving our objective, Value

Added Intellectual Coefficient model (VAICTM), developed by Ante Pulic

(2000) is applied to measure IC performance and its components.

Corporate conventional financial performance is measured through the

values obtained for profitability, productivity, and market capitalisation.

Annual reports of the 72 companies have been used to obtain the data. The

hypothesis are tested using multiple regression analysis. The results

obtained provide a relevant basis for comparison. In addition, the literature

is enriched with another empirical study that follows VAICTM for the

measurement of IC performance. Finally, the findings from this study may

serve as a useful input for companies, investors and regulators that can be

used for benchmarking, strategies development process and policy making

purposes

Keywords

IC, VAICTM, Performance, Romania, Measurement

AMIS 2012 134

XXIIIXXIIIXXIIIXXIII PS23 Financial reporting

Chairperson Andrei FILIP, ESSEC Paris, France

Thursday 14 June, 16.00 - 17.30

Room 0319

PS23 Financial reporting 135

FINANCIAL REPORTING IN BALTIC COUNTRIES:

POSITIONING WITHIN THE INTERNATIONAL

ACCOUNTING ARENA

Jiřν STROUHAL, University of Economics Prague, Czech Republic

Carmen Giorgiana BONACI, Babeş-Bolyai University, Romania

Lehte ALVER, Tallinn University of Technology, Estonia

Jaan ALVER, Tallinn University of Technology, Estonia

Svetlana ZVEROVICH, Bristol Business School, United Kingdom

Abstract

This paper contributes to the body of literature on international accounting

harmonization by focusing on the particular case of Baltic countries. The

developed analysis is positioned under current circumstances challenging

the road towards a single set of high quality global accounting standards.

The originality of the paper consists in offering insights to three

national accounting systems that were rarely exploited by accounting

research literature. National accounting regulations are analyzed and

discussed in relation to IFRS, finally leading towards formal harmonization

measurement. Emphasis is placed on measurement related aspects and

financial statements. The employed research methodology includes

qualitative content analysis for accounting regulations and coefficients

previously used in literature in order to quantify the level of similarity

between accounting systems. The obtained results document a significant

similarity degree between the Baltic accounting systems and IFRS. This

should be considered by stakeholders when analyzing the current state of

facts in the international arena. Such results should be used in documenting

the national strategy to attract potential foreign investors in entering the

Baltic markets.

Keywords

Harmonization, convergence, condorsement, IFRS, Estonia, Latvia,

Lithuania


A TEXTUAL PROCESSING APPROACH FOR ANALYZING

THE NARRATIVE DISCLOSURES IN CORPORATE

REPORTS

Gianluca GINESTI, Second university of Naples, Italy

Maffei MARCO, University of Naples Federico II, Italy

Triunfo NICOLE, University of Naples Federico II, Italy

Spano MARIA, University of Naples Federico II, Italy

Abstract

This papers analyses the textual characteristics of Management

Commentary. We use a methodology based on a textual data analysis,

which shows relevant information through the detection of latent semantic

dimensions. We use a textual data analysis and we test the algorithm on the

outlook section of the Management Commentary, for the fiscal year 2010,

prepared by 50 Italian listed firms. Then, we measure the readability of this

section. Findings suggest that the level of readability of Management

Commentary is not standardized and not useful to understand the firm

status quo. Indeed, Two main variables explain the level of readability:

profitability and gearing ratio.

Keywords

Management Commentary, readability, textual data analysis, corporate

reporting.


XBRL AND FINANCIAL REPORTING TRANSPARENCY

Mihaela ENACHI, “Vasile Alecsandri” University of Bacau, Romania

Abstract

Using eXtensible Business Reporting Language (XBRL) in financial

reporting increases transparency by allowing viewing the details of the

information provided by organizations without subdividing it and the

possibility of easy access and processing information, even if it is presented

in different languages or it results from the application of different

regulations. Through this paper we try to emphasize the transparency

ensured to financial reporting by using XBRL, which is why we transposed

in this modern format, partially, the contents of one of the components of

financial reports, namely, the balance sheet. In this process we based on

the requirements of the Romanian accounting regulations in compliance

with European directives, XML requirements and XBRL requirements

concerning schemas, linkbase files and instances, and we used three of the

modules of Altova MissionKit application (XMLSpy, MapForce and

StyleVision), while taking into account the best practices in the field.

Keywords

financial reporting, XBRL, transparency, specification, taxonomy, instance


THE ENFORCEMENT OF AUSTRALIA’S CONTINUOUS

DISCLOSURE REGIME

Cary DI LERNIA, University of Sydney, Australia

Nigel FINCH, University of Sydney, Australia

Sean FOLEY, University of Sydney, Australia

Abstract

A crucial element of market regulation in Australia geared towards

achieving and maintaining market integrity is the obligation of listed and

other disclosing entities to continuously disclose material information to

the market: ASX listing rule 3.1. ASX Compliance (a wholly-owned

subsidiary of ASX Ltd) fulfils the ASX’s market oversight obligations by

monitoring and enforcing compliance with the market’s operating rules. If

concerned that less than transparent behaviour may have been responsible

for unusual movement in a company’s share price or trading volumes the

ASX may issue a query to the company concerned. Details of the response

and the query sent by the ASX are then made available through the

announcements platform on the ASX website. This paper represents an

initial investigation into this element of the practical reality of the

enforcement of the continuous disclosure regime. It analyses company

responses to ASX price queries with a view to gaining a deeper

understanding of the responses provided by listed entities and the frontline

of ASX enforcement activity surrounding the regime.

Keywords

Corporate regulation, continuous disclosure, business law, financial

accounting, managerial accounting

AMIS 2012 139

XXIVXXIVXXIVXXIV PS24 Financial analysis 2

Chairperson Marilen PIRTEA, The West University of Timişoara, Romania

Thursday 14 June, 16.00 - 17.30

Room 0329

PS24 Financial analysis 2 140

RESEARCH ON PERFORMANCE MEASUREMENT UNDER

CONDITIONS OF CZECH ENTERPRISES

Roman ZAMECNIK, Tomas Bata University in Zlin, Czech Republic

Lenka VYSTUPOVA, Tomas Bata University in Zlin, Czech Republic

Abstract

The paper is oriented on the presentation of selected research results

relating to business process performance measurement carried out in

Czech enterprises during 2006-2011. The emphasis is placed upon the

intermingling and seeking out of mutual associations between theoretical

presumptions, previously resolved projects, and realistic observations

based on the outcomes of the research we conducted and the methodology

used. The theoretical part of the paper provides a detailed characterisation

of the current state of affairs of the investigated performance measurement

issue. The following part of the paper defines the basic research

methodology and expected contributions of the study. In the final part of

the paper, results of the survey are introduced and concurrently confronted

with those arising from professional studies conducted especially in

Germany, Austria and the U.S.A.

Keywords

Business Process Management, Controlling, Performance Management,

Performance Measurement


AN ADJUSTMENT MODEL FOR EVA COMPUTATION IN

FINANCIAL INSTITUTIONS AND NON-FINANCIAL

COMPANIES

Laura BRAD, The Bucharest University of Economic Studies, Romania

Anca MUNTEANU, Bucharest University of Economic Studies and Petru Maior University Tg. Mures, Romania

Abstract

The purpose of this article is to establish some calculation technique

regarding the economic value added (EVA) both for financial and for non-

financial institutions. The present research discusses the adjustment needed

in order to calculate EVA for ten Romanian Banks and companies listed on

the Bucharest Stock of Exchange. In this respect this is rather an

exploratory type of research. The results obtained indicate the need for

more transparent financial discloser and strengthens to the difficulties

encountered in estimating a reasonable economic profit using the EVA

paradigm. Also, the study points to the fact that when trying to estimate a

relationship between value creation in financial and non-financial

companies the most important area of research still remains the way that a

value based indicator is constructed.

Keywords

Financial performance, Economic Value Added, Residual Income, Banking

Institutions, Listed Companies


THE INFLUENCE OF FINANCIAL INDICATORS ON THE

INVESTMENT PERFORMANCES EXPRESSED THROUGH

STOCK EXCHANGE RATIOS

Marilena Mironiuc, "Alexandru Ioan Cuza" University of Iaşi, Romania

Mihai Carp, "Alexandru Ioan Cuza" University of Iaşi, Romania

Ioan-Bogdan ROBU, "Alexandru Ioan Cuza" University of Iaşi, Romania

Abstract

In the present economic conditions, when financial markets are

characterized by a significant degree of volatility, a correct and deep

support of the investment decisions is the main element that determines

profitable transactions. Together with a multitude of social, political, and

natural factors that influence the stock market, financial information claim

again their status of Gordian Knot for the stability of these areas of capital

transfer. The analysis of the opportunity to make a placement, based

exclusively on stock exchange indicators, does not insure certainty in

configuring a correct image on the identified offers. Detailing the analysis

is necessary, and this process can be performed with the help of financial

indicators that mainly use accounting information. The present article aims

to analyze the existing connections and influences between the indicators of

stock exchange performance, as a benchmark for the decision to invest, and

financial indicators that prefigure the economic profile of the company. The

study is applied on a sample selected from the population represented by

the companies quoted in the Bucharest Stock Exchange.In order to meet the

objectives of the research, the work methods used were the multiple

correlations and regression analysis and multiple factorial

correspondences analysis. The data subject to the study were processed

using the SPSS 15.0 software.

Keywords

Stock exchange indicators, stock exchange performance, financial

indicators, correlation, regression


STUDY ON PUBLIC DEBT’S DETERMINANTS: CASE OF

ROMANIA

Cristina NICOLESCU, The West University of Timişoara, Romania

Marilen PIRTEA, The West University of Timişoara, Romania

Claudiu BOTOC, West University of Timişoara, Romania

Abstract

The aim of the article is to analyze the macroeconomic factors influencing

the sustainability of public debt for Romania, using quarterly data for the

period: first quarter 2000 - second quarter 2011. Commonly, public debt

sustainability is defined as a sovereign’s ability to service debt without

large adjustments to public revenue and/or expenditure and without ever-

increasing public-debt-to-GDP ratios. To be able to analyse the fiscal and

budgetary decisions, it becomes important to understand debt to GDP ratio

and factors influencing debt to GDP ratio sustainability. The finality of our

study being the analysis of the factors determining the debt to GDP ratio in

Romania, we found out that the primary fiscal balance, the real interest

rate, the real GDP growth rate, and Lei-Dollar exchange rate variation are

significant. We showed that all variables have the expected sign, except the

primary deficit to GDP ratio, which is not significant.

Keywords

public debt, sustainability, determinants, model

AMIS 2012 144

XXVXXVXXVXXV PS25 Accounting in Romania 2

Chairperson Costel ISTRATE, "Alexandru Ioan Cuza" University of Iaşi,

Romania

Thursday 14 June, 16.00 - 17.30

Room 0320


THE PERCEPTION, IMPORTANCE AND VULNERABILITY

OF TRUE AND FAIR VIEW IN THE ROMANIAN

ACCOUNTING ENVIRONMENT

Alina Beattrice VLADU, Babeş-Bolyai University, Romania

Oriol Amat SALAS, Universitat Pompeu Fabra, Barcelona, Spain

MATIŞ Dumitru, Babeş-Bolyai University, Cluj-Napoca, Romania

Dan Dacian CUZDRIOREAN, Babeş-Bolyai University, Cluj-Napoca, Romania

Abstract

The present study is concerned with assessing the perceptions of financial

auditors, financial managers and expert accountants from Romanian

economic environment regarding True and Fair View construct and in this

respect we were interested to observe if their perceptions will fold the

established views in the literature or the dynamicity and cultural

attachment of the concept will prove to be stronger. In this respect a

semantic study was conducted. Changes in the meanings of TFV are likely

to occur since the dynamicity of the concept is one item that was previously

assessed in the literature (Nobes, 2005). In the Romanian accounting

environment only two studies approached partially the perception of TFV

construct: Albu et al. (2009) and Bota-Avram (2009) and reached

contradictory results. None of the Romanian accounting studies assessed

the importance and vulnerability of the concept in the practice of

accounting and further none of the international empirical studies

approached this path, contradictory to the general view proposed by Leach

(1981) and further sustained by other scholars worldwide (Smieliauskas et

al., 2008). In this respect our study has the potential to bring into attention

interesting insights.

Keywords

true and fair view, perception gap, semantic taxonomy, semantic analysis


AN EVIDENCE OF ACCOUNTING RECORDS IN HAPSBURG

EMPIRE IN THE XIVTH CENTURY

Sorin BRICIU, Universitatea 1 Decembrie 1918 Alba Iulia, Romania

Oana Raluca IVAN, Universitatea 1 Decembrie 1918 Alba Iulia, Romania

Adela SOCOL, Universitatea 1 Decembrie 1918 Alba Iulia, Romania

Abstract

This article aims to present the development of accounting during the XIVth

century in a part of the Hapsburg Empire, Transylvania, namely the Timiş

comitat nowadays a Romanian territory. The importance of the research

comes from a an evolutional point of view relating to an early period in the

development of accounting, the XIVth century. From a methodological

point of view we have mainly used the historiography research. Our study

uses using primary and secondary sources, the primary source is Registers

of the accounts of Master Nicholas, and the secondary ones are the

specialized literature. We analyze and discuss the accounting records

contained in Registers of the accounts of Master Nicholas, with a time

related accounting context of its existence, as the document is dated in the

1372, its existence is 100 years before the first accounting book of Luca

Paciolo (Summa de Arithmetica, geometria, proportioni et proportionalita).

Keywords

historical perspectives, accounting records, XIVth century, accounting

evolution


INVESTIGATION OF THE MONEY LAUNDERING

ACTIVITIES– ROLE AND NATURE OF THE INDICATIONS

IN THE DETECTING THEREOF. EVIDENCES FROM

ROMANIA

Paul DIACONU, The Bucharest University of Economic Studies, Romania

Abstract

The theorizing and investigation of the money laundering activities

represent a preoccupation that is insufficiently well documented in the

Romanian specialized literature and practice. Taking advantage of this

fact, the large global crime networks used and use Romania in their

extended processes of the turning of the money originating from organized

crime activities into legitimate incomes. This article aims at developing a

analysis basis of the money laundering phenomenon and to analyze a case

circumscribed to this problematic by means of the knowledge elements

determined in the literature and the knowledge base in the field.

Keywords

money laundering, Egmont Group case studies, transnational crime

networks,

AMIS 2012 – Authors’ list 149

Authors’ list Albu Cătălin-Nicolae Romania [email protected]

Albu Nadia Romania [email protected]

Almăşan Alina Carmen Romania [email protected] Alver Jaan Estonia [email protected]

Alver Lehte Estonia [email protected]

Anghel Ion Romania [email protected]

Anghel-Ilcu Elena Roxana Romania [email protected]

Askarany Davood New Zealand [email protected]

Attia Anis Tunisia [email protected] Aureli Selena Italy [email protected]

Azzali Stefano Italy [email protected]

Baciu Elena Cristina Romania [email protected]

Balaciu Diana Romania [email protected]

Balea Erica-Cristina Romania [email protected]

Bănulescu Viorel Romania [email protected] Ben Rejeb Attia Mouna Tunisia [email protected]

Bjelica Dragan Serbia [email protected]

Bogdan Victoria Romania [email protected]

Boldeanu Dana-Maria Romania [email protected]

Bonaci Carmen Giorgiana Romania [email protected]

Botoc Claudiu Romania [email protected] Brad Laura Romania [email protected]

Briciu Sorin Romania [email protected]

Bunea Stefan Romania [email protected]

Caldarelli Adele Italy [email protected]

Caloian Florentin Romania [email protected] Calu Daniela Artemisa Romania [email protected]

Caraiani Chiraţa Romania [email protected]

Carp Mihai Romania [email protected]

Chiriac Irina Romania [email protected]

Chitu Alina Romania [email protected]

Ciambotti Massimo Italy [email protected] Cimpoeru Valentin Romania [email protected]

Cimpoeru Violeta Romania [email protected]

Ciobanu Radu Romania [email protected]

Cioc Mihai Romania [email protected]

Ciora Costin Romania [email protected]

Codreanu Anca Romania [email protected] Cohen Sandra Greece [email protected]

Cozmei Cătălina Romania [email protected]

Cristea Silvia Lucia Romania [email protected]

Cumming Douglas Canada [email protected]

Curea Cristina-Stefania Romania [email protected]

Cuzdriorean Dan Dacian Romania [email protected] Dascălu Cornelia Romania [email protected]

David-Sobolevschi Iulia Romania [email protected]

Di Carlo Ferdinando Italy [email protected]


Di Lernia Cary Australia [email protected] Diaconu Paul Romania [email protected]

Dimitriu Raluca Romania [email protected]

Dinica Mihai-Cristian Romania [email protected]

Dobre Florin Romania [email protected]

Oprea Dragos Stefan Romania [email protected]

Dragota Ingrid-Mihaela Romania [email protected] Dumitrana Mihaela Romania [email protected]

Dumitru Mădălina Romania [email protected]

Dumitru Valentin Florentin Romania [email protected]

Dvorakova Dana Czech Republic [email protected]

El Orf Lazhar France [email protected]

Enachi Mihaela Romania [email protected] Fadur Cristina-Ionela Romania [email protected]

Feleagă Liliana Romania [email protected]

Feleagă Niculae Romania [email protected]

Filip Andrei France [email protected]

Fiondella Clelia Italy [email protected]

Foley Sean Australia [email protected] Gallizo Larraz Jose Luis Spain [email protected]

Geambaşu Cristina Venera Romania [email protected]

Geambaşu Liviu Romania [email protected]

Georgescu Iuliana Romania [email protected]

Gheorghe Mirela Romania [email protected]

Gherai Dana Romania [email protected] Gherghina Ştefan Cristian Romania [email protected]

Giampaoli Daniele Italy [email protected]

Ginesti Gianluca Italy [email protected]

Gîrbină Maria Mădălina Romania [email protected]

Gorgan Vasile Romania [email protected] Grigorescu Ioana Iuliana Romania [email protected]

Grosu Corina Romania [email protected]

Horomnea Emil Romania [email protected]

Iconaru Claudia Romania [email protected]

Ienciu Ionel-Alin Romania [email protected]

Ioana Balan Romania [email protected] Ionaşcu Ion Romania [email protected]

Ionaşcu Mihaela Romania [email protected]

Ionescu (Năstăsescu) Irina Romania [email protected]

Ionescu Bogdan Romania [email protected]

Ionescu Iuliana Romania [email protected]

Iorgulescu Filip Romania [email protected] Istrate Alina - Mariana Romania [email protected]

Istrate Costel Romania [email protected]

Ivan Oana Raluca Romania [email protected]

Jablan Stefanovic Radmila Serbia [email protected]

Jianu Ionel Romania [email protected]

Jianu Iulia Romania [email protected]


Jinga Gabriel Romania [email protected] Jora Boerosu Andreea Romania [email protected]

Jovanović Marko Serbia [email protected]

Kagitci Meral Romania [email protected]

Karatzimas Sotirios Greece [email protected]

Lassoued Naima Tunisia [email protected]

Lucchese Manuela Italy [email protected] Lungu Camelia Iuliana Romania [email protected]

Macovei Octav-Ionuţ Romania [email protected]

Maffei Marco Italy [email protected]

Mangiuc Dragos Marian Romania [email protected]

Mareş Marius Daniel Romania [email protected]

Mareş Valerica Romania [email protected] Pirtea Marilen Romania [email protected]

Marinescu Camelia Romania [email protected]

Marinescu Emanuel Romania [email protected]

Mazza Tatiana Italy [email protected]

Meşter Ioana Teodora Romania [email protected]

Mihaela Serban Romania [email protected] Mihai Florin Romania [email protected]

Mihăilescu Ciprian Teodor Romania [email protected]

Minu Mihaela Romania [email protected]

Mironiuc Marilena Romania [email protected]

Mocanu Mihaela Romania [email protected]

Morariu Maria Cristina Romania [email protected] Müller Victor-Octavian Romania [email protected]

Munteanu Anca Romania [email protected]

Năstase Pavel Romania [email protected]

Neag Ramona Romania [email protected]

Nicolescu Cristina Romania [email protected] Niculiţă Ada Lorena Romania [email protected]

Novak Petr Czech Republic [email protected]

Onofrei Muler Romania [email protected]

Opriş Madalina Elena Romania [email protected]

Orzan Gheorghe Romania [email protected]

Pană Adrian Romania [email protected] Pascu Ana - Maria Romania [email protected]

Paşcan Irina-Doina Romania [email protected]

Păunescu Mirela Romania [email protected]

Perju Alexandra Romania [email protected]

Petcu Monica Romania [email protected]

Petrović Nataša Serbia [email protected] Pitulice Ileana Cosmina Romania [email protected]

Pollifroni Massimo Italy [email protected]

Popesko Boris Czech Republic [email protected]

Procházka David Czech Republic [email protected]

Procházková Cristina Czech Republic [email protected]

Radu Gabriel Romania [email protected]


Radu Maria Romania [email protected] Rădulescu Cristina Romania [email protected]

Raffournier Bernard Switzerland [email protected]

Robu Ioan-Bogdan Romania [email protected]

Robu Mihaela-Alina Romania [email protected]

Robu Vasile Romania [email protected]

Rolea Alexandra Gabriela Romania [email protected] Rusu Alina Romania [email protected]

Săcărin Marian Romania [email protected]

Salvatori Federica Italy [email protected]

Şerban Claudia Elena Romania [email protected]

Smrcka Lubos Czech Republic [email protected]

Socol Adela Romania [email protected] Spano Rosanna Italy [email protected]

Staicu Anca Romania [email protected]

Stanciu Andrei Romania [email protected]

Stanciu Victoria Romania [email protected]

Stancu Ion Romania [email protected]

Ştefănescu Aurelia Romania [email protected] Ştefea Petru Romania [email protected]

Stoican Andreea Romania [email protected]

Strouhal Jiří Czech Republic [email protected]

Ţarcă Naiana Romania [email protected]

Teiu Codrin-Marius Romania [email protected]

Tilica Elena Romania [email protected] Timofte Carmen Romania [email protected]

Toader Georgiana Romania [email protected]

Tudoran Laura Romania [email protected]

Ţurlea Eugeniu Romania [email protected]

Unchiaşu Simona Felicia Romania [email protected] Ursăcescu Minodora Romania [email protected]

Varvara Mityko Delia Romania [email protected]

Viasu Ioana Romania [email protected]

Vilşănoiu Daniel Romania [email protected]

Vladu Alina Beattrice Romania [email protected]

Vulpoi Marcel Romania [email protected] Výstupová Lenka Czech Republic [email protected]

Zagaria Claudia Italy [email protected]

Zámečník Roman Czech Republic [email protected]

Zverovich Svetlana UK [email protected]

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