Digital transformation is the main driver of innovation in organisations. In turn, innovation shapes markets, supports digital transformation and the transition to a digital economy. The aim of this paper is to determine what role the digitalisation of the accounting profession plays in the EU SMEs innovation and to answer the question: Can the digitalisation of the accounting profession affect SMEs innovation? More specifically, this study determines the influence of Internet connection, use of ERP software, use of cloud computing services, exploitation of Office applications, running a financial-accounting software and having a policy on cyber security in financial-accounting activities on innovation in SMEs. This analysis was based on the econometric multiple linear regression model. The results of the study reflect the significant role that the digitalisation of the accounting profession plays in the innovation process of SMEs in the EU by 2021. The overall findings of the study refer to the fact that the digitalisation of the accounting profession is a driver of innovation in organisations, and that SMEs innovation occurs during the adoption and implementation by accounting professionals of a secure Internet connection, advanced information technologies and constant use of cloud technology to process and understand economic transactions.
The merging of the digital revolution and the importance of the energy transition presents a complex challenge to global economic and social structures. This article provides an integrated analysis of the interaction between Artificial Intelligence (AI) and the energy sector, examining both life changing opportunities and the critical sustainability and equity risks. AI is a powerful catalyst for innovation, offering tools for optimizing renewable energy systems, enhancing grid efficiency, and accelerating materials science research, but its rapid expansion introduces serious pressures.Our analysis, based on a critical synthesis of specialist literature and international data, highlights a profound and growing energy dilemma. The proliferation of large AI models and data centers is projected to drive an extensive increase in global electricity demand, with data center consumption. The study also explains significant socio-economic implications. AI intensifies labor market dynamics, necessitating widespread reskilling and adaptation to prevent technological unemployment. The concentration of AI s economic benefits among a few technology firms and countries risks amplifying existing social and territorial inequalities. We conclude that realizing the full potential of AI in the energy transition, achieving both efficiency gains and sustainability, is likely upon proactive public policies, regulatory frameworks promoting energy transparency, and inclusive educational strategies designed to manage the coming economic and social transformations.
This study investigates seasonal patterns and calendar effects in sector returns using comprehensive data from the Iraq Stock Exchange (ISX), representing the first systematic examination of calendar anomalies in Iraq's frontier financial market. Using daily return data for 57 stocks across six economic sectors from August 2014 to July 2024, we employ dummy variable regression models and sector-specific analysis to examine day-of-the-week effects, month-of-the-year patterns, turn-of-the-month anomalies, and Islamic calendar influences. Our findings reveal significant calendar effects that challenge market efficiency assumptions in this frontier market context. We document a statistically significant Monday effect with mean daily returns of -0.0464% (t = -1.738, p 0.10), representing approximately 117 basis points in negative annualized returns. Most notably, we identify an exceptionally strong December effect with daily returns of 0.1402% (t = 4.043, p 0.001), contributing 354 basis points annually and demonstrating remarkable consistency across all sample years. Conversely, April exhibits significant weakness with mean returns of -0.0883% (t = -2.525, p 0.05). Sector-specific analysis reveals heterogeneous calendar effects, with the banking sector showing the most pronounced sensitivity to temporal patterns, including significant Monday weakness (-0.0821%), strong December performance (0.2156%), and April decline (-0.1234%). Notably absent are traditional January effects and Islamic calendar anomalies, distinguishing Iraq's market from other regional exchanges. The persistence of economically meaningful calendar effects suggests incomplete market efficiency and potential arbitrage opportunities, though practical implementation faces liquidity constraints and transaction costs typical of frontier markets. These findings contribute to understanding calendar anomalies in emerging markets and provide valuable insights for investors and policymakers regarding Iraq's financial market development.
The auditor profession is currently undergoing its most significant transformation, evolving into Auditor 4.0 through the extensive incorporation of AI and ML. This paper provides a conceptual-exploratory investigation into this paradigm shift, moving the practice from traditional, sample-based, retrospective verification toward full-population testing, continuous auditing and proactive risk management. Our analysis addresses four critical objectives for navigating the digital age of assurance. First, we look at how AI technologies, such as predictive analytics and continuous monitoring, significantly improve audit quality by broadening the audit scope, making it more efficient and enhancing the ability to detect material misstatements and fraud (O1). Second, the study examines how the auditor s role has evolved into the Auditor 4.0 - "Hybrid Auditor", explaining that new technical skills (such as data science and algorithmic understanding) and a higher level of professional skepticism are needed in AI-enabled environments (O2). Third, we examine the complex world of governance and ethics, focusing on the "black box" problem, algorithmic bias, data integrity, transparency and accountability (O3). We suggest ways to reduce these risks and ensure AI is used responsibly while upholding the profession s core values of honesty and independence. Finally, we identify the main technical, organizational, cultural and regulatory obstacles to AI adoption. We also suggest structured pathways and implementation frameworks to ensure these tools are successfully integrated into the global profession (O4). This paper provides an essential framework for auditors, companies and regulators to leverage AI s capabilities while maintaining public confidence in the accuracy and integrity of financial reporting.
Energy is considered the driving force of society, a fundamental pillar that supports economic development, improves living standards, and enables the transformations of the digital age. Over time, it has been both the subject and the object of profound structural and technological change. The Member States of the European Union, including Romania, have committed to ambitious environmental protection goals, united under the shared objective of achieving climate neutrality by 2050. Within this context, the energy sector is undergoing a process of transformation, marked by a rapid shift toward electricity generation from renewable sources. A critical question emerges: can Romania keep pace with these dynamic developments while ensuring the availability of green energy in sufficient quantities and at sustainable costs? Failure to do so may result in significant economic and social pressures stemming from the misalignment between environmental objectives and the structural realities of the national energy market. This study analyzes the evolution of Romania’s energy mix, with a particular focus on electricity production, import dependency, the phasing out of fossil fuels, and the integration of renewable resources. It further evaluates the challenges, strategic responses, and future prospects of Romania’s energy transition within the broader framework of European energy policy and recent geopolitical developments, including the war in Ukraine.
Internationalization in higher education has become an increasingly prominent process in recent years. Through its specific tools and mechanisms, it contributes significantly to the development of the educational system, by improving the quality of teaching and learning, and by fostering the personal and professional development of both academic staff and students. One of the most widely used instruments in university strategies is the international mobility grant. The purpose of this study is to analyze the perceptions of employees in the higher education system concerning international mobility opportunities. As part of the case study, a quantitative research was conducted among staff members of Ovidius University of Constanța, Romania. The study aimed to examine the degree of familiarity with mobility opportunities among academic staff, to explore the main reasons that have led employees to participate in such programs or may motivate them to apply in the near future, and to assess their behavioural intentions in relation to such experiences. A total of 241 respondents participated in the research, occupying various positions within the university. The findings indicate a generally positive perception of the international mobility opportunities offered by the home university. Additionally, the results suggest potential for enhancing both the quantitative and qualitative performance indicators of the institution, driven by the staff s positive intentions and willingness to participate in future international mobility activities.
The Italian university system is governed by Law No. 240/2010, which regulates among other things, the organization and recruitment of university staff, incorporating the principles of quality and transparency established by the “Bologna Process”. On September 20th, 2024, the Minister of Universities and Research (subsequently MUR), through the issuance of Decree No. 1591, established a working group of experts charged with reforming the current legislation to address some of the critical issues that had emerged over the years. Among the first results of the working group there is the Draft Law No. 1518, presented on May 2025 by MUR, regarding the revision of the procedures for evaluating, and recruiting the university staff dedicated to research and teaching. The background of the paper is therefore represented by the current e-recruiting practices and those proposed by the Draft Law No 1518 and the study follows the “Aprioristic Theory”, a theory based on principles that are collateral to empirical evidence, such as ethics, transparency and creativity. Following this approach, the result of the work is the creation of a theoretical e-recruiting model capable of overcoming existing critical issues (and potential ones arising from the announced reform), that uses current Information and Communication Technologies (ICT) integrated with an ethical use of Artificial Intelligence (AI). The conclusions are supported, on the one hand, by empirical evidence from the private sector, which supports the proposed model, and, on the other, by the awareness that the proposal can only be improved through synergistic collaboration between the public institutions and the scientific academies involved in the process of change.
We live in a world where technology is becoming part of everyday life, and the digitalization of business has become the norm rather than the exception. Technological advancement and digitalization have become integral components of global economic development, shaping business operations, consumer behavior, and international trade. The expectation that businesses operate at least somewhat online has become business as usual, and electronic commerce (e-commerce) has emerged as a central element of this transformation, representing a significant and continuously expanding share of retail sales in Europe. Romania exemplifies this trend, having experienced accelerated e-commerce growth driven by increased internet penetration, mobile adoption, improvements in logistics, growing consumer demand, and shifting purchasing habits, particularly during and after the COVID-19 pandemic.This paper provides a longitudinal analysis of the Romanian e-commerce market between 2016 and 2024 using secondary data from multiple national and European sources. It examines market size evolution, compound annual growth rates, digital adoption patterns, and structural changes in consumer behavior. The study also positions Romania’s trajectory within wider European trends, highlighting both areas of convergence and persistent gaps in business digitalization and e-shopper penetration. The results show a clear and sustained expansion of the e-commerce sector over the analyzed period, reflecting broader digital transformation processes. Overall, the findings suggest that Romania is transitioning from an emerging market toward a more consolidated and competitive digital economy, with promising opportunities for continued development alongside ongoing structural challenges.
This scoping review examines how ethical reflection shapes the actions of Chief Information Security Officers (CISOs) when confronting cyber crises. Many organizations still prioritize technology and regulation, while the ethical dimensions of cybersecurity decision-making are often sidelined or handled intuitively. The review draws on sixteen peer-reviewed studies published over the past decade and identifies two main patterns in ethical governance. One follows a top-down path, grounded in formal rules, policies, and codes designed to ensure accountability. The other evolves from the bottom up, relying on each CISO’s individual judgment, experience, and situational reasoning under stress. Across studies, CISOs appear to juggle the competing demands of privacy, transparency, and system protection—often with no clear moral roadmap. Only limited evidence explains how these decisions are made in real time, particularly under conditions of pressure and uncertainty. Top-down structures promote consistency but may become too rigid when threats evolve rapidly. Bottom-up approaches allow agility and contextual responsiveness but can also lead to hesitation or inconsistent interpretations. The review argues for a middle ground that bridges ethical theory with professional experience and contextual awareness. Supportive leadership, transparent organizational culture, and well-defined governance frameworks emerge as crucial for helping CISOs navigate these moral challenges. Future research should move beyond theoretical discussions and examine how these dynamics unfold in real organizational settings.
This article discusses comparatively the metaphors used in English and Romanian financial language, by employing conceptual metaphor theory as a main instrument of analysis. As shown in the literature on the topic, the conceptualization of financial markets is based on two important metaphors, each of them encompassing a variety of specific metaphorical concepts: the market as the natural world of living beings (animals and plants) and the market as the physical world of inanimate objects. In order to ascertain the presence of these two metaphors in English and Romanian, I use specialized dictionaries and examples from financial newspapers in the two languages. The results of the analysis indicate that, while the animate and inanimate metaphors can be found at a general level in both English and Romanian, their particular linguistic manifestations in each language show some differences. In detail, English has a higher preference for figurative language and idioms than Romanian, which sometimes translates metaphorical expressions by means of literal, non-metaphorical words and phrases. An awareness of these differences is particularly important, since they can constitute areas of difficulty for learners of Business English, leading to incorrect translations and an artificial, non-native sounding style that can hinder communication in professional contexts.
The objective of this research is to analyze the randomness and fairness of the Romanian 6/49 lottery through statistical methods, focusing on the distribution and frequency of the drawn numbers. The study aims to deepen the understanding of inherent randomness in lottery games and to assess whether the lottery system operates without bias. The dataset covers 2,706 lottery draws spanning from August 8, 1993, to May 16, 2024, providing a robust basis for statistical analysis. The methodology combines chi-square tests with cumulative frequency analysis, supported by a Monte Carlo simulation implemented in Python. The chi-square test compares the observed frequency of each drawn number against the expected frequency under a model of random draws, thereby detecting any significant deviations. In addition, the cumulative frequency of each number is plotted over time to identify potential trends or anomalies. The chi-square test produced a statistic of 62.61 with a p-value of 0.0766, indicating no significant deviation from randomness at the 0.05 significance level. This result suggests that the observed distribution of numbers aligns with what would be expected from random draws. Overall, the findings support the conclusion that the Romanian 6/49 lottery exhibits the randomness and fairness characteristic of an unbiased lottery system.
The use of digital technologies to provide public services and facilitate citizen-government interactions has become a key priority for EU member states. Among the significant benefits of e-government are improved access to information, more effective communication, promoting communities and the rule of law, focusing on the needs of citizens, providing higher quality services, expanding working hours and reducing pressure on staff. Under these assumptions, the present study analyses the European situation in e-government adoption, highlighting both successes and challenges faced by different EU countries. Subsequently, we will highlight the impact of EU-wide policies and directives aimed at promoting digital transformation in public administration, as well as country-specific approaches and best practices. The research draws on case studies from various member states to illustrate the diversity of e-government solutions and their effectiveness in enhancing public service delivery, increasing transparency, and fostering citizen engagement. Lastly, the study also investigates the challenges that persist in the widespread adoption of e-government solutions, including issues related to data privacy and security, the digital divide, interoperability of systems, and the need for continuous technological upgrades.
The sustainability of public debt has gained renewed attention in the aftermath of the 2008 financial crisis, the COVID-19 pandemic, and recent geopolitical tensions. This paper investigates long-term debt sustainability in Eurozone countries that acceded post-2000 analyzing fiscal dynamics from 2000–2023. Using penalized spline regression in a semi-parametric time series framework, we evaluate fiscal dynamics while incorporating institutional determinants such as political stability and the absence of violence/terrorism and macroeconomic indicators like the unemployment rate (as a percentage of the total labor force). Our results show that Croatia, Latvia, Malta, and Slovenia have exhibited relatively sustainable debt policies, while other countries show weaker or statistically insignificant sustainability signals. Among the models tested, the one including political stability and the absence of violence/terrorism performed best, suggesting that institutional stability is a key determinant of fiscal sustainability. These findings emphasize the importance of integrating institutional dimensions into debt analysis and provide valuable insights for policymakers seeking to enhance fiscal resilience in the Eurozone’s newer member states.
This study investigates the evolving structure of scientific research at the intersection of artificial intelligence (AI), labor markets and productivity. As economies continue to change and new technologies influence how people work and how efficiently tasks are completed, it is important to understand how these developments are reflected in academic studies. The main goal of this research is to identify major trends, key contributions, and areas that are still underexplored.The study is based on a selection of academic articles retrieved from the Web of Science database. A bibliometric analysis was carried out using the Bibliometrix package in R, through the Biblioshiny interface. The analysis focused on the evolution of publications, collaboration among author, and the most common research topics in the field. The results show a growing interest in how technology affects jobs and productivity, especially in recent years. However, the research in this area is still fragmented, with limited connections between different fields. This study offers a useful overview for researchers and decision-makers who want to better understand the relationship between technology, employment and economic performance. The findings suggest the need for more interdisciplinary work and highlight research directions that deserve more attention.
Subjective well-being has become a central focus in aging research, reflecting the interplay between psychological, social, and economic factors in later life. This study investigates the key determinants of subjective well-being among older adults in Europe, utilizing data from the Survey of Health, Ageing and Retirement in Europe (SHARE) waves 7–9. By integrating penalized regression models (Lasso and Ridge) with machine learning techniques such as Gradient Boosting, the analysis offers a comprehensive perspective on the factors shaping life satisfaction. The results emphasize the essential role of mental health—particularly depression—as the most significant predictor of well-being, followed by social relationships and financial security. Notably, subjective financial stability exerts a stronger influence on well-being than actual income, highlighting the psychological dimensions of financial security. While aging itself is associated with a modest increase in well-being, physical health decline and functional limitations negatively impact life satisfaction, used as measure of subjective well-being. The use of machine learning enhances the ability to detect complex interactions between predictors, providing deeper insights beyond traditional statistical methods. These findings underscore the need for targeted policy interventions that prioritize mental health support, social inclusion, and financial resilience to promote well-being in aging populations.
Foreign direct investment plays a critical role in Romania’s economic development and integration into EU value chains. However, attracting FDI at the county level remains a challenge due to infrastructure gaps, regulatory instability, and inconsistent investment support. This study examines how Romanian local governments facilitate FDI, identifying key incentives, barriers, and strategic alignment with EU priorities such as the Green Transition and Digitalization. Using a descriptive-qualitative approach, the research involved responses from 17 local administrations, highlighting regional disparities in FDI attraction strategies. Findings suggest that counties struggle with bureaucratic inefficiencies, labor shortages, and inadequate transport infrastructure, deterring potential investors. While local governments seek to enhance investment conditions through fiscal incentives, improved public services, and industrial park development, their efforts are often hindered by limited coordination with central authorities. The study underscores the need for a comprehensive "Made in Romania" strategy, stronger public-private collaboration, and targeted public investments to enhance competitiveness. It calls for further multi-stakeholder research to assess local FDI policies, streamline administrative processes, and align regional development strategies with EU industrial and economic policies. These findings provide insights for policymakers aiming to strengthen Romania s position within the European investment landscape.
