Research and experience have long indicated that the acquisition of the mother tongue is different from the acquisition of a non-native language. Also, the efforts and the cognitive impact of language learning are different in childhood compared to adulthood, whereas young people and adults differ in the way they learn and should be taught a foreign language. Learning a new language at the level of a native speaker is a dream all students share, but it may well be impossible and also irrelevant in the context of the ever-changing landscape of a living language. Furthermore, it is common knowledge that the acquisition of a foreign language due to natural exposure or immersion offers better results than its acquisition in a formal learning environment. To complicate matters even further, studies show that acquiring a second language is usually much more difficult than acquiring a third language, for example. Despite all these though, the job of a language teacher, especially of adult students, needs to serve its purpose as well as possible. This article will look into some of the modern trends of teaching not just a foreign language (English), but a specialized one (Business English) to undergraduates in the context of a Romanian university. How can a teacher better accomplish this task? How useful can Business English prove to be to students taking it as a compulsory subject, not by choice? Are there methods to improve its acquisition, especially in the context of the current pandemic? The article will take a closer look at all these, with practical examples of good practices.
The collaborative economy, even if it has moulded well in the tourism market and has developed surprisingly, has been a controversial field from the very beginning, especially as it does not take place within a very well regulated legislative framework. The outbreak of the COVID 19 pandemic severely destabilized all industries, but among the most vulnerable to it was tourism. Not much is known yet about the impact of COVID 19 on traditional sectors, let alone studies or analyses of how the pandemic has affected non-traditional peer-to-peer accommodation. This article attempts a brief analysis of how people have booked or canceled their trips through the Airbnb platform since the beginning of the pandemic. The results show that the sharpest decline was recorded in April 2020 when the number of bookings fell by 72%, compared to the same period in 2019. In the summer months, when most people plan their vacation, the bookings were not numerous, but they kept a certain stability. Compared to June-September 2019, bookings in 2020, during the same period, decreased by 20%. The pandemic has hit this sector hard, especially as all pre-pandemic forecasts showed significant increases in peer-to-peer accommodation between 2020 and 2025 and therefore increases in overall revenue as a result of bookings. This study shows that peer-to-peer accommodation is just as vulnerable to such a pandemic as traditional accommodation. Providers need to rethink their offer in order to reduce financial losses and at the same time protect their employees and provide them with job stability. It can be seen that the cancellations and alterations of the services booked through Airbnb increased exponentially after the outbreak of the COVID 19 pandemic because people could no longer travel from one place to another and even if certain journeys were allowed, people were afraid or felt uncomfortable taking trips.
In the modern world, we are facing with digitalization in all spheres of human life. Of course, digital technologies rapidly implemented in the education system. We can call this term Education 4.0 due to the school of thought that encourages non-traditional thinking when it comes to imparting education. Education 4.0 essentially uses technology-based tools and resources to drive education in non-traditional ways. Instead, with Education 4.0, you can have remote students that sign into their classrooms using the internet through modes like massive online open courses or video chat or dialling in through voice calls, to learn materials that are more dynamic in nature with peers who might or might not be learning at the same pace as them. At the present moment corporate and university circles understand that 'Lifelong learning' has been not only a buzzword but vital objective for an opportunity to follow modern trends and stay competitive. An Unicon study reports that the number of corporate universities - which provide education in-house, on-demand, and, often, on the job - has exploded to more than 4,000 in the United States and more than twice that number worldwide. The first trend in the Education 4.0 is powerful trends reshaping the industry and fueling the emergence of the Personal Learning Cloud as a networked learning infrastructure. The second trend is the decline of standard classroom-based programs, such as those primarily offered by business schools and universities. The third trend is the rise of customizable learning environments, through platforms and applications that personalize content according to learners’ roles and their organizations’ needs. The dominant platforms now count millions of enrollees in individual courses and tens of millions of total users. These trends are linked and form a cohesive pattern. Our goal is to present these trends in Education 4.0 and the strategies, benefits and challenges of digital education.
Modern tourism has been subjected in the last decade to the process of internationalization and globalization. With the development of technology, means of communication, but also the variety of means of transport (from air to sea and not only) consolidates the mobility of people from one corner of the world to another, leading to the globalization of tourism. The phenomenon of globalization is manifested in many areas, but perhaps the one that best characterizes this phenomenon is the tourism sector. Through globalization, the interdependence between countries, economies, but also people develops. Globalization means not only huge corporations, but also medium-sized, small or even family businesses. There are clearly some aspects of globalization that have a visible impact on the tourism industry. The ease with which anyone can access air transport, the liberalization of trade in services, new technology, the widespread use of the Internet, the policies of countries contribute to the continuous growth of tourism. These processes have led to the creation and operation of the global tourism market in which exotic destinations become a reality. At the same time, globalization creates a lot of development opportunities. Thus, 1.4 billion people traveled in 2018 and 1.5 billion people traveled in 2019. Tourism revenue is $ 5800 billion in 2019, accounting for 6.7% of the world’s total GDP. Tourism globalization leads to cultural exchanges, social interaction, exposure to local cultural traditions. At the same time, this phenomenon, helped by the economic policies also changes the profile of the tourist. Today's tourists are increasingly turning to global destinations, which many of them book online; they expect the vacation to be as close as possible to the spirit of the place they are visiting; they want the services they contract to be as personalized as possible in order to accumulate new cultural information and more. The expansion and direction of global tourism has been analyzed based on data from the last 3 years, but also taking into account the current trend of tourist behavior. The question is what is the next direction of global tourism? What are tourists oriented to in the context of current tourism conditions? Following the data analysis, it can be stated that the new trend makes you think of the self-service process, only this time it refers to the online contracting of the desired tourist package, so that it satisfies the tourist's desires at an affordable price. Globalization of tourism leads at the same time to the orientation of tourism towards sharing economy.
Understanding the functionality of fiscal policies, as well as its fundamental role in economic balancing, these are important aspects in terms of protecting and developing the business environment with obvious effects on social life. This study delves into the heterogeneity of fiscal policies to create a delimiting framework for them. The two types of fiscal policies, the discretionary or deliberative fiscal policy and the fiscal policy that act as an automatic stabilizer, were debated and detailed. The characteristics of the two types of policies are offered the way of using government revenues and expenditures as fiscal instruments. Thus, deliberative fiscal policies use instruments in directions strictly defined by the government in the sense of economic expansion or coercion. In contrast, fiscal policies that act as an automatic stabilizer do not require government intervention, acting by increasing the number of payments in times of recession and reducing them in times of economic expansion. Automatic stabilizers operate on the basis of state regulations, although their nature, size and effect have not yet been well defined in the empirical literature. The overall picture obtained in this study by researching the types of fiscal policies has allowed us to understand their functionality and the effects they can produce in the economy.
Identifying the factors that determine the degree of competitiveness of a tourist destination implies a sustained effort on the part of the researchers considering the complexity of tourist phenomenon. The competitiveness of a tourist destination is given by the following features: natural and anthropic resources, specific and general infrastructure, the offer of tourist services, tourist destination management, adopted marketing policies, care towards the environment, the cooperation between authorities and private sector, marketing conditions. The main purpose of this paper is to provide a theoretical perspective regarding tourist competitiveness in the sense of presenting the different approaches of the concept in the last three decades as well as illustrating patterns of tourist competitiveness.
In this article, the author present some aspects regarding the energy transition in Romania that are currently facing barriers in the reform of his energy market. While the European Union aims, by the European Green Deal, to decarbonise the economy by 2050, the countries of the European Union are struggling with dysfunctional energy markets and a high dependence on fossil fuels and nuclear energy. European Union states have made national commitments to achieve long-term greenhouse gas neutrality and are now adopting national laws to achieve this objective. EU countries have approved the goal of achieving climate neutrality by 2050, in accordance with the Paris Agreement. Energy production and use account for more than 75% of the EU's greenhouse gas emissions. At EU level, the target for reducing GHG emissions was set at 40% by 2030 compared to 1990 levels, in addition to a target of 32% for renewable energy and a target of 32.5% for improving energy efficiency. The increase in the price of carbon dioxide emissions has led to the collapse of coal production, so that 15 states of the European Union have adopted national plans for the total elimination of coal by 2050. Only four states including Romania are beginning to adopt the plans their national coal disposal. Coal replacement plans provide for the use of clean energy from renewable sources and natural gas. But the European Union states are dependent on the imports of natural gas which leads to the focus on increasing energy obtained from renewable sources.
The economic-financial crime is based on three main pillars, namely the underground economy, corruption and money laundering. The underground economy has negative connotations that include a wide area of coverage. On the other hand, corruption undermines democratic governance and the rule of law, negatively affecting, along with money laundering, economic development, representing a major impediment to economic growth in any economy. In the following we will refer to theoretical approaches of the specialized literature regarding the main categories of determinants - economic, political and behavioral of the economic-financial crime. We aim to carry out a theoretical analysis of the factors that have the capacity to define the economic-financial crime, so that later we can continue the research by studying the real effects in the society of the phenomenon of the economic-financial crime. The studies in question will want to be established as a basis for understanding the phenomenon and we will propose concrete solutions to combat it, aiming at limiting it and the adverse effects in the economy and society. The use of the methodology of investigating the specialized literature, followed by the analysis and synthesis of the data, allowed us to group the determining factors of the economic-financial crime into three major categories, namely the economic, the political and the behavioral ones, aspects detailed in the article. If the economic factors can be somehow standardized for different types of economies, the political and the behavioral ones are characterized by certain particularities that manifest themselves differently, having a specific evolution according to a certain context. The purpose of identifying and classifying the determining factors is to increase the capacity to 'diagnose' the national economy, to better understand the phenomenon of economic-financial crime, so that later it can provide specialized technical support within the reach of the decision-makers in order to act as effectively as possible in combating it. In the hope of creating a foundation for the study and understanding the complexity and dynamism of the economic-financial crime phenomenon, the present article proposes to bring attention to the possible causes, without pretending to exhaust them, constituting a challenge for new studies in order to sensitize the institutions enabled in its fight to act proportional to its magnitude and complexity.
After the Allied victory in World War II, Europe was divided into two spheres of influence, according to geographical criteria. The Eastern Bloc, the area of influence of the Soviet Union, adopted the communist regime, promoted by Moscow. The communist regime has been replaced in all Eastern Bloc countries since 1989. Fourteen of these countries, no longer under Moscow's influence, have joined the North Atlantic Treaty Organization since 1999, the world's strongest military organization. These fourteen states represent three former members of the USSR, Estonia, Latvia and Lithuania, four former members of Yugoslavia, Croatia, Montenegro, Slovenia and Northern Macedonia, and seven other states, namely Albania, Bulgaria, the Czech Republic, Hungary, Poland, Romania and Slovakia. How has the allocation of defence resources in the fourteen NATO countries evolved since the fall of communism and the exit from Moscow's influence? We try to answer this question by studying the literature in the field of research and by processing the information provided by the Stockholm International Peace Research Institute. This study aims to analyse at the level of each country the differences in approach to defence spending from the adoption of the capitalist system, until obtaining the status of NATO member country. Also, this study analyses the evolution of defence spending after joining NATO, to see how the defence budget has been influenced by NATO membership. Special attention will be paid to Romania, the second among the fourteen countries in terms of army size and defence allocations, a country in which the anti-communist revolution has been more violent than in other states. Romania's accession to NATO in 2004 was one of the most important moments of the post-communist era, of equal strategic importance with the accession to the European Union. The Romanian military is respected within the Alliance due to its professionalism and dedication to the values promoted by NATO, currently participating in international missions in theatres of operations.
Financial performance is a major point of interest for both the internal and external environment of an economic entity. To be prosperous, attractive, efficient and promising development, a company must obtain a profit. In the conditions of a dynamic economic environment, assailed by many changes, maximizing profitability or the ability to make a profit as a measure of performance is the main objective of the activity of an economic entity. Profitability is one of the forms of expressing economic efficiency with summarizing the efforts made to obtain the expected results. Profitability rates measure the results obtained in relation to the activity of companies (commercial profitability) with economic means (economic profitability) or financial means (financial profitability).The main purpose of this research is to highlight the importance of profitability indicators in assessing financial performance. The research also aims to present the current state of knowledge, by calling for specialized bibliographic references, highlighting current concepts on the notion of profitability, outlining the importance of profitability indicators in the activity of measuring financial performance. In order to assess the efficiency of the activity of an economic entity, the research is based on an empirical study at a company in the pharmaceutical industry by determining rates of return based on information from the financial statements of the entity for the period 2009-2018. The research results show us that, in the activity of measuring financial performance, the profitability indicators show us the economic efficiency of the entire economic activity. Being essential in the conditions of a dynamic economic environment, assailed by numerous changes, profitability is the expression of any entity earnings, and obtaining the profit as a measure of profitability (income increase in relation to the reduction of costs) represents the main objective of the activity of an economic entity. Return on assets (ROA), return on equity (ROE) and return on sales (ROS) are some of the key indicators in assessing financial performance, indicators that must be used by stakeholders to substantiate decisions.
In the entrepreneurial environment of the 21st century, changes are taking place constantly. Business performance benchmarks are changing and competition is more pronounced. The current economic conditions and fierce competition that prevail today, are forcing companies to look for new ways to reduce costs and increase profitability. If a company expects to survive and grow, it needs constant creativity to differentiate, add value, and create a competitive edge. Therefore, to thrive and excel, business organizations need continuous innovation, rapid response, and creative human talent. This paper presents an essential aspect of entrepreneurship in the 21st century, the importance of innovation and creativity, and the role they play in the global entrepreneurial context. Introduces the entrepreneurial environment and discusses the evolution of entrepreneurship as a science from the earliest period until the present. Using a methodology based on a critical research method, the results briefly describes the importance of innovation and creativity in today's global entrepreneurship, the importance of knowing the difference between creativity and innovation, and the advantages it has over entrepreneurship all over the globe. The aim of the article is to emphasize the connection between creativity and innovation, as well as the strategy to encourage creativity and innovations among entrepreneurs in today's competitive business environment, as long as creativity generates new ideas and innovation materializes them. The globalization topic summarizes the evaluation of entrepreneurial opportunities and explains the objectives involved in global entrepreneurship.
The coronavirus pandemic, erupted in 2019, re-emphasized the importance of dealing with risk and uncertainty. In addition to difficulties caused in public and health sectors, the negative consequences of COVID-19 outbreak are more and more obvious also in economy. The rapidly spread of virus from China to Europe and U.S., seriously tests the countries’ ability to deal with such an unexpected situations, both health-wise and economically. As the same time, measures adopted by governments like travel restrictions have further amplify the difficulties in some aspects. In response to growing uncertainty, individuals have suddenly changed their consumer behaviour, manifested in excessive food purchases which caused certain food products shortage. Companies have restrained production and spending. Some categories of services are particularly affected, restaurants and hotel units temporarily fully suspended their activities. There are also serious transport restrictions, airlines cancelled several flights. The news of the outbreak of the novel coronavirus, the rapid spread worldwide, and the measures taken by governments, the panic reactions of individuals and companies, negatively impact the economic and financial stability. The negative effects caused by the coronavirus affect relatively quickly the financial markets, which show terrible volatilities. On March 18, 2020, the stock market prices declined more than 30% compared to the peak price value of recent years, which can be considered significant. Since the outbreak of the coronavirus pandemic, several articles deals with the impact of virus-induced uncertainty on volatility. The results related studies highlights the correlation between COVID-19 cases, deaths and different stock indices price volatility. Based on these, the aim of this article is to examine the relationship between the main stock indices, namely BUX and BET of two neighbouring countries in Central and Eastern Europe (Romania and Hungary) and the COVID-19 cases in European Union. In order to investigate this relationship we used simple linear regression. The results show that in both countries’ stock indices case there is medium-strong correlation between BUX (R=0,6651), BET (R=0,6001) and COVID-19 European Union’s cases. By investigation of stock indices changes in the analysed period we can conclude that the time of reaction of stock markets and the intensity of stock prices changes is quite different in case of BUX (36,27%) and BET (31,12%).
IFRS 9, standard focusing on the accounting for financial instruments, once implemented, led to significant improvements in the world of accounting. The transition from the old standard (IAS 39) in order to apply IFRS 9 has been a major challenge for the bank system, due the fact that the new standard involves other criteria for classifying and measuring the financial instruments. A novelty brought by this standard and presented in the article refers to the introduction of Expected Credit Loss, another approach for recognizing credit losses. This new approch must be applied by institutions according with the three stages provided by IFRS 9. IFRS 9 has a strong impact on risk management and the banking business model. In addition to IFRS 9, Basel III, also, have a major importance in the activity carried out in the banking sector. Basel framework is applied on a consolidated basis to all internationally active banks, being the best way to preserve the integrity of capital in subsidiary banks by eliminating double-gearing. Basel III was created to strengthen the requirements included in the Basel II standard on minimum capital ratios of banks by increasing bank liquidity and reducing bank leverage. The main objective pursued by the Basel III agreement is to strengthen the security of the banking sector. At the level of the European Union an important role in the application of the new framework is played by the European Banking Authority. The paper aims to present, through a deductive approach, the new Expected Credit Loss modell and to describe the interaction between accounting standards and supervisory expectations, namely the interaction between IFRS 9 and the three pillars of the Basel III regulation: the minimum regulatory capital requirements (Pillar 1), supervisory review and evaluations process (Pillar 2) and market discipline (Pillar 3). The last part of this article is focused on impairment models and financial stability, treated in the light of the new accounting standard.
Tier 1 capital ranking represents an important instrument that measures a bank’s financial strength and efficiency and The Banker Database, a service provided by The Financial Times it is an important source of data and analysis for the banking sector. Under these circumstances, the objective of the article is to examine the financial and non-financial indicators that might have an impact on the Tier 1 capital ranking banks from Central and Eastern Europe. The research starts with a brief theoretical review of the indicators that influence the financial performance of the banks, the profitability, efficiency and the capital structure. The empirical research was conducted on the first 200 banks from Tier 1 capital ranking and the data was collected from The Banker Database, in the period 2015 - 2018. The banks included in analysis were from 23 countries with a total of 800 observations. The empirical research consists in a qualitative and a quantitative analysis of the banks, with focus on their structure, characteristics and their financial indicators. Using a panel data econometric model, the study highlighted the correlations between the financial and non-financial indicators and the rank of the banks. The researched results revealed that the highest number of the top banks were from Russia (57 banks), Poland (17 banks), Bulgaria (12 banks) and Romania (12 banks). The econometric analysis highlighted that the dependent variable had a positive correlation with Return on Asset (ROA), Total Liabilities to Total Assets (LTA), Loans to Assets Ratio (LTA) and Risk-Weighted Assets Density (RWA). A negative correlation was found with the number of employees and Return on Equity (ROE). The results obtained are in correlation with the recent studies in the field, a bank with smaller liabilities and higher revenues is more efficient and has a higher position in the Tier 1 capital ranking.
This article presents a short foray into the scientific specialized literature on public utility services in Romania, and in particular, the utility services in the field of water supply and sewerage network. It is essential to satisfy the requirements and the needs of the client in the field of public utility services, the performance in this field being the only feasible option to ensure the quality of the services safety and accessibility, the equal treatment of the users, the continuity of the activity and last, but not least, the adaptability and the flexibility regarding the requirements. Through the performed research, by using the Keynesian model applied to the financial data reported by the local water supply operator, aimed to obtain an insight into the evolution of revenue and expenditure, as well as the effect of increased investment. These elements express the relationship between resources and results, and their balance is based on a Keynesian model in a closed economy. By applying the Keynesian model, we have concluded that the evolution of revenue and expenditure is influenced by a number of factors which can lead to a decrease in expenditure, but although that, the revenues increase from year to year. The Keynesian model applied in the economy of public utility services, involves in its structure variables such as investments, and by applying the investment multiplier consumption remains the economic phenomenon that dominates the water supply economy. However, an increase in consumption has the ultimate effect of obtaining a profit for the operator, which will in the future be its own source of financing for investments in the water supply and sewerage system. Thus the orientation towards consumption becomes beneficial both in terms of satisfaction of end-users and from the point of view of the operator, in terms of revenue growth and the analysis of the. Even if capital goods do not directly meet the needs of end-users, they lead to the development of public utilities and its specific infrastructure, and to the fulfilment of the eligibility conditions imposed by the European Union's financing programmers. Expansion investments in water and sewerage services have the direct effect of increasing the number of users, as well as increasing the number of employees of the operator.
Urban and rural life have traditionally been interpreted in opposition to each other. This perspective is based on the fact that urban and rural areas are home to different types of people who lead a different way of life, and in general, the characteristics of their lives show significant differences. Consequently, it can be clearly seen that the classical urban-rural division has become fundamentally obsolete nowadays, the functions are mixed, it is becoming less and less possible to meet a purely urban or purely rural way of life. With the appearance of new social classes, services for the needs of the middle class or the upper middle class will also be introduced in these settlements. In practice, this means that, regardless of the size and location of the settlement, different services can be provided if there is a realistic solvent demand for them in a given community. This also well predicts the development potential of rural settlements, as it turns out that the composition, needs and financial opportunities of inhabitants also have an impact. However, the effect outlined above is bidirectional, i.e. it also works in the opposite direction to that outlined. The fact that urban areas typically have better economic, labor market and public service situation than villages can definitely be characterised as an advantage of urban life. Companies capable of producing high added value typically settle in cities, which is partly explained by the fact that these settlements have a complex, multi-level education system that is able to serve the needs of employers more efficiently and effectively. The presence of better jobs generally also allows for the availability of higher average incomes, which acts as a strong motivator for initiating both external and internal migration. The disadvantages of cities are crowdedness, alienation and poor air quality. In the case of rural settlements and villages, several advantageous features can be mentioned, including the much more reasonable settlement size, community cohesion, and generally better environmental conditions. Greater personal space can also be tempting for many. The negative characteristics, however, are the weak local economy, the lack of jobs and, in general, the lack of opportunities.
The general aim of the research was to explore the main indicators of the dairy sector in Hungary, and then define and systematize their efficiency and the factors relevant concerning dairy farms. Moreover, the objective is to introduce the most commonly used methods for measuring technical efficiency, which can explore hidden reserves within the dairy sector. To achieve the research objective, first the main indicators of the industry will be introduced, which will be explained in the first part of the literature section. The Hungarian dairy sector production trends and indicators where mainly came from FAOSTAT, EUROSTAT, KSH (Hungarian Central Statistical Office) and AKI (Research Institute of Agricultural Economics) databases. For my assessment, I will use the most reliable and comprehensive domestic agricultural economics database, the AKI- FADN (Farm Accountancy Data Network) database. In accordance with my objective, based on the database, a representative sample was selected in my analyses to represent the national dairy sector. More than 6800 data points were analysed in the different DEA models, which includes data from about more than 950 dairy farms in Hungary. Based on the secondary database (FADN), I created a technical efficiency inputs in four main economic areas (current assets, fix assets, human resources and livestock) which were characterized by using dairy farms efficiency differences of different size, year and regional categories. The model input variables comes from Hungarian FADN database. I confirmed that the used efficiency methods for measuring complex efficiency level were higher in my sample in the case of the large-sized farms than for small and medium-sized farms. The average technical efficiency of the Hungarian dairy sector during the examined 10 years was 64.6%, which means that the farmers can scale down their inputs with 35.4%, without changing the level of output (efficiency reserve). Large and small farms regarding the livestock number are more efficient (93.3%) than the medium sized farms (83.0%) and the small sizes farms (65.8%) maybe, because the medium and small farms are mixed profile farms.
Recently more companies focus on developing and implementing socially responsible strategies and policies to reduce the negative impacts on society, economy, and environment. The oil and gas industry is one of the most harmful industry on the environment. Therefore, we decided to study some of the companies operating in this industry in the United Kingdom, where the extraction of petroleum and natural gas is significant for the economy. Lately, more of these companies try to promote their activities as sustainable and as environmentally friendly as possible. Oil and gas companies started to report annually their sustainability performance and their actions in managing climate, environmental, and social impacts as well as the opportunities for undertaking sustainable actions. Moreover, they seem to pay more attention to human resource policies, promoting an inclusive culture, with no differences in gender, ethnicity, or disabilities. Nowadays, based on gender quotas within board members, the corporate performance faced some downturns, as companies seem to appoint the wrong board members to conform to the countries regulations or recommendations: increase the number of women in the board for quota-setting for women in leadership roles. Our analysis is focused on financial data (ROA, profit margin, taxes paid) as well as on information available in the annual reports and sustainability reports (Greenhouse Gas Emissions - CO2 Equivalent, number of male and female board members) of six companies. The database overviews the period 2006-2014. The descriptive analysis highlights a decreased trend of corporate performance along with the compositions of the board in oil and gas companies operating in the UK and a reduced level of gas emissions. Based on the regression models employed we underlined the importance that variables related to sustainable practices have on profitability. According to the main results, in terms of governance, oil and gas companies register higher performance when their boards have fewer members. In terms of gas emissions, lower levels would increase performance, although in our case the companies still impact the environment with high levels of GHC emissions. Finally, in terms of taxation, these companies have the potential to develop a country, as these taxes can cover important public expenditures.
Starting from the main challenges and growth opportunities of Romania, and also considering the actual context of the social and economic developments, the aim of the paper is to analyse in terms of the research opportunities, the core activities that can be applied in Romania, in order to increase and support sustainable and favourable social inclusion. The analysis will be based on the National plan and the National strategy of the research, development and innovation projects that will also include sets of objectives that have close links for forecasting the results -of the national RDI system. At the same time, this program is supported by the state, which emphasizes the importance of the correct organization of funds in order to create activities necessary for the wellbeing of the society. Therefore, this work will also analyze the strategic orientation of the European Structural and Investment Funds for the period 2014-2020, learning from the lessons of the programming period between 2007-2013, in order to find out the answer to the research question: What are the main sectors in Romania where research development, and innovation projects would be needed as a priority? Following the qualitative analysis carried out by observation and comparison methods, it has been found that there are thirteen main areas that require the priority attention of the research, development, innovation programs, which are divided into two categories: smart specialization and public relevance. First, the field of smart specialization includes: bio-economy; information and communication technology, space and security; energy, environment and climate change; eco-nano-technologies and advanced materials. Secondly, the category of public relevance includes: the field of health; heritage and cultural identity and new and emerging technologies. Consequently, all of the above mentioned aspects are not possible without the stimulation of research and technological innovation programmes. Also through the correct application of the involution processes, using creativity and development-based entrepreneurship, it will be possible to train the population to generate credible program models, eventually this process becoming a lifestyle that will encourage the culture of innovation. Therefore, the purpose of RDI programs is to provide members of the global scientific community with an attractive development environment, involving both young researchers and top researchers from around the world.
