Mihaela Tofan • Angela Roman • Irina Bilan (editors) EUFIRE 2017

525 Pages·2017·3.74 MB·English

Mihaela Tofan  Angela Roman  Irina Bilan
(editors)

EUFIRE 2017
____________________________________

The Proceedings of the International Conference
on European Financial Regulation
“With the support of the Erasmus+ Programme of the European Union”

„This project has been funded with support from the European Commission. This
publication reflects the views only of the authors, and the Commission cannot be held
responsible for any use which may be made of the information contained therein.”

This volume is the result of the project Jean Monnet CHAIR European Financial
Regulation, reference no. 574702-EPP-1-2016-1-RO-EPPJMO-CHAIR, supported by
the Erasmus+ Programme of the European Union, and reunites a selection of the papers
presented at the International Conference „European Financial Regulation - EUFIRE
2017” organized at Alexandru Ioan Cuza University of Iasi, Faculty of Economics and
Business Administration, in May 2017.

The papers published in Proceedings are exclusively engaging authors. The publisher
and editors are not responsible for their content or for language proficiency.

Scientific advisor:
Professor Ph.D., Dan Drosu Șaguna, University of Bucharest, Romania
Professor Ph.D., Radu Bufan, West University of Timișoara, Romania

Redactor: Marius-Nicușor Grigore
Cover: Manuela Oboroceanu

ISBN: 978-606-714-383-6

© Editura Universităţii „Alexandru Ioan Cuza”, 2017
700109 – Iaşi, str. Pinului, nr. 1A, tel./fax: [phone]
http://www.editura.uaic.ro e-mail: [email protected]
Mihaela Tofan  Angela Roman  Irina Bilan
(editors)

EUFIRE 2017
____________________________________

The Proceedings of the International Conference
on European Financial Regulation

EDITURA UNIVERSITĂŢII „ALEXANDRU IOAN CUZA” IAŞI
2017
Mihaela TOFAN (born 1976, Iaşi) is associate professor at “Alexandru Ioan Cuza” University of
Iasi, Faculty of Economics and Business Administration, Department of Finance, Money and
Public Administration. She graduated the Faculty of Law, “Alexandru Ioan Cuza” University of
Iasi (1999), and holds a PhD degree in legal sciences from the Faculty of Law, University of
Bucharest (2008).
She is the holder of the Jean Monnet Chair European Financial Regulation, professor Jean Monnet
and member of the Center of Excellence in European Studies, at “Alexandru Ioan Cuza”
University of Iasi, ERASMUS professor at the University of Perugia, Italy (2010), Arel University
Istanbul, Turkey (2012), University Ca'Foscari, Venice - Italy, CDA College Larnaca - Cyprus
(2016), and guest professor at Kiev Mohyla University, Ukraine (2012), Coimbra University,
Portugal (2015) and Bifrost University- Iceland (2016). She is author or coauthor of 11 volumes
and numerous papers indexed in international databases. She attended and presented papers at
more than 50 academic events (national and international conferences).
Angela ROMAN (born 1968, Mureş), a graduate of the Faculty of Economic Sciences,
“Alexandru Ioan Cuza” University of Iasi, currently is associate professor, PhD at the same
university, Faculty of Economics and Business Administration, Department of Finance, Money
and Public Administration.
She completed documentation visits at universities such as IUT Sceaux-Paris, France (1992),
Baleare University, Palma de Mallorca, Spain (1992), Paris-Dauphine University, France (2002),
perfected her professional training through participation at “Academica NBR” Forum (2012-
2014), and attended “Trainer” (2012) and “Didactician” (2012) courses. She is the author or
coauthor of over 16 books/ volumes and numerous papers indexed in international databases. She
participated in more than 120 scientific events held in Romania and abroad.
Irina BILAN (born 1980, Iași) gaduated the courses of the Faculty of Economics and Business
Administration, section “Finance and Insurance”, “Alexandru Ioan Cuza” University of Iasi.
Currently she holds a lecturer position at the Department of Finance, Money and Public
Administration, within the same faculty. She performed research and documentaton visits at Paris
Dauphine University (France, 2010) and the University of Poitiers (France, 2015), and taught
within the Erasmus programme at Universitat degli Studi di Perugia, Italy (2014), Istanbul Arel
University, Turkey (2015), M. Auezov South Kazakhstan State University, Kazakhstan (2016),
Artevelde University College Gent, Belgium (2016), Universidad de Zaragoza, Spain (2017) and
Université Hassan II, Morocco (2017). She attended training programs on the subject of
“Management of tertiary activities” (2011), “SAP, ERP and School Management” (2011-2012)
and “Didactics of teaching humanities” (2012). She published as an author or coauthor a book,
several book chapters, and more than 70 papers in journals indexed in international databases or
volumes of national and international conferences.

Descrierea CIP a Bibliotecii Naţionale a României
INTERNATIONAL CONFERENCE ON EUROPEAN FINANCIAL REGULATION
(2017; Iaşi)
EUFIRE 2017: the proceedings of the International Conference on European
Financial Regulation: Iaşi, 2017 / editors: Mihaela Tofan, Angela Roman, Irina Bilan. -
Iaşi: Editura Universităţii „Al. I. Cuza”, 2017
Conţine bibliografie
ISBN 978-606-714-383-6
I. Tofan, Mihaela (ed.)
II. Roman, Angela (ed.)
III. Bilan, Irina (ed.)
336
TABLE OF CONTENTS
SCIENTIFIC COMMITTEE ............................................................................................. 9
LIST OF REVIEWERS ................................................................................................... 10
SECTION 1.
EU FINANCIAL REGULATION AND FINANCIAL STABILITY
Otilia-Roxana OPREA,
FINANCIAL INTEGRATION AND FINANCIAL CONTAGION.
A PROBLEM FOR FINANCIAL STABILITY? ................................................. 13
Dan ARMEANU, Carmen Emilia PASCAL,
THE IMPACT OF POLITICAL AND SOCIAL EVENTS
ON THE STABILITY OF THE EU CAPITAL MARKETS ............................... 28
Irina BILAN,
FISCAL CONSOLIDATION AS ALTERNATIVE PUBLIC DEBT
REDUCTION STRATEGY IN THE EU MEMBER STATES ........................... 40
Anca Florentina GAVRILUŢĂ (VATAMANU), Mihaela ONOFREI, Elena CIGU,
BUDGET RESPONSIBILITY AND FISCAL DISCIPLINE
IN LOCAL DEBT MANAGEMENT .................................................................. 53
Florin-Alexandru MACSIM, Florin OPREA,
FISCAL DISCIPLINE AND ECONOMIC GROWTH:
A CONTROVERSIAL RELATIONSHIP ........................................................... 64
SECTION 2.
EU FINANCIAL AND BANKING REGULATION
Amine Mohammed EL BOUAZZI, Nabil Amine BOUAYAD, Khalid ROUGGANI,
ANALYSIS OF THE PERFORMANCE OF MOROCCAN BUSINESS
THROUGH THE SUMMARY STATEMENTS ................................................. 79
Costin Andrei ISTRATE,
INSURANCE CONTRACTS UNDER IFRS - EVOLUTION AND
PERSPECTIVES.................................................................................................. 91
Mariana VLAD,
THE ROLE OF THE REGULATIONS FOR ENSURING OF AN
ADEQUATE TRANSPARENCY LEVEL FOR RISK MANAGEMENT ....... 107
Marius George TAŞCĂ,
THE NEW BANKING MODEL – BETWEEN INTERNET BANKING
ERA AND STRICTLY REGULATORY/LEGAL FRAMES ........................... 116
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Luca POLIDORO,
MIFID II KEY REFORMS, OPPORTUNITIES AND LIMITATIONS:
FROM A COMPLIANCE TO A BUSINESS CHALLENGE ........................... 123
Constantin-Marius APOSTOAIE,
THE SHADOW BANKING SECTOR IN ROMANIA ..................................... 141
SECTION 3.
EU FINANCIAL REGULATION AND ADMINISTRATIVE AREA
Natalia ZAMFIR,
THE SYSTEM FOR TRADING GREENHOUSE GAS EMISSIONS
CAN REDUCE ENVIRONMENTAL IMPACT IN
A TRANSBOUNDARY CONTEXT ................................................................. 165
Olesea PLOTNIC, Ana ILANA,
LIABILITY OF THE MANAGEMENT BODIES OF THE DEBTOR
INSOLVABILITY ............................................................................................. 174
Ana Iolanda VODĂ, Ana-Maria BERCU,
LABOR RELATIONS EFFICIENCY IN CENTRAL AND EASTERN
EUROPE ............................................................................................................ 184
Rodica CRUDU,
THE ROLE OF INNOVATION AND CREATIVITY IN SHAPING
THE FUTURE OF EU ....................................................................................... 202
Violeta COJOCARU,
COMPATIBILITY OF THE HEAD OFFICE THEORY WITH THE
EUROPEAN UNION LAW ............................................................................... 215
Liliana Nicoleta SIMIONESCU, Ştefan Cristian GHERGHINA,
THE IMPACT OF BOARD GENDER DIVERSITY ON CORPORATE
SOCIAL RESPONSIBILITY: PANEL DATA EVIDENCE FOR LISTED
COMPANIES IN ROMANIA ........................................................................... 229
Dragos RĂDULESCU,
DISCRIMINATION IN TERMS OF REMUNERATIONS.
THE PRINCIPLE OF EQUAL REMUNERATION IN ROMANIAN LAW ... 247
Sandra GRĂDINARU,
THE HOLDER OF THE RIGHT TO RECOVER THE "POLLUTION TAX"
AFTER THE SALE OF THE VEHICLE ........................................................... 258
Elena CIGU, Mihaela ONOFREI,
SIGNIFICANT CHANGES IN THE LEGAL RULES PERSPECTIVE
ON FISCAL DECENTRALIZATION IN ROMANIA ..................................... 263
Valentina Diana RUSU, Angela ROMAN,
MICROECONOMIC DETERMINANTS OF FIRM INDEBTEDNESS.
EMPIRICAL EVIDENCE FROM ROMANIA ................................................. 276
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Ruxandra CIULU, Carmen Claudia ARUSTEI, Andreea APETREI,
HUMAN RESOURCE MANAGEMENT IN ROMANIA:
STRATEGIC OR UTOPIA? .............................................................................. 286
Ruxandra CIULU, Lavinia IOSUB,
EMPLOYER BRANDING: MATCH MAKER OR BREAKER FOR IT
COMPANIES IN ROMANIA? .......................................................................... 307
Silvia Lucia CRISTEA,
NEW APPROACHES TO COMPARISON OF LEASE CONTRACT WITH
OTHERS CONTRACTS.................................................................................... 319
Georgeta VINTILĂ, Elena Alexandra NENU,
AN ANALYSIS REGARDING THE LEVEL AND THE DETERMINANTS
OF LEVERAGE – EMPIRICAL STUDY ON THE ROMANIAN MARKET ... 327
Valentin AŞEVSCHI, Aurelia CRIVOI, Aliona LISII,
ACTUAL AND FUTURE ECONOMIC, SOCIAL AND ECOLOGIC
PROBLEMS OF HUMANITY IN THE CONTEXT OF SUSTAINABLE
DEVELOPMENT: ACHIEVEMENTS AND PERSPECTIVES ....................... 344
Carmen SĂVULESCU, Corina-Georgiana ANTONOVICI,
STATE-OF-THE-ART OF PUBLIC INNOVATION
IN A CHALLENGING EUROPEAN UNION .................................................. 353
SECTION 4.
EU PUBLIC SPENDING AND CONTROL
Ada-Iuliana POPESCU,
AN ANALYSIS OF THE 2014 EU PUBLIC PROCUREMENT
DIRECTIVES: NEW DIRECTIONS FOR EFFICIENCY AND CONTROL ... 367
Dan LUPU,
PUBLIC SPENDING EFFICIENCY IN EAST EUROPEAN COUNTRIES ... 375
Simona GHERGHINA,
THE GAME OF PRINCIPLES: COMPETITION AND FUNDS’
EFFICIENCY IN THE AWARD OF CONTRACTS BELOW THE
PROCUREMENT THRESHOLD ..................................................................... 388
Mariana VLAD,
THE IMPACT OF THE EUROPEAN DIRECTIVES
ON THE ROMANIAN REPORTING CREDIT INSTITUTIONS .................... 399
Adelina DUMITRESCU – PECULEA, Oana CHIRICA,
MODERN TENDENCIES IN EDUCATIONAL BUDGETING -
CASE STUDY IN VARIOUS EU COUNTRIES .............................................. 406
Victoria GONCHAROVA, Olesia GOLYNSKA,
DYNAMICS OF BUDGET DECENTRALIZATION REFORM IN
UKRAINE .......................................................................................................... 420
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Dragoș Ovidiu TOFAN,
EUROPEAN OPPORTUNITIES TO IMPLEMENT BUSINESS
INTELLIGENCE BENEFITS IN THE FINANCIAL AUDIT .......................... 426
SECTION 5.
EU TAX LAW
Cosmin Flavius COSTAŞ,
SPEEDING DIFFERENTLY. OUTCOME OF THE EUROPEAN CCCTB
PROJECT ........................................................................................................... 437
Ciprian Adrian PĂUN,
ROMANIAN TAX RULES IN NON TAX AGREEMENTS ........................... 443
Sandra GRĂDINARU,
THE COMPETENCE OF THE ANTI-FRAUD DEPARTMENT TO
ADMINISTER EVIDENCE DURING CRIMINAL PROCEEDINGS ............. 460
Costel ISTRATE,
ON THE EVOLUTION OF THE ROMANIAN ACCOUNTING RULES
FOR LEASING CONTRACTS ......................................................................... 466
Ionela-Corina CHERSAN,
STATUTORY AUDIT IN EUROPE – STATE OF THE ART,
CHALLENGES, AND TRENDS ...................................................................... 481
Mykola MYKOLAICHUK,
TAX ON PROPERTY: EU EXPERIENCE AND OBJECTIVES
FOR UKRAINE ................................................................................................. 492
Emil BĂLAN, Marilena ENE,
THE IMPACT OF THE PROPOSED DIRECTIVE FOR A COMMON
CONSOLIDATED CORPORATE TAX BASE (CCCTB) IN ROMANIA
FROM LEGAL PERSPECTIVE ....................................................................... 500
Mihaela TOFAN,
THE VAT DEDUCTIBILITY AND THE PREVALENCE
OF SUBSTANCE OVER FORM. RELEVANT EU CASE-LAW .................... 508 
Mihai-Bogdan PETRIȘOR,
TAX EVASION IN ROMANIA ........................................................................ 521 

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SCIENTIFIC COMMITTEE
PRESIDENT:
 Mihaela ONOFREI, “Alexandru Ioan Cuza” University of Iași, Romania

MEMBERS:
 Alin-Marius ANDRIEȘ, “Alexandru Ioan Cuza” University of Iași, Romania
 Ana-Maria BERCU, “Alexandru Ioan Cuza” University of Iași, Romania
 Radu BUFAN, West University, Timișoara, Romania
 Daniel DEAK, Corvinus University, Budapest, Hungary
 Dan DROSU ȘAGUNA, University of Bucharest, Romania
 Simona GHERGHINA, University of Bucharest, Romania
 Bogdan NEGREA, Bucharest University of Economic Studies, Romania
 Luca POLIDORO, Sapienza University of Rome, Italy
 Angela ROMAN, “Alexandru Ioan Cuza” University of Iași, Romania
 Jarmila ŠEBESTOVÁ, Silesian University in Opava, Czech Republic
 Mihaela TOFAN, “Alexandru Ioan Cuza” University of Iași, Romania
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LIST OF REVIEWERS
 Alin-Marius ANDRIEȘ, “Alexandru Ioan Cuza” University of Iași,
Romania
 Sorin-Gabriel ANTON, “Alexandru Ioan Cuza” University of Iași, Romania
 Ana-Maria BERCU, “Alexandru Ioan Cuza” University of Iași, Romania
 Irina BILAN, “Alexandru Ioan Cuza” University of Iași, Romania
 Radu BUFAN, West University, Timișoara, Romania
 Bogdan CĂPRARU, “Alexandru Ioan Cuza” University of Iași, Romania
 Elena CIGU, “Alexandru Ioan Cuza” University of Iași, Romania
 Ioana COSTEA, “Alexandru Ioan Cuza” University of Iași, Romania
 Daniel DEAK, Corvinus University, Budapest, Hungary
 Dan DROSU ȘAGUNA, University of Bucharest, Romania
 Bogdan FÎRȚESCU, “Alexandru Ioan Cuza” University of Iași, Romania
 Simona GHERGHINA, University of Bucharest, Romania
 Sandra GRĂDINARU, “Alexandru Ioan Cuza” University of Iași, Romania
 Iulian IHNATOV, “Alexandru Ioan Cuza” University of Iași, Romania
 Salah KOUBAA, Hassan II University of Casablanca, Morocco
 Dan LUPU, “Alexandru Ioan Cuza” University of Iași, Romania
 Bogdan NEGREA, Bucharest University of Economic Studies, Romania
 Florin OPREA, “Alexandru Ioan Cuza” University of Iași, Romania
 Mihai-Bogdan PETRIŞOR, “Alexandru Ioan Cuza” University of Iași,
Romania
 Luca POLIDORO, Sapienza University of Rome, Italy
 Ada-Iuliana POPESCU, “Alexandru Ioan Cuza” University of Iași, Romania
 Angela ROMAN, “Alexandru Ioan Cuza” University of Iași, Romania
 Jarmila ŠEBESTOVÁ, Silesian University in Opava, Czech Republic
 Mihaela TOFAN, “Alexandru Ioan Cuza” University of Iași, Romania
 Bogdan-Gabriel ZUGRAVU, “Alexandru Ioan Cuza” University of Iași,
Romania

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