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THE CORPORATE SOCIAL RESPONSIBILITY OF THE ROMANIAN BANKING SYSTEM

Vasile Dinu, Mariana Bunea

In the 1970s, Milton Friedman has claimed that: “the only social responsibility of a company is the use of its resources together with the engagement in businesses that are meant to increase the profits, maintaining the rules of the game. This means to engage into an open and free competition, without any abuse or fraud.” And this is how, starting from the 70s, the “rules of the game” were known in business and the responsibility that triggers the community, a responsibility that the companies fully acknowledge and embrace. The corporate social responsibility (CSR) deals with strategies used by companies to develop their business in an ethical way, to respect the relation with the other members of the society. CSR can involve a range of partnerships with the local communities, investments with a real social impact of the corporations (education, art, and environmental protection), the development of the relations of the companies with the clients, employees and their families.
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FACTORS DETERMINING PROFITABILITY OF SMALL AND MEDIUM ENTERPRISES IN SELECTED INDUSTRY OF MECHANICAL ENGINEERING IN THE SLOVAK REPUBLIC – THE EMPIRICAL STUDY

Ľubica Lesáková, Andrea Ondrušová, Miroslava Vinczeová

Mechanical engineering belongs to the key industries in Slovakia. In terms of achieved sales and the rate of employment, it ranks among the largest manufacturing industries. The industry currently employs 12 per cent of the population and accounts for up to 42 per cent of total output of the Slovak Republic. Many of the enterprises operating in this industry are small or mediumsized. This industry apparently plays an essential role in the global economy, it is a source of entrepreneurship, innovations and new jobs. These are some of the reasons for which SMEs´ profitability and ways of its improvement should draw particular attention. It is therefore obvious that the issues of the financial analysis in SMEs are receiving constant attention. Since SMEs are the backbone of the Slovak economy and mechanical engineering is one of its key industries, our intention in this article is to focus attention on profitability and factors influencing it in SMEs active in the mechanical engineering industry.
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IS ENTERPRISE RISK MANAGEMENT A VALUE ADDED ACTIVITY?

Mojca Marc, Danijela Miloš Sprčić, Marina Mešin Žagar

Severe consequences of the global financial crisis resulted in re-thinking the risk management processes and approaches. OECD (2009), BIS (2008), FSA (2008) and IIF (2007) suggested that corporate risks should be “high on the agenda” of every organization, highlighting the need for a comprehensive (enterprise-wide) risk management framework. What has been realized in the aftermath of the global financial crisis is that a failure to transmit information about risk exposures can be attributed to the traditional silo-based risk management (TRM) (OECD, 2009).
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Environmental Performance And Responsible Corporate Governance: An Empirical Note

Voicu D. Dragomir

Incorporating eco-sustainability criteria into the corporate agenda means assigning the natural environment such attributes as power, legitimacy, urgency and proximity. The complexity and interconnectedness of global ecosystems make it difficult for managers to determine specific impacts on these systems; but that is only an excuse for trivial sustainability reporting and dubious triple-bottom-line assessments. And it is the very relationship between accountability in the form of disclosure and ‘shareholder value’ that has kept the business-case controversy alive.
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Valuation of the Company in Financial Distress

Milan Hrdý, Bohuslav Šimek

The valuation of the company in financial distress is a specific area of valuation, which has not been comprehensively analyzed yet. The question of the valuation of companies in time of crisis is partly mentioned in some specialized literature which centers upon the integration of problems of risks and uncertainty into activities concerning the investment decision and the valuation of companies. This integration is possible to carry out by adjusting the cash flows or the discounting rate.
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