RESEARCH CONTRIBUTIONS ON ECONOMICS OF ENTREPRENEURSHIP AND ECONOMICS OF BUSINESS DEVELOPMENT Prof. Daniel(Lauren țiu BĂDULESCU, Ph.D. My… [600283]

HABILITATION THESIS
RESEARCH CONTRIBUTIONS ON ECONOMICS OF ENTREPRENEURSHIP AND ECONOMICS OF BUSINESS DEVELOPMENT
Prof. Daniel(Lauren țiu BĂDULESCU, Ph.D.

My Habilitation Thesis is structured in three parts.
•The first part of the thesis presents the research directions and ma in
achievements and scientific contributions during the 8 years since I have Outline
achievements and scientific contributions during the 8 years since I have
earned the Doctor degree in Economics
•The second part of my thesis includes a presentation of the futuredirections and research themes I will consider. They also represent th e
continuation and deepening of research already undertaken
•The last part of the thesis reviews the references I have used, inc luding
my own publications and contributions on the research topics addres sed
in the habilitation thesis (i.e. books, journal articles, conf erence papers
etc.).

Outline
□Scientific, professional and academic achievements
□Economics of entrepreneurship: characteristics, diversity, specificities in tourism sector
□Entrepreneurship education and
entrepreneurial attitudes in □Career development plan. Main research directions for the future
□Entrepreneurship and diversity. Entrepreneurial education on focus
□SMEs : obstacles and difficulties
entrepreneurial attitudes in
higher education institutions: empirical researches on Romanian master and doctoral students
□Economics of business development and financing: entreprises issues
□Economics of cross2border cooperation in tourism and services sector . The case of Bihor – Hajdu2Bihar Euroregion □SMEs : obstacles and difficulties
concerning the access to credit and other business issues
□References

Part I. Scientific, professional and academic achievements
¤My researches in the period of eight years passed since ob taining the PhD in Economics
(title obtained in January 2007) were directed towards sev eral directions, inter2
corelated and converging towards the field of Economics, sub(field of Business
Economics.
¤Each of these topics of research have resulted in books aut hored, coauthored or edited,
in articles and papers published in journals indexed in int ernational scientific databases
or in volumes of proceedings of international conferenc es that I attended.
¤In the following, I will present my research directions a nd results, grouped as follows:
/box5Economics of entrepreneurship: characteristics, diversity, spec ificities in tourism sector
/box5Entrepreneurship education and entrepreuneurial atitudes in higher ed ucation institutions: empirical
researches on Romanian master and doctoral students
/box5Economics of business development and entreprises issues Dezvoltarea af acerilor și problemele
întreprinderilor + Business financing from supply side and demand side perspective
/box5Local and regional cooperation in tourism and services sector
¤The researches carried on these directions have resulted since now in almost 100
publications. Their complete lis tis presented in the last section of the habilitation thesis.
¤In the same time, regarding my didactic activities, I have taught – on bachelor and
master degree – lectures and seminar on the following sub jects: Economics of
entrepreneurship in commerce, tourism, services; Eco nomics of the firm; Business
economics and financing in tourism; Banking economics.

1. Economics of entrepreneurship: characteristics,
diversity, specificities in tourism sector
□1.1. Entrepreneurship and the entrepreneur: an equation with many certitudes and (many) more uncertitudes
□1.2. Entrepreneurship and start2ups: more or better? What kind of entrepreneurs do we want? Which are
the ”faces ” of the entrepreneurial diversity ?
the ”faces ” of the entrepreneurial diversity ?
□1.3. Entrepreneurship and Tourism. Entrepreneurship and Sustainability
□1.4. The ”lifestyle entrepreneur” and its profile: a
comparative investigation Romania vs EU
□1.5. Sustainability and Tourism

1.1. Entrepreneurship and the entrepreneur: an equatio n
with many certitudes and (many) more uncertitudes
□Entrepreneurship theory is one of the most fragile sections of modern econ omic
theory.
□Despite a rich and diverse literature, capturing the essence of entrepreneurship
seems to be a difficult step for economists, who never cease to invoke it, but less to
explain and even less to agree on it.
□The entrepreneurial process comprises several stages, starting with i deation and
completing with effective opportunity exploitation, respectively bus iness creation
(Chell 2008).
(Chell 2008).
/box5The emergence of the idea is the first stage, necessary i n any entrepreneurial activity.
/box5A subsequent phase is opportunity identification and reco gnition.
/box5After recognition, the next stage is opportunity formatio n and evaluation.
/box5Opportunity formation is the stage going beyond the inside t hinking of the entrepreneur, in
which he or she acts explicitly, evaluates the situation, the market and the potential of the
idea, identifies networks, identifies human resources, partnerships, financial sources etc.
/box5The final stage is the exploitation, when the entreprene urs put the idea in practice, by
attracting and using resources: knowledge and capability .

1.2. Entrepreneurship and start(ups: more or better? What kind
of entrepreneurs do we want? Which are the ”faces” of t he
entrepreneurial diversity?
¤Although entrepreneurship is considered to be playing an i mportant role in economic and social
development, I strongly believe that entrepreneurship must be approached differently and anal yzed in
its depth, as to identify not only the strengths but also i ts weaknesses and vulnerability .
¤In fact, entrepreneurship and small business creation i s a very diverse phenomenon, and policies to
promote and encourage entrepreneurship must be focused on those components that are socially
desirable. Indeed, as Scott Shane (2009) revealed, e stablishment new firms does not necessarily
imply their continuity , especially when setting up new firms is stimulated by public funds .Entreprene 2
imply their continuity , especially when setting up new firms is stimulated by public funds .Entreprene 2
urial spirit and entrepreneurial firms should be supporte d only after they have already confirmed!
¤Too little or too many entrepreneurs? What kind of entrepre neurs do we want?
/box5The process of creating new jobs and destroying old jobs i s already too fast, and most of the job losses and
reinstatement are concentrated among firms with 125 empl oyees
¤Possible solutions and policies
/box5Stimulating and subsidizing start2ups creation is not the t ypical path to enhance economic growth and create
jobs, and that the use of funds for companies with growth p otential seems to be a much better economic policy
/box5The "naive" approach that entrepreneurship is good in an y form, wherever it occurs, and that the state should
financially support all companies should be replaced by a c areful analysis of the impact of these measures

1.3. Entrepreneurship and Tourism. Entrepreneurship and Sustainability
¤Sustainable development and sustainable tourism: the eme rgence of
new concepts and specific responses
¤How entrepreneurship can contribute to sustainable develo pment?
Different types of entrepreneurs in tourism
¤Tourism entrepreneurship comprises all commercial enterprises or
¤Tourism entrepreneurship comprises all commercial enterprises or
activities, whether micro or macro in nature, locate d in urban or rural
areas, owned by individual small2scale entrepreneurs, groups of
business partners or large2scale private and public l imited liability
companies that provide a range of services in the tourism industry.
These services include transportation, hotel and cater ing industry,
travel agencies, tour operators, entertainment, produ ction and
marketing of works of arts and craft, sport tourism and d evelopment
of games reserves, parks and zoological/botanical garde ns
(Saayman and Slabbert, 2001).

¤The role of entrepreneurship in tourism can be better un derstand if we refer to the rapid
growth and changes in the tourism demand, and the need to ra pidly adjust the tourist products
and destinations to these changes.
¤As we already have mentioned, the interest in tourism pro ducts shifted from coastal tourism
and areas with big cities to smaller2scale tourism, diffe rent tourist experiences, more related
with the new concerns for sustainable development and acti vities.
¤Nature2based tourism emerged in a completely different f orm. It is sustainable2oriented, more
environmentally friendly, more responsible from apart th e tourists and entrepreneurs and more
innovative . This new form of nature 2based entrepreneurship is : “ nature 2centred , domestic,
innovative . This new form of nature 2based entrepreneurship is : “ nature 2centred , domestic,
local, handcrafted, individual” and include categori es such as:
/box5“responsible tourism and other experience services based on opportunities offered by nature;
/box5sustainable exploitation of wild berried, mushrooms , herbs and other products gathered from nature
and utilization of wild plants in landscaping;
/box5small2scale and sustainable processing of woods and products obtained from wood, exploitation of
peat, stone and other minerals;
/box5sustainable exploitation of water resources (e.g. s pring waters), snow and ice;
/box5other services based on nature (e.g. photography of nature, implementation of recreation services, als o
renewable energy services such as solar energy, tid al energy, EMS services, green purchase, education
etc.” (Lordkipanidze et al., 2005).

1.4. The ”lifestyle entrepreneur” and its profile: a
comparative investigation Romania vs EU
¤The question of a specific so2called “lifestyle entrepreneur” whi ch was advanced in
the field literature was under my consideration in some research es (Badulescu and
Badulescu, 2014a) which I undertook in order to empirically tes t the literature
findings concerning the lifestyle entrepreneur in tourism.
¤Consequently, the dataset “Enterprises managed by the founder”, available in
Eurostat database was used and the data selected were regardin g the start2up
motivation, start2up difficulties, education and previous professional experience and
other information relevant to confirm the hypothesis of a differen t type of
other information relevant to confirm the hypothesis of a differen t type of
entrepreneur in tourism, more “lifestyle” and family oriented.
¤The figures, however, confirm only partially this behaviour i n the case of
entrepreneurs in hotels and restaurants, compared to general in dustry and services
sector.
¤When it comes to motivations, financing sources for start2up, family2related
difficulties or source of advice, and judgement of profitabi lity, virtually there is no
difference that could sustain the idea of a different style of entrepreneur in tourism
versus other industry and services sector.

1.5. Sustainability and Tourism
¤Sustainability in tourism and hospitality industry’ s ventures: Mester and
Badulescu, 2013:
¤The objective was to investigate the question of su stainability2oriented
attitudes and practices among tourism and hospitali ty ventures.
¤Using a survey2based research, we address particula r issues such as:
/box5Are ventures operating in tourism and hospitality really concer ned about
sustainability and the impact of their activities on the en vironment?
sustainability and the impact of their activities on the en vironment?
/box5Which are the factors driving venture concern on sustainabil ity and
environmental impact?
/box5What is their perception on the benefices and gains associated with
sustainability practices?
/box5What do firm managers/representatives consider about sustainab ility as a
competitive advantage for attracting visitors/customers?
/box5Do they have adequate related knowledge?
/box5Have they actually undertaken specific measures to make their business more
environmentally friendly?

¤The survey was conducted in March 2013, among 83 ve ntures operating in
tourism and hospitality industry in Bihor County, Ro mania.
¤The questionnaire consisted of 23 both closed and o pen2ended questions.
¤The research (Mester and Badulescu, 2013) revealed a consistent interest
for an effective sustainable tourism but also some barriers and limits in
understanding the problems of sustainability, a sho rt term focusing and a
prevalence of conventional and low efficiency actio ns.
prevalence of conventional and low efficiency actio ns.
/box5We found out that managers/representatives understand that hos pitality
industry has a significant environmental impact and the y undertake a series of
actions in order to protect the environment. However, these action s are scaled,
limited and reduced in efficiency.
/box5They consider that achieving and maintaining a target ma rket is fostered by
possessing quality certificates which cover also environmental issues, even if
those certificates do not say much on the concern of the operators in the industry
to practice an effective sustainable tourism.

2. Entrepreneurship education and entrepreneurial attitudes in higher education institutions: empirical researches on Romanian master and doctoral students
¤2.1. Overview on entrepreneurship education
¤2.1. Empirical researches concerning entrepreneurial attitudes and orientations of master students in Busine ss
Administration
¤2.3. Are business master students really prepared to establish and run businesses in sustainable tourism? A deeper insight
¤2.4. How entrepreneurial are (Romanian) docotral students? Entrepreneurial attitudes among Romanian doctoral students: an empirical study

2.1. Overview on entrepreneurship education
¤Literature on entrepreneurship education is rich and diverse, addressing the nature,
motivations and predictors, entrepreneurial traits, influenc e of the economic
environment, policies to foster and enhance its effectiveness etc.
¤Entrepreneurial behaviour was attributed to the individual' s personality traits (Baum,
et al., 2007) or to contextual factors, and it was recently integrated into models of
entrepreneurial intentions.
¤According to Mora and Vila (2009), about 728% of the grad uates from European
universities choose to develop their own business immediately aft er graduation, and
universities choose to develop their own business immediately aft er graduation, and
this percentage seems to be higher than the proportion of first degree graduates
who work as self2employers.
¤For Romania, the share of individuals having at least post graduate degree and
involved in TEA (Total Early2Stage Entrepreneurial Activity) reported a strong
growth, i.e. it increased from 11.25% (2007) to 22.75% (2011).
¤At the same time, the share of the entrepreneurs considered as E B (Established
Business Owners) having at least a post graduate degree incr eased from 6.64%
(2007) to 13.22% (2011) (Petru, et al., 2011), testifyin g the fast growing
entrepreneurial activity during last years (Badulescu and Va ncea, 2013).

2.2. Empirical researches concerning entrepreneuria l
attitudes and orientations of master students in Bu siness
Administration
¤Our contributions to the above mentionned subject derive f rom a complex survey2based research conducted
within master students in Business Administration from a Romanian public university, i.e. University of Or adea.
¤It aimed at adding up to the already existing studies regar ding the students’ ability to capitalize master
studies by entering into entrepreneurship, and thus clari fying the dilemma: to what extent the accumulation
of knowledge and skills of high value leads young graduates to self2employment?
¤The survey method used was the guided survey, which allowed us to include in the sample representative
respondents, i.e. better corresponding with the res earch aim, and the sample was established on a volu ntary
basis.
¤The questionnaire investigates issues such as:
interest for doing business in the future,
The questionnaire investigates issues such as:
/box5interest for doing business in the future,
/box5interest for an entrepreneurial career,
/box5previous entrepreneurial experience,
/box5motivations to enter into entrepreneurship,
/box5self2efficacy issues,
/box5enablers and restrictions faced by entrepreneurial ventures,
/box5the interest for running a business in tourism and hospita lity,
/box5effectiveness of knowledge related to sustainable tourism,
/box5preference for classic versus sustainable tourism,
/box5attitudes toward sustainability practices in the case of starting a business.
¤There was also collected data concerning age, gende r, matrimonial status, residence, occupational stat us.
¤Paper and pencil questionnaires were administered t o 123 master students in Business Administration (1 st
and 2nd year) from the public university in Oradea, Romania. Main description of the sample is as foll ows:

¤Main findings and conclusions of our research are briefly pr esented below,
following Badulescu and Vancea 2013; Badulescu and Badulescu 2014c:
¤a) In which sector do you prefer to work after graduation ?Half of the respondents
(51%) intend to establish a new business or to continue an already existing business,
around 28% intend to work in the private sector, as employee, 13% of them prefer
to get a job in the public sector, and the rest wants to cont inue studies through a
doctoral program. Compared to their present occupational statu s, we notice an
doctoral program. Compared to their present occupational statu s, we notice an
obvious shift of the graduates’ preferences towards entrepreneur ship and public
sector, while private sector employability does not seem so attra ctive. Nevertheless,
first we have to remember there are just intentions; second, the flexibility of the
private sector, which is able to provide various employment opt ions adequate for
students (i.e. jobs for incomplete qualifications, part ti me and temporary jobs etc.), is
not an advantage anymore when it comes to desirability for grad uates.

¤b) Are you interested in an entrepreneurial career? The interest in an
entrepreneurial career seems very strong, as 91% of the respondents admitted they
are interested in. However, when deepening the analysis, the int erest revealed to be
strongly declarative. Thus, only 18% of the respondents declar ed they have ever
started a business before, and the survival rate of these fi rms is quite low: only 6%
of the respondents stated their business still works.
/box5Although the majority of entrepreneurial intentions haven’t sti ll driven to any
effective, functional venture at this moment, we have also in vestigated the
effective, functional venture at this moment, we have also in vestigated the
preparatory steps, if any, already undertaken by the respondents . More than
two thirds of the respondents (i.e. 68%) admitted they have not undertaken any
action in this regard, while 32% of them declared they have taken some “pre2
entrepreneurial” steps. We have captured the preparatory actions already
undertaken, by grouping them in a logical sequence: finding a business idea;
writing a business plan; gathering information for busin ess start2up; identification
of funding sources; possessing an existing prototype or simila r.
¤c) Another investigated issues refered to actual or potential mot ivations to entry into
entrepreneurship. Table no. 1 (see below) captures these altern atives and their
importance in shaping entrepreneurial intention.

Table no. 1. Factors which motivate starting a busi ness
Unimportant Of little importance Important Very important
Prospects for higher earnings 3 7 50 63 Willingness to meet the challenges 6 33 57 27 Desire to be your own boss 6 15 28 74
Reconciling business demands with family duties 9 20 47 47
Reconciling business demands with family duties 9 20 47 47
To avoid unemployment 24 35 29 35 Desire to do what I like 8 4 34 77 Desire to leave the current job 49 42 21 11 Children are big enough 93 19 9 2 It is the only way to exercise my profession 54 45 18 6 Entrepreneurial tradition in my family 63 36 13 11 I want to implement my own ideas of product or service 17 29 46 31

2.3. Are business master students really prepared t o establish
and run businesses in sustainable tourism? A deeper insight
¤By using basically the same sample, we performed de eper analysis
regarding issues related to the attitude of young m aster students in
Business Administration (supposed to be future entr epreneurs and
managers) toward sustainability and if they are act ually aware of
the sustainability practices as they could implemen t them in their
future ventures (Badulescu, Badulescu, Bac and Sipos 2Gug 2014).
¤Data analysis was conducted using PASW (SPSS) Statistics 18 and R
¤Data analysis was conducted using PASW (SPSS) Statistics 18 and R
2.15.1 (psych package).
¤We proposed an instrument designed to measure stude nt attitudes
towards sustainable tourism and entrepreneurship. T his instrument
has 14 questions (items) that are key aspects of th e investigated
construct.
¤Basically, respondents were asked to express their agreement/disagreement (by using a 42levels Likert s cale), the
results being summarized in the Table no. 2:

Table no. 2. Items on the master students' attitude s on
sustainability and their answers
Strongly disagree ment Partial disagree-ment Partial agreeme nt Total agreem ent
1. It is important for my business to protect the environment 3% 4% 24% 68%
2. In my business I will use renewable energy sources 2% 13% 26% 59%
3. In my business I will recycle reusable products 4% 11% 42% 42%
4. In my business I will use local products 7% 20% 39% 35%
5. In my business I will hire local labor 2% 11% 34% 53%
6.In my business Iwill promote natural attractions in the area
6.In my business Iwill promote natural attractions in the area 2% 7% 18% 73%
7. In my business I will promote local cultural attractions 4% 8% 24% 64%
8. As a tourist, I prefer to use the private car (as a mean of
transport) 3% 15% 41% 41%
9. As a tourist, I prefer to use the train (as a mean of transpor t) 19% 33% 39% 10%
10. As a tourist, I prefer to use as transport coach / bus /
minibus (as a mean of transport) 24% 29% 37% 11%
11. As a tourist, I choose less famous destinations 11% 27% 42% 20%
12. As a tourist, I prefer to check into hostels or small
accommodation units 8% 26% 43% 23%
13. As a tourist, I prefer to consume (and use) local products3% 20% 42% 35%
14. As a tourist, I prefer to visit the area's cultural and
ethnographic attractions 3% 8% 37% 52%

¤Findings:
¤The favourable attitude of the interviewed master s tudents on sustainability,
both in their current quality of tourists, as well as in their possible future as
entrepreneurs, is evidenced by the (partially or to tally) agreement with
statements representing dimensions of sustainable b ehaviour. For example, items
such as promoting local natural attractions, promot ing local cultural attractions,
respectively, employ local labour force accounted t he (partial or total)
agreement of respectively 91%, 88% and 87% of those investigated.
respectively, employ local labour force accounted t he (partial or total)
agreement of respectively 91%, 88% and 87% of those investigated.
¤At the same time, we notice a discrepancy between t he statements on their
behaviour as future entrepreneurs and those on actu al, current behaviour, as
tourists. For ex., only 49% and 47% of them said th ey prefer the train or
coach/bus/minibus as forms of collective (public) t ransportation, while 81% of
them prefer the private car. However, 93% of them d eclare their (totally or
partially) agreement with the general statement "It is important for my business
to protect the environment."
¤Therefore, if we consider that the current behaviou r as a tourist is a good
predictor of future behaviour as a businessman, the n undoubtedly, the attitudes
declared on promoting sustainability in the future entrepreneurial business of
present students have to be temperate.

2.4. How entrepreneurial are (Romanian) doctoral students? Entrepreneurial attitudes among Romanian doctoral students: an empirical study
¤Our contributions (see Badulescu and Badulescu 2012 , Badulescu and Badulescu 2013a,
Badulescu and Badulescu 2013b) focused on empiricall y investigating some relevant issues on
the subject of entrepreneurial attitudes, orientati on and potential of doctoral students, in order
to support and foster entrepreneurship among studen ts.
¤Based on a survey conducted in January 2012, we dev elopped a sample2based study by
emphasizing Romanian doctoral students’ attitudes a nd facts concerning issues such as:
entrepreneurial background, interest in entering en trepreneurship, factors and motivations
driving the choice of an entrepreneurial career, ge nder.
Online questionnaire was applied during 9 to 18 Jan uary 2012 to all 110 doctoral students
¤Online questionnaire was applied during 9 to 18 Jan uary 2012 to all 110 doctoral students
(in their first, second and third years of study.)
¤We analysed the following issues:
/box5Doctoral studies and future career intentions;
/box5Contribution of doctoral stage in improving employa bility and future earnings;
/box5Entrepreneurial and business start2ups intentions a nd previous experiences including effective steps
undertaken, if any;
/box5Types of entrepreneurial and business activities in tended;
/box5Relation between the field of doctoral stage and th e field of business start up;
/box5Perception of doctoral students concerning the impo rtance and role of doctoral stage for a future
entrepreneurial career.

40% 36%
35% 13%
11% 1%
13% 24%
1% 26%
invest in an
existing company start-up my own
business In the next 5 years I intend to …
38% 39% 40%
24% 44% 40%
5% 9% 15%
19% 8% 5%
14% 0%
0% 20% 40% 60% 80% 100% develop own or
family business take over/buy an
existing business start a francise
non answer strongly disagree partial disagree partial agree strongly agree

Figure 2. Responses to question: “If you have taken
entrepreneurial steps, what are they specifically?
25 30 35 40 45
Yes
0510 15 20
a. finding a
business idea b. writing a
business plan c. gathering
information for
business start-
up d. identification
of funding
sources e. I already
have a
prototype or
similar No
Non answer

Table no. 3 . Doctoral study field versus
business sector for entrepreneurship
YES NO
Number % Number %
Doctoral students have already untaken steps in starting abusiness, total 52 59% 36 41%
-Out of which :
-Out of which :
female 22 49% 23 51%male 30 51% 13 49%Doctoral students stating their future business in the field of their doctoral studies, total 37 65% 15 35%
– Out of which:
female 11 50% 11 50%male 26 87% 4 13%

3. Economics of business development and financing: entreprises issues
¤3.1. Post2privatisation and corporate governance in Romania: general and sectoral issues
¤3.2. Difficulties faced by Romanian SMEs concerning
the process of securing sufficient and adequate
the process of securing sufficient and adequate
finance for business purposes
¤3.3. Issues of organisational culture in Romanian business environment
¤3.4. Corruption as constraint in business development

3.1. Post2privatization and corporate governance in Romania: general and sectoral issues
¤Badulescu and Badulescu 2008a, Badulescu 2008b, Badulescu and Badulescu
2012c, Badulescu 2013b :
¤a) Has the privatization in the Romanian industry enterpri ses, particularly by selling
to large international groups, got an overall positive – economic and social –
output?
¤b) Has privatization imposed (and improved) the corporate gov ernance standards,
and were these standards and principles a discouraging or an enhancer factor for
business efficiency?
business efficiency?
¤c) Can be the contraction of the share of state2owned property a nd the influence in
behaviour and performance of strategic industries considered a positive result of
the privatization process and an enforcement of corporate governa nce principles?
/box5Ownership concentration and firm performance
/box5Corporate governance structure, board independence and firm performance
/box5Firm’s features, ownership structure and performanc e
/box5The behaviour of shareholders and firm performance
/box5Takeovers and mergers as market mechanisms and firm performance

3.2. Difficulties faced by Romanian SMEs concerning the process of obtaining sufficient and adequate finance for business purposes
¤Publications: Badulescu and Badulescu 2010, Badulescu 2010a, Badu lescu 2011, Badulescu and Petria
2011, Badulescu 2012c, Badulescu 2012d, Badulescu a nd Badulescu 2012e, Badulescu and Simut 2012b,
Badulescu and Simut 2012c, Badulescu and Simut 2014
¤Investigated issues:
/box5Difficulties of getting financed: what kind of banks are more willing to finance SMEs
/box5Are domestically2owned banks more interested in SME s financing compared to foreign owned banks?
/box5What kinds of banks are more efficient in the relati onship with SMEs: state2owned banks or private2
owned banks? Are large banks or small banks more ad equate for SMEs needs?
owned banks? Are large banks or small banks more ad equate for SMEs needs?
/box5Relationship banking in SMEs financing and the importanc e of concentration, length and trust, or does
it worth for SMEs to invest in the relationship with the ba nk?
/box5A deeper analysis was performed in my recent resear ches regarding the investigation of main
determinants of SMEs relationship lending . The quality and efficiency of a lending relations hip is
described through several descriptors, such as the possibility to renew credit lines at maturity, to o btain
favourable conditions inside the banking relationshi p (fees, covenants, and flexibility), a reasonable
collateral etc. All these last elements (credit ren ewal, favorable conditions and reasonable collatera l)
act as dependent variables (effects) of the indicat ors of the banking relationship, as mentioned in th e
empirical literature, namely: the number of lending relations, the length of the bank2borrower
relationship, the degree of concentration, the shar e of debt financed by one single bank, the extent o f
participation in the relationship, and so on.

¤Data and methods:
¤Data collection was focused on gathering information mainly from SMEs in Bihor county, Romania. The survey was carried out during
March2May 2011 and the following rules and objectives were observed:
/box52 prior to the data collection itself, the potential portfolio was selected and verified on the web pa ge of the Ministry of Public Finance (2010), in
order to:
nremove, ex ante , the firms with no activity, or without reported f inancial statements, suspended, etc.;
ncheck the potential firms in terms of including in SMEs category (turnover less than 50 million Euros and up to 250 employees);
nremove the companies working in financial intermedi ation (mutual funds and other financial entities, f inancial leasing, other lending activities, insuranc e and
reinsurance of pension funds, insurance agents and brokers, credit, pawn houses etc), and, as far as p ossible, the firms belonging to groups that, if
consolidated, may exceed SMEs threshold concerning number of employees/turnover, etc.
/box52 the web page of the Public Finance Ministry (2010) also served to obtain data such as age of the comp any, last turnover (2010), the profit
(2010), the average number of employees;
(2010), the average number of employees;
/box52 the questionnaires were addressed to the executive manager of the company.
¤As a result of the survey, the primary dataset covered 611 comp anies. After removing the questionnaires containing errors, th e resulted
valid sample consisted of 595 firms (a statistical error of 2.62% and a confidence level of 95%).
¤Although almost all data were collected from Bihor county (95%) and to a small extent from the neighboring counties of Arad an d Satu
Mare (all from Western and North2Western Romania), there are no sp ecial features, different economic laws or regulations for this area, or
special behaviors of banks, government agencies relating to SME s, compared to other regions of Romania, or anything else that coul d
influence the results.
¤Moreover, based on data issued by the National Bank of Romania (2 010) and main commercial banks web2sites, we found a regul ar and
normal position of the region (compared to the national average) for a series of bank indicators, such as: number of bank u nits, number of
inhabitants per bank branch, volume of loans (in national currency – RON – and foreign currency) granted to companies, th e volume of
deposits, current accounts and so on.
¤Thus, in terms of number of branches, the data of the Nation al Bank of Romania and commercial banks for year 2010 indica tes an
approx. number of 5,700 bank units, i.e. a banking densit y of 25.5 units per 100,000 inhabitants (NBR, 2010). As to the Bihor County, at
the end of 2010, there are 143 bank units (2.49% of total b anking establishments in Romania), a banking density of 22 .52 units per
100,000 inhabitants (commercial banks websites, 2010), a position close to the national average.
¤For the main bank indicators (loans, deposits) we can also notice a position close to the national average (excluding the ca pital Bucharest),
the only exception being the loans granted in foreign currency, wh ere the figures for Bihor county are over 2.5 times higher than th e
national average (also, excluding Bucharest).

¤We will now briefly approach these indicators, one by one. The most important effects of concentrated
relationships seem to be related to credit costs an d the opportunity to get financing, even in difficu lt situations
¤Regarding the length of a banking relationship, the starting idea is tha t duration indicates the intensity of
relationship banking over time, but in the same tim e duration leads to accumulating a private informat ion over
time, and the capture of the borrower (switching co sts and hold up problem) should increase with durat ion.
¤In terms of age , size , performance , we can state that firm’s age provides, simultaneo usly, several indications of
performance continuity and survival skills, but als o age acts as a proxy for flexibility and efficienc y of
management (i.e. firms having achieved a certain ag e and size are more likely to end in rigidity and
management (i.e. firms having achieved a certain ag e and size are more likely to end in rigidity and
bureaucracy).
¤Thus, the (qualitative) element that replenishes th e above mentioned determinants of banking relations hip is trust ,
whose presence (or absence) defines the profile of this relationship in the business environment
¤determinants of the banking relationship and tested the effect of both general characteristics (i.e. a ge,
size/turnover, solvency, financial leverage), and s pecific financial indicators concerning lending (i. e. lines of credit)
and relational (i.e. trust, concentration, length) characteristics of the firm on the renewal/extensio n of loan at
maturity (variable name: Renewal )
¤Similar researches I have performed concerning anot her exogenous variable, i.e. discount for early pay ments.
Based on the same database, we analysed the main de terminants of the relationship banking and tested t he
effect of some general ( age, size/turnover , and performance/solvency ), lending ( lines of credit, shortWterm bank
debt, longWterm bank debt ) and relational ( trust, concentration, length, two relationships, mo re than two relationships )
characteristics of the firm on the discount for ear ly payment. Our analysis focuses on the banks avail ability to
offer discounts for early payments for companies.

3.3. Issues of organisational culture in Romanian business environment
¤Corporate social responsibility in Romania: Badulescu and Petria 2013
¤we have investigated the following: donations and sponso rship; salary donations; corporate volunteering;
corporate foundations; Cause Related Marketing.
¤Our main conclusion was that in Romania there are s till important differences between multinational
companies operating in the country and national com panies, and also differences between big and
small/medium size companies.
¤Companies still use rarely the charity action, more over, companies did not completely understand the
importance of these actions for marketing, PR and e nhancing image, maybe, perhaps NGOs are not
perceived as potential vehicles to enhance the comp any’s image, or many companies do not have the abil ity
to integrate corporate philanthropy in PR activitie s or marketing strategies.
perceived as potential vehicles to enhance the comp any’s image, or many companies do not have the abil ity
to integrate corporate philanthropy in PR activitie s or marketing strategies.
¤However, in the last decade, the international tren d to adopt a CSR strategy is followed more and more by
local companies, which are in the process of buildi ng a medium term strategy for involving in communit y.
CSR is undoubtedly a real gain of social and humani tarian perspective in society.
¤The realities of the Romanian economy and society o f the last years have captured both the wave of
models, the enthusiasm and involvement of corporate sector in social problems, both the impact of econ omic
crisis on the continuity and real sense of social p rojects, regardless the size and power of their sup porters. In
order to maintain the social value of CSR and to gi ve a real sense to business ethics, the CSR manager s
should try to temper their desperately seeking of c onvincing evidence that "'doing good is good for
business” i.e. to avoid passing in the CSR payment bill the costs of every current and strategic busin ess
decisions. Invoking the monotonous and sometimes ag gressive business motto rather creates doubts that it
would not be self2evident that the emerging and fun ctioning of the companies, the business in general are
not based on the needs of society but rather on occ ult and unethical reasons (Badulescu and Petria 2013) .

3.4. Corruption as constraint in business development
¤Badulescu 2012b, Badulescu and Badulescu 2012d
¤We used several datasets and other secondary data availabl e for Romania
¤For Romania, widespread corruption and the country' s permanent placing in
the lower rankings on corruption in the EU ceased t o be surprising news. The
problem is the perception about the worsening of th e consequences of this
phenomenon, the fact that most Romanians think that corruption is a part of
business culture in Romania in a much higher propor tion than in the EU.
business culture in Romania in a much higher propor tion than in the EU.
Companies are available, is expected, or bribes are just required for all
kinds of permits and authorizations. Among these, o btaining a contracts with
public authorities appears to be the situation abou t the companies report
the higher number of corruption incidents, and smal l businesses are, by far,
the most affected. Also, in the access to finance a rea, corruption is
considered as a constraint factor, threatening the survival and development
of SMEs in Romania

4. Economics of cross(border cooperation in tourism and services
sector . The case of Bihor – Hajdu(Bihar Euroregion
¤Another research direction, which is related with both research2development projects in which I was involved and research articles and papers which I have (co)authored concerns the cross2border
cooperation and particularly focused on Bihor –
cooperation and particularly focused on Bihor –
Hajdu2Bihar Euroregion (Badulescu, Badulescu and Borma 2014, Badulescu, Bucur and Badulescu 2013, Badulescu, Badulescu and Bucur 2013a, Badulescu, Badulescu and Bucur 2013b).

4.1. Empirical research on the effectiveness of cro ss2
border cooperation in tourism sector in Bihor – Hajd ú2
Bihar Euroregion
¤The research was based on structured and semi2struc tured interviews
applied in May2June 2013 to the managers of the pro jects financed by
European funds for CBC and implemented in the touri sm sector within Bihor
– Hajdú2Bihar Euroregion during 200422013. The questi onnaire comprised
27 evaluation questions (causal, descriptive, norma tive, predictive, critical).
¤Main conclusions revealed that euroregional and cros s2border cooperation
are important instruments for economic revival of t he underdeveloped
regions and creation of a single European area. How ever, their simple
are important instruments for economic revival of t he underdeveloped
regions and creation of a single European area. How ever, their simple
setting does not automatically solve the local comm unities’ problems. The
involvement of local authorities and private entiti es in identifying and
exploiting euroregion’s touristic potential, in impr oving the quality and
specificity of cross2border tourism products, in de veloping joint marketing
strategies and support networks in order to intensi fy and streamline cross2
border tourism efforts could turn tourism in a key element for the economic
development of border regions.

4.2. Empirical investigations concerning cross2bord er
cooperation in public services in Bihor – Hajdú2Biha r
Euroregion
¤The research was conducted as a survey2based research by desig ning a
questionnaire and addressing it to specific targeted experts. We targeted experts
and cross border project managers involved in public order an d civil protection
institutions across the Hungarian2Romanian border (from Bih or County – Romania
and Hajdú2Bihar County – Hungary). The main interest was to investigate the
importance, role, consequences, limits and prospects of local and regional successful
cross border cooperation. The questionnaire consisted of 20 questi ons (9 were
opened questions and 11 closed 2Yes/No type) and were specifically related to the
following issues: involvement in cross 2border cooperation projects, objectives and
following issues: involvement in cross 2border cooperation projects, objectives and
effects, achievements, obstacles and particularities, effici ency. Other questions
referred to the nature of beneficiaries, communication and relat ions among
partners, benefits and sustainability, future prospects of such programs. The survey
was conducted during November2December 2011, and the questionn aire was
administered to 52 experts, project managers or managers/deputy from: Regular
Police (36), Border Police (8), Gendarmerie (4), Emergency and s pecial interventions
services (4), all located in border areas, i.e. 27 were from Romanian institutions and
25 from Hungarian ones

¤The main conclusions are, briefly, the following:
/box5The cooperation actions are still limited on the scale of cooperat ion stages, have
a reduced scale, mainly focused on solving specific problems, having an
exploratory role of mutual knowledge and identify common problems;
/box5Related to initial objectives, the cross2border cooperation action s have been
achieved in a greater extent their goals;
/box5Cross 2border cooperation faces various obstacles and failures, and t he most
important source of them are specific laws and regulations, lack of financial
Cross 2border cooperation faces various obstacles and failures, and t he most
important source of them are specific laws and regulations, lack of financial
resources, bureaucracy and centralization;
/box5The most important beneficiaries of these programs are the local communities
and the region as a whole, i.e. the usual recipients of pub lic order services;
/box5In terms of perceived threats and dangers to the sustainabil ity of projects
undertaken, the experts consider that these programs have an u ndeniable future
and cross2border cooperation will exceed the current initial s tage; however, their
post2funding continuity remains a difficult issue especial ly in the current economic
crisis.

Part II. Career development plan. Main research directions for the future
¤My research activity has been focused for the last years on certain specific
directions, which all can be included in the resear ch domain of the Business
Economics.
¤I strongly consider that national development cannot be achieved unless the
economy consists of ventures operating in various s ectors and in a healthy
environment.
¤As a result of this personal belief, I will continu e to target my research efforts on
the direction of studying which are the best forms for supporting healthy,
sustainable businesses, which are the best ways to promote and enhance
sustainable businesses, which are the best ways to promote and enhance
entrepreneurship among a variety of sectors and typ es of entrepreneurs, which are
the factors and situations which hinder the entrepr eneurship and the establishment
of valuable businesses, with positive impact on bot h macro2economic and macro2
social level, and also which not compromise future generations’ needs and local
communities development.
¤Therefore, I will direct my research on the followi ng directions, which are mainly the
present directions of my researches. As I consider that my research interests in the
last 5 years are convergent and homogenous, I find no reason to shift direction, but
on the contrary to go further and deeper in the sam e way, i.e. the following
directions:
/box5Entrepreneurship and diversity. Entrepreneurial edu cation on focus
/box5SMEs: obstacles and difficulties concerning the acc es to credit and other
business issues

1. Entrepreneurship and diversity. Entrepreneurialeducation on focus
¤In my most recent book, i.e. ”Antreprenoriatul: Cum? Cine? Când?” /
”Entrepreneurship: How? Who? When?” (Badulescu and Bad ulescu, 2014d),
I have analysed various approaches on entrepreneurship i ssues.
¤More specific, in the first chapter I have approached th eoretical aspects of
the Economics of entrepreneurship, in the second chapte r aspects related to
Entrepreneurship and diversity, and in the third chapter I have approached
the relation between Entrepreneruship and Academia.
the relation between Entrepreneruship and Academia.
¤These last two chapters represent also interest researches for myself in the
next future. Actually, these two chapters published are parts of a more
complex research I have undertaken for a while regardin g the diversity of
sectors and entrepreneurs that can make good valuable busin ess for their
own good and for the general wellfare. In the book already published, I
approached the third age entrepreneurship, the entrepren eurship of
minorities and female entrepreneurship. I intend (actua lly I have already
started research) to address also youth entrepreneurship , especially
entrepreneurship among students and young university grad uates.

¤There are several research topics I wish to mention here, or maybe research questions I will address:
/box5Are young people more willing (and able) to get involved in entrepreneu rial activities that the case of people of different
age?
/box5Which are the motivations driving young people to start and establi sh ventures?
/box5Is youth entrepreneurship a entrepreneurship driven by opportunity or by necessity?
/box5What are the sectors more prefered by young entrepreneurs and which are the determining factors when choosing a certain
business sector?
/box5Are young people more concerned about sustainability issues?
/box5In what way model roles and examples from family and society act and i nfluence the entrepreneurial behaviour of young
people ?
people ?
/box5What is the role of their educational and professional background and experience for the decision of getting involved in
entrepreneurship?
/box5Is there any form of age discrimination in doing business?
/box5What are the particular difficulties and obstacles faced when sear ching adequate finance for start ups? What the case for
financing the development of an already established venture?
/box5What is the support and advice that young entrepreneurs have benefited a nd from whom?
/box5What is the importance of networking, social relations etc. for th e entrepreneurial attitudes and behaviour?
/box5Are young people more tempted by technological related ventures? Are they more creative? Are they practicing a different
”way of doing business”?
/box5What are the factors determining the success / survival of ne wly born enterprises?
/box5What obstacles do newly born enterprises face?
/box5What support is most useful for them?
¤The entrepreneurship of millitary personnel
¤The social entrepreneurship

¤Related to the entrepreneurial study of sectors, forms an d groups of
entrepreneurs, an important direction of my research i nterest is the
entrepreneurial education among students. I will contin ue my researches in
that direction by continuing to investigate entrepreneur ial atitudes,
orientations, interest, business experience and pract ices, motivations etc. of
students. More specific, I will valorise and publish in the near future the
results of a survey2based research performed among stude nts in Business
Administration and Engineering from my university , and try to reveal
Administration and Engineering from my university , and try to reveal
particular aspects which could prove relevant when draw ing adjusted and
addressing curricula. The survey mentioned have already taken place
during February 2013 – February 2014. Paper and pencil que stionnaires
were administered to 174 master students in Business Ad ministration and
Managerial Engineering (1st and 2nd year) from my univ ersity, i.e.
University of Oradea
¤A first rezult is an article submitted to an ISI journal a nd curently beibg
under review (Bungau, Badulescu and Badulescu 2015)

SMEs: obstacles and difficulties concerning the
access to credit and other business issues
¤Once established and ”running” on market, entrepreneurial firms needs both
general economic policies to ensure a healthy business environment an d specific
policies to address specific difficulties faced by SMEs. Therefore, my research will
continue to focus on investigating difficulties and obstacles fa ced by SMEs,
particularly in Romania. In my previous researches I have appr oached issues such as
organisational culture, social responsibility, corruption. There are many more issues
needing to be addressed, such as: bureaucratic difficulties, e xcessive controls from
authorities, facilities to start a business, issues concernin g enforcing contracts etc.
¤As of World Bank’s estimations for 2015 (World Bank, 2014), Romania is ranked
48 on the ”ease of doing business”, with a ”distance to frontier ” score of 70.22 (an
economy’s distance to frontier score is indicated on a scale from 0 to 100, where 0
represents the worst performance and 100 the frontier). For compari son, Poland is
ranked 32, Slovak Republic 37, Bulgaria 38, Hungary 54, when the regional
average for Europe and Central Asia is 68. Nest chart shows Roma nia’s position for
Doing Business topics, measured by distance to frontier (Score 0 center, Score 100
outer edge).

Figure no. 3. Distance to frontier scores on DoingBusiness topics – Romania
(Scale: Score 0 center, Score 100 outer edge)
Source: World Bank, 2014, p. 9

¤¤
Undoubtful, one of the most pressing problems for a SME willing to develop and expand is
getting credit. Very surprising is the fact that, on the g eneral level (i.e. for all companies, not
only SMEs) of the ease of getting credit, Romania is rank ed 7, with a distance to frontier of
85, when the regional average for Europe and Central As ia is 52 as rank and 60 as distance
to frontier.
¤However, SMEs continue to report important restrictio ns faced when trying to get credit from
banks. Indeed, the price conditions are not the whole st ory, as non2price conditions such as
maturities , renewal , collateral , discounts for early payments etc. are more concerning for small
maturities , renewal , collateral , discounts for early payments etc. are more concerning for small
businesses.
¤In this respect, I will continue to investigate these i ssues by using in my further research the
dataset resulted after the survey I carried out during las t years. As I have investigated since
now aspects such as the importance of collateral, renewa l and discounts for early payment, I
will further approach the relationship between SME loyalt y and loans costs, the effect of
concentration (single bank / main bank / house bank) or duration of relationship banking on
the credit availability of the bank, the existence/ or non2existence of any kind discrimination in
lending policy, in terms of rural / urban, density, de gree of access to additional non2credit
services etc.

¤In the same time, I will extend my researches towards the supply 2side analysis.
¤Actually, my intention when launching the mentioned survey2based r esearch was to
put side by side the approach of SMEs representatives regarding the access to
finance (i.e. the demand side), and the opinion of banks’ repres entatives (i.e. the
supply side).
¤Until now, I have focused mainly on the demand side, but I wi ll further investigate
the supply side.
I expect to fiind out significant differences between the „two sides ”, due to both
¤I expect to fiind out significant differences between the „two sides ”, due to both
objective causes (i.e. information assimetry, small size of the SMES and/or of the
requested loan in relation to bank cost and charges (i.e. screening, analysis,
monitoring, collateral performance), excessive standardization of the applications
analysis, lack of a relevant credit history and activities, la ck of key skills on market
etc., and subjectives factors, given mainly by the different driv ers of the two
cathegories of business actors.
¤In fact, banks follow their own profit goals, while their clien ts look for their own
profit and development goals. But that is exactly where we should get with our
researches: at the „optimal point” where their own goals, appar ently contradictory,
have to join and ensure the welfare of the whole society.

Own publications references: as main author
¤ Badulescu, D .; Giurgiu, A.; Istudor, N. and Badulescu, A., 2015 (forthcoming). Rural tourism development and financing in Romania: a supply2side analysis. Agricultural Economics
(Zemedelska ekonomika) , in press, http://www.agriculturejournals.cz/web/agricecon.htm ?type=futureArticles .
¤ Badulescu, D. , 2014. The Entrepreneurial Way: Calling, Chance or Opp ortunity. An Essay . The Annals of the University of Oradea, Economic Scien ce s, tome XXIII, 2014, pp. 2432
52, http://anale.steconomiceuoradea.ro/volume/2014/AUOE S2122014.pdf .
¤ Badulescu, D. and Badulescu, A., 2014b. Medical Tourism: Between Entrepreneurship Opportuniti es and Bioethics Boundaries. Iranian Journal of Public Health no. 43(4), pp. 406215,
http://ijph.tums.ac.ir/index.php/IJPH/article/view/ 5708 .
¤ Badulescu, D. and Badulescu, A., 2014c. Managing Entrepreneurship Education in Higher Education Institutions: An Empirical StudyWCase on Romanian Mas ter Students in Business
Administration, International Scientific Conference Management 2014, Belgrade, 25226 April 2014, http://www.meste.org/konf/list.pdf .
¤ Badulescu, D. and Badulescu, A., 2014d. Antreprenoriatul. Cum, cine, când? , Presa Universitară Clujeană Publishing House, Cluj Napoca, 2014.
¤ Badulescu, D. and Simut, R., 2014. Looking for better financing: a quantitative approach o n collateral importance in SMEs relationship lending , Proceedings of the 8th International
Economic Conference ” International Days of Statistics and Economics” , pp. 43252, University of Economics, Prague; The U niversity of Economics, Košice; ESC Rennes Internat ional School
of Business, Prague, 11213 September 2014, http://msed.vse.cz/msed_2014/toc.html .
¤ Badulescu, D. , 2013a. Dezvoltarea și finan țarea afacerilor antreprenoriale. Particularită ți în turism, Presa Universitară Clujeană Publishing House , Cluj Napoca, 2013.
¤ Badulescu, D. , 2013a. Dezvoltarea și finan țarea afacerilor antreprenoriale. Particularită ți în turism, Presa Universitară Clujeană Publishing House , Cluj Napoca, 2013.
¤ Badulescu, D. , 2013b. Post2Privatization and Corporate Governanc e in the Romanian Metallurgical Industry ((II2 Effec ts of Privatization and the State’s Involvement) . Metalurgia
International Vol. XVIII (2013), Special Issue No. 3/2013, pp. 802 6.
¤ Badulescu, D. et al., 2013. Finan țarea afacerilor din turism, servicii și mica industrie: studii de caz și modele aplicative pentru utilizarea finan țărilor rambursabile și nerambursabile,
Oradea University Press, 2013.
¤ Badulescu, D. and Vancea, M. ,2013 . Entrepreneurship as Future Career for PostWGraduate Business Students: A Realistic Option? , 8 th European Conference on Innovation and
Entrepreneurship ECIE 2013, 19220 September, Brussel s, Belgium, Proceedings of ECIE 2013, vol. 2, pp. 82 7230, http://academic2conferences.org/ecie/ecie2013/ecie1 32
timetable.htm.
¤ Badulescu, D. ; Badulescu, A. and Bucur, C.A., 2013b. Public Services Provision in a CrossWBorder Framework : The Bihor W HajduWBihar EuroWRegion Case, Conference Procedings of
the 13th European Conference on eGovernment, 13214 Ju ne 2013, Como, Italy, http://academic2conferences.org/eceg/eceg2013/eceg1 32proceedings.htm .
¤ Badulescu, D. and Petria, N., 2013, Social Responsibility of Romani an Companies: Contribution to a “Good Society” or Expe cted Business Strategy? The Annals of the University
of Oradea, Economic Science s, Tome XXII, 1 st Issue, July 2013, pp.5902600, http://anale.steconomiceuoradea.ro/volume/2013/1st2 issue2july22013.pdf .
¤ Badulescu D. et al., 2013. Finan țarea afacerilor din turism, servicii și mica industrie: studii de caz și modele aplicative pentru utilizarea finan țărilor rambursabile și nerambursabile,
Oradea University Press, 2013.
¤ Badulescu, D. , 2012d. SMEs relationship banking: length, loyalty, t rust. Do SMEs get something in return?. World Academy of Science, Engineering and Technology , Issue 66, June
2012, Copenhague, Denmark, http://www.waset.org/journals/waset/v66/v66211.pdf .
¤ Badulescu, D. , 2012b. Corruption as Constraint in SMEs Financial Ma nagement (II – Some Evidence for Romania). Journal of Electrical and Electronics Engineering (JE EE) , vol. 5,
no.1, May 2012, pp. 13218.
¤ Badulescu, D. , 2012c . Are SMEs More Comfortable with Small Domestic Lenders? (II –Evidence for Romanian SMEs), Analele Universității din Oradea, seria Știin țe Economice , tome
XXI, 2nd Issue/ December 2012, pp. 325231, http://anale.steconomiceuoradea.ro/volume/2012/2nd2 issue2December22012.pdf .
¤ Badulescu, D. and Badulescu, A., 2012d. Corruption as Constraint in SMEs Financial Management (I – Concept and Econom ic Impact). Journal of Electrical and Electronics
Engineering (JEEE) , vol. 5, no. 1, May 2012, pp. 7212.
¤ Badulescu, D. and Badulescu, A., 2012e. SMEs financing needs and the re lationship lending perspective. Theoretical considerat ions and empirical evidence . Metalurgia
International Vol. XVII No. 3, pp. 145249.

¤ Badulescu, D. and Simut, R., 2012a. Banks and SMEs: Empirical Quantitative Approach on Bank s Behaviour as Lenders to Small Businesses during Crisis T imes , Conference
Proceedings of the 6th International Economic Conference ”International Day s of Statistics and Economics”, University of Economic s, Prague; The University of Economics,
Košice; ESC Rennes International School of Business; Prague, 13215 September 2012, http://msed.vse.cz/conference , http://msed.vse.cz/msed_2012/en/toc .
¤ Badulescu, D. and Simut, R., 2012b. The Bank Lending to SMEs in Romania during Crisis Times. An Empirical Approach on the Relation Trust W Length – Lo yalty , Conference
Proceedings of the 7th ”International Conference on Cu rrency, Banking and International Finance. How Does th e Central and Eastern Europe Cope up with the Global
Financial Crisis?” University of Economics in Bratis lava, Bratislava, 27228 September 2012, http://iccbif.kbmf.nhf.euba.sk/ ,
http://iccbif.kbmf.nhf.euba.sk/index.php/conference 2proceedings .
¤ Badulescu, D. and Simut, R., 2012c. Do length, trust or concentration matter in credit re newal? The case of SMEs in Romania . Research Journal of Economics, Business
and ICT , London, UK, Vol. 6, pp. 330238, http://www.researchjournals.co.uk/documents/Vol6/7% 202%20Daniel%20Badulescu,%20Ramona%20Simut.pdf .
¤ Badulescu, D. and Petria, N., 2012. Are SMEs More Comfortable with Sma ll Domestic Lenders? (I – The Literature) , The Annals of the University of Oradea, Economic
Science s, Tome XXI, 1 st Issue, July 2012, pp. 4932499 , http://anale.steconomiceuoradea.ro/volume/2012/1st2 issue2July22012.pdf .
¤ Badulescu, D. et al., 2012. Băncile din România în contextul crizei economicoWf inanciare 2007W2011: o analiză comparativă , Oradea University Press, 2012.
¤ Badulescu, D. , 2011a. Collateral in SMEs’ Lending: Banks’ Requirem ents vs. Customers’ Expectations , The Annals of the Stefan cel Mare University of Suc eava, Fascicle of
the Faculty of Economics and Public Administration , Vol. 11, No. 1(13), 2011, http://www.seap.usv.ro/annals/arhiva/ANNALS_vol.11, nr.1(13),2011_fulltext.pdf .
¤ Badulescu, D. and Badulescu, A., 2011. ”L'imprenditore e la sua funz ione prometeica”. Lo spirito dell'economia: la direzione di una grande o rchestra / coord. Egidio C.
Rangone, Pavia University Press, 2011. 2 VI, http://www.paviauniversitypress.it/catalogo/lo2spir ito2dell%E2%80%99economia/57 .
¤ Badulescu, D. and Petria, N., 2011. Collateral’s Importance in SMEs Fi nancing: What Is The Banks’ Response? Some Evidence For Romania. The Annals of the University
of Oradea, Economic Science s, Tome XX vol. 1, pp. 256260, http://anale.steconomiceuoradea.ro/volume/2011/anal ele2universitatii2oradea2seria2stiinte2economice2
numarul212iulie22011.pdf .
¤ Badulescu, D. , 2010a. Finanțarea IMM2urilor: dimensiunile nevoii și răspunsurile diferitelor structuri de creditare/ SMEs Financing: the Extent of Need and the
Responses of Different Credit Structures , Economie teoretică și aplicată, Vol. XVII (2010), N o. 7(548), pp. 22235.
¤ Badulescu, D., 2010b. Have The Recent Crisis Affected Foreign Banks' Positio ns In Central And Eastern Europe? (II 2 Focus on Romani a) .The Annals of the University of
Oradea, Economic Science s, Tom XIX vol. 2/2010, pp. 711216.
¤ Badulescu, D. and Badulescu, A., 2010. Financial Constraints Facing S MEs: Some Theory and Evidence . Metalurgia International Vol. XV, Special Issue No. 8, pp. 1692
73, http://www.metalurgia.ro/Metalurgia_International_s pecial8_2010.pdf .
¤ Badulescu, D. and Petria, N., 2010. Have the Recent Crisis Affected Fo reign Banks‘ Positions in Central and Eastern Europe? (I – General Overview). The Annals of the
University of Oradea, Economic Science s, Tome XIX vol. 1, pp. 412217.
¤ Badulescu, D. and Badulescu, A., 2008a. Theoretical Background of Corporate Governance (I). Annals of the Oradea University, Fascicle of Managemen t and
Technological Engineering , Vol. VII (XVII), 2008, pp. 1886290.
¤ Badulescu, D. and Badulescu, A., 2008b. Theoretical Background of Corporate Governance (II). Annals of the Oradea University, Fascicle of Managemen t and
Technological Engineering , Vol. VII (XVII), 2008, pp. 1891295.

Own publications references: as co2author
¤ Badulescu, A. and Badulescu, D. , 2014a. Is there Evidence of a European Lifestyle Entrepren eur in Tourism? International Conference European Integration – New
Challenges, 10th edition EINCO 2014, May 30 231, 20 14, Oradea, Romania, Abstracts of the International Conference, ISSN: 1844 – 5519,
http://anale.steconomiceuoradea.ro/en/wp2content/up loads/2014/02/PROGRAM2EINCO22014_FINAL_oficial.pdf .
¤ Badulescu, A.; Badulescu, D. ; Bac, D. and Sipos2Gug, S., 2014. Attitudes and Intentions of Business Master Students to wards Sustainable Tourism and Entrepreneurship ,
Amfiteatru Economic , Vol. 16, Special No. 8/2014, pp. 11102124.
¤ Badulescu, A.; Badulescu, D. and Borma, A., 2014, Enhancing cross2border cooperat ion through local actors’ involvement. The case of tourism cooperation in Bihor
(Romania) – Hajdú2Bihar (Hungary) Euroregion . Lex Localis W Journal of Local SelfWgovernment , 12(3), 2014, pp. 349271, http://pub.lex2
localis.info/index.php/LexLocalis/article/view/12.3 .3492371%282014%29 .
¤ Badulescu, A. and Badulescu, D. , 2013a. How Entrepreneurial are Doctoral Students? S ome Evidence from Romania. Journal of Eastern Europe Research in Business &
Economic , Vol. 2013, Norristown, Pennsylvania, SUA , Article ID 186798 10 pages, DOI: 10.5171/2013.186798 ,
http://www.ibimapublishing.com/journals/JEERBE/2013 /186798/a186798.html .
¤ Badulescu, A. and Badulescu, D. , 2013b. Entrepreneurship and Doctoral Students: between Intent ions, Pragmatism and Reality, Conference Procedings of The 20th
International Business Information Management Assoc iation Conference, March 25226, 2013, Kuala Lumpur, Malaysia, ISBN: 97820298214892920,
http://www.ibima.org/KL2013/papers.html .
¤ Badulescu, A.; Badulescu, D. and Bucur, C.A., 2013a, Assessing the Effectiveness of CrossWBorder Cooperation in Joint Provision of Public Services, Conference Procedings
of The 13th European Conference on eGovernment, 132 14 June 2013, Como, Italy, Book version ISBN: 9782129 0950722227 , Book Version ISSN: 204921026,
http://academic2conferences.org/eceg/eceg2013/eceg1 32proceedings.htm .
¤ Badulescu, A.; Bucur, C.A. and Badulescu, D. , 2013. Fostering Euroregional Cooperation in Public Services. Evidence From Bihor – Hajdu2Bihar Euroregion . European
Journal of Science and Theology , June 2013, Vol.9, Supplement 2, http://www.ejst.tuiasi.ro/Files/39/14_Badulescuetal .pdf .
¤ Badulescu, A. and Badulescu, D. , 2012a. “Entrepreneurship and Local Resources”, in Tourism Enterprises and the Sustainability Agenda a cross Europe / editor David
Leslie, Ashgate Publishing, Marea Britanie, 2012, pp. 151268, http://www.ashgate.com/isbn/9781409422570 .
¤ Badulescu, A. and Badulescu, D. , 2012b. Entrepreneurial Attitudes Among Romanian Doctoral Stud ents: An Empirical Study, Conference Procedings of the ”International
Conference on Engineering & Business Education, Inno vation and Entrepreneurship”, Lucian Blaga University of Sibiu, ISBN 978260621220 36927, ISSN 184326730, Sibiu, 182
21 octombrie 2012, http://www.cedc.ro/conf.brcee/media/home/BRCEE%2020 12%202%20Book%20of%20abstracts.pdf .
¤ Badulescu, A. and Badulescu, D. , 2012c. Post2Privatization and Corporate Governanc e in the Romanian Metallurgical Industry (I – The Th eoretical Framework) .
Metalurgia International Vol. XVII (2012), No. 10, pp. 235240, ISSN 15822221 4, http://www.metalurgia.ro/Metalurgia_International_1 0_2012.pdf .
¤ Badulescu, A. and Badulescu, D. , 2006. Some Aspects Regarding a Tourism Development Strategy in Bihor – HajduWBihar Euroregion , 18th Biennal International Congress
Human Capital, Culture and Quality in Tourism and Hospit ality Industry, University of Rijeka 2 Croatia, Facul ty of Tourism and Hospitality Management, Opatija, 325 May
2006.
¤ Mester, I. and Badulescu, D., 2013. Sustainability among Tourism and Hospitality Industry’s V entures: From Awareness to Specific Practices , 8 th European Conference on
Innovation and Entrepreneurship ECIE 2013, 19220 Septe mber, Brussels, Belgium, Proceedings of ECIE 2013, v ol. 2, pp. 434241, http://academic2
conferences.org/ecie/ecie2013/ecie132proceedings.ht m .