Disclamer: Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Education and Culture Executive Agency (EACEA). Neither the European Union nor EACEA can be held responsible for them.

“Determinants of AI Adoption Intention in SMEs. Romanian Case Study” is the title of a research paper which was recently published. The research was performed by Constantin-Marius Apostoaie, Teodora Roman, Alexandru Maxim and Dumitru-Tudor Jijie, and it is freely available here.
Reference: Apostoaie, C.-M., Roman, T., Maxim, A., & Jijie, D.-T. (2025). Determinants of AI adoption intention in SMEs. Romanian case study. Journal of Business Economics and Management, 26(2), 277–296. https://doi.org/10.3846/jbem.2025.23650
Short resume of the research: The paper investigates the drivers and barriers that influence the adoption of artificial intelligence (AI) technologies among Romanian SMEs. By using the Technology-Organisation-Environment (TOE) framework, we examined the role of several factors from each TOE dimension in predicting the AI adoption behaviour. The factors were constructed through factor analysis followed by the estimation of a linear regression model. Partial least squares structural equation modelling was then used in order to further explore the relationships and to check the robustness of the linear regression model. Our findings highlight the significant role played by leadership, organizational readiness, as well as the ‘push-and-pull’ effect of competitors and customers in encouraging SMEs to adopt AI technologies. However, in the case of Romania, specific challenges related to a lack of digital skills among employees, a limited understanding of the relative advantage that digitalisation can offer, as well as a lack of marketing efforts from the side of vendors make it difficult for SMEs to consider the implementation of AI technologies. This exploratory study seeks to understand the underlying trends of the phenomenon and serves as a stepping stone for vendors, managers, as well as researchers to better understand the market for AI tools and solutions among Romanian SMEs.
The online appendix of this working paper can be found here.

“Tax policy, corruption, and formal business entry: Cross-country evidence from emerging economies” is the title of a research paper which was recently published. The research was performed by Irina Bilan and Constantin-Marius Apostoaie, and it is freely available here.
Reference: Bilan, I., & Apostoaie, C.-M. (2025). Tax policy, corruption, and formal business entry: Cross-country evidence from emerging economies. Economic Change and Restructuring, 58(2), 26. http://dx.doi.org/10.1007/s10644-025-09865-4.
Short resume of the research: This paper examines the interplay between formal and informal institutions in driving new business creation across 44 emerging and frontier economies. Specifically, using data from 2006 to 2021, it explores how tax rates, fiscal administrative burdens, and corruption interact to influence the registration of new companies. We reveal that higher corporate taxes stifle entrepreneurship by reducing after-tax profits and incentivizing informality, whereas higher labor taxes, counterintuitively, boost new business entry by altering individuals’ occupational choices. Complex tax administration procedures create a ‘bottleneck’ effect, discouraging business registration and underscoring the need for streamlined processes. Interestingly, corruption plays a double-edged role: while it generally ‘sands the wheels’ of new business creation, it can also ease the burden of tax administration, aligning with the ‘grease the wheels’ theory. To promote formal business creation as a key driver of economic growth, governments in emerging economies should adopt a balanced approach by simplifying fiscal procedures while strengthening their efforts to tackle corruption.

“Smart Cities in Central and Eastern Europe – A Case Study Approach” is the title of the paper published in Bilan, I., Apostoaie, C.-M., Cigu, E. R. eds. (2023) Financial and Monetary Policies for Fostering European Integration. Proceedings of the EUconomics International Conference. Iași: Alexandru Ioan Cuza University of Iasi Publishing Press, pp. 255-272. The research was performed by Ursache, I.M., Muñoz, F. F., Apostoaie (see bio) and it is freely available here.
Short resume of the research: Financial analysis represents a powerful tool which, in the hands of the investors, can reduce the risks they are exposed to and, at the same time, increase the return on their investments. The analyst can opt between the two main pillars of financial analysis, technical and fundamental analysis, ore use them both (harnessing their full potential as complements rather than substitutes). In this context, the current paper aims to determine an investment opportunity in the stock market, using, as case studies, the stocks of two companies that are well known giants in the financial industry: JPM (JPMorgan Chase & Co.) and HSBC (HSBC Holdings plc.). After performing the technical and fundamental analysis, we concluded that both stocks are currently worth to invest in. The study revealed that the stocks are undervalued and that there is a good opportunity to take a buy position in the immediate future. Indicators, such as Bollinger Bands and Relative Strength Index, together with the identified chart formations, confirm that both stocks are oversold, and respectively, undervalued. The results generated by the technical analysis are confirmed by some fundamental analysis indicators, which reveal a good financial condition of the companies. Thus, considering the average investor’s risk profile, the decision to buy should be taken consciously, within a margin of 10% of his/her available funds. The current paper contributes to the existing literature on technical and fundamental analysis with a sound case study and a critical perspective.

“Justification of Investment Decisions Using Technical and Fundamental Analysis – A Case Study Approach” is the title of the paper published in Bercu, A.-M., Bilan, I., Apostoaie, C.-M., eds. (2022) European Administrative Area – Integration and Resilience Dynamics. Proceedings of the International Conference EU-PAIR 2022. Iași: Alexandru Ioan Cuza University of Iasi Publishing Press, pp. 337-359. The research was performed by Dan-Pavel Matei (see bio) and Constantin-Marius Apostoaie and it is freely available here.
Short resume of the research: Financial analysis represents a powerful tool which, in the hands of the investors, can reduce the risks they are exposed to and, at the same time, increase the return on their investments. The analyst can opt between the two main pillars of financial analysis, technical and fundamental analysis, ore use them both (harnessing their full potential as complements rather than substitutes). In this context, the current paper aims to determine an investment opportunity in the stock market, using, as case studies, the stocks of two companies that are well known giants in the financial industry: JPM (JPMorgan Chase & Co.) and HSBC (HSBC Holdings plc.). After performing the technical and fundamental analysis, we concluded that both stocks are currently worth to invest in. The study revealed that the stocks are undervalued and that there is a good opportunity to take a buy position in the immediate future. Indicators, such as Bollinger Bands and Relative Strength Index, together with the identified chart formations, confirm that both stocks are oversold, and respectively, undervalued. The results generated by the technical analysis are confirmed by some fundamental analysis indicators, which reveal a good financial condition of the companies. Thus, considering the average investor’s risk profile, the decision to buy should be taken consciously, within a margin of 10% of his/her available funds. The current paper contributes to the existing literature on technical and fundamental analysis with a sound case study and a critical perspective.

“The Smart Cities of Romania: An Overview” is the title of the paper published in Bercu, A.-M., Bilan, I., Apostoaie, C.-M., eds. (2022) European Administrative Area – Integration and Resilience Dynamics. Proceedings of the International Conference EU-PAIR 2022. Iași: Alexandru Ioan Cuza University of Iasi Publishing Press, pp. 455-481. The research was performed by Ioana-Maria Ursache (see bio) and Constantin-Marius Apostoaie and it is freely available here.
Short resume of the research: The ‘smart city’ emerged as a complex strategy, involving different urban aspects and dimensions. The European model is currently built on six domains: smart mobility, smart governance, smart economy, smart people, smart living and smart environment. The current paper investigates how Romanian cities have implemented smart city strategies and how are they evolving from a more practical perspective. While the vast majority of initiatives are concentrated in the capital city and other important regional centres, not all projects are functional and have yet to generate benefits for citizens. With regard to the status-quo in Romania, smart cities are rather in the adaptation phase, having emerged from tensions between modern and traditional forms of governance and socio-economic and environmental goals. The aim of this paper is to critically assess how close are Romanian cities to the conventional smart city by analysing how and which smartness factors have been translated in the seven Romania’s regional development centres – Iași, Cluj-Napoca, Timișoara, Brașov, Constanța, Craiova and Ploiești.