UNIVERSITATEA LIBER INTERNAIONAL DIN MOLDOVA INSTITUTUL DE INVESTIGAII STRATEGICE N ECONOMIE

STUDII ECONOMICE

Revist tiinific

An. V, nr. 1-2 (iunie) 2011 ISSN 1857- 226X

Investigaii strategice n economie. Economie general Economie mondial. Relaii economice internaionale Studii de management Activitate financiar-bancar Marketing i logistic Modelare i informatic economic Contabilitate i audit. Statistic Pages francophones

Recenzii

Jubilee

revistaeconomica_47@yahoo.com

Chiinu, 2011

mailto:revistaeconomica_47@yahoo.com

Colegiul de redacie: Redactor-ef Natalia BURLACU, prof. univ., dr. hab. Rredactor-ef adjunct Petru ROCA, prof. univ., dr. hab Secretar responsabil Alexandru GRIBINCEA, prof. unv., dr. hab. Membru-corespondent al AM Gheorghe MICOI Prof. unv., dr. hab. Nicolae U (ULIM) Prof. unv., dr. hab. Dan Ilie MOREGA (Trgu-Jiu) Prof. unv., dr. hab. Anatolii Ahlamov (Odesa, ORIGU) Prof. unv., dr. hab. Gheorghe ILIADI (AM) Conf. unv., dr. hab. Boris CHISTRUGA (ASEM) Prof. unv., dr. Ion POPESCU (Bucureti) Prof. unv., dr. Aurelian A. BONDREA (Bucureti) Prof. unv., dr. Alexandru TOB (Craiova) Prof. unv., dr. Nicolae BARBU (Piteti) Conf. unv., dr.hab. Iurii CROTENCO (ULIM) Conf. unv., dr. Valentina GHEDRANOVICI (Minsk IU) Conf. univ., dr. Veaceslav IONI (ASEM) Conf. unv., dr. Ada STAHOVSCHI Conf. unv., dr. Vasile CORJ Conf. unv., dr. Florin COERIN (Ceronav Constana)

Redactor: Eugenia BALAN Machetare computerizat: Adriana Buzdugan

ADRESA REDACIEI:

Str: Vlaicu Prclab 52, MD 2012, Chiinu, Moldova ULIM, E-mail: revistaeconomica_47@yahoo.com

Certificat de nregistrare nr. 01-6-17/03.05.2007

Index potal: PM - 2012 ISSN 1857-226X

Editura ULIM, Chiinu 2011

Redacia nu este responsabil pentru coninutul articolelor publicate.

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CUPRINS:

I. INVESTIGAII STRATEGICE N ECONOMIE Angela SECRIERU; Greta HNCU Impactul riscului de ar i a incertitudinii asupra investiiilor strine directe .....................................................11 Gatut L. BUDIONO Pinokpok weaving industry in luzon Philippines: a concept towards its improvement ........................................15 Eduard CALANCEA Tranzaciile de fuziune i achiziie prin prisma metamorfozelor economice post criz .........................................26 Elena MOROI Profitul i rolul lui n dezvoltarea economic a ntreprinderii ...............................................................................30 Olga SRBU; Boris CORECHI Sporirea competitivitii produciei agricole prin producerea produselor ecologice .............................................35 ; ...............44

II. ECONOMIE MONDIAL RELAII ECONOMICE INTERNAIONALE

Alexandru GRIBINCEA; Alexandru NEGRU; Virgil GHERGHINA Estimarea comerului internaional n perioada post-criz ....................................................................................50 Teimuraz SHENGELIA Socio-Economic Aspect of Globalization and International Business ....................................................................58 Ilian GALBEN Particularitile contractuale ale tranzaciilor economice externe de comercializare ...........................................63 Leonid OSTROFE Turismul fenomen economico-social al secolului XX si inceputul secolului XXI ...................................................69 Ludmila ROMAN, Virgil GHERGHINA, Marian JIANU Comertul exterior al Frantei in perioada post-criz ...............................................................................................75 Veronica BULAT Rolul Americii de Nord pe piaa internaional de produse stomatologice ............................................................81 Leonid OSTROFE Turismul n sistema relaiilor economice a societii ..............................................................................................85 Aurel BUNGHEZ; Laureniu HERARU Premise privind redresarea problemelor globale: mpadurirea terenurilor ..........................................................88

III. STUDII DE MANAGEMENT Natalia BURLACU Managerul general n organizaia aflat n criz ....................................................................................................95 ......................................103 ; . : , ..............................110 ..........118 Elena GRAUR Relaiile de parteneriat trainice dintre manager i subordonat ca modalitate de influen a comportamentului subordonatului n activitatea eficient a acestuia (n cadrul organizaiilor cooperatiste) ..................................................................................................................123

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Lilia TARANENCO ntreprinderile mici i mijlocii cheia succesului n economia unei ri .............................................................133 Adriana BUZDUGAN Caracteristici generale ale APLP-urilor n Republica Moldova ...........................................................................136 Daniel-Serafim BROTEA Controlul in cadrul activitatii de management corporativ ...................................................................................141 Dan BALAMACI Concepte de gestiune a complexelor maritime regionale port terminal ............................................................150 Oana BOCANETE Organizarea managementului corporativ n rile dezvoltate de tip postindustrial ............................................155 Mandita BULUC Crearea holdingului: cutarea structurii corporative optimale ...........................................................................159 Laureniu HERARU ; Aurel BUNGHEZ ; Alexandru GRIBINCEA Gestionarea durabila a padurilor .........................................................................................................................165 Ionel CACIUC Determinarea eficienei economice portofoliului de investiii ..............................................................................171 Paul COERIN Gestionarea riscurilor ecologice i influena acestora asupra dezvoltrii complexelor portuare Ecological Risk Management and Its Influence on Development of Port Complex .............................................177 Victor Cristian COERIN Administraia local ca o form de parteneriat public-statal ...............................................................................182 Aliona DANILIUC Locul i importana efecturii diagnosticului economico-managerial n sistemul cooperaiei de consum din Republica Moldova ....................................................................................................186 Daniel FURCIL Unele aspecte ale elaborrii unui sistem de monitorizare a strii economice a unei ntreprinderi industriale ...193 Ion DUMITRU Organizarea i funciile controlului corporativ ....................................................................................................198 Elena POPESCU-VOLCEANU Aspecte teoretice ale funcionrii structurilor corporative ...................................................................................203 Elena CONSTANTINOVICI ; Alexandru NEGRU ; Marian JIANU ; Radu ROCNEANI Ritualuri comunicative n discursul formal ..........................................................................................................209 Nina PESTUCO Premisele apariiei organizaiilor virtuale ............................................................................................................213 Elvira URCANU Factorul uman pilon al competitivitii economice ............................................................................................215 Tamara GHEORGHIA Managementul resurselor umane n serviciul public al Republicii Moldova i provocrile europenizrii .........219 Daniela COERIN Rolul marketingului n sistemul administrativ al hotelului ..................................................................................227 , ......................................................................................................232

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Elvira URCAN Factorul uman pilon al competitivitii economice ............................................................................................238 .......241 Carolina TCACI Tendine de dezvoltare a antreprenoriatului i a comerului interior n Republica Moldova .............................249 Dumitru FLOREA Controlul administrativ a serviciilor publice disconcentrate ...............................................................................259 Ioan MALICIUC Tranziia de la manager la lider ............................................................................................................................263 Leonid BABII Reciclarea cadrelor: aspecte economice ................................................................................................................273

IV. ACTIVITATE FINANCIAR-BANCAR ; ................................................................................ 276 Petru ROCA; Adrian URCANU Piaa valutar internaional i naional a Republicii Moldova n condiiile crizei economice ........................ 285 Radu CUHAL; Ada TAHOVSCHI Principles for Central Bank Behavior and Securities Markets ........................................................................... 291 Maria CIUBOTARU Politici de gestionare i instrumente de msurare a performanelor financiare ale companiilor de stat ......................................................................................................................................... 294 Ana SOLTAN (SPNU) Metode de administrare a riscurilor bancare stabilite la nivel intern de ctre bncile comerciale .................... 306 Ada TAHOVSCHI; Viorel VLCU; Gheorghita DIMA Impactul amnistiei fiscale asupra activitii agenilor economici ........................................................................ 312 Ion STURZU Estimarea solvabilitii clenilor bancari n baza metodelor logicii indistincte i a reelei Bayesian ................ 318 Alexandru CERBANSCHI ; Ecaterina POJOGA Problemele perfecionrii managementului bugetar la etapa actual ................................................................. 326 Radu CUHAL; Ada TAHOVSCHI Importance of Securities Markets for Economic Growth ................................................................................... 330 Sebastian ERBNESCU Technology Transfer and Investment in Sustainable Development .................................................................... 333 Elena MOROI; Elena BARANOV Diagnosticul i estimarea rentabilitii activelor ntreprinderii .......................................................................... 339 Cristian JUSCU Evaluarea metodelor existente pentru determinarea eficienei economice a gestiunii i controlului finanelor corporative .................................................................................................................... 344 ............ 351 Dan POPA Microfinanarea instrument eficient de combatere a srciei .......................................................................... 357

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Ion Iulian HURLOIU Dimensiunile economice ale evaziunii fiscale i dezideratul eradicrii acesteia prin dezvoltarea relaiilor dintre state cu sisteme fiscale diferite sau cu un nivel de fiscalitate diferit .......................................... 364 . .......................................... 369

V. MARKETING SI LOGISTICA

Olga SRBU; Boris CORECHI Sporirea competitivitii produciei agricole prin producerea produselor ecologice ...........................................375 Stela EFROS Perfeionarea activitii de desfacere a produselor agricole i agroalimentare de ctre antreprenorii din Republica Moldova .........................................................................................................383 Veronica BULAT Actualiti i direcii de dezvoltare pe piaa global a implanturilor dentare ......................................................390 Mihaela GROSMAN Aspecte teoretice de evaluare a activitii de marketing ......................................................................................394 Rodica BURBULEA Aplicarea cercetrilor de plat n cadrul unei agenii de turism ..........................................................................398

VI. MODELARE I INFORMATIC ECONOMIC Carina STEGAROI; Valentin STEGAROI; Iurie FILIP; Silvestru MAXIMILIAN Un sistem de reglare a cursului apei unui ru: aspectul metodologic ...................................................................405 Iulia DAMIAN Sistemul de ateptare cu flux de intrare semi markovian format dintr-un grup de cereri .................................412 Valentina SOCOL Managementul calitii serviciilor educaionale universitare i tehnologii informaionale .................................417 Igor ZAPOROJANU Problema comis-voiajorului ..................................................................................................................................419 ..........424

VII. CONTABILITATE I AUDIT. STATISTIC Georgeta MELNIC; Oleg MELNIC Perfecionarea contabilitii veniturilor i cheltuielilor conform standardelor internaionale ............................430 Ecaterina BURLEA Analiza veniturilor din activitatea operaional ...................................................................................................437 Georgeta MELNIC; Oleg MELNIC Abordri naionale i internaionale cu privire la recunoaterea i evaluarea datoriilor ....................................441 Petru URCANU; Elena NIREAN Analiza riscului cauzat de grindin n agricultur ...............................................................................................451

VIII. PAGES FRANCOPHONES Natalia BRCA; Alexandru GRIBINCEA Les evolutions et les defis mondiaux et nationaux dans le secteur energetique ....................................................457 Adriana BUZDUGAN Promouvoir le developpement de la RSE dans les entreprises de services public ................................................464 Lilia TARANENCO Les petites et moyennes entreprises: force locale, action mondiale ......................................................................466

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CONTENTS:

I. STRATEGIC INVESTIGATIONS IN ECONOMY. GENERAL ECONOMY Angela SECRIERU; Greta HNCU Country Risk and Incertitude Impact on Direct Foreign Investigations ................................................................11 Gatut L. BUDIONO Pinokpok weaving industry in luzon Philippines: a concept towards its improvement ........................................15 Eduard CALANCEA Merger and acquisition transactions through the post crisis economic metamorphosis ........................................26 Elena MOROI Profit and Its Role in Economic Development of the Enterprise ............................................................................30 Olga SRBU; Boris CORECHI Increasing Competitiveness of Agricultural Production by Producing Organic Products ....................................35 ; Factors food security in the current economic crisis ..............................................................................................44

II. WORLD ECONOMY INTERNATIONAL ECONOMIC RELATIONS

Alexandru GRIBINCEA; Alexandru NEGRU; Virgil GHERGHINA Estimation of International Trade in the Post-Crisis Period ................................................................................. 50 Teimuraz SHENGELIA Socio-Economic Aspect of Globalization and International Business ................................................................... 58 Ilian GALBEN Contract Peculiarities of Trading Foreign Economic Transactions ..................................................................... 63 Leonid OSTROFE Economic-Social Phenomenon Tourism of the Twentieth Century and the Beginning of XXI Century .............. 69 Ludmila ROMAN, Virgil GHERGHINA, Marian JIANU Foreign Trade of France in the Post-Crisis Period .................................................................................................75 Veronica BULAT The Role of North America on the International Market of Dental Products ...................................................... 81 Leonid OSTROFE Tourism in the System of Economic Relations of the Society ................................................................................ 85 Aurel BUNGHEZ; Laureniu HERARU Premises concerning Recovery of Global Problems: Afforestation ....................................................................... 88

III. MANAGEMENT STUDIES Natalia BURLACU General Management in the Organization Being in Crisis .....................................................................................95 Regular management as a modern approach to the management of the organization ........................................103 ; . Economic sustainability of the enterprise: the essence of the factors and criteria for evaluation .......................110 The quality management system of training based on information technologies ................................................. 118 Elena GRAUR Lasting Partnership Relations between Manager and Subordinate as Influencing Way of Subordinates Behaviour in His Efficient Activity (within cooperative organizations) ............................................................... 123

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Lilia TARANENCO Small and Medium Enterprises the key of success in economy of a country .................................................... 133 Adriana BUZDUGAN General Characteristics of APL in the Republic of Moldova ...............................................................................136 Daniel-Serafim BROTEA Control within Corporate Management Activity ..................................................................................................141 Dan BALAMACI Management Concepts of Port Regional Maritime Complex Terminal ...........................................................150 Oana BOCANETE Organizing of Corporate Management in Developing Countries of Post-Industrial Type ..................................155 Mandita BULUC Holding Creation: searching of optimal corporate structure ...............................................................................159 Laureniu HERARU; Aurel BUNGHEZ; Alexandru GRIBINCEA Sustainable Forest Management ...........................................................................................................................165 Ionel CACIUC Determining of Economic Efficiency of Investment Portfolio .............................................................................171 Paul COERIN Ecological Risk Management and Its Influence on Development of Port Complex .............................................177 Victor Cristian COERIN Local Administration as a Form of Public-State Partnership .............................................................................182 Aliona DANILIUC The place and Importance of conducting economic and managerial diagnosis in consumer cooperative system in the Republic of Moldova ...................................................................................186 Daniel FURCIL Some Aspects of Developing a Monitoring System of Economic Condition of an Industrial Enterprise ............193 Ion DUMITRU Organization and Functions of the Corporate Control ........................................................................................198 Elena POPESCU-VOLCEANU Theoretical Aspects of Functioning of Corporate Structures ...............................................................................203 Elena CONSTANTINOVICI; Alexandru NEGRU; Marian JIANU; Radu ROCNEANI Communicative Rituals in Formal Speech ...........................................................................................................209 Nina PESTUCO Premises of Appearance of Virtual Organizations ...............................................................................................213 Elvira URCANU Human Factor pillar of economic competitiveness ...........................................................................................215 Tamara GHEORGHIA Management of Human Resources in Public Service of the Republic of Moldova and Europeanization Challenges .................................................................................................................................. 219 Daniela COERIN The role of marketing in the hotel's administrative system ..................................................................................227 Denis SIMOV Analysis of the economic activity of the enterprise as an important step in the development of the investment strategy ......................................................................................................................................232

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Elvira URCAN Human factor pillar of the economic competitiveness .......................................................................................238 Theoretical concepts concerning the notion of the terms The economic international integration .................241 Carolina TCACI The development trend of entrepreneurship and trade, in Moldova ...................................................................249 Dumitru FLOREA Administrative control of the decentralyzed public services ................................................................................259 Ioan MALICIUC Transition from manager to leader........................................................................................................................263 Leonid BABII Recycling staff: economic aspects .........................................................................................................................273

IV. FINANCIAL-BANKING ACTIVITY

; Commercial banks and analysis of the causes of their bankruptcy ......................................................................276 Petru ROCA; Adrian URCANU National and International Currency Market of the Republic of Moldova in Terms of Economic Crisis ..........285 Radu CUHAL; Ada TAHOVSCHI Principles for Central Bank Behavior and Securities Markets ............................................................................291 Maria CIUBOTARU Management Policies and Measure Tools of Financial Performances of State Companies .................................294 Ana SOLTAN (SPNU) Administration Methods of Banking Risks Established on Internal Level by Commercial Banks .....................306 Ada TAHOVSCHI; Viorel VLCU; Gheorghita DIMA The Impact of Tax Amnesty on Economic Activity of Trader .............................................................................312 Ion STURZU Estimation of Solvability of Banking Clients based on Indistinct and Logic Methods and Bayesian Network ...318 Alexandru CERBANSCHI ; Ecaterina POJOGA Improving Problems of Buget Management at Present ........................................................................................326 Radu CUHAL; Ada TAHOVSCHI Importance of Securities Markets for Economic Growth ....................................................................................330 Sebastian ERBNESCU Technology Transfer and Investment in Sustainable Development .....................................................................333 Elena MOROI; Elena BARANOV Diagnosis and Estimation of Return Enterprise Assets ........................................................................................339 Cristian JUSCU Evaluation of existing methods for determining the economic efficiency of management corporate finance control ................................................................................................................344 The organizational structure of the bank as an instrument of crisis management ..............................................351 Dan POPA Microfinance efficient tool to fight poverty ........................................................................................................357

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Ion Iulian HURLOIU Economic Dimensions of Tax Evasion and Its Desire of Eradicating by the Development of Relations Between States with Different Tax Systems or a Different Level of Taxation .....................................364 . The analysis of integration processes in the stock markets of European countries .............................................369

V. MARKETING AND LOGISTICS

Olga SRBU; Boris CORECHI Increasing Competitiveness of Agricultural Production by Producing Ecological Products ...............................375 Stela EFROS Improving Selling Activity of Agricultural and Food Products by Entrepreneurs in the Republic Moldova .....383 Veronica BULAT News and Trends of Global Market Development of Dental Implants ................................................................390 Mihaela GROSMAN Theoretical Aspects of Evaluation of Marketing Activity ....................................................................................394 Rodica BURBULEA Applying market research in a travel agency .......................................................................................................398

VI. MODELING AND ECONOMIC INFORMATICS Carina STEGAROI; Valentin STEGAROI; Iurie FILIP; Silvestru MAXIMILIAN A Control System of River Water Flow: methodological issue ........................................................................... 405 Iulia DAMIAN Waiting System with Semi Markovian Input Stream Formed by a Group of Applications .............................. 412 Valentina SOCOL Management of Qualities of University Educational Services and Informational Technologies ........................ 417 Igor ZAPOROJANU Traveling Salesman Problem ............................................................................................................................... 419 Irina CLIMENCO Management system of training quality of the specialists on the basis of the informational technologies ..........424

VII. ACCOUNTING AND AUDIT. STATISTICS Georgeta MELNIC; Oleg MELNIC Accounting Improving of Incomes and Expenditures According to International Standards ............................ 430 Ecaterina BURLEA Income Analysis from Operational Activity ......................................................................................................... 437 Georgeta MELNIC; Oleg MELNIC National and International Approaches Concerning Recognition and Debt Evaluation ..................................... 441 Petru URCANU ; Elena NIREAN Risk Analysis in Agriculture Caused by Hail ....................................................................................................... 451

VIII. FRENCH PAGES Natalia BRCA; Alexandru GRIBINCEA Developments and global and national challenges in the energy sector .............................................................. 457 Adriana BUZDUGAN Promote the development of CSR in the utilities ................................................................................................. 464 Lilia TARANENCO Small and Medium Enterprises: Local Strength, Global Reach ......................................................................... 466

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I. INVESTIGAII STRATEGICE N ECONOMIE ECONOMIA GENERAL

IMPACTUL RISCULUI DE AR I A INCERTITUDINII ASUPRA

INVESTIIILOR STRINE DIRECTE

Angela SECRIERU, prof. univ. dr. hab. Greta HNCU, drd. ASEM

ABSTRACT. With globalization and financial integration, there has been rapid growth of

international lending and foreign direct investment. In view of this emerging trend, country risk analysis has become extremely important for the international creditors and investors. The intention of this paper is to point out the interconnection between country risk and effects of foreign direct investment on the domestic and foreign company. Also this working paper analyzes the impact of uncertainty and country risks on various decisions of a multinational enterprise, which undertakes a direct investment abroad.

Secolul XXI este un secol al marilor schimbri n modelele i regulile de compor-

tament, n modul de lucru i cel de via. De exemplu, globalizarea este caracterizat de o interaciune i dependen mai mare ale statelor lumii, precum i de intenia lor de a crea o pia integrat la nivel mondial. Un rezultat logic al acestor schimbri este creterea concurenei pe piaa mondial i monopolizarea resurselor [1].

Odat cu globalizarea, integrarea financiar i liberalizarea pieelor de capital, s-a atestat o cretere rapid a creditrii internaionale i a investiiilor strine directe (ISD). Totodat, ns, comunitatea financiar internaional se confrunt cu o cretere a numrului de crize financiare att n rile dezvoltate, ct i n cele n curs de dezvoltare, activitatea de investiii internaionale fiind tot mai mult afectat de riscul de ar.

Dei riscul de ar afecteaz toi investitorii care caut oportuniti de investire ntr-o ar strin, cei mai afectai de acest tip de risc sunt aceia care investesc n statele cu economii n tranziie. Analizele arat c procesul de tranziie, n general, este dezvoltat prin prisma a cinci condiii: stabilizarea macroeconomic, liberalizarea preurilor, liberalizarea comerului, privatizarea i dezvoltarea cadrului instituional i legal pentru instituirea economiei de pia. Este logic de ateptat ca, procesul de tranziie, definit n acest mod, s fie urmat de aplicarea diferitor tipuri de decizii politice. Cu toate c obiectivul lor este de a direciona i accelera procesul de tranziie, acestea pot crete, de asemenea, riscul de ar.

n general, toate tranzaciile n afaceri implic un anumit grad de risc. Atunci cnd tranzaciile decurg peste hotarele statului ns, acestea comport riscuri suplimentare care nu sunt prezente n tranzaciile pe piaa intern. Aceste riscuri adiionale, numite riscuri de ar, de obicei includ riscurile care decurg din diferenele naionale n structurile economice, politici, instituii socio-politice, geografie i valute.

Analiza riscului de ar se bazeaz pe o premis fundamental c dezechilibrele tot mai mari, factorii economici, cei sociali sau politici sporesc riscul unor pierderi n rentabilitatea ateptat pentru o investiie.

Analitii au avut tendina de a separa riscul de ar n ase categorii principale de risc. Multe dintre aceste categorii se suprapun, avnd n vedere relaia economiei naionale cu sistemul politic i cu comunitatea internaional. Chiar dac muli analiti ai riscului nu sunt pe deplin de acord cu aceast list, aceste ase concepte tind s apar n clasificrile de risc ale celor mai multe agenii de rating [2]:

Riscul economic;

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Riscul de transfer; Riscul valutar; Riscul de localizare sau vecintate; Riscul suveran; Riscul politic. Riscul economic include potenialul de schimbri n avantajul comparativ al unui stat

sau n obiectivele politicii economice ale guvernul. Drept msuri servesc instituiile precum gradul de reglementare sau drepturile de proprietate, politica fiscal, cheltuielile guverna-mentale, inflaia etc.

Riscul de transfer apare din cauza restriciilor guvernului dintr-un stat strin privind micarea de capital i poate fi un rspuns politic la deficitul de cont curent, aflat n continu cretere. Acesta poate fi msurat i prin tendinele raporturilor dintre deficitul de finanare extern sau datorie i PIB.

Riscul politic include riscul cultural i etnic, riscul socio-economic sau modificrile n instituiile politice. Prin urmare, msurile tipice sunt tipul de structura politic, structura etnic sau incidena violenei. Este dificil de a msura riscul politic i nu este clar modul n care profiturile i, prin urmare, deciziile investitorului sunt afectate.

Riscul suveran se trage de la incapacitatea sau refuzul guvernului de a-i ndeplini obligaiile de mprumut.

Ratele de schimb afecteaz profiturile unei ntreprinderi-fiic strine prin intermediul contractelor comerciale internaionale, iar unei companii multinaionale - cnd transfer profiturile de pe urma ISD. Volatilitatea ratelor de schimb adesea detecteaz politici macroeconomice instabile, deoarece aceasta poate aprea din cauza variaiei ratei dobnzii, ratei inflaiei sau mediului de afaceri. Riscul care afecteaz deciziile unei ntreprinderi care investete n strintate este diferit de cel al unei investiii de portofoliu internaional sau de cel legat de creditarea unui guvern strin. Trebuie luat n considerare orizontul foarte lung de timp a investiiilor directe i caracteristicile lor operaionale specifice.

Riscul de transfer rmne dificil de cuantificat i, probabil, nu are un impact major pentru ISD n comparaie cu alte tipuri de investiii: pe lng transferurile poteniale de profit, scopul unei ntreprinderi multinaionale, pe termen scurt, nu este de a readuce complet activele investite.

Tabelul 1 prezint un punct de vedere al impactului celor ase categorii de risc asupra diferitor tipuri de investiii.

Tabelul 1. Impactul riscului asupra diferitor tipuri de investiii

Investiii directe n sectorul privat

Investiii financiare pe termen scurt n sectorul

privat

mprumut pe termen scurt acordat Guvernului

mprumut pe termen lung acordat Guvernului

Categoria de risc Economic Semnificativ Slab Slab de la Slab la Moderat Transfer Moderat Semnificativ Semnificativ Moderat Valutar Semnificativ de la Absent la Semnificativ de la Absent la Semnificativ Semnificativ Localizare Semnificativ Moderat Slab Moderat Suveran Slab Slab Semnificativ Semnificativ Politic Semnificativ Slab Moderat Semnificativ

Sursa: Meldrum, Duncan H. Risk and Foreign Direct Investment // Business Economics, 2000. Nectnd la faptul c toate categoriile majore prezint un anumit grad de risc pentru

fiecare tip de investiie, se constat c un cadru de timp mai lung asociat cu o investiie direct are un impact mai semnificativ pentru mai multe categorii de risc. Implicit, riscurile economice, politice i de localizare au devenit mai problematice pentru investiiile n capitalul fix care dureaz 20 de ani sau mai mult. Riscul de transfer, pe de alt parte, poate

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reprezenta un risc mai mic pentru o investiie pe termen lung, deoarece este puin probabil ca restriciile de capital s dureze pentru ntreaga perioad a investiiei.

Tabelul 2. Clasificarea surselor de risc (1 cel mai important; 5 deloc important)

Transferul profitului 3.85 Eecul sectorului privat 3.83 Exproprierea 4.26 Riscul valutar 2.95 Schimbri ale politicii fiscale i vamale 2.97 Drepturi de proprietate nesigure 3.68 Mediu macroeconomic instabil 3.00 Schimbri politice 3.38 Corupia 3.18 Crima i mafia 3.86

Surs: Studiul catedrei de Economie Internaional din cadrul Universitii din Munchen n cadrul unui studiu elaborat de Catedra de Economie Internaional din cadrul Uni-

versitii din Munchen, 688 de companii multinaionale, care au realizat 2115 de investiii n rile n tranziie au fost solicitate s grupeze diferite surse de risc din rile-gazd, n funcie de importana acestora. Astfel, acestea le-au atribuit valoarea 1 pentru cele mai importante surse de riscuri i respectiv valoarea 5 pentru cele deloc importante. Rezultatul studiului, reprezentat i n tabelul 2, sugereaz c riscul valutar pare a fi cea mai important surs de risc, urmat de riscul economic manifestat prin modificrile politicelor fiscale i vamale i instabilitatea mediului macroeconomic. Riscul exproprierii, deseori inclus n categoria riscului de ar nu se consider a fi relevant.

Companiile pot obine calcule ale riscului de ar de la un numr mare de surse, printre acestea:

Instituii specializate de analiz a riscurilor de ar: Economist Intelligence Unit (trad., Unitatea de cercetare economic) International Financial Risk Institute (trad., Institutul riscului financiar internaional) Business Environment Risk Index (BERI, trad., Indicele riscului mediului de afaceri) Agenii de rating: Dun and Bradstreet, Moodys, S&P, FITCH IBCA Institutional Investor & Euromoney Frost & Sullivan Credit Risk International The Institute for International Finance (trad., Institutul pentru finanele internaionale) AT Kearney Sursele publice ale cercetrii riscului de r: Fondul Monetar Internaional / Banca Mondial Bank For International Settlements (trad., Banca plilor internaionale) OECD Bnci regionale de dezvoltare (AfDB, IDB, EBRD, AsDB) PNUD, UNCTAD Agenii de Creditare a Exporturilor (Coface, Hermes, ECGD, SACE, CESCE) Serviciul secret de informaii SUA (CIA) Departamentul de stat al SUA. Pentru analiza riscului de ar sunt adesea elaborai indici, deoarece acetia ofer

posibilitatea de clasificare rilor n funcie de valoarea indicelui n cauz pe care acestea o ating. Indicii pot include o singur variabil sau mai multe variabile. Cu toate acestea, rezultatele unor astfel de clasificri sunt uneori dificil de interpretat.

Numeroase studii empirice i teoretice au subliniat rolul incertitudinii n luarea deci-

13

ziilor investiionale. O perspectiv nou, n acest sens, a fost oferit de teoriile opiunilor reale. Aceste teorii demonstreaz c incertitudinea are un impact negativ asupra deciziilor de investiii dac proiectele de investiii sunt amnabile i, ntr-o anumit msur, ireversibile [3].

Studiile empirice, ntr-adevr, au gsit o relaie invers proporional ntre investiii i diferite msuri ale incertitudinii. Cele mai multe studii au evideniat impactul negativ al volatilitii macroeconomice asupra investiiilor private. Volatilitatea macroeconomic este reprezentat de inflaie i fluctuaiile cursului de schimb (de exemplu, Serven i Solimano, Aizenman i Marion, Darby). Alte studii s-au concentrat asupra impactului incertitudinii politice asupra investiiilor. Barro constat c instabilitatea politic (numrul mare de revoluii) i violena politic (numrul de asasinate) au o corelaie negativ semnificativ n raport cu investiiile. Rezultate similare au fost oferite i de Keefer i Knack explicnd incertitudinea n aplicarea drepturilor de proprietate. Lensink a realizat diverse msurri ale incertitudinii referitoare la ratele dobnzii, inflaie, impozite i altele, care afecteaz negativ ratele de cretere dintr-o ar.

Mai puin atenie a fost acordat rolului incertitudinii asupra deciziilor de investiii strine directe. Unele studii existente se concentreaz asupra deciziilor de intrare a companiilor strine n condiiile incertitudinii cursului de schimb.

Incertitudinea depinde mult de mediul unei companii. Complexitatea i dinamismul mediului depinde, la rndul su, de o serie de elemente i fore care acioneaz n mediu i tipul de corelaie ntre acestea. Deci, un numr mai mare de elemente i corelaii complexe ntre elementele i forele mediului, multiplic formele posibile i intensitatea influenei mediului asupra companiei, crescnd astfel incertitudinea. Schimbrile dese i rapide care apar pentru companie ntr-un mod necunoscut, sporesc, de asemenea, incertitudinea n mediul companiei. Daft a artat influena complexitii mediului i dinamismului acestuia asupra incertitudinii prin figura 1.

Figura 1. Cadrul pentru evaluare a incertitudinii mediului

Sursa: Daft R.L., Organization Theory and Design, 1992, p.77, http://facta.junis.ni.ac.rs/eao/eao200901/eao200901-02.pdf

Simplu + stabil = Incertitudine mic

1. Numr mic de elemente ale mediului; elementele se aseamn 2. Elementele nu se schimb sau schimb foarte lent

Complex + stabil = Incertitudine relativ

mic

1. Numr mare de elemente ale mediului; elementele sunt diferite 2. Elementele nu se schimb sau schimb foarte lent

Simplu + instabil = Incertitudine relativ

mare

1. Numr mic de elemente ale mediului; elementele se aseamn 2. Elementele se schimb des i imprevizibil

Complex + instabil = Incertitudine mare

1. Numr mare de elemente ale mediului; elementele sunt diferite 2. Elementele se schimb des i imprevizibil

Stabil

Schimbri ale mediului

Instabil

Simplu Complex

Complexitatea mediului

14

http://facta.junis.ni.ac.rs/eao/eao200901/eao200901-02.pdf

O surs important de incertitudine, care contribuie la diferenierea investiiilor strine directe de cele autohtone este existena riscurilor de ar specifice. n cazul investiiilor strine directe riscurile de ar reprezint volatilitatea potenial a aciunilor strine, cauzate de unele evenimente politice sau economice din ar. Literatura de specialitate face dis-tincie ntre risc i incertitudine. Riscul se manifest atunci cnd efectele sunt incerte, dar probabilitatea apariiei efectelor este cunoscut sau estimabil. Incertitudinea, ns, se refer la o situaie n care probabilitile sunt necunoscute. n acest sens, unul dintre scopurile in-vestitorului este de a reduce incertitudinea prin analiza riscului determinat de variabilitatea economiei n viitor, care ar putea influena profiturile sau valoarea firmei. Prin urmare, indicii riscului de ar ajut investitorul n reducerea din incertitudine i identificarea poten-ialului de variaie a profitului i, respectiv, a valorii investiiilor efectuate n strintate. Ca o consecin, valoarea unei ISD devine mai puin incert, rmnnd, totui, riscant.

O evaluare detaliat a riscului de ar i a componentelor sale este esenial pentru evaluarea stabilitii comunitii financiare internaionale. Impactul riscului de ar asupra relaiilor internaionale este important pentru toate prile implicate n astfel de operaiuni. Totodat, cu ct a devenit mai mare disponibilitate datelor cantitative i posibilitatea de calculare a acestora, cu att analiza riscului de ar a devenit mai nsemnat pentru creditorii i investitorii internaionali, care sunt cointeresai n posibilitatea aplicrii celor mai bune tehnici pentru analiza riscului de ar.

BIBLIOGRAFIE:

1. Hiranya N. Country Risk Analysis: A Survey of the Quantitative Methods. Italy: Economia Internazionale, 2009, vol. 62, p. 69-94.

2. Meldrum D., Country Risk and Foreign Direct Investment. USA: Business Economics, 2000.

3. Hauser F., Country Risk and Foreign Direct Investments in Transition Countries. tez de doctor, Munchen, 2006, 145 p.

PINOKPOK WEAVING INDUSTRY IN LUZON PHILIPPINES: A CONCEPT

TOWARDS ITS IMPROVEMENT

Gatut L. BUDIONO Associate Professor of University of

Pancasila, Jakarta, Indonesia ABSTRACT: The PINOKPOK weaver small scale business having difficulties selling their

product; what can be done by the weavers to improve their management, production, financial and sales to be more competitive. Most of the pinokpok weaving small scale business owners have used only limited amount of capital provide training for their workers, hired one to four workers daily operations, using one to two looms daily production finished within three days and difficult borrowing capital lead to less production with direct distribution to sell the product. The role of small and big business interrelationship is expected best way operations. Department of Trade and Industry, Department of Tourism, Banking Sector, Big Businesses, Cooperative presumptively extending assistants to improve future weaver production performance.

Keywords: Weaving, small sacle industry, inefficient, assistance, improvements, competitive. Introduction. One sector which can play an important role in pursuing the Philippines

weaving sector development is the weaving small scale industry. There are plenty of Philippines who are engaged in weaving small scale businesses; hence, it is advantageous for the Philippines to develop this kind of business. Compared to large scale industries, the total

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number of small scale business is larger. Moreover the small scale industry is faster to establish, likewise relatively easier to manage. Therefore in the long run the role of the small scale industry may be very crucial to the countrys weaving industry development and its advancement may possibly increase the profitability. The small scale industry has a strategic importance in employment creation and in uplifting the societys standard of living (National Economic Development Authority of the Philippines) (NEDA). However, the failure rates among small scale industries are relatively high due to inadequate financing and poor management. Most of those who are engaged in small scale business are people who lack of capital. They lack technology that may help them manage their business effectively to face competition. As an example the pinokpok weavers in Baguio, Philippines earn their living by producing pinokpok cloth. They weave the sinamay cloth using the traditional weaving loom. As compared to the modern weaving machine, it is slower in terms of production capacity. Nevertheless, the weavers are still proud to produce pinokpok cloth using traditional tools. They believe that the handmade cloth has a higher value. However the weaver using the traditional loom could not progress into becoming an advanced producer dua to lack of management skills, obsolete production technology, lack of marketing and insufficient capital.

In 1674, William Dampier arrived in Mindanao and discovered that the Philipinos then made pinokpok, from abaca, banana or pineapple trees and later it was called Pina or Jusi or pinokpok. Pinokpok is very thin, delicate and transparent as well as silky. It has won international recognition and acceptance. Pinokpok is traditionally used for a barong tagalog, in its evolution worn by the Pre-Hispanic natives and later become the Philippines national dress. During that time people from different social ranks wore the barong tagalog as their everday dress in a variety of models. Jusi, pina or pinokpok are products of the handloom. It needs the services of only the highly skilled and exceedingly patient weavers. The weavers who are mostly old have inherited the skills from their elders. Weaving is a legacy of the ages. The weaving industry reached its peak in the 19th century and the weaving centre was in Iloilo, it was the textile centre of the Philippines. By the time the port of Iloilo was opened to international trade in 1855, it was estimated that some houses had as many as a dozen looms. In its gradual expansion, pinokpok become famous as national costume of the Philippines. However, after the Americans ruled the Philippines, many Filipinos steeped in colonial mentality, took to wearing American outfits and pinokpok was rarely worn by Filipinos. Hence during the year 1975, President Ferdinand Edralin Marcos issued a decree proclaiming Pinokpok/ Barong Tagalog Week and officially designated it as the national attire. The presidential act was meant to focus nationwide attention on the Filipino national dress to promote its wider use and the export potential of the pinokpok barong tagalog. At present, it is only worn during special occasions such as church functions, official relatively scarce: nevertheless, some could be found in Baguio, Bohol, Bicol province, Ilocos region and Iloilo, Aklan. The weavers nowadays cannot produce or sell pinokpok easily. Nowadays producing pinokpok or pina or jusi is costly, and relatively unprofitable.

The pinokpok weavers now are facing a dilemma of whether to produce pinokpok which they can not sell easily in the market, or not to produce pinokpok which can lead to a gradual extinction of the Philippine national legacy. This is to find some ways of improving the pinokpok business. Someday such concept may be able to improve the pinokpok weavers production and its business condition. The pinokpok small scale industry is a kind of business usually done by an individual in a narrow scope, and using an old fashioned technology to produce some commodities. It has no broad marketing due to a deficiency in producing and selling abilities. This small industry has many problems, and seemingly needs to be developed by receiving some assistance from the external sectors such as

16

Government, Cooperative, Banking and the Big Businesses. The assistance possibly extended on the management system, financial, technology, marketing access and subcon-tracting jobs. With the aids given, the pinokpok weaver would possibly increase their production and boost their sales, thus making them more competitive.

With the assistance of the external factors given, it could be possible to increase the effectivity of the pinokpok business management, its production, its financial aspect and its saleability. The improvement of production, namely, sufficient capital, increase product quality, lesser cost of production, better saleability, and better management will increase the weavers ability to meet the local market competition. Furthermore it would be possible to increase the export of pinokpok products abroad. The small scale industry plays an important role in developing Philippine economy, thus boosting their performance is a must. Likewise it is necessary to assist the pinokpok weavers by giving them more knowledge in managing their business for them to become more competitive. Some certain areas of Luzon island believes as the earliest barong Tagalog worn by the negative of Ma i who lived in the island of Luzon before the Spaniards discovered the Philippines archipelago; Possibly Luzon is the centre of business of the Philippine; Compared to the pinokpok weaving in Bohol of Iloilo, the pinokpok weaving business in Luzon is less expanding or unprofitable, hence, preferably there could be some assistance extended to expand the pinokpok weaving business in Luzon; The researcher believed that the pinokpok weaving business in Luzon may be improved. It is clear important to help weavers to find ways of increasing production, sales, profit and their standard of living. Such methods possibly become a guide in finding solution to the problems besetting the pinokpok weaving industry. Such assistant may help weavers able to run their business within the Philippine economic development era lead to improving weavers standard of living. The antiquity should be prevent from extinction, the pinokpok small scale weaving industry is a unique and antique product and it has a high historical value, hence it should be maintained as a legacy of the Philippines.

Pinokpok Weaving. Pinokpok term means a cloth, it is similar with pina or jusi which is made from the finest and nature leaves of Abaca, pineapples, the wild pineapples called the Red Spanish variety. Two imported varieties, the Smooth Cayenne and Queen could be able to yield durable fibers for cloth weaving. Commercial pineapple does not yield a strength fibre. Commonly it is thin, soft, delicate and shiny. It needs the services of only highly skilled and exceedingly patient weavers. The weavers are mostly old and not so old women house dedication and skills they have in heritage from their alders. This is because in Iloilo and Aklan, weaving is a legacy of the ages. Pinokpok has been used as a material for the Philippine national dress Barong Tagalog. Barong Tagalog property referred to as the Baro ng Tagalog or dress of the Tagalog. The word Barong means dress of. If one wishes to shorten the phrase, then it would be Baro or Dress (Visitacion R. De La Torre, 1986) the earliest barong Tagalog worn by the natives of Mai who lived in the island of Luzon before the Spaniards discovered the Philippines archipelago.

The Mindanaoan Filipino tribal cut off the top leaving the trunk eight to ten feet long, stripping off the outer rind, which is thickest towards the lower end, having stripped two to three of these rinds. The trunk becomes in a manner one big size, and of within colour: then they split the trunk in the middle. Once this is done, they split the two halves again, near the middle as they can. This they leave in the sun 2 to 3 days, in which time part of the juicy substance of the tree dries away, and then the ends will appear full of small threads. The women who makes a living by making the cloth, takes hold of those thread one by one, which separate away easily from one end of the trunk to the other, in large of white thread; for the thread are naturally of a determinate considerable size, their cloth to be all of one

17

substance and equal fineness; its easily gets worn out, and feels a little slimy when wet. They make their pieces 7 to 8 yards long, they wrap and bind all one thickness and substance (William Dampier, 1974). Pinokpok weaving is the tradition as a national heritage. It must be prevented from extinction, maintained and developed due to high values, tradition and culture that go with every pinokpok weaving. And yet, it has gone far as Japan, USA and Canada in various expos (Donna B. Velasco, 1989). The pinokpok small business has a chance to increase the productivity of the weavers, because it needs only a small amount of money for working capital. Weaving small scale industry was important to be patronized by Filipino weavers. They might gradually possibly able expanding their business in the future. Discarded bicycle rims, steel rings and embroidery hoops remained a permanent part of weaving on the Philippines. Hoops can be warps vertically, with horizontal threads acting as both warp and weft; they can be warped in a circular fashion, with the weft going all around in a simple vertical pattern where Filipinos loved it most. It is stressed both homes and schools. The objective is to attend the maximum development of the Philippines in local cloth weaving. Using a small decorative frame, wrapping nails can be kept at the back, with the warp brought around the back only. The loom serves as a frame for finished work (De Leon, Ma Lourdes R, 1975). Loom weaving is a creative activity that is as ancient as when man first started to do garments made of cloth. While its beginning is clouded in the recesses of time, it is a well known skill practiced even in the most primitive of societies. The loom is also a forum of expression whose language heralded well the culture that gave rise to it. Choice of colours, texture and the very technique utilized, serve to identify the hands that made perhaps exemplified by the art of loom weaving practice by the constituents of Bangar, La Union. Adept at no other craft, loom weaving may be said to be their entire life a skill handed to them from generations stretching as far back as 1706. It is an art they have perfected, an art their small town of Bangar has continually excelled in (Department of Trade and Industry of the Philippines, DTI, 1990).

Slow Traditional Productions. Definitely handlooms were slower than the modern weaving machines; however for the moment the handloom could be used for production, furthermore it is artistic and good quality (DTI Bohol Province, 1990). Although the pro-duction continuous to run, it still has some problem regarding: First, Organization and Ma-nagement: the low level of entrepreneurial capability, and the individualistic attitude of producers. Second, Technical and Production: unavailability and high cost of quality raw materials, shortage of weavers during planting, harvesting and fishing seasons; use of old technology; lack of quality consciousness; lack of effort on product development. Third, marketing: there is a limited market; cut throat competition among producers; poor linkage with potential buyers. Fourth, Financial: inadequate working capital, absence of credit facilities for small weavers, stringent bank requirements on loans. Furthermore, the research has proven that the small weaving business has good prospects in the coming era since it has a big demand from local and foreign market. In short, the research conducted showed that the small weaving business using handloom still has a chance to meet the market competition. However, they still lack the ability to organize and manage the business properly; lack marketing access, technical and production; lack capital. In this case, the weaver needs some assistance from several institutions to boost their productivity.

A small scale business has operational failures due to shortage of capital in operating the business, and it is also vulnerable to market fluctuations. This instability will lead to poor credit risk, especially for the private banks; nevertheless the public banks are still responsible to manage if such problems occur (Ramsinh Asher, 1968). These conditions show the present pinokpok weaving business susceptible to the market fluctuation. The

18

weaving small scale business sold their products to private traders who take large profit margins. The report also stated that National Cottage Industry Development Authority (NACIDA) has its big store in Manila but it did not provide an aggressive marketing effort that would help the small weaving business. Its products are also sold on consignment basis, hence producing a loss in the weavers productivity (DTI, Annual Report, 1993); it is believed NACIDA should prove better marketing for the weaving business products. The weavers need assistance in marketing, and finance. Often, the interest rates on the loans extended by commercial banks are too high, and the amount granted to the weavers is insufficient. Small weaving business should be assisted by providing easier loans requirements and sufficient amount of credit. NACIDA should develop a program that could help the weavers by giving them assistance in training, and improving design. These small scales weaving business could be enlarged through the subcontracting jobs from larger manufacturers. However, such interrelationship has not been developed in the Philippines. This may be compared with Japan, which has 60 percent of small businesses engaged with subcontracting jobs (World Bank Report, 1979).

Small and Medium Business Relationships. Mutual Interrelationship presumptively occurred between small, medium and big businesses. This kind of relationship tends to improve small, medium and big businesses productions by banding them together; hence, the development of big businesses would also improve directly the small and medium businesses. This kind of industrial development system will perfecting productivity, quality improvement, better management, marketing, loan assistance for the small industry. It could also enlarge and increasing the employment, family income and increasing production export (Department of Industry of Republic of Indonesia, 1984). Small Enterprise: Gearing up to the Global Challenge (Schumachers, economist), memorable phrase for development, Small is Beautiful. Big thing does not always mean progress; from the business point of view big does not always mean profitability. In this case the small scale industry is the primary engine of development, in the Philippines as well as its neighbouring countries (Fidel Valdez Ramos, 1994). Pinokpok weaving small scale business is one of the best examples. The pinokpok weavers productivity should be geared up further. In the Philippines, and likewise in Visayas region, or Bicol there are plenty of people who are engaged in small businesses. This group of people should be developed further, since their progress would mean an improvement in their standard of living. The publications of Garments textile Export Board are major sources of policies and information significantly affecting the garment manufacturers. The exporters and manufacturers banded together to avoid some strict rules activated during the martial law. The Garment and Textile Export Board (GTEB) should make regulations that would help the development of Filipino exporters and manufacturers (Sycip, Gorres and Velayo), (Manila Bulletin, August 11, 1990). With some certain regulations which might help the Filipino exporter and manufacturer enacted by the government, gradually the pinokpok weaving producer might be able expanding their business, and hopefully someday they possibly could be able exporting their product abroad. Those efforts boosting the Philippines textile exports were possibly to improve the weavers production and gradually to exporting the pinokpok production. Referring to the traditional ideology of economy articulated in India, they believed that village weaving crafts should be encouraged, due to its great role to the production of cloth in the country, moreover as the revitalization of the return to the traditional dress. Small scale industry requires only a small amount of capital and relatively simple than the large scale industry to handle (Gunnar Myrdal, 1971). To develop the clothing craft productivity related to boosting the economic development. Furthermore it is

19

obviously centred due to the role of the small scale industry. Another target was the prevention of the national legacy from extinction. Similarly the Philippines, has many cottage businesses such as the pinokpok weaving small scale industry. Enlargement of this kind of business in the Philippines will be a very strategic action in boosting the sinamay weavers productivity. The village craft such as pinokpok weaving business should be encourage due to its great role to the production of clothes in the country and preserving the traditional dress, furthermore establishing a pinokpok weaving small business needs only small amount of capital.

In Indonesia, to develop the small scale industry is a states duty and it is state in the Ministerial of Finance decree, as stated in section 1, the institution owned by the state is required to develop the small scale industry and the cooperatives in the areas: Increasing the managerial ability, increasing the technical skill ability, increasing the working capital, as providing the raw materials and capital business, increasing the marketing ability, giving a warranty to afford the bank credits (Ministerial of Finance Decree of Indonesia No. 1232/KMK.013/1989). This can similarly to suggest the government of the Philippines to intensify studies about pinokpok weaving business by giving managerial, technical skill, working capital, broader marketing, and easier credit requirements. Sentra could help in developing the weaver as a member. Sentra is a location of some small scale company. It is located at the villages, and then will be developed into an urban area, as well as a relocation site for the weavers. At the sentra, there is a Kopinkra Small scale industrial cooperative which likewise could help the development of the small scale industry DTI, 1993); this kind of institution could be develop in the Philippines to enhance the development of the pinokpok weaving business. Kopinkra is a form of cooperative for the small scale industry functioned to provide marketing assistance, raw materials, spare parts, and capital. The function of this institution is very crucial as an umbrella for the small scale businessmen, who do not have enough capital and whose capacity is low. However, at present the competition is very tight. There is clearly less opportunity for the small scale industry to compete in the market place. Thus, it needs another umbrella in the business activity, and in this case, it is the Big Business as a business partner, which could help the small scale industry in becoming competitive. It is wise to surrender a small scale business having a very weak capacity to another business institution. It will be under the umbrella of the Department of Industry (Uha, 1989). This is timely for the large Scale businessmen to join together with the Small scale business owners. At present this is not so difficult. The important thing to remember is that large scale businessmen are eager to implement the subcontracting system for the small scale business owners. In other words an interrelation system between small and big industry will be implemented to help the development of the small scale industry in the country Marie Muhammad, 1993). The government of the Philippines could promote an interrelationship between big and small business institution to enhance the pinokpok weaving business activities. The great industrialist attitude should be adopted by the Indonesian Industrialist. A large businessman who started small should have a broad vision of a long term business opportunity, not just for the current interest. Hence this is the time for those who have a political responsibility to remind the large scale industrialist about the long term economic objective (Eddy Swasono, 1993); hopefully the big business may implement voluntarily interrelationship between small and big businesses, these activities believed gearing up the Philippines weaving small scale industry in the long term. Hence, importantly the large scale and the small scale industry join hands in order to achieve country weaving small business improvements. Clearly seen to become a large industry, small scale business needs support and sufficient capital. Certain steps becoming a

20

large scale business; first any small scale businessman should be able to become a full producer. This is important for establishing the business, and then continues to become a leader producer for the other small scale business; the last is an effort to be an exporter producer (Fauzy, 1993).

Small business is independent and free in its operations. It has limited intervention from other parties. In addition, the owner can make his own condition freely and earn unlimited profit. However, the owner needs guidance to develop his business. For some reason a small scale business is easier to operate due to less requirements in starting the business. But people starting small businesses often fail to recognize the requirement for management talent and sciences (Kline, Stegal, 1982). A slowdown in the Indonesian textile industry in the early 1980s caused by the market glut, world recession and reduction in domestic textile consumption, has invited the private textile businessman requesting to the government for the establishment of a conservation plan for small scale textile products. In essence, the government intervention to overcome marketing problems is required. The main objective was financial support from the government in the form of special credits, the government correction f trade regulations, improvement of textile productivity and replacement of textile machinery, those all due to protect the national textile industry as a national asset. This protection plan is for enhancement of the domestic industry (Makarim Wibisono, 1989), the government immediate intervention to overcome the pinokpok weaving business problems such as lack of capital, poor management, lack of market de-mand, and lack of production technique is badly needed; the relationship between institutions will strengthen the future of the small scale business. The cooperation will be in terms of development program for small scale businesses, exchange in information, and promotions (Masrur Masykur, 1986). The connection between small scale business and the large scale business in a joint operation is due to expand the business ability that will lead to increasing productivity, increasing employment, increasing business activities, increasing exports, and to maintain the national heritage. The main steps will be done on the increasing functions of the small scale industry center of activity, providing training for the entrepreneur enlarging marketing access, increasing technology of productions, facilitating credits, providing big business partner, providing subcontracting jobs, and increasing exports (DTI of Indonesia, 1984).

Interrelationship between small and big businesses believed would lead to the pinok-pok weaving industry success, the subcontracting jobs given by institutions, cooperative or the big business partner. Luciano Benetton first founded his clothing business in Italy. In particular, the decision being made in late 1982 were about how the Benetton Group should best carry out its plans to enter the US and Japanese markets for casual wear (James L. Heskett and Sergio Signorelli). The Benetton Group is one of several entities comprising the three groups, an organization that encompasses all the business activities controlled equally by three brothers, Luciano, Gilberto and Carlo Benetton, and their sister Guiliana. Specializing in the production and retailing of casual wear clothing items, particularly woollen sweaters, cotton T-shirts and jeans, Benetton had become a world leader in the field of knitwear in the year 1982, in that year it has sold 28 million units of clothing, of which 12 million were exported from Italy. It supplied more than 1,900 ships around the world. Starting with a small scale weaving business 18701890, the weaving business extended from the Biella area across northern Italy. It has concentrated in small subcontracting areas, and gradually expanded. It has considered the lower cost of production system which provided high productivity. Now Benetton it self has become the subcontractor of many garment producers (James L. Heskett, Sergio Signorelli, 1985). The Benetton success was a

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good example, believed the pinokpok weaving business would possibly able attaining success economically through the implementation of Benettons methods of expanding the business. The mutual interrelationship among small, large business and the external factors which could help each other is necessary to be enacted. It is believed would be able to serve a better business climate and could create a strong condition for pinokpok weaving small business facing and react the market fluctuations. Small is indeed beautiful. Philippines Business for Social Program (PBSP) provides a small loan program to individuals who create cottage industries in their own houses as backyard pig fattening. The loans were as low as P 300.00 this offer could be able to break the poverty by providing the additional incomes to individual families. Those were the example of bankers voluntarily to help the small business. It gave loan to the small businesses that have no collateral, unlike the commercial banks which only gave loan to those who have already had their own money or assets. This is a contradiction to the present study (Beth Day Romulo, 1994). Al Fath Foundation built by the people in Gorontalo North Sulawesi. Such foundation helped the people in Gorontalo by extending Scholarship and provided a small business loan to the Gorontalo people. This foundation has given some funds as a loan from big businesses group under the umbrella of Golongan Karya (GOLKAR) a big ruling political party in Indonesia. This was an example of a relationship between the small business and big businesses. Nowadays, the people from Gorontalo have been able to export their cottage industries abroad especially to USA (Neverisman Sembiring, 1994). A Korean named Eun Il Lee has done some research in the Philippine. The research was about producing silk using the indigenous fibres such as jusi and pina. He has already produced 50 silk varieties, Eun Il Lee would export his products abroad; he was so sure the silk made in the Philippines would be famous as silk from China, Thailand or Korea. Such Industry may push the Philippines to the forefront of the international textile industry. Eun Il Lee has been working with the local weavers for eight years, experimenting with indigenous materials to produce silk made in the Philippines. Pina, jusi, pinokpok are beautiful, he has maintained the high quality of product and it can become extinct unless supported by the government and private sectors (Susan A. De Guzman, 1994).

The Weavers Real Condition . Most of the weaving business owners have used only limited amount of capital, worth under P 30,000.00. This condition means pinokpok wea-ving business is a small scale business. The weavers monthly income ranges from P 1,000.00 to P 4,000.00. Most of them receive not less than P 3,000.00. This income indicates that most of the monthly income was relatively enough to meet the monthly minimum consumption. The management condition revealed that majoring of weavers have single proprietorships as their form of organization, hired one to four workers daily operations and required workers to finish from one to five yards within the eight hours work period. Training for workers have provided before production stated. Production can finish one to five yards or less using one to two looms daily production. In a batch of production, weavers could finish two to three days with planning such design before production started. The materials are bought at the wholesaler and using three to seven skilled workers for production. No such unskilled labourers engaged with productions. All weavers have started with a capital of less than P 5,000.00 and claimed borrowed money in order to begin their operation. In terms selling price, most of the weavers sold their product at P 401.00 to P 500.00/ yard or at P 501.00 to P 600.00/ yard. The product relatively has not exported. Direct distribution and export is preferable. Orders received are relatively low: one to three orders monthly. Weavers were able to sell their products at six to ten yards monthly; it may usually take twenty two to twenty eight days to sell the pinokpok. The weavers doubt

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banking sectors credit role to help pinokpok business, easier credit assistance, easier requirements in getting the loans, low interest rate, faster credit services, special credit for pinokpok small business without any collateral required, longer credit collection period, lower rate or interest were provided by the government and private banking sectors. The big business doubtfully helping weavers; provide a management system, better marketing access, better technology, capital, coordinating group, sub contract job, coordinating exporter group assistance for the pinokpok weavers business. Nevertheless weavers hope the cooperatives role in helping the pinokpok business in terms of provide the management system assistance for small scale business, coordinating group for pinokpok business, better marketing access, better technology, sub contract jobs assistance, capital assistance, active and helpful cooperative for pinokpok weavers business.

Weavers encountered some problems such as obsolete tools, machinery and produc-tion technique since resulted to a slow production. Expensive weaving machines and raw materials, cost of production, labour cost lead to expensive price of goods. Meanwhile, difficulty of borrowing capital is very serious problems; no collateral to borrow from the bank, difficult paying back debts, nevertheless high rate of interest is not serious problem. The saleability of product is relatively good. Although marketing strategies is good, nevertheless weavers still facing lack of market or customers due to less marketing access and relatively no continuous order.

Possible Solutions to Solve the Problems. For most Filipino weavers have simple management system conducting pinokpok weaving, producing small amounts is the most proper method today. Single proprietorship, cooperative is the most appropriate form of organization for such business rather than partnership and corporation. The proper administration should be conducted in the pinokpok weavers company with separating company equity from the private money and conduct bookkeeping during the company operation. Appropriate method of production should be started with production planning, future production forecasting, hiring skilful weavers, production technological impro-vement, and the mechanization of handloom, these action possibly maintain production quality. Borrowing money from cooperative, relative, personal saving, from friends or banks and middlemen is weavers specific method to get capital to start production. Weavers can sell the product directly to the market and provide cash on delivery payment system, selling the pinokpok by waiting for the consumer to visit them and to sell the pinokpok to the middlemen or wholesaler, selling pinokpok by providing 50 % down payment and 50 % in delivery.

Actually DTI should build a cooperative institution for the pinokpok small scale business; governments weaver training program for better weaving technology; and appealing big businessmen to be a coordinator for pinokpok small scale business, govern-ment appealing to every Filipino loving their national product; government creates acts limiting garment import; the state act boosting pinokpok export, protecting small scale industry acts and government appealing to every Filipinos to wear the pinokpok as their national costume, government subsidy to cheaper weaving machine, Department of Tourism assist the pinokpok industry to promote pinokpok weaving internationally and to attract tourists nationally to buy pinokpok weaving is expected. The Department of tourism enlarge its promotion regarding the greatness pinokpok world wide. It is a duty of the state banks and honourable private banks to voluntarily extend their professional assistance to the small businesses in the country for weavers production improvement: provide special credit, easier credit assistance, easier requirements getting the loans, low interest rate, faster credit

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services without any collateral required, longer credit collection period for the small scale business.

Preferably big business should voluntarily assist small businesses to improve, because as a nationalistic, democratic, united, fraternity and religious citizenry, it is a real, a must and the most honourable duty of the privileged to help the pinokpok small business and the whole country. The cooperative can provide management system assistance coordinating group, better marketing access, better technology assistance, sub contract jobs, capital assistance, providing an active and helpful cooperative for pinokpok weavers business. It is a real honour for the cooperative because of its real favours to the pinokpok small business up to present should be maintained and oven could be enlarge. Interms of management, weavers should have a proper bookkeeping to be conducted in the company which will help them to notify wether there are some progress of their business activities and controlling their income and consumptions. The capital and private funds should be separated so that the income and the outcome will be more controllable. The form of organization weaver can adopt is cooperative or single proprietorship form of business. As the business becomes bigger it convert the partnership form of organization. In terms of production, moderniza-tion of obsolete tools, equipment and improvement of techniques of production is a must. Through the help of DTI, the banking sector, big business, and cooperative, by imple-menting the interrelationship between big and small business, weavers could gradually replace the looms by modern, weaving machines.

The weavers should increase, maintain and bequeath their skill to their workers, family or their neighbours to avoid product quality deterioration by conducting training continuously; should have production standard quality to avoid quality deterioration. The weavers can have a financial cooperative membership for easily affordable funds, concerned with the thriftiness of their daily activities by making an efficiency of their purchasing activities or consumption by setting money aside from their consumption, selecting which are the real important one to purchase. Strive to become more effective and efficient and controlling their inventories through achieving a balance in stocking or storing of goods in such way that could avoid both overstocking and understocking. Prevent obtaining or purchasing too much material inputs for the operating system that would unnecessarily tie up funds that might be more productive elsewhere. Try to separate their personal or household expenses with the business expenses and limit or relatively reduce these personal or household expenses. This means that they should put their business first before leisure or pleasure. Penetrate the new market segment locally by asking the school students, govern-ment civil servants and the military to wear pinokpok or barong tagalog as their uniform on certain or special days throughout the Philippines. Improve and maintain high product quality. Attracting buyers by improving weaving production technology can possibly create various models of pinokpok weaving is a must to be executed.

Department of Trade and Industry could extend help to these small businesses by giving suggestion to the congress creating state acts to help these small businesses to be more prosperous, and to govern by building the people to love their own national product by using their national product nation wide. With the assistance of DTI, the banking sector, big business and cooperative, by implementing the interrelationship between big and small business, the weavers could gradually be able to enlarge their business to attain partnership or a corporation form of organization. The DTI, big business and cooperatives can take steps as weavers coordinator striving toward more competitive weavers business facing the market competition. The DTI or government big company, big businesses and coope-rative can possibly provide sub contractual jobs to the weavers. Furthermore they may be

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able to export the pinokpok product. DTI should make further study particularly about the pinokpok weaving business, take the initiative to give some suggestions to the congress to propose acts which could lead banking, big business, cooperative to assist the pinokpok small scale business, to give some suggestions to the congress to propose acts which could ask the active banking sector to provide easier credit assistance for pinokpok small scale business, pioneering the creation of interrelationship between big and small business companies by establishing a special board to be the coordinator of pinokpok weaving business toward betterment management, production, financial, saleability by conducting: Management courses improving production technological methods, providing sub contrac-tual jobs, financial management courses, proposing assistances from governments big com-pany to pioneer the interrelationship between big and small company, and implementing more plantation of abaka the raw material of pinokpok, it is important to overcome the lack of raw material and the export of pinokpok raw materials abroad should be allowed for the lower grade of quality only. DTI should be able to attract tourists to visit the Philippines; provide them promotion about pinokpok, promote pinokpok abroad by means of cultural exchanges or expand the pinokpok business relation world wide.

The Department of Education Cultural and Sport (DECS) indirectly can help the pinokpok weaver business. This is not merely the pinokpok weavers problem. This is really Philippines national problem, because it is about the Barong Tagalogs material the Philippines lovely traditional dress. Furthermore the Philippines famous national identity which has already known internationally. The important duty of DECS is how to teach the students to love and to maintain the continuity existency of their national traditional attire, proud to their own products. The school teachers can indoctrinate students repeatedly how to love, proud, maintain, and developing their national culture.

Create acts limiting garment imports, boosting pinokpok export acts, protecting small scale industry acts and government appealing to every Filipinos to wear the Pinokpok as their national costume. The family at home is the first stage of education, hence, every parents can teach their children to be proud of their national heritages, in this globalization era the influence of foreign culture is a reality. However children can understand what a foreign culture is, but they have their own should be loved and to be maintain.

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1. Baguio City Statistical Office, 1992. 2. Edy Swasono, Foster Father Foster Child, Gramedia, Jakarta. 1993. 3. De Guzman, Susan A., A Koreans Revolution, Philippine Daily Inquirer, 1994. 4. Department of Information of Indonesia, The Indonesia National Guide Lines/ GBHN, 1994 1999. 5. Department of Trade and Industry of the Philippines, Annual Reports 1984, Garment and Textile

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TRANZACIILE DE FUZIUNE I ACHIZIIE PRIN PRISMA METAMORFOZELOR ECONOMICE POST CRIZ

Eduard CALANCEA, dr. n economie,

conf. univ. interimar, catedra REI, ASEM

ABSTRACT. The author underlines the impact of the global turmoil on the M&A transactions. Although M&A deals present strong potential growth opportunities for corporate - for regulators, these deals raise competition issues. The outlook of M&A deals for the year 2011 seems to reflect a renewed confidence in the market activity, however there still remains jeopardizing factors that must be treated carefully both by corporations and regulators.

Tranzaciile de achiziie i fuziune (M&A) ocup un loc deosebit n arsenalul

activitilor de expansiune economic, att pe pieele domestice, ct i la nivelul investiiilor n strintate. Nu este surprinztor faptul c analiza evoluiei tranzaciilor de achiziie i fuziune (M&A) la nivel global prezint un indiciu al dinamicii economice. Demersul prezentului articol este de a determina impactul pe care criza financiar din 2008 l-a avut asupra tranzaciilor M&A, evoluia liniilor comportament