Introduction. China and Japan respectively are two such countries that have taken the original concept of crowdfunding and evolved it distinctly within their own cultural spheres. To research into this subject, existing articles about crowdfunding in these respective countries were reviewed extensively and compared to existing standards in the West. At the same time, newer practices employed for Asian crowdfunding that evolved nationally has been migrated and integrated in their international interactions, which may or may not be in concordance with existing crowdfunding forms. From the results we know that the most prevalent form of Western crowdfunding is reward-based, and as such strategies have evolved to increase the project-makers’ chances of a successful crowdfunding campaign or project. However, in Asian countries this is not the general case, where donation-based crowdfunding and other forms such as crowdlending and equity-based crowdfunding are more relevant. To fulfil its purpose, the article tries to bring forward from Asia the new and intriguing, yet successful practices of crowdfunding that have emerged and evolved distinctly in their domain. It also leaves the door open for such practices to be replicated in the West.
Aim of the study. The objective of this article is to look at how crowdfunding has evolved around where it is likely to go. If we treat the most prevalent information from the West as the global standard, we may miss the new intriguing trends that arise from other areas in the world.
Keywords: crowdfunding, strategies, Flash-Sale, funding lifecycle, risk-reduction
JEL Classification: M13, O3, O31, O32
Leading Cultural Change in the Newspaper Industry: How Jeff Bezos saved The Washington Post
Introduction. This article deals with the phenomenon of change leadership in the newspaper industry. Many traditional and long-established print newspapers find themselves in a crisis-like situation because the demand in print newspapers is decreasing continuously while digital news content is strongly on the rise. Although the financial situation of many newspapers calls for a change that embraces digital opportunities, many businesses are unable to adapt owing to path dependence and inertia. Large parts of organizational culture in the traditional print industry are not open-minded towards digital evolvement.
Aim of the study. The aim of this article is to analyze the successful change leadership of Jeff Bezos at The Washington Post since his takeover in 2013 in order to find implications for other newspaper businesses that find themselves in a similar situation of digital inertia. The adopted research method is the case study approach by analyzing secondary data: Various qualitative sources (e.g. newspaper articles or research papers) regarding the case of the Washington Post are put into the theoretical context of change leadership. The key results implicate that Bezos was able to save the company from a financial downward spiral by setting a strong and motivating vision that focused on digital performance, changing workplace structures and incentive systems, hiring technological affine employees and fostering digital experimentation. A change in the culture was, however, only possible because Bezos found the right balance between introducing new and keeping traditional values to not overstrain the employee’s change ability.
Keywords: newspaper industry, Jeff Bezos, The Washington Post, change leadership, cultural change
JEL Classification: L82
The Success of the Freemium Business Model. How Riot Games flourishes with a free to play game.
Introduction. Freemium is an emerging business model mostly used in the online software market and mobile application market that offers a free basic version and premium version of a product or service. One of the most successful companies that uses the freemium business model is Riot Games Inc. with their multiplayer online game League of Legends. The growing number of successful freemium businesses requires scientific analysis and evidence.
Aim of the study. In this paper, first we analyze the general concept of the business model, especially focussing on the benefits of paying and non-paying customers and second, we analyze the fastgrowing and still young market of eSports which contributes to the success of the game. The finding then will be compared to the actual business model of Riot Games. The results show that Riot Games success is based on several factors that are all affiliated with the freemium business model: micropayments, sunk cost and network effects, data collection and sophisticated reward systems that foster customer retention.
Keywords: Freemium Business Model, Riot Games, Network Effects, eSports
JEL Classification: L11, L86
Introduction. The essential information relating to the work that the authorities regulating competition carries out in an economic sector, particularly when talking about the protection of economic actors against anti-competitive behaviours and making sure that they, as well as the consumers can benefit from a fully open internal market facilitate the collaboration of national competition authorities that become vectors of market development policies. In the context of a market-oriented policy, it is very important to strengthen the position of manufacturers in the product supply chain. We must highlight how legislation in the analysed field and in competition law is compatible with a view to achieving fairer and more efficient results for both producers and consumers. The superior satisfaction of consumers’ interests aims to develop a market for products or services that offer facilities to both manufacturers and consumers. The approach in terms of competitive cooperation specific to the theory of games, emphasizes the benefits of companies that are actively involved in influencing the market, in creating an environment where the end result contributes to increasing profitability of the economic operators and in achieving certain benefits for consumers.
Aim of the study. The paper briefly presents several theoretical aspects specific to the concept of competitive cooperation accompanied by relevant examples.
Keywords: cooperation, competition, business development, added value.
Introduction. The twenty-first-century business world requires a new leadership paradigm based on elements such as vision, extra effort, commitment and pro-action. Consequently, the leaders should be not only visionary and positive, but also charismatic and transformational. The theorization of charismatic leadership has become a challenging subject in the literature in the last decades.
Aim of the study. The goals of the paper are to define the concept of charismatic leadership and to exemplify it in the case of Jack Ma, a famous Chinese entrepreneur. The methodology was based on a quantitative research method and a case study. The paper underlines the existence of a strong relationship between the charismatic leader and his followers. Also, it identifies some of the key characteristics of a charismatic leader by analysing the case of Jack Ma.
Keywords: charismatic leadership, leader, Jack Ma, Alibaba
JEL Classification: M1, M19
Industry 4.0 – A challenge or a risk for the involvement of women in management and business
Introduction. In the context of “Industry 4.0”, applying the principles of diversity management is a very important topic for all developed countries. Even if the adoption of regulations intended to increase the number of women in different management positions is discussed at the government level, the culture of each individual organization is a deciding factor for the chances of women’s success. Secondary sources consisting of statistical data, scientific articles and relevant sources and materials were used for them. Aspects such as traditions, customs and beliefs influence both the share of women involved in professional life, but also the different level of payment. This leads to another much-debated topic, namely equality in chances and rights. Our country, even though it is not one of the largest economies in the world, has understood the benefits of gender diversity in order to ensure a healthy and sustainable development. This is also the case of the generally man dominated IT sector.
Aim of the study. This paper focuses on the involvement of women in the professional activities of the future. The cultural differences between the developed economies of the world is one of the main causes of the percentage differences related to the involvement and the role of women in ensuring a long term sustainable development.
Keywords: Management, IT industry, woman role, Industry 4.0
JEL Classification: M12, M14, M54
Social Media and Destination Marketing: Today Advancements for Tourism Future
Introduction. The development of information and communication technology has a significant impact on marketing strategies implemented by economic operators and decision makers . Tourists may change their way of accessing information, planning holidays or/and their tourism consumption patterns, but they can influence the behaviour of other consumers by sharing experiences. Social media platforms allow them to communicate these experiences. Based on this information, the travel planning process is facilitated.
Aim of the study. This paper presents features of the social media channels, and the importance of social media in the tourism industry is underlined.
Keywords: social media, tourism, destination marketing
JEL Classification: L83, L86
Current issues and future challenges in Education based on the analysis of Human Capital indicators between 2007-2017
Introduction. The investments in educational capital are a medium and long-term weapon that nations can use to combat poverty and ensure sustainable development. Considering that the future belongs to those states that are aware of its huge potential, an analysis on the Romanian stock of educational capital is a necessity. Thus, the research findings will further facilitate the knowledge that decision makers could use to improve the policies and strategies in order to develop a competitive education in a digitized economy.
Aim of the study. The analysis will focus on the quantitative and qualitative dimension of human capital. The evolution of enrollment rates by education levels, school dropout rates and the results of international tests will be the pillars of the educational capital analysis between 2007-2017. The study will be based on data from the Eurostat database, Statistical Yearbooks and official data provided by public institutions and international organizations. In fact, the period under evaluation was chosen for reasons that are linked to the economic and political context. The first was to carry out an analysis of the impact on education of the first 10 years after Romania’s accession to the European Union. The second reason was the identification of the existing or non-existing effects on the education system of two different periods of the economy evolution (the crisis and the post – economic crisis). The third reason was to highlight the educational system direction in a decade characterized by major changes in business and labor market along with the evolution of the digitized economy.
Keywords: human capital, enrollment rates, investment, poverty, digitized economy
Introduction. Leaders may be encountered in any field of activity and at any level: we may talk about leaders of small groups, family leaders, institutional leaders, project leaders, national leaders and so on. As leaders are dominant individuals succeeding in coagulating other forces around, being highly successful as result of the leading actions carried out or remaining for a long time, sometimes forever, in the memory of people, becomes the attribute of a subdivision thereof, namely great leaders.
Aim of the study. The present paper is meant to reveal groups of Romanian great leaders, having proved their ability in bringing, directly or indirectly, their contribution, at economic, social or strategic level, to a prosperous evolution of their domestic country or having imprinted a direction towards such future favourable evolution.
Keywords: Romanian leaders, great leaders, institutional leaders, project leaders, national leaders
JEL Classification: M12
Introduction. Recognizing that banking accounting risks are a field of uncertainty, regulatory bodies in the accounting field have taken their views on the obligation to present the main assumptions of valuation. This information is designed to allow users of financial statements to assess whether companies are prudent or not in establishing their values.
Aim of the study. Over the past decades, banking services have expanded considerably. Newly emerging financial services institutions have become competitors to commercial banks.Institutional investors, with various investments, often promising higher returns on bank deposits and providing greater flexibility, attracted a growing pool of savings and offered alternatives to those seeking funds.
Keywords: risk management, accounting, bank risk, financial stability
JEL Classification: F33, G21