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The goal of the paper is to examine the relation between finance and sustainability, with a special emphasis on the impact of negative externalities. Sustainable development as a concept aims to mitigate negative externalities. Conventional finance offers no room for the environment and society. Therefore, three-dimensional sustainable finance has appeared. This paper is the first original attempt to examine the relationship between: financial, economic, environmental and social development indicators from the sustainability perspective, with a special focus on externalities. To study the disparities between the European Union (EU) countries belonging to the OECD in the field of sustainable development and sustainable finance, the multi-criteria taxonomy was used. The basis of the analyses was the indicators transformed according to the relative taxonomy method. The database, based on Eurostat, contains indicators describing pillars of sustainable development such as: economic (12 indicators), social (28), environmental (7) and sustainable finance (16). The study analyses the sample of 23 countries in 2007, 2013 and 2016. The results confirm a positive relationship among the analysed indicators. On the basis of 62 statistical features selected according to the statistical methods, 7 groups of countries were obtained in 2007 and 2013 and 8 groups in 2016. In the case of Scandinavian countries, one can observe a permanent separation of economic growth from its negative impact on the natural environment. Such dependencies are no longer so obvious in the case of other EU countries belonging to the Organization for Economic Cooperation and Development (OECD). Therefore, attention should be paid to the most economically developed countries in Western Europe, i.e., Belgium, Germany, Luxembourg, the Netherlands and the United Kingdom, whose high rankings in the case of economic, social and very often also financial results correspond to much worse results in the case of environmental development.

Purpose -This paper aims to emphasize how economics courses offered at higher education institutions can influence sustainable development, in general, and Romania's sustainable development, in particular.Design/methodology/approach -The conclusions are based on a pilot questionnaire conducted by the authors on the level of Romanian students enrolled in public and private economic faculties. The results were based on a sample of 1,250 respondentsstudents, master and PhDfrom the economic faculties of some prestigious Romanian universities. To identify differences between some groups, t-test analysis and ANOVA were conducted.Findings -Education is an important pillar for ensuring sustainable development because through education, people understand and learn how to become more responsible toward the environment. Studies conducted in the twenty-first century are showing a direct link between the investment in education and economic, social and human development. The present study revealed that the economic higher education system in Romania has started with small steps to adapt to the environmental requirements. Unfortunately, the efforts still required to be made are significant, since it is observed that all undergraduate, postgraduate and PhD require a change of attitude and mentality. Romanian public universities are more involved than private universities in the implementation of programs, projects, debates and courses on sustainable development and students' reactions are positive.Originality/value -This paper provides useful insights, allowing a better understanding of the role of universities in fostering sustainable development. This research is useful to find solutions for developing Education for sustainable development 817

The study aims to analyze the importance of renewable energy and to assess the progress made by Romania comparing to European Union and to targets set by Community institutions. We consider that both economic issues such as job creation or reduction of import dependency, but also ecological issues including reducing greenhouse gas emissions are important in discussions about renewable energy in rural areas in Romania. By using linear regression it has been identified a strong correlation in Romania, for period 2004–2014, between share of renewable resources in gross final energy consumption and import dependency. Taking into account that energetic independence is a problem of great importance for each country, the paper aims to identify unused renewable energy potential in rural areas and also opportunities for developing renewable energy sector based on the resources that can be exploited with high efficiency, action that will generate economic and social positive effects. Our results reveal that Romania has a high development potential of rural areas using renewable energy because Romania has a high volume of renewable resources (sun, wind, water). Under these circumstances it is necessary to adopt the policies in order to support projects referring to these types of energy.

In any competitive economy, the risk of bankruptcy is pervasive. The research aims to contribute in improving the predictive power of bankruptcy and insolvency risk among companies by introducing new methods of processing and validation. This paper investigates the extensive application of the Z score model for predicting the economic-financial stability of Romanian companies in the manufacturing and extractive industries. A list of 37 financial indicators determined on the basis of the balance sheet data of 80 companies for the period 2015–2018 was used. Stepwise Least Squares Estimation through the Forward method allowed the identification of the most relevant ones. Canonical discriminant analysis and sensitivity analyzes were introduced to test the predictive power of the model. The new model identified allows both the prediction of bankruptcy and insolvency risk. This study contributes to the literature by testing variables in relation to financial difficulties and by including other classification information. The robustness of the determined canonical discriminant function was verified by testing the model on two other samples.

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