Romania needs a change of the current development paradigm to face the challenges of the 21st century. As a member of the European Union, leaders in Romania are is interested in implementing the principles of sustainable development at a national level to reduce development gaps, to increase citizens’ well-being, and to preserve a clean environment. The purpose of this research is to determine the implementation status of the 2030 Agenda sustainable development goals (SDG) in Romania and to explore to what extent Romania will be able to reach, for the 2030 horizon, EU average values for the selected indicators. The research is based on 107 indicators that monitored the Sustainable Development Goals (SDGs). Eurostat database (sustainable development indicators) was the source of data in terms of their availability and integrity. The research results showed that the implementation status of SDG is sub-optimal. In the case of 40 indicators out of the 107 analyzed, forecasts indicate the possibility of reaching the EU average values by 2030. However, the country can remain on the path to sustainable development only by involving all stakeholders and increasing concrete and well-targeted measures to improve SDG indicators.

The aim of this paper is to investigate the relationship between environmental, social, and governance (ESG) factors and firm market value for the companies from travel and tourism industry and, in the same time, to investigates the question if the association between good ESG scores for travel and tourism companies and their market value can be used as a performance predictor. The impact of extra-financial ESG performance on market value of the companies was estimated using the modified version of the Ohlson (1995) model, based on a sample of 73 listed companies, worldwide distributed, during the 2010–2015 period. The overall results of this research are consistent with the value enhancing theory (as opposed with the shareholder expense theory). From the ESG factors, the governance factor seems to have the most important influence on the market value of the selected companies, regardless of the geographic region where they are located. Thus, our findings provide new insights into the influence of each ESG factor on the market value of the companies, providing a useful tool for stakeholders to measure economic impact but also for use as a predictor of economic performance.

The present article deals with aspects related to the transition to a new model of economythe circular economya more appropriate model for the current tendencies of ensuring the sustainability of economic processes. Tourism, as an economic branch with strong dynamics in recent years, is one of the areas where resource conservation and environmental protection are of significant importance. Circular tourism, derived from the principles of circular economy, aims at recycling tourism resources and favoring the sustainable development of the environment, thus giving tourists a greater sense of responsibility. The authors sought to study the influence of the implementation of integrated quality-environment-security systems on the economic performance of hotel establishments in Romania from the perspective of industry managers, as a starting point for determining the applicability of the principles of circular economy in this sector. In order to study this influence, questionnaires were addressed to tourism operators in order to establish the existing link between the implementation of ISO 9001, ISO 14001 and OHSAS 18001 standards and the economic, social and environmental performance of those operators. From the perspective of the systemic approach and analyzing the obtained data, the authors of the paper argue that the hotel industry in Romania is not yet sufficiently prepared to adopt the principles of the circular economy, the adoption of an integrated management system not having as much influence as believed on the performances of the operators in the field.

In the context of the 2030 Agenda for Sustainable Development, by adopting the EU Renewable Energy Directive and the European Green Deal, the European Union aims at an extremely ambitious goal to become climate neutral by 2050. This goal involves a massive investment plan to support this initiative, but also to reduce disparities between Member States, in order to transform the Union into a modern, resource-efficient, and competitive economy. The main objective of this paper is to investigate the sustainable development and renewable energy sources relationship in EU countries from a new perspective. Based on Eurostat available data and with the help of hierarchical clustering analysis, the Member States were divided in 2019 into five clusters, highlighting the key characteristics of the selected variables. The results of this research revealed high-performing groups of countries, as well as countries that need increased attention and additional support to become more efficient in achieving their sustainable development goals and renewable energy source targets.

For the European Union, innovation and entrepreneurship are strong vectors to overcome global societal challenges from climate change and sustainable energy to food and healthy living. Innovation is a facilitator of entrepreneurship and a way of empowering people to take charge of their lives and economic prosperity. At the same time, entrepreneurship is the answer to innovation, the concepts of innovation and entrepreneurship being undeniably interrelated. This research proposes assessing the potential for innovation and entrepreneurship in EU countries in the context of sustainable development. With the help of hierarchical clustering analysis, EU countries were classified into four relevant clusters on the basis of the variables considered, which allowed the identification of common features and existing differences. The research was conducted using data provided by the Global Innovation Index, Global Entrepreneurship Index, Eurostat database, and Candriam ESG Country Report at the level of the 27 EU countries. The main results revealed high-performing countries in terms of innovation and entrepreneurship potential, providing relevant information for policy-makers, business practitioners, NGOs, and academics on the direction they need to take for good practice models to be adapted and implemented in countries with sub-optimal performance, to provide them with support for improvement of their innovation and entrepreneurship potential.

The growing market value of a company remains the main concern of the management, as well as of the shareholders. Implementing integrated management systems is not always easy and is not low-priced either, but the benefits to clients, management, employees, or shareholders are considerable. At the same time, the involvement of companies in corporate social responsibility activities represents a return of part of the benefits to the community, the benefits being found on multiple plans for all the stakeholders. Through this study, we aim to identify the effects of implementing integrated management systems and quantify the influence of corporate social responsibility initiatives on the market value of hospitality industry companies in Romania. Analyzing the results of the study demonstrates the existence of a direct correlation between the implementation of integrated management systems and the evolution of the economic performance of the companies. Also, the results reveal a positive correlation between the existence of corporate social responsibility initiatives and the increase of the market value of Romanian hotel industry companies.

In this period of extreme changes in our society, issues related to the health and well-being of citizens are considered essential for the future of a united and prosperous Europe. Achieving the Sustainable Development Goals (SDGs) at EU level by 2030 requires hard work done in a transformative way in order to implement a set of coherent, evidence-informed policies that address health, well-being and all their determinants throughout the course of life and across all sectors of government and society. The objective of this paper is to assess the stage of fulfillment of all SDG targets in relation to health and well-being at EU level, based on the current trend of each indicator, for each EU member country. Based on the Eurostat SDG data set for 2007–2018, the individual trends were forecast using the AAA (Holt-Winters) version of the exponential smoothing (ETS) algorithm. The research results are surprising, on the one hand showing the possibility that some targets will be reached, but also indicating that a large percentage of targets will not be reached if the current trend is continued, especially due to disruptive change generated by the current pandemic. There is a need to increase the involvement of all member states, but also ensure a deeper involvement at the level of EU institutions, to provide full support for meeting the targets proposed by the 2030 Agenda, ensuring prosperity and health for all European citizens, and becoming a model for all the states of the world.

Existing research proves that companies' access to bank loans or other external sources of financing for business development is one of the defining factors of the survival and development of a company on the market. This is all the more important in the case of small and medium-sized companies, knowing that they face a series of difficulties in obtaining financing from banking institutions, especially due to an insufficient amount of information needed provided to banks and needed by them to analyze the opportunity for a loan. However, as the economic and financial conditions of a company are better, the more information is available to banks and the credit availability is higher. By this research we analyse the factors affecting the credit availability and their influence on development of Polish small and medium companies, such as company's size and age, financial results or the length of relationship with the banking institution, as well as the features characterizing the banking sector. The results demonstrate that in Poland, similarly to other European countries, small and medium companies have a more limited access to credit availability than large companies. Moreover, a significant dependence of bank credit availability from the size of the company, liquidity, profitability and the situation in the banking sector was demonstrated.