EEJRS Issue 12.1 Full text
Author: Anna VOLOSIUC
Abstract: This article examines international models of sustainable development of small and medium-sized enterprises (SMEs) through a comparative analysis of the European Union, the United States, Japan, and the Republic of Moldova. The research addresses the question of how institutional frameworks, SME classification systems, financial instruments, innovation mechanisms, and sustainability-oriented policies influence the sustainability, resilience, and long-term competitiveness of SMEs in different economic environments. The study is based on a comparative institutional analysis using regulatory documents, international statistical reports, and academic literature. The selected cases represent advanced coordinated economies (EU and Japan), a market-oriented model (USA), and a fragmented transition economy (Republic of Moldova). Methods applied include classification analysis, institutional comparison, value-chain analysis, and qualitative synthesis of empirical data related to economic, social, and environmental dimensions of SME development. The results demonstrate that SME sustainability is achieved where classification systems, financial support mechanisms, innovation policies, and sustainability-oriented institutional frameworks function as an integrated system. The EU model relies on regulatory harmonization, coordinated financial instruments, and green transition policies; the US model emphasizes flexibility, sector-based classification, entrepreneurial competition, and innovation-driven growth; Japan ensures sustainability through SME integration into corporate supply chains, technological modernization, and national innovation networks. In contrast, Moldova exhibits a gap between formal regulatory alignment with EU standards and the actual functioning of SMEs, characterized by limited innovation capacity, weak institutional coordination, and insufficient integration into sustainable value chains. The findings suggest that for fragmented economies, sustainable SME development requires systemic alignment of institutions, finance, innovation, and sustainability-oriented policies rather than the isolated adoption of foreign policy instruments. The study contributes to the literature on SME sustainability and provides implications for policy design in transition economies.
Keywords: SMEs; Sustainable Development; Institutional Models; Innovation Systems; Comparative Analysis; Transition Economies
JEL Code: L26, O11, O57, Q56, M21
UDC: 502.131.1:334.72.012.63/.64(4EU+478+520+73)
DOI: https://doi.org/10.53486/2537-6179.12-1.01
Pages: 6-25 | Full text (PDF)
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Author: Domnita ISAC
Abstract: This study analyzes the coordination of fiscal and monetary policy in the Republic of Moldova to maintain financial stability and promote sustainable economic growth. Since the 1960s, there has been a continuous debate about the appropriate policy mix to achieve economic goals such as high employment and low inflation. It is well known that changes in aggregate demand and supply can lead to fluctuations in production and employment. As a result, monetary and fiscal policymakers can address these fluctuations using the instruments at their disposal to stabilize the economy. After the pandemic crisis, the monetary authority made a considerable contribution to bringing inflation close to its target, maintaining price stability and safeguarding people’s purchasing power. The analysis applies annual macroeconomic data, a correlation matrix, Ordinary Least Squares (OLS) models with Autoregressive Distributed Lag (ARDL), and trend analysis on monetary policy variables (broad money, lending rates, exchange rates) and fiscal policy variables (government expenditure, tax revenue) over the period 1991-2024. These empirical results indicate that the fiscal ARDL model provides the highest explanatory power, while tax revenue (β≈1.2151, p-value < 0.0014) depicts a positive and statistically significant relationship with GDP growth. Prior to estimation, Augmented Dickey-Fuller (ADF) tests were conducted to check stationarity, and Variance Inflation Factor (VIF) diagnostics were used to assess multicollinearity. The results highlight the importance of efficient tax administration and fiscal capacity. Policy coordination would improve the government’s ability to respond to economic fluctuations and support sustainable long-term growth.
Keywords: policy coordination, economic growth, automatic stabilizers, fiscal policy, monetary policy.
JEL Code: E52, E62, G18, I28, F43, O42
UDC: [338.23:336.74+336.22]:338.1(478)
DOI: https://doi.org/10.53486/2537-6179.12-1.02
Pages: 26-44 | Full text (PDF)
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Authors: Mirela MOLDOVAN, Igor BALAN
Abstract: This research provides a multidimensional investigation into the internal audit function as a driving force for optimizing management systems within non-banking financial institutions, with a specific focus on microfinance organizations and leasing companies. In an environment governed by macroeconomic volatility and stringent prudential regulatory shifts, the structural interdependence between internal audit, enterprise risk management (ERM), and internal control mechanisms forms the cornerstone of corporate stability and sustainability. By applying a methodology rooted in a systematic approach and qualitative-quantitative modeling of the control environment, this study demonstrates a paradigm shift in internal audit: transitioning from mere ex-post compliance checking to a proactive, strategic value-adding function. The research findings highlight the direct impact of audit recommendations on mitigating credit risk, optimizing liquidity risk exposures, and strengthening corporate governance, thereby offering a practical and methodological framework for managers and industry specialists.
Keywords: internal audit, risk management, internal control, microfinance, leasing, corporate governance, credit risk.
JEL Code: G21, G23, G32, M42.
UDC: [657.6:005.334]:336.73
DOI: https://doi.org/10.53486/2537-6179.12-1.03
Pages: 45-60 | Full text (PDF)
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Author: Aram TERZYAN
Abstract: This paper investigates the transformation of Armenian Prime Minister Nikol Pashinyan’s political discourse from the period following the 2018 Velvet Revolution to the political and religious confrontations of 2020–2025. Using the framework of Critical Discourse Analysis (CDA) and drawing on the work of Wodak, Van Dijk, Fairclough, Van Leeuwen, and Reyes, it examines how Pashinyan has positioned himself as the moral embodiment of the revolution while portraying opponents, ranging from former political elites to war critics, civil society actors, and religious leaders as threats to the state. Through strategies such as referential reduction, predication, moral evaluation, securitization, and fear-based legitimization, his rhetoric has progressively narrowed the range of acceptable political participation. The study traces the shift from inclusive, reformist messaging toward a crisis-driven style that frames loyalty as virtue and dissent as disloyalty, with the boundaries of the political “enemy” expanding over time. Drawing on speeches, press conferences, and symbolic performances, the analysis demonstrates how this discursive trajectory has contributed to the erosion of pluralism, the redefinition of political legitimacy, and the securitization of opposition in post-revolutionary Armenia. This analysis is based on a qualitative corpus of public speeches, parliamentary addresses, press conferences, and digital communications produced by Nikol Pashinyan between 2018 and 2025.
Keywords: Pashinyan; Armenia; Velvet Revolution; political discourse; framing; fear appeals; discursive boundaries.
JEL Code: P16, D72, H11
UDC: 808.56:[323.2+327.5](479.25)
DOI: https://doi.org/10.53486/2537-6179.12-1.04
Pages: 61-74 | Full text (PDF)
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Authors: Irina-Elena STOICA; Elena-Violeta NICULA; Nicoleta-Ștefania DRĂGAN; Liliana PINTILIA; Ion PÂRȚACHI.
Abstract: This paper analyzes the relationship between economic growth and labor market dynamics in Romania, within the framework of Sustainable Development Goal 8 (SDG 8). The aim is to empirically assess how GDP evolution influences the main labor market indicators: employment rate, total and youth unemployment, real average wage and labor productivity. The analysis uses annual data for the period 1996-2025 and combines descriptive methods with linear regression. The results highlight a positive relationship between economic growth and labor productivity, as well as a moderate correlation with employment. However, GDP only partially explains labor market developments, which are also shaped by structural factors such as human capital and institutional rigidities. The persistence of youth unemployment and the gap between wages and productivity reveal the limits of translating economic growth into decent work. Economic growth is necessary, but not sufficient for achieving SDG 8.
Keywords: economic growth; GDP; labor market; employment; unemployment; labor productivity; sustainable development
JEL Code: E24; O47; J21; C22
UDC: [330.35+330.55+331.5]”2030”(478+498)
DOI: https://doi.org/10.53486/2537-6179.12-1.05
Pages: 75-94 | Full text (PDF)
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Author: Fiodor TIMERCAN
Abstract: This paper develops and clarifies a mathematical model for assessing the cybersecurity level of critical civilian information infrastructures in healthcare, energy and education. The objective is to provide a transparent and reproducible composite index that can support institutional diagnosis, cross-sector comparison and regional policy prioritization. The model integrates three normalized dimensions: threat exposure, control effectiveness and operational resilience. Threat exposure is estimated from likelihood and impact indicators and transformed through a bounded calibration function; control effectiveness is derived from implementation and validated operational performance of security controls; and resilience is calculated from recovery and response indicators. The final cybersecurity score is expressed within the interval [0,1] through an explicit weighted aggregation formula. The article also explains the normalization logic, calibration parameter, sector-specific weighting and reproducibility conditions of the model. Because access to institutional cybersecurity datasets is limited, the application presented in this paper is illustrative and hypothetical rather than empirical. To address this limitation, the paper provides complete input tables, intermediate calculations and a sensitivity analysis showing how the final score changes under alternative weighting scenarios. The proposed framework contributes an integrated evaluation logic that links cybersecurity risk assessment, security control maturity and operational continuity into a single policy-oriented metric.
Keywords: cybersecurity assessment; critical civilian infrastructure; mathematical model; composite index; threat exposure; control effectiveness; operational resilience; healthcare; energy; education; NIS2.
JEL Code: O3
UDC: [004.056.5:330.4]:[338.49:351.84]
DOI: https://doi.org/10.53486/2537-6179.12-1.06
Pages: 95-105 | Full text (PDF)
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Authors: Casandra-Mariana MĂNICA; Mohammad Hussein HAMDAN
Abstract: This paper examines how tourism value-chain performance influences visitor satisfaction and behavioral intentions in religious tourism destinations in Lebanon. Grounded in value chain theory and studies on religious tourism supply chains, the research uses a structured questionnaire developed from the literature and administered to 208 adult respondents in Lebanon, including current and prospective visitors. Perceptions were measured through 23 Likert-type items covering transport infrastructure, accommodation quality, and local business services, while outcomes included overall satisfaction, intention to revisit, recommendation likelihood, and willingness to participate in religious events. The scale showed excellent internal consistency, although the very high alpha value should be interpreted cautiously because it may also indicate item redundancy. Results show strong positive associations between value-chain dimensions and all outcome variables. The regression model explains 87.9% of the variance in overall satisfaction, while chi-square tests indicate significant associations between prior visitation and revisit intention, as well as between perceived infrastructure and recommendation intentions. The findings suggest that strengthening religious tourism in Lebanon requires coordinated improvements in accessibility, culturally appropriate accommodation, and community-based local services. The study offers practical guidance for destination managers and policymakers working in complex and fragile tourism contexts.
Keywords: tourism value chain, religious tourist destinations, supply chain, religious tourism, Lebanon.
JEL Code: Z32, L83, L89
UDC: 338.48(569.3)
DOI: https://doi.org/10.53486/2537-6179.12-1.07
Pages: 106-125 | Full text (PDF)
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Author: Grigore BUTUCEA
Abstract: Smuggling represents a critical, unobservable challenge for emerging economies, particularly the Republic of Moldova, hindering fiscal stability, market functionality, and progress toward European Union integration. While existing literature often relies on either statistical discrepancy or Multiple Indicators Multiple Causes (MIMIC) models, this article introduces an original, integrated methodological approach to measure the phenomenon. The study combines the theoretically rigorous Structural Gravitational Equation (SGE) with the MIMIC model, applied for the first time to the Moldovan context over the period 2010–2024. The SGE first forecasts "expected" legitimate bilateral trade flows with 29 partners, generating statistically significant deviations (residuals) that capture unexplained trade (illicit activity). These residuals are then incorporated as a key endogenous indicator within the MIMIC framework, alongside structural causes such as weak governance capacity and significant excise duty differences. Smuggling is treated as a latent phenomenon shaped by institutional and fiscal determinants and reflected in observable indicators such as mirror trade gaps, excise differentials, seizures/fraud cases, and gravity-based anomalies. The gravity model is estimated with PPML-HDFE to obtain expected flows and anomalies; these, together with mirror gaps and excise differentials, enter a MIMIC system that recovers a standardized index of smuggling intensity. The findings confirm that low institutional quality and tax differentials significantly stimulate illicit flows, with excise differences being the most potent driver. Results indicate that governance improvements and excise alignment reduce illicit trade, while fiscal and labor market pressures increase it. Robustness checks confirm stability across indicator sets, lag structures, and sectoral gravity runs. The resulting synthetic index of smuggling magnitude provides a robust and consistent quantitative tool for policymakers, offering an empirical foundation to develop targeted, sustainable fiscal and anti-corruption measures necessary for stability, good governance, and international development goals.
Keywords: smuggling; illicit trade; gravity equation; MIMIC; Republic of Moldova.
JEL Code: F17
UDC: 339.19:330.4(478)
DOI: https://doi.org/10.53486/2537-6179.12-1.08
Pages: 126-139 | Full text (PDF)
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