Research results

Published papers

  • C.-M. Apostoaie, I. Bilan and S. Kabaivanov (2022). A bibliometric analysis of the scientific literature on sustainable finance: Europe’s contribution. In: Tofan, M., Bilan, I., Cigu, E. (eds.). European Finance, Business and Regulation. Challenges of Post-Pandemic Recovery (EUFIRE 2022). Alexandru Ioan Cuza University Publishing House, Iași, pp. 45-67.

    Abstract: Up until recently, the world got used to the idea that the most ardent issues to be solved are related to poverty, climate change, economic inequalities and pandemic threats. Yet again, the world faces new social, environmental, and economic challenges imposed by the conflict in Ukraine. Managing all these societal issues requires the use of the most important drivers of all economies, financial capital. The overall financial system needs to adapt by embracing sustainability principles and practices, and integrate them within all its processes. As the paper reveals, the topics related to ‘sustainable finance’ continue to grow in number and importance, clearly becoming an ardent subject in the agenda of numerous governments, regulators, private entities and, last but not least, financial institutions. The aim of this paper is to provide an overview on the scientific literature that conceptually and/or empirically addresses topics related to sustainable finance (highlighting, in the process, Europe’s contribution). Using a bibliometric approach and a dataset of 1915 research materials extracted from Scopus (covering 1991-2021), we identify key emerging research trends in sustainable finance and provide a platform for academics upon which they may build their own research on the topic. See the full paper here.


  • M. Tofan (2022). Actual challenge in international corporate taxation: shifting the obligation of conduct into obligation of result.  Journal of Liberty and International Affairs, 8(3), pp. 188-201.

    Abstract: The research answered whether cooperation in ruling corporate taxation, a traditional obligation of conduct of sovereign states, was undergoing profound transformation into the obligation of result. The analyzed topic was not whether the tax authorities want or should cooperate (which is answered per se), but rather how to appropriately respond to the international taxation requirements for strengthening the multilateral agreements. Tax authorities worldwide have expressed concerns about identifying efficient regulation, and the development of multilateral agreements to combat tax evasion was under long and often unproductive negotiation. The empirical analyses of relevant literature and jurisprudence helped formulate an opinion on the regulation’s efficiency in strengthening multilateral taxation. The need to change the nature of the state’s obligation to negotiate fiscal regulation was not mentioned explicitly in hard law. Still, it was indirectly supported by soft law instruments, such as state representatives’ continuous yet divergent dialogue and the approaches presented in the international courts’ jurisprudence. The consistent influence on the obligation to support developments in international law in corporate taxation was justified, given the limit when considering its conduct nature, compared to potential benefits generated by the obligation of result. See the full paper here.


  • I. Bilan and A. Nastas (2021). Public Spending on Labor Market Policies and Unemployment in the European Union. A Gender Analysis. In: Tofan, M., Bilan, I., Cigu, E. (eds.) EUFIRE 2021. Pandemic Challenges for European Finance, Business and Regulation. Alexandru Ioan Cuza University Publishing House, Iași, pp. 559-579.

    Abstract: All around the world, governments are implementing policies designed to fight unemployment and diminish its negative economic and social effects. While passive labor market policies (PLMPs) are aimed at providing unemployed individuals with income support during their search for a job, active measures (ALMPs) aim to increase employment opportunities and cut down unemployment. Our paper seeks to investigate the impact of public expenditure with these policies on unemployment rates in the European Union countries, during 2006-2018. In addition, we want to assess whether there are substantial differences in their effects on unemployment rates among women and men. The results show that higher unemployment benefits are detrimental to employment because unemployed people lessen their efforts to search for a job, and active measures may be an efficient tool in reducing unemployment, although further analysis is needed in this respect. Moreover, we found evidence for important differences among the two genders, especially regarding the passive labor market measures. The side-effects of generous unemployment benefits on unemployment are found to be more important among men compared to women. See the full paper here.


  • M. Mărian and C.-M. Apostoaie (2020). Fintechs in Romania – A risk analysis for the Romanian consumer. In: Roman, C.-T., Apostoaie, C.-M., Asandului, M., Bilan, I., Cigu, E., Georgescu, M. (eds.). Challenges of COVID-19 Pandemics for Economics and Business Administration. Conference Proceedings of the XIIth International Conference Globalization and Higher Education in Economics and Business Administration GEBA 2020. Alexandru Ioan Cuza University Publishing House, Iași, pp. 313-339.

    Abstract: In recent years, technological progress has led to a global, sometimes accelerated, increase in competitiveness in the financial-banking environment, driven, among others, by the entry of non-bank financial services providers. These are the building blocks for an emerging financial industry based on digitalization. Providing, most of the times, more accessible, cheaper and better personalized financial-banking products and services, these FinTech companies attract more and more clients (individuals and legal entities), many of them being loyal customers of the incumbent banking institutions. Differentiating themselves from the already established credit institutions through high-speed innovation and adaptability to customer needs, FinTechs succeed in integrating more and more in our increasingly digitalized society. However, FinTech companies may raise not only attractive opportunities but also a number of risks, which, if not properly addressed, can build-up in the non-banking sector (also known as the ‘shadow banking’ system) and can then be easily passed on to other components of the financial sector. In this paper, we aim to present how the new financial technology solutions may affect consumers. In other words, we aim to identify the most significant risks for the Romanian consumer coming from FinTech companies. See the full paper here.


Conference presentations

  • I. Bilan and A. Roman. The nexus between tax policies and new business registration in the European Union countries. 27th International Economic Conference – IECS 2020, 30 October 2020, Lucian Blaga University of Sibiu, Romania. See the conference programme
  • I. Bilan and A. Roman. Fiscal policy and new business entry in emerging European countries: the moderating role of corruption. 12th International Conference GLOBALIZATION AND HIGHER EDUCATION IN ECONOMICS AND BUSINESS ADMINISTRATION – GEBA 2020, 22-23 October 2020, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme
  • M. Mărian and C.M. Apostoaie. Fintechs in Romania – A risk analysis for the Romanian consumer. 12th International Conference GLOBALIZATION AND HIGHER EDUCATION IN ECONOMICS AND BUSINESS ADMINISTRATION – GEBA 2020, 22-23 October 2020, Alexandru Ioan Cuza University of Iași, Romania. See the conference programme