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EU-PAIR

EU-PAIR 2025

Table of contents
Scientific Committee and Reviewers

Title	DECISION-MAKING PROCESS IN HIGHER EDUCATION AND DIGITAL TRANSFORMATION: A BIBLIOMETRIC ANALYSIS
DOI	DOI: 10.47743/eu-pair.2025-1-1
Author	Diana Aparaschivei, Oana-Adriana Constandache
Abstract	The present study provides a bibliometric analysis of scientific publications addressing the relationship between managerial decision-making processes in universities and digital transformation, using data extracted from the Web of Science Core Collection. A total of 905 articles published between 2010 and 2025 were analyzed to identify productivity trends, key contributors, thematic clusters, and emergent research areas. The results show a significant increase in publication volume after 2020, reflecting the growing academic interest in digital governance in higher education, as well as the challenges and opportunities associated with the implementation of digital technologies in decision-making processes. „Digital transformation”, „higher education”, and „artificial intelligence” are among the most recurrent terms, highlighting the multidimensional nature of the digital shift in university management. The study concludes with recommendations for future research and university policy in the context of institutional digitalization.
Keywords	management decision-making process; digital transformation; bibliometric analysis; higher education; academic governance
JEL Codes	I23; O33

Title	ACCOUNTING – FROM TRADITIONAL TO DIGITAL
DOI	DOI: 10.47743/eu-pair.2025-1-2
Author	Ciprian Apostol
Abstract	In its classical sense, accounting is considered as the „language of business”, being indispensable in substantiating economic-financial decisions, because by recording economic-financial transactions and preparing annual financial statements, accounting contributes to transparency, control and financial efficiency. Accounting has evolved continuously, adapting to the economic, social and technological context. In the context of the rapid evolution of information technology, accounting has entered a profound process of transformation, driven by current trends of digitalization. Traditionally, accounting has been perceived as a bureaucratic field, centered on manual processing of documents and financial statements. With the advent and integration of digital technologies such as artificial intelligence, process automation through software robots, cloud platforms, blockchain and advanced data analytics, a paradigm shift in accounting practice has occurred. Thus, accounting can no longer be conceived without the integration of technology and analytical thinking, which is leading to a redefinition of the accounting profession, the tools used and the relationship between accountants, management and state institutions. The study aims to capture the main challenges of the accounting profession imposed by the implementation of new digital technologies, in order to chart the new trajectory in the training and development of this profession. For this purpose, a descriptive analysis of the new trends in the field of accounting was used with the help of information gathered from various sources such as media, literature, legislative regulations etc.) The results of the research consist in presenting the latest information, which will help us to reach a conclusion on how the implementation of digital technology will change the future of the accounting profession.
Keywords	accounting; accountancy profession; digital technology; digitalization
JEL Codes	IM40; M41; M49

Title	THE IMPACT OF DIGITAL TRANSFORMATION ON THE ADMINISTRATION OF THE EUROPEAN JUDICIAL SYSTEM: NORMATIVE, INSTITUTIONAL AND ETHICAL CHALLENGES
DOI	DOI: 10.47743/eu-pair.2025-1-3
Author	Sebastian Avăcăriței, Mihaela Tofan
Abstract	The present paper engages in a critical and methodological analysis of the effects generated by the digitization process on the organization and administration of the judiciary within the European Union, placing itself in a context where national legal traditions face the imperative of technological modernization. The study rigorously evaluates the concrete implications of the integration of digital tools in the judicial activity, manifested by the implementation of electronic systems for the management of judicial files (e-justice), the algorithmizing of the distribution of cases and the use of artificial intelligence technologies in the decision-making processes of the courts. Starting from a detailed analysis of the relevant European framework – including the European e-Justice strategy and related policy documents – the research identifies the main legal and institutional challenges driven by digital transformation. In particular, it examines the need to ensure independence and impartiality in the context of digitization, the strict protection of personal data and the confidentiality of judicial proceedings, the risks associated with external influence on the management of judicial data, as well as the danger of excessive standardization that could compromise the specificities of national legal systems. The methodology adopted is of a comparative nature and includes case studies of European states recognized for their technological advance, such as Estonia and Germany, alongside a thorough examination of the situation in Romania, in the context of recent judicial reforms. The conclusions undertaken aim to issue precise institutional and legislative recommendations, aimed at optimizing the integration of digital technology in judicial systems, while guaranteeing a harmonious balance between administrative efficiency and the functional autonomy of the judicial authority.
Keywords	digital justice; judicial governance; algorithmic decision-making
JEL Codes	H83; K23; O33

Title	JUDICIAL INDEPENDENCE AND EUROPEAN GOVERNANCE: INSTITUTIONAL DYNAMICS AND CHALLENGES OF EUROPEAN INTEGRATION FOR THE JUDICIAL SYSTEM IN ROMANIA
DOI	DOI: 10.47743/eu-pair.2025-1-4
Author	Sebastian Avăcăriței
Abstract	This paper is devoted to an in-depth analysis of the complex interactions between European governance mechanisms – including, but not limited to, the Cooperation and Verification Mechanism, the Annual Rule of Law Report and the budgetary conditionality framework – and the autonomy of the national judiciary. The main purpose of the research consists in the critical evaluation of the way in which the European standards regarding judicial independence, administrative efficiency and institutional integrity have influenced both the structure and operation of the Superior Council of Magistracy, as well as the legal status of judges and prosecutors, together with the inter-institutional relations within the state apparatus. The adopted methodology is based on a particularly rigorous normative analysis, combined with the systematic evaluation of strategic documents issued at the European and national level, as well as relevant comparative case studies (comparative analyzes focused on the experiences of Romania, Poland and Hungary). This analytical approach allows the identification of institutional adaptation models and the exposure of tensions inherent in the implementation of European standards. In addition, special importance is given to the jurisprudential interpretations issued by the Court of Justice of the European Union and the European Court of Human Rights, whose decisions are essential in articulating the normative framework of reference regarding judicial independence. The conclusions presented in the paper critically approach the integrated effects of the European integration process on the autonomy of the national judicial system, emphasizing both the risks arising from a possible institutional over-compliance, as well as the opportunities to strengthen the autonomy and efficiency of the judicial system. In conclusion, proposals for institutional optimization and practical recommendations are formulated, intended for decision-makers in Romania and European institutions involved in monitoring and evaluating the performance of the judicial system.
Keywords	judicial independence; EU rule of law; legal reform
JEL Codes	K10; H11; F53

Title	eID – CHALLENGES AND OPPORTUNITIES IN EUROPEAN PUBLIC ADMINISTRATION
DOI	DOI: 10.47743/eu-pair.2025-1-5
Author	Elena-Mihaela Sfrijan (căs. Andrieș), Doina-Monica Agheorghiesei
Abstract	The European Union wants the Member States to continue the digitization process by moving to the next stage, the implementation of the European digital identity. To this end, a legislative framework has been regulated to support a secure and competitive digital economy, based on the protection of fundamental rights and personal data. The aim of our paper is to see whether the implementation of the European electronic identity card positively influences the quality and efficiency of public administrative services offered to the citizen. The research methodology is based on the European legislative framework, its transposition at national level and on the comparative analysis of the evolution between Romania and the other European countries. The results of our analysis show that Romania, as a member state of the European Union, has transposed into national legislation the policies related to digitization, personal data protection and interoperability, considering both the benefits and the challenges associated with the European electronic identity. eID is an important step towards reducing bureaucracy, increasing transparency and digital governance.
Keywords	digitization; legislation; European ID card; interoperability; security and protection of personal data
JEL Codes	K23; K24; H83; O

Title	FROM SUPERVISION TO DIGITAL TRUST: REDESIGNING MANAGEMENT STYLES FOR THE HYBRID WORKFORCE
DOI	DOI: 10.47743/eu-pair.2025-1-6
Author	Inbar Barazani
Abstract	In the evolving landscape of hybrid and digitally mediated work, traditional models of supervision – centered on control, visibility, and proximity – are increasingly misaligned with the expectations and values of younger generations. Recent studies show that digital trust has become a central factor for engagement and retention in hybrid workplaces (Wang et al., 2023). This paper explores how Generation Z employees experience supervision in modern work environments and how managerial reliance on traditional oversight methods may hinder trust, motivation, and retention. Drawing on qualitative interviews with Generation Z employees and Generation X/Y managers, the study reveals a generational divide in perceptions of effective supervision. While many managers emphasize the need for direct monitoring to ensure accountability and productivity, younger employees interpret this approach as a lack of trust (Stiglbauer et al. 2022). For them, autonomy, flexibility, and purpose-driven work are key motivators, and excessive supervision is often perceived as intrusive and demotivating. The findings underscore the need to shift from supervision rooted in control to models based on trust, transparent expectations, and measurable outcomes. This includes redefining accountability frameworks, encouraging self-directed performance tracking, and fostering communication that emphasizes guidance over surveillance. Such models not only align with the intrinsic motivations of Generation Z but also support broader organizational goals related to innovation, agility, and employee engagement (Carnevale and Hatak 2020). This paper contributes to ongoing discussions about the future of management in digitally enabled organizations and offers practical recommendations for adapting leadership strategies to build trust without sacrificing accountability.
Keywords	hybrid workforce; digital trust; generation z; leadership; employee autonomy
JEL Codes	M12; M54; J24; O33

Title	INVISIBLE TALENT: RECOGNITION AND PROMOTION BIAS IN THE HYBRID WORKPLACE
DOI	DOI: 10.47743/eu-pair.2025-1-7
Author	Inbar Barazani
Abstract	The growing adoption of hybrid and remote work models has reshaped how employees contribute to organizational success, yet recognition and promotion practices have not evolved at the same pace. This paper investigates how reliance on physical presence as a marker of commitment and value disproportionately affects Generation Z employees, who increasingly prioritize results, autonomy, and digital efficiency over traditional visibility. Based on a qualitative study involving 20 in-depth interviews with Generation X and Y managers and Generation Z employees, the research reveals a persistent presence-based bias in how performance and promotability are assessed. While many managers associate physical attendance with loyalty, initiative, and readiness for advancement, younger employees report frustration at being overlooked despite delivering high-impact outcomes through flexible work methods. These findings point to a growing disconnect between generational values in the workplace and outdated recognition frameworks. The study argues for a shift toward outcome-based, transparent, and inclusive recognition systems that reflect the realities of contemporary work environments. By exposing how traditional evaluation norms may unintentionally disadvantage a new generation of workers, this paper contributes to the ongoing dialogue about managing generational diversity in the digital age and ensuring that recognition systems are both equitable and future ready.
Keywords	hybrid work; recognition; promotion bias; generation z; workplace visibility
JEL Codes	M12; M54; J24

Title	SMART WORKING UNDER THE MAGNIFYING GLASS. SMART WORKERS AND ORGANISATION OF LABOUR
DOI	DOI: 10.47743/eu-pair.2025-1-8
Author	Ana-Maria Bercu, Silvia-Maria Carp
Abstract	Smart working has become one of the most used words in the organisations and research in the last years. The pandemic of COVID 19 had brin into attention the necessity to adapt the work environment to become more flexible and resilient, given to the employees and employers the opportunity to change the traditional work models into more innovative ones. Under the magnifying glass, smart working reveals its multifaceted impact on individuals, organizations, and society. The main aim of our study is to explore how smart working change the work organisation, analysing the employee’s engagement and connection during crises times. Furthermore, the interview process facilitated the exploration of specific nuances and contextual factors that might influence the phenomena under investigation. The findings indicate that on an individual level, it fosters a healthier work-life balance, empowering employees to better manage their time and responsibilities. The elimination of commuting time contributes to reduced stress and increased job satisfaction. However, the blurred lines between work and personal life require careful navigation to prevent burnout and maintain mental wellbeing. For organizations, smart working presents an opportunity to tap into a global talent pool, breaking down geographical barriers and promoting diversity. Societal implications of smart working include reduced traffic congestion, lower carbon emissions, and a potential shift in urban planning dynamics. However, concerns regarding the digital divide, as not everyone has equal access to technology and a conducive work environment, need to be addressed to ensure inclusivity. The magnifying glass reveals a landscape where adaptability, communication, and technology converge to shape a new era in the way we approach and perceive work.
Keywords	smart working; out-of-office work; employee engagement; flexible work; productivity
JEL Codes	J81; M

Title	FISCAL DECENTRALIZATION AND THE DEVELOPMENT OF THE DIGITAL ECONOMY
DOI	DOI: 10.47743/eu-pair.2025-1-9
Author	Elena Cigu, Anca-Florentina Vatamanu
Abstract	This paper provides insight into how fiscal decentralization supports the growth of the digital economy, highlighting how decentralized fiscal frameworks and the autonomy of local governments enable responsiveness to technological advancements, promote innovation, and foster public-private partnerships. The research methodology aligns with the paper’s objectives and employs qualitative research, including descriptive analysis and an exploratory literature review on fiscal decentralization and the digital economy. By providing an understanding of this dynamic, the paper contributes to the literature that investigates local government fiscal performance.
Keywords	fiscal decentralization; digital economy; sustainable development; public-private partnership
JEL Codes	H7; H83

Title	GOVERNMENT EXPENDITURE AND THE E-GOVERNMENT DEVELOPMENT: EVIDENCE FROM EU COUNTRIES
DOI	DOI: 10.47743/eu-pair.2025-1-10
Author	Adina Dornean, Nicoleta Țicu
Abstract	The COVID-19 pandemic accelerated the implementation of e-government in the public sector in order to increase its efficiency and effectiveness. According to the European Digital Strategy, by 2030, the EU’s goal is to ensure that democratic life and online public services are fully accessible to all, including people with disabilities, and benefit from a top-quality digital environment offering user-friendly, efficient, and personalized services and tools with high levels of security and privacy. The purpose of this paper is to investigate the relationship between e-government development (digitalization of public services) and government expenditure, with a focus on general public services expenditure for the 27 European Union countries (EU) over the period 2003-2022. For this purpose, we apply panel data estimation techniques, and we use E-Government Development Index (EGDI) as dependent variable and expenditures on general public services, research and development expenditure, total public expenditures, internet penetration rate, human development index, GDP per capita, level of digital skills and corruption perceptions index as independent variables. Our findings confirm significant differences among the levels of e-government development in the EU-27 countries. Moreover, our results show that EGDI is significantly and negatively associated with government expenditure, especially general public services expenditure. This paper aims to fill the gap and to bring useful results for governments and its institutions.
Keywords	government expenditure; e-government; digitalisation; EGDI; panel data models
JEL Codes	C23; H11; H50

Title	GOOD FAITH (BONA FIDES) IN CONTRACTS AND GOOD FAITH IN GDPR
DOI	DOI: 10.47743/eu-pair.2025-1-11
Author	Mirela-Carmen Dobrilă
Abstract	The principle of good faith, as a fundamental principle in civil law, must be respected when negotiating, concluding and performing contracts, and it is regulated by the Civil Code. The article makes some connections between the principle of good faith in contracts and the principle of good faith that must be respected for the processing of personal data, according to the GDPR. Although the principle of good faith is not expressly stated in the GDPR, it results from compliance with the other principles related to data processing expressly stated in Article 5 GDPR.
Keywords	good faith; bona fides; contract; personal data; GDPR; General Data Protection Regulation; Romanian Civil Code
JEL Codes	K12; K22

Title	PREMISES AND IMPACTS OF IMPLEMENTING AI IN PUBLIC ADMINISTRATION
DOI	DOI: 10.47743/eu-pair.2025-1-12
Author	Bogdan-Florin Filip
Abstract	While the latest years were marked by a rapid development of the AI technologies and of the increasing attractivity of using them by people and also companies for solving more simply their issues, it has become obviously that also the interaction between them and the public authorities may be improved by using such technologies. Therefore, step by step AI technologies tend to become not only of interest for the Public Administration because of their benefits, but also a necessity in order to keep up with the transformation of the society. In this context, our paper proposes an analysis on the impacts that AI has already made during the latest years in the public administration area, but also on the expected impacts that are likely to occur in the next years, using data at global level, but mainly from the EU area. The analysis intends to find out the positive or negative impacts of AI, both from the point of view of the public administration, but especially from the point of view of the beneficiaries of public services and, finally, to forecast an image on the future of the public administration and society driven by the impact of AI technologies.
Keywords	artificial intelligence; public administration; government
JEL Codes	H89; O33

Title	DEFENCE POLICIES IN EUROPE: A HISTORICAL APPRAISAL
DOI	DOI: 10.47743/eu-pair.2025-1-13
Author	Gilles Grin
Abstract	This paper aims to provide a long-term historical perspective on the development of defence policies in Europe. It first presents the Westphalian system that structured interstate relations from the end of the Thirty Years’ War (1648) to the end of the Second World War (1945). The Cold War period is then presented. This is followed by the post-Cold War period, the turning point in 2007-2008, the war in Ukraine and the American shift. This allows us to present the beginnings of a European response and to draw some conclusions.
Keywords	European Union; Common Security and Defence Policy; NATO; international system; history
JEL Codes	N44

Title	RESILIENCE AMONG NURSE MANAGERS: A NARRATIVE LITERATURE REVIEW ON INFLUENCING FACTORS AND STRATEGIES FOR STRENGTHENING RESILIENCE
DOI	DOI: 10.47743/eu-pair.2025-1-14
Author	Michal Noach
Abstract	Healthcare systems worldwide experience challenges and crises that include pandemics, emergency events, wars, and so on. During these events, nurse managers are required to provide a professional response. handle many burdens, resolve continuous pressures, make determined decisions, and cope with uncertainty and rapidly changing situations. This might undermine the nurses’ personal resilience. Nevertheless, the empirical literature about nurse managers’ resilience is limited, and studies focus more on nursing staffs and less on their managers. When the world continues coping with wars and emergency situations, it is highly important to explore how nurse managers address the meaningful challenges that are likely to affect their personal resilience. This narrative review aims to investigate available literature dealing with resilience in the healthcare system, identifying the state of knowledge about personal resilience, as well as strategies for enhancing personal resilience in order to handle crises at work. The literature review illustrates that exposure to emergency situations, workloads, and insufficient resources, constitute factors that affect nurse managers’ resilience. The strategies identified as promoters of nurse managers’ resilience are: creating a balance between work and life, establishing positive relationships and communication with colleagues, training designed to improve resilience, offering social support, and thinking positively in times of crisis.
Keywords	personal resilience; nurse managers; resilience-enhancing strategies; crises; emergency situations
JEL Codes	I11; I118; M1; M12

Title	RESILIENCE, EQUITY, AND INNOVATION IN EDUCATION: FOUNDATIONS OF A RESILIENT AND EQUITABLE SYSTEM
DOI	DOI: 10.47743/eu-pair.2025-1-15
Author	Claudia Pau, Mihaela Martin, Alina Stancovici
Abstract	In a global context marked by uncertainty, rapid change, and systemic challenges, education must become a pillar of both social and individual resilience. This paper explores the interdependence between resilience, equity, and innovation as essential foundations for building a sustainable, inclusive, and adaptable educational system. It argues that educational resilience cannot be achieved without equitable policies that reduce disparities, nor without pedagogical and technological innovations that address the diverse needs of learners. The analysis includes international case studies, models of best practices, and recommendations for policymakers, educators, and educational communities. The paper proposes an integrated vision of education as a space for social transformation, where equity and innovation are indispensable conditions for resilience. The paper pursues five key objectives: to conceptually define the interrelated roles of resilience, equity, and innovation in education, to analyze the structural and policy based conditions that support or hinder resilient and equitable learning environments, to identify and evaluate innovative practices that promote inclusion and adaptability, especially in response to systemic disruptions, to propose a multidimensional model for integrating these principles into educational policy and practice, and to formulate actionable recommendations for policymakers, educators, and institutional leaders.
Keywords	educational resilience; equity in education; educational innovation; educational policy; social transformation; adaptive learning systems; global education challenges
JEL Codes	I28

Title	THE NECESSITY OF A COHERENT DIGITAL STRATEGY IN ROMANIA IN THE CONTEXT OF THE DIGITAL DECADE AND FOR ELIMINATING STRUCTURAL DISPARITIES COMPARED TO DIGITALLY DEVELOPED COUNTRIES
DOI	DOI: 10.47743/eu-pair.2025-1-16
Author	Rodica Pripoaie, Andreea-Elena Matic, Valentina Cornea, Camelia-Mădălina Beldiman
Abstract	This paper presents a comparative analysis of Romania’s progress in the context of the Digital Decade compared to digitally advanced countries within the European Union. It highlights the necessity for a coherent digital strategy in Romania to eliminate structural disparities, as there is a noticeable gap between the development of digital infrastructure and the level of digitalization of public services, the economy, and society in general. Although Romania ranks among the top countries regarding coverage with high-capacity fixed networks, the digital transformation of public administration faces challenges related to digital skills, digital education, and the low level of digitalization of SMEs. Platforms like ROeID are a promising step toward digital identity, but their impact is limited by poor interoperability between databases and the fragmented nature of government initiatives. Compared to the European average and leading digital nations, Romania is still far behind in e-government, data integration, and digital innovation. The analysis underlines the urgent need for coherent, cross-sector public policies aligned with European priorities for digital transformation in public administration. Achieving this will require a unified national strategy, backed by sufficient funding and effective e-governance mechanisms, so that Romania can capitalize on its structural advantages and meet the goals set out in the Digital Decade.
Keywords	digital decade; digitalization; DESI; public policies
JEL Codes	O38; R11; H11

Title	THE DIGITAL AGE: THE ERA OF THE NEW ENTREPRENEURS? CASE STUDY OF ENTREPRENEURS IN THE MORAVIAN-SILESIAN REGION
DOI	DOI: 10.47743/eu-pair.2025-1-17
Author	Dominik Salat, Jarmila Duháček Šebestová
Abstract	With the development of digitalisation and the arrival of new technologies, people are beginning to see opportunities that were previously unknown to them just a few years ago. The corporate sector is no exception. New opportunities are opening up for businesses to improve their existing market positions, but also new markets where they can penetrate. However, this digital age does not only bring with it a beautiful rosy world, but also threats that some are not prepared for or do not pay due attention to. Business is slowly moving into the digital world and the so-called digital entrepreneurship is coming to the surface of exploration. The research focused on the Visegrad region of the Czech Republic, namely its Moravian-Silesian region. The aim of the paper is to analyse youth entrepreneurs aged 18 to 25 in the Moravian-Silesian region in contrast to the age groups of the rest entrepreneurs. Four hypotheses were established and tested on a sample of 262 entrepreneurs using bivariate statistical analysis methods. The results of the research found a favouring of youth entrepreneurship in this digital age, as well as the need for continuous knowledge enhancement for entrepreneurs of all ages. The research extends the knowledge already gained in this area and offers new possibilities in the direction of future research.
Keywords	Czech Republic; digital entrepreneurship; youth entrepreneurship
JEL Codes	IL26; M21; R10

Title	MODERNIZING PUBLIC ADMINISTRATION: E-GOVERNMENT AS A TOOL FOR EFFECTIVE GOVERNANCE
DOI	DOI: 10.47743/eu-pair.2025-1-18
Author	Cristian-Romeo Spătaru, Cristian Constantin Popescu
Abstract	Amidst the rapid globalization of digital transformation, e-government represents a strategic and indispensable means for modernizing public administration and deepening the bond between citizens and state institutions. This paper examines the impact of e-government on the effectiveness of the government, specifically how the digitization of public services leads to greater transparency, reduced bureaucratic structures, and enhanced administrative quality. The empirical analysis is based on data from the 27 EU member states, with the Government Effectiveness indicator, provided by the World Bank, as the dependent variable. This research explores the correlations and direct influences between the level of e-government development and institutional performance. The results showed a strong and statistically significant positive correlation between e-government development and the extent of institutional integrity, socio-economic progress, and government effectiveness. This relationship is powerful in countries with a high degree of digital infrastructure and clearly laid public policies in the areas of anticorruption and ICT. It demonstrates how the strategic use of digital solutions can significantly enhance administrative capacity and governance in the digital era.
Keywords	government effectiveness; modernizing public administration; DESI; digitalization policy; e-government
JEL Codes	C12; D73; H11; H83; O21; Y10

Title	EXPLOITING INEFFICIENCIES: HEDGE FUND STRATEGIES AND THE EVOLUTION OF MARKET EFFICIENCY
DOI	DOI: 10.47743/eu-pair.2025-1-19
Author	Jana Stockbauer
Abstract	The paper examines how hedge fund strategies exploit persistent market inefficiencies and evaluates the implications for the Efficient Market Hypothesis in both global and European financial markets. While the EMH traditionally asserts that asset prices fully reflect available information, empirical evidence increasingly shows that certain hedge funds consistently achieve abnormal returns, particularly during periods of market stress and dislocation. Using a cross-strategy perspective, spanning long/short equity, relative value, global macro, and event-driven funds, this study investigates how hedge funds identify and arbitrage pricing anomalies arising from behavioral biases, liquidity constraints, and institutional frictions. Building on theoretical foundations in behavioral finance and the Adaptive Markets Hypothesis, the paper conducts a comparative analysis of hedge fund performance across multiple crisis periods, including the 2008 Global Financial Crisis, the 2011 Eurozone debt crisis, and the COVID-19 shock. Emphasis is placed on the structural characteristics of European markets, such as regulatory asymmetries, capital mobility, and the heterogeneity of investor behavior across EU member states. The results indicate that hedge funds demonstrate enhanced resilience and alpha generation precisely when markets deviate from informational efficiency, particularly in less liquid or segmented environments. These findings suggest that financial markets exhibit dynamic, context-dependent inefficiencies, which challenge the applicability of the Efficient Market Hypothesis in its stronger forms. Hedge funds, rather than being anomalies, may function as essential agents of price discovery in imperfect markets. The study contributes to ongoing debates about market efficiency, alternative asset management, and the evolving role of hedge funds within the European financial architecture.
Keywords	hedge funds; financial stability; systematic risk; Efficient Market Hypothesis
JEL Codes	G23

Title	THE ROMANIAN UNIVERSITIES AND THE DILEMMA OF SUSTAINABLE DEVELOPMENT: THE CHALLENGES OF ASSIMETRIC POWER RELATION IN THE COMPLEX STAKEHOLDER NETWORKS
DOI	DOI: 10.47743/eu-pair.2025-1-20
Author	Mihai Talmaciu, Irina Teodora Manolescu
Abstract	In the current economic, social, and political context shaped by the global agenda on sustainable development, universities are called upon to redefine their role and recalibrate their mission in relation to the needs of a global society. Thus, universities face the challenge of going beyond their traditional roles of teaching and research and taking on a more active role in achieving the Sustainable Development Goals (SDGs). Collaboration and stakeholder engagement in such initiatives can be affected by asymmetrical power relations and difficulties in harmonizing the objectives, values, and principles of the entities involved in these partnerships. This article analyses how universities and research institutions in Romania can take on a more active role in multi-stakeholder initiatives aimed at achieving the SDGs without compromising their autonomy and core educational mission. The opportunities and risks of university involvement in collaborative networks will be examined, considering that the actors involved have unequal access to resources, divergent interests, and different levels of influence over decision-making. The study is based on qualitative data drawn from institutional reports and public policy documents. It highlights both the opportunities and constraints faced by universities in their efforts to contribute to sustainability. The analysis shows that although Romanian universities clearly express their willingness and readiness to take an active role in the sustainable development of communities, in practice their involvement is often hindered by fragmented policies, dependence on external funding, and limited autonomy in strategic planning. The article proposes a critical perspective on the involvement of universities in collaborative governance architectures related to sustainability. Only through a re-evaluation of their own role and a firm commitment to equity and responsibility can universities make a real contribution to reducing social inequalities and development gaps, by aligning the principles of equity and efficiency in resource allocation.
Keywords	university; collaborative networks; sustainable development; power relations
JEL Codes	I23; O32

Title	GOVERNANCE ON DIGITAL ETHICS AND RESPONSIBLE ONLINE BEHAVIOUR IN EUROPEAN COUNTRIES: A LITERATURE REVIEW
DOI	DOI: 10.47743/eu-pair.2025-1-21
Author	Thi Hong Nga Nguyen
Abstract	The digital transformation of European societies has reshaped how individuals interact, learn, work, and participate in democratic processes. While digital tools offer numerous benefits, they also raise ethical challenges related to privacy, misinformation, cyberbullying, surveillance, and algorithmic bias. Digital ethics refers to the moral principles guiding behavior in the digital environment, while responsible online behavior involves adhering to norms that promote respectful, secure, and lawful digital interactions. This paper analyses strategies and policies related to digital ethics and responsible online behaviour in selected European countries within the broader context of digital transformation. Using an integrative, qualitative research approach, we synthesize and compare academic literature, policy documents, and governmental reports published between 2014 and 2024. The findings reveal diverse national approaches while highlighting efforts to align with the overarching EU framework. The study identifies best practices, current challenges, and provides policy recommendations for promoting ethical digital behavior in an increasingly digital society.
Keywords	digital ethics; responsiveness; policy; EU
JEL Codes	O32; M15; K39

Title	ARTIFICIAL INTELLIGENCE AND DIGITAL GOVERNANCE: THE IMPACT OF EMERGING POLICIES ON BUSINESS TRANSFORMATION IN THE ERA OF BIG DATA AND MACHINE LEARNING
DOI	DOI: 10.47743/eu-pair.2025-1-22
Author	Carmen Toderașcu, Ieronim Ștefan
Abstract	The accelerated digital transformation driven by Artificial Intelligence (AI), Big Data, and Machine Learning (ML) is fundamentally reshaping governance models and the dynamics of the business environment. This paper explores how emerging public policies, adopted at both European and international levels, influence decision-making processes, innovation capacity, and corporate competitiveness in the context of the new digital economy. Focusing on initiatives such as the EU Artificial Intelligence Act, the European Data Strategy, and digital ethics regulations, the study highlights their impact on organizational adaptability and sustainability. Using an interdisciplinary and practice-oriented approach, the research identifies both opportunities and challenges these policies pose for the private sector, especially regarding algorithmic accountability, data protection, and equitable access to technology. The findings offer policy recommendations for inclusive digital governance that supports innovation and business resilience within a regulated yet enabling framework.
Keywords	digital governance; public policy; Artificial Intelligence; Big Data; Machine Learning; digital transformation; algorithmic ethics; business environment
JEL Codes	M21; G28; O33; O38

Title	SPECIFIC LEGAL ENTITIES OF THE EUROPEAN UNION ON COMPANY LAW
DOI	DOI: 10.47743/eu-pair.2025-1-23
Author	Crina Mihaela Verga
Abstract	In order for the European single market, based on freedom of establishment, to function as efficiently as possible, this paper first addresses the specific regulatory framework regarding uniform corporate entities of the Union, which allow commercial companies to operate in several Member States. Thus, the European Company (SE), the European Economic Interest Grouping (EEIG), the European Cooperative Society (SCE) are analyzed in detail. It also discusses the current legislative proposals regarding the European Private Company (SPE), with a view to simplifying existing European company forms. In order to best support the needs of the existing business environment in the Member States and to promote the fastest possible expansion of cross-border economic activities, proposals are made to amend the legal provisions in force in the Union. Then, the second part of the paper considers the case law of the Court of Justice on the matter, emphasizing the role of the Luxembourg court in interpreting the relevant European legislation. The paper is of particular importance for the most efficient development of the activities carried out by the already established corporate forms of the Union; the article is of real interest also for specialists in the field, but especially for the Member States of the Union, whose legislation must be harmonized with the European legislative framework corresponding to the field studied.
Keywords	specific corporate entities; European Union; legislation, jurisprudence
JEL Codes	N44

Title	INVISIBLE FILTERS: HOW DIGITAL AND HUMAN BIAS SHAPE WOMEN’S JOB SEARCH IN HIGH-TECH. EXPLORING ORGANIZATIONAL GATEKEEPING, AI TOOLS, AND THE GENDERED HIRING EXPERIENCE IN THE DIGITAL AGE
DOI	DOI: 10.47743/eu-pair.2025-1-24
Author	Zeala Pinto
Abstract	Despite the growing emphasis on diversity and inclusion, women continue to face disproportionate challenges in securing leadership and technical roles within the hightech sector. This study explores the job-seeking phase through an organizational lens, revealing how both human and algorithmic biases perpetuate gender disparities. Drawing on qualitative interviews with women professionals in high-tech – including VPs, HR leaders, and mid-career candidates – this research surfaces patterns of exclusion masked by seemingly neutral recruitment practices. Participants reported being asked inappropriate questions about motherhood and travel commitments, while others described feeling „out of the loop” despite holding senior roles in global firms. The study also examines the unintended consequences of digital hiring platforms and AIdriven applicant tracking systems, which may reinforce rather than reduce bias. By combining empirical insights with contemporary literature on digital governance, algorithmic decision-making, and gender inequality in hiring, the paper calls for more transparent and inclusive recruitment systems. It proposes actionable organizational strategies to ensure equitable access to high-tech careers in the digital age.
Keywords	digital age; gender bias; high-tech industry; AI recruitment tools; digital discrimination; women in leadership
JEL Codes	J16; M5; O33; M14; D83

Title	MANAGING A CHANGE IN THE IMPLEMENTATION OF AN ELECTRONIC MEDICAL RECORD IN HOSPITALS: HEAD NURSES’ ROLE AS CHANGE LEADERS – A NARRATIVE LITERATURE REVIEW
DOI	D OI: 10.47743/eu-pair.2025-1-25
Author	Malka Yakutilov
Abstract	The implementation of an electronic medical record (EMR) in hospitals constitutes a process of complex organizational change, integrating technological, procedural, and cultural aspects. Nursing staffs, particularly head nurses, are at the front of the process, being the largest professional group in the healthcare system and main users of clinical recording systems. Despite their centrality, many head nurses are required to lead the implementation process without any designated training or formal preparation for change management. This narrative review explores head nurses’ role in the promotion of EMR systems implementation, with a focus on management challenges and successful action methods. The review has identified recurrent barriers, including: staffs’ resistance to change, documentation overload, digital orientation gaps, lack of organizational support, and incompatibility between the system structure and existing work processes. Moreover, the review presents efficient implementation strategies, such as: preliminary involvement of the field, gradual and adapted training, continuous support, open communication, and local adjustment. The paper’s main conclusion is that head nurses should be acknowledged not only as clinical leaders, but also as strategic partners and organizational change agents. Hence, they should be offered structured training, practical management tools, and systemic support. Finally, the review recommends promoting future studies that examine the impact of advanced management training on the implementation quality and stability over time.
Keywords	Electronic Medical Record (EMR); head nurses; organizational change; implementation strategies; change management in nursing
JEL Codes	M1; I1; I18