MINISTRY OF NATIONAL EDUCATION THE ANNALS OF THE UNIVERSITY OF ORADEA ECONOMIC SCIENCES TOM XXIII 1st ISSUE / JULY 2014 ISSN 1222-569X (printed format) ISSN 1582-5450 (electronic format) The publication of the papers in the Journal “The Annals of the University of Oradea. Economic Sciences” - Tom XXII, 2013, ISSN 1582-5450 (in electronic format on CD-ROM), ISSN 1222-569X (in printed format) a journal listed CNCSIS category B+ and indexed in RePec, Doaj, EBSCO and CABELLS PUBLISHING SERVICES international data bases and respectively on the site of the journal:http://anale.steconomiceuoradea.ro, in electronic format, with free access to full text. The abstracts of the papers published in this volume are exclusively engaging authors. Editor-in-Chief: Dr. Adriana GIURGIU, University of Oradea, Romania Associate Editors: Dr. Maria-Madela ABRUDAN, University of Oradea, Romania; Dr. Alina-Daciana BĂDULESCU, Univ ersity of Oradea, Romania; Dr. Nicoleta-Georgeta BUGNAR, University of Oradea, Romania; Dr. Ioan-Gheorghe ȚARĂ, University of Oradea, Romania. Members: Dr. Eugeniusz Kwiatkowski, Academician, Mircea Malita, Member University of Lodz, Poland; of the Romanian Academy, Romania; Dr. Rajesh Kumar, Osmania Dr. Gheorghe Zaman, Correspondent University, India; Member of the Romanian Academy, Dr. Eszter Lang, University of Romania; Debrecen, Hungary; Dr. Ahmet Aktas, University of Dr. Nicol a Mattoscio, “G. D’Annunzio” Akdeniz, Alanya, Turkey; University of Chieti – Pescara, Italy; Dr. Ismet Ates, Adnan Menderes Dr. Piero Mella, University of Pavia, University, Turkey; Italy; Dr. Mihaela Belu, The Bucharest Miguel Angel Moreno San Juan, The University of Economic Studies, Leadership Institute, Arlington, USA; Romania; Dr. Guido Montani, University of Dr. Dorel Paraschiv, The Bucharest Pavia, Italy; University of Economic Studies, Dr. Andras Nabradi, University of Romania; Debrecen, Hungary; Dr. Gordon Biggs, Moray College UHI Dr. Giuseppe Paolone, “G. D’Annunzio” Millennium Institute, Scotland, Great University of Chieti, Pescara, Italy; Britain; Dr. Ryszard Piasecki, University of Dr. Luminita Chivu, The Romanian Lodz, Poland; Academy, Romania; Dr. Marilen Pirtea, West University of Dr. Jose Cifuentes, Honrubia, Timisoara, Romania; University of Alicante, Spain; Dr. Nicolae Al. Pop, The Bucharest Dr. Constantin Ciutacu, The Romanian University of Economic Studies, Academy, Romania; Romania, Dr. H.C of the University of Dr. Dezhi Liu, Shijiazhuang University Oradea; of Economics, China; Dr. Ioan Popa, The Bucharest Dr. Marin Dinu, The Bucharest University of Economic Studies, University of Economic Studies, Romania; Romania; Dr. Ion Popa, The Bucharest Dr. Anca-Otilia Dodescu, University of University of Economic Studies, Oradea, Romania; Romania; Dr. Sergei F. Feostikov, Moscow Dr. Michael Stoica, Washburn Academy of Business, Blagoveschensk University, USA; Branch, Russia; Dr. Gabriela Tigu, The Bucharest Dr. Xavier Galiegue, University of University of Economic Studies, Orleans, France; Romania; Dr. Dongheng Hao, Shijiazhuang Dr. Jean-Emmanuel Tyvaert, University of Economics, China; University of Reims Champagne- Dr. Valeriu Ioan-Franc, The Romanian Ardenne, France; Academy, Romania; Dr. Ada Mirela Tomescu, University of Dr. Zoran Ivanovic, University of Oradea, Romania; Rijeka, Croatia; Dr. Valentina Vasile, The Romanian Dr. Kormos Janos, University of Academy, Romania. Debrecen, Hungary; Honorary Committee Aldo Poli – Dr. H.C of the University of Academician, Mircea Malita, Member Oradea; of the Romanian Academy, Romania – Franco Antiga – Dr. H.C of the Dr. H.C of the University of Oradea; University of Oradea; His Excellency, Jonathan Scheele – Dr. Dr. Constantin Rosca – Dr. H.C of the H.C of the University of Oradea; University of Oradea; Dr. Gheorghe Gh. Ionescu – Dr. H.C of Dr. Gheorghe Olah – University of the University of Oradea; Oradea. Scientific Committee: Dr. Niculae Feleaga, The Bucharest Dr. Babaita Carmen, West University, University of Economic Studies, Timisoara, Romania; Romania; Dr. Batrancea Ioan, Babes – Bolyai• Dr. Nicoleta Farcane, West University, University, Cluj-Napoca, Romania; Timisoara, Romania; Dr. Liviu Begu, The Bucharest Dr. Xavier Galiegue, University of University of Economic Studies, Orleans, France; Romania; Dr. Zizi Goschin, The Bucharest Dr. Nicolae Bibu, West University, University of Economic Studies, Timisoara, Romania; Romania; Dr. Rodica Boier, ”Gh. Asachi” Dr. Elena Hlaciuc, “Ștefan cel Mare” Technical University, Iasi, Romania; University, Suceava, Romania; Dr. Sorin Briciu, “1 Decembrie 1918″ Dr. Nicolae Istudor, The Bucharest University, Alba Iulia, Romania; University of Economic Studies, Dr. Alexandru Chiș , University Babes- Romania Bolyai, Cluj Napoca, Romania Dr. Marie-Noelle Jubenot, University Dr. Gheorghe Ciobanu, University of Reims Champagne-Ardenne, Babes-Bolyai, Cluj Napoca, Romania France; Dr. Smaranda Adina Cosma, Dr. Victor Manole, The Bucharest University Babes-Bolyai, Cluj Napoca, University of Economic Studies, Romania Romania Dr. Cristiana Cristureanu, “Dimitrie Dr. Ovidiu Megan, West University, Cantemir” Christian University, Timisoara, Romania; Bucharest, Romania; Dr. Tatiana Mosteanu, The Bucharest Dr. Emilian M. Dobrescu, Romanian University of Economic Studies, Academy, Bucharest, Romania; Romania – Dr. H.C of the University of Dr. Cosmin Dobrin, The Bucharest Oradea; University of Economic Studies, Dr. Valentin Munteanu, West Romania; University, Timisoara, Romania; Dr. Luigi Dumitrescu, ”Lucian Blaga” Dr. Emanoil Muscalu, ”Lucian Blaga” University of Sibiu, Sibiu, Romania; University of Sibiu, Sibiu, Romania; Dr. Liliana Feleaga, The Bucharest Dr. Doina Mureșanu, Université of University of Economic Studies, Québec in Abitibi-Témiscamingue, Romania; Québec, Canada Dr. Carmen Năstase, “Ștefan cel Mare” University, Suceava, Romania; Dr. Răzvan Liviu Nistor, “Babeș - Dr. Olimpia Ban, University of Oradea, Bolyai” University, Cluj Napoca, Romania; Romania; Dr. Mihai Berinde, University of Dr. Marin Opritescu, University of Oradea, Romania; Craiova,Romania; Dr. Marcel Boloș, University of Dr. Marius Pantea, West University, Oradea, Romania; Timisoara, Romania; Dr. Elena Botezat, University of Dr. Nicolae Petria , ”Lucian Blaga” Oradea, Romania; University of Sibiu, Sibiu, Romania; Dr. Andra Catarig, University of Dr. Ciprian Marcel Pop, University Oradea, Romania; Babes-Bolyai, Romania; Dr. Emil Chirilă, University of Oradea, Dr. Nicolae Al. Pop , The Bucharest Romania; University of Economic Studies, Dr. Dorin-Cristian Coita, University of Romania – Dr. H.C of the University of Oradea, Romania; Oradea; Dr. Adrian Florea, University of Dr. Mariana Predișcan, West Oradea, Romania; University, Timisoara, Romania; Dr. Ioana Horea, University of Oradea, Dr. Gabriela Prelipcean, “Stefan cel Romania; Mare” Univer sity, Suceava; Dr. Ioana Meșter, University of Dr. Teodora Roman, ”Alexandru Ioan Oradea, Romania; Cuza” University of Iași, Iași, Romania; Dr. Liana Meșter, University of Dr. Ovidiu Rujan, The Bucharest Oradea, Romania; University of Economic Studies, Dr. Ioan Dan Morar, University of Romania; Oradea, Romania; Dr. Nicoleta Sîrghi, West University, Dr. Mirabela Pop, University of Timisoara, Romania; Oradea, Romania; Dr. Cristi Spulbă r, University of Dr. Ioana Pop-Cohuț, University of Craiova, Romania; Oradea, Romania; Dr. Gabriela Stă nciulescu, The Dr. Steliana Sandu, The Romanian Bucharest University of Economic Academy, Romania; Studies, Romania; Dr. Klaus-Bruno Schebesch, Dr. Ioan Talpos, West University, University of Bremen, Germany; Timisoara, Romania; Dr. Monica Sim, University of Oradea, Dr. Adriana Tiron Tudor, Babes – Romania; Bolyai• University, Cluj Napoca, Dr. Naiana Țarcă, University of Romania Oradea, Romania; Dr. Ioan Trenca, “Babes -Boly ai” Dr. Daniela Zăpodeanu, University of University, Cluj-Napoca, Romania; Oradea, Romania; Dr. Constantin Tulai, “Babes -Bolyai” Gordon T. Biggs, Moray College, University, Cluj-Napoca, Romania; Scotland, Great Britain; Dr. Jean-Emmanuel Tyvaert, Wiktor Pozniak, College of Europe, University of Reims Champagne- Poland; Ardenne, France; Egidio Rangone, ”G. D’Annunzio” University of Chieti, Pescara, Italy. TABLE OF CONTENTS SECTION: INTERNATIONAL BUSINESS, EUROPEAN INTEGRATION, FOREIGN LANGUAGES AND BUSINESS ENVIRONMENT .......................................................... 14 SUB-SECTION: INTERNATIONAL BUSINESS ............................................................. 14 THE ROLE OF COMPLIANCE IN AN ORGANIZATION. WAYS OF IMPLEMENTATION .... 16 ANDREESCU NICOLETA ALINA ................................................................................................ 16 TOWARDS NEW MEANINGS OF SOVEREIGN DEBT ........................................................ 22 DECEANU LIVIU 1, CIOBANU GHEORGHE 1 ................................................................................ 22 WHY DO LOGISTICS AND TRANSPORT MATTER FOR DEVELOPMENT ........................ 33 NEDELESCU -IONESCU DANIELA , RUJAN OVIDIU ....................................................................... 33 CHARACTERISTICS OF THE EMERGING MARKET ECONOMIES - BRICS, FROM THE PERSPECTIVE OF STOCK EXCHANGE MARKETS ........................................................... 39 SECHEL IOANA -CRISTINA ....................................................................................................... 39 CIOBANU GHEORGHE ...........................................................................................................