HOLISTICA – Journal of Business and Public Administration

Editor-in-Chief
Adriana Grigorescu, General Director of GEG-IRP, National University of Political Studies and Public Administration; Full Member of Academy of Scientist from Romania; President of HoRA Association, Romania

Managing Editor
Marian Aurelian Bârgău, Universul Academic Publishing House, Romania

Associate Editors
Tsangyao CHANG - Feng Chia University, Taiwan
Da HOU - Central University of Finance and Economics, PR China
Valeriu IOAN-FRANC - National Institute of Economic Research of the Romanian Academy, Romania
Myeong Hwan KIM - Purdue University Fort Wayne, USA
Víctor Raúl LÓPEZ RUIZ - Universidad de Castilla La Mancha, Spain
Yanbing MAO - Shanghai University, PR China
Alexandru STRATAN, National Institute for Economic Research, Republic of Moldova
Teng-Tsai TU - National Taipei University, Taiwan

Editorial Board
Elena CONDREA – University “Ovidius” from Constanta, Romania
Răzvan-Ion CHIȚESCU - Romanian Parliament, Chamber of Deputies, Romania
Oana OPRIȘAN – University “Ovidius” from Constanta, Romania
Speranta Camelia PIRCIOG – INCSMPCS, Romania
Florin RADU, “Valahia” University from Targoviste; Vice-President of HoRA Association, Romania
Valentina VASILE – Romanian Academy - Institute of National Economy, Romania

Production Editors
Corina Aurora BARBU – University “Ovidius” from Constanta, Romania
Gabriela GHEORGHIU – University “Ovidius” from Constanta, Romania
Amalia-Elena ION - National University of Political Studies and Public Administration
Cristina LINCARU – INCSMPS, Romania
Carmen LUCACI – Universul Academic Publishing House, Romania
Eva-Margareta MILITARU – INCSMPS, Romania
Stefania MARGINEANU – Universul Academic Publishing House, Romania

Editorial Advisory Board
Willy ABDILLAH – University of Bengkulu, Indonesia
Liviu-Lucian ALBU – Romanian Academy, Institute for Economic Forecasting, Romania
Leonardo BADEA – University “Valahia” from Targoviste, Romania
Heike BÄHRE – Fachhochschule des Mittelstands (FHM), University of Applied Sciences, Berlin, Germany
Ruslan BILOSKURSKYY – Yuriy Fedkovych Chernivtsi National University, Ukraine
Larisa BUGĂIAN – Technical University of Moldova, Republic of Moldova
Vasilica CIUCA – INCSMPCS, Romania
Ion CUCUI – University “Valahia” from Targoviste, Romania
Igor CVECIC – University of Rijeka, Croatia
Reda DJAOUAHDOU – Annaba University, Algeria
Emilian M. DOBRESCU – Romanian Academy- Institute of National Economy, Romania
Nino DOLIDZE – Tbilisi State University Tbilisi, Georgia
Constantin DUMITRESCU – “Politehnica” University from Timisoara, Romania
Ovidiu FOLCUT – Romanian-American University, Romania
Ion GHIZDEANU – Romanian Academy - National Institute of Economic Research, Romania
John GILBERT – Utah State University, USA
Iraj HASHI – Staffordshire University, Stoke on Trent, UK
Emmanuel HAVEN – University of Leicester, UK
Erla Hlín HJÁLMARSDÓTTIR – University of Iceland, UNU-GEST, Iceland
Constantin HOLZER – University College of Cork, Ireland
Nuria HUETE- ALCOCER - Universidad de Castilla La Mancha, Spain
Maria IONCICA – Academy of Economic Studies, Romania
Marioara IORDAN – Institute for Economic Forecasting, Romania
Soon Hwan JEON – Joongboo University, Korea
Miika KAJANUS – Savonia University of Applied Sciences, Finland
Pantelis KYRMIZOGLOU – International Hellenic University, Thessaloniki, Greece
Chien-Fu LIN – National Taiwan University, Taiwan
Jaroslav LITVINENKO – National Academy of Statistics, Account and Audit, Kiev, Ukraine
Yang-Cheng LU – Ming-Chung University, Taiwan
Jeanette Angeline B. MADAMBA – University of the Philippines Los Banos, Philippines
Emmanuel MAGANARIS – Glasgow Caledonian University, UK
Marius MAZILU – University “Lucian Blaga” from Sibiu, Romania
Madlena NEN – Military Technical Academy, Romania
Angela-Eliza MICU - University “Ovidius” from Constanta, Romania
Domingo NEVADO – Universidad de Castilla La Mancha, Spain
Juan Luis NICOLAU – University of Alicante, Spain
Rodica PAMFILIE – Academy of Economic Studies, Romania
Francesco PASTORE – Second University of Naples, Italy
Magdalena PLATIS – University of Bucharest, Romania
Norina POPOVICI – University “Ovidius” from Constanta, Romania
Veronica POPOVICI – University “Ovidius” from Constanta, Romania
Ionut PURICA – Institute for Economic Forecasting, Romania
Wlodimierz REMBISZ – University of Economics and Human Sciences in Warsaw, Poland
Steven ROSEFIELDE – University of North Carolina at Chapel Hill, USA
Jurgita SEKLIUCKIENE – Kaunas University of Technology, Lithuania
Marianna SIGALA – University of South Australia, Australia
Throstur Olaf SIGURJONSSON, University of Iceland, Iceland
Anca Cristina STANCIU – University “Ovidius” from Constanta, Romania
Marcin Waldemar STANIEWSKI – University of Economics and Human Sciences in Warsaw, Poland
Cerasela Elena SPĂTĂRIU – University “Ovidius” from Constanta, Romania
Elena STAVROVA – South West University “Neofit Rilski”, Bulgaria
Ion STEGAROIU – University “Valahia” from Targoviste, Romania
Gerald STEINER – University of Graz, Austria
Yudha Aryo SUDIBYO – Universitas Jendral Soedirman, Indonesia
Dedhy SULISTIAWAN – University of Surabaya, Indonesia
Chi-Wei SU – Qingdao University of China, P.R. China
Ada-Mirela TOMESCU – University from Oradea, Romania
Gabriela TIGU – Academy of Economic Studies, Romania
Erendira Yareth VARGAS LOPEZ – University of Colima, Mexico
Gheorghe ZAMAN – Romanian Academy, Institute of National Economy, Romania
Ana Maria ZAMFIR – INCSMPCS, Romania
Dongxiang ZHANG – Wuhan University, P.R. China
Zan ZHANG – Shanghai University, P.R. China

Paradigm Publishing Services

Publisher (print)
Universul Academic Publishing House
Splaiul Unirii, nr 6, bloc B3A, et. 4
Sector 4, code 040031
Bucharest, Romania
T: +40722 777 996