At a time when global economic dynamics are facing unprecedented challenges, and fiscal instability, from inflationary pressures to the transition to sustainable models and the accelerated digitalization of all sectors, the Journal of Financial Studies continues its mission to promote quality research and provide a space for academic reflection on these transformations.
The current edition brings together a valuable collection of articles covering topics of major interest to academics, financial accounting practitioners, regulators and institutional investors. The research approaches included provide interdisciplinary perspectives on topical issues such as: managing financial risk and budget deficits in volatile contexts; the impact of sustainable reporting and the transposition of European directives on corporate behavior; the transformations in the accounting professions in the digital age and the adaptation of human capital; the analysis of fiscal risks and financial transparency; the contribution of foreign investment and monetary policies to the sustainable development of emerging economies; the role of financial education and governance in strengthening capital markets.
Without going into the specific details of each article, it is important to emphasize that this edition reflects a clear direction of evolution in financial research: the focus is increasingly shifting to the interdependence between economic performance, social responsibility and institutional adaptability. Thus, ESG-related topics (environmental, social, governance) are no longer just a niche topic, but are becoming essential pillars of strategic construction in organizations.
The analysis of the role of technology, in particular artificial intelligence, in reshaping financial, accounting and auditing processes also completes the picture of a transforming ecosystem where digital skills and foresight are becoming key competitive advantages.
The collective effort behind this edition is remarkable: authors from various universities and research institutes in Romania and abroad provide relevant and well-documented contributions, and the peer-review process has ensured that a high scientific standard has been maintained. The diversity of the thematic and methodological approaches provides the reader with a broad and balanced perspective on current trends in finance.
We would like to thank all those involved in the production of this edition: authors, reviewers, editorial board and institutional partners. Each contribution adds value to the common effort to understand and anticipate developments in the financial sector.
We hope that this edition will be a source of inspiration and a starting point for further research, reflection and debate among specialists, practitioners and decision-makers in the economic sphere.

Sustainability has become a part of our day-to-day life, governmental policies and awareness campaigns on this subject are a constant presence and embracing its principles has never been so easy. However, it comes with a cost, with a financial burden that sometimes may become difficult to cope with. As some countries began to question these costs, especially when referring to sustainability’s toll on competitiveness, many initiatives, programmes or regulations that were supposed to be implemented are now questionable and under a revision process. Some scholars consider that it is already an irreversible process, while others consider that the path towards sustainability has been diverted, especially as some countries are expected to follow the US example, which has already determined even the flagship of sustainable-related regulation, the EU, to take some steps back. As both categories may have strong arguments, perhaps the things that drive our motivation for sustainability should be turning the odds.

Non-financial information from sustainability reports helps to assess the health of the company as it is closely linked to financial information. More information always equals less uncertainty, financial and non-financial information, once put together in the analysis, thus provides a much more accurate and realistic forecast of the company’s health. Therefore, a balanced presentation of the two types of information does nothing more than provide a clear picture, so that investors, but also all those interested, can realize the value owned, controlled and maintained by the company. The purpose of this research paper is to analyze data collected through a questionnaire, but also through KPMG reports, to present the degree of application of social responsibility policies and practices for companies in Romania, but also the degree of sustainability reporting in Romania and around the world. The first objective is to review the specialized literature on the topic of sustainability, ESG principles, GRI standards, SASB, ESRS framework, EU taxonomy and the second objective is focused on the analysis of the companies in the research sample. The results consist of providing an overview of companies in Romania and around the world in terms of social responsibility and sustainability reporting.

The heterogeneous nature of the European Union countries provides an analytical framework to assess the development degree of life insurance about economic and social development, which is the main objective of this study. Using Structural Equation Modelling (SEM) as a methodological approach, with latent variables for life insurance dimensions, this article investigates the relationships between key life insurance and socio-economic indicators, over the period 2013-2023. The results of the econometric analysis reveal statistically significant associations between life insurance dimensions, on the one hand, and human development, poverty reduction and employment, on the other hand, which show that insurance markets contribute to socio-economic development through channels beyond direct economic growth. The results contribute to the existing literature, providing aspects of the role of the life insurance sector in promoting economic and social resilience and improving quality of life in the context of the diversified European Union Member States, contributing to the future objectives of sustainable economic development.

In the context of accelerating the European Union’s transition towards a sustainable economic model, green taxation plays a central role in strategies to reduce carbon emissions and stimulate responsible economic behaviour. Through initiatives such as the European Green Deal and the Border Carbon Adjustment Mechanism, the European Union aims to integrate sustainability principles into national tax systems, promoting a just transition towards a circular and low-emission economy. The study analyses the impact of green taxation on sustainable economic development in the European Union, using econometric multiple linear regression methods applied to a dataset for the 27 Member States covering the period 2010-2022. The results of the study indicate that energy and transport taxes are the main determinants of green taxation, having a direct impact on the share of environmental taxes in gross domestic product (GDP). The econometric evidence also shows that, while taxation of polluting activities may generate short-term costs for some industries, in the long run, green taxation stimulates innovation and investment in clean technologies, thus contributing to sustainable economic growth. The findings underline the need for coherent public policies at the EU level aimed at harmonizing the application of green taxes, supporting less developed economies in adopting environmentally efficient taxes and redistributing tax revenues to minimize the social impact of the green transition. It is recommended to gradually integrate environmental taxes with other forms of taxation, reduce the tax burden on labour and implement border adjustment mechanisms to safeguard the competitiveness of European industry. These measures will help create a more balanced fiscal framework that supports both climate objectives and sustainable economic development. However, the study has certain limitations, such as variations in national tax policies between Member States and potential challenges in isolating the effects of environmental taxation from other economic and environmental factors.

This study presents a comprehensive bibliometric analysis of FinTech research, examining its evolution, key contributors, and emerging trends using data from the Web of Science database, covering 7,245 publications from 1996 to 2025. By employing citation analysis, co-authorship networks, and keyword co-occurrence mapping, the study explores the annual distribution of publications, document types, most cited authors, leading institutions, and influential research themes. Findings reveal a significant rise in fintech-related research over the past decade, driven by technological advancements, regulatory shifts, and digital finance adoption. Key thematic clusters include artificial intelligence, blockchain, financial inclusion, and FinTech innovation. This analysis provides valuable insights for researchers, policymakers, and industry professionals by identifying influential studies, collaboration networks, and emerging directions that shape the future of FinTech research. The practical utility of this study lies in its ability to support evidence-based decision-making, guide strategic investments, and inform policy development in the rapidly evolving FinTech ecosystem.

Romania’s entrepreneurial ecosystem continues to struggle with significant challenges, including limited access to venture capital, bureaucratic inefficiencies, and fragmented policy execution. Despite the European Union’s support for entrepreneurship, Romania’s startup success rates remain comparatively low. This study investigates the role of fiscal and monetary policies in enhancing financial sustainability and growth in the Romanian startup ecosystem. Using quantitative research methods, such as regression analysis, the research quantifies the impact of key policy interventions, like government funding, tax incentives, and credit access on startup survival and performance. The analysis reveals a robust relationship between policy measures and startup success, with policy impact emerging as the most significant driver. It also highlights the effectiveness of targeted interventions. However, the results showed a certain degree of variability due to regional disparities and limited private-sector participation. These steps aim to bridge financial gaps, reduce inefficiencies, and align Romania’s entrepreneurial ecosystem with best practices seen in EU leaders, such as Germany, France, or Poland. In addition, the study discusses behavioral insights to address cognitive and psychological barriers faced by entrepreneurs and offers a set of possible suggestions for policymakers. Future research should investigate longitudinal and sector-specific effects to further optimize these policies for sustainable startup growth.

Sustainable development refers to that development that satisfies current needs, without jeopardizing the ability of future generations to meet their needs. In this study, we set out to track the types of non-financial reporting fraud and their impact on users. The need for non-financial reporting arose precisely from the desire of stakeholders to trust in the smooth running of the company. The need for non-financial reporting arose precisely from the desire of stakeholders to trust in the smooth running of the company. The paper aims to achieve two main objectives: to follow the evolution of publications on ESG, for this, we will use the Web of Science and determine the greenwashing practices and factors that may lead to this behaviour. As a methodology, we used the VOSviewer application to perform a bibliometric analysis of the scientific studies taken from the Web of Science, 5,277 papers were taken over for the ESG term and 972 papers for the Greenwashing term, we have analysed studies from the beginning of sustainability publications to the present day. As a result, we identify from the literature three types of fraud: the first type of ecological washing is the manipulation of decline to stimulate the value of the company. The second type of eco-washing is selective closure to mislead investors. The third type of simple eco-washing focuses on greenwashing at the product level. Among the factors that can lead to greenwashing behaviour, we mention: the level of competition, pressure from rating agencies, pressure from banking companies and others. This research is important to consumers, organizations, governments and, last but not least, the environment. Consumers have the right to be properly informed about the impact of the products and services they purchase, and companies must be accountable and transparent in their communication. Governments can use this research to develop effective policies and regulations to protect the environment and consumers.

Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022, amending Regulation (EU) No. 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU as regards sustainability reporting by undertakings, the L-series, no. 322, of 16 December 2022, was published in the Official Journal of the European Union. The purpose of this research is to establish, through a conceptual approach, which are the aspects regulated by the European Directive transposed, which will be the normative acts subject to modification/completion following the transposition of Directive (EU) 2022/2464 in Romania, as well as the provisions regarding the audit of the annual financial situations. The adoption of the Directive on social and environmental responsibility (CSRD) aims to improve the way in which entities report social and environmental information in order to increase standardisation, consistency and comparability of non-financial information submitted across the Union.

The purpose of this article is to analyse the impact of the digital economy and technological transformations on industrial and professional competitiveness, with a particular focus on the accounting profession. The study explores how adapting competitive strategies and business models to digital realities influences organizational performance and long-term sustainability. The methodology employed includes a qualitative analysis of relevant literature, complemented by case studies and secondary data on labour market changes, the automation of repetitive tasks, and transformations in strategic sectors such as automotive, robotics, semiconductors, and aerospace. Additionally, it examines the shifts in professional qualification requirements and how digitalization is shaping labour markets and organizational strategies. The findings reveal that the digital economy is driving significant labour market polarization, favouring highly skilled workers while posing risks for those engaged in repetitive tasks. On a global scale, the competition in artificial intelligence is led by the US and China, while the European Union focuses on strengthening competitiveness in strategic industries such as automotive, robotics, and semiconductors. In the accounting profession, digitalization introduces new challenges, and maintaining competitiveness requires strong professional training, advanced technological skills, and adaptability to change. In conclusion, integrating digitalization into competitive strategies is essential to ensuring the performance and relevance of both organizations and professionals. Aligning digital innovation with economic strategy has become a decisive factor in navigating the complexities of today’s economic and technological landscape.