A welcome note from the managing editors.

AuthorGavriletea, Marius

It is our pleasure to present you the Volume 12, Number 3, 2012 of European Journal of Management (EJM). The EJM is a publically available and peer-reviewed journal listed in Cabell's Directories 2003-2014. The EJM is also listed in Ulrich's International Periodicals Directories since 2004. The journal has the ISSN (ISSN: 1555-4015) issued by the US Library of Congress.

Since 2008, the EJM is supported by the Babes-Bolyai University, Faculty of Business, Cluj Napoca, Romania (www.tbs.ubbcluj.ro). EJM is a Trademark of the International Academy of Business and Economics (www.iabe.eu). The EJM is a publication of the International Academy of Business and Economics.

It is our objective to publish in the EJM high quality research and papers work from all subject areas of management and business administration with a particular emphasis on issues related International business.

The EJM issues are growing in importance from an issue to another and this fact is proven by the great number of the papers submitted by experienced researchers from many different countries in the World. We would like to assure you that we will do our best in the future, in order to offer you a high quality journal.

In this issue of 2012, we publish 25 research papers of good quality for your reading. Each paper has successfully undergone a double blind peer-review process. You may enjoy scope of research papers ranging from international finance, international...

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