Scientific Bulletin 2023/No2

Abstract. EIB financing activity is a key driver of economic and social development in Europe and beyond. By supporting infrastructure, innovation, sustainability and social cohesion projects, the EIB contributes to creating a more resilient, competitive and sustainable economy with the objectives of stimulating economic growth, reducing regional disparities, supporting SMEs and promoting the green and digital transition. This article aims to analyze the evolution of EIB financing in two distinct periods: 2015-2019 (pre-pandemic) and 2020-2022 (post-pandemic), examining the allocation of resources by economic sectors and geographical regions.

Abstract: Consumers are changing the ways they use digital platforms at lightning speed. To benefit, companies must take a refined look below the surface to understand who is doing what. In recent decades, the Internet, evolving technologies, and social media have led to the evolution of consumer behaviour. The changes in customer behaviour driven by digital developments provide many opportunities and challenges that businesses also need to deal with online. The better companies know about the behaviour of their customers, the easier they can engage with them using different strategies marketing. In this article, I will explore the concept of consumer behaviour, examine how it has changed in the digital era, and discuss strategies for businesses to align themselves with these shifting trends.

Türkiye and South Africa are the most globalized, urbanized and the most carbonintensive economy in the emerging economies. In this direction, this study examines an assessment of the impact of natural resource rent, financial development, and urbanization on carbon dioxide emissions in South Africa and Türkiye. For the period 1990-2021, we have implemented an AutoRegressive Distributed Latency (ARDL). The ARDL cointegration test result shows the existence of a long-term relationship between the variables. The granger causality test indicates that there is a bi directional relationship between carbon dioxide emissions and natural gas rents, financial development and natural gas rent and urbanization and natural gas rent. In addition to, this VAR Granger Causality/Block Exogeneity Wald Tests shows that there is a link between carbon dioxide emissions and financial development.

The accounting, auditing and tax advisory services market in Romania has seen a continuous expansion in recent years as the domestic economy and capital market have developed. To have an image regarding the evolution of this market in Romania. We analyzed the data from the period 2008-2021. The main players are the large, internationally known firms, though the small firms take up a good part of the market. This paper includes an analysis of the factors that determine the success of the two categories of competitors in this market.

The Efficient Markets Hypothesis (EMH), which has had a significant impact on the field of finance since its development, has triggered many subsequent researches and some of the researches have brought a critical view to the Hypothesis. Two important alternatives have been put forward to overcome the criticisms and observed deficiencies of the EMH: Behavioural Finance and Adaptive Markets Hypothesis. Although various studies have been conducted to examine the relationship between these two approaches and the EMH, not much research has been conducted to examine their relationship with each other. In this study, the relationship between the Behavioural Finance approach and the Adaptive Markets Hypothesis, their similarities and differences are examined and it is aimed to complete this perspective that is felt to be lacking in the literature. The current study aims to cross-examine the hypotheses (EMH- Behavioural Finance, EMH- AMH), which are related to each other and try to answer the deficiencies seen separately, and in this way, it reveals that theories that are alternative to each other can also complement each other at various points and thus, when evaluated together, more effective evaluations can be made in the field of finance.