Tourism is a multi-faced activity that links the economic, social and environmental components of sustainability. This research analyzes rural residents' perceptions of the impact of tourism development and examines the factors that influence the support for sustainable tourism development in the region of Nord-Vest in Romania. Residents' perceptions towards tourism development were measured using 22 items, while their support for tourism development was determined using 8 items. Descriptive and inferential statistics were used to analyze the data. Principal component analysis grouped the first 22 variables into 4 factors, and the following 8 variables into 2 factors (sustainable development, destination development). Findings indicate that residents see tourism as a development factor. The natural, economic, and social-cultural environment as well as infrastructure, age, gender and education are factors that influence the sustainable development of tourism.

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This article introduces a modified version of the Hinich and Patterson (1995) windowed-test procedure and uses it to detect linear and nonlinear dependencies in the case of six Central and East European stock markets. Testing the original methodology leads us to the same conclusions as those found on other emerging markets: relatively long random walk periods are interrupted by short and intense linear and/or nonlinear correlations. But, our findings diverge when we run the modified test procedure, additional windows rejecting the random walk hypothesis (RWH) being isolated. This divergence, heavily weighing the task of correctly evaluating the informational efficiency degree (the weak form), is significant for the Czech, Hungarian and Romanian markets.

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