The Role of European Capital of Culture Status in Structuring Economic Profile of Sibiu, Romania

The research focused on the impact of obtaining the status of European Cultural Capital on the dynamics of the business sector. Special attention was paid to the dynamics of tourism economy, the main economic activity which benefited from obtaining the status of the European Cultural Capital. The analyses focused on the impact of this obtained status on the adaptive capacity of each economic sector. Research was based on a number of relevant indicators to the structural dynamics of local economy: the evolution of the number of firms, the evolution of the number of employees, the evolution of turnover, profit evolution. All these indicators were analyzed in terms of NACE code - Classification of National Economy Activities for 2000-2012. Based on these indicators tendency matrixes were drafted projecting the dynamic picture of local economy. Analyses identified the superior dynamics of this local economic system due to capital inflows and to adaptive planning initiated by the decision-making structures. (C) 2015 The Authors. Published by Elsevier B.V.