Year 2025, Issue 3
Date published18.9.2025
CONTENTS
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Phuong Lam, Cuong Nguyen, Khuong Tran
THE POSITIVE IMPACTS OF GREEN TOURISM ON LOCAL COMMUNITIES IN TRA VINH PROVINCE OF VIETNAMAbstract: This study aims to find out how green tourism positively impacts the local community in Tra Vinh province of Vietnam. The paper uses the questionnaire method to survey the awareness of the local community in Tra Vinh province about... This study aims to find out how green tourism positively impacts the local community in Tra Vinh province of Vietnam. The paper uses the questionnaire method to survey the awareness of the local community in Tra Vinh province about the benefits of green tourism, along with statistical and analytical methods to clearly identify the level of impact on tourism. The green calendar brings the community together here. The results show that from a resource and cultural advantages perspective, green tourism has positively impacted the community's environment, socio-culture and economy, but most notably the overall awareness of local green tourism. This study shows that the local community values the environmental, cultural and heritage conservation more than the economic benefits reaped, in promoting and maintaining green tourism activities in the local areas. -
Toufik Marmad, Ritahi Oussama, Echaoui Abdellah
THE IMPACT OF TAXATION ON INVESTMENT FINANCING: THE CASE OF MOROCCAN SMALL AND MEDIUM-SIZED ENTERPRISESKeywords: taxation, investment financing, SMEs, fiscal incentives, tax pressure, Morocco, PLS-SEM, tax policyAbstract: Small and medium-sized enterprises (SMEs) are pivotal to investment, employment, and economic growth in developing economies. However, their financing decisions are often influenced by complex tax environments that can either... Small and medium-sized enterprises (SMEs) are pivotal to investment, employment, and economic growth in developing economies. However, their financing decisions are often influenced by complex tax environments that can either encourage or hinder investment. This study investigates the impact of taxation on the investment financing decisions of Moroccan SMEs, focusing on three fiscal dimensions: tax pressure, fiscal incentives, and the tax treatment of financing modes. A quantitative survey was conducted between March 2024 and October 2024 among 390 SMEs operating in various sectors across Morocco. Data were collected through a structured questionnaire and analyzed using partial least squares structural equation modeling (PLS-SEM). The findings show that all three tax-related factors significantly and positively affect financing decisions, with fiscal incentives and tax treatment exerting the strongest influence. These results emphasize the strategic role of tax policy in shaping SME financial behavior and offer actionable insights for policymakers aiming to enhance private sector investment and support SME development. -
Yanica Dimitrova
COMMUNICATION FOR THE IMPORTANCE OF THE CREATION AND INTRODUCTION OF INNOVATION IN BULGARIAN SMALL AND MEDIUM ENTERPRISESKeywords: corporate culture, innovation, internal communication, integrated marketing communication, motivation, stakeholders.Abstract: Innovation is becoming an imperative for modern business organizations that want to increase the sustainability of their competitive performance. Communication about the importance of innovation is critical to minimizing stakeholder... Innovation is becoming an imperative for modern business organizations that want to increase the sustainability of their competitive performance. Communication about the importance of innovation is critical to minimizing stakeholder resistance to innovation endeavors and the perception of the need to implement them. Innovations are also directly related to the partnerships implemented by organizations, corporate culture, and knowledge management. Understanding the importance of professionally executed corporate communications is critical. The communication practices for promoting innovation activity are presented based on an empirical study among 350 Bulgarian enterprises. The study examines how communications are implemented in Bulgarian small and medium-sized enterprises, the innovations they implement, and the relationship of corporate culture with company competitive performance. Relevant conclusions and recommendations have been made. -
Dragomir Stefanov, Yana Stoencheva, Petar Ivanov
DEVELOPING AN EQUILIBRIUM MODEL FOR ASSESSING HOUSE PRICE DEVIATIONAbstract: This article deals with the problem of developing a reliable diagnostic tool that could help in reducing the unpredictability of house price cycles that cause undesirable reverberations in the economy. Such type of cycles is among... This article deals with the problem of developing a reliable diagnostic tool that could help in reducing the unpredictability of house price cycles that cause undesirable reverberations in the economy. Such type of cycles is among the main drivers of price volatility and crises not only in the real estate sector itself but also for the financial system and the whole economy too. The purpose of this study is to introduce a step-by-step methodology for assessing the true deviations of house prices from their long-term equilibrium levels. Factors with a significant impact on house price dynamics are also determined. The result is a ready-to-use econometric model that detects possible formation of house price bubbles early enough, so that policymakers and regulators could take adequate actions against market overheating in due time. -
Lyudmil Krystev, Marin Marinov, Valentin Milinov
FINANCIAL EFFICIENCY OF THE BULGARIAN GENERAL INSURANCE COMPANIES IN THE CONTEXT OF FINANCIAL CONTROLLINGJEL: G22.Keywords: financial result, financial controlling, economic efficiency, gross premium income, insurance companyAbstract: The purpose of the article is to examine the economic efficiency of the leading insurance companies (according to the "gross premium income" criterion) from the "General Insurance" branch. The research methodology is based on... The purpose of the article is to examine the economic efficiency of the leading insurance companies (according to the "gross premium income" criterion) from the "General Insurance" branch. The research methodology is based on leading indicators for assessing the economic efficiency of the insurance company - "operating profit margin" and "return on equity". Economic efficiency indicators are also presented in the form of an index. The main results of the article are presented in figures, with an analysis of the economic efficiency of the leading insurance companies from the "General Insurance" branch. Analysis of the data shows that the leading insurance companies are performing oppositely to the General Insurance sector averages. -
Dino Quinteros Navarro, Alfredo Quinteros, Victor Muñoz, Williams Ramirez
IMPACT OF BUSINESS INTELLIGENCE ON THE ECONOMIC GROWTH OF SMALL AND MEDIUM-SIZED ENTERPRISES (SMES): EVIDENCE FROM THE LIMA PLAZA CASEAbstract: In a context where digital transformation is a strategic challenge for the sustainability of small and medium-sized enterprises (SMEs), business intelligence (BI) emerges as a key factor in improving decision-making and fostering... In a context where digital transformation is a strategic challenge for the sustainability of small and medium-sized enterprises (SMEs), business intelligence (BI) emerges as a key factor in improving decision-making and fostering competitive advantages. This study analyzed the relationship between the implementation of BI solutions and business growth in 525 SMEs located in Lima, Peru. A quantitative, applied, and experimental methodology was used with descriptive and inferential analysis (Spearman Rho and Wilcoxon tests). The results reveal a strong positive correlation (Rho = 0.775, p < 0.01) between BI adoption and SME growth. Limitations include the geographic concentration of the sample, which may affect generalizations to other areas of the country. Nevertheless, the findings contribute to the literature by offering empirical evidence of the real-world effects of BI tools in emerging business environments and suggest that digital capabilities should be promoted in micro and small enterprises. Future research is encouraged to expand the scope to other economic sectors and regions.