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Lucie Rotenbornová, Dana Egerová
ANALYSIS OF FINANCIAL PERFORMANCE INDICATORS IN RELATION TO GENDER DIVERSITY IN TOP MANAGEMENT TEAMS OF SMALL AND MEDIUM-SIZED ENTERPRISES
JEL: G39, M21, M12.

�� : gender diversity, top management, financial performance, ROA, ROE, small and medium-sized enterprises, Czech Republic

��: This study examines the impact of gender diversity in top management on the financial performance of small and medium-sized enterprises (SMEs) in the Czech Republic. We focus on two sectors: manufacturing and information and communication technologies. Financial performance is assessed using the return on assets (ROA) and return on equity (ROE) ratios. Data for 396 entities were obtained from the Czech Statistical Office and the ARES database. The results show that gender diversity in top management has a positive impact on return on assets (ROA). However, no impact on return on equity (ROE) was found. These results suggest that gender-diverse leadership can lead to more efficient use of company assets, although it may not have a direct impact on profitability for investors. This research contributes to the existing literature on gender diversity and corporate performance. It offers valuable insights for managers and policymakers on the potential benefits of inclusive leadership for the prosperity of SMEs in the Czech Republic.
��
ANALYSIS OF THE BEHAVIOUR OF ONLINE CONSUMERS FROM THE EUROPEAN UNION: RELATIONSHIPS AND EXTREME VALUES
JEL: L81, J11, F14, O52

�� : online commerce, online users, consumer activity, European Union

��: The present study aims to reveal relationships and extreme values concerning online consumer activity within the European Union. The conclusions of the research are based on official statistics relating to people from the 27 EU member states who made online purchases in 2022. The study utilised analysis of variance (ANOVA) and descriptive statistical methods to analyse the grouped data from the research. In the course of the study, statistically significant correlations between sequentially selected factors, such as age, education, and digital skills of the respondents, and the dependent variable � online purchasing activity of consumers from the EU, were derived. With the help of a box plot, it is observed that the percentages of male and female online shoppers aged between 16 and 24 years from Bulgaria, Romania and Cyprus reach moderately low extreme values in the distribution. Using the same graphical method, a moderately low extreme value of the percentage of women with higher education from Bulgaria, who made online purchases in 2022, is visualised. The percentages of online consumers who are "professionals" in the field of ICT from Cyprus, Bulgaria and Romania are abnormally low, and for "non- professionals" in this field, the percentage of online consumers from Romania appears as a moderately low extreme value. The obtained empirical results can be transformed into reference points for the formation of market strategies by traders.
Nguyen Thao Nguyen, Mien Thi Ngoc Nguyen
ANALYZING THE ADOPTION OF MOBILE BANKING SERVICE IN VIETNAM: EXTENDING UTAUT2 WITH FEAR OF COVID-19
JEL: G21, M31.

�� : mobile banking, UTAUT2, behavioral intention, fear of COVID-19 infection

��: In Vietnam, the acceptance rate of mobile banking is still at a low level despite the efforts from banks and the government. Therefore, it is important to look at the elements influencing Vietnamese customers' adoption of mobile banking. Moreover, non-cash payment actions are more prevalent in an epidemic scenario. A straightforward explanation is that most people fear the illness and look for ways to avoid social interaction. In this study, the unified theory of acceptance and use of technology model (UTAUT2) is extended by considering perceived fear of the COVID-19 pandemic. According to the findings, trust, performance expectancy, social influence, and fear of the pandemic significantly affect behavioral intention to adopt mobile banking services of Vietnamese people. Furthermore, the behavioral intention, followed by the perceived fear of the COVID-19, considerably and favorably influence the usage behavior toward mobile banking.
�� , �� , ��
ARTIFICIAL INTELLIGENCE APPLICATION IN HUMAN RESOURCES MANAGEMENT
JEL: C45, C49, O15, O32, M12.

�� : Narrow artificial intelligence, General artificial intelligence, Human resources management

��: In the contemporary landscape marked by the pervasive influence of artificial intelligence (AI), technological innovations continue to reshape conventional practices across various domains. Within the realm of human resources management, the intricate process of decision-making has long posed challenges in terms of analytical elucidation. However, the advent of AI technologies has ushered in a new era, offering unprecedented opportunities to augment and refine HR administration practices. This paper delves into the transformative potential of AI applications within human resources management, shedding light on how diverse AI modalities, including narrow and general AI, are revolutionizing traditional approaches. Through a comprehensive review of literature sourced from esteemed databases such as Scopus and Google Scholar, this study identifies key advancements poised to drive future research endeavors. Beyond the realm of recruitment, AI presents a myriad of possibilities spanning talent acquisition, employee training and development, performance assessment, compensation management, engagement initiatives, and even employee well-being programs. The synergy between human capabilities and AI integration emerges as a cornerstone for achieving enhanced outcomes, often serving as a determinant for competitive advantage within organizations while also impacting broader societal dynamics. By exploring the symbiotic relationship between human ingenuity and AI capabilities, this research seeks to elucidate the pathways through which AI-driven innovations can foster organizational excellence and societal progress.
Katya Emilova Kirilova
BUILDING A CONCEPT FOR CYBER SECURITY OF AN EDUCATIONAL ORGANIZATION IN BULGARIA
JEL: K24, L86, P46.

�� : cyber security, cyber threats, cyber security concept, technological protection measures

��: Background: The topic of cyber security of organizations is becoming more relevant for modern societies. In that area, both scientific research and practical applications of various platforms, technologies, and tools for guaranteeing security levels have undergone serious development in recent years. The research objective is based on a study of leading literature sources and the accumulated experience in the subject area to propose and approve an adequate model for ensuring cyber security of an educational institution. Methods: Different organizations adopt different approaches and apply different methods to create systemic conditions for ensuring cyber security. The methods used in the research are based on the specifics of the business processes that take place in the organizations. Based on them, the specifics of educational organizations are highlighted, which determine the creation of a relevant concept of cyber security with appropriate technological measures. Results: The concept proposed in the present study is based both on the current legal framework of the European Union and the Republic of Bulgaria, as well as on good practices and approaches in the subject area. The concept has been implemented and the presented results prove its usefulness for the educational organization. The period to which the empirical part of the study refers is 2022-2023. Conclusions: The main results of the study are in the direction of achieved monitoring of the external perimeter of the organization, implemented monitoring of user behaviour, risk management of information assets, and increased cyber security of the organization.
�� , ��
BUSINESS INTELLIGENCE �� ENTERPRISE RESOURCE PLANNING (ERP) ��
JEL: �21, �41

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��: �� . �� (ERP), �� . �� .��. Business Intelligence (BI) ��. � �� BI �� -�� .
Elżbieta Bukalska, Gabriela Dycha
COMPENSATION OF NARCISSISTIC CEOs WITH STAKE IN EQUITY: A STUDY OF POLISH COMPANIES
JEL: G35, G41, J30.

�� : CEO narcissism, CEO ownership, CEO compensation, individual and interactive effects

��: Background: Behavioural personal characteristics are proven to have an impact on corporate decisions. There have been many behavioural biases and fallacies identified so far. One of the important behavioral traits is narcissism. Managerial narcissism and the belief in their own grandiosity affect their corporate behaviour. Previous research finds that narcissistic leaders have higher compensation. However, previous research takes into account only job-related compensation and ignores the common fact that the CEO is often the owner of the company. The aim of our research is to explore the impact of a narcissistic CEO who has a financial stake in the equity on their total income. Our research refers to the situation when narcissistic CEOs� labour and capital are involved in the same company, which is quite common in a business environment. Thus, the compensation consists of two parts: job-related (salary) and capital-related (dividend). Methods: We have conducted our research on a sample of 160 companies from the Warsaw Stock Exchange over six years (2017-2022). We have performed statistical analysis of data with descriptive statistics, correlation matrix, and regression analysis. Results: We have found that a narcissistic CEO with a stake in the company negatively affects both job and total compensation. Conclusions: We believe that the lower compensation of narcissistic CEOs is the price they pay in return for both their prestige and the sound financial standing of the company. The financial soundness of the company allows them to stay in power (by meeting owners� expectations), and remain in the centre of attention. Structure of the paper: The paper starts with a literature review on the issues included in the research, especially: CEO compensation, CEO ownership, and CEO narcissism. Then, we present our research plan and the methodology. Later, we report our findings and discuss our findings with previous ones. Finally, we present the conclusions.
Giga Abuseridze, Nino Paresashvili, Teona Maisuradze, Badri Gechbaia, Levan Gvarishvili, Janis Grasis
COVID-19 AND RELATED GOVERNMENT REGULATIONS� IMPACT ON EMPLOYMENT IN GEORGIA
JEL: E24, J23, J63, J64

�� : unemployment, COVID-19, state regulations

��: Due to the pandemic, 2020 became one of the most memorable years in the world history. It affected employment as well. Georgia was one of the countries which experienced the pan-demic impacts on its citizens. The unemployment rate increased by 2,1% within a year and reached 20,6% in 2021. Despite state regulations and restrictions, Georgia was among the most vulnerable countries to COVID-19 spreading. It caused severe results on employment and the whole economy. The paper aims to define and analyze the impact of COVID-19 and related state regulations� impact on employment in Georgia as well as to identify the tendencies based on the qualitative analysis of the surveys conducted in Georgia. The existing literature and available information on the impact of COVID-19 on the economy and employment is reviewed. Comparative analysis of the EU and Georgian state regulations related to COVID-19 is provided. Data used in the paper is of secondary type. Graphs are used to visualize data, and analysis of statistical observation is applied. Georgian researcher�s findings are also used. Significant evaluations and analyses are drawn depending on the collected data relating to COVID-19 impact on the economy, employment and people's perception. Some authors� predictions are presented as well.
�� , Dinara Orlova, Valeriu Cernei
CYBER THREATS MODELING: AN EMPIRICAL STUDY
JEL: E26, C8, O17, M15

�� : empirical model, cyber threats, shadow digital economy

��: The immediacy of this study is determined by the need to fight back against the modern cyber threats that arise in the process of building a digital economy. The issues of countering various cyber threats in the activities of small and medium enterprises, firms stand to be a serious problem. Its relevance is constantly increasing. This is due to a number of objective reasons, the main of which are the following. Firstly, the globalization of economic processes, which leads to a situation where the technical, software and information component of the Information System (IS) is the same in relation to all countries developed in terms of information. Secondly, a significant change in the landscape of the IS threats themselves. It should be noted that the changes affected both quantitative and qualitative characteristics. Malware, Network Scanning, Man in the Middle, Phishing, DNS Spoofing, Trojan Horses. These are just a few examples of cyber threats carried out against small and mid-sized businesses and government information systems every day. The current condition of the information security system of governmental and commercial structures does not provide efficient resolving of up-to-date cybersecurity problems and creation of confident interaction between the critical infrastructure objects. It should be assumed that there is a need to update the theoretical and methodological base and practical developments that can protect the rights and legitimate interests of the individual, business and the state from modern security threats and increase the level of security of our economy. The article logically combines the study of the modern landscape of cybersecurity threats, the construction of an empirical model of security threats (with the allocation of a monetization block), the demonstration of the results of processing statistical data characterizing the distribution of the frequency of occurrence of specific threats. The paper aims to build an empirical model of cyber threats based on a study of huge number of relevant literature sources and statistical data.
Dilmurod Turdiboyevich Azimov, Mariana Petrova
DETERMINATION OF THE EFFICIENCY OF IMPLEMENTING BLOCKCHAIN TECHNOLOGY INTO THE LOGISTICS SYSTEMS
JEL: L62, M15, L14, D30.

�� : industrial enterprise, blockchain technology, supply chain management, logistics.

��: In a supply chain, buyers and suppliers usually try to supply goods or services based on medium or long-term contracts. When executing a supply contract, two partners are required to mutually agree on cooperation in order to successfully respond to uncertain market situations or a supply chain failure. The outcome of the partnership is assessing and considering renewal upon termination of the contract. A partnership after several contract renewals is often viewed as a strategic partnership. Strategic partnership can become more effective and show further growth. Blockchain, which has recently gained attention in the digital commerce market, has technical characteristics that can be used in cooperation between partners. The company�s activity is closely related to the need for cargo transportation. Today, the workflow process of delivery is being complicated by the low speed of the logistics cycle, long flow of documents and the presence of errors in them, and security issues. The objective of the research is to define the improvement of the transport logistics system of an industrial enterprise. To define the efficiency, we need to implement blockchain technology, which will solve existing problems in the field of supply management. In this study, the implementation stages of blockchain technology are considered and profitability is defined for future research. Since the analysis revealed the interdependence and mutual influence of transport and information support in the processes of transportation, we recommend using the performance indicators of the processes of transport and information logistics. Using the method of analyzing the types and consequences of potential problems, it was found that the main reason that the management of a chemical enterprise should first of all pay attention to complex with a continuous production cycle, is the timely execution of all operations preceding the shipment of finished products by a vehicle from the manufacturer. In second place in terms of importance and degree of influence on the transportation process is the execution of documentation, which directly affects the timing of transportation. Their delay leads to a delay in the departure of transport from the territory of the plant and, as a result, the financial costs of storing finished products in and out of the warehouse increase. As a result of the study, the logistics system of enterprises is considered to be one of the most complex and well-functioning mechanism. Despite the wide variety of interpretations of the basic concepts, it is concluded that the study will use the interpretation of definitions such as logistics, transport logistics, system, transport and transport logistics system. The orientation of the implementation of blockchain technology to the technological side of logistics reduces risks and significantly increases stability, since it forms its practical orientation.
Sviatoslav Kniaz, Nelli Heorhiadi, Lesia Kucher, Yuriy Tyrkalo, Anna Bovsunivska
DEVELOPMENT OF A CUSTOMER SERVICE SYSTEM IN ELECTRONIC COMMERCE
JEL: M21, M29, O10

�� : service and warranty service, consumer protection, e-commerce, online store, innovation

��: Information technologies and systems are developing rapidly. Therefore, there are significant changes in business entities� interaction. E-business is an effective tool to make settlements with customers, expand markets for goods and services, seek new partners, and create a positive image. Certain business types are more favourable to introduce e-commerce; thus, their development level is higher. These are trade in intangible goods, securities, banking services, software development and implementation, information services, distance learning, etc. The purpose of this paper is to determine electronic commerce features in customer warranty and service. The following methods were used: bibliometric and content analysis in processing and searching literary sources; comparing protection of consumers� interests; analysis and synthesis; consolidation and systematization, particularly in the analysis of legislation, literature, and statistics. Service and warranty are key commerce elements. They are customer services. For proper service and to be ahead of competitors, the consumers� feedback, complaints, suggestions, recommendations, claims, constant response should be set up. Protecting consumer rights in e-commerce is ensured by �On consumer rights protection�, �On electronic commerce�, etc. Improving regulations between a consumer and a seller, and finding new implementing ways are necessary. Ukraine should fulfill its international legal obligations. Despite the fact that protection of consumer rights is regulated, e-commerce is not properly established and there is a negative experience in using it because of poor government control. E-commerce stores� trends will allow achieving excellence, high ratings, and buyers� confidence. The country should have a high-quality e-commerce service
Marajn Angeleski, Olivera Kostoska
DIGITAL LEARNING IN A POST-PANDEMIC ECONOMY: EVIDENCE FROM EUROPEAN COUNTRIES
JEL: I21, C38, C80.

�� : Covid-19, digital learning, education, Europe, cluster analysis, programming models

��: Background: The Covid-19 pandemic has enabled countries to jump faster into the future of digital learning. However, the question arises as to what the lasting effects of the pandemic would be, in terms of what education will look like in the post-Covid era; will this way of learning become the �new normal� or should the world immediately be returned to pre-pandemic mode of physical classroom. Purpose: This article aims to address the above-mentioned challenge by examining trends, shifts, and changes in doing online courses or using online learning materials across European countries prior to the outbreak of the pandemic until the time when many countries removed the measures. Methods: The analysis is based on Eurostat statistical data for 37 European countries regarding Internet use by individuals doing online courses and Internet use in general from 2019 to 2022. Aside from descriptive statistical analysis and distribution of data and trends, a cluster analysis is performed to examine how different groups of countries respond to pandemic-induced changes and how they can move forward in terms of digital learning practices. All statistical measurements are performed in the Python programming language using diverse set of libraries, including algorithm for conducting a cluster analysis. Results/conclusions: The results suggest that during the temporary physical closures due to the pandemic, online courses were considered a safe backup system for learning and training, but the popularity of virtual courses declined as social restrictions began to ease. At the same time, the composition of clusters evolves over time, which points to changes in the dynamics of engagement in online courses among various groups of countries. Overall, the analysis made here represents a useful guide for formulating strategies to further promote and support digital inclusion and online education initiatives.
Lulzim Rashiti, Art Shala, Xhevat Sopi
DIGITAL MARKETING IN RETAIL BANKING � ANALYSIS OF MANAGERS� ATTITUDES
JEL: M31, G21

�� : digital marketing, retail banking, manager�s attitudes, social networks, digitalization.

��: This study explores the digitalization of the banking sector in Serbia and the attitudes of bank managers towards digital communication channels and the future of the industry. A survey was conducted with 87 bank mangers of marketing departments. Descriptive statistical methods were used to analyse the research data and to describe the attitudes of the managers regarding the purpose of the paper. Firstly, there is a positive correlation between a positive attitude towards digital retail banking services and motivation for their current use in Serbia. Most respondents (75.9%) believe that digital sales channels will replace traditional bank branches in the foreseeable future. This reflects a general acceptance and recognition of the role of digitalization in the banking sector. In this regard, 24.2% believe that digital transformation is critical for driving business performance and increasing market share. This research contributes to the growing body of knowledge on digital transformation in the banking sector and provides valuable insights for banks in Serbia and beyond.
Simona Cincalova, Leo Mataruka, Kamila Masarova, Joe Muzurura
DRIVING PROFITABILITY THROUGH SOCIAL RESPONSIBILITY: UNVEILING THE SUCCESS STORY OF AUTOMOTIVE PLANT STELLANTIS SLOVAKIA
JEL: G3, M14.

�� : Social responsibility, Corporate financial performance, Corporate social responsibility, stakeholder engagement, Institutional pressure, CSR goals, Automobile plant, Stellantis Slovakia, Environmental impact

��: This study examines the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) in Slovakia's unique context of the Stellantis automobile plant. Driven by the growing focus on mitigating business impacts and delivering value to stakeholders, the research explores CSR as a strategic tool to enhance competitiveness. The analysis utilises Stellantis Slovakia's financial reports from 2017 to 2021, incorporating horizontal and vertical analysis of assets. A questionnaire has also been administered to gauge employee perception of the company's CSR initiatives. The survey findings reveal a positive correlation between stakeholder engagement and CSR. Stellantis Slovakia's car plant showcases a commendable CSR commitment, with the potential to set more precise, measurable objectives to drive sustainability efforts. The company's robust financial performance, characterised by significant net profit growth, is in line with industry trends, suggesting that CSR-oriented firms enjoy enhanced CFP. The survey underscores the highly positive employee perception of CSR, related to moral commitment, thereby supporting previous research on CSR-driven employee engagement and productivity. This study deepens our understanding of CSR's impact on financial performance, offering practical recommendations for Stellantis Slovakia. Integrating CSR can improve the company's image, enhance employee motivation, reduce costs and drive revenue growth, thereby highlighting the strategic value of socially responsible practices and encouraging optimism about the potential benefits of these practices.
Nguyen Minh Quan, Bui Thanh Khoa, Van Thanh Truong Nguyen
ELECTRONIC WORD-OF-MOUTH BEHAVIOR OF PASSENGERS IN THE AIRPORT: THE COMBINATION OF SOR AND COMMITMENT-TRUST THEORY
JEL: M30, M31, L93.

�� : Electronic word-of-mouth behavior, airport service quality, passengers� pleasure, passengers� trust

��: Because airports serve as symbolic representations of a nation, careful oversight of airport service quality is essential to preserving a positive international reputation. Getting a competitive edge by satisfying travelers and vacationers with first-rate service is critical to spur real economic growth. This paper investigates the impact of airport service quality on passengers� pleasure and its subsequent impact on trust and electronic word-of-mouth behavior. The survey data reveal that six dimensions of airport service quality, including check-in, security, convenience, ambiance, basic facilities and mobility, were analyzed for their impact on passengers� pleasure. The results show that the quality of these services in the airport has a significant impact on passengers� pleasure. Positive airport experiences lead to increased trust and positive electronic word-of-mouth behavior. The findings highlight the importance of providing high-quality airport services to enhance customer pleasure and maintain positive customer perceptions and behaviors toward the airport.
Mariana Bravo Sepúlveda, Jorge Andrés Polanco, Felipe Isaza Cuervo
ESTIMATING THE INCIDENCE OF OPERATIONAL RISKS ON CORPORATE SUSTAINABILITY IN THE CEMENT INDUSTRY THROUGH FINANCIAL SIMULATION
JEL: D81, Q01, G0.

�� : Operational Risk Model, corporate sustainability, Monte Carlo simulation, cement industry

��: This study estimates the impact of operational risks on corporate sustainability in the cement industry through a financial simulation. The methodology is based on a case study in the cement industry and identifies company�s operational risks before classifying them through a taxonomy of environmental, social and economic variables. The impact is quantified using a stochastic model with a Poisson distribution for frequency and a PERT distribution for severity. The results show that it is possible to quantify aggregate losses through the proposed probability distributions, eliminating the limitations faced by companies in the absence of historical information, and it is concluded that the average impact of these risks on FCF varies between 7.52% and 13.13% for the case study, also demonstrating that the impact is reduced when risks are proactively managed. Finally, the proposed model allows calculation and simulation of the financial impact of these risks on the company�s free cash flow and establishes strategies for cost mitigation and financial optimization. This research has two limitations: the validation in a single industry and the limitation of using solver for optimization.
Mangair Karasi Manickam, Mohd Zaidi Abd Rozan
EXPLAINING THE INTENTION OF SOFTWARE DEVELOPERS TO PERFORM ENTREPRENEURIAL COMPETENCIES
JEL: O3.

�� : entrepreneurial competencies, intention, software developer, Theory of Planned Behaviour

��: Recent studies have been promoting entrepreneurial competencies for software developers. However, software developers must have the intention to perform entrepreneurial competencies effectively. Therefore, this study aims to investigate behavioural intention of software developers by extending the Theory of Planned Behaviour with self-efficacy and entrepreneurial competencies and indirect relationships via antecedents of behavioural intention. This study adopted a purposive sampling technique and validated 268 questionnaires for statistical analysis. A Partial Learning Algorithm was used for data analysis. The Perceived Behavioural Control has demonstrated extreme impact on the intention of software developers to perform entrepreneurial competencies when developing a software product, while the subjective norm has shown a negative impact on the software developers� intention. The study presents empirical evidence meant for the applicability of the extended Theory of Planned Behaviour to perform entrepreneurial competencies effectively. The findings contribute valuable insights to the growing interest of researchers to explain software developer�s intention to perform entrepreneurial competencies.
Giorgi Katamadze, Mariana Petrova, Natela Tsiklashvili
FORMATION OF THE POST-PANDEMIC BUSINESS ENVIRONMENT IN GEORGIA: CHALLENGES AND PREDICTIONS
JEL: E0, E2, E3, E6, M0, M1.

�� : post-pandemic economics, macroeconomics, economy of Georgia

��: The COVID 19 pandemic has transformed the entire world's strategy. The governmental oversight, fundamental and significant views were renewed and prioritized according to the unpredictable pandemic process and force-majeure demand. The world's governments and private sectors have faced new socio-political and economic problems and challenges that require quick, effective and powerful solutions. The nation's economic viability during the pandemic and post-pandemic periods depended on these decisions and their effectiveness. Monetary, fiscal, and financial policies suffered significant difficulties in maintaining the economic system. Covid 19 has created difficulties in predicting economic sequences alongside social problems and the complete lack of economic precision in all segments has caused macroeconomic uncertainty. This paper deals with the microeconomic analysis of Georgia in the post-pandemic period, discussing both the main economic parameters of the country and its dynamics, as well as the analysis of its impact on the microeconomic situation. The paper analyzes the impact of the pandemic on the main sectors, as well as the decisions made by the state for economic stimulation and its effect. The work is mainly based on the official information of state structures and international organizations, as well as the works of Georgian and foreign scientists, and based on them, a coherent, multi-component analysis is presented. The theoretical framework of the article is based on fundamental, conceptual studies of Georgian and foreign authors in the field of our research. The paper presents conclusions and recommendations based on a complex study of macroeconomic factors, which are important for scientific circles, both the state and the private sector.
Alex Atanasov
FROM BUSINESS ORGANIZATIONS TO JUDICIAL HIERARCHIES: ERROR CORRECTION LESSONS
JEL: K40, K41, K49, H1, L20, L21

�� : error correction, judicial hierarchy, judiciary, appellate courts, economic entities, organizations, social efficiency, court specialization

��: In this paper I am trying to answer the question of how analysis of business organizations can be useful in evaluating judicial hierarchy when it comes to error correction. I apply business organizational knowledge to analyse judicial hierarchies by evaluating the economics of the correction of legal errors. The method I use is a multidisciplinary analysis drawing upon law, economics, game theory and business studies. The social, political and economic importance of judges dispensing justice correctly is fundamental; it enhances societal order, cohesion, efficiency, and behavioural predictability. I demonstrate that judicial hierarchies have mixed results in determining and correcting errors made by lower-level courts. During my examination, it becomes apparant that while the current degree of knowledge related to judicial hierarchies is limited, business studies can prove beneficial. I examine the following factors: the organization of modern business hierarchies, the complexities of judicial errors, the tension between individual and societal interests, the judicial process as a quasi-market, market failures and hierarchical solutions, errors as social dilemmas and failures of individual rationality
��
HOUSEHOLD EXPENDITURE DURING A PANDEMIC: COVID-19 AND THE CASE OF BULGARIA
JEL: H20, �27, �31.

�� : household total expenditure, household monetary expenditure, COVID-19, household budget

��: This article examines the expenditures of Bulgarian households during the COVID-19 pandemic. It specifies the theoretical and methodological features of the concepts of the household total and monetary expenditures and outlines their structure and specific characteristics. It also proves that the amount of total consumer expenditure is greater than the amount of monetary consumer expenditure. The structure and dynamics of the total expenditure average per household and per person are analyzed, deriving the factors that affect the trends in the change of the studied categories. The object of study is household total expenditure, and the subject involves the supposed role of COVID-19 as a factor that affects the state and dynamics of household total expenditure and/or its structure in Bulgaria. The conclusion is that there is a negative pandemic impact, but it should not be overestimated and/or dramatized.
Laura Pilukiene
HR MANAGEMENT CHALLENGES IN THE CONTEXT OF THE COVID-19 PANDEMIC: THE CASE OF THE LITHUANIAN HOSPITALITY INDUSTRY
JEL: M12, M54.

�� : Human Resources, challenges, hospitality industry, Covid-19, Lithuania

��: The purpose of the paper is to analyse the challenges of HR management, related to four themes such as workforce burnout and stress, personal safety, job satisfaction, and post-crisis training and development, which have resulted from the Covid-19 pandemic in the hospitality industry in order to increase the level of resilience in the future difficult situation. To achieve the stated goal, a semi-structured interview on HR management experts of Lithuanian hospitality companies has been carried out. The results of the study have enabled the author to detail the HR management challenges (related to highlighted four themes) caused by the Covid-19 pandemic in the Lithuanian hospitality industry and find sub-themes that are potentially relevant directions of future research. These findings can help managers and decisions makers increase the level of resilience of the hospitality company in a difficult situation.
Milena Angelova
HUMAN RESOURCE MARKETING � HOW TO WIN THE WAR FOR TALENTS
JEL: J2, J24, J41, J44, M31

�� : human resources marketing, employers branding, attractiveness of professions.

��: Human resources marketing is a relatively new branch of economic science, routed at marketing and human resources management and organisational governance domains and building upon their concepts. It has a substantial potential � if applied properly by the organisations, to help them attract, motivate, retain and manage their human resources, making sure they are well equipped with the needed skills and qualification, thus obtaining competitive advantage in the war for talents. The paper, on the basis of a dedicated desk-research, examines the evolution of the human resources marketing concept and its theoretical foundations in order to suggest models for successful practical application. It also charts avenues for further theoretical studies.
Olena Sushchenko, Kateryna Kasenkova, Serhii Sushchenko
INNOVATIVE MARKETING TECHNOLOGIES IN THE DEVELOPMENT OF THE TOURISM SPECIALIZED TYPES
JEL: Z32

�� : tourism, marketing, territory marketing, sustainable development

��: New tools and innovative marketing technologies are emerging in the process of globalization and digitalization of society. The aim of this paper is to review and evaluate the prospects of Internet technologies as tools for analyzing consumers of the tourism market and segmentation of destinations according to specialized types of tourism. The paper uses scientific research methods - analysis, synthesis, systems approach and graphical approach. The possibility of using Ads Manager to collect information and as a communication channel with potential consumers of services is considered. In order to be able to analyze current trends and initially respond to customer requests and wishes, every year more and more analytical systems with complex algorithms appear, a clear example of which was the Google Trends system. It is determined that such information collection technologies are promising. It is confirmed that the pace of innovation is accelerating under the double pressure of changes in tourist behaviour and large-scale technological mutations.
�� , �� , �� , �� , �� , �� , ��
INTEGRATING CRISIS MANAGEMENT MECHANISMS IN EUROPEAN COHESION POLICY
JEL: I00, M2, H76, H12

�� : regional disparities, integrated territorial investment, crisis management, European policy

��: The series of challenges facing modern society posed by the consequences of the global economic crisis, the debt crisis in Europe, the Covid-19 pandemic, the war in Ukraine, etc. inevitably determine the relevance of research in the field of crises and the mechanisms for dealing with them. The aim of this publication is to examine the effectiveness of the introduced crisis management toolkits within the EU. The research methods used are limited to the study of scientific knowledge on the relevant issue, critical analysis and expert evaluation of the adopted approach to recovery by the Community. As a result of the conducted research, the tools that the EU applies to deal with the negative consequences of Covid-19 and the war in Ukraine have been clarified. Priority areas for impact are identified depending on the applied mechanisms and new horizons for development are defined. In this context, the role of integrated territorial investments (ITI) in this process is also considered.
�� , Onnik Tarakchiyan, ��
MARKET CAPITALIZATION FACTORS OF THE BULGARIAN PHARMACEUTICAL SECTOR IN PANDEMIC ENVIRONMENT
JEL: G20, G30, I18.

�� : market capitalization, pharmaceutical sector, COVID-19

��: The article is focused on the changes of the market capitalization in the Bulgarian pharmaceutical sector during the COVID-19 pandemic. The aim of the article is to measure and justify the impact of a set of factors that affect the market capitalization of public companies from the Bulgarian pharmaceutical sector in a pandemic environment. The main performance indicator under consideration is the market capitalization of the leading pharmaceutical companies included in the BGBX40 stock exchange index during the two-year pandemic period (from June 2020 until May 2022). For the purpose of the research, a multiple linear regression model (OLS) is employed with the help of GRETL open-source software. Four of the selected eight impact factors are related to the sales of medical products; three are related to COVID-19 statistics and the last is a stock market index. The results from the analyses evidence a strong relationship between the impact factors and the market capitalization of Bulgarian pharmaceutical companies during the pandemic. The coefficient of determination shows that 96% of the change in the market capitalization could be explained by the change in the factors included in the model. The growth of the market capitalization of the studied Bulgarian companies over a period of 2 years is comparable to that of the world leading pharmaceutical companies that offer COVID-19 vaccines.
Olha Mulska, Taras Vasyltsiv, Ruslan Lupak, Iryna Biletska, Oleh Mykytyn
MEASURES TO BALANCE THE LABOUR MARKET: AN INSTITUTIONAL PARTNERSHIP BETWEEN BUSINESS AND THE VOCATIONAL TRAINING SYSTEM
JEL: I31, J21, O15, P23.

�� : business, labour market, workforce, employers, dual education, region

��: The study aims to identify imbalances, obstacles and opportunities for realizing the capacity of institutional partnership between employers and vocational education institutions (the case of Lviv region in Ukraine) to balance the labour market. The study is based on the general scientific methods of research � analysis, synthesis, logical generalization and decomposition, as well as special methods � sociological survey and the method of weighted harmonic mean. The methodological tools of the sociological survey include a three-part questionnaire aimed at identifying business needs for workers and business willingness to employ graduates of vocational education institutions (VEIs), as well as substantiating the opportunities for cooperation between VEIs. The study shows that there is a significant shortage of workers in the region (especially locksmiths, construction workers, turners, electricians, etc.) in such economic sectors as water supply, sewerage and waste management, agriculture, forestry and fishing, mining and processing industry, service sector, etc. The authors reveal a low level of cooperation between VEIs and businesses or that of a purely formal nature, which affects the extent to which enterprises are staffed by workers. They also identify a significant need for coordination between businesses and VEIs to meet the demand for workers and the specific occupational and qualification characteristics of graduates. The study reveals the main obstacles to the spread of dual education and substantiates promising areas for its modernization.
Snezhana Sulova, Olga Marinova
METADATA MANAGEMENT FRAMEWORK FOR BUSINESS INTELLIGENCE DRIVEN DATA LAKES
JEL: C8.

�� : data lake, metadata, metadata management, data lake architecture, conceptual metadata framework.

��: Data lakes (DL) provide powerful capabilities for processing and utilizing large and diverse data, helping organizations adapt to the modern environment and extract maximum value from the information at their disposal. Effective data analysis provides actionable knowledge which is a competitive advantage for organizations. Metadata management in data lakes is a key element in ensuring their full functionality. At the same time, this is a dynamic and under-researched area that reflects the rapid development of information technology and the business needs for effective data management. The research is based on a thorough scientific analysis of existing publications on the chosen topic. For this purpose, up-to-date and relevant open access publications from Scopus and Web of Science that correspond to the keywords "data lake" and "metadata" are identified and are from the last 15 years. Based on a review of the existing literature, the main challenges in data lake metadata management are highlighted. The goal of the research is to summarize the existing models in the field of metadata management in data lakes and to propose a new conceptual framework that can serve as a useful guide for designing and implementing metadata management models in heterogeneous data warehouses, as well as implementation steps. The concept's adoption involves a detailed study of the data management model in a specific organization, a measurement of the level of effectiveness after the model�s implementation, and the use of additional metrics to confirm its feasibility. These tasks are therefore the subject of future research. Another limitation of the proposed framework is that it does not address in depth the rules and standards related to ensuring data security, which would be of the highest priority especially in sectors such as finance, defence and healthcare. In addition, further research could also focus on future analysis of the level of satisfaction with the transformation of metadata management processes.
Zalozhnev A. Yu, Chistov D. V.
MODELS FOR MAKING DECISIONS ON PURCHASE VOLUMES DEPENDING ON THE ASSESSMENT OF UPCOMING RETAIL SALES
JEL: L81, F14, F17.

�� : wholesale trade, volume of purchases, commodity stock, profit, optimization model in trade

��: This article considers an economic system that consists of three types of business entities: a manufacturer, a distributor (wholesaler), and a retailer. Mathematical models that allow the distributor (wholesaler) to make informed decisions about the volume of goods purchased from the manufacturer are considered, using the assessment of upcoming retail sales, assuming that the manufacturer's selling price depends on the volume of purchases. Models are built from the standpoint of resolving conflicts between participants in the decision-making process: purchasing managers who strive to have enough inventory and financiers who want to reduce this volume, for example, to increase the liquidity of the organization's assets or reduce storage costs. The constructed models allow the distributor to solve the problem of determining the optimal volume of goods to purchase that will maximize additional profit
Olena Sushchenko, Giga Abuseridze, Liubov Ivchenko, Sergiy Kravtsov, Tetyana Prymak
NOSTALGIC TOURISM MANAGEMENT BASED ON GERMAN SETTLEMENTS IN SOUTHERN UKRAINE
JEL: Z30, Z39

�� : nostalgic tourism, German settlements, southern Ukraine, tourism management, heritage resources

��: The prospects for the formation and development of nostalgic tourism in Ukraine as a direction of the future intensification of inbound and domestic tourist flows are assessed in the article. The study of the possibilities of diversification and further changes in the structure of tourism in Ukraine is particularly relevant in connection with the events currently taking place. The presence of numerous homogeneous resources, remained from a sufficiently long stay of the German population on Ukrainian territory, provides an opportunity to form an innovative tourist product on this base. Special attention in the article is paid to the southern regions of the country, in particular, the Mykolaiv region, where an inventory of heritage resources was recently conducted for the development of creative tourism. On the site of German settlements, the establishment of which began in the south of Ukraine from the end of the 18th to the beginning of the 19th century, there are historical and architectural monuments in the form of churches, farm buildings, gymnasiums, and residential buildings. There are many resources preserved with maps of German settlements, registers of archival cases, geographic indexes of places and lists of citizens of German nationality who once lived in the territory of Southern Ukraine. Therefore, the purpose of the study is to analyze the possibilities of intensification of inbound nostalgic tourism in the southern regions of the country, in particular, the Mykolaiv region. The article analyzes the number and distribution of descendants of German immigrants, which can serve as a basis for determining the most attractive destinations for nostalgic tourism. Analysis of the dynamics of the inbound tourist flow from Germany to Ukraine in 2014-2018 allowed us to estimate the average annual growth of 28,175 persons. To predict the number of German tourists, the linear regression method was used, which showed a trend of sustainable growth and allowed us to conclude that nostalgic tourism is promising for tourists from Germany. It should be noted that this growth occurred despite military operations on the territory of the country. Therefore, the development and implementation of nostalgic tours and excursions, including visits to the places of former settlements in southern Ukraine, seems appropriate. At the same time, the research revealed a sufficient number of resources (documents, lists of residents of certain settlements, places from which immigrants came), which should be used in the future for the practical formation of targeted tourist offers.
Steen Bjerre, Anka Tsvetanova, Siya Veleva
PROFILING SCHEME FOR �POTENTIAL STRESS�
JEL: D23, M12, M14, M54.

�� : stress, stressor, engagement, workplace, profile.

��: It is a daily task for management to design jobs, pay systems, job descriptions and other aspects of organizational functioning. But by including a profiling of employee�s potential workplace stress, companies could improve �the daily health� of employees and support a healthy and motivated organization underpinning a satisfactory company performance. Drawing an employee�s stress profile would enable the manager to address the workplace stress prior to it actually happens, which would be beneficial for both the employee and the company. The aim of the paper is to suggest a profiling scheme for �potential stress� based on 12 so-called �stress boosters�. The profiling should be viewed upon as an operational tool, which managers can use in their daily management of both employees facing a potential risk of becoming stressed, but also to support the process of hiring new employees.
��
Q-COMMERCE � �� 
JEL: L81, L87, F14.

�� : �� (Q-commerce), �� , �� , ��

��: ��: Q-�� , �� -�� , �� . � �� , �� . �� , ��, �� Q-�� . Q-�� , �� , �� , �� , �� COVID-19.
�� , Diana Papradanova
RELATED PARTY DISCLOSURES � A PRECONDITION FOR IMPROVING THE TRANSPARENCY OF THE FINANCIAL STATEMENTS OF COMMERCIAL BANKS IN BULGARIA
JEL: �41, G21.

�� : financial statements, related party, transparency of information, commercial banks

��: The specific nature of transactions between banking institutions and parties related thereto implies that such institutions have higher exposures to various types of risk (credit, interest, liquidity, market, etc.). This necessitates detailed disclosures in the financial statements of banking institutions. The aim of this paper is to examine the practices of banks in the Republic of Bulgaria regarding their approaches to disclosing information about their relationships and transactions with related parties in their financial statements. To this aim the authors have studied the existing literature and analysed practices related to disclosure of information about related parties in the financial statements of these banks. In order to achieve an in-depth analysis, the relationship between the detailed disclosures of bank institutions and the amount of their assets was investigated. The study resulted in an assessment of the applied disclosure approaches with concrete recommendations for their improvement in order to increase the transparency of the financial statements of banking institutions.
Irina Dorogaia
RETHINKING THE ROLE OF THE LEADER IN THE TRANSFORMATIONAL CHANGES OF INDUSTRIALIZATION 4.0 FOR SMES IN THE REPUBLIC OF MOLDOVA
JEL: M10, M14, O14, O30.

�� : Industrialization 4.0, transformations, changes, leadership, leadership skills.

��: Today, the concept of Industrialization 4.0 is very popular. Many entrepreneurs and managers are thinking through their transformation strategies, which, in the face of transformational change, are necessary for the survival of organizations. An important issue in organizational change is the role of the transforming leader. What should it be like in order to make changes and achieve the goal? This article focuses on changing the approach to leadership, the qualities of a leader and how the leader of the future is seen by employees of SMEs in the Republic of Moldova. For this purpose, the author of the article has conducted a detailed study of the conceptual aspects of leadership in a period of change, as well as an empirical study that determines the importance of various factors in a complex model of a transformational manager. In the course of the study, the main skills and traits of leaders are clarified, which makes it possible to implement changes that correspond to the new conditions of activity.
Jorge Alfonso Lara Pérez, Francisco Canibe Cruz, Patricia Ramos Rubio
SCIENTIFIC MAPPING OF BUSINESS INTELLIGENCE AND ENTERPRISE RESOURCE PLANNING FROM 2003 TO 2022
JEL: M15, O32, 033

�� : Enterprise resource planning systems, business intelligence, information management, data analytics, scientific maps

��: The changes in global markets have represented an important challenge for firms, therefore the integration of strategic processes, the efficiency of operations, the management of information and the knowledge generated, have been the basis for incorporating advanced management tools in the era of digitalization. In this sense, business intelligence (BI) and enterprise resource planning (ERP) systems are two topics that have become widespread and researched in recent years. The present study aims at the conceptual analysis of ERP-BI topics with information collected from the web of science database from 2003 to 2022, identifying the most representative approaches and quantifying the main bibliometric indicators with the support of an open access technological tool SciMAT. The results show a growing trend of publications related to the incorporation of business systems and their conceptual relationships to sustainable development, knowledge management (KM), big data, among others. This study highlights the growth of research on BI and ERP systems, integrating organizational processes and generating knowledge based on valuable information for decision making with a positive impact on productivity and innovative strategy
Roza Muratova, Dana Baigojaeva, ��
SOCIO-ECONOMIC ASPECTS AND RISKS OF URBANIZATION IN KAZAKHSTAN
JEL: C53, L86, O30, O33.

�� : globalization, risks, regional development, differentiation of development

��: The article presents theoretical and practical issues of urbanization. The paper explores the theoretical concepts of regional development and their specific practical implementation. The statistical data on the population of the Republic of Kazakhstan for 2019 and 2020 are analyzed. An analysis of the factors of urbanization in the regions of the country is made. The relationship between the processes of urbanization and population migration is shown. Regional differences in the level of urbanization of the cities of the republic are given. The paper notes that urbanization should not be an end in itself, but it is only a consequence of the effective distribution of productive forces. An example of the rational management of the urban environment should be a rational system of urban construction, public utilities, all infrastructure and the creation of a comfortable cultural environment. The paper proposes the development of rural entrepreneurship as an alternative. Correlation dependences of interrelation of urbanization with factors of migration, industrialization and economic growth are given. A model of the dependence of urbanization and these factors is proposed. The article also notes that urbanization for Kazakhstan may pose some threat due to the relatively low population density and the decrease in the population of remote settlements and uncontrolled migration of the population. It is necessary to continue researching the processes of urbanization of Kazakhstan in the direction of developing the theory in relation to the characteristics of a country with a low population density. In terms of practical recommendations, our research should provide some incentive to further control migration processes and increase the level of industrialization of the regions of Kazakhstan.
��
SOFIA CITY TOURIST IMAGE IN SELECTED SOCIAL MEDIA
JEL: Z32, Z33

�� : attractions, Sofia, destination, Instagram, Pinterest, Flikr, social media.

��: The pandemic situation greatly changed the entire tourism sector and influenced the digital search and importance of the tourist destination image and presence in social media. Moreover, the virtual trips, open galleries and museums for virtual tours are expected to generate future interest and enhance the tourist arrivals in post-pandemic era. At the same time the identification of recognizable image-making attractions at destination level is complex process and difficult measure and manage. The purpose of the study is to identify and evaluate the presence of major tourist attractions in different digital channels � social media and platforms, as recognizable image-making sites about capital city. The methodology is primary data analysis of freely shared digital content based on key words and hashtags used in social media such as Instagram, Pinterest, Flikr. The data was gathered manually from 15th Apr 2015-15th May 2021 and 17000 posts in total were analysed for this study. The impact of the content was evaluated by type of pictures, major attractions and number of likes, comments and shares on the post. The results showed that there is limited number of digital contents related to the selected specific key words. There is no clear image of the Sofia city in the analysed social channels.
Ravi Kumar, Babli Dhiman
SPILLOVER EFFECTS BETWEEN INDOCHINA METAL FUTURES MARKETS
JEL: G0, G1, F0.

�� : spillover, Granger causality, DCC - GARCH, metal futures market, correlation.

��: India and China have been at the top of the exporter, importer, producer and consumer economies. The two neighbouring countries provide the largest market in the world. They also share a similar history of development of their commodity derivatives markets. This paper aims to examine the direction of causality and spillover effect between the metal futures markets of the two economies. The analysis is done for metals such as copper, aluminium, zinc and gold in the period 2009 - 2020 by using Granger causality and Dynamic Conditional Correlation -GARCH (DCC-GARCH) models. The gold futures at the Multi Commodity Exchange (MCX) have a unidirectional causality on the gold futures traded at Shanghai Futures Exchanges (SHFE), unlike other metals having bidirectional causality. Similarly, GARCH results report only long-term volatility spillover for gold futures returns, while for the base metals, both short-term and long spillover exist. The findings indicate that the Indian metals futures market has started to influence the Chinese metal futures. The results have important implications for policymakers, regulators, industrialists and offshore traders of physical commodities in hedging their positions.
Xiaoqing Guo, �� , Anna Orlova, Pavlo Nesenenko, Yana Mankuta
TECHNOLOGICAL THEORIES IN ECONOMICS AND MANAGEMENT: EVOLUTION AND APPLIED ASPECTS
JEL: : O14, O32, O33, B1, B2.

�� : technological theories, evolution, resource, management technologies

��: The contemporary stage of social development is characterized by the widespread adoption of technologies that contribute to the effective advancement of business and the economy as a whole. The successful application of these technologies in economic and managerial practices necessitates an exploration of past ideas and experiences, which are subsequently to be theoretically conceptualized and enhanced. In this context, the objective of the current article is to trace the evolution of technological theories, pinpoint some unresolved issues, and emphasize the need for further investigation within the realm of managerial technologies. To achieve this objective, a retrospective examination of technological theories has been undertaken, analyzing fundamental theoretical and practical aspects of management technologies. As a result of this investigation, a shift has been identified from specialized towards comprehensive managerial technologies, the more significant characteristics have been systematized, and main elements and trends in modern managerial technologies have been analyzed.
��
THE AREAL AS A TOOL FOR LOCAL BUSINESS DEVELOPMENT AND PROSUMING (A vision)
JEL: R11, R58.

�� : areal, areal formation, prosuming, econeonomics

��: Strategic turns in regional development are a serious challenge. They lead to actions related to the rationalisation of the management of administrative units and territorial systems, to their linking in order to seek synergistic effects. The article deals with a problem related to the creation of associations of municipalities, here conventionally called areals. This idea develops in the direction of their aggregation, conforming to, and responding to the megatrend of local prosuming. Emphasis is placed on the configuration and role of the areal. Strategic issues that accompany the formation of areals are formulated including models that can become the basis for visioning, strategizing and planning. On this basis, an integral model (vision) for the formation of a specific areal in the Southernmost Danube Arc, called Svibenik (Svishtov - Belene - Nikopol) is launched. The intention is also to combine in one the theory with the design of a real areal structure.
�� , ��
THE CONSUMER CHOICE OF TOURISM PRODUCTS � SUSTAINABLE CRITERIA FOR MARKET SEGMENTATION
JEL: M31, Z33, L83, C19

�� : tourist market, market segmentation, segmentation criteria, cluster analysis, Bulgarian tourists.

��: The purpose of this paper is to empirically identify relevant and sustainable criteria for segmentation of Bulgarian consumers of tourism products in the process of making purchasing decisions. The study draws on original data gathered through an online survey of 898 Bulgarians, which was analysed using a range of statistical tests. Segmentation was performed using cluster analysis (hierarchical and non-hierarchical clustering). The analysis suggests that Bulgarian consumers of tourism products can be adequately and consistently segmented on the basis of five criteria: (1) their preferred mode of travel, (2) mode of planning and organising tourist trips, (3) the type of tourism they prefer, (4) the budget they normally spent for tourism and (5) their preferences regarding used sources of information. The market segments identified are directly related to a specific aspect of consumer choice in the purchase decision process. The results of this study can be used by providers of tourism services (tour operators, travel agencies, etc.) when defining the parameters of the tourist services they offer in order to influence consumer choice in the purchasing decision process.
Oksana Kiforenko
THE EU POLICIES AS THE PUBLIC ADMINISTRATION TOOL TO INCREASE THE AGRICULTURAL PRODUCTS EXPORTS
JEL: H83, Q17, C10.

�� : agricultural products exports, public administration, CAP, Green Deal, Farm to Fork Strategy

��: Agriculture is an important source of food for people, forage for animals and raw materials for processing industries. Effective public administration of such an important economy sector as agriculture and all the sectors connected with it is an absolute must for a sustainable development of every single village as well as the whole country/continent/world. The research was conducted with the help of the univariate, empirical and comparative analyses. For better visual representation of the analysis results, such visualization tools as tabular method, bar charts, graphs with markers were used in the research. The trend lines for both products types, being upward either during the researched timeframe or the next two years taken for the projection making, were built with the help of the exponential function, having been chosen from the exponential, linear, logarithmic, polynomial and power ones. The criterion for the choice of the appropriate function was the values of the R² coefficient. The research results testify to the effectiveness of the EU public administration for agriculture and agricultural products exports as well as the correctly created/chosen/implemented strategies/poli�cies/ini�tiatives. The research and its results are of great help for public administrators, companies engaged in the international trade for agricultural products of either the EU or any other country outside of the union as well as NGOs, beginners and experienced statisticians and data analysts.
Silviu Miloiu, �� , �� , ��
THE GREEN AND SOCIALLY RESPONSIBLE BUSINESS IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT
JEL: F62, F63, F64, G39, L00, M41, Q01, Q50, Q56.

�� : green business, socially responsible business, sustainable development, corporate social responsibility, business management model

��: The green and socially responsible business, in the context of environment and resource protection, improving the quality of life for workers and employees at the corporate level and of the society as a whole, and oriented towards sustainable economic development, finds expression in the full integration of economic, environmental and social commitments of companies in the course of their business activities, in their interactions with the environment, and in their relationships with personnel, contractors and society. The thesis defended is that environmental protection and the implementation of socially responsible practices by companies can be successfully achieved with an effective management system that is tailored to the specific nature of the business and the best practices in the field, and with the support of an environmentally and socially responsible leader. The results of the study find an expression in revealing the process of transformation: "traditional business model - green and socially responsible business", highlighting the importance of turning companies into green and socially significant organizations with a good reputation.
Canh Chi Hoang, Bui Thanh Khoa
THE IMPACT OF REVIEW AND RATING ON CUSTOMER EXPERIENCE IN ELECTRONIC MARKETPLACES
JEL: M31, L87, L93

�� : e-marketplaces, customer experience, reviews, ratings, consumer behavior

��: With the proliferation of e-commerce, online marketplaces have become a dominant platform for consumer purchases. However, the factors driving positive customer experiences in these digital environments remain underexplored. This quantitative study investigates how online reviews and ratings influence customer experience in e-marketplaces. A survey was administered to 389 consumers who had made purchases on e-marketplaces in the past six months. Grounded in literature on online consumer behavior, the survey measured relationships between review quantity, review consistency, reviewer expertise, product/service ratings, and customer experience. The results reveal significantly positive impacts of review quantity, consistency, expertise, and ratings on customer experience. As consumers increasingly rely on peer-generated content for purchase decisions, these findings highlight the need for e-marketplace operators to optimize review and rating systems. By empirically demonstrating how online reviews shape the customer experience, this research provides timely insights for platforms, marketers, and policymakers aiming to improve customer satisfaction and loyalty in digital marketplaces. The study contributes to advancing academic understanding of how user-generated content and marketplace design elements interact to drive positive consumer outcomes.
Bożena Sowa
THE IMPACT OF THE TAX HARMONIZATION PROCESS (ON THE EXAMPLE OF VAT) ON BUDGET REVENUES IN 25 SELECTED EU COUNTRIES � A COMPARATIVE ANALYSIS
JEL: G17, G18.

�� : harmonization, tax, tax rates, budget, EU

��: As a result of the progressive integration of European countries, a need has emerged to integrate tax law provisions, especially in the field of indirect taxes. Over the years, it has been possible to introduce several changes aimed at, among other things, equalizing the level of tax rates as well as reducing the tax gap through preventive measures taken at the European level. This paper aims to assess the impact of the VAT harmonization process on the level of budget revenues on the example of 25 selected EU countries that have been members of the community since 2004 (Poland, Estonia, the Czech Republic and Hungary). The impact of changes in VAT rates and the dynamics of revenues on the budgets of individual countries due to value-added tax is analyzed in particular. The article is based on a comparative analysis of financial data posted on the official EU website, available literature on the subject, scientific articles and internet resources, with the particular use of national normative acts and EU legal regulations. In addition, a statistical research method is used, and the results, presented in tables and graphs, are then subjected to interpretation. The results of the research carried out: 1) The need for tax harmonization is the result of the progressive integration of countries within the structure of the European Union. One primary aspect, which has not been achieved yet, is the harmonization of VAT rates applied in individual countries. 2) Another issue that requires additional harmonization regulations is the applicable registration thresholds, beyond which the obligation to register an active VAT payer arises. 3) Considerable success achieved in the process of VAT harmonization is the reduction of the gap size in each of the surveyed Member States over the years after the accession to the EU.
Angel Stoykov
THE INFLUENCE OF SOCIAL MEDIA ON ADVERTISING TOURISM SERVICES (IN THE EXAMPLE OF BULGARIA)
JEL: L83, Q56, Z32.

�� : tourism, social media, impact, trends, digitalization, sustainability.

��: This article aims to provide an in-depth review of current literature related to the rapid and inevitable spread of social networks as a source of information influencing consumer opinion. To achieve this, it looks at how internet platforms are becoming an invariable part of the user's daily life. The main trends showing the place and role of social networks such as advertising tools in the tourism industry are revealed. It also examines their impact on the end user, tourist preferences, how they change and comply with new understandings. Two hypotheses are put forward for proof. In the course of the research, the following scientific methods were used: analysis, synthesis, graphical and systems approach.
�� , �� , ��
THE NON-LIFE INSURANCE MARKET IN BULGARIA � 15 YEARS AFTER THE COUNTRY'S ACCESSION TO THE EUROPEAN UNION
JEL: G22, G52.

�� : insurance market, Non-Life Insurance, insurance penetration, insurance density, product structure, structural changes

��: The main aim of the study is to establish the state and development of the leading insurance industry in our country � Non-Life Insurance, as well as to outline its importance as an economic sector and to determine its market structures after Bulgaria's accession to the European Union in 2007. The article traces the dynamics of gross written premiums realised by insurers in Non-Life Insurance during the period 2007-2021. The place of Non-Life Insurance in the Bulgarian economy has been established through the indicators "insurance penetration" and "insurance density". Its product structure for the same period has also been studied. As a result of the research, it is concluded that Non-Life Insurance in Bulgaria occupies a small share of the country's economy; Bulgarian citizens do not spend enough money on insurance, and the product structure of the market is dominated by Motor Insurance.
Cordelia Onyinyechi Omodero
THE ROLE OF CORPORATE TAX, EARNINGS AND DEBT IN DETERMINING DIVIDEND POLICY OF FIRMS
JEL: G35, H25, H32, H63

�� : Dividend payout policy, corporate taxation, earnings, firms, debt.

��: Dividend policy is a critical component of corporate finance strategy, which, when properly implemented, will allow firms to grow. In general, equity holders or corporate fund providers expect a favourable dividend policy as a motivation and reward for their investment in a company. Despite this golden expectation, there are still certain factors that invariably determine the outcome of firms' dividend policies. This study investigates the influence of corporation tax, profits, and debt in determining business dividend policy. In this paper, we argue that dividend policy is influenced not only by corporate taxation, but also by other factors such as profitability and debt. The panel statistics are derived from the businesses' public financial statements, which cover the years 2016 - 2020. To evaluate the panel data, the study uses Pairwise Granger Causality Tests, the Hausman check, the collective outcome prototypical, and the coincidental upshot model. Four null premises are examined, and the results reveal that corporate taxes and earnings have an affirmative impact on businesses' surplus payments. Contrarily, debt and interest expenditures have no momentous inspiration on surplus disbursement. The analysis shows that dividend payments and debt are diametrically opposed. The paper suggests equity financing to enhance organizations� business expansion.
Badri Gechbaia, �� , Ketevan Goletiani, Giorgi Abashidze
THE ROLE OF HRM IN EMPLOYEE MOTIVATION: STRATEGIES AND KEY FACTORS IN THE MODERN WORKPLACE (EXAMPLE OF GEORGIA)
JEL: M12, M54, J24

�� : human resource management, employee motivation, organizational culture, productivity.

��: An effective human resource management (HRM) system plays a pivotal role in the success of organizations and institutions. In today's dynamic landscape, enhancing service quality and gaining public trust are inextricably linked to motivating employees, evaluating their performance, defining clear responsibilities, and fostering a strong organizational culture. However, many Georgian companies lack well-defined HRM policies, often perceiving them as mere administrative tasks rather than strategic initiatives critical to achieving organizational success. This research paper aims to address this gap by providing valuable theoretical insights and practical recommendations for organizations striving to create a motivated and high-performing workforce. The theoretical contribution lies in the comprehensive exploration and scientific analysis of the factors influencing effective HRM practices. This research contributes to the HRM field by synthesizing and extending theories, offering a conceptual framework to guide future research. Furthermore, the study offers practical implications for organizations. Through empirical investigations and case studies, we identify specific challenges faced by Georgian companies in implementing effective HRM practices. In conclusion, this research sheds light on the significance of effective HRM practices in driving employee motivation and overall organizational success. By combining theoretical insights with practical recommendations, organizations can cultivate a motivated workforce and achieve their goals in the ever-evolving business landscape.
Olena Stryzhak
THE ROLE OF HUMAN CAPITAL FOR ECONOMIC DEVELOPMENT IN A DIGITALIZED WORLD
JEL: O1, E24.

�� : economic development, human capital, digital development, economic growth

��: The article is aimed at studying the features of the relationship between economic development, human capital and information and communication technologies. The panel sample includes data for 87 countries for 2019. The study uses the World Bank approach to classify countries to groups by income levels. The relationships between the analysed indicators are determined by groups based on the calculation of correlation coefficients. In addition, the paper presents a detailed spatial and graphical analysis of the indicators distribution by groups. The research shows that there are differences between the groups, both in the strength of the relationship and in the distribution of human capital development, digital technologies and GDP per capita. The article also analyses the relationship between GDP and the components of human capital and digital development. The study confirms the heterogeneity of economic development across countries and regions, highlighting differences across groups of countries depending on income levels.
Liubov Ivchenko, Nataliia Pohuda, Olena Sushchenko
THE ROLE OF INTERNET RESOURCES AND SOCIAL MEDIA IN THE STRATEGIC DEVELOPMENT OF TOURISM
JEL: M37, L83, Z32.

�� : inbound tourist flows, social media, website, Internet users, correlation and regression analysis

��: The article is devoted to the study of the influence of Internet resources, social networks in particular, on the dynamics of inbound world tourist flows. A 30-year dynamic series of the number of Internet users with 5-year periods has been studied. Modeling this indicator with a linear trend has made it possible to obtain estimates of the average annual increase in the number of Internet users for certain periods. An analysis of factors is provided, which has influenced the dynamics of tourist flows and growth quantity and users of the global network for the period 2005-2023. It is determined that social networks play a significant role in the growth of the number of Internet users, which has a more quantitative impact for them, and a qualitative impact on tourism. The influence of the emergence and development of social networks and the most popular tourist websites on changes in the number of travelers is analyzed. Quantitative assessment of this relationship using regression analysis methods is proposed. Methods of analysis and synthesis, generalization and comparison, modeling, correlation and regression analysis are used in the research process.
�� , �� , ��
THE SOCIO-ECONOMIC POTENTIAL OF VOLUNTARY PENSION INSURANCE IN BULGARIA
JEL: G23.

�� : voluntary pension insurance, voluntary pension fund, professional scheme, pan-European personal pension product

��: The aim of the study is to characterise the overall state and outline the development opportunities of voluntary pension insurance in Bulgaria. Research publications and officially disclosed empirical data for the period 2002 � 2024 have been used. The study examines changes in the number of insured individuals, the amount of the insurance contribution and the accumulated funds, the achieved returns, the share of net assets relative to GDP and to the total amount of household deposits, as well as the growth rates of managed assets and the amount of the insurance contribution compared to the growth rates of GDP, the average insurance income, and the amount of household deposits. It is concluded that voluntary pension insurance has not managed to provoke the desired widespread interest. The possible reasons for this are identified, and suggestions for its future development are outlined.
�� , ��
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JEL: � 41.

�� : ��, �� , �� , �� , ��

��: �� 2013/34/�� , �� . � �� .
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JEL: M 41.

�� : �� , �� , �� , �� , ��, �� .

��: � ��, �� , �� , �� , �� , �� , �� −�� . � �� . �� .
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JEL: �41

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JEL: G30

�� : ��, �� , �� , �� , ��

��: � �� -�� , �� . �� .
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JEL: D85, L21.

�� : �� , �� , ERP, CRM, SCM, OLAP, BI, DSS, �� , �� , ��.

��: �� . �� , �� . �� , �� , �� . �� , �� , �� .
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�� (M&A) � ��
JEL: L16, L24, G34.

�� : ��, ��, ��, ��, M&A.

��: �� . �� . �� , �� -�� , �� M&A �� 2018 �. � �� , �� 2018 �., �� , �� , ��-�� , �� . �� . � �� , �� -�� -�� , �� 35% �� .
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JEL: M31, M37

�� : ��, ��, ��, �� , ��, �� .

��: � �� -�� , � �� , �� . �� Xerox�, �Coca-Cola� ��, �� , �� , �� , �� . �� (brand equity), �� , �� . �� , �� -�� . �� , �� , � �� . �� . �� .
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JEL: M 41

�� : �� , �� , �� , ��

��: �� , �� , �� . �� , �� , �� . �� , �� : �� . �� , �� .
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JEL: �40, D29

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��: � �� , �� , �� , � �� , �� . �� , �� , �� .
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�� 
JEL: A13, Z13

�� : �� , �� , ��.

��: �� , �� -�� , �� . ��, �� -�� -�� .
�� , �� , ��
�� : �� , ��
JEL: M12, M54, J21.

�� : ��, ��, ��, �� , �� .

��: �� .�� . �� , �� .��, �� . �� , �� -�� . �� , �� , �� , �� , �� . �� , � ��: �� , �� ; �� ; �� .
��
��: �� 
JEL: C89, O00.

�� : �� (blockchain), �� (distributed ledger), �� (DApp), �� (smart contract).

��: � �� DLT, ��, �� , �� ѝ � �� . �� , �� , �� ѝ.
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�� 
JEL: D43, D23, L22.

�� : �� , �� , �� , �� .

��: �� , �� , �� . �� , � �� . �� . �� , �� , �� . �� .
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��
JEL: D78, G32.

�� : �� , �� , �� , �� , �� , ��

��: � �� . �� , � �� , �� -�� .
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JEL: �11, M21

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�� 
JEL: M10, M12.

�� : ��, ��, ��, ��, ��.

��: �� . � �� , ��-��, �� . �� , � �� , �� . �� .
�� . ��, �� , ��
�� ?
JEL: M30

�� : �� , �� , ��.

��: �� (Geert Hofstede) �� , �� . �� , �� , �� . �� .
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�� 
JEL: �31.

�� : �� , ��.

��: � �� , �� . �� , � �� . �� , �� -�� -��. �� , �� .
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JEL: �21, �31.

�� : �� (��), ��, �� .

��: � �� (��) �� . �� , �� (��) � �� -�� . � �� . �� , ��, �� (��).
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JEL: G 230, G 140.

�� : �� , ��, �� , �� , ��, ��

��: �� . �� , �� . ��, �� , �, �� . �� , �� . �� , �� , �� . �� , �� , �� (��), �� .
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�� 
JEL: �12.

�� : �� , �� , �� , �� .

��: �� . �� , �� . �� . �� , �� , �� .�., �� . �� , �� . �� , �� . �� , �� , �� , �� .
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�� 
JEL: F21, E22, O1.

�� : ��, �� , ��

��: �� . �� , �� , �� (�� ), �� , �� , �� .�. �� (��-), �� (��-) � �� . �� , �� -�� , �� .
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JEL: M1.

�� : �� , �� -�� , �� , �� , �� .

��: �� , �� , �� , �� . �� : �� , �� , � �� , �� , ��-�� . ��/�� : �� , �� . �� . �� : �� -�� .
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JEL: M30

�� : �� (��), ��

��: �� . �� . �� . �� . �� -��: �� /�� , �� , �� . �� SPSS, �� , �� (ANOVA) ��. �� , �� -�� , �� , �� .
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JEL: �83.

�� : �� , �� , ��.

��: �� . �� (ICIF) �� (COSO), �� , �� 2013 ��. �� , �� Sarbanes-Oxley �� SOX. �� ICIF, �� , �� . � �� , �� .
��
��
JEL: M 41

�� : �� , �� , ��, �� , �� , ��, �� , �� .

��: �� , �� . ��, �� , �� , �� , �� . �� , �� . �� , �� , �� -�� -�� . �� (��) �� .
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JEL: �55

�� : �� , �� , ��, �� , ��

��: �� , �� . �� , �� , �� . �� , �� -�� , �� -��, �� .
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�� 
JEL: O13, Q57

�� : ��, �� , �� , ��, ��, �� .

��: �� , ��, ��, �� .�. �� . �� , �� , ��, �� . �� , �� , �� , � �� (� �� ). �� , �� , �� . �� , �� . �� , �� . �� , ��, �� .
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�� 
JEL: I20, P00.

�� : �� , ��, �� , ��.

��: � �� , �� , �� . �� , �� . �� , �� . � �� , �� , �� , � �� , �� .
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�� 
JEL: F01, F19

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��: �� , �� ղ ��. �� , �� , ��, ��, �� . �� , ��, �� , �� .
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��A �� 
JEL: M15, C88.

�� : �� , ��, ��.

��: �� , �� , �� , �� , �� . �� -�� . �� , �� . �� . � �� .
��
��
JEL: M14, M54.

�� : �� , �� , �� , �� .

��: �� Covid-19 �� , �� . �� , �� , �� , �� . � �� Covid-19. �� , �� , �� , �� , � �� . �� , �� , �� , �� .
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��
JEL: Q14, �21

�� : �� , �� , ��, �� (��), �� .

��: �� -�� . �� , �� (��). � �� , �� . �� , �� .
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��
JEL: G28, H53, H55, J1.

�� : �� , �� , �� , ��-�� , �� .

��: �� , �� , �� -�� . �� , �� -�� . � �� , �� , �� , �� .
��
�� 
JEL: G30, G32, G33.

�� : �� , �� , �� .

��: � �� . �� 100 �� 2014 � 2016 �., �� . �� , �� , �� . �� , �� , �� , �� .
��
��
JEL: M10, M19, L20.

�� : �� , �� , �� .

��: � �� . �� . �� , �� . �� , �� . �� , �� , � �� , �� . �� , �� , � �� , �� . �� , �� . �� . �� , �� 2015 �. �� 192 ��.
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JEL: G23, G22.

�� : �� , �� , �� .

��: � �� : ��, �� . �� , �� . �� , �� . �� , �� , �� . �� -�� -�� . �� . �� , �� -�� -�� .
��
�� 
JEL: M30, M31

�� : ��, �� , �� , �� , �� , �� .

��: �� , �� , �� . �� , �� -�� . � �� (��), �� , �� (��), �� , �� (��). �� . �� , �� , �� -�� . �� . �� -�� , �� -�� .
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JEL: F00

�� : ��, ��, ��, �� .

��: �� , �� , �� , ��. �� . �� .
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��
JEL: 019, 052, R10.

�� : ��, ��, �� , �� , �� , �� .

��: � �� , �� -�� . �� , �� (� �� ). �� (��) �� -�� . �� , �� , ��, �� (��) �� (��, ��, ��) �� -�� . �� -�� , �� .
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��
JEL: G22, Q59.

�� : �� , �� , �� , �� , �� .

��: � �� , �� . �� , �� , �� . �� .
��
�� , ��
JEL: D80, D83.

�� : �� , �� , �� , ��, ��, Web 2.0.

��: �� (��) �� , �� . �� , �� , �� , �� , �� . �� , Web 2.0 � �� , �� , �� (�-��). �� , �� , �� . �� , �� , � ��.
��
��
JEL: L80, M20.

�� : �� , �� , ��, ��, �� .

��: �� , �� . � �� , �� , �� . �� -�� -�� , �� . �� . �� . �� , �� .
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��
JEL: G11, G15, C21.

�� : �� , �� , ��, ��

��: �� -�� . �� . �� . �� , �� -�� . �� , �� -�� -�� . �� , �� , � �� . �� IR, �� , �� , �� , �� .
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JEL: I121, I122, I128, C10, C19.

�� : �� , �� , �� , �� , �� .

��: � �� , �� , �� -�� , �� . �� , �� , �� . �� , �� .
��
�� (��)
JEL: C680 Computable General Equilibrium Models.

�� : �� , �� , �� , ERP ��, SQL ��.

��: �� ERP ��, � �� . �� : �� , �� (��) � ��, �� , �� , �� ERP ��, �� . �� ERP �� MS Dynamics Navision. �� .
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JEL: Q51, Q58. O50, O52.

�� : ��, �� , �� , �� , ��, �� , �� .

��: � �� . �� , �� , � �� , �� . �� , �� , � �� (��) ��. �� . �� .
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�� 
JEL: G28

�� : ��, �� , ��, �� , �� .

��: ��, �� , � �� , �� . �� , �� , �� , �� , �� , �� . � �� , �� , �� -�� , �� , �� , � �� .
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JEL: M30.

�� : �� , �� , ��, ��.

��: �� , �� , �� . �� , �� , �� , ��, �� . �� , �� : �� , �� -�� -�� . �� , �.�. �� , � �� -�� . �� , �� .
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JEL: G210.

�� : ��, �� , �� , �� , ��.

��: � �� , �� , �� . �� . �� , �� , �� , ��, �� .
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�� : �� ͬ��
JEL: B21, D21, D62.

�� : �� , �� , �� , ��, ��.

��: � �� , �� . � �� , ��, �� , �� , �� , � �� . �� , �� , �� , � �� -�� . �� , �� , �� (�.�. �� -�� ).
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JEL: D21, D53, E32, L32

�� : �� , �� , ��, �� PAEI, �� .

��: �� , �� . �� , � �� , � �� . �� . �� SOFIX � � �� , � �� .
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�� 
JEL: C1, L83

�� : ��, ��, ��, ��.

��: �� (� �� ) �� , �� . � �� , �� , �� , �� . �� (�� ) �� 2012 �. �� : �� (�� , �� , � �� ); � �� . � �� . �� , � �� , �� .
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JEL: L2.

�� : �� , �� , �� .

��: �� , �� . �� , �� . �� , �� , �� , �� . �� , �� .
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JEL: F36, G11, K34

�� : �� , �� , �� , SWOT ��, �� 2020�.

��: � �� , ��, �� -�� , �� , � �� . �� , �� , �� , �� 2020�, �� -��, ��-�� -�� .
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JEL: G22.

�� : �� , �� , �� .

��: �� , �� . �� . �� , �� , �� . �� , � �� , �� . �� , �� , � �� .
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JEL: �0, �1, �7.

�� : �� , �� , �� .

��: �� , �� 80 �� , �� 44 ��. �� , �� . �� , �� . �� , �� , �� , �� .
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�� 
JEL: F20, O30.

�� : ��, �� , �� , �� , � & A, �� .

��: � �� . �� , �� . �� . �� , �� . �� : ��, ��, �� , � �� , �� . �� , �� . �� . �� .
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JEL: �21, �31.

�� : ��, �� , �� , ��, �� , �� .

��: �� , �� , �� . �� , � ��, �� . �� -��.
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JEL: O13, Q16.

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��: �� , �� , �� , �� -�� . � �� , �� , �� -�� , �� , �� , �� . �� -�� . �� , �� . �� .
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JEL: G23

�� : �� , �� .

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JEL: D73, H83, M48.

�� : �� , �� , �� , �� .

��: �� . �� , �� . �� , �� . �� 80-�� . � �� , �� , �� . �� -��, �� , �� , �� , �� . �� , � ��-�� . �� , �� , �� . �� , �� , �� .
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JEL: C10, L83, M20.

�� : �� , �� , ��.

��: �� , �� , �� . �� . �� , �� , �� , �� , �� - � ��. � �� , �� , �� . �� , �� .
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JEL: M15.

�� : �� , �� , �� .

��: � �� , �� , �� . �� (��) �� . �� -�� , �� .
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JEL: L86.

�� : �� , �� , �� .

��: �� . �� , ��, �� , �� , �� , �� . �� ; �� , �� . �� , ��. �� .
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JEL: M15, L86.

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��: �� : �� . �� . �� , �� , �� . �� , �� . �� . � �� . �� , �� , �� -�� , �� .
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JEL: K22, K33, K34.

�� : �� , �� , �� .

��: �� , �� (��) � �� . 5, ��. 7 �� (��). �� ѝ ��, �� . �� , �� , �� , �� .
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JEL: M37, �38, Q18.

�� : �� , PR, �� , �� , �� .

��: �� , �� . �� , ��/�� . �� , � �� . �� -�� , �� -�� . �� -�� -, ��- � ��-, �� . PR � �� -�� . PR �� , � �� -�� .
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JEL: D4, G22

�� : �� , �� , ��

��: �� . �� . � �� -�� , �� . � �� 2008-2012 ��. �� , �� . �� -�� . �� .
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JEL: C18, D83, L86.

�� : �� , �� , �� .

��: �� -�� . �� . �� . �� . �� . �� . �� . �� . �� , �� . �� -�� .
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JEL: J26

�� : ��, �� , �� , �� , �� .

��: : �� . �� -�� : �� ; �� ; �� ; �� ; �� - ��; �� .
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�� 
JEL: �80, L63, �21.

�� : BYOD, CYOD, COPE, COBO, �� .

��: �� . �� , ��-�� , �� (Bring Your Own Device), CYOD (Choose Your Own Device) COPE (Corporate Owned, Personally Enabled) � ��. �� , �� , �� . �� , �� . � �� , �� BYOD, �� CYOD, �� COPE, �� .
��
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JEL: M11, M30

�� : �� /��, ��, �� , �� , ��, ��.

��: �� , �� /��. �� : �� e�� - �� -�� /��. � �� -��, �� , ��, �� . �� . �� . �� .��. ��. �� -�� . �� (�� ). �� /��, �� . �� -�� (�� Ĕ).
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JEL: H83.

�� : ��, �� , ��, �� .

��: �� . � �� , �� . �� . �� .
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�� 2010 � 2019 �
JEL: F21.

�� : �� , �� , �� , �� .

��: �� 2010 � 2019 �. �� -�� . �� , �� . �� , �� . �� , �� , � �� , �� , �� . �� . �� , �� , � �� , �� .
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JEL: C88, C89

�� : �� , �� , ��

��: �� (��) � ��, �� . � �� , �� , �� .
�� A. ��, ��
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JEL: F14, F17.

�� : �� , �� , ��, ��, ��, ��, ��.

��: � �� , �� (��) �� -�� . �� , �� . � �� , �� . �� : �� .
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�� 
JEL: G31

�� : �� , �� , ��

��: � �� . �� . �� , �� -�� . �� , �� , �� -�� , �� . �� , �� -��, �� , �� -�� .
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JEL: M5, M12, M52.

�� : ��, �� , �� .

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JEL: G22

�� : ��, �� , �� , ��, �� , �� , �� -��, ��

��: � �� . �� , �� . �� . �� . �� , �� -�� . �� -�� , �� .
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JEL: M 41.

�� : �� , �� , �� , �� , �� .

��: � �� , �� -�� , �� . �� .
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JEL: M400, M480, M410.

�� : ��, �� , �� .

��: �� (��) �� . �� , �� , ��. �� , �� , �� . �� , �� . �� , �� , �� .
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JEL: �41.

�� : ��, �� , �� , �� .

��: �� . �� , �� . �� .
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JEL: I 13.

�� : �� , �� , �� .

��: �� . �� 2016 �� . � �� . �� , � �� . �� -�� , �� . �� , �� , � �� 2012 �. �� .
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JEL: D01, E02, F02

�� : �� , �� , ��, �� , �� .

��: �� , �� . �� . �� , �� , �� (��). �� . �� , �� . �� -�� .
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JEL: H56, D81, C23, C41, M15.

�� : �� , �� , �� , �� , �� .

��: � �� , �� . �� , �� , �� , �� , �� .
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JEL: L20.

�� : �� , �� , �� .

��: �� , �� . �� , �� . �� , �� , �� . �� , �� . �� . �� , �� 192 ��, �� , �� . �� , �� -�� : �� , �� , ��, �� .
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JEL: O33, C88.

�� : �� , �� , �� .

��: � �� . � �� . �� , �� , �� -��. �� .
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JEL: D40

�� : �� , �� , �� .

��: �� . � �� , �� -�� . � �� .
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JEL: E52, E62, F13, H25

�� : �� , �� , �� , �� , �� , �� .

��: �� , �� : �� ; �� ; �� (��) �� , � �� , �� . �� , �� . �� . �� , ��, �� . �� , �� -�� . �� . �� . �� , �� (�� ), �� (�� ) � ��.
�� , ��
�� 
JEL: I15, O14.

�� : �� , �� , ��, ��, �� .

��: �� . �� , �� , �� , � �� -�� . �� , �� , �� , �� , �� . �� , �� .
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JEL: L11, L14, L21, L22, L24

�� : �� , �� , �� , �� , ��

��: �� -�� , �� . �� , �� , �� . �� , �� , �� .
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JEL: O13, Q13, Q57

�� : �� , �� , �� , ��

��: �� . �� , �� , � �� . �� , �� . ��-�� .
�� , ��
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JEL: G22.

�� : ��, �� , ��, ��-19.

��: �� ѓ � ��-�� 27% � �� . �� , �� , �� SARS-CoV-2 �� ѓ. � �� , �� , � �� . �� -�� , �� 2020 ��, �� -�� .
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JEL: �19, I21.

�� : ��, �� , ��, �� , ��.

��: �� , �� , �� , �� ; �� . �� , �� : �� -�� ; �� (��) �� ; �� , �� ; �� ; �� ; �� ; �� .
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JEL: C8, L86

�� : �� , �� , ��

��: �� . �� , �� (�� ) � �� . � �� , �� . � �� . � �� .
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JEL: L20, M10.

�� : �� , �� , �� .

��: �� , �� , �� , �� , �� . �� -�� . � �� , �� , �� . �� , �� -�� . �� , �� , �� , �� -�� . �� -��, �� , �� -�� . �� , �� , �� , �� . �� , �� , �� .
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JEL: F14.

�� : ��, �� , �� (Trans-pacific partnership), �� , �� .

��: �� . � �� , �� -�� . �� (Trans-pacific partnership). �� . �� . �� . �� . �� , �� : �� , �� .
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JEL: M400, M480, M410.

�� : ��, ��, ��, �� .

��: � �� , �� , �� (��) �� . �� , �� -�� . �� , �� . �� -�� -�� , �� .
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�� ENTERPRISE 2.0 �� 
JEL: D85, C81, C82

�� : Web 2.0, Enterprise 2.0, consumer-generated content, Enterprise 2.0 strategy, social network, social media strategy, social media marketing, social software, Intranet 2.0, .

��: � �� Enterprise 2.0 �� 4 �� : �� Web 2.0 � �� ; �� ; �� ; �� . �� Enterprise 2.0 �� , �� : �� , �� , �� , �� , �� .
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JEL: P29

�� : ��, �� , �� , ��, �� .

��: � �� 1990 �., �� . �� . �� . �� , �� , �� . � �� . �� -�� , �� , �� , �� , �� , �� , ��, �� , ��, ��-�� , �� , ��, �� .
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�� 
JEL: C63, C81, C88

�� : BYOD (Bring Your Own Device), Social Intranet, Social Media Marketing (SMM), Social Media Strategy, Social Media, Social Networks, Web 2.0.

��: �� . �� 84% �� 2 � 4 �� , � �� 195 ��. �� 1 � ��, �� . Facebook � �� -�� . � �� , �� , � �� , �.�. �� . �� . � �� , �� -�� : �� ; �� , �� ; �� ; �� . �� -�� . �� , � �� : ��; ��; �� ; PR ��; �� ; �� ; �� ; �� . �� .
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JEL: M31, Q13.

�� : �� , �� , CRM � ERP ��.

��: �� . �� , �� . �� . �� , �� , � �� . �� , �� CRM � ERP � �� , �� .��. Big Data, �� .
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JEL: H61, M41, M49

�� : ��, ��, ��, �� , ��.

��: � �� , �� 2014�. �� -�� , �� .
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JEL: O32, O33.

�� : �� , �� , �� , �� .

��: �� , �� , �� , �� , �� -�� . �� , �� . �� , �� , �� , �� , �� , �� . �� , �� , �� . �� , �� . �� . �� (�� ), �� . �� . �� , ��, �� .
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JEL: F14, F15, M21, P45, P52.

�� : ��, �� , ��.

��: �� , �� -�� . �� -�� , �� . �� -�� . �� -�� , ��, ��, ��. �� .
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JEL: G21.

�� : ��, �� , �� , �� , �� .

��: �� . �� , �� , �� . �� , �� . �� , �� , �� , �� .
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JEL: M41.

�� : �� , ��, ��, �� .

��: �� . �� , �� , �� , �� . �� , �� e�� -�� , �� (� �� ) � �� (� �� ), �� , �� , �� , �� .
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JEL: O0, O3, L8

�� : �� , �� , �� , �� 4.0, ArchiMate.

��: �� , �� . �� -�� , �� Cobit 5 � ITIL 3. �� , �� ArchiMate.
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JEL: L86, I20.

�� : �� , �� , �� , �� .

��: � �� , �� . �� , �� . �� , �� , �� .
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JEL: �80, L63, �21

�� : BYOD (Bring Your Own Device), �� BYOD, �� BYOD, ��, �� , �� BYOD.

��: �� . �� BYOD (Bring Your Own Device) �� . �� , �� . � �� BYOD �� . � �� BYOD, �� , �� . �� BYOD � �� .
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�� 
JEL: L22, L81, L86, M15

�� : �� , �� , �� .

��: �� -�� , � �� -��, ��, �� . � �� , �� . �� -�� , �� , ��, �� . �� .
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JEL: G10, G14

�� : �� , �� , �� , �� , ��

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JEL: �21, �31

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JEL: G32, G34

�� : �� , ��, �� , CAPM, EPS.

��: �� 2010 � 2013 �. �� , �� . �� . �� . � �� , �� -�� .
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JEL: D83, D85.

�� : ��, �� , �� , �� , ��, �� , SEO.

��: � ��, �� 15 �� , �� , �� . �� -�� . �� . �� , �� . �� , �� .
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JEL: M31, M11

�� : �� , �� , �� , �� , �� .

��: �� , �� . �� , �� , �� , �� . �� , �� , �� .
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JEL: H41, I22, I25, I28.

�� : ��, �� , ��, ��

��: �� . �� , �� . �� , �� .
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JEL: H83.

�� : �� , �� , �� .

��: �� , �� , �� . � �� , �� -�� . �� .
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JEL: M41.

�� : �� , �� , �� , �� , �� .

��: � �� , �� , �� . �� , �� . �� . �� , � �� , �� , �� , �� .
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JEL: A14, D23

�� : ��, �� , �� . ��

��: � �� . �� . �� . ��. �� : ��-�� ; ��-�� ; ��-�� ; ��-�� ; ��-�� ; ��-�� ; ��-�� -�� .
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JEL: M41.

�� : �� , ��, ��, �� .

��: �� , �� . �� , �� , �� . �� (�� ) �� 2007 � 2014 �.
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JEL: M49

�� : �� (��), �� , ��.

��: �� (��), �� . �� -�� , �� . �� , �� -�� .
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JEL: Q13, Q17

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JEL: M10, M12, M16, L20.

�� : �� , �� , ��, �� , �� .

��: �� . �� , ��-�� : �� , �� ; �� , �� (�� ); �� ; � �� . � �� , �� (��), �� . �� ; �� . �� - �� , �� . �� - �� , �� . �� . �� , �� . �� , �� .
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JEL: C89.

�� : �� (��), �� (��), �� , �� (��).

��: � �� (��). �� . �� , �� (��) �� . �� , �� -�� (��). �� , �� .
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JEL: C38, L81, M110, O100.

�� : �� , �� -�� , �� .

��: � �� -�� . �� -�� . �� , �� . �� , �� , � �� -�� . �� -�� . �� . �� . � �� . �� . �� , � �� , �� -�� , �� . �� SWOT-�� -�� , �� .
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JEL: M20.

�� : �� , �� , �� , �� .

��: �� . ��, �� , �� , �� . �� , �� 2014 ��.
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JEL: �20

�� : �� , ��, ��, ��, �� , �� .

��: � �� , ��, �� . �� , �� -�� , �� .
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JEL: M10

�� : �� , �� , ��

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�� 
JEL: M00, M10.

�� : ��, �� , ��

��: �� , �� , � �� -�� . �� , �� -�� . �� , �� , ��, �� , �� . �� , �� . �� , �� . �� , �� , �� , �� . �� . � �� , �� (��) � ��, �� .
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JEL: �31

�� : ��, �� , ��

��: �� , �� . �� , �� , ��, ��. �� , �� , �� , �� .
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�� : ��, ��, ��, ��.

��: �� , �� , � �� . �� , �� , �� . �� : 1) �� , ��, �� ; 2) �� , �� , �� , �� ; 3) �� 13 ��, �� . �� , �� .
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JEL: C8, L86.

�� : �� , �� , �� .

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JEL: M21.

�� : ��, �� , �� , �� , ��

��: �� . � �� . �� -�� . � �� -�� .
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JEL: K 230, L 810, M 130, M 410, M 480

�� : �� , �� , �� .

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JEL: �61, �72

�� : �� , ��, �� , �� , ��, ��, �� .

��: � �� . �� , �� , �� . �� . � �� , �� .
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JEL: J21, I121, I122

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��: �� -�� , � �� . �� , �� . ��, �� -�� , �� -�� , �� .
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JEL: M31, Q13.

�� : �� B2B (��), �� B2C (��), VMS (�� ).

��: �� (�� ), �� (�� .) � �� . �� . �� , �� B2C (��) � B2B (��) ��. �� (��) � �� (�� ) �� , ��, ��-�� ., �� , �� . �� , ��. � �� (VMS) �� , �� -�� , ��, �� . �� -�� , �� VMS.
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JEL: M41, Q19, H25

�� : �� , �� , �� , ��, �� , �� , �� .

��: � �� 41 �� 2 �� -�� . �� , �� . � �� , �� .
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JEL: M 41.

�� : �� , ��, �� , �� , �� .

��: �� , �� (��), �� . �� , �� , �� -�� . �� , �� , �� .
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JEL: M30

�� : �� , �� , �� , �� , �� , ��

��: �� , �� . �� , �� , �� , �� . �� , �� , �� , �� . �� , �� -��, �� , �� , �� .
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JEL: L83, �21

�� : ��, �� , �� , ��, ��

��: �� , �� , �� . �� . �� , �� , �� , �� . �� . �� -�� , �� . �� .
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JEL: �31.

�� : ��, �� , �� , �� .

��: �� - � ��-�� , �� . �� . � �� , �� -�� . � �� , �� , �� . �� .
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JEL: F19, L81.

�� : �� , �� , �� , �� , ��.

��: �� . �� , �� . �� , �� , � �� , �� , ��, �� . �� -�� , �� , � �� , �� , �� , �� , �� . �� B2C (�.�. �� , �� . �business to consumer�) � �� 2012 �� 2017 �., �� -�� .
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JEL: Z13

�� : �� , �� , �� , ��, ��, ��, ��.

��: � �� - �� , � �� - �� . �� , �� , � �� . �� , �� . �� . �� , �� . � ��-�� : �� . � �� , �� .
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JEL: D73, � 57, H 50, Q 01.

�� : �� , �� , �� , ��, ��.

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JEL: H7, C8.

�� : �� , �� , �� .

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JEL: D14, D80, G21, L81, L86

�� : �� , �� , SWOT ��, PESTEL ��

��: �� , �� , �� , �� . �� , �� , �� , �� . �� -�� , �� , �� , �� -�� .
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JEL: G22.

�� : �� , ��, �� , �� .

��: � �� 2015 �� . �� 2010�2014 �. �� , �� . � �� .
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JEL: C8, H7.

�� : �� , �� , ��

��: �� . �� . � �� , �� COVID-19, �� . �� -�� , �� 2003 �� 2020 �. � �� , �� .
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JEL: F60, O31.

�� : ��, �� , �� , ��, �� .

��: �� . � �� , �� . ��-�� , �� , �� , �� , �� , �� , �� , �� .
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JEL: G22.

�� : �� , ��, �� , �� , �� .

��: � �� . �� . �� , �� , �� , � �� , �� . �� I�. �� . �� , �� , �� . �� , �� , �� . �� , �� , �� .
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JEL: D83, L86, O33

�� : �� , �� , ��, �� -��.

��: �� , �� . � �� . �� . �� . � �� , �� , ��, �� . �� . �� -�� . � �� .
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JEL: D21, L21

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JEL: E22, F21

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JEL: O31, F29.

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JEL: A13, Z13.

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JEL: I21.

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JEL: M31, M37

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JEL: L63, L86, �21.

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JEL: � 21, � 41

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JEL: I23, H83.

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JEL: A2, O2, M10.

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JEL: Z0.

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JEL: C88, M15.

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JEL: O11, O14, O4.

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JEL: G32

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JEL: G30, L11, L25, M51.

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JEL: R11

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JEL: H70, J24, R50.

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