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Galina Zaharieva, Onnik Tarakchiyan, Andrey Zahariev
MARKET CAPITALIZATION FACTORS
OF THE BULGARIAN PHARMACEUTICAL SECTOR IN PANDEMIC ENVIRONMENT
Abstract:
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.
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Reis Mulita, Zurab Nasaraia, Oksana Konarivska, Svitlana Boiko, Tetiana Paniuk
SOCIETAL IMPACTS AND ETHICAL CONSIDERATIONS OF AI IN THE BUSINESS
Abstract:
Using advanced technologies in general, and AI in particular, are enabling and bringing valuable services and contributions to society in many directions. Likewise, for nature, their contribution is significant in different areas. But, as we consider the positive aspects of AI for society and nature, we must bear in mind that at the same time the advancement of technologies and the use of AI are causing societal side effects and external costs, which are tangible and visibly damaging society and nature. In this presentation, through literature sources and empirical findings, we will highlight the positive and side effects of the application of AI, assessing that the challenge of society and professionals in the field is to minimize side effects and external costs of AI, making the AI beneficial for humanity. The paper conveys the hypothesis that the application of AI Ethics is an effective tool to make AI useful and beneficial both for society and for nature. For this purpose, corporations and businesses of all sizes, must clearly articulate their attitude and behaviour in regard to the use of technologies. The collection of literature, empirical findings, analysis, comparison, generalization, and evaluations will be used as research instruments to testify the idea presented. The paper recommends that business organizations should apply the AI Code of Ethics as an integral part of their daily activity.
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Àlla I. Alekseeva
AN ANALYSIS OF THE IMPACT
OF INFLATION ON THE FINANCIAL
AND ECONOMIC ACTIVITIES
OF COMMERCIAL ORGANISATIONS
Abstract:
The article discusses the methodology of adjusting the indicators of financial and accounting reporting used for assessing the activities of commercial organisations in the context of inflation. This is extremely important for increasing the validity of management decisions. The calculations have been performed on the basis of a particular example of a functioning organisation.
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Galya Taseva
DETERMINANTS OF SHORT-TERM LIABILITIES OF FINANCIALLY DISTRESSED SME-S
Abstract:
The article studies the determinants of short-term liabilities of financially distressed small and medium-sized enterprises in Bulgaria. The research is based on data from the financial statements of one hundred non-financial enterprises in different industries in the period from 2014 to 2016, provided by the National Statistical Institute.
A company is defined as financially distressed if it cannot cover its short-term liabilities with its operating cash flow. By employing multiple regression analysis, we design a model, which shows the positive impact of the levels of net sales revenue, inventory, receivables from customers and suppliers and financial assets, and the negative impact of the ratio of current assets to total assets on the short-term debt of financially distressed SME-s.
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Galina Georgieva
FINANCIAL AND ECONOMIC ASPECTS
OF DEVELOPMENT OF THE TRADE, REPAIR
OF MOTOR VEHICLES AND MOTORCYCLES SECTOR IN BULGARIA
Abstract:
The paper analyzes the development of key financial measures in the Trade; repair of motor vehicles and motorcycles industry in Bulgaria. The study refers to data for the 2009-2019 period, retrieved from an official source – the NSI. The analysis of one of the key economic sectors in Bulgaria – Trade, repair of motor vehicles and motorcycles, and the measures studied from a financial and economic point of view, in particular, leads to the conclusion that it is highly dependent on everything that happens in the country in economic and social terms. In structural terms, the study consists of two main parts, covering the characteristics and trends in the Trade, repair of motor vehicles and motorcycles” industry in Bulgaria for the 2009-2019 period. The positive and negative factors affecting the sector are drawn as a result.
