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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
Abstract:
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.
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Ivan Marinov
ANALYSIS OF THE BEHAVIOUR OF ONLINE CONSUMERS FROM THE EUROPEAN UNION: RELATIONSHIPS AND EXTREME VALUES
Abstract:
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.
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Nguyen Thao Nguyen, Mien Thi Ngoc Nguyen
ANALYZING THE ADOPTION OF MOBILE BANKING SERVICE IN VIETNAM: EXTENDING UTAUT2 WITH FEAR OF COVID-19
Abstract:
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.
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Iskren Tairov, Nadezhda Koseva Stefanova, Alexandrina Alexandrova
ARTIFICIAL INTELLIGENCE APPLICATION
IN HUMAN RESOURCES MANAGEMENT
Abstract:
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.
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Katya Emilova Kirilova
BUILDING A CONCEPT FOR CYBER SECURITY OF AN EDUCATIONAL ORGANIZATION IN BULGARIA
Abstract:
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.
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Galina Chipriyanova, Mihail Chipriyanov
BUSINESS INTELLIGENCE COMPETENCE
AND ENTERPRISE RESOURCE PLANNING (ERP) SYSTEMS TOOLS
Abstract:
The study focuses on current aspects of implementing contemporary digital tools for solving planned tasks and achieving goals. The potential of integrated enterprise resource planning (ERP) systems is analysed, as well as the competence needed to work with them. Special attention is paid to the so-called Business Intelligence (BI) competence. The concluding part of the article assesses the potential of specific BI tools for solving various management tasks and successful realization of strategic goals
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Elżbieta Bukalska, Gabriela Dycha
COMPENSATION OF NARCISSISTIC CEOs WITH STAKE IN EQUITY: A STUDY OF POLISH COMPANIES
Abstract:
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.
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Giga Abuseridze, Nino Paresashvili, Teona Maisuradze, Badri Gechbaia, Levan Gvarishvili, Janis Grasis
COVID-19 AND RELATED GOVERNMENT
REGULATIONS’ IMPACT
ON EMPLOYMENT IN GEORGIA
Abstract:
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.
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Serghei Ohrimenco, Dinara Orlova, Valeriu Cernei
CYBER THREATS MODELING: AN EMPIRICAL STUDY
Abstract:
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.
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Dilmurod Turdiboyevich Azimov, Mariana Petrova
DETERMINATION OF THE EFFICIENCY
OF IMPLEMENTING BLOCKCHAIN TECHNOLOGY INTO THE LOGISTICS SYSTEMS
Abstract:
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.
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Sviatoslav Kniaz, Nelli Heorhiadi, Lesia Kucher, Yuriy Tyrkalo, Anna Bovsunivska
DEVELOPMENT OF A CUSTOMER SERVICE SYSTEM IN ELECTRONIC COMMERCE
Abstract:
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
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Marajn Angeleski, Olivera Kostoska
DIGITAL LEARNING IN A POST-PANDEMIC ECONOMY: EVIDENCE FROM EUROPEAN COUNTRIES
Abstract:
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.
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Lulzim Rashiti, Art Shala, Xhevat Sopi
DIGITAL MARKETING IN RETAIL BANKING – ANALYSIS OF MANAGERS’ ATTITUDES
Abstract:
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.
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Simona Cincalova, Leo Mataruka, Kamila Masarova, Joe Muzurura
DRIVING PROFITABILITY THROUGH SOCIAL RESPONSIBILITY: UNVEILING THE SUCCESS STORY OF AUTOMOTIVE PLANT STELLANTIS SLOVAKIA
Abstract:
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.
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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
Abstract:
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.
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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
Abstract:
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.
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Mangair Karasi Manickam, Mohd Zaidi Abd Rozan
EXPLAINING THE INTENTION
OF SOFTWARE DEVELOPERS TO PERFORM ENTREPRENEURIAL COMPETENCIES
Abstract:
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.
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Giorgi Katamadze, Mariana Petrova, Natela Tsiklashvili
FORMATION OF THE POST-PANDEMIC BUSINESS ENVIRONMENT IN GEORGIA: CHALLENGES
AND PREDICTIONS
Abstract:
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.
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Alex Atanasov
FROM BUSINESS ORGANIZATIONS TO JUDICIAL HIERARCHIES: ERROR CORRECTION LESSONS
Abstract:
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
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Lyudmil Naydenov
HOUSEHOLD EXPENDITURE DURING
A PANDEMIC: COVID-19 AND THE CASE
OF BULGARIA
Abstract:
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.
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Laura Pilukiene
HR MANAGEMENT CHALLENGES
IN THE CONTEXT OF THE COVID-19 PANDEMIC: THE CASE OF THE LITHUANIAN HOSPITALITY INDUSTRY
Abstract:
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.
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Milena Angelova
HUMAN RESOURCE MARKETING – HOW TO WIN THE WAR FOR TALENTS
Abstract:
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.
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Olena Sushchenko, Kateryna Kasenkova, Serhii Sushchenko
INNOVATIVE MARKETING TECHNOLOGIES
IN THE DEVELOPMENT OF THE TOURISM SPECIALIZED TYPES
Abstract:
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.
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Mariyana Pavlova Banova, Asen Bozhikov, Ivan Angelov, Iskren Tairov, Aleksandrina Borisova Aleksandrova, Kristina Georgieva, Mariela Stoyanova
INTEGRATING CRISIS MANAGEMENT MECHANISMS IN EUROPEAN COHESION POLICY
Abstract:
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.
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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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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
Abstract:
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.
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Snezhana Sulova, Olga Marinova
METADATA MANAGEMENT FRAMEWORK FOR BUSINESS INTELLIGENCE DRIVEN DATA LAKES
Abstract:
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.
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Zalozhnev A. Yu, Chistov D. V.
MODELS FOR MAKING DECISIONS
ON PURCHASE VOLUMES DEPENDING
ON THE ASSESSMENT OF UPCOMING RETAIL SALES
Abstract:
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
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Olena Sushchenko, Giga Abuseridze, Liubov Ivchenko, Sergiy Kravtsov, Tetyana Prymak
NOSTALGIC TOURISM MANAGEMENT BASED
ON GERMAN SETTLEMENTS IN SOUTHERN UKRAINE
Abstract:
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.
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Steen Bjerre, Anka Tsvetanova, Siya Veleva
PROFILING SCHEME FOR “POTENTIAL STRESS”
Abstract:
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.
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Michal Stoyanov
Q-COMMERCE – THE NEXT GENERATION
E-COMMERCE
Abstract:
Q-commerce is a product of the integration of information and communication technologies and the migration of product exchange in the online environment, which in combination with the possibilities of physical delivery within a relatively short period of time, creates a new business segment for product exchange. In the course of the article, general and specific methods such as the descriptive method, situational and content analysis are used. This paper presents the nature, features, status and future development of Q-commerce as the next generation of e-commerce. Q-commerce is a business model that is gaining momentum, which is a product of rapid development and penetration of digital technologies in human and business life, increasing concentration of urban population, anti-epidemic restrictions imposed during the pandemic of COVID-19.
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Ventsislav Vechev, Diana Papradanova
RELATED PARTY DISCLOSURES –
A PRECONDITION FOR IMPROVING
THE TRANSPARENCY OF THE FINANCIAL STATEMENTS OF COMMERCIAL BANKS
IN BULGARIA
Abstract:
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.
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Irina Dorogaia
RETHINKING THE ROLE OF THE LEADER
IN THE TRANSFORMATIONAL CHANGES
OF INDUSTRIALIZATION 4.0 FOR SMES
IN THE REPUBLIC OF MOLDOVA
Abstract:
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.
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Jorge Alfonso Lara Pérez, Francisco Canibe Cruz, Patricia Ramos Rubio
SCIENTIFIC MAPPING OF BUSINESS INTELLIGENCE AND ENTERPRISE RESOURCE PLANNING FROM 2003 TO 2022
Abstract:
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
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Roza Muratova, Dana Baigojaeva, Mariana Mateeva Petrova
SOCIO-ECONOMIC ASPECTS AND RISKS
OF URBANIZATION IN KAZAKHSTAN
Abstract:
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.
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Sonia Mileva Bojanova
SOFIA CITY TOURIST IMAGE IN SELECTED SOCIAL MEDIA
Abstract:
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.
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Ravi Kumar, Babli Dhiman
SPILLOVER EFFECTS BETWEEN INDOCHINA METAL FUTURES MARKETS
Abstract:
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.
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Xiaoqing Guo, Penka Shishmanova, Anna Orlova, Pavlo Nesenenko, Yana Mankuta
TECHNOLOGICAL THEORIES IN ECONOMICS AND MANAGEMENT: EVOLUTION AND APPLIED ASPECTS
Abstract:
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.
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Nikola Yankov
THE AREAL AS A TOOL FOR LOCAL
BUSINESS DEVELOPMENT AND PROSUMING
(A vision)
Abstract:
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.
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Ivan Marchevski, Krista Tsvetanova Neykova
THE CONSUMER CHOICE OF TOURISM PRODUCTS – SUSTAINABLE CRITERIA
FOR MARKET SEGMENTATION
Abstract:
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.
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Oksana Kiforenko
THE EU POLICIES AS THE PUBLIC ADMINISTRATION TOOL TO INCREASE
THE AGRICULTURAL PRODUCTS EXPORTS
Abstract:
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.
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Silviu Miloiu, Atanas Atanasov, Galina Chipriyanova, Radosveta Krysteva Hristova
THE GREEN AND SOCIALLY RESPONSIBLE BUSINESS IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT
Abstract:
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.
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Canh Chi Hoang, Bui Thanh Khoa
THE IMPACT OF REVIEW AND RATING ON CUSTOMER EXPERIENCE IN ELECTRONIC MARKETPLACES
Abstract:
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.
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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
Abstract:
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.
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Angel Stoykov
THE INFLUENCE OF SOCIAL MEDIA
ON ADVERTISING TOURISM SERVICES
(IN THE EXAMPLE OF BULGARIA)
Abstract:
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.
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Rumen Erusalimov, Ventsislav Vasilev, Aneliya Paneva
THE NON-LIFE INSURANCE MARKET IN BULGARIA – 15 YEARS AFTER THE COUNTRY'S ACCESSION TO THE EUROPEAN UNION
Abstract:
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.
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Cordelia Onyinyechi Omodero
THE ROLE OF CORPORATE TAX, EARNINGS
AND DEBT IN DETERMINING DIVIDEND POLICY OF FIRMS
Abstract:
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.
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Badri Gechbaia, Mariyana Bozhinova, Ketevan Goletiani, Giorgi Abashidze
THE ROLE OF HRM IN EMPLOYEE MOTIVATION: STRATEGIES AND KEY FACTORS IN THE MODERN WORKPLACE (EXAMPLE OF GEORGIA)
Abstract:
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.
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Olena Stryzhak
THE ROLE OF HUMAN CAPITAL FOR ECONOMIC DEVELOPMENT IN A DIGITALIZED WORLD
Abstract:
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.
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Liubov Ivchenko, Nataliia Pohuda, Olena Sushchenko
THE ROLE OF INTERNET RESOURCES AND SOCIAL MEDIA IN THE STRATEGIC DEVELOPMENT OF TOURISM
Abstract:
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.
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Plamen Yordanov, Tanya Ilieva, Yordan Yordanov
THE SOCIO-ECONOMIC POTENTIAL
OF VOLUNTARY PENSION INSURANCE
IN BULGARIA
Abstract:
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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Stanislav Aleksandrov, Galya Georgieva
UP-TO-DATE ISSUES RELATED TO APPLYING THE NEW ACCOUNTANCY ACT
Abstract:
The application of Directive 2013/34/EU of the European Parliament and of the Council on annual financial statements, consolidated financial statements, and related reports of certain types of undertakings required the introduction of some changes in current accounting regulations in Bulgaria. This paper focuses on issues related to applying the new Accountancy Act and some of the contradictions which have arisen as a result.
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Radi Dimitrov
CURRENT ISSUES IN ACCOUNTING FOR COSTS FINANCED BY THE EUROPEAN UNION FUNDS IN THE PUBLIC SECTOR
Abstract:
Projects, financed by the operational programmes under the European structural and investment funds, provide funding to individual sectors and activities under condition with the aim to enhance integration, increase the quality of operations and services, develop human resources, and in the long run to improve social, economic and political situation in the European Union Member States. The study clarifies the main problems in accounting for costs in relation to the implementation of these projects in budget organizations in the country. The focus is on regulations on the eligibility of operations and activities in regard to the absorption of the EU financial support.
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Atanas Atanasov
CONTEMPORARY CONTENT AND RESTRICTIVE MOMENTS REGARDING DOCUMENTING IN ACCOUNTING
Abstract:
This article researches the contemporary content and restrictive moments regarding documenting in accounting. It analyses and delineates the specific aspects of accounting documentation. It also makes an attempt to highlight the specific characteristics of documenting in accounting, as emphasis is placed on its key role in the reporting process of a company. It also clarifies the leading theoretical and applied significance of documenting as an element of accounting methodology.
Finally, a conclusion is drawn that, despite the constant dynamics and development of social and economic relations, the documenting of accounting transactions and processes is still a reliable source of information about the assets and the activities of a company. This determines the substantiated attempts towards its permanent improvement by building an information system for the accounting unit and is a prerequisite for the construction of an orderly and adequate accounting system for timely and complete encapsulatioin of the assets and the financial state of a company.
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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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Krasimir Shishmanov
AN ANALYSIS OF THE POSSIBILITIES FOR THE DEVELOPMENT OF INFORMATION SYSTEMS IN COMPANIES AND ORGANISATIONS
Abstract:
The development of information systems requires a lot more than implementing a particular technology or finding an information solution. What are also necessary is a deep strategic approach and an analysis of the possibilities and objective difficulties. One important condition in this process is the fact that the development of an information system must comply with global standards and must allow flexible set-up and adaptation according to specific individual requirements. This is additionally complicated by the fact that, at the moment, the conditions for the function of companies in our country require the achievement of positive results, which is realised in the short term and with budget cuts which affect the information infrastructure.
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Artem Ivanov
ANALYSIS OF M & A AGREEMENTS AND THEIR SECTORAL CHARACTERISTICS
Abstract:
The article analyzes the theoretical foundations of M&A agreements of different companies. The types and forms of M&A agreements were investigated. Due to the conducted analysis on the sectoral distribution of M&A agreements, it was concluded that the industry leader in this area was the mechanical and industrial equipment production, which led the industry rankings in terms of amount and value of such agreements in 2018. The main factors of the increase of M&A processes in the insurance industry in 2018 are introduced in the paper – raise of interest rates, increase of the amount of available capital, improved conditions for the world economy development, tax reform in the USA. Much attention is also paid to M&A banking activities in the USA. The article points out that the healthcare sector has been dominated by the ten largest pharmaceutical companies with the highest return on investments, which spent an average of 35% on M&A of total investment volume in R&D and M&A in recent years.
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Penka Goranova
ANALYSIS OF METHODS FOR BRAND EQUITY VALUATION
Abstract:
The impact of brands has become more powerful than ever in the contemporary world and brand managers are aware that brand growth and expansion are essential for the increase of sales and the development of companies in general. Leading companies like Xerox and Coca-Cola report that brand is as important to their performance as factories, innovations and capital are, since powerful brands attract wealthy customers and investors. The concept of brand equity has been widely employed lately. It refers to the financial worth which adds to the physical properties of tangible assets and of products in particular. Brand equity is in essence the measurement of the value added. The objective of this paper is to present contemporary methods for valuating brand equity and to provide a comparative analysis of their employment. In-depth knowledge about global practices in brand equity valuation is of fundamental importance to designing a successful and efficient branding strategy.
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Krasimir Kulchev
THE INTERPRETATION OF FINANCIAL STATEMENTS IN TERMS OF CONTEMPORARY FINANCIAL ANALYSIS
Abstract:
The evolution of financial analysis is accompanied by an extensive use of indicators whose calculation is based on data provided both by entities in their financial statements and by financial markets. The analysis of data and indicators generated by the capital market is considered to be of primary importance when studying the financial position of enterprises. This view is supported by a substantial number of analysts and, although not applicable to all enterprises, it raises a number of questions, two of them being whether the new analytical indicators are replacing the classic indicators of financial statement analysis and whether financial statements have retained their fundamental role as a primary source of data in studying the financial position of enterprises. The objective of this paper is to answer these questions by approaching the interpretation of financial statements within the context of some unorthodox views about the evolution of financial analysis.
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Alla Alexeyeva
ANALYTICAL PROCEDURES IN SALES FORCASTING BASED ON FACTORS OF INFLUENCE
Abstract:
The article discusses the analytical procedures that can be used by the auditor at the stage of obtaining information, such as the verification of the procedures in order to collect direct evidence of the errors, irregularities and false statements in financial reporting. The proposed methodology for the prediction of outcome indicators based on the "factors of influence” over the example of sales volume can be a simple and reliable tool in the arsenal of the auditor.
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Elena Yordanova
ASPECTS OF RATIONAL BEHAVIOUR IN ORGANISATIONAL MANAGEMENT
Abstract:
The paper deals with the specific features of some behavioural as¬pects of organizational management. It offers a slightly different interpretation by focusing on rational behaviour, which, in our opinion, is a major factor and a key driver of more efficient communication and management.
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Diana Kopeva, Nikolai Shterev, Dimitar Blagoev
A BUSINESS MOTIVATIONAL PROFILE: COMPARING THE ATTITUDES OF THE BUSINESS, ADMINISTRATION AND YOUNG PEOPLE
Abstract:
The issies of motivational attitudes and the studies in this field have always been relevent with reference to the dynamics of the business environment and the fast changes in them within this context. For this reason, there are numerour previous theoretical, methodological and practical studies which do not bellitle the importance of any subsequent study.
In connection with the above mentioned, the present survey studies and analyses the motivation of employees and managers of business structures and public administration. Its aim is to analyse and make a comparative analysis of the motivation of managers and employees working in business organizations and in the public administration and the attitudes of young people who study business towards their future professional realization.
The study is structured in three parts which outline the theoretical and methodological foundations of motivation, the motivational profile and competences; present the results of the administered questionnaires; summarize the findings and draw conclusions.
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Nadezhda Filipova
BLOCKCHAIN – AN OPPORTUNITY FOR DEVELOPING NEW BUSINESS MODELS
Abstract:
Over the last years, the blockchain technology has attracted the attention of both business users and IT specialists. In essence, blockchain or a chain of blocks is a distributed and decentralized database replicated across the multiple nodes of a network. Until recently blockchain has been associated mainly with cryptocurrencies, but nowadays it is revealing its serious potential as a means of replacing the business models that facilitate the operations of business organisations and the communication between them. The utilisation of the advantages provided by blockchain, however, requires their appropriate interpretations within the framework of business processes. With reference to this, the article analyses some of the main concepts and mechanisms of this technology. Special attention is paid to the interrelation of blockchain and distributed ledger (DLT) technologies, hashing of transactions and data management through consensus as well as the so called “smart contracts”. A parallel is made between the capabilities of public and private blockchain. Based on this, the study defines the fundamental blockchain characteristics and the advantages resulting from them. It is suggested that the blockchain technology offers a solution to the primary problem of trust between people in the context of global communication and ensures better transparency, reliability and security of data and business processes. In addition, the author outlines certain potential technical and business risk that have to be taken into consideration in the process of data transfer with reference to blockchain.
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Tanya Gorcheva
BULGARIAN TOURISM – BETWEEN
CLASSICAL AND POPULAR GENRES
Abstract:
The nature of developing tourism as a business depends largely on the objectives pursued and on the demand of the tourists it attracts as customers. To determine the nature of the modern tourist business in Bulgaria, this article focuses on the quality and characteristics of its realisation as an industry. The aim is to determine whether best examples or negative practice prevails in the tourism business in this country. The presented formulation implies a comparative analysis of tourism in Austria and Bulgaria, based on criteria that reveal its core characteristics from the perspective of market competition and the principles of sustainable development. Parallels are sought between the impact of economic reforms in Bulgaria in the period of transition and the present tourism business in the country.
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Vladimir Gorbunov, Dmitry Denisov
PROBABILITY METHODS
FOR ASSESSING FINANCIAL RISKS FOR ENTERPRISES
Abstract:
The paper reviews methods for risk assessment which could be employed in the financial management of enterprises. The set of methods proposed renders it possible to assess the impact which different risk factors upon the efficiency of implemented projects and the effect of anti-risk measures on the financial performance of companies and thus identify the most efficient measures according to the criterion selected for project evaluation.
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Alexander Kochetkov
TYPES OF HIERARCHICAL STRUCTURES AND MANAGEMENT EXPENDITURES FOR INNOVATIVE SYSTEMS IN ENTERPRISES
Abstract:
This article proposes a new approach to the classification of management structures and costs in the innovation system of an industrial plant. The need for the establishment of a new classification of the types of management structures has been argued based on an analysis of literature sources. With the differentiating of unexplored management structures, some of their most typical characteristics have been defined. A concept for management costs in industrial plants and possible methods for their reduction have been presented.
Specific proposals have been indicated to reduce management costs which are presented in the following areas: improving the qualifications of employees; changing the specialisation of managers; changing the number of managers in the hierarchy; changing the optimal rate control; increasing the rate of exchange of information flows between performers and managers; rearranging the hierarchy; reducing workplace organisational costs.
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Milka Bakyrdzhieva
THE POWER BETWEEN KNOWLEDGE
AND CONFORMITY
Abstract:
This article is dedicated to the phenomenon of “power.” At the beginning, power is discussed in more general terms as the “purposeful impact on people” is emphasised. Then we move on to knowledge as the only source of high-quality power in comparison to the other two “supreme” sources, namely force and wealth, as opportunities are sought for its inclusion in the real forms of power at an organisational level. The aim of the third section is to present attitudes regarding power and conformity towards those who have positions of power.
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Boryana V. Dimitrova, Brent Smith, Saejoon Kim
DOES HOST COUNTRY CULTURE AFFECT FOREIGN RETAILER PERFORMANCE?
Abstract:
Using Hofsede’s framework of national cultural orientation, we examine whether cultural values can explain foreign retailer performance. Our results show that host country individualism and uncertainty avoidance are negatively related while host country indulgence is positively related to foreign retailer performance. We also point to theoretical and practical implications of our research.
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Atanaska Reshetkova
INFLUENCE OF BRANDS ON PRODUCT SATISFACTION
Abstract:
The article reports the results of causal research aiming at studying the influence of brands on the levels of consumer satisfaction with products in the category of fast-moving consumer goods. During the conducted laboratory experiment, two independent groups of consumers were given the same product but with and without information about its trademark. The collected satisfaction data was analysed using the method of structural equation modelling, with particular attention being paid to the findings of the “importance – performance” analysis. We found that the availability of information about the brand actually affects the level of consumer satisfaction with the product.
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Djabari Abdelouahab
THE IMPACT OF INNOVATION ON PERFORMANCE OF SMALL AND MEDIUM ENTREPRISES (SMES) IN ALGERIA
Abstract:
Small and Medium-Sized Enterprises (SMEs) face tremendous challenges in their attempt to pursue innovations. Innovation has been considered as a key element for the growth of small and medium sized enterprises (SMEs) for a long time. This field of research has been a subject to numerous studies. In Algeria, however, very few researches have dealt with this subject. The aim of this paper is to explore the effects of the organizational, process, product and marketing innovations on the different aspects of small and medium-sized enterprises (SMEs) performance.
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Bogdan Stetsenko
THE EFFECT OF ASYMMETRIC INFORMATION ON THE ACTIVITIES OF NON-STATE PENSION FUNDS IN UKRAINE
Abstract:
This paper considers the impact of information asymmetry on the activities of non-government pension funds in Ukraine. Based on the established model of non-governmental pensions in Ukraine, it looks at peculiarities in the formation of information flows in the operation of non-government pension funds (NPF). It has been determined that information asymmetry has the most significant effect on the activities of Ukrainian NPF at two levels: first, in the context of access to information for current and potential members of non-governmental pension provision; secondly, due to the low transparency of the corporate sector, which reduces the possibility of the efficient investment of pension assets. It has also been established that overcoming information asymmetries in the market of non-government pensions is possible only if government regulatory efforts are synchronised and effective financial communication at the level of the NPF is implemented for issuers of securities and other market participants.
-
Stanimir Slavov
THE EFFECT OF HABITS
ON THE MANAGEMENT PROCESS
Abstract:
The management process is directed towards achieving certain goals. Its realisation is affected by a multitude of factors, including the habits of managers and their subordinates. Consciously or unconsciously, habits determine the behaviours of individuals in their personal and working lives. When the personal and work habits affect positively the manner of making decisions, the completion of particular tasks, the achievement of goals, etc., this can result in either an effective or ineffective management process. The combination of positive and negative habits places individuals in different situations at their work place, which in turn requires from managers to interfere adequately. They should look for opportunities for managing both their and their subordinates’ habits. This demands from them to be able to use their leadership skills as well as to have thorough knowledge of the habit formation process.
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Karmen Dimitrov Vranchev
IMPACT OF DIRECT GERMAN INVESTMENTS ON BULGARIAN ECONOMY
Abstract:
The impact of foreign direct investments on the economy of the host country is indisputable. They affect national production, its volume and structure, trade (imports and exports), the local market and competition, employment and income, innovation and technological development, etc. Their effects are evident at company (micro), state (macro) and regional levels. The article analyzes the significance of Germany and the direct investments of German origin for our economy, as well as the impact of Aurubis Bulgaria as the largest German investment through direct, indirect and multiplier effects on the metallurgical industry in Bulgaria and the company’s role in the economic growth of the country.
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Mohamed Mostafa Ali Albaz
THE IMPACT OF TECHNOLOGICAL ENTREPRENEURSHIP ON ACHIEVING HUMAN DEVELOPMENT IN THE EGYPTIAN CHEMICAL COMPANIES
Abstract:
Purpose: The main objective of the research is achieving human development in Egyptian chemical companies, increasing the rate of productivity and technological development through the strategic impact of technological entrepreneurship and building authority in the business world at local, regional and global level.
Practical implications: The state seeks to adopt the technological entrepreneurship of Egyptian chemical companies in order to achieve human development in the light of the Strategy of Sustainable Development.
Originality/value: The approach of technological entrepreneurship should be adopted in companies with the aim of developing sustainable human resources. The research paper covers the human development framework of chemical companies.
Findings: The dimensions of technological entrepreneurship have a strategic role in building technological production plans and programmes for the chemical companies that achieve the highest performance rate of human development.
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Zaki Muhammad Abbas Bhaya, Basim Abbas Kraidy Jassmy
THE IMPACT OF THE BRAND IN ACHIEVING COMPETITIVE ADVANTAGE:-AN ANALYTIC STUDY ON ZAIN IRAQ'S MOBILE
CELL-PHONE COMPANY
IN AL-DIWANIYAH GOVERNORATE
IN IRAQ
Abstract:
This research aims to find out the role of the Brand in the process of achieving the competitive advantage from strategic perspective through identifying the important role that the marketing activity has in the work of companies. This research seeks to achieve its objectives through the analysis of decisions and the importance of the Brand in Zain company for communication.
It also demonstrates the Brand's role in satisfying the customers' desires. The researcher has used (Porter) strategies, he supposed that there are three strategies: (Cost Leadership Strategy, differentiation Strategy, Focus Strategy), researcher used (SPSS) for the statistical analysis of the gathered data through the analysis of both of the correlation, regression and (ANOVA).
The researcher reached a number of conclusions and the most important of them was the existence of a strong correlation between companies and brand can be used to achieve the competitive advantage in the Zain company for communication through the services made by its distributional outlets
-
Borislav Borisov
OPPORTUNITIES AND PROBLEMS
IN IMPLEMENTING ELECTRONIC DATA SYSTEMS FOR FINANCIAL MANAGEMENT AND CONTROL IN THE PUBLIC SECTOR
Abstract:
The methodological and normative framework of the internal control is constantly developed and enriched, as a result of external and internal challenges and the accumulated experience in the organizations. Internal Control - Integrated Framework (ICIF) of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) laying the foundations and principles of the modern understanding of internal control, also got a new edition in 2013. One of the goals of change is its rules to comply with the requirements of the Sarbanes-Oxley or SOX Act. The normative base of the financial control in the organizations from the public sector in Bulgaria is adequate to the elements and principles of the updated version of ICIF, but its implementation shows some shortcomings due to the formal attitude to the requirements and the lack of an appropriate "tone at the top" in some organizations. The article emphasizes the need for electronization of control systems in public organizations. The possibilities of some cloud-based software products and electronic platforms for improving the efficiency and transparency of control are presented.
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Ventsislav Vechev
POSSIBILITIES FOR IMPROVING THE ACCOUNTING OF CERTAIN FINANCIAL INCENTIVE SCHEMES FOR BANK STAFF
Abstract:
Regardless of the increasing role of technology, the main factor of each system are people with their qualities and experience. The fact that nowadays the majority of activities related to collecting, summarising and systematizing of information are carried out by information technologies does not diminish the role of individuals in terms of analysing the results, decision-making and developing an overall company strategy.
To stimulate the creativity of their key employees, companies use different methods of financial incentives. The aim of conducting such policy, on one hand, is to increase employees’ motivation to work and at the same time to encourage their long-term involvement in and commitment to the future of the company.
The object of study in this article is the accounting interpretation of some basic approaches (forms) to financial incentives of bank staff.
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Plamen Yordanov
AGE AS A DETERMINANT OF PENSIONS FOR INSURANCE PERIODS AND OLD AGE IN BULGARIA
Abstract:
Age is one of the qualifying conditions which entitle insured persons to receive cash benefits from insurances for old age. Nevertheless, at this stage, the practice of linking the amount of pensions to the age at which they are awarded is rather limited in pensions insurance practice. The objective of this research is to study the significance of age to the pension insurance systems of EU states and hence propose a mechanism which makes it possible to link the amount of pensions for insurance periods and age in Bulgaria to the average life expectancy after retirement.
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Marina Nikolova
THE NEED TO EVALUATE ECOSYSTEM BENEFITS
Abstract:
To preserve our environment means to preserve the soil, the water, and the natural resources, i.e. life on our planet. And indeed, unspoilt nature is not only a prerequisite, but also valuable capital for doing business successfully, i.e. developing eco-tourism, organic farming, sustainable forestry, etc. On the one hand, managerial decisions which employ environmentally friendly production methods in our country make it possible to manage eco-systems (and bio-diversity in general). On the other hand, eco-systems provide a wide range of useful services and thus improve the quality of our life and create favourable conditions for the long-term well-being of people. The value of eco-systems will increasingly continue to grow in the future, mainly due to the loss of eco-systems.
Therefore, the need to evaluate the services provided by eco-systems is becoming more obvious. Conscientious management of natural capital and services provided by eco-systems lead to increased social and economic sustainability not only at a regional and national level, but on a European and global scale as well.
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Venelin Terziev, Marusya Lyubcheva
INTERNAL AND EXTERNAL CHALLENGES FACING HIGHER EDUCATION
Abstract:
The article addresses the challenges facing higher education, related to the demographic problems and the quality of process management. The free movement and the single education area are changing attitudes, especially those of young people and their choice where to receive education. The demographic crisis, migration and the lower quality of previous levels of education are further exacerbating the situation in higher education. The article argues that a change in the educational management is necessary in order to find solutions to deficits and to build a model of ‘engaged universities’ where the quality of education is maintained at a level consistent with socio-economic processes.
-
Dmitriy Lukianenko
GLOBAL INDIVIDUALIZATION SUBJECTIVE DISPOSITION TRANSFORMATION
Abstract:
This article investigates the issue of global development individualization brought about by 21st century transformations. It substantiates the need to resort to new approaches while analyzing the subjective disposition of the global economy and politics in the process of modern institutional system formation, accounting for global corporatization tendencies, competition, leadership, socialization and ecologization. The author considers the preconditions and motives of global individual leadership in economic, political, social and cultural domains, with their peculiarities regarding Ukraine accentuated, and outlines the crucial role of innovative leaders in insuring globalization processes.
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Stanimira Yordanova, Kliment Toshkov
AN AGILE METHODOLOGY FOR MANAGING BUSINESS PROCESSES IN AN IT COMPANY
Abstract:
Agile methodologies embrace project management methods, techniques and tools that seek to continuously improve products; ensure the agility of project scope, performance of self-organizing teams and the release of quality products. Scrum and Kanban are two of the most popular agile methodologies which IT companies use to develop software products and improve the management of their business processes.
The aim of this paper is to suggest an agile methodology that combines Scrum and Kanban elements and techniques. The methodology has been deployed in the Customer Service Department of an IT company in order to improve team management and optimize the performance of the department. In result of employing the suggested agile methodology to the management of business processes in the department, a high degree of awareness about the progress of ongoing tasks has been achieved.
-
Anna Wiatr
FLEXIBLE WORKING ARRANGEMENTS – CURRENT CONDITIONS AND RESEARCH DIRECTIONS
Abstract:
The Covid-19 pandemic has led to a global experiment in relation to flexible organisation of work practices, mainly remote work. It can be assumed, that in the near future these practices are going to be developed in a different way than we know today. The article summarizes the state of knowledge of flexible working arrangements development prior to Covid-19. Furthermore, it summarizes the research done thus far, indicating both the factors which have an effect on the development of practices and the benefits of implementation as well as potential barriers. It draws attention to the elements that will determine effective implementation and use of practices and which, it can be assumed, will be subjected to further research.
-
Georgi Gerganov, Violeta Blazheva
TAX PREFENRECES AS A FORM OF STATE SUPPORT FOR FARMERS
Abstract:
The vital importance of agricultural production and the interweaving of economic and biological processes determine the need of more state intervention in carrying out the agricultural policy in our country. This policy is implemented by government assistance, government subsidies and grants and tax relief (preferences).
This article characterizes tax preferences as assistance for investments in tangible and intangible assets on farms involved in primary agricultural production. On this basis, the authors offer options for accounting entries in in case of reporting retention of corporate tax and analyse its impact on financial result.
-
Yordan Yordanov
DEMOGRAPHIC DETERMINANTS AND CHALLENGES TO SOCIAL PROTECTION FOR MATERNITY IN BULGARIA
Abstract:
The starting point of this study is the understanding of maternity as a condition related to the biological and social function of women for the reproduction of human race, performed by the mother with the birth and upbringing of children in early childhood and to acquire the ability for economically independent living alone or together - in the family or the parents’ household. Placed on this basis, the issue of social protection in maternity becomes extremely relevant in the context of demographic and socio-economic challenges to the development of modern society. The study attempts to substantiate the thesis that the system of social payments for pregnancy, childbirth and child-rearing has unused potential to become a working tool of demographic policy with a significant contribution to improving the demographic profile of the Bulgarian population, in connection with which ideas are presented about the possibilities for their organisational development and improvement.
-
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.
-
Dariusz Nowak
DETERMINANTS OF THE DEVELOPMENT OF INTER-ORGANIZATIONAL RELATIONS
Abstract:
Nowadays, the cooperation is considered as one of the basic paths of enterprise development. For many entities, it is a chance of improving or increasing competitiveness, for others it is a necessity because the lack of cooperation could cause serious perturbations. However, it is emphasized that the decision to cooperate must be conscious. The effect can be on one hand the benefits, on the other hand there is the possibility of generating losses. Due to the fact that most of the relations between the cooperating companies are antagonistic, it is worth considering the factors that guarantee the effectiveness of cooperation. This paper attempts to identify the key factors that favour and limit the effectiveness of inter-organizational collaboration. The first part of the paper presents theoretical reflections on the essence and nature of cooperation. The second one focuses on the result analysis of a survey on determinants of cooperation conducted during the year 2015 on a sample of 192 entities.
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Rumen Erusalimov, Tanya Ilieva
SUPPLEMENTARY PENSION INSURANCE – INDIVIDUAL OR COLLECTIVE ALLOCATION OF THE PENSION FUND
Abstract:
Three financial coverage systems are known and applied in the theory and practice of pension insurance: cost coverage, capital coverage and premium coverage. These systems show how operating pension costs will be allocated over time as well as among those insured. The common thing between them is that they are based on a large aggregate insurance and on the principle of mutual assistance and solidarity between the participants. In the cost coverage system and the capital coverage system solidarity encompasses all age generations while in the premium coverage system the principle of mutual assistance is spread over a particular age generation.
Some of the regulations in the Social Security Code make it impossible to apply the financial systems already mentioned in supplementary pension insurance. This strongly impedes actuary calculations and the effective allocation of the accrued pension funds.
The results obtained from the numerical example calculated in this article clearly show that it is necessary to reconsider certain passages in the Social Security Code and consequently to proceed from an individual to a collective allocation of supplementary pension insurance funds.
-
Petyr Banchev
THE EVOLUTION OF THE MARKETING PARADIGM
Abstract:
: The evolution of the marketing paradigm. Over the last decade, mar¬ket¬ing has started to develop new content in its paradigm, based on rethinking existing mar¬keting hypotheses for identifying, studying and solving the problems of economic life. Un¬der the influence of revolutionary changes in business and of so¬cie¬ty in general, the interest of business in human values and public welfare has increasingly become a topical issue. The article reveals the logic of the evolution of the marketing paradigm of business from products and their sale (product-centric), through to the market represented by buyers (market-centric) to people, their values and spirit (human-centric). It discusses the main points of historical and logical developments in the conceptual aspects of the marketing paradigm. It also examines the new content of the modern marketing paradigm - oriented towards taking into account human values and spirit to enhance public welfare and safety. This article also presents new directions in the development of the marketing concept and of the mar¬keting system. Thus the marketing approach to business management acquires new conceptual, problem and instrumental dimensions.
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Hristo Borissov Tsvetanov
THE EVOLUTION OF THE REGULATORY FUNCTION OF THE STATE IN THE ECONOMY AND THE ‘INVISIBLE HAND’ OF THE MARKET
Abstract:
The paper presents the evolution of economic thought from its birth in ancient Eastern societies till present day, in terms of different approaches to property; the need of laws; state intervention and regulations. We review major economic theories within the historical context in which they appeared to arrive at arguments in favour of or against state intervention in the economy of a nation, in contrast to the effects produced by the ‘invisible hand’ of the market.
-
Nikola Yankov
A VISION ABOUT THE CORRELATION RECONTINENTALISATION-INTEGRAL CONNECTIVITY OF THE EUROPEAN UNION
Abstract:
The article discusses the manner in which tracing, designing and implementing trans-continental meridian transport corridors and axes could facilitate the development of peripheral and marginalized EU regions. We do so after relating the issue of integral connectivity to the framework of a process referred to as re-continentalisation (or, sub-recontintalisation with reference to the European Union).
It presents a vision about better transport connectivity between countries in the eastern part of the EU, and between Bulgaria and Romania in particular. The article states that after their meaningful integration, the specific transport corridors, axes, sub-axes and connectors become an essential tool for the joint (economic, social and environmental) development of some less-developed regions in those countries.
It also identifies specific tools for the conceptualization and development of the EU Road Transport Grid, as well as some ideas and visual models about trans-national meridian transport corridors.
-
Irena Misheva
EXPERT ASSESSMENT
OF THE ENVIRONMENTAL RISK
OF TECHNOGENIC NATURE – AN ELEMENT OF THE ENVIRONMENTAL POLLUTION LIABILITY INSURANCE OF THE INDUSTRIAL ENTERPRISES
Abstract:
The article deals with the issues of insuring the environmental pollution risk in economic enterprises. In addition, the research outlines the structure of the environment with reference to the operations of enterprises with hazardous waste production; it also analyses the elements of the environment and the risk factors, which determine the risk situations in the industrial enterprises. Finally, the article discusses the primary role of environmental pollution liability insurance within the concept of risk management in the industrial enterprises.
-
Petya Emilova
E- LEARNING IN BUSINESS ORGANISATIONS – NEW CONCEPTS, TECHNOLOGIES AND MODELS
Abstract:
E-learning systems (EL) have established themselves as a key management instrument in business strategies for human resource management, for the improvement of the efficiency of processes for professional staff development and for the development of corporate knowledge.
The aim of this article is to present some of the new concepts for EL – an ecosystem for EL, collaborative learning, lifelong learning, ubiquitous learning, EL as a method for knowledge creation and the generation of collective intelligence. Furthermore, it aims to outline the potential of the key information technologies – mobile technologies, Web 2.0 and cloud services - for the development of efficient strategies and models for EL usage, its transition into an efficient and effective business practice and its establishment as a leading, electronically implemented activity (e-activity). To achieve the objective of the research article the following methods have been used – logical methods such as analysis, synthesis and comparison, and theoretical research methods such as abstracting and summarizing. The main empirical method applied is that of modelling.
-
Nataliya Nikolaevna Kulikova
THE LIFE CYCLE OF PARTNERSHIPS
BETWEEN COMPANIES
IN THE RUSSIAN ELECTRONICS INDUSTRY
Abstract:
Professional players on the Russian market in microelectronics form temporary partnerships so that they can design and develop microelectronic devices with a certain life cycle. This paper proves that the capacity of such partnerships to develop successfully and to achieve the goals they have set depends on the stages of their development, i.e. the stages of a partnership life cycle. The materialisation of these partnerships refers to all stages of the technological value chain of microelectronic devices, which allows each professional player on the Russian market in microelectronics to perform their functions. Each stage of the partnership life cycle relates to specific features and key success factors. By analysing the stages of partnerships life cycles, it is possible to predict and identify potential problems in terms of the materialisation and development of inter-organisational relationships.
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Plamen Patev, Kaloyan Petkov
SIGNIFICANCE OF THE PORTFOLIO SCOPE FOR IMPROVING THE RESULTS
OF THE ACTIVE PORTFOLIO MANAGEMENT– FOLLOWING
THE EXAMPLE OF THE EMERGING STOCK MARKETS IN SOUTHEAST ASIA
Abstract:
Active portfolio management is widely used in investment practice with the goal of securing better performance results from the investment process. Active portfolio management has gathered significant attention from both academics and practioners. Our goal is to investigate the class between two competing ideas. On one hand increasing the Breadth of the portfolio we should have bigger diversification effect. On the other hand increasing the number of assets (Breadth) should lead to smaller forecasting ability and therefore lower . Presented results show that our first hypothesis is confirmed – increasing the number of assets in the portfolio magnifies the effect of the active management. Additionally we show that when managers increase their Breadth, they increase not only IR, but also manage to decrease which shows better stability of our forecasting skill through time.
-
Krasimira Slaveva
BUILDING AN EFFECTIVE RELATIONSHIP "EDUCATION-SCIENCE-BUSINESS" - STRATEGIC OBJECTIVE AND MEANS FOR INCREASING THE EFFICIENCY OF HIGHER EDUCATION EXPENDITURES
Abstract:
In the modern conditions of knowledge-based economy, higher education has the extremely responsible task of preparing specialists with a high level of theoretical and practical knowledge, skills and competencies in the relevant professional fields. The processes of internationalisation and globalisation in education pose a number of challenges to higher education institutions in Bulgaria, expressed in improving the quality of education and the practical applicability of the acquired knowledge, increasing the applied research of the academic staff and the formation of students’ research skills. The article examines the dynamics of key indicators for the higher education system in order to establish objectively formed regularities and trends and to assess the effectiveness of higher education costs.
-
Emil Denchev
THE DEVELOPMENT OF A MODEL
FOR THE CONSOLIDATION OF INFORMATION IN SMALL
AND MEDIUM-SIZED ENTERPRISE (SME) CLUSTERS
Abstract:
The aim of this study is to improve the level of information support of a cluster by developing a model of an ERP system that consolidates information at the cluster level. The research tasks are: - a survey of the clusters, members of the Association of Business Clusters (ABC) in Bulgaria, analysis of the results of the survey and drawing of conclusions for the identified information support problems, analysis of the alternative solutions of the information problems, development of a conceptual model of an ERP system, development of a universal software model and software module for generating consolidated information. The model is approbated using the MS Dynamics Navision ERP system. The proposed solutions allow consolidation of cluster-level information, either horizontal or vertical, for the needs of cluster management.
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Sviatoslav Bespalov, Khrystyna Mitiushkina, Hennadii Chernichenko
ECOLOGICAL AND ECONOMIC DEVELOPMENT DIMENSIONS
OF THE COUNTRIES WITH THE USE
OF CLUSTER ANALYSIS TOOLS
Abstract:
The article examines the features of the application of cluster analysis to assess the level of greening the economies of the countries of the world. A sample of indicators on which the economy of developed countries is based, in particular, the standard of living in the country, anthropogenic load, energy intensity of the economy, has been carried out. Taking into account these indicators, the countries of the world we¬re clustered into three main groups and the fourth is presented as general (background) data. The features of the greening of the economies of the countries of each group are characterized, the similarities and differences are determined. A hypothesis is put forward about the relationship between the level of economic development and anthropogenic load in states.
-
Teodora Dimitrova
DIMENSIONS OF EXCISE POLICY
IN BULGARIA
Abstract:
Excise duty, being a form of indirect tax revenue, is one of the significant fiscal policy tools of the state. In this context, issues related to the excise policy pursued in Bulgaria remain relevant and are of special interest to the EU, legislative and executive authorities, financial administration, taxpayers and consumers of excisable goods. The study analyses the national dimensions of excise policy, the harmonisation of Bulgarian excise duty taxation with that of the EU, the practice of excise duty taxation in EU member states and the specifics of Bulgarian practice in the field of excise duties. The aim is to point out similarities, principal differences and challenges as well as to make decisions regarding public sector efficiency.
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Daliborka Blazeska, Natasha Ristovska
THE USE OF SOCIAL MEDIA AS AN EFFECTIVE TOOL FOR OBTAINING SUSTAINABLE COMPETITIVE ADVANTAGE
Abstract:
Achieving a sustainable competitive advantage depends on the innovations which are largely dependent on the online marketing that initiates the use of social networks which enable the improvement of long-term relationships of the company and the focus on the particular target group. Their best results are achieved as a result of the creativity and they are ideal medium which does not require huge money investment, but energy, thinking, time and knowledge. The investment in marketing activities in the social network cannot be considered as a simple venture but as a management of several goals: the user should get to know the brand, interaction of the user with the brand and oral transmitting of the message.
The paper focuses on the analysis of social networks and their influence in the direction of promoting two-way, i.e. interactive communication with consumers. On the other side, in the paper answers will be given to the question: “Which of the social networks are the most effective tools for promotion?” The results show that the applications of modern and innovative methods in the field of internet marketing are crucial for distinguishing and creating a competitive advantage.
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Aglika Kaneva
THE EFFECT OF SOME BANK INDICATORS UPON THE GDP, THE UNEMPLOYMENT RATE AND FOREIGN DIRECT INVESTMENT IN BULGARIA
Abstract:
The article presents the findings of a research into the effect that loans to non-financial corporations, household deposits and interest rates on new business loans in Bulgarian currency to non-financial corporations have upon the GDP, the unemployment rate and foreign direct investment in Bulgaria. The research employs regression analysis and provides a review of related literature about the impact of bank loans, bank deposits, interest rates on bank loans and deposits, as well as other bank indicators upon economic growth, employment and investment.
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Svetlana Nikolova
RESEARCH ON THE CORRELATION BETWEEN INNOVATIVE ACTIVITIES AND COMPETITIVENESS IN BULGARIAN COMPANIES
Abstract:
This article throws light on the theoretical and practical aspects of the existing bilateral correlation between innovative activity, innovative activities and company competitiveness. In the course of this analysis it is emphasised that, on the one hand, the level of company competitiveness in organisations which determines the intensity of innovative activities is the result of the state of the competitive environment. On the other hand, the innovative activities of companies which determines the degree of their company competitiveness is also the result of the state of this external compet¬itive environment. This means that a bilateral correlation exists between the innovative activities of organisations and their company competitiveness, and it is dependent on the state of the external competitive environment (i.e. it is the uniting link in this correlation).
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Ralitsa Dimitrova
RESEARCH ON THE LIFE CYCLE OF PUBLIC COMPANIES OF THE SOFIX INDEX
Abstract:
Organizations, similar to living creatures, have a life cycle and undergo a number of recurrent and predictable models of behaviour throughout their growth and development. It is namely the proper diagnosis of the life cycle and the adequate choice of strategy that could be at the basis of an organization’s success. This article makes an attempt to apply Adizes’ model of life cycle to the financial diagnosis of Bulgarian public companies. The “healthy” state of the companies of the SOFIX index has been diagnosed and the life cycle phase in which each of them is at has been determined.
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Rositsa Koleva, Stela Kasabova
A STUDY ON GUEST SATISFACTION WITH HOTEL SERVICES
Abstract:
Maintaining high competitiveness in tourism (in particular, in the hotel business) contributes both to the long-term development and the management of regions and to the sustainable and competitive development of regional tourist destinations. This article presents issues related to the competitiveness of tourism in Bulgaria through evaluating the hotel services offered to visiting tourists. The results obtained are based on a survey of four hotels (located on the Bulgarian Black Sea Coast) conducted in August 2012. The article consists of two parts: an analysis of the services offered in the hotels monitored (front desk service, an assessment of the rooms and the restaurant at the related hotel and grading nine types of services) and an evaluation of the satisfaction of the tourists interviewed regarding the services offered. The study specifies the quality characteristics of the services in the hotels surveyed and the importance of these services according to the perceptions of the tourists interviewed. On this basis, the degree of satisfaction of tourists regarding the services offered has been determined and guidelines have been given on how to improve the quality characteristics of these hotels.
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Snezhina Zaharieva Ivanova
STUDYING THE SITUATIONAL BEHAVIOUR OF THE HUMAN FACTOR IN ORGANISATIONS DURING A CRISIS
Abstract:
The behaviour of individuals in a specific situation is determined by their personality traits, the features of the organisation and the specifics of the situation. It is therefore essential that those parameters could be diagnosed promptly and reliably. After studying a number of phenomena that describe individuals’ behaviour in a particular situation, the locus of control and organizational commitment were identified to be the two most useful constructs for assessing organizational environment and predicting probable behaviour of the human factor in organisations. After measuring the values of the two constructs in companies operating in the in the Shipbuilding and ship repair sector in District Varna, it was estab-lished that those constructs have a good predictive value for the situational behaviour of the human factor during a crisis in an organisation.
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Nelly Stangacheva
THE ECONOMIC IMPORTANCE OF THE INVESTMENT DECISION OF KOZLODUY NPP TO EXTEND THE SERVICE LIFE
OF UNIT FIVE AND UNIT SIX
Abstract:
In the contemporary dynamically changing macroeconomic and legislative environment, the issue of the efficiency of the investment decision to extend the service life of unit five and unit six of the only enterprise in the Republic of Bulgaria which uses nuclear power in the technological process of generating electricity is of crucial importance. Considering the fact that the materialization of any investment is an essential prerequisite for accomplishing the major objective of a company while ensuring that sources of funding are rationally exploited, the behaviour of Kozloduy NPPP is undoubtedly defined in unison with the imperative regulations of Bulgarian legislation and the priorities of Europe 2020 Strategy which aim at achieving sustainable development by promoting a more resource-efficient, sustainable, and competitive economy.
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Hristo Draganov, G. Draganov
MORAL DAMAGES AND THE ACTIVITY
OF INSURANCE COMPANIES
Abstract:
The article addresses moral damages inflicted as a result of road accidents, in terms of motor third-party liability insurance. We explain the nature of moral damages and analyse their relevance to the activity of insurance carriers. Special attention is paid to the major factors that cause moral damages. We also review the main stages in ascertaining inflicted moral damages and give some recommendations about the process. The underlying idea of this article is that an Ordinance on the Ascertainment of Moral Damages must be designed. In conclusion, a methodology for determining liability limits is proposed.
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Borislav Borisov
THE ADMINISTRATIVE CAPACITY INDEX
OF STATE ADMINISTRATION
Abstract:
This paper is based on a research conducted among 80 administration groups of the executive authority. The aim of the survey was to measure the administrative capacity of those groups by 44 indicators. Respondents were selected according to the structure of the state administration formed by the number of employees in each unit of administration. The findings of the research were analysed by computing the average values of the scores of capacity; by employing average weighted values and by determining the uncertainty factor when assessing the capacity of different structures of state administration. We have designed a new, aggregate index for measuring administrative capacity – the Index of the administrative capacity of state administration for good governance. By employing that index, we are able to monitor the systematic progress in terms of current concepts about administrative capacity, applicable to the entire system of state administration.
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Andrey Chuzhikov
INDICATIVE MODELS OF MEDIA DEVELOPMENT IN THE GLOBAL ECONOMY
Abstract:
his article studies the process of evolution of indicative models for evaluating the development of media in the global economy. Significant changes that have occurred in the process of determining the nature and dynamics of the media market are specified. The author of the paper makes a theoretical analysis of the polystructural diffusion of media systems. Special attention is paid to the sectoral structure of the market, which facilitates identifying the prospects for transforming the content of produced formats. A classification of the major approaches for the development of media market is proposed: classical, analytical, synthetic and trending, as well as an operating institutional system. The specifics of the dynamics of structural changes in the advertising market that are modelled on the media market are described. Geographical and compositional comparisons of selective indicators are made. The corporate changes in the media market are analysed.
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Nataliya Golovanova, Nataliya Nikolaevna Kulikova
THE INNOVATION RECEPTIVITY
OF ENTERPRISES AS THE BASIS
OF THEIR ECONOMIC GROWTH
AND DEVELOPMENT
Abstract:
The paper deals with issues related to the innovation receptivity of enterprises which is indicative of their preparedness and ability to introduce innovations and intensify their innovative activity. High innovation receptivity may be interpreted as an indicator of the ability of an enterprise to gain competitive advantages, and hence, to exert certain competitive pressure on the other market players. Assessing the innovation receptivity helps identify weak spots in the performance of an enterprise and specify opportunities and actions for dealing with them.
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Yaroslav Valeriyovich Korovii
AGRICULTURAL INNOVATIONS IN EUROPEAN AND CENTRAL ASIAN COUNTRIES
Abstract:
The article analyzes the importance of agriculture for the economies of European and Central Asian countries, proves that it occurred due to the impact of innovations which help realize the potential of this industry which, in its turn, opens up promising ways for further development. It has been established that the need to stimulate innovation in the agricultural sector arises due to a number of factors, the most significant of which are: growing consumer demand for products, the need for production of environmental products, reduced production costs, rational use of resources, environmental protection. That is why the promotion of innovative technologies implementation for the sustainable development of agriculture in the countries of Europe and Central Asia is becoming an important element of the countries’ steady development in the region. The article describes the innovative processes in the agricultural sector of the country's economy. Particular attention is paid to the consideration of the parameters of the EU Common Agricultural Policy.
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Aleksandyr Ganchev
INSTITUTIONAL CHARACTERISTICS
OF HEDGE FUNDS
Abstract:
This article reviews the institutional characteristics of hedge funds based on their comparison with traditional collective investment schemes and investment funds. The study arrives at the conclusion that hedge funds are highly leveraged boutique investment funds of a quasi-open nature that apply active portfolio management in order to obtain high absolute yield regardless of the behaviour of financial markets when conducting their activity in an environment of little transparency and legislative and institutional regulation.
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Anup Chowdhury, Nikhil Chandra Shil
PRIVATE SECTOR MANAGEMENT TOOLS
IN THE PUBLIC SECTOR: ILLUSTRATIVE EVIDENCE OF LITERATURE
FROM AUSTRALIAN PUBLIC SECTOR
Abstract:
Public sector reform processes have brought a wide range of improvements in many areas of public service delivery. This study explores the reforms activities initiated by Australian public sector organizations in the context of new public management ideals. New public management ideals believe that management in the public sector is not different from management in the private sector. Since 1980s the Australian public sector has been dominated by the new public management principles as a response to reform initiatives and eventually different private sector management practices have been introduced in public sector. Literature supports that the Australian public sector organizations have changed their structure and operation in line with the private sector to achieve cost-efficiency, budget accountability and an improved customer focus in service delivery. However, this study doesn’t intent to generalize any findings rather highlights a summary based on available literature. Though the context of the present research is Australia, it may be equally useful to every policy maker who are engaged in formulating new policies for respective public sector. Moreover, the findings reported in this study would be useful to the public sector managers in their day to day decision-making
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Krasimir Kulchev
TOOLS OF ECONOMIC ANALYSIS WHEN RESEARCHING THE TOURISM MARKET
Abstract:
The study aims to test tools of economic analysis from different classification groups by using real data in order to derive the main characteristics of the Bulgarian tourism market serving as a basis for making sound management decisions. Tools for factor and structural analysis are used in compliance with the purpose of the article. It is argued that a tourism market research approach combining in a balanced way the tools typical of economic analysis with those applicable to other fields of knowledge has the potential to provide the necessary information environment for effective management of tourism activities at macro and micro levels. As a result of the study, it is concluded that the use of a similar balanced research approach makes it possible to reveal both the strengths and weaknesses of the Bulgarian tourism market and the gaps in the information presented. The outlined information deficit hinders the analysis and the timely development of operational, tactical and strategic decisions, respectively.
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Snezhina Lazarova, Kamelia Stefanova
AN INTEGRATED MODEL FOR DESIGNING AND DEVELOPING A KEY PERFORMANCE INDICATORS SYSTEM
Abstract:
Performance management is based on adequate strategic goal-setting, monitoring its accomplishment and achieved results, and dealing promptly with any problems which may arise during the implementation of a plan. Key performance indicators systems (KPIS) are a powerful tool for organizational change. Reliable and efficient KPIS may be designed by employing an integrated model which combines the design of key performance indicators with the flexible development of business intelligence (BI) systems.
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Petya Emilova, Teodora Spasova
THE INFRASTRUCTURE OF LARGE ENTERPRISES IN BULGARIA – CHARACTERISTICS AND PROBLEMS
Abstract:
An information infrastructure is part of the overall infrastructure of enterprises. It refers to hardware, software, data management technologies, network and telecommunication technologies and services as well as the staff involved in the management of provided services.
The aim of this article is to elucidate the characteristics of information infrastructure and related issues in the era of digital transformation. In terms of theoretical tasks, this implies defining the concept of "information infrastructure" and identifying opportunities for its development. Practical tasks relate to analyzing some of the problems that a large Bulgarian enterprise is facing in terms of its information infrastructure and proposing methods for assessing the costs of the information infrastructure in the enterprise. Our research focuses on ‘Sparky Eltos’ AD in Lovech and suggests some practical guidelines for analyzing problems and offering adequate solutions.
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Natalia F. Altukhova, Elena V. Vasileva, Vitaliy Yemelyanov
HOW TO ADD VALUE TO BUSINESS BY EMPLOYING DIGITAL TECHNOLOGIES AND TRANSFORMING MANAGEMENT APPROACHES
Abstract:
The aim of this study is to present the experience in the management of enterprises at different levels: from optimising business processes to introducing strategic business development. We have analysed the experience in creating digital metallurgy in Russia and present the experience in implementing a smart system for monitoring and diagnostics of line equipment at the Alchevsk metallurgical plant. The article reviews major issues related to the introduction of artificial intelligence systems so as to exercise automated control over production processes. These issues refer to the deterioration and depreciation of production assets which is caused by the reallocation of funds for the modernisation of production and the unpreparedness of staff for the introduction of new systems. Digital technologies provide new opportunities for managing corporate resources and initiating profitable activities. The article also reviews applying Design Thinking techniques and tools to the training and education of specialists for the digital economy. Entrepreneurial skills, out-of-the-box thinking, the ability to work in teams and to make decisions are essential competencies which must be acquired by students during their academic training so that businesses could be prepared for their digital transformation.
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Stoycho Dulevski
KEY ASPECTS ABOUT THE SUBSIDIARY
IN THE CONCEPT OF PERMANENT ESTABLISHMENT
Abstract:
The article deals with one of the cases when permanent establishment (PE) is not usually formed – the provision of Art. 5, para.7 of the Model Tax Convention on Income and Capital of Organisation for Economic Co-operation and Development (OECD). The main aim of the study is to outline its legal nature, focusing on the key points in it. Although it is not distinguished by particular challenges of theoretical and practical nature, there are certain aspects that need special attention, as they can be interpreted as an exception to what is written on it.
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Lubomir Lubenov
COMMUNICATION POLICIES OF BEEKEEPING FARMS IN BULGARIA WITHIN THE CONTEXT OF THE COMMON AGRICULTURAL POLICY OF THE EU
Abstract:
The substantial export potential of Bulgarian beekeeping requires that any national programme on beekeeping include promotion measures about third countries and EU member-states. Those measures should primarily refer to high-quality bee products that are organic, with protected geographical indication (PGI), with protected designation of origin (PDO), etc. The share of promotional budgets for Bulgarian beekeeping in the national beekeeping programmes must be increased since promotional EU budgets have been rising steadily. The Common Agricultural Policy (CAP) of the EU has established the infrastructure and the environment, in which beekeeping farms should employ communication instruments more comprehensively and conduct more extensive communication policies. Although the CAP finances and subsidises the advertising of Bulgarian bee products at higher meso, macro and mega levels, it requires horizontal integration. PR and direct marketing have been identified as some of the most appropriate communication instruments for Bulgarian beekeeping farms. PR integrates into a single cause all marketing communications, while direct marketing may be employed as a strategic instrument for accomplishing long-term goals and improving the management of customer relations.
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Aneliya Paneva
COMPETITIVE ENVIRONMENT
OF THE GENERAL INSURANCE MARKET
IN THE REPUBLIC OF BULGARIA
Abstract:
Insurance companies in Bulgaria develop their business in a market economy. Therefore, insurers are constantly striving to achieve competitive advantage. As a result of the competitive struggle between companies in the insurance market, an appropriate range of products is offered at the best possible conditions and consumer prices, and the quality and efficiency of the insurance protection is increased. The present article determines the shape and strength of competition in the general insurance market in Bulgaria for the period 2008-2012. It was found that only in mass contracting of insurances, the insurance companies operate in highly competitive environments. The market of less popular insurances is characterized by an oligopolistic structure. In the offering of some of them, there is even monopoly.
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Plamen Milev,
CONCEPTUAL APPROACH FOR PRESENTING TEXT DATA FROM WEB-BASED INFORMATION SYSTEMS IN STRUCTURED FORM
Abstract:
Data in web-based information systems is of growing interest for analytical processing by organisations. Usually, the text data in this type of systems has an unstructured form. Unstructured data in web-based information systems has a very large volume. This implies the application of specific approaches to analytical data processing given their natural unstructured form. The need to present text data from web-based information systems in a structured form is highlighted. The article is dedicated to such issues. The peculiarities of the data in web-based information systems are considered. A conceptual approach for presenting text data from this type of systems in a structured form is presented. Based on the proposed conceptual approach, a model of software solution, which is an opportunity for technological implementation of the conceptual approach, is defined. Emphasis is placed on the growing role of data within the web concept of management decision-making in organisations.
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Tsvetelina Nenkova
CONCEPTUAL FOUNDATIONS OF EFFICIENCY IN PUBLIC PENSIONS
Abstract:
This article examines the efficiency of public pensions. The need for an efficiently functioning pension system is highlighted based on the theoretical foundations of pension social security concepts such as: ‘welfare for the elderly’, ‘retirement insurance’ a factor for increasing the ‘productivity of labour’, a form of ‘return on human capital investment’, a solution to the ‘prodigal father’ problem and ‘longevity insurance’.
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Iskren Tairov
ENTERPRISE MOBILITY – A SOLUTION FOR INCREASED BUSINESS EFFICIENCY
Abstract:
The massive influx of mobile devices over recent years has radically altered ideas about employees’ activity and the dimensions of business. The rapid development of business, mainly through increased staff mobility, has promoted various concepts like BYOD (Bring Your Own Device), CYOD (Choose Your Own Device) COPE (Corporate Owned, Personally Enabled), etc. This has brought to the fore issues related to ensuring constant staff involvement in the work flow and designing channels for accessing information with no constraints in terms of time, location, or the type of mobile devices used.
At the same time, businesses need to design strategies which ensure a balance between the convenience of using mobile devices and the security and reliability of corporate networks operation.
This paper reviews the essence of the BYOD concept and the benefits it brings to business; it makes a comparison with the CYOD concept and analyses the COPE alternative, its nature and feasible approaches for its implementation.
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Nikola Yankov
A CREATIVE APPROACH TO CONCEPTUALIZING AND INTEGRATING TOURIST PRODUCTS/BRANDS
Abstract:
The scope of this paper is to approach creativity in conceptualization, designing and marketing of tourist products.
Special attention is paid to the relation “Tourist potential of a region – tourist attractors – tourist products/brands – tourist products/brands marketing”.
Consequently, we have presented certain models of a creative process, namely the tourist product’s superstructure, structure, infrastructure and infostructure. They are regarded as objects of creative ideas, insights and visual models of tourist products. Special attention is also paid to the integration of tourist products in so called integrats. The creative marketing process of original tourist products is also structured.
Attention is also paid to possible approaches for integral usage of the Danube river tourist potential. Concrete tourist products/brands which could increase the attractiveness of the region are presented. One of them is the Bulgarian Danubian coast.
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Izabela Filipova Yonkova
A CRITICAL REVIEW OF ETHICAL INFRASTRUCTURE BASIC MODELS
Abstract:
The study aims to consider and analyze the main theoretical formulations with a high degree of influence on the ethics in public sector organizations. It also presents basic ethical concepts and defines a conceptual apparatus applicable to the sector. The elements included in the existing models of the ethical infrastructure are analyzed and critically presented through the methods of comparative analysis. Discussion questions are raised with regard to building ethical infrastructure in public sector organizations.
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Trayan Yosifov
THE INTERNATIONAL INVESTMENT POSITION OF BULGARIAN ECONOMY
IN THE PERIOD FROM 2010 TO 2019
Abstract:
The period from 2010 to 2019 may be defined as a post-crisis stage in the historic development of the global economy. This refers to Bulgarian economy as well, which went through a recession to then reach a situation of full employment. The recovery of global markets is obviously a major factor which raises the interest of both local and foreign investors. The dynamics and the structure of the capital funds invested in the local economy and those invested abroad are indicative of the confidence in the domestic market. They give an accurate idea about the economic environment in the country and the mid-term prospects for its development. The main objective of this research is to analyse the characteristics of and the trends in the changes of capital funds invested in Bulgaria and those invested in foreign economies and markets.
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Angelin Lalev
METHODS AND INSTRUMENTS FOR ENHANCING CLOUD COMPUTING SECURITY IN SMALL AND MEDIUM SIZED ENTERPRISES
Abstract:
The article focuses on the problems of information security in the clouds from the point of view of small and medium-sized enterprises (SMEs) and the limitations imposed on them with regard to information technologies. The article discusses organizational and technical protection measures that are relatively easy and cheap enough to be applied by SMEs in relation to cloud security threats.
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Alexey A. Zalozhnev, Dmitrii Vladimirovich Chistov
MODELS FOR MAKING DECISIONS
ON THE VOLUME AND PRICE OF PURCHASES IN WHOLESALE TRADE
Abstract:
The article proposes a mathematical model to support decision-making on the volume of purchases and the level of retail prices, which the wholesale company (dealer) sets depending on the manufacturer's selling prices and the demand of end buyers for various volumes of wholesale purchases. It is assumed that the manufacturer and the wholesaler influence price through pricing policy. As a result, the problem of determining the optimal volume of wholesale purchases and sales, depending on supply and demand, as well as changes in the level of purchase and selling prices, is posed and solved. Two options for setting the problem are considered here: when the end buyer is informed and not informed about the producer's prices.
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A. Pavlov
FINANCIAL MANAGEMENT MODELS FOR CORPORATE INVENTORY
Abstract:
The article reviews contemporary concepts about corporate inventory planning and management from a systematic perspective. It elucidates the nature and the underlying principles of the technology of corporate inventory management. These are followed by a detailed description of deterministic and stochastic quantitative models which are most frequently applied in the sphere of financial theory and practice. The article finally arrives at the conclusion that deterministic models are easy to apply, yet their major disadvantage is that they could only be applied for one type of inventory. Stochastic models, on the other hand, are much more complex in nature, yet they could be applied to any type of corporate inventory, which renders them more flexible and applicable.
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Driton Sylqa
MOTIVATION OF PEOPLE - THEORETICAL MODELS AND PRACTICES
Abstract:
Abstract: Numerous researches show how motivation of employees influence the labor productivity, business performance and goal achievement. Even though studies often show that employees tend to report enjoying their jobs, however organisations continuously face with staff turnover due to various reasons, and therefore fail to fulfill its objectives. This paper reflects upon classical and modern views of motivation aspects. And the research includes different entities all around Kosovo that bring an insight into the present situation pertaining to motivation of employees and possibly identify potential mistakes and suggestion for the process improvements within organisations. According to results, the turnover average rate in investigated enterprises is within a natural range. Meanwhile the, management is advised to make the employees aware that rewards are recognition of a job well done and not simply the goal of doing the work. Whilst, bonuses in cash prevails dominantly the motivation system in investigated enterprises, many of them seem to use evaluation of performance as a tool for remuneration policy. Whereas in most cases remuneration depends on the annual profit of the enterprise, reasons for leaving are not being recorded in a system. Yet, financial incentives are an important motivator for most people, money is not the only motivator and, in some cases, is not the primary motivator for everyone. A qualitative approach and theory based application were considered for this study.
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Dragan Georgiev
THE ROLE OF INSURANCE CULTURE IN THE DEVELOPMENT OF THE INSURANCE BUSINESS
Abstract:
This article discusses insurance culture as a factor in the develop¬ment of the insurance business. The author assumes that the image of insurers is directly dependent on insurance culture.
Special attention is paid to management and its role in raising the level of in-surance culture. On the basis of practical experience, insurance culture is related to the specific aspects of an insurance service.
It is assumed that in order for the level of insurance culture to be raised, a certain role is played by advertising.
The author also gives proof not only of the necessity of raising the insurance culture of the employees of an insurance company, but also of the potential users of insurance products.
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Radi Dimitrov
POSSIBILITIES FOR OPTIMIZING
THE REPORTING OF MONETARY FUNDS
IN THE BANK ACCOUNTS OF BUDGETARY ORGANIZATIONS
Abstract:
A survey of the used models of accounting reporting of public sector funds in banks has found that it is necessary to achieve a bigger correspondence between the content of the reported item and the definitions established by the theory, practice and legislation in the field of accounting. The study offers effective possibilities for optimization of the reporting of the budgetary organizations monetary funds in banks through the use of an appropriate system of accounts.
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Daniela Ventsislavova Georgieva
R&D DISCLOSURES AS PART
OF THE FINANCIAL STATEMENTS OF BULGARIAN INNOVATIVE COMPANIES
Abstract:
The object of analysis of this research paper is mandatory and voluntary R&D disclosures of Bulgarian innovative enterprises. The subject of research is published financial statements, as well as the notes accompanying them, including notes about significant accounting practices, activity reports and auditor reports. The aim is to study the practice of Bulgarian innovative companies in terms of R&D disclosures by making a comparative analysis of existing legal and theoretical requirements to these disclosures and the practical findings of the research we conducted. The research methods we employ are based on the logical, the deductive and the comparative method, in addition to content analysis and synthesis of new texts in related legislative framework and theoretical developments.
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Daniela Georgieva
IMPAIRMENT OF NON-CURRENT ASSETS
IN PUBLIC SECTOR ORGANISATIONS
Abstract:
The objective of this paper is to present the specific features of non-current assets impairment as an example of the conservatism principle in accounting and valuation through accounting estimates. The paper also reviews key moments of the International Public Sector Accounting Standards related to esta¬blishing the recoverable amount of non-current assets in budget entities in terms of their specific nature of assets, which do not generate cash flows on their own. In addition, the rules and requirements applied to assets impairment in Bulgaria have been reviewed in comparison to international practice.
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Nadezhda Todorovska
OPTIMIZATION OF HEALTH CARE FINANCIAL RESOURCES IN BULGARIA THROUGH HOME CARE AND ASSISTANCE SERVICES
Abstract:
Health care in Bulgaria is based on hospital care. According to the Euro Health Consumer Index for 2016, our country ranks first in terms of hospital stay. However, in small towns and villages, the cost of hospital care is too high and unviable. This calls for the development of a new type of health services to reduce costs and optimize the inclusion of skilled workforce in the social and health sectors. The main purpose of this paper is to examine and analyse the possibilities to reduce healthcare costs through the introduction of a system of integrated health and social services at home, which necessitates the establishment of middle units – Home Care Centres. It examines and analyses the results from a pilot project of the Bulgarian Red Cross, the Ministry of Health, and the Ministry of Labour and Social Policy, which envisaged the provision of integrated home care services for elderly people with chronic diseases and permanent disabilities in the Vratsa region as from the year 2012.
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Tanya Gorcheva
ORGANISATIONAL FORMS AND SOLUTIONS FOR EXPORT PROMOTION
Abstract:
The major objective of this research is to trace the origin and development of organisational forms and solutions for export promotion in order to identify the essential characteristics of contemporary export promotion policy. The focus of attention is placed on services provided and the measures taken for promotion. Therefore, based on selected surveys, we have formulated the main principles that govern the successful operation of export promotion organisations. To accomplish the objective of this research, export promotion solutions applied by countries at different stages of economic development have been analysed. This approach has proved to be appropriate since identifying various organisational forms for export promotion renders it possible to make relevant assessments and comparisons.
A number of case studies have been examined to determine to what extent the export promotion practice in Bulgaria is similar to that in other countries.
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Serghei Peancovschii
ORGANIZATION OF A MOBILE EMERGENCY MANAGEMENT CENTER
Abstract:
This article covers the problem issues of the organization of a mobile emergency management center of the Main Inspectorate of Emergency Situations of the Republic of Moldova. The key objectives assigned to the Situational Center have been determined, as well as the peculiarities of the developing organizational structure of the information interoperability of the Center’s employees, providing the composition of subsystems and the directions aimed at enhancing efficiency.
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Dariusz Nowak
THE CORE COMPETENCES OF POLISH INDUSTRIAL ENTERPRISES
Abstract:
Among many methods of strategic management, special attention should be put to the concept of core competences, which is an excellent and modern tool of competitiveness. Its essence comes to the belief that the differentiated framework of leading economic activities forces the use of different ways of achieving its objectives. Such is the way it is described by a set of unique, rare, and above all, personalized assets, which together form the specificity and nature of the organization.
Taking into account the importance of the concept of core competences in strategic activities of the company, the purpose of the article was to identify and assess the basic attributes of the organization and present them in a comprehensive range.
The theoretical part was developed on the basis of analysis of Polish and English-language bibliography, the empirical part was based on surveys conducted on a sample of 192 entities representing the industrial enterprises operating in Poland.
Analysis of the answers allowed concluding that the main core competences of Polish enterprises are: the quality of product and services, staff qualifications, flexibility, clearly defined goals, and ability to adapt to the environment.
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Stanimira Yordanova, Kamelia Stefanova
MAJOR TECHNOLOGIES AND PRACTICAL ASPECTS OF THE DIGITAL TRANSFORMATION OF BUSINESS IN A BIG DATA ENVIRONMENT
Abstract:
In contemporary business development, digital transformation has become a major challenge to big data management. In an environment of increasing volumes of data, the major factors that are crucial to business development relate to big data processing and analysis. Open-source data processing technologies employ an innovative approach to the design of data processing and data analytics tools in cooperation among developers, which ensures the transparency, accessibility and continuous improvement of those tools.
The main objective of this article is to review popular open-source technologies for big data processing and identify trends in employing big data in business applications.
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N. Otvarukhina, Anastasia Myl’nikova
BUSINESS
INTERNATIONALISATION
IN LOW COMPETITIVE ECONOMIES
Abstract:
The article deals with the theo
nationalisation. It presents the results of researching the processes of import substitution and export orientation of Russian enterprises, as well as the authors’ ideas about the scientific and methodological approaches to the development of models and stages of business internationalisation at the present stage. The article also explains the sequence of the new phases of transition at the initial stage of expansion on the domestic market and accessing foreign markets.
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Angel Angelov
CHARACTERISTICS AND APPLICATION
OF NON-TARIFF INSTRUMENTS
FOR CONDUCTING CUSTOMS POLICY
Abstract:
In order to realize the customs policy of every country, two groups of instruments are used: purely customs instruments - the duty rates for individual products; legally mandated methods for calculating customs values; the application (and lack of application) of the principle of the origin of dutiable goods, and non-tariff instruments that are subject to review by this development.
The aim of the study is to define the characteristics and consider the application of non-customs instruments which in turn can also be resolved into two groups - one for restricting imports, and the other for stimulating exports. These instruments are also used to achieve other objectives which can be economic, fiscal, social and political. Practice in recent years shows that these are used more often to achieve political goals. Furthermore, this happens at the expense of the first three sets of objectives. The reasons are different. The main one among them is the international commitments made by governments and related to their membership in various trade and customs organizations and agreements such as the WTO (World Trade Organisation), WCO (World Customs Organization), and others.
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Viktor Chuzhykov, Areg Movsesyan
PECULIARITIES OF THE UKRAINIAN MEDICAL DEVICE MARKET
Abstract:
The Ukrainian medical device market is gradually following the path of harmonization with the market of the European Union. Although there was a number of amendments to the Ukrainian regulations in accordance with the existing European directives, the overall legislative part is probably the simplest portion of the homework. To bring the state of the market up to the next level the government of Ukraine will need to take a new and reformatory approach in dealing with the peculiarities of this industry, consisting mostly of out-of-date equipment, shortage of high-value devices, general poor treatment conditions in state clinics and many more. Considering the above-mentioned, scrutiny of current market issues is a key means of identifying and prioritizing critical points that require repair actions.
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Zoya Ivanova
CHARACTERISTICS OF THE MARKET BEHAVIOUR OF BULGARIAN INDUSTRIAL ENTERPRISES
Abstract:
Due to the complex and dynamic situation in commodities markets, Bulgarian industrial enterprises need to apply more flexible and efficient approaches in order to adapt promptly to contemporary challenges. Industrial enterprises seek to demonstrate behaviour which will enable them to maintain and expand their market positions, respond adequately to changes in consumer demand and react to increasing competition. The aim of this article is to examine the market behaviour of Bulgarian industrial enterprises on the basis of theoretical and empirical research and to summarise some of the specific features of this market behaviour.
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Marina Nikolova
SPECIFIC ASPECTS OF MANAGING AN ORGANIC CROP FARM
Abstract:
The evolution in the development of agricultural technologies has facilitated the spread of organic farming throughout the world. Managerial decisions related to the application of environmental methods of production in Bulgaria provide an opportunity for the realisation of ecological activities by agricultural crop farms.
This lays the foundation for the efficient management of the environmental components of innovative organic crop farms, as well as the provision of opportunities for their optimal operation. The choice of appropriate managerial practices in the development of the crop farming sector in the organic farming industry is based on compliance with particular principles and approaches.
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Rumen Erusalimov, Nikolay Valeriev Iliev
THE IMPACT OF COVID-19 ON DEVELOPMENT
OF MOTOR CASCO INSURANCE IN BULGARIA
Abstract:
: Motor Casco Insurance is the most concluded voluntary insurance policy on the Bulgarian insurance market and in recent years its market share is about 27% in the General (Non-life) Insurance Section.
The aim of the study is to assess the impact of measures taken by the state to limit the spread of SARS-CoV-2 virus on the development of Motor Casco Insurance.
As a result of the study, it was found that the measures imposed by the state did not significantly affect the development of Motor Casco Insurance in Bulgaria, but simply slowed down its pace. However, there is a significant reduction in the number of road accidents, especially in 2020, which is also reflected on the reduction of insurance payments.
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Tsvetan Georgiev Tsvetkov
ASSESSING MATURITY OF THE RISK MANAGEMENT SYSTEM IN HIGHER EDUCATION INSTITUTIONS
Abstract:
The article aims to seek answers to four research questions, focusing on the specifics, existing practice, available scientific publications on the issue of assessing the maturity of risk management in universities; the possibilities for creating the framework for developing a model adapted to university practice of assessing the risk management maturity. A framework for the development of a similar model is presented, envisaging the implementation of the following activities: identifying the specific features of risk management in universities; identifying risk factors specific to higher education institutions (HEIs); defining the attributes that will underlie the model description; analyzing some existing models for assessing the maturity level; creating a substantive model; adapting the model to the specific conditions; a pilot assessment when using the adapted model.
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Plamen Hristov Milev
AN ASSESSMENT OF INFORMATION
SYSTEMS FOR THE INDEXATION
AND ANALYSIS OF ONLINE PUBLICATIONS
Abstract:
The article studies the methodological issues related to assessing the information systems for the indexation and analysis of information available on the Internet. The comparative analysis of such information systems can be performed only after we define in advance assessment indicators and experts determine their levels of significance (weighted coefficients) in addition to providing access to the necessary data sources. In this research, the latter are represented by a number of Internet resources, which provide characteristics and information about the architecture solutions effective on the market nowadays. As a result of the determined weaknesses and disadvantages of the implemented systems, the last part of the research offers a concept for the development of a similar information system. Based on this, the article outlines the advantages of this concept in comparison with the existing alternative solutions.
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Vu Minh Hieu, Chijioke Nwachukwu
STRATEGY EVALUATION PROCESS AND STRATEGIC PERFORMANCE NEXUS
Abstract:
Strategy evaluation process enables firms to continuously assess current practices and their contribution to strategy implementation. This study has examined strategy evaluation process and strategic performance of mobile telecommunication firms operating in Nigeria. The study provides new insights into the effect of strategy evaluation process on strategic performance of large firms in an emerging market such as Nigeria. The authors used theoretical insights from strategic management literature to better understand how a firm process of strategy evaluation affects strategic performance. The research has been done in a single industry, using quantitative methods and survey to obtain information from employees of four mobile telecommunication MNCs operating in Nigeria. The findings suggest that a mobile telecommunication firm adopts a systematic approach to strategy evaluation which has a significant and positive impact on their strategic performance. This study contributes to the existing literature by providing experience on the strategy evaluation process of MNCs operating in the mobile telecommunication sector in an emerging market (Nigeria). The study recommends that firms should adopt a robust strategy evaluation process that will enable them to identify and take corrective action when strategic initiatives are failing or could be improved.
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Atanas Damyanov
AN OUTLINE OF HARD AND SOFT PARTNERSHIPS IN INTERNATIONAL BUSINESS
Abstract:
This research is in two sections.
The first promotes the possible types of partnerships and emphasis is placed on business relations. It also introduces the phenomenon of a ÒÐÐ (Trans-Pacific Partnership). It defines the characteristics of hard and soft partnerships.
The second part develops a set of tools for the analysis and evaluation of partnerships. For this purpose, two matrices are proposed. The first is for researching the issue of international levels with two vectors. The second matrix discusses intercompany partnerships which involves three dimensions: the type of partnership, the level of internationalization and the size of the companies.
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Daniela Ventsislavova Georgieva
ON SOME ISSUES REGARDING
NON-PUBLICATION OF RESEARCH AND DEVELOPMENT DISCLOSURES IN THE FINANCIAL STATEMENTS OF BULGARIAN INNOVATIVE ENTERPRISES
Abstract:
The paper presents the results of a survey carried out by the author among practising accountants in Bulgaria regarding the publication of research and development (R&D) disclosures in the financial statements of innovative enterprises. The aim is to study some of the potential reasons for the current accounting practice of underestimating the mandatory and voluntary disclosure of R&D data. The adopted research methods are based on logical, deductive and comparative methods. The study results encourage literature development by presenting a more in-depth analysis of the factors influencing R&D data disclosure by Bulgarian enterprises.
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Rumen Vyrbanov
AN APPROACH TO USING ENTERPRISE 2.0 BY COMPANIES
Abstract:
In this article, the author has shared his views on how Enterprise 2.0 is used for solving 4 groups of problems in the company: Marketing in Web 2.0 and working with customers of the company; The relationships with business partners; Personnel management; Managing the knowledge in the company. The author also offers an approach to developing a strategy for implementing Enterprise 2.0 for the needs of the company where the actions are theoretically divided into six phases: analysis of the business processes in the company, research and analysis of the con¬dition of the information systems and technologies, defining the main objectives and activities on developing ICT, delineating the possible means of applying social net¬works in business processes, developing projects for a corporate social network and realizing the new IT strategy for a social corporate network.
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Ioana Panagoreț, Dragoș Panagoreţ
ROMANIA'S ENVIRONMENTAL
POLICIES AND FINANCIAL
INSTRUMENTS USED
TO ACHIEVE THEM
Abstract:
In Romania, environmental protection appeared in 1990 as a self-contained area of the national policy, when the Ministry of Environment was first established. Development strategies of the national environmental policy in the pre-accession and post-accession period were shaped by the priorities of Romania's accession to the European Union and national needs, in conjunction with national priorities. The article states the principles and objectives of environmental policies in Romania as well as financial instruments and institutions involved in pursuing those policies. In Romania, the issues of environmental protection are imperative, particularly as a result of local pollution, produced mainly in the oil exploitation and mining industries, processing ores and oil, thermal power, chemical, woodworking and pulp, metallurgy, electrical industry and machine building industry, cement industry, transport, communal services and agriculture.
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Rumen Vyrbanov
THE POTENTIAL OF SOCIAL MEDIA FOR THE BUSINESS OF COMPANIES
Abstract:
The popularity of social media is constantly growing. More than 84% of Internet users have accounts on social networks and spend between two and four hours per day on the Internet. Each user has 195 “friends” on average. Spending time in the social media is already activity number one in the Internet, exceeding the popularity of activities such as searching for information search and using e-mail. It is expected that Facebook will replace e-mails as the main means of communication.
Recently the number of people, who use social networks not only to communicate but also to find information about various goods and services, is steadily increasing. Social networks is gaining increasing popularity as a powerful business tool. The business is taking its first steps in using social media platforms as an effective marketing channel.
The first part of the article examines the main reasons, which determine the closer integration between the social media and business processes within companies. These reasons include the use of social tools by the majority of Internet users; the undoubted advantages that social media can provide for businessås; the employees’ passion for social networks; and the need for a clearly developed marketing strategy for using social media. Special attention is paid to the latest data on the use of digital technology in Bulgaria and the reasons, which determine the serious lagging of our country compared to other EU countries in some of the most important aspects.
In the second part, the author outlines the main areas in which social media can help the business: marketing; sales; customer service; PR campaigns; personnel recruitment; customer relationships management; brand promotion and increase of brand recognition; training and staff development. An attempt is made to highlight some of the manifestations of social tools in each of the above mentioned areas, based on specific examples.
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Lubomir Lubenov
ONLINE RETAIL CHANNELS FOR ORGANIC BEE PRODUCTS
Abstract:
The focus of the research is on online retail channels for organic bee products. They create short supply chains and ensure access to local and global markets and new market segments, which do not exist on offline markets. Creating one’s own online channel for organic bee products or using an intermediary one implies the development of one’s own retail platforms and social networks or the use of intermediary ones. Designing and maintaining one’s own online retail channel for organic bee products requires substantial investments, therefore such channels are mainly built by large agricultural and non-agricultural entities with high horizontal and vertical integration and ensured access to capital and markets. The high level of integration of different systems, technologies and innovations such as CRM and ERP in online platforms makes it possible to collect, systematize and analyse large volumes of data base – the so-called Big Data and analyse the online behaviour of customers in order to implement precise and targeted marketing.
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Veselin Dekov
PRACTICAL AND APPLIED ASPECTS
OF OFF-BALANCE SHEET REPORTING
OF SPENDING COMMITMENTS IN BUDGET ORGANIZATIONS
Abstract:
This article attempts to present the accounting aspect of spending commitments either signed for or immediately fulfilled by budget organizations. These are analysed in the context of changes in the normative base at the beginning of 2014. The author places emphasis on the practical and applied aspects of reporting mechanisms implemented by budget organizations, while at the same time presenting several general cases in the practice
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Monika Tsaneva
A PRACTICAL APPROACH FOR INTEGRATING HETEROGENEOUS SYSTEMS
Abstract:
The adoption of cloud computing is a major requirement for expanding a conventional business into an electronic one. In order to benefit fully from the advantages of cloud computing, companies need to have their business applications redesigned, yet this requires substantial financial, human and time resources which even the largest enterprises cannot afford. A feasible option is developing a strategy for gradual transition to cloud systems and technologies, which implies integrating the conventional systems of enterprises with newly developed cloud solutions.
The underlying idea of this research is that the priorities of such gradual transition should be identified on the basis of the major characteristics of the activities comprising the overall business process, such as its dynamics and prospects, the current and the potential level of automation, the volume of processed data, the workload they create for the systems processing those data, etc.
The research paper proposes an approach for integrating a conventional and a cloud system to service the business process ‘Requesting a consumer loan’ that requires real-time data exchange. The integration solution uses data structures which have been created in an intermediate data base for communication between systems. The rules for accessing and manipulating data by each of the integrated systems are defined. Interoperability is ensured through programme components (triggers and stored procedures) that are created in the data base of the operational system and ensure data exchange for real-time processing. The approach proposed in the paper has been employed in the business practice of a large Bulgarian bank. Its major advantages relate to the comprehensive service of the business process, as well as the greater flexibility, adaptability and scalability achieved with minimum financial and time resources.
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Simeonka Petrova
CHALLENGES FACING RETAILERS’ ASSORTMENT SUPPLY IN THE OMNICHANNEL AGE
Abstract:
Thå following article presents the results of a study aimed at making a theoretical and empirical interpretation of retailers’ assortment supply in omnichannel environment. On this basis, the most prominent challenges and issues are brought to the fore by applying a combination of a review of specialized economic theory and by giving examples from real retail practice. Specific theoretical, conceptual and practical tasks of the study are set. For the analysis of the collected theoretical and empirical data the scientific methods of the factor analysis and synthesis, comparison, generalization, and illustration are applied. The research results are systematized in formulated conclusions and are related to estimating the omnichannel impact on the retailers’ assortment supply.
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Bozhidar Bozhinov
CHALLENGES FOR ENSURING THE DATA SECURITY OF COMMERCIAL BANKS
Abstract:
The introduction of new information and communication technology into banking has radically altered the essence and character of banking activity. Alongside the competitive advantages and the direct economic effect of the advent of high-tech innovation in the banking sector, credit institutions are facing a number of challenges, one of them being to ensure the security of their products and related information. The main objective of this research is to elucidate the nature, instances, and methods of managing data security in commercial banks. An emphasis is put on some sources of operational risk in commercial banks which have a direct impact on the potentially growing risk in terms of data security. The research also focuses on the role of bank management in governing that process, as well as the methods and mechanisms for reducing the occurrence of the risk related to information security.
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Renny Petrova
FINANCIAL STATEMENTS REPORTING
AS A TOOL FOR MANIPULATING
THE PERCEPTION OF ACCOUNTING INFORMATION
Abstract:
Financial statements must present the property, financial position, and performance of entities truly and honestly. Managers, however, may influence users’ perception of information by altering the manner in which this information is presented in financial statements. The objective of this paper is to employ a slightly different approach based on the specific features of the parties involved in the information-exchange process, i.e. users (with their expectations and constraints) and managers (with their goals and motives) and review different methods and techniques applied by managers to manipulate users’ perception of the information presented in financial statements.
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Evgeniy Zaramenskih
APPLYING THE ARCHITECTURAL APPROACH TO THE DESIGN OF A DIGITAL PLATFORM: THE CASE STUDY
OF AN AVIATION HOLDING COMPANY
Abstract:
This article presents an example of effectively applying the architectural approach to the design of a digital platform to aggregate digital services in an industrial enterprise, based on the case study of an aviation holding company. It reviews options for the further design of IT processes to support digital services provided by a digital platform created with the frameworks Cobit 5 and ITIL 3. The architectural models reviewed in the paper are built using the enterprise architecture modeling language ArchiMate.
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Olga Pugacheva
APPLICATION OF INFORMATION TECHNOLOGIES IN THE ECONOMY
AND EDUCATION OF THE REPUBLIC
OF BELARUS: CONDITION, PROBLEMS AND PROSPECTS
Abstract:
The article examines the level of development of the digital economy and information technologies in the Republic of Belarus from the global ratings point of view, identifies the problems of using information technologies in the country's economy and the prospects for the development of the digital economy. Regulatory and legal acts regulating the development of the digital economy and the information society in the Republic of Belarus and in the system of its higher education are considered. On this basis, the directions that presuppose the revision of traditional forms of organization of the educational process in a modern university, the change of content and teaching methods in higher education on the basis of modern information technologies are highlighted.
-
Rumen Vyrbanov
APPLICATIONS OF THE BYOD CONCEPTION – BENEFITS, RISKS AND APPROACHES
Abstract:
BYOD (Bring Your Own Device), advantages of BYOD, risks of BYOD, consumerisation, attitudes toward the use of mobile devices in business, strategy for the implementation of BYOD.
-
Violeta Kraeva
APPLYING MOBILE TECHNOLOGIES
IN BUSINESS
Abstract:
Mobile technologies have entered modern business faster and more extensively, as a result of which it becomes more flexible, dynamic, communicative and effective. This article outlines the prerequisites, capacity and forms of application of mobile technologies in business. It presents the most popular mobile services, which facilitate the constant contact with suppliers, customers, contractors and the personnel of companies. It also delineates the trends and perspectives of the devel¬opment of mobile business.
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Tsetan Pavlov
APPLICATION OF BEHAVIORAL FINANCE
IN MODELING BULGARIAN EQUITY RISK PREMIUM
Abstract:
The paper seeks a plausible explanation of the magnitude of equity risk premium, by modeling leading behavioral concepts in the conditions of Bulgarian capital market. Firstly, the fair equity risk premium is derived by basic neoclassical consumption-based model. Subsequently, the conducted comparison between fair and empirical risk premium indicates that the demanded compensation by investors for owning Bulgarian stocks cannot be rationally explained, i.e. there is an equity risk premium puzzle on BSE. On this basis, we have applied a behavioral model based on two well-known characteristics of human behavior in conditions of risk and uncertainty – loss aversion and narrow framing. Set at reasonable levels of risk and loss aversion, the model has managed to generate risk-free rate and market returns close to empirical levels.
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Nataliya Golovanova, Anna Bekaeva
PROBLEMS AND RISKS OF COMMERCIALIZATION OF INNOVATIONS IN THE RUSSIAN ECONOMY
Abstract:
According to statistical data, modern development of the innovation activity in Russia has positive trends – Russia’s positions in the Global Innovation Index have improved, the relative share of the organisations engaged in innovation has increased and the volume of shipped innovative products has gone up in the total volume of exports. However, even these positive trends are not enough to bridge the gap between Russia and the developed countries. The problems of low effectiveness of innovation in Russia, according to the authors, are related to the problems and risks that arise in enterprises that commercialize innovation.
The process of commercialisation of innovation has its own specifics and depending on the degree of participation of the innovation developers in it, it could be realised through three different methods – independent use, partial assignment of rights to use innovations, full transfer of rights to use it. The problems and risks which the enterprises may face in the process of commercializing innovations, are presented by the authors in relation to each method. The article also features some authors’ proposals for speeding up the innovation implementation by enterprises.
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Andrey Zahariev
ISSUES OF CORPORATE CAPITAL OPTIMISATION IN BULGARIA
Abstract:
The aim of this article is to test a methodology for the optimisation of capital structure in Bulgarian companies, adapted for Bulgarian conditions, on the basis of fundamental company indicators and stock exchange rates over the period 2010 – 2013. A similar methodology provides the answer to a series of questions and solves significant problems faced by business practice, related to the realisation of the main purpose of financial managers in Bulgarian companies – maximising stock wealth. The achievement of this aim is based on the effect of financial leverage on the profit of one share and its stock exchange capitalisation. This research ascertains the complete improvement of post-crisis interest conditions for business credit by financial institutions to companies in our country. Within the range of the research, we identify seventeen separate issues in the field of applied capital optimisation which require precise financial and investment circumstances and appropriate solutions.
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Bogomil Traykov
ENGINES FOR SEARCHING THE INTERNET
Abstract:
After a fifteen-year period of increasing interest on the part of the author in engines used for searching for information on the Internet, this article discusses the changes which have taken place throughout this period of their development. The aim of this article is to note the major features of the most popular search engines around at the moment. Using the data presented in the article, the author draws con¬clusions about the current state of affairs and at the same time delineates perspectives for the development of search engines in the next few years. A special section has been included for comment on the principal recommendations of specialists regarding the optimi¬sation of Internet sites which directly influences their indexing by search engines. On the basis of this, the author delineates the trends which have characterised search engines dur¬ing this relatively long period of their life cycle.
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Radko Radev
PRODUCT PLANNING IN SOFT DRINKS PRODUCTION COMPANIES
IN BULGARIA
Abstract:
The choice of the subject matter for this article is based on the view that product policy has a key role. Given the specifics of the soft drinks sector it suggests a methodical framework for the process of product planning, which contributes to making reasoned management decisions on product policy. In addition, it presents some basic starting formulations that reveal the essence of product management and describes and groups the elements of product policy characteristics for the companies from the sector examined.
-
Angel Angelov
THE STUDENT INTERNSHIP PROJECT –
A FINANCIAL MECHANISM FOR CREATING A SUSTAINABLE RELATIONSHIP BETWEEN HIGHER EDUCATION AND THE LABOUR MARKET
Abstract:
The article aims to present the Bulgarian policy in the education sector in search for opportunities to create and maintain a sustainable and effective relationship between the labour market and higher education. The study draws attention to the effects of a project, developed and tested in recent years, related to conducting practical training of students. The outcomes show that the availability of similar financial mechanisms contribute to creating and strengthening the relationship between higher education and the labour market.
-
Diyana Ivanova
THE PROFESSIONAL COMPETENCE
OF PUBLIC SECTOR INTERNAL AUDITORS IN BULGARIA – OPPORTUNITIES AND CHALLENGES
Abstract:
Public sector internal control continues to be a major issue due to its essential role in the governance of public funds and activities. This article focuses on internal audit and the problems and opportunities related to maintaining and developing the professional competence of internal auditors as a key prerequisite for the efficient performance of their audit engagements. The research of earlier and current audit practice and the acknowledgment of existing pitfalls provides a robust basis for improving this aspect of public sector internal control.
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Valentina Staneva
PROFESSIONAL COMPETENCE FOR USING ACOUNTING ESTIMATES IN CORPORATE FINANCIAL STATEMENTS
Abstract:
The IAS adopted in Bulgaria following its accession to the European Union introduced some new terms in the field of accounting, such as “accounting policy”, “accounting estimate”, and “accounting error”. Generally, the indigenous scepticism of professional accountants is an obstacle to their accepting the new knowledge and points of view and subsequently applying them in practice. The aim of this paper is to investigate the possibilities of unifying the professional competence of accountants and auditors in terms of using accounting estimates in financial statements of non-financial enterprises in compliance with the accounting legislation in force.
In order to achieve this aim, the author has tried to outline the different meanings attributed to this term by accountants and auditors in related standards.
-
Irena Emilova
EXPRESSIONS OF INTERPERSONAL RELATIONSHIPS IN THE ORGANISATION
Abstract:
In this paper, the term “interpersonal relationships” is defined as a scientific category. On the basis of particular literary sources, we view some expressions of interpersonal relationships. The research is based on the possibility of the selective application of Timothy Leary’s methodology. It presents concise characteristics of the: authoritative-leadership relationship; independent-dominating relationship; straightforward-aggressive relationship; distrustful-sceptic relationship; submissive-timid relationship; dependent-obedient relationship; cooperative-conventional and responsible-generous relationship.
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Renny Petrova
COMPLETENESS AND TIMELINESS
OF THE ANNUAL FINANCIAL STATEMENTS PUBLISHED BY BULGARIAN ENTERPRISES
Abstract:
The information presented in the financial statements must share certain characteristics so as to be useful to primary users. Not infrequently, in Bulgarian reporting practice, it is easy to note inconsistencies in the financial statements which are published since although those statements formally meet the legal requirements, they fail to provide complete or timely financial information to stakeholders. The objective of this research is to ascertain (based on a representative sample) whether enterprises, which are major tax payers and contributors to the social security system, published complete and timely financial statements in the Commercial Register over the period from 2007 to 2014.
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Iliyan Nikolaev Hristov, Lyubomira Georgieva Dimitrova
COMPREHENSIBILITY OF TEXT INFORMATION – CONCEPTS AND APPLICATIONS IN CONTEMPORARY STUDIES IN ACCOUNTING
Abstract:
This article presents part of the available arsenal of the developed quantitative and qualitative approaches for the assessment of text comprehensibility (readability) existing in western literature. Special attention is paid to their practical and application function in empirical research related to accounting. A conceptually new integrated approach is presented, the results of which could lead to a more precise metrication of the readability of disclosures of enterprises.
-
Lubomir Lubenov
THE DEVELOPMENT AND STATE
OF CONTEMPORARY AGRICULTURAL MARKETS
Abstract:
The aim of this research is to outline some key trends in the development and state of contemporary global and Bulgarian agricultural markets. The research comprises the occurring changes in agricultural markets. The analysis of on-going transformations includes the state and dynamics of their global dimensions, and the influence of social, technological and other factors. We have analysed the GMO, organic and online markets of agricultural products in relation to their prospects for development on a global scale and at a regional level – in Bulgaria. We have ascertained tha,t as a whole, the trends of expanding agricultural markets – conventional, organic, genetically modified foods and online - are the result of social transformations and technological development. We have observed a significant delay in Bulgarian agricultural markets compared to the trends and development of world agricultural markets. We have ascertained a strong discrepancy – bearing in mind the development of agricultural business in Bulgaria throughout the last decade and a significantly slower development of national agricultural markets, infrastructure and market relations. Particular difficulties exist related to the realization of agricultural produce created in Bulgaria.
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Talgat Uteubayev, Mariana Mateeva Petrova
THE DEVELOPMENT OF HUMAN POTENTIAL IN KAZAKHSTAN’S INNOVATION ECONOMY
Abstract:
In this paper, statistical analysis of indicators of innovative growth in the Republic of Kazakhstan was conducted. The indicators were compared to those of technologically advanced countries, in particular to such indices as: the share of innovation-active enterprises, domestic spending on research and development (Percentage to GDP), total researchers equivalent per thousand total employments, and amount of research conducted. As the results of the academic research, key factors that have a major influence on innovative activity of the SME were determined.
Purpose – disclose the nature and content of the human factor of the economy in terms of becoming an innovative society, to examine the role of the human factor in the innovative development of the state.
Methodology - Research was composed to measure variation in the economic development and innovation in Kazakhstan required in times of increasing global competition.
Conclusions - Today, the State is significantly lagging behind other developed countries according to innovation driven indices. The Republic of Kazakhstan can be competitive by shifting to a new model of economic growth and by rapidly reducing lag. The State requires an effective strategy of innovative development, which consists primarily in the development of human potential and employment of citizens. Integration of education, science and industry, the development of education on the basis of modern science and technology have become today one of the priority directions of economic development.
-
Aleksandar Petrov
DEVELOPMENT OF INFORMATION TECHNOLOGY AND ITS IMPACT ON
THE FORM OF INFORMATION SERVICES
Abstract:
The article studies the development and complexity of information technology (IT). The dependence of modern businesses on the extent and efficiency of applying IT is argued. On this basis, attention is brought to problems related to the orientation of information services (IS) towards the provision of services. Grounds are given that it is based on and is determined by the achievements of IT service management (ITSM). Different approaches to improving IS are presented and the trend towards transforming current IS divisions into ones offering services is outlined.
-
Alexander Anatolyevich Nosachenko
DETECTION OF LATENT RESERVES
OF WHOLESALE TRADE IN FOOD INDUSTRY IN CONDITIONS OF ECONOMIC CRISIS
Abstract:
The article considers approaches to identifying and assessing latent reserves in the global economic crisis in the food industry, as strategically important for the country. The aim is to consider the possibility of identifying latent reserves in wholesale trade of the food industry. The measurement model of latent variables is chosen as the research methodology, which allows to take into account internal and external variables and is based on the provisions of factor analysis. Theoretical research of the concept allowed to substantiate the reserve as an untapped opportunity for the development of economic entities, which are enterprises, and increase their competitiveness by identifying hidden values, and for further effective operation of entities used resources. Types of latent reserves of wholesale trade in food industry in crisis conditions are substantiated. Latent reserves with correlated features were selected by factor analysis. The variance of the variables for the five selected factors and the standard deviation of the normalized value are calculated. As a result of the calculations, the treatment for two identified factors was chosen. The coefficients of connections between external and internal latent variables are determined and the probable latent features are singled out. The calculations showed a significant pressure, depending on the severity of external influences, so on the scale of measurement, experts gave higher scores on the last parameters, which are reflected in the constructed matrix. The results of the study allowed us to trace the links between external and internal latent variables and to build a SWOT-analysis for food industry enterprises, which allowed to outline the prospects for the functioning of food industry enterprises.
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Viktor Alekseevich Byvshev, Dmitrii Vladimirovich Chistov
OUTLINING THE FACTORS DETERMINING THE ECONOMIC EFFECTIVENESS
OF COLLABORATIVE INTERACTION
IN BUSINESS
Abstract:
The purpose of this article is to explain the popular principle of collaborative business interaction by using the optimal firm size model developed by Oliver Williamson. A company that uses collaborative interaction reduces its production costs by lowering the price of its core capital.
The article is based on results from research conducted with budget funds under a government procurement awarded to the Financial University in 2014.
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Andrey Pochtovyuk
IMPLEMENTATION OF THE INTERESTS OF ENTITIES INVOLVED IN THE SYSTEM OF HIGHER EDUCATION IN UKRAINE
Abstract:
This paper focuses on the relationship between the state, individuals, employers, and universities based on methods of quantification. The conclusion drawn is that higher education is the basis for socio-economic development and efficiency of the labour market, which could be used by governments in the formation of a policy regarding higher education through the vocational and qualification conformity indicator.
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Alexandre Krassimirov Barboukov, Bartosz Marcinkowski
HE ROLE OF FUNERAL DIRECTOR
Abstract:
In general, the public not only in the UK, but in the world, has very limited knowledge of the funeral industry, yet feels easy to criticize it or judge the ones employed, and associateted with the funeral industry. Unknown but, nevertheless, inherently stigmatized role of the funeral director is investigated.
Identifying managerial issues in the course of researching the chosen area of study allowed authors to recognize the conflict between the empowered funeral director and disadvantaged, by the virtue of distress purchase, bereaved customer.
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Snezhana Hristova, Dimitar Kovachevski, Ivona Mileva
INDIVIDUAL AND GROUP DECISION MAKING IN MACEDONIAN SMES
Abstract:
Management is principally a bundle of decision-making processes. Decision-making is the process of selecting the best alternative among various available courses of action. The managers of any organization are responsible for achieving the vision, mission and operational and financial goals in particular. All the functions like planning, organizing, coordinating and controlling are dependent on the quality of the decisions made. In companies, no matter of their size, decisions are made on all hierarchical levels.
Structured decision-making process is important for large corporations, but not less important for small and medium enterprises. The innovation capacity that enables the competitive points of difference, utilization of market opportunities and potentials depend on the accuracy and timing of the decisions.
This paper discusses the different methods used in individual and group decision-making processes and their application in the small and medium enterprises in North Macedonia. We conducted a research on a sample of SMEs from North Macedonia and analyzed the different decision-making methods applied and the role of individual and group decision-making methods from the perspective of managers (entrepreneurs) and employees including their roles and involvement.
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Vanya Grigorova
THE SYMBIOSIS BETWEEN INTEGRATED DISTRIBUTION SYSTEMS AND CONTEMPORARY INFORMATION TECHNOLOGIES
Abstract:
Distribution systems as we know them today are the result of their interaction with business environment factors and information technologies. Based on the conceptual characteristics of integrated distribution systems and the role of information technologies to their development, this paper aims to present a new concept about the relationship between them as a symbiotic, bidirectional and stimulating one. We have outlined in detail the major aspects of that relationship; the short-term and long-term effects, which it produces, as well as the prospects for their further symbiosis.
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Vyara Slavyanska
A SITUATIONAL APPROACH TO PROJECT TEAM MANAGEMENT – ITS NECESSITY AND RELATED PRACTICAL AND APPLIED ASPECTS
Abstract:
Nearly all research work on the personality traits and the management style of a project manager is universal in its nature and postulates conclusions and generalisations that are not adapted to the particular situation in which a project is being implemented. The aim of this paper is to suggest that project team management requires a situational approach that is consistent with the type of project executed. To this purpose, some key professional and personality traits of project managers are examined and several typologies are presented: 1) a typology of project managers – explorers, coordinators, drivers, and administrators; 2) team leadership models– hierarchical, team leader, team coordinator, shared leadership, and self-managed teams; 3) a typology of projects – 13 types of projects grouped in four categories. The paper also presents some options for choosing a project manager and a management model which are consistent with the specific nature of a project, including the stage of its life cycle.
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Rosen Ivanov Kirilov
SOFTWARE SOLUTIONS FOR MANAGING PROJECTS CO-FINANCED UNDER
THE EUROPEAN UNION’S OPERATIONAL PROGRAMMES
Abstract:
This article is dedicated to the problems of software solutions used for managing projects. A task like this one is full of many challenges because, on one hand, on the market there are many versions of software platforms developed for managing projects. On the other hand, the projects co-financed by the Operational Programmes of the European Union are very specific. These peculiarities are related mainly to the complexity of the documentation combined with the need of serious financial planning of the interim and final reports. Adhering to task schedules is a key moment in planning and returning of funds. The development of the research topic includes a description and an analysis of software solutions that are often used for managing projects. The article also provides a comparative analysis of project management software features based on a defined number of criteria and indicators. The findings of this analysis permit the formulation of recommendations for the development of new systems, which will allow users to manage the funds received under EU projects adequately, and according to schedules.
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Mihail Chipriyanov, Magdalena Slave Andonovska
SPECIFIC CHARACTER OF THE MEDIA AS BUSINESS ORGANIZATIONS AND MODELS
FOR ANALYSING THE VALUES
CREATED BY THEM
Abstract:
The article focuses on current issues related to strategic analysis of value creation in the media. At the beginning, the characteristic features of a media organization as such are presented and the specific aspects of its business management are assessed. Methodological issues of the analysis of value creation in the network form of partnership are clarified. The concluding part visualizes a generalized model of the value chain after the example of the audiovisual media in the Republic of North Macedonia.
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Diana Stoyanova Yankova
SOME SPECIFIC ASPECTS OF DOCUMENTING, ACCOUNTING AND TAXING THE ACTIVITY OF AN ELECTRONIC SHOP
Abstract:
Rapid advancements in technologies affect all aspects of human activity. Their impact is especially strong on commerce. The popularity of electronic commerce among customers has been growing since mobile devices and the Internet have made the shopping experience easier and faster. On the other hand, e-commerce provides a larger customer base to retailers, since clients are no longer restricted to the location of a physical shop. It also offers better advertising and marketing opportunities. Another advantage is the lack of conventional working hours.
The paper aims at systematizing the major opportunities and regulatory requirements related to starting an online shop. It also answers some of the questions most frequently asked by economic agents and presents the main requirements that they need to meet before starting an online shop. Special attention is paid to some specific moments in terms of documenting, accounting and taxing the activity of an online shop.
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Andrey Burachenko
MEDIUM-TERM PLANNING AND BUDGETING AT A LOCAL LEVEL
Abstract:
This article discusses the theoretical and practical aspects of medium-term planning and budgeting at local level in contemporary Ukraine. The author emphasises that the completion of functions by local authority bodies in Ukraine require the realisation of effective measures and actions guaranteed by corresponding budgetary programmes. One significant aspect of the problem is the effectiveness of monitoring the completion of local budget programmes.
The article contains particular proposals regarding the budgetary reform carried out in Ukraine – the introduction of medium-term budget planning at both state and local level.
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Nataliya Makovskaya
FIXED-TERM EMPLOYMENT CONTRACT
AS A MANAGEMENT TOOL FOR THE INNOVATION ACTIVITIES OF ENTERPRISES (BELARUSIAN EXPERIENCE)
Abstract:
The article presents the results of scientific research on the role of labour factors, fixed-term employment contract, in particular, in the innovation activity of organizations of Belarus. The influence of the fixed-term employment contracts on the innovative activity of enterprises has been identified. It has been proven that the smaller scale of the organization, the more often they use a fixed-term employment contract. It is proved that if organizations have a fixed-term employment contract, they are more innovative and innovative organizations are active.
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Lubomir Lubenov
STRATEGIC MARKETING RELATIONS IN THE BEEKEEPING SECTOR IN RUSE DISTRICT
Abstract:
Farms are facing a marketing problem (difficult realization and low competitiveness), which requires strategic relationship marketing at sectoral (beekeeping, etc.) and regional level - Ruse district, etc. The aim is to study the role and importance of vertical relationships for developing the beekeeping sector in Ruse district. The grounds for the formation of relationships in the beekeeping sector in Ruse district and the opportunities for their vertical development through B2C (business client) and B2B (business business) relationships are analyzed. The strategic relations at sectoral (beekeeping) and regional level (Ruse district) open access to markets, resources, know-how, etc., creating preconditions for increasing the national and international competitiveness and profitability of the sector and the region, as well as overcoming regional and sectoral problems. Beekeeping farms in Ruse region can be equal partners, incl. leaders in vertical marketing systems (VMS) of bee and other products, mainly through sectoral and regional relationships, which will provide them with stronger positions compared to other members of the distribution channels - suppliers, intermediaries, traders and others. They need to switch to vertical relationships for more profitable sales of their products, focusing on direct sales to end users and participation in VMS.
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Georgi Gerganov
ACCOUNTING AND TAXATION PROBLEMS OF AGRICULTURAL PRODUCE MEASUREMENT
Abstract:
The present article analyses the prescriptions of accounting stand¬ards ¹ 41 “Agriculture“ and ¹ 2 „Inventories“ for determination and measurement of agricultural produce and the role of the estimates for the formation of the financial result for the period. When those standards are used in the accounting practice some texts, regulating the transformation of the financial result for tax purposes, appear to be contradictory. A specific example given here illustrates the logical sequence of the tax treatment of the differences between the measurements of produce at initial recogni¬tion and at the end of the year.
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Radi Dimitrov
PROVIDING ACCOUNTING INFORMATION FOR THE AUDIT OF EUROPEAN UNION FUNDS IN THE PUBLIC SECTOR
Abstract:
Professional players on the Russian market in microelectronics form temporary partnerships so that they can design and develop microelectronic devices with a certain life cycle. This paper proves that the capacity of such partnerships to develop successfully and to achieve the goals they have set depends on the stages of their development, i.e. the stages of a partnership life cycle. The materialisation of these partnerships refers to all stages of the technological value chain of microelectronic devices, which allows each professional player on the Russian market in microelectronics to perform their functions. Each stage of the partnership life cycle relates to specific features and key success factors. By analysing the stages of partnerships life cycles, it is possible to predict and identify potential problems in terms of the materialisation and development of inter-organisational relationships.
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Boryana V. Dimitrova, Brent Smith, Trina Larsen Andras
BRAND VALUE CO-CREATION VIA
THE PLATFORM ENTERPRISE
Abstract:
Firms today focus on the development of long-term customer relationships and seek ways to actively involve customers in the marketing process. Platform enterprises such as Amazon, Airbnb, and Uber are spearheading the efforts in this direction by providing a digital platform enabling multiple stakeholders to engage in and contribute to brand value creation. However, scholarly research to date has not yet addressed the question of how platform enterprises can effectively and efficiently operate the network they build in a global market in order to stimulate co-creation and enhance brand value creation. We integrate Porter’s “diamond” with the dynamic capabilities approach and develop a conceptual framework, which helps us better understand how platform enterprises utilize their capabilities to exploit the “diamond” and build an “ecosystem of partners” while fostering innovation and encouraging brand value co-creation.
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Petya Ivanova
A CONTEMPORARY OVERVIEW OF THE APPLICATION OF COLLABORATIVE CONSUMPTION IN TOURISM
Abstract:
Collaborative consumption is a current global trend which is changing the way in which people use goods and services. This trend also affects the state of the tourism market. With reference to this the article studies the increased use of this business model nowadays by outlining its main characteristic features and the reasons that have caused its appearance. In addition, the article classifies the wide variety of services and products that fall within the scope of this model. Special attention is paid to the factors which limit and stimulate its development. The article also provides a summary of the most widely used digital platforms for sharing tourism – related services. In conclusion, it systematizes the advantages and disadvantages of collaborative consumption and its effects on the conventional supply of tourism products and services.
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Vanya Grigorova
CONTEMPORARY DIMENSIONS OF SALES MANAGEMENT
Abstract:
The paper analyses changes in the factors of the macro- and micro- marketing environment that have given a new image to contemporary sales over the last two decades. It also reviews key concepts and approaches to modern sales management and contributes to the theory of sales management by designing a conceptual goal-oriented model. The model presents three levels of relations that exist between three modules of metrics – those of sales, marketing and business organisations, and function as a system. The flexibility of the model renders it universally applicable to business organisations in different sectors of the economy.
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Tatiana Victorivna Orekhova, Yaroslav Sergiyovich Tertychnyi
CURRENT TRENDS OF ELECTRONIC COMMERCIAL DEVELOPMENT
IN THE WORLD MARKETS
Abstract:
The article deals with the features of the e-commerce development in the modern world economy. The article analyzes the interpretation of the term "e-commerce" by various domestic and foreign scientists. The study specified three levels of e-commerce. The article also identifies five major e-commerce features - advertising, product demonstration, transactions, after-sales service, long-term customer relationships. The article demonstrates the main effects of e-commerce on the economy, such as: growing competition, globalization of business spheres, personalization of interaction, reduction of distribution channels, cost savings. The analysis of B2C e-commerce sales volume in the regions of the world during 2012–2017 identified a significant level of the direction development in the Asia-Pacific region.
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Kamen Kamenov
CO-ACTIVITY THROUGH THE PRISM OF SOCIAL ACTIVITY, BEHAVIOURAL INDEFINITENESS AND MANAGERIAL INSIGHT
Abstract:
This article looks at the relationship between success, the role of personal and professional quality and the group, on the one hand, and the significance of a co-activity environment on the other. The final result, which in practice is the achieved objective, is heavily dependent on the components of a co-activity system. Furthermore, even if a high grade is awarded for personal and professional qualities and efficient group activity, the end result might deviate from the expected result to a certain extent. The reasons for this are to be found in a co-activity environment. It is a source of social activity because it can provoke actors to act in a variety of ways. Depending on which of its components have been activated, there may be prerequisites for active or passive behavior. The article also discusses the types of behavior which create an atmosphere of indefiniteness and characterise social activity in relation to co-activity environment and as behavioural dependency over time.
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Viktoriia Psota
CREATION OF A MECHANISM FOR THE IMPLEMENTATION OF GREEN PURCHASES IN THE PUBLIC SECTOR: UKRAINIAN EXPERIENCE
Abstract:
The globalization of public relations has led to the need to reform the public sector of the economy. Harmonization of legislation and regulatory basis with European Union standards requires the generation of new approaches and forms of interaction between customers and participants in procurement processes. The reform of the public procurement system gave an impetus to a change in the attitude of the state customers to the procurement process and the recognition of the need to introduce green procurement.
In the article, the authors investigate the process of implementing green procurement in Ukraine, analyse the regulatory basis and determine the shortcomings in the implementation of the environmental procurement mechanism. A research has been carried out on the priority sectors of the economy for which procurement is most often realized in the regions of Ukraine and suggests using an individual approach to the implementation of green procurement, depending on the needs of the local public sector. The work has developed tools for implementing green procurement, but the mechanism for their application requires research by a wider circle of specialists in various industries. The authors note the shortcomings of the generally accepted methodology for calculating budget savings, which does not take into account the life cycle of goods that should be the future research of scientists.
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Katya Kirilova
THE STATE OF MUNICIPAL ADMINISTRATIVE SERVICE AND PROSPECTS FOR ITS DEVELOPMENT
Abstract:
This article deals with issues related to administrative services and the performance of municipalities. The topic has been subject to continuous debates in terms of the efficiency of the services which local authorities provide and the prospects for improving the process. The focus of the research is on work processes at the level of local administrative services, while its aim is to identify the major challenges which municipalities are facing and suggest possible measures for improvement. To accomplish this, a questionnaire for conducting an online research was designed. The questionnaire consisted of 12 questions and was sent to 265 respondents, which is the number of municipalities in Bulgaria.
The analysis made for the purposes of this research is based on the formal data submitted by 60 municipalities on the territory of the Republic of Bulgaria. The findings of the analysis helped us identify possible solutions for improving the monitoring and designing of work processes, updating provided administrative services and raising their efficiency as the basis for developing integrated electronic administration.
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Kremena Marinova
THE CURRENT STATE AND DEVELOPMENT PROSPECTS OF MOBILE AND ELECTRONIC PAYMENTS IN BULGARIA
Abstract:
Present – day mobile and electronic payment systems, like all innovative solutions, do their best to meet the requirements of the business by being in line with its technological capacity. Online payments have a number of benefits not only for the banks and institutions that implement them but also for the clients and sales companies that use them to do their business.
The purpose of the article is to outline the features of mobile and electronic payment systems that permit them to be one of the most promising and rapidly developing means of payment in Bulgaria. The study will also analyse their strengths and weaknesses and will clearly define the opportunities and threats of their application. This will be accomplished by taking into account the current political and social conditions in Bulgaria.
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Milen Mitkov
STATUS AND TRENDS
IN THE DEVELOPMENT OF AGRICULTURAL INSURANCE IN BULGARIA
Abstract:
This study presents the results of an empirical research on the status and trends in the development of agricultural insurance in Bulgaria conducted in 2015. Data is systematized and analyzed; the dynamics of the development of agricultural insurance in Bulgaria for the period 2010-2014 is also studied. It was found out that agricultural producers express great interest in purchasing agricultural insurance. As a result, there is a significant increase in the scope of agricultural insurance in the Bulgarian insurance market.
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Katya Kirilova, Aleksandar Tsvetanov Naydenov
THE STATE OF E-GOVERNMENT AND DIGITAL ADMINISTRATIVE SERVICES IN THE REPUBLIC OF BULGARIA
Abstract:
The present article focuses on the problems of e-government and digital administrative services on a European scale and in the Republic of Bulgaria in particular. This is a controversial topic, important for all economic and social processes. In the context of the evolving Covid-19 crisis, investing in new digital administrative services can bring added value and significantly improve services provided to citizens and businesses. The study focuses mainly on the state of e-government and digital administrative services at a European level and in Bulgaria in particular, as the analyzed data cover the period from 2003 to 2020. As a result, some conclusions are formulated and a course of searching for opportunities to expand the policies towards developing individual components and systems, part of the e-government, to develop and change the administrative services provided, and to increase the efficiency of the services in the public sector is outlined.
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Orekhov Mykhailo
THE ESSENCE OF THE DIGITALIZATION PROCESS AS A NEW GLOBAL INFORMATIZATION STAGE
Abstract:
The article describes the essence of the term "digitalization" and shows the nature of this process. The impact on people's lives and globalization itself have been determined as a result of the conducted study. Particular attention has been drawn to digital transformation, its use in the business context and its impact on such organizations as government, government agencies and other institutions involved in addressing social and global issues such as pollution and aging, using one or more existing and new technologies.
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Maryna Karpitskaya, Yulia Krupenko, Pavel Barysenko
TRENDS IN THE REINSURANCE SECTOR
IN THE CONTEXT OF
FINANCIAL INTEGRATION
Abstract:
The article deals with the problems of insurance integration processes in the EAEU. The strategic directions of state regulation of the reinsurance market of the Republic of Belarus have been identified. It is determined that there is no a single legislative act regulating reinsurance activities in Belarusian legislation. State regulation of reinsurance relies on the current insurance legislation. The analysis of financial stability in EAEU is based on the Solvency I criteria.
In the EU countries the risk-based approach to financial stability for the insur-ance sector is offered. However, neither of these approaches can be fully applied in the Republic of Belarus due to the methods of the analysis, which are based on hypothetical scenarios of market developments and may have a high degree of unreliability.
It is determined that in reinsurance, it is necessary to assess the reliability of a reinsur-ance organization not only on the basis of an analysis of financial indicators, but to make a complex study of the financial stability of a reinsurer. It was concluded that the above methodology makes it possible to objectively analysis of a reinsurer reliability and can help to develop a set of measures aimed at raising it.
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Plamen Hristov Milev
TRENDS IN THE DEVELOPMENT OF ARCHITECTURE SOLUTIONS FOR WEB PUBLISHING SYSTEMS
Abstract:
This article deals with issues related to uploading contents on the Internet. Within this context, the specific attributes of information systems for web publishing and solutions for their architecture are reviewed. The paper analyses some conceptual problems related to those systems in terms of the opportunities provided to users to create, publish, share or comment on the content on the world wide web. It also presents the typical architecture of web publishing systems. Based on the conducted research, the paper presents findings and hypotheses about trends in the development of architecture solutions for web publishing systems. The focus of the paper is on the growing significance of social networks nowadays, and especially of social networks with interactive content. The conclusion summarizes the advantages of applying existing trends in the development of architecture solutions for web publishing systems to the design of software solutions in the sphere.
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Lyubcho Varamezov
A METHODOLOGY FOR DEVELOPING
AND MAKING A DECISION
TO OUTSOURCE
Abstract:
Nowadays organisations are realizing, more and more, the strategic character of the decision “to outsource or not” and its impact on their whole strategy for their future capacity to compete successfully. The decision “to outsource or not” is not an ordinary business decision by which decision-makers only compare the costs of an individual carrying out a particular process to the costs of contracting the process to an external company. Crafting such a decision is a long and complicated process. It must be done in a structured and rational way and include not only price, but also other factors, and it must not be influenced by outsourcing trends.
This article examines the complete process of developing and making a decision to outsource, which includes the following successive steps: forming a team which is going to make the decision to outsource, and which, if the decision is positive, will manage the whole outsourcing process; defining the objectives which are going to be pursued by using outsourcing; describing and classifying the business processes of the organisation; identifying the major competences of the organisation; defining the business processes which can be forwarded for outsourcing, as well as those which must remain within and under the control of the organisation; analysing the assessment of the factors influencing the decision “to outsource or not,”; and making the final decision.
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Lyuben Kirev
TECHNOLOGICAL TRANSFER BY TRANSNATIONAL CORPORATIONS AND THE GLOBALIZATION OF KNOWLEDGE
Abstract:
The subject of study in this paper is the transfer of technology and the globalization of knowledge by transnational corporations through the export of foreign direct investment, international trade in knowledge-consuming goods and the buying and selling of licenses, patents and know-how. It is indicated that the transfer of technology worldwide through the sale of licenses and know-how and the export of knowledge-consuming output is the exclusive responsibility of transnational corpora¬tions that are also engaged in the import and export of foreign direct investment.
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Mykhailo Dubel
TRANSFORMATION OF THE DISTRIBUTION FIELD UNDER THE DIGITALIZATION PROCESS
Abstract:
The article analyzes the concept of distribution. The main objects of the distribution system - the manufacturer, the wholesale reseller, the retail reseller and the user - are identified and characterized. The article highlights the benefits of digital distribution over traditional distribution. The article analyzes the features of digital distribution in the areas of books, music, software and computer games. The article examines the genesis, evolution, and perspective of digital distribution.
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Elena Yordanova
COMMUNICATION SKILLS AND
THE REALIZATION OF THE MANAGEMENT PROCESS
Abstract:
The successful managerial communication is one of the most widely spread and complex problems of social organizations. It also determines the effectiveness of the management process. The managerial skills are of key importance for the positive communication and successful realization of management activities. These skills are instrumental for the development and improvement of the new social and economic relationships in our society, which functions under the conditions of the increasingly globalizing 21st century economy.
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Margarita Bogdanova
UNIVERSITY BUSINESS MODELS IN CRISIS MANAGEMENT
Abstract:
The aim of the article is to present key features of the business model as a mental construction and to summarise successful practices of universities around the world that have implemented innovative management solutions to overcome crises. Osterwalder and Pigneur’s concept of business model and its applicability to higher education are considered. Variants of business models of different universities are analysed and crisis management approaches are synthesised in a summary model, with special attention paid to practices during the Covid-19 Global Crisis. The peculiarities of the analysis of the strategic risk after external threats are considered. Special emphasis is put on reviewing of business models in the context of new constraints and disturbed balance of revenues and expenditures. Timely reassessment of the business model can be a transition from a reactive to a proactive strategy and protect the organisation, at least in part, from the effects of future crises.
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Penka Goranova
CUSTOMER RELATIONSHIP MANAGEMENT – A STRATEGY FOR COMPANIES TO ESTABLISH A COMPETITIVE ADVANTAGE
Abstract:
Customer relationship marketing is complemented by the strategic vision of business development – customer management - which includes the following: customer analysis, customer contributions, life cycle, etc. The two visions - CRM and customer management - are essential for the development and higher competitiveness of companies.
These processes tend to accelerate and intensify. They result from imposing a new consumer culture, which encompasses customers from both developed and developing markets who possess a creative approach to thinking, dynamics as a style of behaviour, and “global” citizenship as a social characteristic. Marketing specialists must have a unique ability to engage with the modern customer and must be able to give their companies direction and focus in order to achieve effective results that will ensure their image and success.
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Iskren Tairov
MOBILE DEVICE MANAGEMENT
AS A COMPONENT OF CORPORATE
IT INFRASTRUCTURE
Abstract:
Digital economy and the rapidly growing use of the Internet have rendered it impossible for a corporate IT infrastructure to perform successfully unless adopting the necessary techniques, technology and procedures for controlling access to resources. Mobile devices have become tremendously popular and they are an indispensable part of people’s everyday life, as well as a preferred option for accessing corporate IT infrastructure resources. Therefore, organisations need to design and implement efficient management solutions, based on in-depth analyses and in line with the specific properties of mobile devices.
This research paper describes in detail corporate IT infrastructure and mobile devices as components of that infrastructure, reviews their use in business environment and presents appropriate tools for exercising control.
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Mihail Chipriyanov, Galina Chipriyanova
BUSINESS CRISIS MANAGEMENT AND ITS IMPACT ON THE ACCOUNTING POLICY
OF ENTERPRISES
Abstract:
Business crisis management is extremely important. Underestimating its importance may result in significant losses for owners, or even put an end to the operation of an enterprise. Hence, the unequivocal conclusion that the continuous evolution of knowledge regarding business crisis management is a major prerequisite and a factor encouraging more successful and more sustainable business development. It is a necessary condition for the survival and stabilization of enterprises, therefore enterprises need to design adequate accounting policies, i.e. a defensive accounting policy, within the context of legally regulated conditions regarding the organisation and methodology of accounting reporting for enterprises. Each enterprise undergoing a crisis or depression should define the contents of the separate elements of its defensive accounting policy so that the accounting tools employed, and the practical actions implemented, render this policy an efficient means for managing the economic activity of the enterprise. The aim of this paper is to outline the specific features of business crisis management and its impact on the accounting policy of enterprises.
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Borislav Borisov
RISK MANAGEMENT AT HIGHER EDUCATION INSTITUTIONS IN BULGARIA – A REGULATORY REQUIREMENT AND/OR
A PRACTICAL NEED
Abstract:
Modernizing the system of higher education and improving the quality of educational and research activities of higher education institutions is a permanent objective due to the constantly increasing requirements and the expectations of society. However, other factors also exist which hinder or at least slow down the achievement of the desired outcomes. Some of them are system-wide and equally valid for all higher education institutions, while others are specific.
The article focuses on the main external and internal factors posing risks to the future development of higher education in our country. Among them are the negative changes in the values of society, imperfections in the regulatory framework, the funding model, the demographic crisis, the evaluation and remuneration of the employed research scientists and lecturers, solutions to ethical and social problems, and others.
Identifying the main risks aims to make responsible institutions become aware of them. Another aim is to propose appropriate measures to counteract risks. It is argued that most of these measures require purposeful efforts by all interested institutions.
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Evelina Parashkevova Velikova
RISK MANAGEMENT IN HIGHER EDUCATION INSTITUTIONS IN BULGARIA – STATE AND PROSPECTS
Abstract:
The paper examines the main challenges facing universities in Bulgaria. It presents organisational issues of risk management in the higher education system and focuses on practices that need to be changed in order to implement risk management. Based on comparative content analysis, it identifies key areas that should be the subject of intervention in educational and scientific organisations in order to achieve efficiency, effectiveness and appropriateness of the process. The paper proposes solutions to improve risk management in the sector. It outlines guidelines for introducing a systematic approach to risk management in order to improve the organisational environment and operational management.
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Aleksandar Filipov
SCHOOL PRINCIPALS – EDUCATIONAL LEADERS AND PROFESSIONAL MANAGERS
Abstract:
The article studies the current changes in the functions and vision of the heads of educational institutions.
The main management styles are analyzed. The professional and personal qualities modern school principals need to combine in order to successfully manage schools are outlined.
The specifics and characteristics of school principals as professional managers and educational leaders are clarified. Specific emphasis is placed on managing governance processes, the status and position of school principals in the management hierarchy.
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FACTORS FOR SUCCESS OF THE “BUSINESS PROCESS AS A SERVICE” MODEL
Abstract:
The “Business Process as a Service” model integrates the achievements of the business process management/modelling concepts and cloud computing. It aims at rapid development of automated business processes on the basis of cloud services. The article is an attempt to refine the scope of the model by systematizing its logical and technological aspects. The advantages of the “Business Process as a Service” model, as well as some problematic aspects of its implementation are defined. Finally, factors for its successful implementation are identified.
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Silvia Gospodinova
FACTORS DETERMINING THE DOMINANT ROLE OF THE SERVICES SECTOR IN MODERN ECONOMIES
Abstract:
In the 19th and the beginning of the 20th century, the process of industrialisation was particularly large-scale and intensive and dominated the industrial sector. In the following years, however, complex processes of adaptation to a new model of development began to take place in the development of the Bulgarian economy. It is based on the global information revolution and the trend towards globalisation, as well as the transition to a market economy. One of the features of this change is the dynamic development of the services sector, which is increasingly beginning to dominate. This paper traces the factors that led to the transformation of most economies, including the Bulgarian and their transformation into post-industrial, as well as the similarities and differences of these changes until the beginning of the twentieth century in our country and in other economies.
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Velichko Adamov
PHILOSOPHY OF GENERAL CORPORATE FINANCING
Abstract:
Corporate financing requires sufficient knowledge on the two basic elements of liability as a component of financial balance: long-term and short-term equity. Respectively the article analyzes the ratios at which company investment may be carried out by equity and various issues of positive and negative equity structure are being outlined as well. Certain recommendations are being made for optimizing owners’ equity and debt capital in order to achieve an effective investment policy. Spe¬cial attention has been drawn on capital management practices in Bulgarian compa¬nies recognizing those practices’ constant need of improvement and development.
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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.
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Nikola Yankov
A HOLISTIC APPROACH TO REGIONAL BUSINESS DEVELOPMENT
Abstract:
The article is outlining the problems and the need for alternative (also called diagonal) approach in the development process of the regions and in particular în their business spheres. In this regard the first part clarifies the object of study - the region and its business sphere.
The next part is looking for an answer to the questions: how the regions can be transformed into business networks and how to become pillars of their overall (holistic) development; how in the process of their modernization to be used the achievements of megatehnologic revolution of the XXI century?
Afterwards certain models for organizing initiatives for regional /local business changes are presented.
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Rosen Ivanov Kirilov, Mariya Kazakova
HUMAN CAPITAL AS A FACTOR FOR SUCCESSFUL DIGITALISATION OF LOCAL ADMINISTRATIVE SERVICES
Abstract:
This article focuses on human capital as a key factor in the success of the digitalisation of processes of the local authorities’ activity. The experience gained since the period of Bulgaria's membership in the EU and the significant resources invested in the modernisation of central and local authorities highlight the role of the human factor for the effective implementation and operation of e-government tools. This requires revealing the role of human capital in the successful digitalisation of work processes in local administration. Arguments are given in favour of the thesis that the higher its level, the more efficiently and professionally the necessary organisational changes can be made for the successful implementation of the necessary technologies and the development of e-government.
