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  DIGITAL CAPACITY, RULE OF LAW, AND REGULATORY QUALITY AS DETERMINANTS OF GOVERNMENT EFFECTIVENESS: A POOLED OLS INTERACTION MODEL FOR EU MEMBER STATES

  : Government effectiveness, as a measurable institutional outcome, has been extensively studied, assessed and discussed in the academic literature. Building on the theories of moderation and institutional complementarity, this study argues that digital capacity, the rule of law, and regulatory quality are significant determinants of government ... : Government effectiveness, as a measurable institutional outcome, has been extensively studied, assessed and discussed in the academic literature. Building on the theories of moderation and institutional complementarity, this study argues that digital capacity, the rule of law, and regulatory quality are significant determinants of government effectiveness. The analysis draws on data for four internationally recognised composite indices used to assess the state of public administration. This study proposes a pooled OLS interaction model to examine whether the effects on government effectiveness depend on the levels of digital capacity, the rule of law and regulatory quality, and on the interactions among them. The aim of this article is: 1. To outline the theoretical basis for the application of an institutional interaction model to the study of governance effectiveness; 2. To construct and apply such a model using observed cross-national data for EU countries and Bulgaria. In this regard, the authors set themselves the following tasks: 1. To review a methodological framework for analyzing administrative structures; 2. To examine the influence of digital maturity, the quality of regulations, the rule of law and their multiplier effect on the effectiveness of public administration management in EU countries; 3. To draw conclusions about the institutional interaction of the three factors on the effectiveness of public administration in Bulgaria. The findings reveal significant positive effects of digital capacity, the rule of law and regulatory quality on government effectiveness. The analysis of internationally comparable composite indices with longitudinal coverage enables both cross-national and temporal comparisons, yielding policy-relevant insights for strategies aimed at enhancing public administration effectiveness. Comparable panel data for the DES, RoL and RQ coefficients for all 27 EU Member States for the period 2022–2024 were used as independent variables determining the levels of the dependent variable Government Effectiveness (GE).

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  IS SUSTAINABLE TOURISM VALID FOR THE BALKAN COUNTRIES? EVIDENCE FROM THE ENVIRONMENTAL KUZNETS CURVE HYPOTHESIS

  The transition toward sustainable tourism has become increasingly important for the Balkan countries, where tourism represents a significant source of economic activity but also generates growing environmental pressures. This study examines the environmental implications of tourism development in eleven Balkan countries over the period 1995–2024 ... The transition toward sustainable tourism has become increasingly important for the Balkan countries, where tourism represents a significant source of economic activity but also generates growing environmental pressures. This study examines the environmental implications of tourism development in eleven Balkan countries over the period 1995–2024 by investigating the relationships among greenhouse gas emissions, economic growth, electricity consumption, and international tourist arrivals within the Environmental Kuznets Curve (EKC) framework. The empirical analysis applies panel cointegration tests, FMOLS and DOLS long-run estimators, the Pooled Mean Group (PMG) estimator, and the Dumitrescu–Hurlin panel causality test. The results provide evidence of a U-shaped EKC relationship, indicating that greenhouse gas emissions initially decline with economic growth but increase again at higher income levels. Electricity consumption and tourist arrivals exert positive and statistically significant long-run effects on greenhouse gas emissions. The causality analysis further reveals bidirectional causality between greenhouse gas emissions and electricity consumption, together with unidirectional causal relationships from GDP to greenhouse gas emissions, tourist arrivals, and electricity consumption, and from tourist arrivals to greenhouse gas emissions and electricity consumption. The study contributes to the existing literature by providing recent regional evidence for a heterogeneous group of tourism-intensive Balkan economies and by jointly examining tourism activity, energy consumption, economic growth, and environmental pressure within a unified panel framework. The findings indicate that tourism-led growth in the region cannot be assumed to become environmentally sustainable automatically as income increases, highlighting the need for tourism decarbonization, greater reliance on renewable energy, and country-sensitive environmental policies.

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  LIQUIDITY ANALYSIS OF NON-MANUFACTURING ENTERPRISES

  Economic analysis is a basic tool of business management, financial analysis being one of its structural parts. When assessing the financial condition of business organizations, liquidity analysis indicators are important. They are also widely used in discriminating financially stable enterprises from business organizations at an increased risk of ... Economic analysis is a basic tool of business management, financial analysis being one of its structural parts. When assessing the financial condition of business organizations, liquidity analysis indicators are important. They are also widely used in discriminating financially stable enterprises from business organizations at an increased risk of bankruptcy. The present paper aims to calculate mean values of some of the most commonly used liquidity analysis indicators. The research is based on information from the financial statements of non-manufacturing enterprises, some of which are financially stable, and some are declared bankrupt. As a result of the study, it is concluded that the usefulness of liquidity indicators depends on their individual capabilities, the socio-economic conditions in which the study is conducted, and the aims of the analysis.