Business Management

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  DETERMINANTS OF SHORT-TERM LIABILITIES OF FINANCIALLY DISTRESSED SME-S

  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 ... The article studies the determinants of short-term liabilities of financially distressed small and medium-sized enterprises in Bulgaria. The research is based on data from the financial statements of one hundred non-financial enterprises in different industries in the period from 2014 to 2016, provided by the National Statistical Institute. A company is defined as financially distressed if it cannot cover its short-term liabilities with its operating cash flow. By employing multiple regression analysis, we design a model, which shows the positive impact of the levels of net sales revenue, inventory, receivables from customers and suppliers and financial assets, and the negative impact of the ratio of current assets to total assets on the short-term debt of financially distressed SME-s.

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  A QUALITATIVE APPROACH TO TRADE CREDIT IN BUSINESS ORGANISATIONS

  The aim of the paper is to present, in the cognitive aspect, the opinions, judgements and notions of entrepreneurs regarding financing of the current activity of enterprises with trade credit. The nature of the research problem determines the adoption of qualitative research as a research basis, in which direct interview with entrepreneurs has ... The aim of the paper is to present, in the cognitive aspect, the opinions, judgements and notions of entrepreneurs regarding financing of the current activity of enterprises with trade credit. The nature of the research problem determines the adoption of qualitative research as a research basis, in which direct interview with entrepreneurs has been used. These entrepreneurs, in transaction processes, represent both credit recipients as well as credit donors. Interviews were conducted in 2015, on a sample of 147 manufacturing companies of different nature and different business domain. The paper presents both positive, as well as negative aspects related to the use of trade credit. The possibility to purchase without having financial means, improving financial liquidity and production productivity; increase in revenue and competitive position and general use, open access and cheapness are particularly important in the first approach. Payment gridlock and high risk of activity, as well as increase in the cost in business activity were indicated in negative terms. Value - the authors try, through the prism of empirical research, to show and estimate positive and negative aspects of trade credit. This knowledge has a practical value as it could be used by other firms that implement or develop their trade credit policy.

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  TRANSFORMATION OF THE DISTRIBUTION FIELD UNDER THE DIGITALIZATION PROCESS

  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 ... 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.