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Lyudmil Naydenov, Dimitar Tsenov
COVID-19 EFFECTS ON TAX GAPS
Summary:
The paper examines the issues related to the impact of COVID-19 on tax gaps in Bulgaria. The authors define the various tax gaps in terms of their theoretical, practical and technical grounds as well as unique characteristics. The authors have analysed the dynamics of the gap between the tax and social insurance revenues in the Consolidated Fiscal Program (CFP) as they “should be” collected and as they “are” collected and prove that it was affected directly by the global COVID-19 pandemic. They justify the need for an innovative approach that would take into account the changed realities and the important role of CFP components for improving the public welfare and the sustainability of our economy. The research subject are tax gaps and its object is the impact of COVID-19 on the difference between the volume of collected and planned revenues from direct taxes, indirect taxes, social security and health insurance contributions in Bulgaria. The general conclusion is that the pandemic, which has lasted for already over a year, has slowed down the economy and hence has a negative affect on tax gaps in our country.
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G. Tahov
Current Issues in the Financial Management of Cross-Border
Infrastructure Projects
Summary:
The aim of this paper is to critically present current problems, basic models and influential factors in the development of competencies for the financial management of cross-border infrastructure projects in general, and in particular, to create a transport connection between Bulgaria and Romania as countries and members of the EU. The article is in three main parts. In the first part the focus is on factor models for the financial management of infrastructure projects. The second part develops ideas for grouping and classifying the problems facing cross-border infrastructure projects for transport connectivity. The third part presents a synthesised empirical analysis of the “Danube Bridge 2: Vidin - Calafat” project as a successful example of cross-border project management.
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Rosen Kolev
ALTERNATIVE ACCOUNTING APPROACH FOR ELECTRICITY COMPENSATIONS TO INDUSTRIAL ENTERPRISES
Summary:
The growing prices of the main production resources have led to a common European policy in support of economic subjects. The established mechanisms also concern the electricity consumed by non-domestic end users. The industrial sector in Bulgaria is energy-intensive and the accounting for the electricity costs and the compensations for their high prices has become increasingly relevant because of the direct influence on the cost price and sale price of the provided services and the produced goods. The development of an alternative accounting approach for the compensations to industrial enterprises facilitates making operative, strategic, and tactical decisions concerning their activity.
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Goolbahor Karimova
ANALYSIS OF INTERNATIONAL EXPERIENCE OF ATTRACTING FOREIGN INVESTMENTS
Summary:
The article considers foreign experience of attracting foreign investments by the example of the countries that most successfully attract foreign investments, and at the same time are the main countries investing in the economy of the Republic of Uzbekistan. The policy of attracting foreign investments to the Republic of Uzbekistan is being considered. Analyzed reg-ulatory legal acts, considered free economic zones, as a method of attracting foreign investment in the Republic of Uzbekistan. The conclusion of a com-parative analysis of the effectiveness of investment policy and their features in the context of countries is given.
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Velichko Adamov
Anatomy of capital provision of investments
Summary:
Capital provision of investments requires serious financial revision of the balance sheet and the statement of income. In this respect, what is justified in this article is the need for structuring and designing a financial statement of the companies, which gives the major indicators, necessary for efficient financial provision and management of investments. A critical analysis of the minimal financial balance has been made and the need for using actual financial equilibrium has been proved. In this way, sound company management is impossible without the constant provision of long-term capital for financing a part of short-term investments.
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Kameliya Bozhinova
OUTSOURCING PRINTING SERVICES IN BULGARIA – PART OF THE GLOBAL OUTSOURCING MARKET
Summary:
The new conditions and the globalization of the business environment in which the management of commercial enterprises operates today require innovative, flexible and adaptive management tools, one of which is outsourcing. It improves the operational efficiency of the enterprises involved in this process and enables the service providers to expand and maintain their market shares. Moreover, it optimizes their resource allocation and improves the profitability of their operations.
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Tamari Poladashvili
Students’ Perspective Towards to Bologna Process and Employability (Case Study of Bulgaria)
Summary:
The problem of youth unemployment is a global issue. This article discuss in depth the youth unemployment problem. It analyses the characteristics, causes, and consequences of graduate unemployment and examines its relationship to the Bologna Process. A qualitative research has been done with focus group discussions of Bachelor and Master Degree students. The study explores the nature of the labour market for higher education graduates and the main obstacles that youth face on their journey from education to employment. The study aims to determine whether graduate unem¬ployment is a result of shortage of jobs, skills, or lack of coordination. It includes recommendations for involving the government, the managing bodies of higher education institutions as well as employers and career service offices in order to overcome youth unemployment.
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Todor Nedev
BULGARIA’S INDEPENDENT ENERGY EXCHANGE – POSSIBILITIES FOR RISK MANAGEMENT
Summary:
This article discusses the urgent problems of the Bulgarian energy market and its slow transformation from state monopoly to free exchange market. The paper aims at elaborating on the specific aspects of energy trading – basically, and in particular, the characteristics and disproportions imposed by the state and the state-owned energy holdings on the Bulgarian market. Ever since its establishment in 2014, the Bulgarian Independent Energy Exchange (BIEE) has adopted the model and rules of the north energy exchange – Nord Pool. The arguments for this choice have not been discussed publicly, but the necessity of a well-functioning energy exchange market and the need of its daily transparent activity, already in Bulgaria as well, are accepted as proven. The functioning and reliability of the Bulgarian stock exchange, however, are still the subject of certain discussions. What could have happened if the Bulgarian stock exchange had adopted the model of the European energy exchange – EEE?
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Lubomir Lubenov
BUDGET FOR MARKETING STIMULATION OF REGIONAL BEE PRODUCTS ON THE BASIS OF VALUE
Summary:
The aim of the research is to propose a budget for marketing stimulation of bee products in the Ruse district on the basis of value. The regional bee farms shall integrate among each other to form solid organization for the development of products of high added value, respectively, for the accumulation of a solid budget for the most efficient communication tools. The budget for marketing stimulation on the basis of value shall be treated as an investment in value communications regarding the demanded, the promised and the desired value by consumers. When public relations (PR) on the basis of value are not carried out well, a larger budget will be necessary for the remaining tools of the communication mix (advertisement, personal sales, sales stimulation, etc.); on the other hand, their efficiency will be lower. Direct marketing (DM) has the capacity to create added value, to offer it and to communicate it to the customers on the basis of value in unison with the marketing tools. The organization of bee farms shall form a virtual community which in the course of time will collect information about the needs of the consumers, turning into a community with value. It will direct the organization not only towards the value communication via PR and DM, but also towards improving the products, the supplies, the prices and, as a whole, towards improving the customers’ service and satisfaction.
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Denitsa Zagorcheva, Y. Velcheva
BUDGET DECENTRALISATION AS A FACTOR FOR THE SIMULTANEOUS DEVELOPMENT OF MUNICIPALITIES
AND THE INDUSTRIAL BUSINESS
Summary:
The article presents the results of a study on budget decentralisation and its effects on the development of municipalities and the industrial business. The objective is to reveal the relationship and interdependence between municipalities’ own-source revenues, which are characteristic of their financial and investment policies, and the extent to which industries are developed on their territories. The development of the industrial business is not directly affected, however, by the investment policy of the municipalities. Nevertheless, it contributes greatly to the increase of their own-source revenues.
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Rumyana Lilova, Petko Angelov
The Budget Balance – Technical and Financial Aspects
Summary:
The paper focuses on issues related to the procedure for determining the different types of budget balance in compliance with the consolidated fiscal programme (CFP) and the national budget, and their economic interpretation. The paper also specifies that the numeric value which states the difference between the value of receipts and the value of outlays depends on the absolute sum of expenditure on interest payments on internal and external loans. The dynamics of the difference between the values of receipts and outlays under the CFP and under the national budget is analysed. We prove that the rate of change in the consolidated cash budget balance does not match the rate of change in the cash balance on the national budget. We also identify the relation between analysed balance variables and the reference values approved by the Maastricht Treaty and set in the Public Finance Act. An analysis is made of the effect which the rate of change in the nominal value of receipts and outlays exercises on the dynamics of analysed cash budget balances. Finally, we arrive at the conclusion that the value and the relative share of the budget balance in the GDP do not pose a threat to public finance stability.
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Radko Radkov, Andrey Zahariev
The Currency Board in Bulgaria: Theoretical Reflections and Empirical Results
Summary:
Via this article the authors would like to discuss the idea of the inter-section point of theoretical reflections and reported empirical results referring to the currency board in Bulgaria. To achieve the goal defined the article is structured in the following separate sections: first, clarification of the concept of a currency board in light of leading theoretical research; second, critical analysis and evaluation of the characteristics of the currency board in Bulgaria; third, justification of the authors’ answer regarding the end of the currency board in Bulgaria and its replacement with another system; fourth, econometric analysis and assessment of foreign trade sector influence on the GDP in Bulgaria under the conditions of a fixed currency exchange rate and a high percentage of foreign trade of goods and services in the structure of the GDP; fifth, a study of the currency boards influence on the economic convergence of Bulgaria in comparison with leading EU economies for the period 1998 – 2012. For the authors, Bulgaria’s path to membership in the Eurozone while keeping the currency board regime during the whole period of being in the ERM II “waiting room” is logical and has social and institutional support. The argument for this is that Estonia’s example of entering the Eurozone by preserving the currency rate at the level of the currency board is the reasonable and rational national project for developing Bulgaria’s economy and financial system.
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Margarita Mihaylova
THE IMPACT OF GLOBAL TRENDS AND COVID-19 ON INTERNATIONAL NEW VENTURES
Summary:
The COVID-19 pandemic has accelerated existing trends in the global business environment thus changing the conditions for performing international entrepreneurial activity. Four such trends of a key role in international business are the digitalization and active use of communication technologies, the restructuring of global supply chains, the erosion of trust in international organizations, and finally yet importantly, the integrity of international business networks and knowledge transfer. The paper explores the impact of the acceleration of these trends on the creation and the success of international new ventures.
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Plamen Yordanov
Possibilities for Improving the Mechanism of Pensions’ Indexation for Employment in Bulgaria
Summary:
Upgrading (updating) pension payments is the process of adjusting their amount in accordance with the current parameters of the socioeconomic development of society in proportion to accumulated social security rights and using the correct set of principles, indicators, benchmarks, standards and mechanisms. Too often, however, achieving and maintaining a desired level of income and standard of living for pensioners is considered only from the perspective of underlying social patterns, without considering the specifics of the accumulation and transformation of social rights in the actual pension payments. The purpose of this paper is to highlight some guidelines for improving the mechanism for updating pension payments in Bulgaria based on a comparative analysis of the practice of updating pensions in social security systems in some European countries.
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N. Kravchuk
Divergence and Convergence in Global Development
Summary:
From a conceptual point of view, this research is dedicated to one of the most disputed problems in the methodology of contemporary intersystem transformations – systematic balance ambiguity, or the “divergence – convergence of global development.” From a compositional point of view, research on this topic has consisted of two main directions: (1) an analysis of global development asymmetry that has activated gravitational processes in geoeconomic space; and (2) a direction that focuses on the profound study of the causes for heterogeneity in geo-economic space and divergence in global development under the influence of gravitational factors of nature on the endog-enous-exogenous axis. Empirical analyses have revealed systemic determinants of gravitational processes in geo-economic space, a geo-strategic matrix of divergence in global development has been constructed, and Ukrainian geo-strategic positions in geo-economic space regarding the projection of problems in global intersystem transformations have been outlined. The hypothesis that the level of gravitational charge grows under conditions involving the deepening of global development asymmetries has been proved.
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Stoycho Dulevski
DIGITAL PERMANENT ESTABLISHMENT
Summary:
The permanent establishment (PE) has always been of interest in the field of international taxes in the taxation of profits of foreign enterprises in the source state. Over the years, the PE concept has undergone a number of changes. Their manifestation is reflected both from theoretical and practical perspective in connection with the variety of cases on this matter. Over the last years, the idea of digital PE has been subject of discussion both at worldwide and at European level. The current study analyzes the possibility of its introduction through the double tax treaties (DTTs) and the European Union law (EU law). In this regard, the measures undertaken in the legislation of different states are also examined
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Desislava Koleva Stefanova
THE DYNAMIC TRANSFORMATIONS ON THE LABOUR MARKET IN BULGARIA IN CONDITIONS OF DIGITAL TECHNOLOGIES AND PANDEMIC
Summary:
This article discusses the main transformations which have occurred in the labour market due to the accelerated processes of digitalization throughout the last two years. In their essence, those changes are caused by the fourth industrial revolution and the ongoing COVID-19 pandemic. The research places the emphasis on the necessity of developing “hybrid” forms of employment based on flexibility and security. Special attention is paid to the necessity of investing human capital in an environment of digital technologies and intensive entering of artificial intellect in labour processes.
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Antonio Dichev
DISCRIMINATIVE ABILITY IN ESTIMATING PROBABILITY OF DEFAULT WITH CERTAIN MACHINE LEARNING ALGORITHMS
Summary:
The article highlights the importance and added value of some machine learning algorithms in assessing default probability. The results of the research highlight the discriminative ability added to many other essential aspects of machine learning in assessing credit risk. These aspects can be identified as specific opportunities and challenges. As for the discriminative ability regarding the analysed sample, the results prove the superiority of machine learning over the traditionally established and known models. For individual business organizations with exposures to credit risk, machine learning could contribute to reducing the credit losses with larger volumes of business transactions.
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Konstantin Kolev, Maya Tsoklinova
ECONOMIC INTERVENTIONISM UNDER PANDEMIC CONDITIONS: SIMILARITIES AND DIFFERENCES ON EU LEVEL
Summary:
The aim of this article is to classify 25 EU member states into homogeneous groups based on the relative shares of GDP of eight subgroups of government expenditures on economic affairs (according to the Classification of the Functions of Government - COFOG) and thus compare the extent of their governments’ intervention in economic affairs. The homogeneous groups were defined by means of a non-hierarchical cluster analysis (K-means) method using the Euclidean distance as a measure of dissimilarity. The results of the clustering of the 25 EU member states by government expenditure by economic function (according to COFOG) reveals the similarities and differences among these countries in terms of their economic interventionism. They also define which economic affairs need government intervention to mitigate the negative effects of the COVID-19 pandemic.
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Borislav Emilov Boyanov
EUROPEAN CHEMICAL INDUSTRY – CURRENT STATE AND CHALLENGES
Summary:
The European chemical industry is one of the major and most important industrial sectors of the Community economy. The present paper aims to present an analysis of its current state and, on this basis, to highlight the main challenges it must address in the coming years. The presentation of the main characteristics of the chemical industry on a global scale, which gives a clearer idea of the state of the industry as a whole also plays an important role in the study. The following main conclusions are drawn from the analysis made. First, an increase in the share of chemical substances and products in the EU’s total exports and imports, which determines the growing importance of the sector to the European Union. Second, the European chemical industry is still lagging behind China on a global scale due to a variety of reasons, including the country’s industrial policy and sector reforms. Third, in the future, the industry will have to cope with a number of challenges in areas such as the environment, international competitiveness, sustainable development and the circular economy.
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Veniamin Todorov
EXOGENOUS MACROECONOMIC SHOCKS AS CONTEMPORARY BUSINESS CYCLE DETERMINANTS
Summary:
The article presents the results of a research that aims to test the hypothesis that exogenous macroeconomic shocks affect present-day business cycle dynamics in a way that extends beyond the COVID-19 pandemic and the military conflict in Ukraine. The analysis covers the present-day manifestation of three key types of exogenous shocks - health shocks, oil price shocks and natural disasters. The research showed a lot of evidence that corroborates the hypothesis and hence it is confirmed. The three types of exogenous shocks have played an important role not only for the last two years, but also beyond this time horizon.
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Atanas Damyanov
ECLECTIC VIEWS ON THE CONSEQUENCES OF COVID-19
Summary:
This research, with which we aim to penetrate through the Covid-19 fog, consists of four chapters.
In chapter one, very concisely, we identify the consequences of the 2008 crisis.
In chapter two, we have searched for biblical proof and philosophical explanations of the pandemic, upgraded with a paradox of the capitalist economic system. We have provided a graphical representation of the impact of the pandemic, different from the “V”, “U”, “L” and “I”- shaped interpretations.
Chapter three adopts a thesis by Renaud Girard, but we have also made an independent overview of the weaknesses of three ideologies. Furthermore, we have added to the G-20 recommendation for the restoration of transborder commerce.
Chapter four offers a second, author’s variant for graphical representation of overcoming the consequences of the pandemic. It is emphasized that it is not a one-season phenomenon. We have synthesized the damage caused to each sector and profession in the world. We claim that the structure of product range depends on the structure of consumer demand and the changes in the new environment. Therefore, the key word is “Transformation”.
These are followed by thoughts and conclusions divided into three major characteristics of the pandemic and four models of human behavior. We propose new organizational and structural changes for the firms, enterprises, and corporations. We argue that management now tends to be based on algorithms, protocols, and economic platforms.
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Konstantin Kolev, Maya Tsoklinova
DEPENDENCE BETWEEN BASIC SOCIO-DEMOGRAPHIC CHARACTERISTICS OF THE POPULATION AND THE SIZE OF GOVERNMENT EXPENDITURE ON SOCIAL PROTECTION
Summary:
One of the serious public questions for years has been related to the size of government expenditure and government revenues and the formed government budget. The latter determines the amount of government intervention in the economy and the public goods provided by the state. The growth of government expenditure is influenced by various factors, both on the demand side of public goods and on the supply side. In this context, in the present article the author's interest is focused on the study of the dependence between basic socio-demographic characteristics of the population and the size of government expenditure on social protection. The guiding working hypothesis for the research is that there is a positive relationship between government expenditure on social protection in the European Union (EU) Member States from Central and Eastern Europe (CEE) and basic socio-demographic characteristics of the population. The verification of the hypothesis is carried out in the following sequence: first, on the basis of a study of literary sources, quantitative indicators reflecting basic socio-demog-raphic characteristics of the population are substantiated; secondly, on the basis of the adopted indicators, socio-demographic population indices are calculated for the EU Member States from Central and Eastern Europe; third, the relationship between the government expenditure on social protection and the socio-demographic population index is measured by means of the coefficient of K. Pearson. The working hypothesis has been confirmed, as it has been established that there is a positive relationship between the studied variables in each year of the analyzed period 2017-2021. The values of the correlation coefficient during the period 2017-2021 in chronological order are as follows: 0.7336; 0.7128; 0.7011; 0.7006; 0.7063.
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Lachezar Borisov
THE RELATIONSHIP BETWEEN FOOD PRODUCTION PRICES AND INFLATION IN BULGARIA
Summary:
The study aims to find relationships between the total producer price index for food products and the harmonized consumer price index for food products in Bulgaria. The analysis of the relationships aims to reveal the impact of producer prices on the final consumer price of food products, as well as the period in which the strongest relationships are present. The sharp rise in food prices in Bulgaria, the macroeconomic forecasts for the continuation of this trend and their impact on the welfare of citizens make it necessary to analyse various interrelationships that serve the study and forecasting of certain processes in the country. The study concludes that there is a causal relationship between the total producer price index for food products and the harmonized consumer price index for food products in Bulgaria. In contrast to the general case where inflationary processes are transmitted from producer prices to consumer prices with a lag of 5 months, in the case of food products this happens within the same month.
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Dimitar Kanev
Why Trump Won the Elections – in View of the Prospect Theory
Summary:
In view of the behavioral approach and the prospect theory, the article tries to explain why an alternative is sometimes chosen, which compared to other options, leads to a worse and more uncertain expected outcome. The example analyzed is D. Trump’s victory in the US presidential elections in 2016. The reasons why he won lie in the candidate’s right strategy which takes into account the voting behaviour, and especially in the proper communication with voters, in the reflection effect and loss aversion. The validity of the prospect theory is sought not only in the political choices but also by means of a number of own studies examining its basic assumptions in Bulgarian conditions. Examples are given of applications in other fields.
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Radka Nenova
Agrarian Enterprises – A New Manifestation of Social Farming
Summary:
The importance of the social-economic sector has increased regarding both the European and the national economy. Its future development and improvement is among the priorities of the EU’s common policy. Some aspects of the social economy which are related to the characterisation of the concept of social enterprise, its regulations and conditions for its functioning represent a topic for discussion and are a subject of scientific interest in this paper.
The study focuses on the possibility of combining some of the features of social enterprises with those of conventional farms. As a result, a model has been developed for the operation of socially-oriented agrarian enterprises in Bulgaria.
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Lyuben Kirev
Knowledge as an Economic Resource and a Source of Wealth
Summary:
The realisation of knowledge as a major factor in production on the one hand, and also its main product on the other, has provoked the necessity to clarify its nature as an economic category in a knowledge-based economy. This article examines the ambivalent nature of existing knowledge as a public and private source of wealth, the possibilities for transforming it from a private to a public source of wealth through “overflow“, and the pros and cons of possible paths for advancement in the field of research and development. Special attention has been paid to the characteristics of knowledge as an economic category: the specific way of expropriation, preserving usefulness and self-expansion in the process of consumption; changes in the nature and in the mechanism of accumulation and also changes to property relations in a knowledge society; inseparability from the owner as a personalised source of wealth.
In terms of content, the article complements and builds on the ideas put forward by the author in the plenary paper entitled, "Knowledge as an Economic Category” presented during the seventy-fifth anniversary conference at th D. A. Tsenov Academy of Economics in Svishtov.
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Metodi Kanev
CAPITALISM AGAINST ITSELF (CRITICAL VIEWS AND INSIGHTS)
Summary:
The pragmatic mass conscience and behavior of individuals towards the achievement of private and public wealth sets the accumulation of capital as its leading motive and factor – it creates jobs, goods and income. As it turns into a lifestyle, it becomes a mass principle of modernity which has led to renaming it to capitalism. This, however, poses the question – does moderniy not problematize the relationships economic – non-economic activities, capital – labor, private – public interests, national – global dependencies? On balance, does it not ignore the moral nature of man contrary to its initial humanistic spirit? The article makes an attempt to defend this hypothesis as it takes into account the views of a number of established social erudite scholars; the judgements are supported by empirical proof leading to the conclusion that by evolving, capitalism all by itself prepares the need of a reorganization of social life on a new basis. As a result of the presented arguments, we reach the conclusion that successful countires will rely primarily on the free multifaceted development of each individual. With a veiw of all this, we need a complete (economic, spritiual, social and legal and political) vision of a positive change which shall harmoniously direct its resources to all spheres of life. This would secure: spirituality – ideas, culture and meaning; economy – material prosperity; morality – virtue; legal and political sphere – social peace, harmonious and just social order.
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S. Parusheva
CARD-NOT-PRESENT FRAUD – CHALLENGES AND COUNTERACTIONS
Summary:
Due to the rapid development of electronic commerce, the percentage of card-not-present payments over the Internet and fraud related to these, have increased. The relative importance of card-not-present fraud (CNPF) has increased permanently on a global and European scale mainly due to the gradual solution to problems connected with the protection of card-present transactions through the transition to the EMV chip standard and transfer of fraud to more vulnerable card-not-present transactions in which it is difficult to verify the identity of the cardholder in a reliable way. For the protection of card transactions it is necessary to take adequate measures by introducing common harmonized compulsory minimum security requirements across the EU. First, we propose these requirements to include methods for checking the authentication of users. We consider the 3-D Secure Protocol in a version with dynamic authentication the most suitable method because in the EU many steps towards its implementation have already been made. This is of great importance for the systems used by banks and merchants for the prevention of card-not-present fraud and for detecting and blocking of fraudulent transactions.
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Rousalin Rousalinov
CUSTOMER-CENTRIC APPROACH FOR FINANCIAL AND ECONOMIC SURVEYS OF PRIVATE SECURITY COMPANIES
Summary:
The subjects of the study are private security companies. Its object is the leading role of the customer-centric approach for financial and economic justification of the successful functioning and development of private security companies. The research hypothesis is that an objective assessment of the financial and economic aspects and the motivation of individuals and legal entities to purchase protection and security services under the conditions of post-epidemic recovery of the economy can be carried out by means of customer satisfaction and service pricing justification surveys. The aim of this article is to present the results of a customer satisfaction survey and the assessment of the financial and economic aspects as well as the motivation of individuals and legal entities to purchase protection and security services under the conditions of post-epidemic recovery of the economy. Structurally, the article includes three main sections: the first section focuses on the circulation of cash flows of private security companies; the second section presents selected elements of the conducted survey; and the third present an analysis of the survey among private security companies where the protection and security services compete and at the same time complement property insurance services. The survey results (based on a multi-crtieria Likert scale) confirm the validity of the "value for money" concept as an important factor for the pricing of private protection and security services. The survey questionnaire successfully compares the services of non-life insurance companies and the services of protection and security companies. The prevailing opinion is in favour of using the services of specialized companies over taking out insurance policies, with 61% of respondents expressing the opinion that hiring a spåcialized protection and security company is a more effective way to ensure property protection to taking out equivalent insurance with a general insurance company.
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Stanislava Stoyanova
KEY ASPECTS OF BUILDING MANAGE¬MENT TEAMS FOR PROJECT ACTIVITIES
Summary:
The policy of constant innovations, organizational changes, globalization, and the mass introduction of communication and information technologies render project teams an indispensable practice for a lot of contempo¬rary companies. Teamwork is an essential feature of project activity, while project management encourages the establishment of teams. This is due to the fact that the benefits from applying modern methods and approaches to project management ultimately depends on the qualities and skills of both project team leaders and members.
The up-to-date nature of the issues researched in this article stems from the growing significance of project activity in the business world and the awareness that organisations need to increasingly employ project teams so as to adapt to dynamic organizational changes.
The objective of this article is to study the key aspects of building and managing project activity teams. In order to accomplish this objective, the following major tasks have been set: (1) to present the main groups of proc-esses involved in project management and to examine teamwork activity; (2) to identify the nature and features of project teams which distinguish them from other types of teams; (3) to study the individual stages through which project teams go in the process of their formation and to analyse the processes related to organising, managing and leading project team members; (4) to pre-sent and analyse project team management models according to the nature of the organizational structure of management.
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Rayna Petrova
THE COMPETENCE-BASED APPROACH THROUGH THE PRISM OF ACADEMIC TRAINING IN MANAGEMENT ACCOUNTING
Summary:
Management accountants’ competences are evolving accor¬ding to the changing socio-economic reality. The practical application of the competence-based approach in this field is a response to the change of attitudes from subject-oriented to competence-oriented education.
The aim of this article is to propose a competence-based learning model for students in management accounting. The application of the developed competence model in the educational process will contribute both to the development of competences, knowledge, skills, values, ethics and attitudes and the realization of future management accountants.
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Ludmiła Stemplewska
CORRUPTION IN BUSINESS - PROS AND CONS
Summary:
Corruption has been a subject to social construction and reconstruction for a long time. The social dimension of corruption means that this is a phenomenon whose meaning, positive or negative values are determined by people. Corruption changes, since it was already a subject to changes in the past. Therefore, if we currently believe that negative effects of corruption is something right and promotes the stability of society, then it is not enough to refer to research, analyses or descriptions of the phenomenon. Even if in certain situations society is forced to offer bribes, lead anti-corruption policy or take specific actions, we have to make moral choices all the time and prove to ourselves that this activity is undesirable, especially in the developed countries.
The aim of this article is to analyze and assess the issue of corruption, including topics such as: emergence of corruption, effects of corruption, reducing the level of corruption, Poland against the background of corruption and the correlative analysis of corruption in the world.
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Dimitar Blagoev, Radostin Boyadzhiev
METHODOLOGICAL ASPECTS OF MANAGEMENT OF PORTFOLIOS OF INVESTMENT PROJECTS FOR REAL ASSETS OF BUSINESS ORGANIZATIONS
Summary:
The article aims to present the potential of the classical portfolio theory and the possibilities for its application in the formation and selection of a portfolio of investment projects for investment in real assets. For this purpose, it reviews and summarizes the views of various authors on key concepts, such as investment, project, investment project, etc. The essential conceptual characteristics of portfolio theory are defined in terms of its methodological and mathematical toolbox and subsequently adapted to a conceptual model (methodological framework) for selection of a portfolio of investment projects for real assets and its optimization according to key criteria set by the management. Finally, its draws conclusions regarding the main advantages and the related constraints of the methodological model.
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Daniela Feschiyan
A Model for Financial Reporting of Fixed Tangible Assets in Public Sector Entities
Summary:
The article reviews some of the disadvantages related to the current model of financial reporting of fixed tangible assets in public sector entities. A prerequisite for the occurrence of the researched problems is the lack of standardization in the accounting system of those entities. The author suggests a standardized model and supports the thesis that the problem could only be solved through the adoption of accounting standards replacing the existing practice of regulating the accounting process in public sector entities with instructions and letters. The suggested standardized accounting model for primary recognition, current and regular valuation of fixed tangible assets projects the means and ways for improving the accounting system of public sector entities by adapting it to the conceptual framework of the International Public Sector Accounting Standards.
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Boyan Iliev
Multiple Peril Risk Insurance of Agricultural Crops – a Myth or Reality
Summary:
The insurance of agricultural crops is a conservative type of insurance. It is quite rarely that radical organizational changes are introduced. Currently, however, conditions dictate the introduction ofthere are the necessary conditions such changes in the Republic of Bulgaria. Modern development of agricultural production is a prerequisite for changing the methodology of this type of insurance so as to adapt it to the demands of agricultural producers. This article develops the thesis that a similar change might be implemented by transforming the liability of insurance companies from a liability related to certain risks and losses to a liability referring to any risks and losses. In other words, it is possible to make the transition to the so-called multiple peril risk insurance.
Multiple peril risk insurance is considered to be a novelty which has only recently been introduced in EU member-states with advanced economies. Therefore, it is the subject of large-scale discussions. The objective is to choose to introduce such an option that will best correspond to the specific features of the agricultural development and traditions in the Republic of Bulgaria and related insurance practice.
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Mariya Pavlova, Rayna Petrova
THE EMERGING CHANGES
IN THE ACCOUNTING PROFESSION AND THE ACCONTING PRACTICE UNDER THE INFLUENCE
OF TECHNOLOGY
Summary:
The implementation of new technologies in accounting brings many benefits for the future, but also carries many risks. In the current digital era, the adequate practical application of technologies in accounting can become a strategic advantage for companies. In relation to the digitalisation and the upcoming organizational changes, both in the sphere of accounting and in the companies themselves, accounting specialists are a key factor for success. This study gives a thorough overview and analysis of specialised literature in this area and a number of empirical studies. The results show that the literature mainly focuses on certain technologies, while other are actually used in practice. Differences have been identified between the accounting practices of the USA and the European countries. The authors outline three directions in which technologies help accounting teams to transition to modern accounting and effectively perform their tasks in the digital world. The conclusion is that today, specialised skills and strategic thinking of accounting specialists are particularly important and in the near future, they will not be entirely displaced by technologies.
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Borislav Borisov
Deficincies in the Implementation of SWOT Analysis
Summary:
SWOT analysis is one of the strategic analysis methods most widely employed to ‘reconcile’ advocates of introverted management concepts (organizational excellence, process management, economical pro¬duction, etc.) and extroverted approaches (marketing, strategic management for results, early warning systems, etc.). It gives prominence to both the envi¬ronment and the internal state of a subject in order to examine possible combinations of internal and external factors and generate ideas for strategic choices.
Reviewing SWOT analyses as a constituent of all current strategic documents gives grounds for the assertion that its implementation is strikingly limited in terms of methodology, which renders it impossible to draw ade-quate conclusions or identify feasible development strategies. This article supports the thesis that SWOT analysis might be far more useful when it is properly implemented and its full potential is utilised.
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Aleksandar Filipov
NON-FINANCIAL FACTORS IN MANAGING THE RELATIONSHIPS PRINCIPAL – TEACHERS
Summary:
This article discusses the main psychological regularities of communication as an interpersonal interaction and the personal qualities of the principal and the teacher as elements of the psychological climate appearing to be an environment for non-financial stimulation of productivity at the school as a budget administrator. Pedagogical interaction is viewed as a professional communication and behavioral aspect of the relationships between the school principal and the pedagogical specialists as well as among the teachers themselves as members of the pedagogical staff. For this purpose, we have clarified the specific terms and aspects of pedagogical ethics, the tolerance and communication at school as non-financial factors in managing the relationships principal – teachers. We have determined their characteristics and the means of achieving the ethical objective. Special emphasis is placed on the competence of the school principal – a leader and manager – and the efficient interaction with all pedagogical specialists (deputy principals; primary, middle and secondary school teachers; tutors; pedagogical counsellors; resource teachers; psychologists).
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Momchil Antov
THE NEW EUROPEAN CUSTOMS REFORM – OPPORTUNITIES AND CHALLENGES
Summary:
The customs system of the EU serves as a guardian of the single market, but in recent years, it has been subjected to increased stress due to the rapid growth in trade volume, challenges posed by e-commerce, and the growing number of standards regarding goods that need to be tracked at the borders. As a result, in early May 2023, the European Commission proposed a reform project aimed at simplifying the customs procedures by reducing bureaucracy and increasing transparency while simultaneously strengthening the protection of the EU's financial and non-financial interests. The changes can be described as revolutionary or even too ambitious, but if successful, the reform would mark the beginning of a new approach to customs control without parallel on a global scale. Every change brings new opportunities, but it can also give rise to a range of problems. In this regard, it is important to be well-prepared to maximize the benefits of the former and adequately respond to and even prevent the latter.
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Cornelia Philipova
Unemployment Benefits in Bulgaria and Their Potential for Prevention of Poverty
Summary:
Prevention of poverty and social exclusion is a process directly related to public incentives for vulnerable groups aiming to achieve a decent and independent life. Labour income is one of the main prerequisites for overcoming the problem. However, a large number of the working population is economically inactive and do not even look for forms of employment. Low education levels, the lack of working habits and the limited demand for skilled labour are objective factors for this. The characteristics of the tax and social security system as well as the state policy with regard to income and the labour market towards vulnerable groups also affect the desire to work and employment opportunities.
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Vladimir Damyanov
OPTIMIZING FIRE SAFETY IN BULGARIA THROUGH INTERNET TECHNOLOGIES
Summary:
The article focuses on the main points in defining the hypothesis of optimizing fire safety in Bulgaria through Internet technologies as a possible and adequate strategy for the successful development of fire safety and civil protection authorities. The topic represents a distinct view on organizational change – from conservative behaviour to e-governance.
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Bozhidar Bozhinov
Prospects for Early Prognosis of Crisis Situations in the Banking Sector
Summary:
The first global financial and economic crisis of the present century has once again reminded the economists of the vulnerability of the banking system as far as outside shocks are concerned. Problems in the banking sector can be measured in expenses worth billions of Euros in order to support and stabilize most affected countries. In this respect the present article aims at analyzing the options for predicting banking difficulties and problems by means of models focusing on those based on the signal approach. On the basis of a conducted research an attempt has been made to create a mechanism for improvement of the signal-based models for forecasting crisis situations in the banking sector.
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Stoyan Prodanov, Dimitrina Lyubenova Prodanova
BULGARIA’S COVERAGE WITH LOCAL INITIATIVE GROUPS – A SPATIAL ANALYSIS
Summary:
This research focuses on the innovative LEADER approach within the Common agricultural policy of the EU which is widely used for the decentralized and at the same time integrated development of rural regions in each member state. Theoretically, the LEADER approach is part of the endogenous theory of economic development and plays an important role in achieving the social, economic and now climatic aims as a specific European model of stimulating the inclusion of communities in local development. From a spatial point of view, the LEADER approach has been applied at the level of municipality or unified neighboring municipalities and/or neighboring settlements-part of a municipality/ies with a population between 10,000 and 150,000 inhabitants by local initiative groups (LIG). Bulgaria’s Program for the development of rural regions 2014–2020 adopts the national definition according to which rural regions are defined at the municipal level (LAU 1) and comprise the territory of 231 municipalities in which the largest town has a population of 30,000 inhabitants. The analysis of the spatial coverage of rural regions with LIG shows the negative effect of the admission of typically urban municipalities within the territories which receive funding through the LEADER network. To eliminate those inaccuracies in determining the policies for the development of rural regions, we propose and test variants to change this arguable, too streamlined and non-corresponding to scientific thought definition of a rural region.
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Lyubomir Dimitrov
A PORTFOLIO METHOD FOR INTERNATIONAL REAL ESTATE INVESTMENTS
Summary:
The article analyzes the possibility of improving the risk/return characteristics of an international real estate investment portfolio via the acquisition of residential offshore properties. It takes the perspective of the American investor. First, the index DOKHPI is constructed to measure annual changes in property prices in the Cayman Islands and appreciation returns. After the addition of the rental income yields, the estimated total annual returns are included in a mixed portfolio composed of American and Caymanian residential real estate assets. The benefit of investing in offshore real estate is demonstrated by the construction of efficient frontier and correlation matrix.
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Iskra Panteleeva, Anatoliy Asenov
THE ENTREPRENEURSHIP AND INNOVATION CONTEXT
IN AN INTEGRATED MODEL FOR THE DEVELOPMENT
OF ECONOMIES AND ENTERPRISES
Summary:
This article presents some major formulations related to innovations and the role of the entrepreneurship component for the development of economies and enterprises. The emphasis is placed on the possibilities for their integration and the identification of strategic axes for business growth. On the basis of a common framework of key drivers for the development of innovations, entrepreneurship and economic growth, we have developed a general model for the integration of innovations and entrepre¬neurship in macro- and micro- aspect.
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Nigohos Kanaryan
ENHANCING THE ADJUSTMENTS OF MARKET MULTIPLES FOR BETTER OPERATING EFFICIENCY
Summary:
The study focuses on one of the specific applications of the market approach. The market approach is a valuation method whereby the fair market value of the target company is determined by reviewing comparable companies with similar operational and financial characteristics. The International Valuation Standards (2017) require that a valuer should make adjustments to the selected market multiples. Kasarova, Pramatarska and Lazarova (2009) and Todorov (2015) propose a method for adjusting market multiples for country risk and efficiency when the market approach is applied to emerging markets. We enhance their adjustment approach by removing its inherent restrictions.
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Iskra Panteleeva
Problems and Incentives in the Career Development
of Staff in Industrial Enterprises
Summary:
The article highlights the nature and contemporary parameters of careers and career development in industrial enterprises. The major problems faced by economic entities during the management of these corporate processes have been outlined. The potential aspects of promoting career development in industrial enterprises have been considered.
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Silviya Todorova Petkova
PROBLEMS AFORE THE CONVERGENCE OF THE PLANNING REGIONS IN BULGARIA
Summary:
In the present article an analysis is made of the achievements and problems faced by the six planning regions in our country, related to their goals for reducing regional disparities. This is achieved through the analysis of key indicators that serve to measure cohesion in each of its three aspects. In this way it will be established whether the EU Cohesion Policy conducted in our country in the first for our country (MFF) 2007-2013 and in the second (MFF) 2014-2020 have an effect and to what extent this effect has the effect of reducing or deepening regional disparities. For the purposes of the study, the mean-absolute deviation (MAD) and the coefficient of variation (CV) were used as tools for quantitative data analysis. The results of the study confirm the thesis of scientists and authors working in the field that there is no significant progress in reducing disparities between regions in our country.
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Andrey Pochtovyuk
Issues with Reforming Higher Education in Ukraine
Summary:
Urgency of this research: Relevant research in educational processes has increased as society realises that the transition to an information society where knowledge acts as the main social value increases the importance of the possession of an highly intellectual personality capable not only of perceiving earlier accumulated scientific knowledge, but also of generalising, analysing, creating new advanced information technologies, services and products. Therefore preparation of the modern professionally qualified engineer for work in enterprises is an important component of the development of the na¬tional economy.
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Dudar Volodimir
Development of the Market for Food Products from Ukraine’s Agricultural Sector
Summary:
The article analyses the development of markets for food products from the Ukraine agricultural sector and the degree of its dependence on imports of food products. The article also outlines the main areas for activating international economic activities and realization of export potential of Ukraine’s agricultural sector specializing in food production. The author advocates the necessity of deepening the processes of integration with main international markets of agricultural food products.
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Ilhomjon Ergashov
INCREASING INNOVATION POTENTIAL AND INVESTMENT ACTIVITY IN THE DEVELOPMENT OF EFFECTIVE ENTREPRENEURSHIP
Summary:
From the experience of forming the economic system based on market relations, it is known that innovation potential and investment are one of the mechanisms that move the system. Particularly, foreign investment is characterized by the fact that the country has a considerable source of capital in the country's economy, the problem of financing, the problem of material security in the process of launching new investment projects in some sectors of the economy and solving other key issues.
In order to address the aforementioned issues in the article, it is necessary to involve foreign capital as much as possible, especially in the region's economy, to make new proposals for investing in foreign investors and to attract the investments based on new innovative projects. This article analyzes the factors influencing the development of entrepreneurial activity, and develops scientifically grounded recommendations and recommendations for raising their innovative potential and investment activity under competitive conditions.
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Todor Georgiev
RISK AND RETURN ON INVESTMENTS IN PHOTOVOLTAIC POWER PLANTS THROUGH A PROJECT COMPANY AND LOAN FINANCING
Summary:
Abstract: The aim of this study is to present in detail the risk, financial, and engineering aspects of investments in photovoltaic power plants (PVPPs) based on the most likely scenario for financial and economic development. For investments in PVPPs with a capacity of over 1 MW, the use of the project company approach can be recommended. This approach pursues two basic goals: (1) the construction of PVPPs with optimal installed capacity and product¬ion parameters; (2) achievement of a projected level of sales and profits. Investments in PVPPs logically bear two groups of risks – systematic and unsystematic. Among these risks, attention should always be paid to the dynamics of price levels in electricity markets, which are key to the financial and economic return on investment. These calculations are also particularly sensitive to changes in interest rates when loan financing a project company with high financial leverage.
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Nikola Iliev
Risk Attribution – a Model for Establishing the Impact
of Global Risk Factors
Summary:
The global recession that started in the twenty-first century forced investors to invent or re-discover a paradigm for risk treatment. The solution lies in the risk attribution of historical stock return of listed companies in relation to global macroeconomic factors, its decomposition and research in terms of risk exposure and risk premia. The consistency of this approach enables investors to act as risk managers and macro analysts of equity markets and to predict potential sources of risk for companies, the stock exchange, the economy, and the globalizing world.
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Anatoli Filipov Velkovski
PROOFS OF SEASONALITY OF BULGARIA’S EXPORT OF CONSUMER GOODS, RAW MATERIALS AND PROCESSED MATERIALS OVER
THE PERIOD 2020–2023
Summary:
A country’s balance of payments determines the degree of openness of its economy. In our case, it is the ratio of the debit and credit entries in the current account to GDP. Data regarding Bulgaria indicate that during the period of its full membership in the EU, the average annual ratio of its balance of trade to GDP exceeds 110%. This categorizes the country as an open-type economy. Simultaneously, an economy which is heavily reliant on both exports and imports is considered extremely susceptible to external shocks and strongly dependent on foreign markets. Accordingly, the study focuses on the export of two leading groups of goods within the current account of the balance of payments: the group of consumer goods and the group of raw and processed materials. The research aims to examine the dynamics of export flows using the method of seasonal projection. The working hypothesis is that due to the effect of various crises (such as the pandemic, the war in Ukraine, spiking energy prices, etc.) and the economic cycle in the agricultural sector, the dynamics of exports of consumer goods and raw and processed materials has seasonal characteristics. The objective is to analyse Bulgaria's exports for the period 2020–2023 on a quarterly basis and to define the trend component, the seasonal component, and the random component with a forecast for 2024.
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Lyubomir Ivanov
A SYSTEM OF INDICATORS FOR
THE EVALUATION OF THE NATIONAL ECONOMY’S EFFECTIVENESS
Summary:
This article examines the main characteristics of economic efficiency indicators on a macro-level. Differences between individual efficiency performance indicators at a company level have been indicated; the directions of analysis, the specifics of the indicators construction at a national level and their semantic interpretation have been described. Two schemes for the decomposition of synthetic indicators of individual resource effectiveness have been developed - labour and capital, as well as the analytical indicators characterizing certain aspects of economic efficiency. On the basis of these schemes, a comparative analysis of the effectiveness of the three economic sectors of the Bulgarian economy for 2012 has been made.
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Stoyan Prodanov, Tsetan Pavlov
Comparative Analysis of the Leading Consumption-Based
Asset Pricing Models
Summary:
The article analyzes in depth the consumption-based asset pricing models, and displays most perspective contemporary trends in the field. A conceptual framework of models has been originally presented linking macroeconomic and financial relationships, and mathematical basis of the classic CCAPM has been developed. The paper also brings out the leading approaches for modification of the basic model, overcoming some of its shortcomings, and analyzes the advantages, disadvantages and the ability of consumption-based modern models to recreate empirical correlations in profitability and the risk of financial assets. The leading conclusion of the article is that there is still no convincing rational consensus model to reproduce adequately the characteristics of financial markets. From an econometric perspective, the closest in this endeavour is the model of long-term risk of Bansal and Yaron (2004) and its modifications.
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Tanya Gorcheva
State and problems of Bulgarian tourism products
on the European market
Summary:
The article analyses the state of tourism products and services related to destination Bulgaria. This objective is achieved by applying situation analysis which reveals the market positions occupied by Bulgarian tourism products in Europe. The object of research is the nature and characteristics of offering while the subject is connected to the “demand – supply” relation of tourism products for destination Bulgaria within the context of the various problems of tourism business in the country. The article also outlines the possibilities for success based on a critical analysis of results achieved for the period 2001 – 2011 by discussing issues such as the nature and structure of Bulgarian tourism product; the nature of offering of emitting markets important for destination Bulgaria; specific characteristics of offering with regard to tourist packages for organized trips to our country.
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Petko Angelov
Trends in the Development of Financial Parameters of Banks
in Bulgaria (2008 – 2015)
Summary:
Lending and deposit-taking are key operations to credit institutions. They are of great importance to achieving efficiency in banking. Banking, in turn, should be quantified; a number of factors well-known in banking theory and practice provide the possibility for this. In this respect, the subject of analysis in the study is the profit, profitability, and return of the banks of first and second group in Bulgaria which measure bank efficiency. The purpose of the study is to analyze the bank efficiency for the period 2008 – 2015 on the basis of a ratio analysis and determination of specific values for both groups of banks. As a result of the study, the trends regarding the efficiency of banking in Bulgaria are outlined and the main causes are identified.
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Kaloyan Petkov
Testing the Damodaran Approach to Estimate the Cost of Equity
in Emerging Markets
Summary:
The cost of equity is one of the key financial and economic indicators in corporate finance. The purpose of this paper is to test the well-known approach of Damodaran in global emerging markets. The main result of the study is that the Damodaran approach needs to be improved as it maintains constant deviation from the observed ex-post cost of equity.
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Petya Emilova
Cloud Computing Technology in Business Process Management
Summary:
To achieve competitive advantage today, organizations rely on new technologies, innovative management ideas and their successful symbiosis. Business Process Management is a management concept which has become a key instrument for business transformation. Modern organisations apply this concept to model, automate and optimise their processes. Cloud computing technology offers a new opportunity for the successful and efficient develop-ment of BPM in organisations. This article studies the advantages of BMP positioning in the cloud and presents a distributed architecture of a BPM plat-form which is positioned in the cloud and divides the support of various ac-tivities and data between the cloud and the user.
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Metody Kanev
THE OVERALL FACTOR OF ALL
GOOD – THE WELL-BEHAVED
AND EDUCATED PERSON
Summary:
The article deals with the issue set as its title. It is essential for the efficiency of any other activity and our civil behaviour. As it is in many other countries, it could become a reality in our country as well, provided that the central government and private funds spending on science and education grows at a faster rate than the budget spending in any other aspect and its quality is improved proportionally. This thesis is corroborated through conceptualization of the issue as per its status quo in the current context and explanation of its importance for the overall social development.
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Shteryo Nozharov
TRANSACTION COSTS IN COLLECTIVE WASTE RECOVERY SYSTEMS IN THE EU
Summary:
The study aims to identify the institutional flaws of the current EU waste management model by analysing the economic model of ‘extended producer responsibility’ and collective waste management systems and to create a model for measuring the transaction costs borne by waste recovery organizations. The model was approbated by analysing the Bulgarian collective waste management systems that have been complying with the EU legislation for the last 10 years. The analysis focuses on waste oils because of their economic importance and the limited number of studies and analyses in this field as the predominant body of research to date has mainly addressed packaging waste, mixed household waste or discarded electrical and electronic equipment. The study aims to support the process of establishing a ‘circular economy’ in the EU, which was initiated in 2015.
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Nikola Vujanović, Miloš Pavlović
SMALL AND MEDIUM SIZED ENTERPRISES MANAGEMENT
AND BUSINESS IN CRISIS CONDITIONS
Summary:
Background: This study examines the management of small and medium-sized enterprises (SMEs) in crisis conditions, with a focus on the impact of the COVID-19 pandemic. It aims to identify strategies and best practices for enhancing SME resilience and sustainability.
Methods: The research adopts a comprehensive literature review approach, analyzing previous studies and reports on SME management during crises. It also incorporates case studies and empirical data to provide practical insights.
Results: The analysis reveals that SMEs face unique challenges during crises, such as disrupted supply chains, reduced consumer demand, and financial constraints. However, innovative solutions, collaboration among stake-holders, and supportive government policies have played a crucial role in enabling SMEs to adapt and recover.
Conclusions: Based on the findings, it is evident that effective manage-ment practices, including adaptation, digital transformation, financial manage-ment, and crisis planning, are vital for SME survival and growth in crisis conditions. Collaboration and networking among SMEs, along with supportive government policies, contribute to collective recovery and sustainability. The study underscores the importance of ongoing research and development in SME crisis management, with a focus on resilience-building strategies, sustainable business models, and addressing the psychological well-being of SME stakeholders.
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G. Draganov
RISK MANAGEMENT AND RISK TRANSFER REGARDING OBJECTS
OF INTELLECTUAL PROPERTY
Summary:
The aim of the author is to consider an issue which has not been subject to research so far. The article proves that risk management is an important element of the Intellectual Property system. Risk management helps reduce injuries arising from the materialisation of pure and speculative risks.
The article also pays special attention to risk transfer related to intel-lectual products. The article considers insurance transfer to be the most ac-ceptable and therefore the insurance of objects of intellectual property should be introduced into practice.
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I. Dimitrova, Y. Velcheva
MANAGEMENT ACCOUNTING IN AGRICULTURAL ENTERPRISES – THE BUDGETING FUNCTION
Summary:
The significance of the information created through management accounting and its limited use in the management of agricultural enterprises are the main motives for writing this article. We defend the thesis that if budgeting were implemented in agricultural enterprises, this would lead to more efficient management. The purpose of the paper is – on the basis of presenting the relationship between management and accounting – to outline the capacity of the planning and budgeting system for setting management objectives and parameters which acquire various quantitative and qualitative dimensions; this shall be achieved through managerial decisions. We propose a conceptual model of the planning and budgeting system at the agricultural enterprise which shall reflect its specific characteristics and create information for its future development; forecast its financial state, the results of the activity, the cash flows, the changes in the assets and the capital.
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E. Chengelova
A holistic approach to examining the shadow economy
Summary:
The article provides a brief retrospection of the methods which are applied within the framework of various paradigm approaches for studying and explaining shadow economy practices in Europe and worldwide. The author offers and explains an original methodology for researching shadow economy, based on her experience with one of the Bulgarian teams working in the sphere of measuring illegal economic activities. The article proves that due to the complex and controversial nature of informal economic activities examining them requires the application of a holistic method. For this reason a combined research strategy has been developed. It uses a unified definition of shadow economy and is realized through a system of related sociological surveys while the primary, raw information is obtained through qualitative and quantitative methods. The overall conclusion resulting from the applied research strategy is that the study of shadow economy with the help of sociological approaches is methodologically consistent and constructive – both with respect to obtaining knowledge and the possibilities for developing and correcting national policies.
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Valentin Milinov,
Human Resources in Regional Administration - Financial, Management and Organizational Aspects
Summary:
Public administration supports the activities of the state authorities by ensuring the actual functioning of the state administration. It regulates the relations between the citizens and the state institutions and local institutions, administers their rights and obligations, as well as the ways they are implemented. Regional administration is an important part of the public administration. It assists the district governor to carry out the state governance and ensure consistency between national and local interests in conducting regional policies and achieving the strategic goals and priorities of the government programme. Modern understanding of the theory of quality of human capital involved in public administration highlights the key importance of this factor at national level. Global changes related to the adaptation of the Bulgarian administration to the European one have put an even greater emphasis on integration, capacity increase, career opportunities, optimizing the costs and improving human resources management in the state administration.
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Nikolay Todorov
THE JAPANESE MODEL OF TRANSITION TO A CIRCULAR ECONOMY
Summary:
The article focuses on the most important stages of enforcement and implementation of the principles of circular economy in Japan in terms of the reasons for and the consequences from the emergence and development of the circular resource-saving model in the country. It discusses the transition to an environment-friendly economic model, its importance for people’s health and relevance to the needs of the modern society. The systematic role of Japan’s regulatory framework is considered in terms of the implementation of a cyclical environment-friendly economic model and policies intended to strengthen public-private partnerships and promote the circular economy among a wide range of stakeholders. It also discusses the application of the ISO14001 international standard in Japan and presents several indicative circular business models successfully implemented in Japanese companies.
