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Sofia Benjakik, Badr Habba
THE RELATIONSHIP BETWEEN CHIEF EXECUTIVE OFFICER DUALITY AND BANK EFFICIENCY: EVIDENCE FROM AFRICAN BANKING SECTOR
Summary:
This paper investigates the relationship between CEO duality (one person serving the role of both Chief Executive Officer and chairman of the board) and bank efficiency using Data Envelopment Analysis (DEA). The present study adds to the existing literature by employing panel data of large commercial banks of Africa from 2016-2019. The paper con¬cludes that CEO duality contributes positively to the bank efficiency of the selected commercial banks in Africa. This finding reveals that dual role has a positive and significant influence towards efficiency in commercial banks.
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Valentin Milinov, Tsetan Pavlov
Opportunities to Improve the Portfolio Performance Based on Dividend Strategies and Equity Home Bias
Summary:
The article examines the equity home bias puzzle and the "Dogs of the Dow" dividend strategy under conditions of the Bulgarian capital market. It was found out that local investors hold 74.1% of their portfolios in domestic stocks, although ICAPM suggests weight of 0.007%, and the "Dogs of the Dow" strategy generates annual risk-adjusted hyper-profitability of 11.18%. Following the dividend strategy, combined with good international diversification provides good opportunities to improve portfolio performance.
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Hrabrin Bashev
AN APPROACH TO UNDERSTANDING AND ASSESSING THE GOVERNANCE EFFICIENCY OF AGRICULTURAL ENTERPRISES
Summary:
This article incorporates the New Institutional Economy and proposes an approach for understanding and assessing the governance efficiency of farms. It corroborates that a farm is efficient if it manages all its transactions and activities in the most economical (equal or more efficient) way compared to any other organization. Moreover, farms must have a good potential to adapt to permanently changing market, institutional, technological and natural environments in order to have high (overall) governance efficiency. Nature of the problems in effective organization for the main farm transactions for securing needed factors of production and output realization is used as an indicator for farm’s comparative efficiency. The analysis of survey data found that the overall level of governance efficiency of Bulgarian farms is acceptable the efficiency of 60% of them is low. There are huge differences in the level of efficiency of farms of different legal form, size, specialization and location as well as in the share of farms with different levels of efficiency in each group.
Keywords: governance, efficiency, farm, transaction costs.
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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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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.
