Year 2018, Issue 1
Date published25.6.2018
Table of content
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Nina Koteva, Desislava Toteva, Emilia Sokolova
Methodological and Methodical Issues of the Economic Sustainability of Agriculture and Agricultural farmsKeywords: agriculture, agricultural farms, economic sustainability, economic efficiency, competitiveness, financial stability, adaptabilitySummary: Based on a critical review of scientific literature, the category ‘economic sustainability’ is defined as the dynamic development of agrarian systems over a long period of time in line with the changes in the external and internal... Based on a critical review of scientific literature, the category ‘economic sustainability’ is defined as the dynamic development of agrarian systems over a long period of time in line with the changes in the external and internal environment which ensures efficient performance, good financial condition and competitiveness. We observe the hierarchical levels of the system for assessing economic sustainability to first select the principles, and then the criteria and indicators to be employed in the assessment, so as to reveal the characteristics and the underlying and significant aspects of the performance of the agricultural sector and agricultural farms. -
N. Gushterov
MODELLING CONSUMER BEHAVIOUR ON THE ENERGY MARKETJEL: D11Summary: Consumer behavior models make it possible to visually present in charts researched entities and the processes they go through, as well as the changes which occur should some variables which affect those processes change. The... Consumer behavior models make it possible to visually present in charts researched entities and the processes they go through, as well as the changes which occur should some variables which affect those processes change. The objective of this paper is to design a meaningful model which may be employed to describe in detail consumer behavior in the process of purchasing energy. The subject of the research is energy consumers, while its objects are the models which could be employed to describe consumer behavior when consuming energy. The analysis we conducted indicated that in order to accomplish our objective we need to account for emotional responses, norms and social factors and major economic variables (prices, incomes, prices of substitute goods). -
Rumen Georgiev, Milen Velushev
THE INNOVATION STRATEGY AND THE COMPETITIVE POSITIONS OF BULGARIAN ECONOMYKeywords: innovations, innovation strategy, smart specialization, national competitiveness, comparative advantages, core competencesSummary: As an EU member state, it has become an imperative for Bulgaria to fit in the economic structure of the European Union. In order to promote economic growth, the Union assigned member-states with the task to identify the advantages... As an EU member state, it has become an imperative for Bulgaria to fit in the economic structure of the European Union. In order to promote economic growth, the Union assigned member-states with the task to identify the advantages which will enable them to specialize in the production of goods and services with high added value. Specialization will thus enable member states to focus their effort on consolidating their comparative advantages by employing as an instrument the innovation paradigm. To respond to this challenge, Bulgaria designed its ‘Innovation Strategy for Smart Specialization’ in 2014. The aim of this research is to identify the extent to which the Strategy reflects the real opportunities for the national economy to increase the value added of its production by introducing innovations in specific technological areas stated in the document. The findings of the research indicate that the Innovation Strategy is not in compliance with the underlying logic of the European Commission or the OECD in terms of identifying the economic activities that have real potential as comparative advantages and core competences and where the fastest and most sustainable growth of value added could be expected through the adoption of innovations. -
Stefan Simeonov, Teodor Todorov
DESIGNING THE INVESTMENT PROFILE OF THE SHARES TRADED ON THE BULGARIAN STOCK EXCHANGE IN THE PERIOD FROM AUGUST 2016 TO DECEMBER 2017Keywords: investment profile, investment parameters, primary and secondary micro measurers of market liquidity, traded volume, coefficient of trading days, coefficient of traded volume, market risk, capitalization income, capital income, frequency analysis of the volatility, VaR, dynamic coefficient, coefficient of the average frequency of the unidirectional movement, coefficient of the prevailing tendencySummary: The analysis of shares performance is normally focused on risk and yield, while the third investment parameter, market liquidity, is usually ignored. In contrast to the world’s biggest stock exchanges where market liquidity is taken... The analysis of shares performance is normally focused on risk and yield, while the third investment parameter, market liquidity, is usually ignored. In contrast to the world’s biggest stock exchanges where market liquidity is taken for granted, it seems to be a major issue for developing capital markets, such as the stock exchanges in new Balkan economies. This research paper introduces and employs a model of complex market liquidity assessment of the traded companies. We employ the Frequency Analysis of Volatility to add to the research value of Risk analysis, the coherent alternatives of VaR and the investment profile of traded shares. Based on the complex set of methods employed in our research, we present comprehensive investment profiles of the companies with the highest and the lowest market capitalization which are constituents of the four Bulgarian Stock Exchange indices about the period from August 2016 to December 2017.