Year 2021, Issue 29
Date published3.5.2021
Table of content
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Todor Krystevich
MODELING PROBABILISTIC CHOICES WHEN BUYINGKeywords: consumer choice behavior, stated choice models, random utility, binary and multino-mial logit, predictive analytics of customer demand.Summary: This study systematizes the theoretical foundations of mathematical modeling of consumer behavior in the choice process in the context of random utility theory. The main attention is paid to some aspects of econometric estimation of... This study systematizes the theoretical foundations of mathematical modeling of consumer behavior in the choice process in the context of random utility theory. The main attention is paid to some aspects of econometric estimation of discrete choice models. The main thesis is that based on the theory of random utility, you can create tools for predictive analytics of demand. The aim of the study is to develop a transpar-ent and traceable analytical methodology for analyzing empirical data from stated preferences, providing opportunities for evaluating, analyzing and predicting consumer choice. To achieve this goal, a brief synopsis of the discrete choice theory was made, as well as a review of methods for evaluating and analyzing traditional econometric mod-els with discrete dependent variables. Particular attention is drawn to the problems in specifying adequate binary and multinomial regression models, which are the core of analytical tools, and whose evaluation and verification is feasible with the help of open source software. Systematizing achievements in the field, recommendations are given for using predictive models for solving marketing problems. Methods for predictive analytics of consumer choice are proposed, including output of aggregated forecast estimates, building of market simulators for predictive modeling of market share, as-sessment of willingness-to-pay and price elasticity at the level of product alternatives. -
Iskra Panteleeva, Lyubcho Varamezov, Sergey Naydenov, Yordan Ivanov, Emil Nikolov, Yavor Stanev, Ivaylo Ivanov, Petya Biolcheva, Stefan Kalpachev, Ivaylo Kostov, Borislav Boev, Ayten Sabri, Karmen Vrancev, Boyan Vranchev, Denica Nikolova
RESEARCH OF THE ATTITUDE TOWARDS ENTREPRENEURSHIP AND THE ATTITUDE TO START OWN BUSINESS OF THE STUDENTS FROM D. A. TSENOV ACADEMY OF ECONOMICS (SVISHTOV), UNWE (SOFIA) AND UE (VARNA)Keywords: business, entrepreneurship, entrepreneurial attitudes, entrepreneurial behaviour, knowledge and skills, competencies, students.Summary: The aim of the study is based on the results of an empirical study to establish the contemporary dimensions of entrepreneurial behaviour of students studying at Tsenov Academy of Economics (Svishtov), UNWE (Sofia) and UE (Varna), on... The aim of the study is based on the results of an empirical study to establish the contemporary dimensions of entrepreneurial behaviour of students studying at Tsenov Academy of Economics (Svishtov), UNWE (Sofia) and UE (Varna), on the basis of which to identify obstacles and opportunities to stimulate entrepreneurial behaviour of young people in Bulgaria. To achieve this goal, several tasks are formulated: First. Survey of the opinion of the students from Tsenov Academy of Economics (Svishtov), UNWE (Sofia) and UE (Varna). Second. Establishing the main parameters of entrepreneurial intentions and behaviour of students from the three universities. Third. Identification of obstacles and opportunities for increasing the entrepreneurial activity of young people. The main research thesis, which is defended, is by identifying the parameters of entrepreneurial intentions and behaviour of students, as well as their educational and qualification characteristics, to assist in increasing the correspondence between available and necessary entrepreneurial knowledge and to create opportunities for the formation of an educational environment aimed at stimulating the entrepreneurial activity of young people. Based on the research, the following main results have been achieved: the opinion of the respondents has been studied, the parameters of the entrepreneurial intentions and behaviour of the students have been established, the obstacles and opportunities for increasing the entrepreneurial activity of the students have been identified. -
Marusya Stancheva Linkova, Elitsa Lazarova
MODELS FOR BUILDING LOGISTICS CHAINS IN AGRIBUSINESSSummary: Characteristic of Bulgarian agriculture is the presence of many, mostly small and medium-sized agricultural enterprises, occupying an insignificant market share, which operate in the highly competitive market of agricultural... Characteristic of Bulgarian agriculture is the presence of many, mostly small and medium-sized agricultural enterprises, occupying an insignificant market share, which operate in the highly competitive market of agricultural products. This fragmentation challenges agricultural holdings to improve their competitiveness and imposes a realistic orientation towards market innovations, including the formation of logistics chains. Building and improving logistics models is essential for optimizing business processes and generating added value in the sector. In this regard, the main research goal is to construct logistics models applicable in agribusiness. The research defends the thesis that the construction of logistics chains is a market reaction of the business for effective utilization of available resources and generation of added value, contributing to cohesion among the regions in Bulgaria. The results of the study can be systematized in the following areas. First. Based on the surveyed 212 business organizations from different business sectors and 47 agricultural companies that support Internet platforms in carrying out their activities, the main problems facing the business have been outlined and good logistics practices have been identified. Second. Based on a benchmarking study, the strengths and key problems related to logistics in the analyzed organizations were identified. Third. Applicable in agribusiness models have been constructed for the leading sectors of logistics - Transport, Warehousing and Processing and Finishing, depending on the capacity of the organization. -
Tanya Gorcheva, Zdravko Lyubenov, Ivaylo Petrov
THE EUROPEAN TRANSITION TO A CIRCULAR ECONOMY - APPLICATION IN BULGARIAKeywords: circular economy, sustainable development, green plan, closed production cycle, waste-free technologies.Summary: Attempts to build economic systems without harmful emissions and waste for the environment have been made since the XX century, but only in the last decade they began to be used more widely due to the negative effects of large-scale... Attempts to build economic systems without harmful emissions and waste for the environment have been made since the XX century, but only in the last decade they began to be used more widely due to the negative effects of large-scale industrial production model. The current century further develops this model with the idea of a circular economy, which provides for the long-term use of equipment and infrastructure, thus increasing the effect of resource use. And although the topic of the circular economy is very relevant and exploited in research outside our country, in our economy these ideas are spread and considered more sparingly. Therefore, we believe that the current study sheds light primarily on those aspects of the circular economy that affect our national economy. The aim of the study is to examine good European practices in the field of the circular economy, aimed at creating a closed-cycle production system, minimizing the use of resources and the creation of waste, pollution and carbon emissions. A system of indicators for the implementation of the circular economy has been established, which is structured in accordance with the main criteria according to the policy framework for the transition to a circular economy in the EU. Thus, the proposed system for evaluating the application of the principles of the circular economy in specific industries and sectors can be used to analyze the activities of Bulgarian and foreign companies from the EU. -
Penka Shishmanova, Evelina Parashkevova Velikova, Mariela Stoynova
STRATEGIC PLANNING OF SOCIAL SERVICES - CONDITIONS AND PROSPECTSKeywords: regional strategies for development of social services, quality of planning documents, social policies.Summary: The purpose of this study is to evaluate the quality of regional strategies for the development of social services and to outline the main characteristics of their condition and prospects for development. The objects of study are... The purpose of this study is to evaluate the quality of regional strategies for the development of social services and to outline the main characteristics of their condition and prospects for development. The objects of study are the regional strategies for the development of social services in Bulgaria in the period 2016-2020. The subject of the study is the quality of the¬se strategies, in order to provide an opportunity for proactive policy in the social sector. Closely related to the defined goal are the research tasks, which are derived from the main research thesis, namely that the approach applied so far for strategic planning of social policies at the district level is characterized by significant weaknesses. They derive both from the regulatory and strategic framework and from the institutional organization and powers in terms of its formulation, implementation, monitoring, reporting, communication and updating. The applied research methods are standard for scientific research and include: content and GAP analysis of documents, benchmarking, critical analysis, method of analysis and synthesis, multicriteria evaluation by defined checklist, analysis of structures and temporal groupings. Induction and deduction have been used in formulating perspectives for the process of formulating social policies. Among the most important conclusions is the need to overcome the existing weaknesses in terms of the organization and institutionalization of the processes of providing social services and the creation of a working mechanism for their quality planning in dynamics. -
Rumen Erusalimov, Aneliya Paneva
THE INFLUENCE OF LEGALLY REGULATED TRAININGS ON THE PROFESSIONAL DEVELOPMENT OF INSURANCE BROKERS’ EMPLOYEESJEL: G22.Summary: Insurance brokers are the preferred intermediary by consumers of insurance services in Bulgaria and their importance is constantly increasing. To ensure the necessary level of professional knowledge and skills, regulatory... Insurance brokers are the preferred intermediary by consumers of insurance services in Bulgaria and their importance is constantly increasing. To ensure the necessary level of professional knowledge and skills, regulatory requirements for continuous professional training and development of the insurance brokers’ employees engaged in the distribution of insurance products were introduced at the end of 2018 in Bulgaria. The purpose of this scientific research is to assess the impact of introductory training on the professional development of insurance brokers’ employees directly involved in the distribution of insurance products and to outline guidelines for conducting the legally required annual continuing trainings. To achieve this goal, the following tasks have been formulated: study of the importance of insurance brokers for the development of Bulgarian insurance market; outlining the preconditions for introduction of obligatory professional training of the insurance brokers’ employees, directly engaged in the distribution of insurance products; assessment of the satisfaction of insurance brokers’ employees from the introductory training conducted in 2019; outlining the guidelines for conducting continuing trainings for insurance brokers’ employees. The research thesis is that the continuous process of professional training and development of insurance brokers’ employees is a prerequisite for improving the quality of intermediary services, effective protection of insurance services consumers, sustainable development and reliability of the insurance market. -
Margarita Shopova, Tihomir Varbanov
COMPOSITE INDICATOR FOR ASSESSING THE POTENTIAL FOR SOCIAL CONVERGENCE IN THE EUROPEAN UNION - METHODOLOGICAL AND APPLIED ASPECTSSummary: The aim of this study is to construct a composite Social Rights Indicator to assess the potential for social cohesion in the European Union in the context of the European Pillar of Social Rights (EPSR). The research thesis of the... The aim of this study is to construct a composite Social Rights Indicator to assess the potential for social cohesion in the European Union in the context of the European Pillar of Social Rights (EPSR). The research thesis of the team is that through the quantitative assessment of the potential for convergence in the context of the European Pillar of Social Rights based on the composite indicator of social rights, empirical trends and regularities can be established at European level and Bulgaria's positioning in European social space. The theoretical and informational aspects of the statistical survey on social rights are presented through the principles of the EPSR and the system of indicators for their characterization. The need to create a composite indicator is justified. The steps for constructing a Social Rights Indicator are described. As a result of the empirical study of the values of the proposed Social Rights Indicator for the period 2010-2018 through the beta-convergence approach, a process of reducing the differences among the countries included in the study was established - both in the values of the Social Rights Indicator and in the values of its constituent sub-indexes. Following the application of the marginal vertical beta-convergence methodology, it was found that Bulgaria's importance for the cohesion process is positive with regard to the two sub-indices, neutral for the one sub-index and negative for the Social Rights Indicator. The application of the club convergence approach revealed that there is no process of convergence among the countries included in the analysis on the values of social rights indicators. -
Krasimira Slaveva, Plamen Petkov, Stela Kasabova, Vanya Ganeva
STATISTICAL DIMENSIONS OF REGIONAL DIFFERENCES AND INEQUALITIES BETWEEN NORTH AND SOUTH BULGARIAKeywords: concepts of inequality, regional inequalities and differences, statistical analysis, structural differences, discriminant analysis.Summary: Nowadays, the implemented regional policy is invariably related to adopting a certain concept and setting specific goals to limit the economic, social and demographic differences in the country. The present paper is a theoretical... Nowadays, the implemented regional policy is invariably related to adopting a certain concept and setting specific goals to limit the economic, social and demographic differences in the country. The present paper is a theoretical and applied study. The theoretical problems are related to the demographic, social and economic processes as objects of statistical study of the NUTS 2 regions of North and South Bulgaria for the period 2004-2018. The applied aspect of the study is a thorough analysis of the economic, social and demographic situation of North and South Bulgaria. The purpose of this study is to theoretically justify and empirically estimate the regularities in the demographic, social and economic situation of North and South Bulgaria and to identify the regional differences and inequalities based on a statistical analysis of the dynamics, structure and their factor determination. To achieve this goal, the following main tasks are performed: characterizing the nature and theoretical concepts of inequality; presenting the methodology of the statistical survey of the regional differences between North and South Bulgaria; identifying the regularities in the demographic, social and economic development of North and South Bulgaria; classifying the areas according to their geographical location using discriminant analysis. The research thesis advocated by the authors and confirmed by the results is that improving the functional and spatial connectivity between the regions in North and South Bulgaria will lead to reducing the economic, social and demographic differences and inequalities between them. -
Plamen Yordanov, Yordan Yordanov, Zhaneta Angelova
OPPORTUNITIES FOR OPTIMIZING THE REGIME OF PAYMENTS FROM THE STATUTORY PENSION INSURANCE FOR DISABILITY IN BULGARIAJEL: H55.Keywords: social security, social protection, social insurance, retirement provision, invalidity pensions.Summary: An attempt has been made to argue the thesis that in the conditions of an unfolding system of social payments and coordinated institutional interaction within the framework of social protection, there is a need to rethink the social... An attempt has been made to argue the thesis that in the conditions of an unfolding system of social payments and coordinated institutional interaction within the framework of social protection, there is a need to rethink the social philosophy of disability benefits provided by the statutory pension insurance. The study of opportunities for development of the organizational framework of public pensions for labour activity in case of disability, in the context of the systemic nature of social payments in Bulgaria, is also the main aim of the research, in the connection with which the following specific tasks are set: study of the theoretical and methodological aspects of social security and social protection systems in modern society; study of the practical and applied aspects of social security and social protection systems in modern society; study of the specifics of disability protection in the context of risk differentiation of social protection systems; study of the national identity and the social insurance profile of the disability protection in Bulgaria and assessment of the need and opportunities for development of the organizational framework of payments from the statutory pension insurance for disability in Bulgaria. The results of the research enable to outline guidelines for optimizing the organizational framework of payments from the statutory pension insurance for disability in Bulgaria with the potential to increase the level of pensions within the available resources. -
Ventsislav Vechev, Galya Ivanova Kuzmanova, Diana Krumova, Radi Dimitrov, Stanislav Ivanov Shishmanov
INTEGRATED REPORTING IN THE MANAGEMENT OF ENTERPRISES IN BULGARIAJEL: M 41.Keywords: integrated reporting, financial statements, non-financial enterprises, banks, budget organizations.Summary: The concept of integrated reporting is relatively new for the practice of enterprises both nationally and internationally. The fact that the Integrated Reporting Committee was established in 2010, which issued the International... The concept of integrated reporting is relatively new for the practice of enterprises both nationally and internationally. The fact that the Integrated Reporting Committee was established in 2010, which issued the International Integrated Accounting Framework in 2013, is indicative that the concept of integrated reporting is relatively new. The essence of this paradigm is to cover the impact not only of phenomena and processes measurable by monetary equivalent, but mainly of events with indirect financial effects, which, however, are crucial for the future development and stability of enterprises. The object of research in this publication is the application of integrated reporting in the practice of enterprises in the non-financial, banking and public sectors in our country. The subject of the study includes the practices related to the disclosure of information from the integrated reporting in the annual reports of the enterprises from the economic sectors indicated in the object of the study. The main goal is on the basis of theoretical studies of the specialized literature and research of practice related to the integrated reporting of enterprises from different sectors of the economy in Bulgaria, to outline the problems and to bring possible solutions to improve the quality of reporting information. -
Petranka Midova, Ventsislav Perkov
RESEARCH OF THE FACTORS INFLUENCING ON WINE PRODUCTION IN THE NORTH CENTRAL, SOUTH CENTRAL AND SOUTHEAST REGIONSKeywords: wine production, wine-producing enterprises, planning areas, external and internal environmental factors.Summary: The present study is provoked by the idea of revealing the influence of the factors of both the internal environment of wine-producing enterprise and the factors of the external macro environment. The subject of study are the... The present study is provoked by the idea of revealing the influence of the factors of both the internal environment of wine-producing enterprise and the factors of the external macro environment. The subject of study are the factors influencing the activity of wine producers located in the North Central, South Central and Southeast planning regions. The object of study are the economic entities on the market that produce and offer wine from the subsector “Wine Production” in three geographical regions of Bulgaria - North Central, South Central and Southeast. The aim of the research is, as a result of theoretical and practical research, to establish the influence of various factors, grouped in a certain way, on the development of wine production in the North Central, South Central and Southeast regions. The study attempted to combine the two approaches and as a result of the information, a cluster analysis was performed to classify enterprises on the basis of five selected objective indicators - net working capital, income / expense ratio, turnover ratio of non-current assets, turnover ratio, current assets and rate of return on sales revenue. As a result, a difference in geographical location was reported only for enterprises in the South-East region. The factor analysis was conducted on the basis of the subjective perceptions of the respondents about the economic condition of their enterprise and the factors belonging to the macro environment. As a result, recommendations are made for improving the business environment and the relationships among the individual contractors at the appropriate level - company, region, country. -
Mariyana Pavlova Banova
FISCAL POSITION OF MUNICIPALITIES IN TERMS OF PUBLIC SECTOR DECENTRALIZATION - CONTEMPORARY PROBLEMS AND GROWTH OPPORTUNITIESSummary: This scientific paper focuses on the issues of local finances and the permanent seeking of mechanisms for expanding the authorities of local governments, exploring the approach of transferring fiscal revenues to local budgets. The... This scientific paper focuses on the issues of local finances and the permanent seeking of mechanisms for expanding the authorities of local governments, exploring the approach of transferring fiscal revenues to local budgets. The study aims to examine the state of local finances and decentralization in the public sector in Bulgaria, incl. of individual units of local government, and to test the impact of the proposed reform on the transfer of tax revenues on the fiscal position of municipalities in the context of ongoing processes of decentralization in the public sector. The author focuses on the thesis that the implementation of tax reform in the direction of transferring a certain part of the personal income tax to each local government unit will result in increasing its fiscal position, therefore, to increase opportunities a significant part of existing problems to be solved in a timely manner „on the spot“, until a higher degree of fiscal decentralization is achieved and its indicators are brought closer to the European average. As a result, specific correlations regarding the state of the budget indicators and financial independence for each of the 265 municipalities in Bulgaria have been identified and specific measures to achieve better results in the future are proposed. It is also analysed the effect of applying the hypothesis for transferring twenty per cent of the budget revenues from the personal income tax to the subsector „Local self-government“ and on that basis some recommendations have been suggested.