Year 2020, Issue 123

Date published

17.12.2020

Table of content

  • Yordan Yordanov
    THE DEVELOPMENT AND CURRENT STATE OF THE BULGARIAN CAPITAL MARKET
    Summary: This paper investigates the development of the capital markets in Bulgaria, with an emphasis on stocks, from the new millennium to present days. The tasks are: to trace the stock market activity market cap, turnover and IPOs; to... This paper investigates the development of the capital markets in Bulgaria, with an emphasis on stocks, from the new millennium to present days. The tasks are: to trace the stock market activity market cap, turnover and IPOs; to compare similar indicators of other countries in the European Union (EU) and the world; to perform a literature review of the factors determining the development of the capital markets; to analyze those factors that hinder the development of the Bulgarian Stock Exchange (BSE); to compare and contrast cash balances (flows) of the financial assets in the country by economic entities; to review the structural changes on the basis of comparisons to EU countries; to outline the potential sources for the capital market growth. The research thesis postulates that there is significant potential for the development of direct intermediation (stock market) in Bulgaria, but its development is hampered by a number of factors related to the institutional framework of property rights, corporate governance and high concentration of ownership of listed companies. The main conclusions are that the Bulgarian capital market has low primary market activity, low turnover on the secondary market and low capitalization relative to GDP. The main part of equity is unquoted shares and other capital. The share of loans from financial assets is large. Obstacles to the development of the capital market are the protection of property rights, corporate governance, control of insider trading, lack of viable capital projects and the weak protection of minority shareholders in the highly concentrated shareholder ownership.
  • Irena Emilova, Milen Dinkov
    MOBBING SUBJECTIVE FEELING OR OBJECTIVE CONDITION IN AN ORGANIZATION
    JEL: A14, D23.
    Summary: The aim of this study is based on the analysis of literature sources and data from our own survey to enrich the existing scientific knowledge related to the phenomenon of "mobbing" in the organization. The object of research in the... The aim of this study is based on the analysis of literature sources and data from our own survey to enrich the existing scientific knowledge related to the phenomenon of "mobbing" in the organization. The object of research in the present study is the manifestation of mobbing in the organization. The subject of research is the subjective perceptions of the individual regarding the phenomenon of "mobbing" and its actual finding in the organization. The tasks are derived from the goal and are as follows: First. To explore the theoretical foundations of the phenomenon of "mobbing" that uses the interaction approach, taking into account the interpersonal relationships in the organization. Second. To present an author's definition of mobbing, analyzing research interpretations from different scientific fields of human knowledge. Third. To substantiate the need for counteracting mobbing by deriving the peculiarities of normative regulation and organizational regulation. Fourth. To carry out empirical research in organizations (public and private) and to establish the activities of the studied phenomenon. Fifth. To present practically oriented advice in case of subjective feeling for mobbing and detection of mobsters through express diagnostics, allowing realistic assessment of the situation. A research thesis that is being defended is that the created uncertain and complex circumstances in which organizations are forced to function affect the mental resilience of employees. Manifestations in their behavior in dynamic social processes, in addition to the objective state, tend to be a subjective error of the individual related to his personal perceptions. The approach of the interactions is used for analysis of the personality and the genesis of its behavior, situational analysis, statistical methods, historical research method, survey and interview, observations and consultations of the authors with scientists and practitioners in Bulgaria, as well as theoretical and practical research by Bulgarian and foreign authors and researchers. The following results have been achieved: based on an interdisciplinary approach, an analysis of "mobbing" as a category in the scientific field is presented and a working definition is derived in the context of organizational and behavioral aspects, which is most consistent with research interests; the need for organizational regulation of mobbing by implementing violence prevention and employee support programmes is justified; As a result of a survey, practical recommendations are proposed, which can be used for an objective assessment of the subjective feelings of the individual in relation to the studied dynamic category.
  • Miroslava Boneva
    RESEARCH OF E-SERVICES DEVELOPMENT TRENDS
    JEL: O3.
    Summary: This paper aims to discuss trends in the development of electronic services, which as technology-based services have the potential to influence the short-term and long-term development of business, society and possibly in dimensions... This paper aims to discuss trends in the development of electronic services, which as technology-based services have the potential to influence the short-term and long-term development of business, society and possibly in dimensions that are difficult to define. The set research tasks have been completed: (1) study of the short-term trends for the development of electronic services in the public sector and business; (2) systematization of pessimistic and optimistic visions for the development of electronic services in a longer term and (3) analysis of the results of an empirical study with an object of study the consumption of electronic services. The main thesis of the present study refers to the broad-spectrum impact of e-services on the digital transformation in various business sectors and the activities of public organizations. The following results have been achieved: (1) It is argued that the future development of e-services and their impact on organizations is important to consider in the following areas: technological, educational, socio-economic and managerial changes. (2) Factors determining the short-term tendencies for the development of the electronic administrative services in Bulgaria are substantiated. (3) The tendencies for short-term development of the e-services in the business are marked by the views of business leaders and the development of heterogeneous technologies, combining digital, physical and biological technologies. (4) Visions for the long-term development and impact of electronic services are systematized, covering alarming expectations and optimistic scenarios. (5) It has been established from the analysis of the results of an empirical study that: there is no change before and during the state of emergency in the consumption of electronic banking, e-shopping, electronic administrative services of municipal organizations and other e-services; the consumption of e-learning, e-administrative services of state institutions and e-communication has changed; There are no statistically significant differences between the respondents' perception of change in the use of e-services for personal and business purposes, as well as for those who assist older people, also on the basis of place of residence.
  • Radka Nenova
    INFLUENCE OF RENT ON THE PRICE OF AGRICULTURAL LAND IN BULGARIA
    JEL: C23, Q11.
    Summary: In recent years in Bulgaria there has been a functioning market for agricultural land, which affects the variation of prices. The present study emphasizes the need to take into account the cross-sectional and time differences in the... In recent years in Bulgaria there has been a functioning market for agricultural land, which affects the variation of prices. The present study emphasizes the need to take into account the cross-sectional and time differences in the price of agricultural land which is the object of the study. With the development of land relations, the importance of the price for the use of agricultural land (rent) increases. For this reason, the subject is to reveal the impact of the amount of rent on the price of agricultural land. The goal is to measure and evaluate the strength of the relationship between them. The main research thesis of the author is that, other things being equal, the change in the amount of rent leads to the same change in the price of agricultural land, but at different rates, and existing cross-sectional and time effects of this relationship can be fixed and analyzed. NSI data on the price of agricultural land and rent in Bulgaria by districts and by years for the period 2010-2018 have been used. In theoretical terms, the basis for the study is the capitalized rent approach proposing a specific adapted methodology. Four regression models were constructed: simple panel regression, panel regression with region fixed effect, panel regression with year fixed effect and panel regression with region and year fixed effect at the same time. All four models are adequate, there is no autocorrelation in the residues; well describe the change in the studied variables. The main conclusion is that, other things being equal, the change in rent leads to a change in the price of agricultural land, which is different in space and time and in turn can generate an increase or decrease in investment intentions of investors to agricultural land in different regions in different periods of time. The inclusion of fixed effects in the models is substantiated and the results show that the model with region-year fixed effects is the best.
  • Mihail Chipriyanov
    -
    Keywords: -
    Summary: ... -