Yearbook

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  THE DEVELOPMENT AND CURRENT STATE OF THE BULGARIAN CAPITAL MARKET

  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 ... 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.

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  MOBBING – SUBJECTIVE FEELING OR OBJECTIVE CONDITION IN AN ORGANIZATION

  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 ... 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.

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