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Atanas Atanasov
The Influence of Financial Misuses on the State of Bulgarian Capital Market, and some Possibilities for Counteraction
Summary:
In the article are examine economical preconditions for the beginning, the negative influence, the normative regulate of the essence and the opportunities for counteraction of financial misuses on capital market in our country. There are made analyze of the state on market environment, in which can to manifestation similar illegal acts and are show up some directions for impede realization of them.
In the article are outline the specialties and the scopes of preventive measures, the role, the place and importance of them for the national economics.
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Olena Sharah
Quality of the Economic Growth under the Terms and Conditions of the Technological Progress
Summary:
This Paper has a two-fold purpose: 1) to explore the abstract and theoretical principles of the classical and neoclassical economic theory to the notion of the economic growth under the terms and conditions of the technological progress; 2) to try to apply these provisions with national economic practice of modern Ukraine.
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V.i. Lyashenko, Y.i. Tulku
Quasi-Tangible Assets of Modern Neo-Industrialism
Summary:
In this article the authors insist on imperfection of existent financial instruments, which caused the financial-economic crisis and suppose that there is another possibility for companies to get extra financial resources. One of those possibilities is using a new format of assets for companies’ capitalization. The financial mechanism of their trading is also suggested.
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Metody Kanev
Towards a New Paradigm for Social Life
Summary:
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Emilia Milanova
The New Philosophy Of Basel III
Summary:
The study discusses the major objectives of the Basel III reform package as a philosophy of the new capital accord. It emphasizes the improvement of the capital framework in five main aspects: strengthening the quality, consistency and transparency of the capital base; risk coverage improvement; supplementing the risk-based capital requirement with the leverage ratio; reduction of procyclicity of the counter-cyclical buffers; solution to the issues with the system risk and interconnectedness. The introduction of a global standard for liquidity is presented as another significant aspect in the Basel III package. The paper analyses the question to what extent the Bulgarian banking system is prepared for the new more rigid capital requirements.
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Andrey Zahariev
Optimization of the Capital Structure of the Companies in Bulgaria (2011) – Technology and Practice
Summary:
The current survey aims to develop a technology for optimization of the capital structure of the Bulgarian firms based on empirical data in 2011. The study is an attempt to enlarge the researches in the field of the capital management under Bulgarian conditions. The resulted massive decapitalization of the Bulgarian stock exchange after 2008 introduce new, increased requirements towards the financial management in both tasks, firstly, in the construction of IPO’s, and secondly, in keeping the value of the company’s shares on levels, attractive for the institutional investors. The empirical results confirm the hypotheses for the existence of an applicable for the Bulgarian conditions technology for optimization of the capital structure of the Bulgarian firms.
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Krassimira Kostadonova Naydenova
Evaluation of the Effects of Certain Regulatory Decisions for the Financial Market In Bulgaria
Summary:
The capital market in Bulgaria is not a working one and is not useful for the national economy. Despite the regulatory framework that meets the highest global standards, companies are unable to gather new capital and investors do not have access to quality Bulgarian financial assets. Securitization is presented only through the isolated segment of real estate investment trusts. The banking market is wide but concentrated in ownership and far from modern banking, and full integration with the European financial market remains unclear.
These weaknesses are result of ineffective government intervention, constitute a regulatory failure and have consequences - a capital market that fails to generate adequate investment opportunities for Bulgarian capital and to finance high value-added projects, bank concentration with all the negatives on depositors, borrowers and investors, unfulfilled financial integration with effects on the entire national financial system and ultimately, the colossal loss of national income.
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Sosthene Codjia, Walter E. Block
Economic Development Policies in West Africa: Making the Case for Free Enterprise
Summary:
Economic development in Africa and everywhere else for that matter, is furthered by capital accumulation. And this is fostered by economic freedom and private property rights which encourages the saving and investment which are the sine qua non of economic growth. The present paper attempts to make this case with regard to the African continent.
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Andrey Zahariev
Prospective Reflections on Human Capital
Summary:
Guided by the understanding of the pulsing nature of economic thought, in this article we set ourselves the task of developing prospective ideas and grasping of the past, the present and the future of the theory of the investment in human capital as responsibility of the key economic agents: the government, the companies and the households. The structure of this study consistently reviews the historical development of the human capital theory. It gives the corporate point of view within the range of views of financial management of human resources. It gives prospective argumentation of possible evolution lines of human capital knowledge. The developed verbal-graphic model of investments in the formation of human capital adduces arguments in support of consolidation of the five types of activities for formation of human capital with the three sources of resources, aimed at human capital in its individual and national (global) dimension. In the course of research the conclusion is derived that there is no need to counterpoise capitalism and talantism but on the contrary, through capitalism (the world of capital) the era of talantism (the world of intellect, faculties, family values and talent) should be promoted.
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Nonka Bogomilova
Religious Strands in the Capitalist Spirit and in the Western Civilization: Max Weber
Summary:
The author analyzes Max Weber’s approach to religion as part of the German sociologist’s general theoretical task: the analysis of the distinctive features of Western Civilization. In this theoretical perspective the article examines Weber’s approach to the other world religions (in the studies on the economic ethics of world religions) and specifically his comparisons between them and the formation and values of Western civilization. Weber involves religion in seeking the answer to his “network of questions” (R. Bendix); religion appears as the moral component influencing the “worldly” behaviour of individuals as members of a particular status group. The article presents Weber’s interpretation of the great religious systems, which was centred on the status groups of religious leaders; this approach is a challenge to the Marxian interpretation of religion as merely a reflection and product of economic relations in society. One other important element of Weber’s self-reflecting method is also stressed: the fact that he examined religions separately, not as part of an interconnected historical chain and in consecutive order, as Toynbee would later do. The article examines in a critical light the frequent overemphasizing in literature of the role Weber assigned to religion for the birth of the capitalist spirit. The interaction between material factors and interests, and spiritual ideas and incentives characterizes the essence of Weber’s approach to the analysis of social phenomena: the birth and specific features of capitalism and the particularities of Western Civilization.
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Walter E. Block
Free Enterprise and Poverty: Cause or Cure?
Summary:
Poverty in general is created by governmental mismanagement. The solution to the problem is the free enterprise system. Markets reduce poverty by promoting incentives and rational economic activity. Governments exacerbate it by attacking private property, regulating business, and through taxation. The problem of black poverty stems mainly from the breakup, nay, the failure to form, of the black family. This, in turn, is traced to governmental welfare programs.
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Vanya Ganeva
Social and Solidarity Economy – Democratic Association, Mutual Aid and Cooperation
Summary:
The author of this article attempts to clarify the nature, specificity and role of social and solidarity economy in the modern world. She also discusses to what extent it should be the focus of attention of economic sociology as a science in the context of the relation with its subject matter, and which approaches and theories in sociology and economic sociology can be used as explanatory models of social and solidarity economy.
The conclusion is that social and solidarity economy successfully combines the achievement of economic and social objectives. It contributes to social cohesion and inclusion, and plays an important role in integrating risk groups such as people with mental and physical disabilities.
Social and solidarity economy as part of the economy of a society is the subject of research by economic sociology as a science studying the social aspects of economic life. The theoretical approaches (for social networks, social capital, social nature of economic activities, etc.), developed in modern economic sociology, can be used as explanatory models of the processes occurring in social and solidarity economy.
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Violeta Kasarova, Marcellin Yovogan, Ralitsa Dimitrova, Krasimir Kostenarov
Value Added Creation by Intellectual Capital in Bulgarian Public Companies
Summary:
In this paper we apply the measurements of intellectual capital focusing on the human capital efficiency (HCE), the structural capital efficiency (SCE), the intellectual capital efficiency (ICE) and the value added intellectual coefficient (VAICTM ) developed by Pulic (2000; 2004) for non financial companies listed at Bulgarian Stock Exchange (BSE) using accounting data published with their financial statements for the period 2005-2009. The research is focused on companies in the manufacturing and tourism industry in order to derive any particularities in the measurements. The financial industry is excluded from the study as being specific. At this moment and at our knowledge, there’s no significant research on the value added of intellectual capital of Bulgarian non – financial industry. We extended the formula of intellectual capital valuation and arrived at the conclusion, that intellectual capital is playing an important role in the value creation process in companies listed at BSE. The relationship between the components of VAIC TM and the Tobin’s Q indicator characterizing the market performance of public companies.
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Georgi Dimitrov
The Mystery In The Origin Of Capitalism
Summary:
The paper explains the genesis of capitalism in a principally different way from that of sociological classics. The new European trans-continental trade is viewed as a mechanism, as a social-structural process of supra-personal order, operating systematically in the course of over three centuries and giving rise to capitalism as its own product. Market aided by Calvinisation of Christianity is accepted not only as a historical but also as „a logical beginning” of the modern type of societies.
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Spas Dimitrov
Theoretical Foundations of Logistics
Summary:
The purpose of this paper is to make a brief overview of the definition of logistics beginning with its militaristic and economic origins. The word of logistics originates from the ancient Greece. Logistics as a business concept evolved only in the 1950s. This was mainly due to the increasing complexity of supplying one’s business with materials and shipping out products in an increasingly globalized supply chain, calling for experts in the field who are called Supply Chain Logisticians. Logistics is “the process of planning, implementing, and controlling procedures for the efficient and effective transportation and storage of goods including services, and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements. This definition includes inbound, outbound, internal, and external movements1”. The logistics is defined as a science with its object.
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A. V. Bulavynets
Management of Loan Capital in Financing Structure of The Enterprise: Theoretical and Methodical Foundations
Summary:
In the article are explained the essence of the concepts of "loan" and "borrowed" capital. We considered that the loan capital of company characterizes part of the financial resources of the enterprise what is temporarily involved in economic activities and they can be sent to the capital market for additional income from the investment. It is advisable to understand that the borrowed capital is the financial resources of the enterprise, not belonging to him by right of ownership, but raised them in economic activities from different sources and in different forms on terms of maturity, repayment and interest payment in order to fulfill the objectives of the program of its activities.
The theoretical and methodical principles of borrowed capital management have been investigated, in particular: the directions of management (planning and capital employed, assessing the efficiency of capital employed, monitoring the timely servicing and repayment of debt); characterized by the principles on which is based capital management (accounting principle prospects of development of business, the principle of matching amounts of borrowed capital and the formation of the assets of the enterprise, the principle of optimality of capital structure from the standpoint of its effective function, the principle of ensuring the efficient use of capital employed in the course of economic activity).
Criteria of optimization of the borrowed capital to calculate its weighted average cost and term borrowings have been proposed.
A formula procedure for determining the weighted average cost of borrowed capital employed, which is based on the approximation of streaming method has been developed.
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Evgeni Raykov
Working Capital Management in Bulgarian Public Companies – Empirical Analysis during the Financial and Economic Crisis and Post-Crisis Recovery
Summary:
Modern financial analysis has become more responsible in line with the growing role and functions of financial management for providing reliable information base. It materializes in new control procedures and methodological approaches to analysis that identify more precisely the impact of the external environment and internal resources to maintain the balance between profitability and liquidity. Examined trends in Bulgarian companies have shown variable profitability of current assets as a result of dynamically changing turnover and uncertainty in terms of sales. Low profitability and return on total assets was the result of the negative effect of long-term investment policy before and during the crisis of 2007. Sound liquidity ratios demonstrate stable performance through its adjustment by changes in short-term liabilities and the rise in overall liquidity reflects the priorities of financial management for balanced management of working capital.
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Andrey Zahariev, Galina Zaharieva, Zdravko Lyubenov, Lyudmil Krystev, Aleksandyr Ganchev
On the Corporate Investments in Human Capital
Summary:
The focus of the material is put on examining and defining the problems with risk management on the corporate investments in human capital.
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Desislava Koleva Stefanova
The Human Capital and its Significance for our Present
Summary:
The article describes basic economic theories examined through the prism of human capital and its development over the years.The significant role of the human factor for the modern world has been underlined. The educational level of labour markets is analysed through the used data from Eurostat. Major negative trends have been identified, related to the development of human capital in the educational, social and economic sectors. Measures and recommendations have been outlined to improve the knowledge and skills of the active labour force and its positive integration into the labour markets.
