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Gergana Mihailova
Bank Efficiency in Bulgaria in the Period 2007-2013: Application of Parametric Method Stochastic Frontier Analysis (SFA)
Summary:
The study uses a nontraditional method for the measurement of bank efficiency - parametric method "stochastic frontier analysis" (SFA), to help analyze the efficiency of the entire banking system in Bulgaria and individual groups of banks by ownership. This method has been applied in numerous studies of bank efficiency in a group of countries, but it is not used for the purpose of measuring the efficiency of the Bulgarian banking system. The survey results show that foreign banks are the most efficient banks in the economy and determine the dynamics of the efficiency of the banking system. Their better performance is explained by the technology and experience they have.
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Yordanka Mitkova Iliykova
Opportunities for Optimizing Accounting and Analysis of Costs, Relating to Buffet Restaurants of Hotels
Summary:
A problem in the hotels that provide the "buffet" service, the price of which is included in that for overnight stay in the room, is the accounting and the effective control of the full use of the allowances groceries in finished kitchen products. Keeping track of changes in the prices of supplying goods at the height of the tourist season („Food and Beverage Cost Control“), the calculation of so-called "Food Costs for Day" and "Beverage Costs for Day", and frequent inventory inventories to excample date, relation to accurate and true cost accounting for a certain period, are objectively necessary.
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Mihail Mihaylov, Margarita Gergova, Kiril Mitov, Rositsa Koleva, Lyudmila Doncheva, Krasimir Kulchev, Bilyu Bilev
Ideas for Improving the Organization of Training Students in Business Analysis
Summary:
The essay offers ideas for improving the organization of training students in Business Analysis. It outlines the modern trends in the education process and shows approved practices with their importance for stimulating students' individual work. The emphasis is on the use of innovation technologies and teaching aids.
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Maya Tsoklinova
Government Redistributive Policies in EU Member States: Comparative Characteristics
Summary:
Fiscal discipline regarding tax revenues and expenditure, stabilization of incomes, promotion of consumption and stimulation of economic activity during the business cycle are essential for achieving macroeconomic stability. Despite the built-in automatic stabilizers and the limit that is set in the EU in terms of government expenditure, they are not a guarantee of achieving similarity in the economic development of individual EU member states and their behaviour, especially during economic crises, as well as in terms of quantity of supply of public goods relevant to public welfare. In addition, each EU member state constructs its economic policy in a way that meets the commonly accepted objectives in the EU. In this sense, government expenditures of the sub-sector “Central Government” are a necessary mechanism for ensuring the sustainability and stability of national economies and are a criterion for achieving the medium and long-term goals in government programs. The main goal of the article is to systematize the EU member states into homogeneous groups (Êëúñòúðs) based on the relative shares of expenditure by functions of the COFOG in GDP, and on this basis to make a comparative analysis of the financing of public goods important to society, which reflects differences in state redistributive policies at EU level. The research hypothesis defended in the present study states that, regardless of the existence of common fiscal rules and policies in the EU, there is a significant difference in the financing of public goods in individual EU member states, which is a prerequisite for different government redistributive policies at the EU level , as well as for the differentiated implementation of the goals set in the “Europe 2020” strategy, related to the generation of intelligent, sustainable and inclusive growth. Non-hierarchical Cluster analysis and more specifically K-means Cluster was used to achieve the research objective.
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Dragan Georgiev
Establishing a System of Income Multiplier Profiles in the Lodging Industry
Summary:
The determination of income multiplier profile (IMP) of an enterprise, activity or department in the budgeting process is a popular method in the field of hospitality to study the influence of different value measurable key factors on the financial result. Its traditional use is associated with determining the business orientation, analyzing the profitability of products and services in order to optimize the financial result, and implementation of accounting and control strategies.
This paper presents a modified approach for establishing a system of standardized profiles, based on conception of responsibility centers under USALI, as key factors are derived from the basic algebraic relationship "cost-volume-profit".
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Plamen Petkov
Econometric Estimation of Bulgarian Investment Function
Summary:
An investment function in economic terms is a concept or strategy that explains the relationships between shifts in the national income and changes in the investment patterns in the national economy. In this publication the methodology of vector error correction model (VECM) is applied to investigate long-run and short-run relationships between investments and some of their key determinants - real gross domestic product, inflation, discount interest rate and a composite index of financial development. Econometric analysis is based on annual data, which covered the period from 1991 to 2011. It is estimated there are three investment functions – of the total investment, private investment and foreign direct investment. Åach function is analyzed with and without structural shocks occurring in the study period.
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Vladimir Kraevskyi
The Place of the Accounting Systems in the Management of Sustainable Development
Summary:
The article examines the ability of various accounting systems (accounting, financial reports and statistical records) to meet the information requirements of management of sustainable development. For this purpose, on the one hand possible combinations of economic and environmental accounting have been shown, and on the other - presented accounts for identifying new objects have been studied while making research on the economically underdeveloped regions. The results from the performed SWOT-analysis of the prospects for further development of the statistical system show that natural resources should be included in the accounting system in order to provide more reliable statistical data base for economic analysis and modernization of the national wealth indicator.
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Krasimir Kulchev
Optimization of Physical Distribution by Analyzing its Efficiency
Summary:
The article clarifies the methodological, theoretical and applied problems of analysis of physical distribution. The presented opinions are about the nature and the range of physical distribution. The models have been developed to analyze the efficiency of physical distribution. They are probed to a firm - manufacturer of baby food for two consecutive years. The thesis that is defended is that in contemporary conditions the tools of the economic analysis (methodological and technical) have an important role in the optimizing of the activities included in the composition of the physical distribution and physical distribution in general.
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Mihail Chipriyanov
The Advantages of Competitive Strength Report for the Strategic Management
Summary:
The Competitive Strength Report (CSR) is a method for strategic researches and decisions concerning strategic competitive strength of the company. Its applying pursue of determination on the current condition and the perspectives towards development of the competitive strength, which makes easier the elaboration of the strategic decisions and determination of the resources necessary to its implementation. Using CSR contributes to introducing a higher degree of analytic thinking in the strategic planning and managing processes as a whole as well as in the various particular stages.
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Stefan Simeonov, Teodor Todorov, Daniel Nikolaev
Development of Frequency Analysis of the Volatility in a Model to Forecast the Financial Markets Trend and Comparative Empirical Assessment with the Technical Analysis
Summary:
The present study aims to develop the concept of predictive applicability of the Frequency Analysis of the Volatility and Trend (FAVT) as well as practical testing of the modified model for forecasting stock exchange indexes with different characteristics. For greater objectivity in estimating the forecast outcomes, FAVT is placed in parallel with traditional statistical models and the most popular method in stock exchange traders - technical analysis. In the first part of the study we develop the methodology of the concept of predictive applicability of FAVT in its modified version with movable calculation (FAVT-MC) of the frequency coefficients. The methodology of the study includes investment analysis measures, traditional statistical forecasting models, quantitative indicators of technical analysis and a modified version of the FAVT-MC. The conclusions of the statistical analysis show low applicability of linear forecasting in determining changes in the trend, while the alternative approach – non-linear forecasting yields significantly better results but under conditions of high investment activity and large variation. The choice of technical analysis tools is deliberately placed on quantitative measures known as technical indicators and does not include Eliot's Wave Theory. The results found are of varying reliability for the over ten technical indicators applied.
Exploration of the forecasting significance of the FAVT with movable calculation for the main (long-term) trends on stock exchange indexes achieved results with a reliable signal value for the end of the large growth before the general stock market collapse at the end of 2007. Clearly unambiguous results for all the periods surveyed in the performance of the different stock indices regarding the change of their major trends after the 2008 crisis were not established. A more significant importance of the modified frequency analysis, allowing the reading of forecast signals, is established for the short-term trends of the stock exchange indices.
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Galya Taseva
Bankruptcy Risk in Small and Medium-Sized Enterprises in Bulgaria
Summary:
The bankruptcy risk study for SMEs in Bulgaria is based on data from the financial statements of 100 non-financial firms with different main activities for the period 2014 - 2016, provided by the National Statistical Institute. The results of the study show that the implementation of well-established models of bankruptcy prediction, such as those of Altman, Springate, Taffler and Biever, may serve as an indicator for financial distress, but it is not sufficient to assess the risk of bankruptcy in Bulgarian economic conditions.
The survey results suggest that the coefficient Cash flow from operating activities / Current Liabilities has the potential to serve as an indicator of the differentiation of companies that are threatened with bankruptcy in the short term and even has some advantages over the models of Altman, Springate, Taffler and Biever in Bulgarian economic conditions. Given the high levels of the gray economy in the country and the widespread practice of manipulating the financial statements, it is reasonable in the analysis of bankruptcy risk to use in addition to the balance sheet and income statement indicators and such indicators incorporating information on the cash flow from operating activities of SMEs that is more difficult to manipulate. The large share of overdue and uncollectible receivables from clients in the country also presupposes using cash flow information to analyze bankruptcy risk. The Altman, Springate, Taffler and Biever models contain only in-company balance sheet and corporate income statement information and are not tailored to capture the systemic risk that creates high inter-firms indebtedness in the country, and in particular the high proportion of overdue trade receivables.
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Trayan Yosifov
Social and Economic Significance of Bulgarian Small and Medium-Sized Enterprises: SWOT Analysis
Summary:
Bulgarian economy remains within the periphery of more prominent economic processes. The country significantly lags not only behind leading European economies but also behind Central European economies, which used to have similar economic development in the early 1990s. In this respect, without a doubt, the emphasis should be put on the role of small and medium-sized enterprises, which form a fundamental part of the employment rate within the country and generate a major revenue part of the republican and local budgets. The purpose of this study is to focus on the main advantages and disadvantages of Bulgarian small and medium-sized enterprises and based on them to propose working measures for improving their market performance.
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Maya Tsoklinova
Comparative Analysis of Expenditure in the Central Government Subsector of Bulgaria and Greece according to COFOG for the Period 1998-2018
Summary:
It is essential to study and analyse government expenditure in order to identify trends in their development. Periodic reporting of trends in government expenditure allows economic agents to plan their business actions on the basis of objective information, reducing the uncertainty of the economic system. In addition, measuring the changes in the structure of government expenditures (especially the expenditures of the Central Government subsector by function of Classification of the functions of government (COFOG)) allows revealing the priorities in the provision of public goods. The goal of the article is to make a comparative analysis of the expenditure of the subsector "Central government" by functions of COFOG of Bulgaria and Greece and on this basis to reveal the trends in their development, as well as to highlight the differences in spending policies between the two countries.
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Julian Vassilev
Management of Network Security of a University Server by Analysis of Log Files
Summary:
The purpose of this paper is to manage network security by analysis of log files of Apache web server. We try to detect problems related to network security. In theoretical terms various methods and tools for the analysis of log files are studied. The given methodology for analysing log files is presented for the first time in this study. It can be applied in the analysis of log files on other web servers.
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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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Daniela Feschiyan
Financial Analysis of the Structure, Composition and Effective Use of Publicly Owned Real Estate
Summary:
The research presents the structure and content for a system of indicators for financial analysis of publicly owned real estate. The aim is to clarify the logic, significance, numerical values and methods of use of the proposed indicators for financial analysis and evaluation of the effective use real estate. Potential approaches of examining their comparability and compatibility with other indicators, as well as opportunities for clustering of similar performance and time tracking analysis of objects are discussed. The methodology for deriving the indicators and their meanings enables the study of the effectiveness of the functioning of publicly owned real estate. The proposed system of indicators will improve the effective decision making in the management of publicly owned real estate. Developed by the author, a system of indicators of financial analysis of municipal property was piloted in 6 municipalities in South-Eastern Europe - the Municipality of Tirana, Municipality of Bucharest, Sofia Municipality, Municipality of Athens, City of Zagreb, and Municipality of Cajetina.
