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THE PERCEPTION OF THE CULTURE OF INNOVATION IN BULGARIAN SMALL AND MEDIUM-SIZED ENTERPRISES AS A CONDITION FOR INCREASING COMPETITIVE PERFORMANCE

Author(s): Yanica Dimitrova / Language(s): English Publication Year: 0

For the successful existence of companies in the conditions of Industry 4.0, it is necessary to create and introduce innovations. The company's culture determines this is defined as a culture of innovation. The goal is to increase the competitiveness of the company. In this report, based on an empirical study among 300 small and medium-sized enterprises, we seek the relationship between corporate culture – competitiveness and related constructs.

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KVALITET LOKALNIH JAVNIH INSTITUCIJA, PRODUKTIVNOST I INOVACIJE NA NIVOU PREDUZEĆA: POKAZATELJI IZ SLOVENIJE

Author(s): Matija Kovačević,Rok Spruk / Language(s): Serbian Publication Year: 0

The quality of institutions is an important factor for sustainable growth, productivity, innovation and long-term development. There is a consensus that an institutional environment with low transaction costs, established rule of law and quality state institutions creates better conditions for growth. Societies that have a quality institutional framework tend to increase the level of social capital, because citizens have a higher degree of social trust. In this paper, we investigate variations in the quality of public institutions at the municipal and regional level in Slovenia, as well as the contribution of different layers of institutional quality of Slovenian municipalities and regions to innovation in enterprises. Using the observed and unobserved components of the quality of institutions at the local level, the assessments of the institutional quality of Slovenian municipalities in relation to the rest of Europe were effectively compared. Our estimates suggest that better institutional quality, a more impartial state administration, and a lower level of corruption at the local level are associated with significantly higher probabilities of patent granting by the European Patent Office and the United States Patent and Trademark Office. The projections reveal great and significant benefits of improving the quality of local institutions to the marginal level, while the estimated institutional quality explains inter-municipal differences in the intensity of innovation.

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ZELENE FINANSIJE KAO PRETPOSTAVKA ODRŽIVOG RAZVOJA I ZELENE TRANZICIJE

Author(s): Radomir Božić / Language(s): Serbian Publication Year: 0

The paper points out the need, importance and role of green finance, understood as the adjustment and response of financial systems as a whole, or their elements - markets, instruments and institutions, to the challenges and needs of financing the green transition. The first part of the paper elaborates on the need and essence of green transition, as a current priority of sustainable development imposed by the trend of serious climate change caused by current development concepts and models that, motivated by maximizing profits and wealth, neglected care for the environment resources for future generations. In this context, the countries of the Western Balkans also have no choice and must follow the European Green Agenda and the goal of the European Union (EU) of which they would like to be a part, to make Europe a carbon-neutral continent by 2050. The second part of the paper elaborates on the essence of changes in the financial sphere, synthesized in the term green finance, in order to provide adequate support and financing for the green transition. Potential financial sources are pointed out, such as earmarked funds and EU support in the function of replacing existing energy sources with new, cleaner and renewable ones, but also the need to make public and private, domestic and foreign financial resources available, while strengthening overall social and environmental awareness, primarily engage and combine for the needs of green finance and green transition. The third part of the paper presents some previous experiences, approaches and practices that could be useful for developers of development and business policies in the public, real and financial sectors in the Western Balkans in order to successfully implement the green transition and its adequate financing.

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IZVJEŠTAVANJE KORPORACIJA O MJERAMA PREDUZETIM NA OČUVANJU ŽIVOTNE SREDINE

Author(s): Bobana Čegar / Language(s): Serbian Publication Year: 0

The increasing awareness of the importance of preserving the environment continuously leads to changes in the way of doing business, which is reflected in accounting, especially in terms of information provided to external users. Today, information on the impact of companies’ business on the environment has become mandatory in many countries, whether it is an integral part of the annual business report or a separate report. An analysis of the content of information for 78 companies, which are provided to external users through the Banja Luka, Sarajevo and Belgrade Stock Exchanges, showed that 48 percent of the sample companies in their annual business reports have no information about the environment. Of the 52 percent of companies that had at least some of this information, it was mostly related to the emphasis of management on environmental concerns, while the weakest results were achieved in terms of reporting on environmental risks. Information on investments in the environment was mostly narrative, and in terms of sectoral affiliation, companies from the electricity sector had the best results.

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DIGITALIZATION AS IGNITOR FOR BUSINESS MODEL TRANSFORMATION IN THE CHEMICAL DISTRIBUTION INDUSTRY

Author(s): Stefan Roters / Language(s): English Publication Year: 0

Digitalization is seen as one of the biggest megatrends in the 21st century. Companies in the industrial B-2-B value chain are entering into the new age of Industry 4.0 where corporations, interactions and processes become very smart. This is also true for the chemical value chain. Hereby digitalization will impact the chemical industry in three ways: (1) by improving the business processes of companies, (2) by optimizing existing and inventing new business models, (3) by changing power patterns in the chemical value chain. Chemical 3rd party distributors as integral part of this value chain navigate slowly through this digital journey to optimize internal operations whereas their customers, suppliers and e-commerce platforms move much faster. This research paper aims to shed light on the question how to manage the impact of digitalization on companies' business model and its operating model with focus on sales and marketing activities in the chemical distribution industry. Especially the success factors and challenges in terms of digital transformation will be explored.

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DIGITAL MATURITY

Author(s): Diana-Marie Schröder / Language(s): English Publication Year: 0

Agile working is indispensable in today's world. However, it is not only important that agile methods are applied as a way of working, but leadership behavior must also adapt to the new values if a company wants to get used to agile work. Therefore, companies need to know how to integrate the agile mindset into their leadership behavior.

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PREDICTIVE ANALYTICS TO ENSURE CUSTOMER CENTRIC BUSINESS MODELS AND AVOID MARKET SHARE LOSSES THROUGH DISRUPTION

Author(s): Alwin Bathija / Language(s): English Publication Year: 0

This publication is part of a broader examination with regards to digitalisation in the banking sector and the necessity of customer centric business models. The study also considers the importance of perpetual alignment between business models and customer needs to avoid market share losses. Furthermore, it focuses on newcomer in the market as non-/near-banks which could cause disruption. This research paper examines at the extent to which digitisation in the banking sector is needed and why customer centricity plays an important role as a competitive advantage in terms of market shares to avoid disruption. Customer data, digital ecosystems, and predictive analytics as foundation for customer centricity and trend setting will be described accordingly. This article presents recommendations for banks in terms of the foundation for customer centricity and why the use of predictive analytics is not a small project to implement. However, digitalisation in the banking sector is not only an ongoing trend, but also poses a significant challenge to most institutions. This article picks up on this and presents key challenges as well as opportunities for financial institutions to deal with it. An overview of the financial technology sector will be presented. It then takes a closer look at drivers for change, customer centricity, distribution channels, and customer needs. The link of predictive analytics and customer centricity will be outlined. The article is rounded off with a view on the future customer proposition. This article supports the wider objective of an elaboration to define a model to enable the banking industry conducting a continuous analysis of defined input factors and resulting from that changed customer behaviour to derive recommendations for action to change or keep the business model customer centric.

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Биткойн срещу блокчейн бизнес приложението в контекста на пазарната ефективност

Author(s): Vladimir Tsenkov,Georgi Georgiev / Language(s): Bulgarian Publication Year: 0

The empirical study aims to verify the existence of a relationship between the extreme volatility dynamics of Bitcoin and the business application of blockchain technology. If the extreme amplitudes of volatility fluctuations of the most representative cryptocurrency are related to the performance of the business application of blockchain technology, then the characteristics of Bitcoin volatility and that of the stocks of companies actively applying blockchain technology in their business model should be similar. In order to investigate these characteristics, the assumptions of the Efficient Markets Hypothesis are used and the measurement of market efficiency and the magnitude of impact of market shocks are carried out. Examining the volatility characteristics of Bitcoin and the 16 companies studied showed not only significant differences, but also opposite characteristics, both in terms of market efficiency and how market (shock) impulses are reflected. These empirical results give us a reason to reject the possibility of determining the existence of extreme volatility of Bitcoin with the results of the practical application of blockchain technology in a business environment and put the emphasis on the role of market psychology and the rationality of investment expectations as a significant factor in the dynamics of Bitcoin volatility.

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Концептуална логика на финансовия мениджмънт

Author(s): Georgi Zhelyazkov / Language(s): Bulgarian Publication Year: 0

Financial management is the basis of the management of any activity, be it at the level of a country, a company, another type of organization or a household. Therefore, it is important to know its conceptual logic. This issue is particularly relevant today, when the economy operates in the context of inflationary processes and increased uncertainty of both economic and geopolitical nature. The subject of this report are the fundamental points characterizing financial management. It is their mastery that is a basic prerequisite for the successful management of finances at all levels, regardless of the specifics of the situation.

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Проблеми пред управлението на паричните потоци в условията на променящи се цени и някои подходи за тяхното решаване

Author(s): Georgi Zhelyazkov / Language(s): Bulgarian Publication Year: 0

There are situations where standard cash flow management methodologies are not always applicable. For example, in cases of business reorganization, in a period of financial difficulties, including bankruptcy, in a period of inflation, etc. One of the most important economic problems that management constantly faces is price. The problems arising when working with prices are multifaceted. In this respect, the variety of prices, different pricing schemes and their constant change should be taken into account. The last aspect is the most relevant, since the tendency for their increase is observed practically continuously in all countries. Unlike many other economic categories, inflation has not only a theoretical, but also a purely utilitarian meaning. The focus of this report is on some key issues facing businesses in volatile price environments and approaches to dealing with them.

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Източници на несигурност на счетоводни приблизителни оценки във финансовите отчети на банките

Author(s): Kiril Bashikarov / Language(s): Bulgarian Publication Year: 0

Financial statements are source of information about the financial position, financial performance and cash flows of a bank that is useful to a wide range of users in making economic decisions. The notes are important part of financial statements. The accompanying notes present information about the basis of preparation of the financial statements and the significant accounting policies. The purpose of this article is to examine the disclosure of key sources of uncertainty of accounting estimates in banks' financial statements with a point of view to adequately manage their asset quality. Emphasis is placed on the significance of fair value disclosures and the measurement of expected credit losses.

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Improvisation and Creativity in Entrepreneurship Beyond Borders

Author(s): Yordanka Ivanova / Language(s): English Publication Year: 0

Improvisation and creativity are two soft skills becoming increasingly significant for remaining competitive in the global business landscape going through dramatic changes. Shifts in consumer needs, evolving market structure, the emergence and development of innovative sectors, and high technologies require business strategies and business models to be built or changed more rapidly than ever. Why are they in the focus of researchers and practitioners? First, improvisation as a skill proves vital in finding new ways to implement business strategies and to fulfill customer needs during global pandemics and regional instability, restrictions, and disruptions in the global supply chains. This is even more valid in the post-pandemic world, where the speedy development of artificial intelligence poses new challenges and opportunities for entire industries. Second, creativity that goes hand in hand with breakthrough innovation helps pioneers in emerging and evolving market sectors navigate the pathway to success by crafting innovative strategies and disruptive business models. Therefore, this paper aims to study the role of improvisation and creativity in contemporary entrepreneurship as significant and increasingly important determinants of competitive performance globally.

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Връзката между предприемачеството и икономическия растеж

Author(s): Viktoriya Todorova / Language(s): Bulgarian Publication Year: 0

In the globalizing world economy, the reason for differences in economic growth and inequality between incomes is explained on the basis of technological differences and the degree of development of entrepreneurship. The use of new technologies paves the way for the production of new cheaper goods and for the accumulation of capital and, in this case, for increased international competitiveness of individual countries. The role of entrepreneurs is to contribute to innovation, higher competition and wider economic dynamism. A number of empirical evidences point to the importance of distinguishing the role of entrepreneurship in strong and underdeveloped countries. In other words, in developing economies where production is relatively high, entrepreneurship is found to be positively related to economic growth.

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Управление на риска в проекти – предимства и недостатъци

Author(s): Ivana Karadzhinska / Language(s): Bulgarian Publication Year: 0

Risk management is an integral part of successfully managing any project. It takes a combination of knowledge and skills, as well as flair and deep thinking, to bring any project to a successful conclusion. This article will examine both the advantages and disadvantages of the risk management process. With the help of qualitative and quantitative methods for risk analysis, conclusions are reached regarding an appropriate methodology, tailored to the specifics of the specific project. The topic of project risk management is very current and applies to both small businesses and large corporations. Specific conclusions can be drawn from this article, based on specialized literature and management experience in Bulgarian companies. In constantly developing business environments, constant and quality training of personnel is necessary to properly manage the projects assigned to them. Weeding out advantages and disadvantages can be beneficial to anyone involved in project management. At the end of the article, conclusions are drawn and expert recommendations are prepared.

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Изследване на приложението на финансовите показатели за анализ и оценка на финансовото състояние на предприятието

Author(s): Martin Nakov / Language(s): Bulgarian Publication Year: 0

The report presents the results of a survey conducted, the purpose of which is to investigate the application of financial indicators for analysis and assessment of the financial condition of a company. On the basis of these results, conclusions and proposals of a theoretical and a practical-applied nature have been formulated.

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Управление на риска в съответствие с рамката COSO – ERM. Сравнение на двата COSO модела – COSO IC и COSO ERM

Author(s): Nikolay Yovchev / Language(s): Bulgarian Publication Year: 0

Since the inception of the original COSO framework, there have been dramatic changes in the business and operating environment, which is increasingly complex, technology dependent and global. At the same time, stakeholders are participating in processes more intensively and are seeking greater transparency and accountability regarding the integrity of internal control systems supporting business decisions and management processes in organizations. For different corporations, these objectives have their specificities, but what is universal is that they want to achieve: maximum assurance of the reliability of the reporting produced, minimization of risks, prevention of fraud, efficiency of implementation, compliance with applicable norms, rules and standards. In this study, I aim to clarify these modifications so that their practical application becomes clearer and to point out the main differences between the two frameworks based on three dimensional COSO IC and COSO ERM models.

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Как допринасят акселераторските програми в България за успеха на проектите и компаниите, взели участие в тях?

Author(s): Yavor Gochev / Language(s): Bulgarian Publication Year: 0

Accelerators support the development of start-ups through a training program, mentoring, direct funding or assistance in obtaining such. The analysis is based on the results of an online questionnaire and semi-standardized interviews. The questionnaire was sent to 1024 projects that participated in 10 different accelerator programs in Bulgaria. 183 (17.79%) responded. In-depth interviews were conducted with 16 respondents. According to 93% of the respondents, their participation in accelerator programs in Bulgaria contribute to the faster success of the projects and the companies. Additionally, 73% of projects that have attracted followon funding attribute it to their participation in one of the programs. All the companies that took part in the interviews confirmed that they would recommend participation in an accelerator program to start-up entrepreneurs who want to develop their projects.

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Environmental, Social and Good Governance of Santander Bank

Author(s): Fernando Galicia López / Language(s): English Publication Year: 0

ESG agenda focuses on Santander Bank’s most material issues and that their aim is to minimise associated risk and maximise commercial opportunities by contributing United Nations’ Sustainable Development Goals and to the Paris Climate Agreement. The paper is aimed at researching the ESG criteria applied for Santander Bank.

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Management of Caixabank’s ESG Risks and Principles that Determine its Actions

Author(s): Gabriel Oliván Crespo / Language(s): English Publication Year: 0

In this paper, I will analyze how CaixaBank, one of the most important financial institutions in Spain, predicts, manages, and coexists with environmental, social, and governance (ESG) risks. Additionally, the principles guiding its actions in this area will be presented.

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Управление и оповестяване на ликвидния риск от търговските банки в България

Author(s): Atanaska Filipova-Slancheva / Language(s): Bulgarian Publication Year: 0

The global financial crisis of 2007 2009 led banking system to lack of capital and liquidity buffers, which had a negative effect on the global economy. Since then, banking regulators have focused on liquidity and liquidity risk management. In 2014 negative events in the Bulgarian banking system once again proved that liquidity management and liquidity risk of banks should be a constant object of analysis and evaluation due to their importance for financial stability. Over the past two years, the liquidity profile and business model of banks have been strongly affected by COVID-19 pandemic. The report aims to present leading criteria and characteristics related to the liquidity management and disclosure, liquidity risk, liquidity buffer in Bulgarian commercial banks. The dynamics of the liquidity ratios (LCR, NSFR) for the period 2018 - 2020 was traced, both for the entire banking system and for five randomly selected banks (from first and second group in terms of assets). The report presents the measures taken to prevent the negative effect of the COVID-19 pandemic on the liquidity of the banking system.

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