Bulgarian Companies Research Articles

Knowledge Sharing Barriers in Bulgarian Companies – an Empirical Study

Knowledge sharing, although a key process for achieving business success and competitive advantage, does not always run smoothly. A number of factors, also called knowledge sharing barriers, hinder this process. They are extremely diverse and sometimes hard to find. The manifestation of knowledge sharing barriers is highly dependent on the context and in each organisation they manifest in a different way depending on the individual characteristics of the employees, the organisational structure and culture, the relevance and adequacy of the information and communication technologies used, etc. They cannot be completely overcome or eliminated, but their negative impact on knowledge sharing can be mitigated or minimised. The aim of the present study is to identify and rank knowledge sharing barriers in Bulgarian companies based on a literature review and conducting an empirical study. The research revealed three main barriers to knowledge sharing – lack of time, inadequate organisational culture and lack of trust. At the same time, some of the most frequently discussed barriers to knowledge sharing in the literature were not highly rated by respondents. The results of the research can serve business management as a guide in building a knowledge management system and an environment in which people will be able to freely share their knowledge.

Accounting for Impacts: Exploring Sustainability Reporting in Bulgarian Companies under the CSRD

Abstract Sustainability reporting is a key tool for managing uncertainty because it provides transparency, accountability and reliable information on companies' environmental, social and governance (ESG) performance. By disclosing relevant data and insights, sustainability reports enable stakeholders to make informed decisions, understand companies' environmental and social impacts, and assess their long-term sustainability strategies. This paper examines the evolving landscape of corporate sustainability reporting in Bulgaria, taking into account the broader context of corporate impact assessment and impact accounting. The study begins with an introduction to the growing importance of sustainability reporting in today's business environment, emphasising the need for transparency, accountability and compliance. A review of the current literature on the subject reveals a notable trend towards increased disclosure of environmental initiatives and impacts, alongside persistent challenges such as inadequate quality and quantity of reporting, expertise gaps and inconsistencies in guidance. To address these issues, the research uses a mixed-methods approach to explore the nature of sustainability reporting, regulatory frameworks and accountability practices in Bulgarian companies. Through data analysis and interpretation of findings, the study reveals a positive trend towards greater disclosure of sustainability initiatives and impacts, albeit with significant variations in reporting quality and methodology. As Bulgarian companies prepare for the implementation of the Corporate Sustainable Reporting Directive (CSRD), the study highlights the essential need to align with evolving sustainability reporting standards to promote transparency and accountability. By addressing these challenges, companies can better meet stakeholder expectations, contribute to sustainable development goals, and build reputation and trust in the corporate sector. Finally, this paper contributes to the field of sustainability reporting by providing valuable insights into the current state of affairs in Bulgarian companies.

A LASSO-BASED ANALYSIS ON VALUE RELEVANCE OF ACCOUNTING INFORMATION IN THE BULGARIAN CAPITAL MARKET

The aim of this study is to examine the value relevance of accounting information, specifically the influence of accounting information on the share prices of non-financial public companies listed on the Bulgarian capital market. The data set contains twenty accounting variables and the stock prices of twenty public Bulgarian companies. The analysed period is 01.01.2015 – 31.12.2022. Descriptive statistics and Least Absolute Shrinkage and Selection Operator (LASSO) regression model are applied. The empirical analysis results show that accounting information affects share prices of the examined companies from 2015 to 2022. Addionally, LASSO regression model is an appropriate model for identifying significant accounting information variables that influence stock prices. The findings of the study offer practical implications for various stakeholders, including investors, policymakers, and financial analysts.

Perception of Sustainability and Strategies of Bulgarian Companies

Purpose: The article aims to investigate how different understanding of ESG and/or CSR influence the adoption of formal ESG/CSR policy and relevant activities, and which factors are related to it as there is a gap in research on the formation of ESG/CSR strategy. Theoretical Framework: ESG strategies are one of the critical components for ensuring sustainable growth (Liang et al., 2022), but the understanding of the concept is not necessarily guaranteed. Moreover, despite the increasing interest in the topic, the literature concerning transition and emerging economies and ESG practices is still quite limited (Garcia et al., 2017). Design/Methodology/Approach: We surveyed various national companies with scalability about their perception and implementation of CSR/ESG and identified three clusters of enterprises based on their understanding of responsibility and sustainability. We analyzed the likelihood of adopting a CSR/ESG strategy for each type. Findings: The study reveals different elements which impact the process of forming a sustainability strategy in a transition economy and confirms the one of significant precondition is the company size. In addition, strong brands are seen as predictor of a strategy implementation. Research, Practical & Social Implications: We suggest that business which tend to address the dimension of sustainability have a comprehensive attitude toward strategy adoption and for effectively practicing sustainability awareness of the concept and all its dimensions is key. Based on the classification of the different companies their CSR/ESG activities could be analyzed. Originality/Value: The results show major factors of sustainability which are crucial to implement a formal sustainability strategy.

Perception of Sustainability and Strategies of Bulgarian Companies

Purpose: The article aims to investigate how different understanding of ESG and/or CSR influence the adoption of formal ESG/CSR policy and relevant activities, and which factors are related to it as there is a gap in research on the formation of ESG/CSR strategy. Theoretical Framework: ESG strategies are one of the critical components for ensuring sustainable growth (Liang et al., 2022), but the understanding of the concept is not necessarily guaranteed. Moreover, despite the increasing interest in the topic, the literature concerning transition and emerging economies and ESG practices is still quite limited (Garcia et al., 2017). Design/Methodology/Approach: We surveyed various national companies with scalability about their perception and implementation of CSR/ESG and identified three clusters of enterprises based on their understanding of responsibility and sustainability. We analyzed the likelihood of adopting a CSR/ESG strategy for each type. Findings: The study reveals different elements which impact the process of forming a sustainability strategy in a transition economy and confirms the one of significant precondition is the company size. In addition, strong brands are seen as predictor of a strategy implementation. Research, Practical & Social Implications: We suggest that business which tend to address the dimension of sustainability have a comprehensive attitude toward strategy adoption and for effectively practicing sustainability awareness of the concept and all its dimensions is key. Based on the classification of the different companies their CSR/ESG activities could be analyzed. Originality/Value: The results show major factors of sustainability which are crucial to implement a formal sustainability strategy.

Перспективы развития экономических отношений России и Болгарии в начале ХХ в.: взгляд российских дипломатов

Introduction. The article is devoted to the history of relations between Bulgaria and Russia at the beginning of the 20th century. The two states were interested in joint trade and economic development. This issue received a lot of attention in Russian periodicals. The press pointed out great benefits from the economic relations of the two states. Bulgaria at this time was a country with a rapidly developing economy. This state aroused the interest of many European powers. Diplomatic missions occupied the main place in assessing the possibilities of Russian penetration into Bulgaria. Materials and methods. The sources of the article are related to diplomatic materials from the beginning of the 20th century: reports of secretaries of the diplomatic agency in Sofia, reports of the vice-consul in Bulgaria, diaries and memoirs. The main focus is on assessing trading opportunities. When analyzing sources, the author used traditional methods of objectivity and a critical approach, taking into account the subjective nature of these materials. Results. Diplomats believed that Russian commercial and industrial circles, given the rapid development of the domestic market, showed little interest in Bulgaria. Russian entrepreneurs did not have a clear idea of the needs of the Bulgarian consumer, of the Bulgarian companies with which they could conduct trade operations, or of their creditworthiness. Unlike representatives of other countries, especially Austria-Hungary, Russian business made no efforts to develop trade with the Bulgarians. Russian entrepreneurs did not have their own traveling salesmen who traveled around Bulgaria studying the demand of the local population. Interest in Bulgaria was weak because Russian business was associated with domestic economic development. All this had a very negative impact on the development of bilateral trade. Conclusion. In the current conditions, it was not Russia, but Austria-Hungary that played the main role in the development of the Bulgarian economy. This also determined the political sympathies of the Bulgarian authorities. St. Petersburg understood this problem. However, political complications on the peninsula and the outbreak of the First World War did not allow this creative work to be completed, which could have led to a significant increase in the volume of economic relations between Russia and Bulgaria.

Validation of Stock Price Prediction Models in the Conditions of Financial Crisis

The distribution laws of various natural and anthropogenic processes in the world around us are stochastic in nature. The development of mathematics and, in particular, of stochastic modeling allows us to study regularities in such processes. In practice, stochastic modeling finds a huge number of applications in various fields, including finance and economics. In this work, some particular applications of stochastic processes in finance are examined in the conditions of financial crisis, aiming to provide a solid approach for stock price forecasting. More specifically, autoregressive integrated moving average (ARIMA) models and modified ordinary differential equation (ODE) models, previously developed by some of the authors to predict the asset prices of four Bulgarian companies, are validated against a time period during the crisis. Estimated rates of return are calculated from the models for one period ahead. The errors are estimated and the models are compared. The return values predicted with each of the two approaches are used to derive optimal risk portfolios based on the Markowitz model, which is the second major aim of this study. The third aim is to compare the resulting portfolios in terms of distribution (i.e., weights of the stocks), risk, and rate of return.

Participation of Bulgarian Furniture Manufacturing in Global and Local Value Chains as a Factor Supporting Their Innovation Activities

Innovations can offer key advantages to companies, but in some EU regions, the design and development of innovation measures are still relatively novel concepts. The aim of this study was to analyze the collaborations of innovative Bulgarian furniture manufacturers with external stakeholders and the used information channels as factors for the development and implementation of innovation and participation in global value chains over their innovation activities. Out of 3890 Bulgarian companies, the number of companies included in the target group was further reduced to 85 firms due to missing information on some variables. The data for the present study were collected using a large-scale questionnaire distributed on the spot during the months of March and April 2022. Logistic regression was used to reveal the real contribution of the collaborations and the information sources to the ability of companies to innovate. The research results indicated that in Bulgaria, the furniture sector is not considered very innovative, and Bulgarian furniture manufacturing companies do not rely on collaboration with the IT and mechatronics sectors. These companies do not want to participate in GVCs, as they refer to them in relation to supply chains. Therefore, they are less dependent on chain shocks. Companies prefer to hide their innovations for further protection, which might be the reason for the lack of cooperation between the furniture manufacturing companies and academia, NGOs, and other relevant institutions. The findings of the study contribute to new insights into the literature on the participation in GVCs as a factor for collaboration with different stakeholders and hence for product and process innovation development within the furniture industry companies.

Prevalence of herpes simplex virus and associated risk factors among female students of natural and applied science, Nasarawa state university, Keffi

Herpes Simplex Type 2 Viruses (HSV-2) are one of the most common viral sexually transmitted diseases worldwide, which are now a significant health concern. This study aim at prevalence of herpes simplex virus type 2 IgG and IgM and the associated risk factors among female students of Natural and Applied Science, Nasarawa State University, Keffi. Blood samples were collected from 150 female students of Natural and Applied Science. The socio-demographic information of the participants was collected by using a structured questionnaire. The sera samples were screened for IgGand IgM using NADALR HSV-2 IgG/IgM Rapid Antibody Test Cassette (Bulgarian Company for Biotechnology). The overall prevalence of HSV-2 IgG/IgM was 3.3% and 2.6%. The occurrence HSV-2 IgG in relation to the Age was high among age 26-30 years (100 %) and least among 21-25 years (2.0 %). The occurrence of HSV-2 IgM in relation to the Age was high among age 16-20 years (2.9 %) and least among was 21-25 years (2.0 %). the total prevalence of co-occurrence of HSV-2 IgG/IgM was 1.3%. the prevalence of In relation to knowledge of HSV-2 IgG and IgM in relation knowledge of HSV-2 infection was highest with no knowledge of HSV-2 recorded the IgG 4.5% and 3.4% with IgM. In relation to history of STI participants with history of STI recorded highest in IgG (23.5 %) and IgM (2.7 %). In relation to sharing sanitary facilities participants that share sanitary facilities recorded highest IgG 5.7% and IgM those that don’t share sanitary recorded highest 3.0 %. The prevalence of the HSV-2 infections was high among female students of Natural and Applied Science.

Strategic Aspects in German-Bulgarian Business Relations in the Context of the Contemporary Economic, Pandemic and Geopolitical Challenges in Central and Eastern Europe

The article examines key economic dimensions of German-Bulgarian business relations in the context of contemporary economic, pandemic and geopolitical challenges in Central and Eastern Europe – macroeconomic parameters, assessment of the environment, state of companies, problems and risks, planned initiatives and the focus in the future investment intentions of Bulgarian companies in commercial and economic relations with Germany and of investors from Germany with business operations in Bulgaria. Based on the research, potential successful areas for the development of the German-Bulgarian trade and economic relations have been outlined and the strategic business opportunities of the companies in the conditions of a dynamic and highly risky environment have been formulated.

HUMAN CAPITAL IN THE CHANGING WORK ENVIRONMENT OF INDUSTRY 4.0

The analysis of surveys conducted in Bulgarian companies proves that the quantity and quality of human capital to the greatest extent determine the long-term potential for sustainable organizational development. Aware of the need for investment in human capital, more and more company leaders and managers are focused on creating value for their business through training and development of their employees; building knowledge, skills, competences and motivational attitudes towards the changing working environment in Industry 4.0. The article examines flexible forms of work and creative approaches to increasing the satisfaction and engagement of employees in the implementation of strategic company goals.

Effects on the Business in the Conditions of Superior Crises

Abstract In recent years, financial and economic crises have been observed, which are a consequence of various global problems and phenomena. Despite the experience of 2008, it seems that the enterprises did not learn enough of their lessons and failed to foresee the difficulties for their business and finances. There are not many examples in history that have seen phenomena of superimposing economic and financial crises. In this case, the situation is caused by the pandemic caused by CoviD-19 and the war in Ukraine. The two events have had serious nongarnishing shocks to businesses and enterprise economies. The purpose of the current research is to trace the effects on business in the conditions of overlapping economic crises – in this case, caused by the covid pandemic and the war in Ukraine. The object of research will be the non-financial enterprises in Bulgaria, and the subject is the analysis of the effects on business as a result of overlapping crises. The aim is to derive and justify the effects and consequences for business in Bulgaria. The aim concerns the claim that the overlapping crises have a negative impact on the finances and economy of the enterprises in Bulgaria. The research was conducted on the basis of a survey among Bulgarian companies from the non-financial sector. The survey is conducted annually at the end of the year, summarizing in December of each year. About 800 companies - members of the Bulgarian Industrial Association take part in it. Their profile is mainly small and medium-sized enterprises, most of them being small.

Challenges for the Bulgarian Companies in the Implementation of Sustainability Practices

Abstract The topic of sustainability, and in particular the sustainability practices of companies, is especially relevant nowadays. The introduction of such practices is very important for Eastern European countries, including Bulgaria. This study is part of a large-scale university project (UNWE, Sofia) that focuses precisely on sustainability practices in international business. The aim is to find out if Bulgarian companies are familiar with sustainable practices and whether they apply them correctly in their daily operations. This is achieved via analysis and synthesis of results from a survey. The summarized data of the aforementioned survey is part of the whole project and represents the policies for sustainable development in specially selected Bulgarian private companies. Each of the companies included in the survey is ISO 14000 certified (the international standards for environmental management) and this condition determines the scope of the study. The research could serve as a basis for better understanding of the integration process of sustainability practices in Bulgarian companies.

Determination of Factors Affecting Vitamin D Levels in Women at Risk Using Classification and Regression Tree Analysis

BACKGROUND: The influence of the factors on Vitamin D as a health indicator in premenopausal and menopausal women is a significant subject to be investigated. AIM: The study uses the potential of classification and regression trees (CART) as a data mining method for medical type samples. METHODS: The data set is built by records of 84 indoor working women at the age of 45 to 67 years from five Bulgarian companies. The data are obtained through laboratory tests of serum concentrations of 25-OH-Vitamin D and a questionnaire, created for the study. Statistical data processing is made by descriptive statistics and the CART method. RESULTS: The results show Vitamin D deficiency in 69% of the studied women at risk from Stara Zagora. For the target variable – Vitamin D (the quantity of 25-OH-Vitamin D), a regression CART tree was built. The calculated percentages of normalized importance for each independent variable reveal that the most important predictors, affecting Vitamin D, are body mass index (100%), alcohol (84.2%), education (70.3%), coffee (70.2%), Са_Vit D (69.8%), and sports frequency (42.4%), while the other variables have much less importance. CONCLUSION: The application of the CART method makes it possible to study the distribution and importance of the factors influencing the state of vitamin D. The presence of such a high percentage of women at risk requires a comprehensive approach, including educational programs and strict application of guidelines for vitamin D supplementation to prevent the effects of hypovitaminosis.

Integration of AI Supported Risk Management in ERP Implementation

The objective of this paper is to show the possibilities for the implementation of artificial intelligence (AI) in risk assessment methodology for ERP projects. Both AI and ERP being solutions built around data, it is of great importance how this data is organized and processed, and how it can be used on the one hand to manage the business process in a more efficient way and on the other to address risk factors that might compromise the ERP system in a way, which standard risk assessment methodologies might miss. AI can add value to such risk assessment methodology as it can process large amounts of data and even automize repetitive and heavy load risk management steps. AI can allow risk managers to respond faster to new and emerging threats in an ERP project. By acting in real time and with some predictive capabilities, AI supported risk management could reach a new level in improving the managers’ decision-making for building the ERP system of the company. The literature review is given of the main AI and machine learning techniques of benefit to risk management and ERP projects. Then an analysis, using current practice and empirical evidence, is carried out of the application of these techniques to the risk management fields in implementing an ERP system. The paper also presents a showcase of how Bulgarian companies address the issues of risk assessment and AI implementation in it to build ERP systems.

Future trends of commercial In- Orbit Satellite Servicing, Active Debris Removal and End-Of Life services

Abstract Space debris growth has become a major threat not only to satellites as well as to the safe operations of the International Space Station (ISS). In September 2021, there were more than 4,700 operational satellites, 36,5000 space debris objects larger than 10 cm and 1 000 000 pieces in the 1cm to 10 cm range. The total mass of all space objects in Earth Orbit is 9,600 tonnes[1]. The launches of Starlink, Amazon Kuiper and OneWeb satellite constellations will increase the threat of space debris collisions. Satellite owners, operators, space agencies and commercial players owning the mega-constellations will need to find economically viable ways to inspect, refuel, augment, extend and manage the lifetime of their satellites. Some of the emerging trends taking place in the space industry are on- orbit satellite servicing, active debris removal services and end-of life services. With the technology demonstrations on orbit of Mission Extension Vehicles (MEV-1), MEV-2 and ELSA-d missions promising In Orbit Satellite (IOS), markets are emerging and expected to reach up to $ 6.2 bln by 2030[2]. The objective of this paper is to identify the role of Bulgarian organisations in the future emerging of in- orbital satellite (IOS) and space situational services markets. Bulgaria’s historical space competencies can contribute to the development of user-driven services/ solutions for space debris inspection, collision avoidance, space robotics and in- orbit servicing and assembly. By encouraging the creation of a new space eco-system in the domain of space debris and space situational awareness in South-Eastern Europe, Bulgarian companies and research organisations are bound to play an important role in the future space robotics markets.

The IM (Possible) Transition Towards the Digital Economy in Bulgaria

Undoubtedly, the business has been fast moving to the next technological generation of Industry 5.0 based on accession of digital and social instruments in techniques across all business processes and activities. Thus, the next business winners already have been accepted not just digitalization but virtualization and socialization of the business. Taking into account current and future state of the Bulgarian companies, they are called to digitalized for keeping their role at the existing value chains. But, are they look to be prepared for such transition from digital production (Industry 3.5) to digital company (Industry 4.0). The paper examines how far to digital companies are Bulgarian ones. The structure of the paper is: 1. The future of world economy and 2030th business development; 2. Limitation of Bulgarian economy for 2030 running backward of the European one; 3. Guidelines that helps Bulgarian companies to move fast for their digitalization and socialization.

Sustainable Corporate Governance – The Purpose of the Company

The objective of this paper is to explore the latest trends in sustainable corporate governance with а focus on the purpose of the company. Referring to her previous research projects and publications, the author aims to build on the preceding findings and research results. The objective of the paper is to give an answer to whether company purpose (the new mantra) is a totally new concept within the framework of corporate governance or, in other words, whether the business community has changed completely and whether a new business model has been developed by academia, consultants and business leaders. To answer these questions the author has initiated a literature survey and web mining to get a fresh perspective from the corporate practices in the EU and US economies. Experts’ views and judgement are discussed in order to obtain information about the agenda and priorities of listed Bulgarian companies. The paper is structured as follows: overview of sustainable corporate governance (introduction); survey on the academic views on the purpose of the company (part one); investigation of the business views on the purpose (part two) and the corporate governance agenda – shareholders’ perspective on the purpose studies (part four) and conclusions and suggestions for future research.

NON-DESTRUCTIVE CONTROL OF A HYDRAULIC HAMMER PISTON, DESIGNED FOR GEOLOGICAL EXPLORATION ACTIVITIES

The piston part provided to us by the Bulgarian company to clarify the reason for its breakage.

Efficiency of Wood-Processing Enterprises—Evaluation Based on DEA and MPI: A Comparison between Slovakia and Bulgaria for the Period 2014–2018

The ongoing transition to a low-carbon, sustainable forest-based economy, and the adoption of circular bioeconomy principles in the wood-processing industry is associated with the optimization of natural resources, application of environmentally sustainable production technologies, adoption of technological and organizational innovations, and increased economic efficiency and competitiveness. The implementation of all these measures can help to reach the biggest challenge of our time in the fight against climate change in a cost-effective and competitive way. The aim of this study was to estimate the technical efficiency of wood-processing companies in the Slovak Republic and the Republic of Bulgaria by applying data envelopment analysis (DEA) and the Malmquist productivity index (MPI), and to reveal some factors for efficiency improvements. The economic efficiency evaluation based on official data was performed using selected indices of four wood-processing companies in each country in the period 2014–2018. The study implemented an output-oriented DEA model with constant returns to scale as a nonparametric linear approach for measuring the efficiency of production decision-making units (DMUs). The results obtained revealed that the studied Slovak companies were more efficient with better management in terms of machinery planning and overhead utilization. Markedly, the Bulgarian companies achieved better materials management and current planning quality. Increased economic efficiency of wood-processing enterprises in both countries can be realized through investments in innovative technological improvements, and enhanced research and development activities.