Relation Between Financial Literacy and Carbon Footprint: Review on Implications for Sustainable Development

Introduction. Financial literacy has been recognized worldwide as a significant element of stability and economic and financial growth. With the evolution of financial instruments, the growing importance of financial inclusion, its correlation with financial literacy, and the effects they have on sustainability, the concept of financial literacy is dramatically changing and getting more inclusive, spreading the focus on sustainability, sustainable consumption, and environmental preservation. Aim and tasks. The aim of the study is to examine the connection between the population's financial literacy level and greenhouse gas emissions. The working hypothesis claims that there is a relationship between financial literacy and the carbon footprint. Results. The correlation and regression analyses were the main tools in the study, while the dataset for 2014 covered 137 countries, with the main dependent variables being carbon emissions per capita, per unit of gross domestic product, and per unit of energy. The partial correlation coefficients between financial literacy rating and carbon footprint variables were insignificant when controlled for economic development, represented by per capita gross domestic product. Estimated econometric models with financial literacy in quadratic form were adequate and showed a significant connection between financial literacy and carbon emissions per capita and per gross domestic product at the 5% level. The relationship with carbon emissions per unit of energy was significant at the 10% level. In all three models, the relationships followed an inverse U-shape, with low financial literacy increasing the carbon footprint and higher financial literacy decreasing it. The turning numbers for financial literacy were 35.8% for carbon emissions per capita, 41.4% for emissions per unit of gross domestic product, and 32.4% for emissions per unit of energy. Conclusions. Financial literacy was indeed associated with carbon emissions in a complex, non-linear way. The effect of energy consumption on carbon emissions was stronger than financial literacy and appeared to be the driving force for the increase in carbon emissions. With low financial literacy observed in underdeveloped countries, the situation was not favorable for the environment. As financial literacy increased, welfare, income, and consumption increased too, leading to an increase in greenhouse gas emissions, i.e., a bigger CO2 footprint. Once a certain stage of economic development was reached, the relationship was reversed, i.e., in developed countries, financial literacy worked towards reducing the carbon footprint and protecting the environment

STATISTICAL EVALUATION OF E-COMMERCE IN THE EUROPEAN UNION AND THE REPUBLIC OF NORTH MACEDONIA

In the current study, we conduct a comparative analysis of the European Union countries and the Republic of North Macedonia in terms of the ecommerce development in the period 2010-2021. We identify the place of ecommerce as a key element of business digitalisation. We present the information sources of the indicators for characterising e-commerce and classify them as direct and indirect indicators based on their relation with the e-commerce development. We analyse and compare the dynamics of the indicators for the EU countries and theRepublic of North Macedonia by growth rates and their ratios. We apply an approach where, based on the level of the indicators in 2010 and the change over the period 2010-2021, the countries are classified into four groups – running ahead, lagging ahead, catching up and falling behind. We thus position countries in terms of their prospects for e-commerce development

SYSTEMATIC ANALYSIS OF LITERARY SOURCES ON THE ISSUES OF TACIT KNOWLEDGE TRANSFER THROUGH INFORMAL INNOVATION NETWORKS

The paper explored the dynamics of researchers' interest in the scientific problem of transferring tacit knowledge, the main researchers/sources, significant problem areas and results. The main method of analysis is a systematic analysis of literary sources on the problems of the application possibilities of informal innovation networks in the transfer of tacit knowledge. The review covers 2,682 documents published in 1,806 sources indexed in the Web of Science database. The results of the review showed a growing interest in tacit knowledge transfer issues, identified specific areas of substantial application of tacit knowledge, significant organizational, social, and psychological factors, and mechanisms for sharing tacit knowledge

STUDY OF CUTTING AND LABELING OF POLYMETHYLMETHACRYLATE USING A CO2 LASER

Progress in direct laser marking when processing plastics with unmatched quality of markings, contrast and speed. This article presents the latest generation of laser materials and laser equipment systems. When properly applied, laser marking can provide quality for production and add value to the appearance and function of the product.Describe the parameters influencing the depth of the laser marking of polymethylmethacrylate (PMMA) products. Experimental results are presented for determining the quality of cuts on the polymer surface at specific parameters - power and speed

USE OF CO2 LASER FOR MARKING AND CLEARING OF TEXTILE MATERIALS FOR MANUFACTURE OF MILITARY EQUIPMENT

In the last decades, a large application has been found by lasers in marking and cutting on textiles, plexiglass, wood, metals and other materials. These items apply to both the military and the economy of the countries of the world. A group of Bulgarian students from the National Military University Vasil Levski, led by Dr. Nikolay Dolchinkov, conducted a research with a group of TAR under the leadership of Prof. Lubomir Lazov at the Laser Center in Rezekne at the end of 2018. The report shows the achieved results and the relevant analyzes. Graphically and tabularly, the dependence of the depth of the markings and the cut-off of the power and speed of the used CO2 laser are presented

Formal and informal innovation networks: a review

The paper addressed the important problem of systematization of empirical research in the field of formal and informal innovation networks. After an extensive literature study of 65 papers from 2003-2023, four thematic areas were formed: innovation network creation, structure and participants; innovation network evolution, activities and interactions; factors influencing innovation networks; and results from innovation network activities for the participants and third parties. Besides them, several interesting topics were discovered concerning network-specific structural forms, peculiarities of adaptive management, and the knowledge transfer mechanics of contracting for innovation. The systematization also showed several contradictions in the results and gaps in the empirical research, which outline the need for more studies about the intensity of formal and informal contact between participants and their influence on the transformation, development and sustainability of the networks and the contribution of formal and informal networks to the diffusion of knowledge and innovations

ACHIEVING HIGH STANDARDS IN ECONOMY AND MANAGEMENT RESEARCH: THE CONTRIBUTION OF FORMAL AND INFORMAL NETWORKS

This paper empirically examined the role of formal and informal networks in building innovation attitudes and an environment for conducting quality research in economics and management in Bulgarian universities. It highlighted some of the key issues not yet explored in the academic literature – the behavioral attitudes and expectations of researchers towards the institutional environment in universities, and the extent to which it was supportive for the development of quality research. An empirical study was conducted with 74 respondents from Bulgarian universities working in the field of economics and management. The analysis of the results showed that respondents appreciated the perceived support from the organization they worked in. Support aimed at stimulating innovative environments for conducting innovative research in economics and management was also highly valued. Two of the research hypotheses were not supported: 1) that informal relationships were more important than formal relationships and 2) that having support from the immediate supervisor stimulated innovative behavior. On this basis, insights were derived in the discussion of the empirical results. The contribution of the publication is in the interdisciplinary approach where behavioral science was linked to network theory. The aim was to discover and identify more clearly those behavioral motivations and constraints that, analyzed through the lens of network theory, provided tools to improve collaboration in research organizations and universities

STUDY OF LASER CUTTING AND MARKING ON THE FILT WITH THE HELP OF A CO2-LASER

Describe the parameters influencing the depth of the laser marking of textile products. Experimental results are presented to determine the quality of cuts on felt surfaces of different colors at specific parameters - power and speed. Approximately 100 extras were made on two materials with a change in laser power and speed. As a result, the optimal results for cutting and marking a felt are shown.

PRACTICAL APPLICATION OF INCOME CAPITALIZATION METHOD IN BUSINESS VALUATION – SOME HIGHLIGHTS

The paper describes the advantages and disadvantages of the income approach in business valuation, the essence of the method of income capitalization, as well as the peculiarities related to its application. Two main variants of the method are presented, depending on the choice of income to be capitalized. The first option is based on the net cash flow and is mainly applied to the valuation of enterprises with high investment absorption and, respectively, high share of depreciation in total expenses. The second option is based on net profit and is preferred by valuers when valuing low investment absorption firms or holding companies.A practical case study is presented to evaluate a holding company related to the determination of the market value of a minority share package. The cost of equity of the rated entity is determined by the CAPM model modifications for emerging markets. At the end, conclusions have been drawn and some problems have been described that appraisers should pay attention to. The Income Capitalization method has an easy algorithm, but its practical application is not so simple. Both fundamental knowledge and experience, as well as evaluators' attention are required, as a number of factors and circumstances must be taken into account regarding: the choice of income to be capitalized, the choice of variant for valuation methodology, model for determining the cost of equity or the weighted average cost of capital, determining the “small firm risk premium”, determining the normalized income, the long-term rate of income growth, adjustments for minority or majority ownership, adjustments for marketability and others. In this method, the market value of equity (VE) is highly sensitive to the discount rate (the cost of capital), the long-term growth rate and the capitalization rate, respectively. Even small differences in these parameters can lead to a large difference in the value of the estimate. This requires precision and good argumentation on the part of the valuers regarding the pricing of equity, the cost of debt and the long-term average annual growth rate of income.For companies with stable incomes and good prospects for development, this method provides a relatively accurate estimate of the market value of equity. However, it must be borne in mind that the future is always uncertain. In this regard, appraisers should make a sufficiently accurate assessment of the level of business risk and financial risk of the entity being evaluated.</jats:p

A SYSTEM OF INDICATORS FOR THE EVALUATION OF THE NATIONAL ECONOMY’S EFFECTIVENESS

This article examines the main characteristics of economic efficiency indicators on a macro-level. Differences between individual efficiency performance indicators at a company level have been indicated; the directions of analysis, the specifics of the indicators construction at a national level and their semantic interpretation have been described. Two schemes for the decomposition of synthetic indicators of individual resource effectiveness have been developed - labour and capital, as well as the analytical indicators characterizing certain aspects of economic efficiency. On the basis of these schemes, a comparative analysis of the effectiveness of the three economic sectors of the Bulgarian economy for 2012 has been made