75 Years Scientific Tribune For Economic Growth

The Economic Archive journal is a scientific economic publication which has been in print without interruption for as long as 75 years. As a scientific tribune for economic growth it has been printed permanently by Tsenov Publishing1; it has been administered and funded by the D. A. Tsenov Academy of Economics. Throughout those 75 years (until issue 3 / 2020) the journal has published 2,637 articles by authors from over 20 countries representing over 100 scientific organizations, institutions of higher education and other institutions. The journal releases 4 issues per annum in a paper and electronic format in Bulgarian (under the name Narodnostopanski Arhiv2) and English; it is indexed in six international bibliographic databases. Its electronic archive (https://www2.uni-svishtov.bg/NSArhiv/) has supported full-text bilingual free access to all articles since 2013; via the resources of the Central and Eastern European Online Library (CEEOL), access has been possible to all articles since 2008. Over the last decade, in four consecutive years, the journal has been co-financed on the basis of projects of the Editorial Board approved by the Scientific Research Fund in Bulgaria following calls for project proposals for Bulgarian Scientific Periodicals

FINANCIAL SCIENCE IN CHANGING EUROPE – CHALLENGES AND PERSPECTIVES

With the celebration of the 65th anniversary of the first Bulgarian academic department of financial sciences (07– 08 April 2017) at D. A. Tsenov Academy of Economics – Svishtov, a worthy assessment has been given and there has been a debate about what has been built over the years, what the current challenges and perspectives for future development are. The International Scientific Practical Conference “Current Challenges for the Financial Science in Changing Europe” was attended by Bulgarian and foreign scholars, working in the field of finance, as well as representatives of financial practice. One hundred and four people from seven countries and two continents, with ninety-two papers on corporate finance, investment, public finance, banking and micro-financial policy took part in the scientific forum. The host department prepared six plenary papers by its representatives of six hierarchical levels of academic development: students, PhD students, assistants professors, head assistants, associate professors and professors

Market Capitalization Factors Of The Bulgarian Pharmaceutical Sector In Pandemic

The article is focused on the changes of the market capitalization in the Bulgarian pharmaceutical sector during the COVID-19 pandemic. The aim of the article is to measure and justify the impact of a set of factors that affect the market capitalization of public companies from the Bulgarian pharmaceutical sector in a pandemic environment. The main performance indicator under consideration is the market capitalization of the leading pharmaceutical companies included in the BGBX40 stock exchange index during the two-year pandemic period (from June 2020 until May 2022). For the purpose of the research, a multiple linear regression model (OLS) is employed with the help of GRETL open-source software. Four of the selected eight impact factors are related to the sales of medical products; three are related to COVID-19 statistics and the last is a stock market index. The results from the analyses evidence a strong relationship between the impact factors and the market capitalization of Bulgarian pharmaceutical companies during the pandemic. The coefficient of determination shows that 96% of the change in the market capitalization could be explained by the change in the factors included in the model. The growth of the market capitalization of the studied Bulgarian companies over a period of 2 years is comparable to that of the world leading pharmaceutical companies that offer COVID-19 vaccines

Existence of solutions of nonlinear differential equations with ψ\psi-exponential or ψ\psi-ordinary dichotomous linear part in a Banach space

In this article we consider nonlinear differential equations with $\psi$-exponential and $\psi$-ordinary dichotomous linear part in a Banach space. By the help of the fixed point principle of Banach sufficient conditions are found for the existence of $\psi$-bounded solutions of these equations on $\mathbb{R}$ and $\mathbb{R}_+$

Nonlinear Impulsive Differential Equations with Weighted Exponential or Ordinary Dichotomous Linear Part in a Banach Space

We consider nonlinear impulsive differential equations with ψ-exponential and ψ-ordinary dichotomous linear part in a Banach space. By the help of Banach’s fixed-point principle sufficient conditions are found for the existence of ψ-bounded solutions of these equations on R and R+

OPTIMIZATION OF THE CAPITAL STRUCTURE OF THE COMPANIES IN BULGARIA (2011) – TECHNOLOGY AND PRACTICE

Настоящето изследване си поставя за цел да апробира възможна технология за оптимизиране на капиталовата структура на българските фирми върху основата на емпирични данни към 2011 г. Студията е опит за доразвитие на изследванията в областта на капиталовия мениджмънт в български условия. Реализираната мащабна декапитализация на Българската фондова борса след 2008 г. поставя пред финансовия мениджмънт нови, завишени изисквания при конструирането на първични публични предлагания и поддържане на стойността на акциите на нива, атрактивни за институционалните инвеститори. Емпиричните резултати потвърждават хипотезата за наличие на приложима за българските условия технология за оптимизация на капиталовата структура на фирмите в България. 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

STRATEGIES FOR STRENGTHENING BUSINESS ECONOMIC SECURITY WITH ACCOUNT TO GLOBAL FINANCIAL CHALLENGES

The study focuses on the algorithm of business behaviour under conditions of worsening of its economic security. The algorithm allows businesses to objectively assess the situation regarding financial threats and develop appropriate strategic measures to eliminate them. A system-situational model is proposed with financial actors to evaluate the tendencies of business players' elimination in the international financial markets. The purpose of the research is theoretical and applied approaches to developing strategies for strengthening the economic security of business in the context of the global challenges of the global financial system. To overcome the state of the economic security system imbalance, the dominant external and internal drivers are determined. It was proven that eliminating the negative impact of factors of global financial challenges can balance the system of economic security of business. In order to universalize the measurement of trends in the elimination of business players in international financial markets, a system-situational model was studied, which is based on the consolidation of systemic and situational perceptions of financial actors regarding the interpretation of financial information and adapted to the conditions of investor behaviour on the international financial market. In the course of the study, it was proven that eliminating the negative impact of factors of global financial challenges can balance the system of economic security of business, bring it to the newest stage of evolutionary response and ensure further sustainable financial and socio-economic development of business. The set of used scientific methods for strategizing balancing opportunities in the system of economic security and proposed empirical tools for eliminating negative factors of external and internal influences allow the creation of new scenario approaches to ensuring the strengthening of economic security of business