Banks-Firms Nexus under the Currency Board: Empirical Evidence from Bulgaria

This study analyses bank lending in the larger context of bank-firm relations within the Bulgarian specificity of currency board. It focuses on the ‘intersection’ of credit supply and demand on the side of banks and firms simultaneously. We suggest both traditional and new hypotheses corresponding to the specific conditions of the Bulgarian ownership change, transitional corruption and other institutional and political factors. The model is based on a survey on Bulgarian banks and a unique database on firms. The study found that the dynamics and structure of credit is affected mainly by the features of the institutional environment, whereas the ‘resource’ and traditional factors became secondary. During the period 1998 – 2001, there is separation of the banking sector activity from the activity of the real sector in Bulgaria. In the new conditions of currency board, the dual sector of enterprises and the specific institutional environment continue their existence. Despite its disciplining effect the currency board by itself is not sufficiently effective to overcome the remaining ‘institutional obstacles, associated mainly with the inefficiency of the judicial system, corruption, state capture, uncertain property rights, etc.corporate governance, bank lending, currency board, corruption, transition economy

Retrofitting measure of an ageing multi-purpose ship exposed to short-sea LNG operation

The objective of the present study is to analyse the retrofitting measure needed for an ageing multi-purpose ship exposed to a short sea LNG operation in the Black Sea region. Different technical aspects of the retrofitting related to using LNG as fuel for short-sea shipping, including the required volume of the liquefied natural gas, the appropriate type of tanks and the location of tanks on the ship, changes in the main engine and needed additional equipment, are discussed. The cost-benefit feasibility analysis is performed considering the historical and current price of LNG fuel and different taxes related to the generated CO2, examining the Varna-Poti-Varna and Varna-Istanbul-Varna routes

In Search of Excellent Research Assessment

This book provides analysis of current trends in research evaluation worldwide and compares the research assessment and innovation ecosystems in Austria, Bulgaria, the Czech Republic, Hungary, Lithuania, the Netherlands, Poland and Slovenia. It argues that in each country the research assessment system is interdependent with the national innovation system and the overall institutional governance/enforcement.Das Buch bietet eine Analyse aktueller Trends in der Forschungsbewertung weltweit und vergleicht die Forschungsbewertungs- und Innovationsökosysteme in Österreich, Bulgarien, der Tschechischen Republik, Ungarn, Litauen, den Niederlanden, Polen und Slowenien. Es wird argumentiert, dass das Forschungsbewertungssystem vom nationalen Innovationssystem und der gesamten institutionellen Governance/Durchsetzung abhängig ist

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

The effect of the medium on the thermocapillary force of a heated droplet drifting in a viscous liquid in the field of external temperature gradient

The Stokes approximation is used to theoretically investigate the effect of the medium on the thermocapillary drift of a heated droplet inside which nonuniformly distributed heat sources are operative. The droplet drift proceeds in a viscous incompressible liquid under conditions of arbitrary temperature differences between the particle surface and a region away from ityesBS

Effect of particle surface heating on the sedimentation rate

The Stokes and Hadamard-Rybchinsky formulas are generalized, making it possible to take into account the temperature dependence of viscosity in a wide range of temperatures and to calculate the force of resistance to motion and velocity of gravitational fall at arbitrary temperature differences between the particle surface and a remote regionye

Motion through a viscous liquid of a heated spheroidal solid particle under conditions of uniform internal heat release

An expression has been derived allowing the drag to be estimated on a spheroidal hydrosol particle moving in a liquid under conditions of an arbitrary temperature difference between the particle surface and a separate region, which takes into account the temperature dependence of the liquid viscosity presented in the form of an exponential power seriesyesBS

Features of the thermocapillary drift for a heated droplet in a viscous fluid placed into an electromagnetic field

Studies thermocapillary drift for a heated droplet in viscous fluid placed into an electromagnetic field. Causes of droplet motion in an electromagnetic field. Temperature dependence of the coefficient of dynamic viscosity. Direction of propagation of radiationyesBelgorod State Universit