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The changes in world economic putts Bulgarian business in a complicated competitive environment. Market liberalization stimulates individual and team enterprising projects. Any market-oriented Bulgarian company should be prepared for competition at each level. Its managers need to know and successfully implement innovative management tools on the way to achieve prestige and a place in the European and global market.
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The sources of sustainable competitive advantage have become a core area of research in the management of organizations. The changes in the business activity and the characteristics of ongoing environmental processes require stability in the stakeholder relations. This article explores management as a key factor for sustainability. A good management practice is presented, where emphasis is placed on the efficient use of the resources of the firm. It proposes indicators of sustainability for comparing the dynamics of the changes in the main financial indicators - profit and sales revenue. The article highlights the importance of corporate reputation as a sustainable competitive advantage.
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Drawn are views for the conditioning between the national and firm culture in theoretical aspect and based on concrete studies for Bulgaria. Firm culture in its quality of certain management mechanism is identified and analyzed as a subject in the frames of the economic anthropology. Based on the interdisciplinary approach are applied alternative instruments as an answer of current questions concerning the firm culture. Presented are results of study of the conditioning between the national and firm culture in Bulgaria. Formulated are concept statements concerning this conditioning, which are argued theoretically and based on preliminary studies of the country. Illustrated is the thesis that in the Bulgarian economic environment the firm culture is based mostly on the common values, which in this case synonymously cover the national ones (and not so much on the endorsement of concrete practices in the firm environment). This fact should be taken into consideration and imbedded in the expectations in different direction from the firm activity.
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In the modern global economy characterized by a highly competitive business environment, the sustainability of an appropriate image as well as the creation of a positive public perception in the long run turned into major competitive advantages. The research aimed to define the level of efforts made by the companies in this aspect and the degree of awareness of the need for a positive corporate image; to specify the problems and difficulties in this field faced by the Bulgarian managers.
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The presented article consists part of the results from the “Risk and returns at company investments in the human capital in the economy of knowledge” project, financed by the Fund of Scientific Research at the “D.A. Tsenov” Academy of economics. The research focuses on the examining the priorities at the realization of the company investments in the human capital. Different methods for comparative analysis and statistic methods are applied. An international practice for establishing a comparison when applying the company initiatives for training the personnel is used. A presence of lasting and stable attitude for budgeting of investments in the human capital, that have a high degree of applicability for the managers and specialists categories is found, as well as respectively a lower extent for application for the workers category.
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The article deals with the degree of development of the characteristic features of the activities and strategies of Bulgarian companies, influencing their competitiveness. The validity and the results of other studies have been investigated and affirmed. Two independent inquiries have demonstrated, that the most problematic aspects of the companies are in the auxiliary activities and not in their basic activities along the value chain.
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The Balanced scorecards method (BSC) is intended for research of corporate activities (strands of actions) from strategic positions. It has the nature of a method for corporative strategy management. The purpose of the method is to investigate the “condition” of the specific business. The separate internal activities and functions are identified through it and their condition is estimated by means of the generated “external” results. Thus, the subsequent implementation of the strategic vision, mission and purposes are supported. The results from the present research visualize some of the most important contributory moments of BSC towards the processes and activities for the implementation of the corporative management. Some of the basic ones are: the application of BSC to maintain the intensity of managerial work on the occasion of the successful formulating and realization of the corporative strategy in dynamic environment; the auditing BSC facilitates the tracking of the casual-investigating relationships between the strategic goals and decisions upon formulating and implementation the corporate strategy; BSC furthers the trends determination in the development of the separate directions in the investigated company’s activity. Besides, testing the BSC method in a real wine-producing business organization confirmed its characteristics as facilitated applicability and authenticity of the obtained results. The measures for achieving the strategic goals are defined with ease and the realization of synergetic effects is stimulated. Certain difficulties can be encountered when determining the values of some indices that are not typical for the Bulgarian business practice, which necessitates an additional research.
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This paper studies the features of mathematic and statistic methods implemented in firm managing, due to the changes in the period of economy's restructuring on market principles. There is a parallel examination of the basic conditions of macroeconomic's, sectoral and firm's enviroment modelling. A concept for firm's behaviour and main requirments about its modelling is given. The functional sheme of relations „firm -market" has been constructed and analyzed.
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Controlling the movement of goods with high fiscal risk is a set of activities of revenue bodies (National Revenue Agency) in order to prevent tax evasion and tax evasion in connection with the movement of goods with high fiscal risk on the territory of the country (Republic of Bulgaria). With control or fiscal control, on the movement of goods, with a high Fiscal risk does not establish tax liabilities but can be established certain facts and circumstances relevant to tax obligations. The list of goods with high fiscal risk is approved by an order of the Minister of Finance on a motivated proposal of the Executive Director of National Revenue Agency. Fiscal control is subject to the movement of all goods with a high fiscal level risk, irrespective of the place of receipt/unloading of the commodity – the territory of country, territory of another Member State of the European Union or territory to a third party.
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In the developed countries, fiscal decentralization appears as a reflection of the democratic processes strengthening. On the other hand, it represents one of many challenges and the uneasy task to complete when the countries in transition are in question. This process is even more significant in the countries of the former Yugoslavia given the fact that it is taking place concurrently with the process of independent state establishing. It also appears as one of preconditions for joining the European Union. Firstly, this paper describes problems that appear in this sense within the countries in transition, followed with the solutions enforced in three countries of the former Yugoslavia – Serbia, Croatia and Slovenia.
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This report was prompted by interest in the problems of economic development in the modern world and examines the real GDP growth rates in European Union and Euro zone during the period 2002-2013. This paper is intended to study the dynamics of main fiscal policy indicators such as total general government revenue and expenditure, general government deficit/surplus and general government gross debt, calculated as percentage of the GDP. The study aims to explore the possibilities of fiscal policy coordination in the EU and Euro zone and consolidated fiscal rules in the member states. The results show that in recent five years a person tends to improve macroeconomic performance and overcome the consequences of global financial and economic crisis. It must be concluded that there is dependence in the rate of economic growth in the decade before, during and after the crisis.
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The study shows the nature of the fiscal policy as an integrated part of the modern economic life of the European Union’s governing institutions as well as the governments of the member states. The necessity for such national and supranational policy is further exacerbated by the rapidly worsening government debt shocks at the end of 2009 and the beginning of 2010. The fiscal policy reforms that were conducted in order to counter the strong negative effects of the European debt crisis are outlined in detail. The instruments (i.e. EFSF, EFSM, etc.) implemented in assistance of the member states in serious difficulties that were consequence both of the crisis and the improper management policy over the years, were analyzed. An emphasis is placed on the need for an appropriate fiscal policy to ensure the proper functioning of the European Union, as an independent organization and as an integrated coalition of European econ-omies and governments.
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The European Charter of Local Self-Government, which was ratified by almost all European member states, provides for the decentralization of power and the transfer of competences and financial resources to local communities as well as extends local authorities’ tax collection and budgetary spending responsibilities. In reality, however, the increased spending responsibilities and the limited self-financing powers of the municipalities in our country raise the question of the degree of their dependence on the central government. This paper presents a survey which aims to measure and assess the degree of tax autonomy of local governments in Bulgaria compared to their counterparts from other EU member states by means of a set of indicators and thus to determine one of the effects of fiscal decentralization – local self-government’s tax autonomy. Keywords: municipalities, fiscal autonomy, fiscal decentralization, local self-government budget, revenue
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This study examines the processes of harmonization of tax systems and double taxation avoidance problems within the European Union, with the understanding that tax harmonization is essential for the efficiency of the common economic policy within the European Community. It gives an overview of the dynamics and integration processes within the EU, the harmonization specifics related to direct and indirect taxation and the need for double taxation avoidance within the EU. This scientific study traces the sequence of processes involved in searching for practical recommendations when making decisions in the area of fiscal policy by the Member States, aimed at building a common European space.
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Fiscal policy is a key element of the economic policy. It should be targeted at economic stabilization and smoothening of the business cycle. Its significance is even bigger in countries with currency board arrangement, which limits monetary policy responses to external and internal shocks. In this paper the specific measures towards mitigation of the current crisis by the Bulgaria’s government will be examined as well as their impact on country’s economy.
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The purpose of the paper is to highlight the key characteristics of the Fiscal Theory for the Cost Level (FTCL) and to compare them to the postulates of the monetarism. Comparative analysis confirms the thesis that only the versions of this theory in which the trajectory of the cost level diverts from this of the money supply represent it in its pure, authentic way. The remaining scenarios of FTLC stress on the process of monetary adaptation of the fiscal balances – a process which is compatible with the standard monetary theory. To show this compatibility the fiscal policy is examined through the prism of the standard monetary analysis. The versions of FLTC which contradict in a high degree to the monetary analysis are these that draw attention to it. The main conclusion from practical point of view is that the national banks can control the inflation regardless of the fiscal policy and that detailed coordination between the fiscal and monetary policy does not raise their effectiveness.
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The object of analysis of the study are the long-term effects of fiscal policy and its role for the increase in the potential for economic growth. These issues are discussed both in terms of general theory and from the point of view of the trends in the fiscal sphere of Bulgaria in the past 10-15 years. The first part of the paper presents a theoretical analysis of the channels and the mechanisms for potential influences of the fiscal policy and in particular of the tax and expenditure aggregates on economic activity in the context of the theories of endogenous growth. On that basis the study continues with an empirical and comparative analysis of the trends and the policy in the fiscal sphere in Bulgaria and the countries of the EU. There are discussed the contemporary dimensions of the correlation between the total amount of public spending and economic growth. There is emphasized the non-linear nature of that correlation and also the fact, that the fiscal influences on growth rate are not determined solely by the share of public spending in GDP, but rather are largely dependent on the structure of the spending and the methods of its financing. Particular attention in the study is paid to the tax effects on economic growth. There is argued the proposition that the role of these influences should not be overstated and that taken as the grounds for the search for easy decisions concerning tax incentives aimed at stimulating growth. Based on the analysis there are outlined possibilities for changes in the fiscal policy of Bulgaria in view of raising the quality of public finance and its positive effect on the business environment and the factors for economic growth.
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When established, the EMU was defined as a homogeneous economic zone and as a single economic entity, which will in addition have a single monetary policy and the euro single currency. The precondition for entry, in addition to qualitative criteria from Copenhagen, were the quantitative criteria of the Maastricht Treaty, known as convergence criteria аre precisely and quantitative defined conditions of entry. However, meeting the convergence criteria, does not mean real economic per-formance, because some of the state in order to access quickly, “strain” their macro-economic performance and rigid monetary policy and uncoordinated fiscal policies can later threaten the functioning of EMU. Also, the state have the biggest problem in meeting the fiscal convergence criteria, which are not clearly focused national fiscal policies in line with the single monetary policy, before and after access. This is espe-cially important because it includes heterogeneous EMU countries with different eco-nomic and financial structure. A key problem in the functioning of EMU is whether non-compliance with fical criteria of convergence in some EMU countries have the same impact on the threat to the survival of EMU.
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The paper studies the status of public finances of the Eurozone countries in the period before the Euro was introduced. The fiscal rules system has been investigated, which was adopted with the Maastricht Treaty and the Stability and Growth Pact, aiming to avoid the generation of excess deficits and debt encumbrances by the Member-States. The application of this system of fiscal rules was analyzed, inclusive its shortcomings, most of which are considered as one of the reasons for the crisis encountered in the Eurozone. The „quality” of the system was estimated and possible approaches how to reform it were presented.
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