Monetary Research Center

Management and marketing

The term of “competitiveness of the firm”: can we really define it? A critical Analysis
by CHAIK Saif Eddine | Monday, August 2, 2021
Competitiveness is a very important concept that is widely used in academia and political discourse. Globalization and open markets imply fierce competition between countries and companies to gain market share. However, the understanding of this term remains far from being defined or clarified as it only goes beyond the gain of market shares through the improvement of the productive process but extends to the organization, management and also access to financing for SMEs. In this perspective, this paper tries to critically discuss the ambiguity present in the definition of competitiveness, which depends on its size, sector and also its internationalization. Also, we try to enhance the importance to create a scientific method to measure the competitiveness of the firm beyond the characteristics related to the price but to organizational criteria.
The term of “competitiveness of the firm”: can we really define it? A critical Analysis
by CHAIK Saif Eddine and MAYSSOUR Yasser | Monday, August 2, 2021
Competitiveness is a very important concept that is widely used in academia and political discourse. Globalization and open markets imply fierce competition between countries and companies to gain market share. However, the understanding of this term remains far from being defined or clarified as it only goes beyond the gain of market shares through the improvement of the productive process but extends to the organization, management and also access to financing for SMEs. In this perspective, this paper tries to critically discuss the ambiguity present in the definition of competitiveness, which depends on its size, sector and also its internationalization. Also, we try to enhance the importance to create a scientific method to measure the competitiveness of the firm beyond the characteristics related to the price but to organizational criteria.
Sustainable innovation and knowledge management in the digital age and in the COVID-19 pandemic crisis
by GUEVSKA Beloslava | Sunday, January 31, 2021
In today’s turbulent business environment sustainable innovation is imperative for the survival of the organisation and its success in the dynamic market of the digital age. This is especially true in the current COVID-19 pandemic crisis. A distinguishing feature of the modern digital age is that changes are occurring at unprecedented rates of velocity and scale, which leads to the necessity of a more flexible approach to strategizing and problem solving. The application of sophisticated technologies with the ability to disrupt the existing processes of value creation, is often regarded as a main feature of innovation. However, one of the most important lessons from the current global outbreak of coronavirus is that innovation can also be the product of urgency.
Digitalization and Opportunities to Improve Business Process Management Efficiency
by KHACHIDZE Mariam | Sunday, January 31, 2021
Human life is improving and changing along with technical and technological development. Just several years ago people could hardly imagine that their daily routine would be changed by distancing themselves from the society and moving work or communication processes online. The global pandemic has accelerated the transition to digital services not only in specific areas, but also in small, medium and corporate businesses, state and public institutions, banking and financial systems. Multifunctional, customer and business-friendly digital platforms have been created and implemented by the world's leading technology companies and using them in practice has been successful up to date. Development-oriented and successful companies have taken some steps towards digital transformation, although the worldwide spread of pandemic processes has significantly accelerated digital processes. Transformational processes have penetrated areas whose activities were not compatible with online formats and digital processes at first glance. It was especially difficult to transfer processes to online social space for countries or businesses that do not have adequate technical and material bases, there is a problem with network implementation, lack of qualified staff, insufficient intellectual resources, etc.
Toward the cashless society in EU: The rise of e-commerce, challenges and perspectives (in Bulgarian)
by TSANKOV Ruslan | Sunday, January 31, 2021
The beginning of the 21st century has been marked by rapid technological changes with global coverage, as well as a series of economic crises, including the current one caused by the Covid-19 virus. These challenges boosted global economic trends dating back to the middle of the last century, and one of them is the establishment and development of a cashless society. Immediately after the first general payment card was issued in the middle of the last century a discussion on a cashless society emerged. Although the debates for and against it have been not subsided for 70 years a steady trend raised, accelerating the shift from physical to non-cash payments. It has been shaped by the increasing use of electronic money, the emergence of electronic banks and many forms of non-cash payments. The speed, low cost and efficiency of non-cash payments placed them at the heart of the increasing international competition at the micro- and macroeconomic levels.
EUROPE AFTER THE EU ELECTIONS: MONETARY AND ECONOMIC PERSPECTIVES

The fifth annual scientific conference of the Monetary and Economic Research Center (MRC) was held from 17th to 18th of October 2019 at the University of National and World Economy (UNWE) in Sofia, Bulgaria.

The main accent on the 5th Annual Conference was the future of Europe's monetary and economic development after the EU elections. Researchers and professionals from more than 7 countries took part.

           ISBN: 978-619-90797-6-8 
Evaluation of members’ satisfaction in modern Bulgarian agricultural cooperatives
by KOSTENAROV Krasimir and SAROV Angel and BOEVSKY Ivan | Wednesday, May 27, 2020
Decades after the establishment of the first modern agricultural cooperative in Bulgaria, we observe a continuous increase in its number, then we see a decline until nowadays. We have identified three historical periods for this development: pre- socialism, socialism and post-socialism. In periods, when the members’ satisfaction is higher, we notice an increase of the cooperatives’ number and vice versa. In each period the relation between members’ satisfaction, cooperative values and principles, on the one hand, and existing and operating governance structures, on the other hand, differs seriously. This paper is concentrated on reasons for this development and tries to evaluate the influence and application of the governance structure and cooperative values and principles on members’ satisfaction. In our research we argue that the members’ satisfaction is higher when the governance structure of the cooperative fits with the cooperative values and principles.
Application of cost-volume-profit analysis for commodity operations management
by KIRICHEVA Zdravka | Wednesday, May 27, 2020
The principal aim of this paper is to make a short survey of Cost-Volume-Profit (CVP) analysis as a technique that usually examines variations in gross profit under different scenarios for changes in sales volume, cost, sales prices, and more. This approach has become popular in theory and practice and is called the critical point method. Accountants often perform CVP analysis to plan future levels of operating activity and to obtain information about:  the amount of sales needed to reach a target profit level;  the breakeven point, i.e. the amount of revenue needed to cover cost;  whether a future increase in fixed costs will be effective or not;  what are the stock to which priority should be given;  whether the planned fixed costs expose the company to an unacceptably high level of risk or not, etc. Marginal income represents the difference between total revenue and total variable costs. Similarly, the marginal income per unit is the sales price per unit minus the variable price per unit. Both the contribution margin and the unit contribution margin are valuable instruments taking into account the effect of volume on profits. The contribution margin per unit shows how much revenue from each unit sold can be applied to the fixed costs. Once sufficient units are sold to cover all fixed costs, then the contribution margin per unit of all next sales becomes profit. The paper also presents the results of the analysis "cost-volume-profit" for companies from Pazardjik region. CVP analysis is a powerful tool in making managerial decisions including marketing, sales, investment and financial decisions.
NEW REALITIES IN THE EU AND THE PLACE OF BALKAN COUNTRIES

The fourth annual scientific conference of the Monetary and Economic Research Center (MRC) was held from 11th to 12th of October 2018 at the University of National and World Economy (UNWE) in Sofia, Bulgaria.

Main accent on the 4th Annual Conference was the place and importance of the Balkan countries in the European Union. Researchers and professionals from more than 7 countries took part.

The present book consists papers in English and Bulgarian languages.

           ISBN 978-619-90797-5-1                    

Budgeting, variance analysis and management control in production companies (in Bulgarian)
| Sunday, December 15, 2019
Cost management and optimization is a challenge for a wide range of business organizations in an increasingly competitive environment. An important element of the management control is the analysis of cost variances of actual vs. budgeted amounts. The theory of variance analysis provides a wide range of tools for investigating the causality between management decisions that determine the operating activities of business organizations and the financial results of the company. Budgeting and the variance analysis, as part of the management control, have a particularly high potential for a positive contribution to the management of the manufacturing companies. The purpose of this paper is to define and outline the main points in the analysis of the variances in the manufacturing companies, to study the current status and distribution of their application in Bulgaria, to analyze the challenges that managers face and to draw appropriate conclusions and recommendations for improving management control over the costs of manufacturing companies. For that purpose, a survey was conducted among executives of Bulgarian and international companies, having operations in Bulgaria.

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