Year 2016, Issue 1
Date published30.6.2016
Table of content
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Tsveta Zafirova
Non-Financial Risk Management in Strategic Decision MakingSummary: Within strategic management, risk is particularly important when choosing alternative strategic decisions. Specialist literature provides a variety of methods and models for determining financial risk. However, the strategic choice... Within strategic management, risk is particularly important when choosing alternative strategic decisions. Specialist literature provides a variety of methods and models for determining financial risk. However, the strategic choice is greatly influenced by so-called non-financial risk. It affects the correct choice of a strategic decision. The aim of this study is to propose a methodology for non-financial risk management in strategic decision making, which is based on the theoretical research of scholars, best international practice, and the methodology of strategic management. The proposed methodology, along with its stages, is clearly explained in the study, and will help organizations in making management decisions, including strategic ones. -
Hrabrin Bashev
The Sustainability of FarmsSummary: The article answers questions like “What is sustainability of farms?”, “What are the mechanisms and modes of managing the sustainability of farms?”, and “How should we assess the sustainability level of farms?”. First, the evolution... The article answers questions like “What is sustainability of farms?”, “What are the mechanisms and modes of managing the sustainability of farms?”, and “How should we assess the sustainability level of farms?”. First, the evolution of the ‘concept’ of sustainable farming is analysed and defined as the ability of farms to maintain their managerial, economic, environmental and social functions in the long run. Second, the principal mechanisms and modes of managing the sustainability of farms are systematically approached. These include the institutional environment, market, private, collective, public and hybrid modes. Next, a system of criteria and indicators is proposed to assess the sustainability level of farms at the contemporary stage of development in Bulgarian agriculture. Finally, an approach to analysing and assessing the management system of farm sustainability is presented. -
Nina Koteva
The Economic Efficiency and Financial Sustainability of Agricultural HoldingsSummary: The purpose of this article is to study the levels and trends of some basic indicators characterizing the economic efficiency and financial sustainability of agricultural holdings. The study is based on official statistical... The purpose of this article is to study the levels and trends of some basic indicators characterizing the economic efficiency and financial sustainability of agricultural holdings. The study is based on official statistical information (NSI, MAF, Eurostat) and covers the period 2006-2013. It uses the following survey methods: systematic and comparative analysis; method of statistical groupings, inductive and deductive methods of analysis. The survey results show that there is no clear steady upward trend in the efficiency and financial sustainability of agricultural holdings in the country. The economic performance of agricultural holdings growing field crops repeatedly exceed the performance achieved in the other types of holdings, mainly due to the larger sizes of the holdings and the support received rather than the more efficient production. The agricultural holdings growing perennial crops are in the most unfavourable situation. -
Maya Lambovska
Methodological Features of Risk Management in Internal Control SystemsSummary: Instruments for an alternative approach to risk management in internal control systems under revolutionary changes in an organization’s development are presented in this paper. The functions and application of instruments for the... Instruments for an alternative approach to risk management in internal control systems under revolutionary changes in an organization’s development are presented in this paper. The functions and application of instruments for the identification and measurement of the threats to the organization are demonstrated in the first section of the paper. The role and application of instruments to counteract the threats to the organization are explained in the second section of the paper. The instruments proposed in the paper are illustrated with some results from the research project ‘Theoretical fundamentals of an internal standard of measurement and evaluation of threats to organizations’, financed by the National Science Fund of the Bulgarian Ministry of Education and Science. -
Rositsa Koleva, Stela Kasabova
Statistical Methods of Business Risk AnalysisSummary: The activities of economic entities are accompanied by a number of risks posed by the changes in the environment in which they operate. Economic theory and practice identify three basic types of risk – investment, financial and... The activities of economic entities are accompanied by a number of risks posed by the changes in the environment in which they operate. Economic theory and practice identify three basic types of risk – investment, financial and economic. The last one is a probability of adverse changes in market and economic conditions that affect the most important financial indicators of an enterprise. Business risk analysis is a system of special knowledge related to studying the economic processes in their mutual relation and dependence. It includes the quantitative measurement of factors determining the dynamics of risk indicators, as well as activities to minimize their impact. This article characterizes statistical methods of risk analysis that are applied in a case study using the measures of dispersion in three public limited companies.