Economic Studies journal

1998 - 2025

From Bulgarian Academy of Sciences - Economic Research Institute
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2025, issue 3

The Economy and Society in the Conditions of European Integration, Convergence and Cohesion – Challenges and Policies pp. 3-21

Alla Kirova

Financial Institution Index, Banking Stability, and Human Development Index Nexus in Emerging Market Countries pp. 22-45

Ariodillah Hidayat, Harunnurrasyid, Apriansyah Putra, Zunaidah, Ermadiani, Rina Tjandrakirana, Anna Yulianita, Dirta Pratama Atiyatna and Xenaneira Shodrokova

Study on the Determinants of Health Outcomes in Northern Europe and the Baltic Region pp. 46-59

Shailender Singh, Meenakshi Kaul and Ankit Shrivastava

The Nexus between Government Spending on Education, Poverty, and Education Quality in Indonesia’s Underdeveloped Regions pp. 60-78

Khusaini Khusaini, Bambang Mardi Sentosa, Fitri Amalia, Sugeng Setyadi and Sri Lestari

Does Environmental Degradation Pose a Threat To Human Development? Evidence from Moment Quantile Regression with a Fixed Effect pp. 79-94

Kabiru Kamalu and Wan Hakimah Binti Wan Ibrahim

The Effect of Leverage and Sales Growth on the Financial Distress with Company Size as a Moderating Variable pp. 95-111

Teguh Erawati, Hadri Kusuma, Johan Arifin and Dewi Kusuma Wardani

The Agility of SME Entrepreneurs and Its Impact on Innovation and Entrepreneurial Resilience pp. 112-129

Putu Dyah Permatha Korry, Armanu, Sudjatno and Risna Wijayanti

Innovation Measurement in Small and Medium Enterprises: A Literature Review in the Period 2014-2024 pp. 130-144

Kamer Brahimaj and Sevdie Alshiqi Bekteshi

The Interrelation Between the Carbon Trading Systems and Energy Markets and Economic Outlook: A Comparative Analysis Using VECM and ARDL pp. 145-169

Pinar Unal

Fraud Prevention in the Public Sector: The Role of Internal Audit pp. 170-183

Taufiq Supriadi, Kurniawan Tjakrawala, Nyoman Adhi Suryadnyana, Juska Meidy Enyke Sjam and Rochman Marota

The Role of Universities in Social Enterprises’ Ability to Scale: a Dynamic Capabilities Approach pp. 184-204

Evelina Van Mensel, Nikolay A. Dentchev, Andrea Samaniego Diaz, Edgar Izquierdo and Zornitsa Yordanova

2025, issue 2

Company Stress Measurement Model pp. 3-20

Steen Bjerre, Anka Tsvetanova and Siya Veleva

Optimizing Capital Structure and Company Financial Performance: A Field Theory Approach pp. 21-36

Pahmi Tasrim, Ansri Jayanti, Andi Irfan and Andi Alim

Longitudinal Studies Based on SHARE Project Data – Methodological Guidelines pp. 37-52

Mihaela Angelova

Determinants of the Trade Balance in the Western Balkan Countries: A Panel Data Approach pp. 53-72

Agon Salihu and Rahmije Mustafa Topxhiu

Methodology for Evaluating the Efficiency of Bank Lending To Enterprises of the Agricultural Sector of the Economy in Ukraine in the War Conditions pp. 73-91

Svitlana Cheremisina, Volodymyr Rossokha, Oleksandr Nechyporenko, Olena Mazurenko, Hanna Trofimova and Iryna Artimonova

Investigating Entrepreneurial Orientation Values towards Business Performance: Evidence from Emerging Economy pp. 92-112

Ayu Desi Indrawati, Armanu, Eka Afnan Troena and Agung Yuniarinto

Do You Feel Better When Buying More? The Moderating Effect of Consumer Mood on the Urge To Buy Impulsively pp. 113-128

Ika Febrilia, Andi Muhammad Sadat, Anizah Zainuddin, Meta Bara Berutu and Destria Kurnianti

Method of Assessing the Impact of Emotional Intelligence on Staff Efficiency pp. 129-145

Maria Vesolovska and Veronika Karkovska

Gender and Investment Literacy on Investors Behaviour: Evidence from Indonesian Beginners Investors pp. 146-162

Khairani Saladin, Marwan Asri, Rahmat Eka Putra and Alfi Husni Fansurya

Exploring the Role of Consumer Attitudes in Mediating the Influence of Knowledge, Values, Subjective Norms, and Behavioral Control on the Purchase of Eco-Friendly Products pp. 163-178

Yayuk Sriayudha, Johannes, Ade Octavia and Tona Aurora Lubis

Sustainable Development of Regions: Assessment Methodology and Analysis (Approbation for Kazakhstan) pp. 179-198

Lyudmila A. Balgarina, Serik A. Jumabayev and Yuriy K. Shokamanov

2025, issue 1

Unveiling National Competitiveness: Drivers and Impacts on Productivity pp. 3-21

Syle Krasniqi and Nagip Skenderi

Bankruptcy Risks Assessment: A Comprehensive Review of Qualitative Indicators pp. 22-44

Serhii Kanyhin, Svitlana Achkasova, Viktoriia Tyschenko, Vlada Karpova and Oleksii Naidenko

Risk Disclosure and Debt Policy as Value Determinants of Small and Mid-Cap Firms pp. 45-62

Nyoman Triaryati, Ubud Salim, Risna Wijayanti and Andarwati

Asset Hedging via Digital Asset Indices pp. 63-88

Dimiter Shalvardjiev

An Evaluation and Comparative Analysis of Fiscal and Macrofinancial Policies during the COVID-19 Pandemic: The Case of Bulgaria in the Balkan Context pp. 89-112

Ceyhun Elgin and Adem Y. Elveren

Impact of COVID-19 Pandemic and Macroeconomics on Long-term Government Bond Yields Interest Rate in Emerging Markets: ARDL Approach pp. 113-132

Xenaneira Shodrokova, Bernadette Robiani and Anna Yulianita

How Managerial Decisions Affect Human Resources: A Case Study pp. 133-155

Mirjeta Domniku, Mersiha Kalac Kacamakovic and Alma Shehu Lokaj

Green Deal in Agriculture through the Sights of Researches pp. 156-173

Svetlana Aleksandrova-Zlatanska, Bozhidar Ivanov, Margarita Ivanova and Daniela Dimitrova

The Impact of Managerial Educational Level and Experience on Organizational Efficiency and Effectiveness (Case Study in Large Enterprises in Kosovo) pp. 174-188

Bardha Mulhaxha and Berim Ramosaj

The Effect of Education Service and Emotional Intelligence on Students’ Loyalty and Satisfaction: A WarpPLS Analysis pp. 189-207

Hisham Noori Hussain Al-Hashimy, Alaa Khalaf Hamoud, Sadri Alija and Elmi Shabani

2024, issue 8

Social Assisstance for Social Flexsecurity (Bulgarian Lessons Learned from the Pandemic and Thereafter) pp. 3-26

Georgi Shopov

Economic Growth and Carbon Emissions: A Comparative Study between Kenya and South Africa pp. 27-50

Naftaly Mose, Omonike Ige-Gbadeyan and Stoyan Tanchev

Energy Poverty in Bulgaria – Status and Policies Review pp. 51-77

Teodora Peneva

Analyzing Credit Risk Factors: A Western Balkans Case Study pp. 78-90

Tringa Danca Hoti, Atdhetar Gara, Besnik Fetai and Arber Hoti

Development Trends and Innovative Approaches in Agricultural Waste Management in Bulgaria and European Union pp. 91-113

Annie Dimitrova and Atanas Pavlov

Willingness to Sacrifice to Optimize Financial and Non-Financial Goals in Ethical Investing pp. 114-129

Farah Amalia, Harjum Muharam and Irene Rini Demi Pangestuti

The Value Relevance of Accounting Information: Focusing on Bulgaria pp. 130-148

Ani Stoykova and Mariya Paskaleva

Pre-Financing Oil Imports with Gold pp. 149-166

Liliya Zhekova

Hungarian Gas Market Trends in a Risky and Unpredictable Environment: A Comparison of the Situation before and after Russia’s 2022 Invasion of Ukraine pp. 167-189

Csaba Weiner

Navigating Theory and Practice: The EU Competition Policy in a Changing Landscape pp. 190-211

Eduard Marinov

2024, issue 7

Dynamics of Economic Complexity in Canada: A Multifaceted Long-Term Analysis pp. 3-20

Kemal Erkisi and Melike Cetin

Why Start-Ups Struggle to Secure Venture Capital Funding: Investigating the Factors that Shape Venture Capital Investment Decisions pp. 21-46

Junada Sulillari

The Effect of Profitability as a Mediator in the Relationship between Working Capital Management and the Sustainable Growth of Small and Medium-Sized Enterprises in Selected Western Balkan Countries pp. 47-61

Ardi Ahmeti and Alban Elshani

Economic and Social Drivers of Renewable Energy Consumption in the European Union: An Econometric Analysis pp. 62-84

Reni Pantcheva

The Role of Minority Shareholders Protection as a Moderator of the Influence of Green Environmental Cost Disclosure and Company’s Financial Performance on Its Stock Return – An Empirical Study on Indonesian Mining Companies pp. 85-104

Sumaryo, Agus Ismaya Hasanudin, Elvin Bastian and Munawar Muchlish

Do Audit Committee Attributes Impact Firm Performance: Evidence from the Nigerian Stock Exchange pp. 105-118

Mustapha Jamiu, Norfadzilah Rashid and Ishaq Ahmed Mohammed

Income Elasticity and Trends in Second-Hand Goods Sales pp. 119-141

Yulia Hristova and Michal Stojanov

Financial Reporting Quality, ESG and Prosperity Disclosure, and Investment Efficiency: The Role of Information Asymmetry (Moral Hazard Friction) pp. 142-160

Susi Susilawati, Titik Aryati and Vinola Herawaty

Awareness on Concept of Circular Economy in North Macedonia on the Example of First Cycle University Students pp. 161-180

Marica Antovska-Mitev and Tatjana Drangovska

Digital Financial Literacy and Its Impact on Financial Skills and Financial Goals in Indonesia’s Digital Payment Ecosystem pp. 181-199

Lilis Ardini, Mochammad Fahlevi, Mochamad Dandi, Olivia Putri Dahlan and Sahara Putri Dahlan

2024, issue 6

Bulgarian Economy in 2023 – Structural Challenges and Medium-Run Perspectives pp. 3-35

Dimitar Zlatinov, Pobeda Loukanova, Victor Yotzov, Grigor Sariisky, Iana Paliova and Sonya Georgieva

The Impact of Social Media on the Performance Indicators (Product Development, Market Development and Customer Loyalty) in the Gastronomy Sector pp. 36-52

Shqiprim Jashari and Nail Reshidi

Relationship between Leadership Behaviour and Employee Satisfaction in an Organisation (Based on the Example of the Sector of Trade) pp. 53-70

Tsvetan Davidkov and Yavor Yankulov

Discovering the Relationship between Leadership Styles and Organizational Commitment: The Case of the Private Sector of a Developing Country pp. 71-87

Tringe Krasniqi, Aleksandra Janeska Iliev and Ljubomir Drakulevski

Mean-Variance Environmental Investment Optimization of Bulgarian Private Pension Funds pp. 88-112

Stoyan Kirov and Milena Beneva

The Relationship between Financial Inclusion and Financial Stability Banking Industry in G20 Emerging Market Countries: A Panel Data Evidence pp. 113-132

Syella Nurhaliza, Ariodillah Hidayat, Siti Rohima, Rasyida Pertiwi, Liliana, Sri Andaiyani, Xenaneira Shodrokova and Ichsan Hamidi

Corporate Entrepreneurship and Innovation in State-Owned Enterprises: Results from Bulgaria pp. 133-144

Raya Kanazireva

Remittances, Migrations Intentions, and Labor Participation in Kosovo pp. 145-159

Genc Zhushi and Driton Qehaja

The Effect of Service Quality on Recertification. Mediated by Customer Satisfaction and Relationship Commitment pp. 160-179

Karolus Karni Lando, Achmad Sudiro, Wahdiyat Moko and Nur Khusniyah Indrawati

The Effect of Green Accounting Implementation and Corporate Social Responsibility on Company Profitability pp. 180-198

Maria Suryaningsih, Supriatiningsih, Susi Susilawati, Samukri and Rizki Novianti

2024, issue 5

Dynamic Measures of Sovereign Systemic Risk pp. 3-24

Deyan Radev

Deconstruction of Management Control Systems and the Role of Culture in Traditional Banking Institutions pp. 25-41

Putu Yudha Asteria Putri, Iwan Triyuwono, Bambang Hariadi and Lilik Purwanti

Evaluating the 'Bastau Business' Program: Impacts on Entrepreneurial Competencies and SME Formation pp. 42-61

Aigul Akhmetova, Elmira Otar and Nurlan Baigabylov

Modelling the Impact of Macroeconomic Factors on Country’s Financial Stability: Evidence from the Russian Federation pp. 62-81

Ahmad S. Al Humssi, Vladimir Z. Chapliuk, Larisa N. Sorokina and Liliya G. Akhmetshina

Factors for Reducing the Global Gender Gap pp. 82-99

Nataliya Krasnikova, Roman Ivanov, Oleksandr P. Krupskói and Olena Dzyad

On the Effect of Measures for Compensation on the End Consumers of Electricity on the Free Market pp. 100-113

Anton Ivanov

Study of the Current State and Development of Sharing Economy in Bulgaria: Seaside Tourism Application Perspectives pp. 114-147

Elena Ilieva

Bitcoin – Hedge or Speculative Asset: Analysis of Its Role and Nature pp. 148-170

Svetoslav Borisov

An Analysis of Albania’s Banking Sector: Current Trends and Future Prospects pp. 171-185

Eneida Cifligu

Academic Background of Nobel Laureates and Their Main Contribution to Economic Science pp. 186-202

Florentina Xhelili-Krasniqi and Rahmije Mustafa-Topxhiu

2024, issue 4

Human Capital Formation in Bulgaria – Lessons from the Pandemic pp. 3-18

Irena Zareva

Efficiency of Electronic Government Systems pp. 19-34

Hayk Sargsyan and Ruben Gevorgyan

Digital Transformation in the Middle East: Directions, Outcomes and Challenges pp. 35-47

Maria V. Melanyina, Elizaveta I. Ruzina, Ludmila V. Shkvarya and Anna Y. Verenikina

Transformation of Innovative Business Models through the Digitalization of the Economic Space pp. 48-60

Aifer Baimukhametova, Madina Tulegenova, Zhansaya Temerbulatova and Dinara Rakhmatullayeva

Factors Affecting Sustainable Growth Rate and its Impact on Financial Performance of Kosovo Manufacturing Companies pp. 61-74

Yllka Ahmeti, Albina Kalimashi, Ardi Ahmeti and Skender Ahmeti

Determinants of the Triangle Model on Fraud Financial Reporting with Institutional Ownership as a Moderation Variable pp. 75-89

Supriatiningsih, Muhamad Taqi, Lia Uzliawati and Munawar Muchlish

Fiscal Consolidation and Growth Effects of the EU Funding During 2021-2027 in Central and Eastern Europe pp. 90-111

Iana Paliova

Political Skill and Transactional Leadership on Employee Performance: The Mediating Effect of Organizational Work Culture pp. 112-129

Syamsul Hadi, Ana Faridiana, Kusuma Chandra Kirana, Ambar Lukitaningsih, Christina Heti Tri Rahmawati, Eni Purnasari and Nabila Wahyuningtyas

Does Ethical Leadership Constraint Earnings Management Practices? A Systematic Literature Review and Content Analysis pp. 130-143

Ahmad A. Toumeh and Maha D. Ayoush

Transport and Logistics Market Transformation: Prospects for Russian-Chinese Integration under Sanctions Restrictions pp. 144-163

Karolina Sikirinskaya and Elena Ponomarenko

The Green Transition of Small and Medium Business in Bulgaria – Current Overview and Outlooks pp. 164-178

Sonia Chipeva, Atanas Atanasov and Vania Ivanova

Natural Gas and the Dynamics OF THE ENERGY MARKET – Eastern Europe pp. 179-200

Nadya Parpulova and Vladimir Zinoviev

2024, issue 3

Theoretical and Practical Dimensions of the Green Economy Transition pp. 3-17

Alla Kirova

The Role of Institutions in Energy Transition and Economic Growth in West Balkan Countries pp. 18-45

Gazmend Amaxhekaj, Driton Qehaja and Atdhetar Gara

Next Generation EU and Fiscal Integration in Europe pp. 46-64

Nelly Popova

Impact of Fiscal Policy on Economic Growth: Evidence from South East European Countries pp. 65-77

Atdhetar Gara, Vese Qehaja-Keka, Abdylmenaf Bexheti, Arber Hoti and Driton Qehaja

Public Sector Impact on Income Inequality in CEE Countries pp. 78-97

Kristina Stefanova

Characteristics of Migrant Workers and Economic Growth: An Interregional Migration in Indonesia pp. 98-111

Meilinda Trisilia, Susilo, Devanto Pratomo and M. Pudjihardjo

The Role of Management/Manager Practices in the Process of Internationalization of SMEs pp. 112-127

Emilia Jercan and Teodora Nacu

Absorption of Formal and Informal Sector Workers through the Minimum Wage: Studies in Indonesia pp. 128-143

Ariani, Devanto Pratomo, Marlina Ekawaty and David Kaluge

Does Internal Organization Communication Enhance Employee Engagement? pp. 144-165

Pakize Bilalli Abduraimi, Mirlinde Bilalli, Xhavit Islami and Fitim Macani

Business Management: Communication as a Key Competence pp. 166-180

Magda Francisca Cejas Martinez, Edith Josefina Liccioni, Myriam Elizabeth Murillo Naranjo and Derling Jose Mendoza Velazco

Quadratic Model for Assessing the Impact of Covid-19 on the HR Soft Skills pp. 181-198

Mohammad Alamarat, Oleh Sokil, Nazar Podolchak, Olena Bilyk and Natalia Tsygylyk

2024, issue 2

Nexus between Macroeconomic Factors and Financial Development: Empirical Evidence from Transition Countries pp. 3-26

Fisnik Morina, Duresa Kilaj and Sadri Alija

Challenges of Bulgaria‘s Fiscal Policy towards Green Transition in the European Union pp. 27-49

Iana Paliova

Debt Dynamics under Uncertainty: Evidence from the Republic of Moldova pp. 50-63

Olesea Speian

Export potential and orientation of the economy of the border regions of Kazakhstan pp. 64-76

Assel Tapalova, Zhanarys Raimbekov, Gulzhakhan Zhunussova, Altynbek Zhakupov and Zhanar Yerzhanova

Innovations and Entreprises Performance in Transition Countries, with Special Emphasis on Kosovo: CDM Model Approach pp. 77-91

Gezim Jusufi, Donat Rexha and Besime Ziberi

Does Unemployment Moderate the Effect of Government Expenditure on Poverty? A Cross-Provinces Data Evidence from Indonesia pp. 92-113

Khairul Amri, Raja Masbar, B. S. Nazamuddin and Hasdi Aimon

Changes in Determinants of Life Satisfaction of People Aged 50 and Over before and after the Outbreak of COVID-19 pp. 114-138

Mihaela Angelova

A Comparative Analysis of Marketing Research in University Websites: Insights from Kazakhstan pp. 139-152

Ainel Abuova, Mukhit Assanbayev, Talgat Basmurzin, Talgat B. Kilybayev and Alua Assanbayeva

Assessing the Significance of Intellectual Capital in Retail Trade through Conjoint Analysis pp. 153-174

Ivanka Nikolova

The Impact of Refugee Startups on Host Country Economies: Business Models and Economic Adaptation pp. 175-201

Oleh Kolodiziev, Andrii Gukaliuk, Valeriia Shcherbak, Tetiana Riabovolyk, Ilona Androshchuk and Yaryna Pas

2024, issue 1

Organizational and Financial Support of Investment Project Management in the Economic Development of the Regions of Ukraine pp. 3-13

Ihor Zvarych and Olena Zvarych

Green Accounting, CSR Disclosure, Firm Value, and Profitability Mediation pp. 14-26

Susi Susilawati, Dian Arifiyanti, Samukri, Maria Suryaningsih and Arlis Dewi Kuraesin

Factor Affecting Workplace Spirituality, Job Satisfaction, and Organizational Citizenship Behavior: Evidence from Indonesia pp. 27-48

Jufrizen, Hazmanan Khair, Adek Trisma Dina and Molana Malik Pandia

Analysis of the Influence of Assets Structure, Earning Volatility, and Financial Flexibility on Capital Structure and Corporate Performance in Manufacturing Sector Companies on the IDX pp. 49-65

Muhammd Istan

Exploring the Impact of Technology Acceptance Model Constructs on Consumer Behavior in SMEs: with A focus on E-Marketing Strategies pp. 66-88

Faruk Ahmeti and Hykmete Bajrami

Compliance with Accounting Standards by Jordanian SMEs pp. 89-107

Abbas Saad Hamada Alkhuzaie, Muzaffar Asad, Ala'a Zuhair Ahmad Mansour, Mohammed Ali Bait Ali Sulaiman, Umar Nawaz Kayani and Muhammad Uzair Asif

Financial Literacy, Financial Inclusion, and Financial Statements on MSMEs’ Performance and Sustainability with Business Length as a Moderating Variable pp. 108-127

Erna Listyaningsih, Rahyono Rahyono, Apip Alansori and Amirul Mukminin

Farmers’ Attitudes To Implementation CAP Greening Practices in Both the Blagoevgrad and Kyustendil Regions in Bulgaria pp. 128-149

Monika Kabadzhova, Mihaela Mihailova and Daniela Tsvyatkova

The Effect of Tourism Revenues and Inflation on Economic Growth in Balkan Countries pp. 150-165

Bahman Huseynli

Analysis of Return on Asset for BUKU IV: Jakarta Interbank Spot Dollar Rate, Capital Adequacy Ratio and Loan To Deposit Ratio pp. 166-182

Lis Sintha Oppusunggu and Ika Pratiwi Simbolon

Desk Audit in the State Audit System pp. 183-194

Dina Nurpeissova, Lyazzat Beisenova, Aliya Shakharova, Kuralay Balginova and Bayan Abzhalova