Year 2026, Issue
Date published22.6.2026
Table of content
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Victoria Daneva
Challenges to international diversification: analysis through the global synchronized loss indexSummary: This article examines the problem of the decreasing efficiency of international investing during financial crises. Traditionally, it is believed that if you invest in different countries, you reduce risk. However, new research shows... This article examines the problem of the decreasing efficiency of international investing during financial crises. Traditionally, it is believed that if you invest in different countries, you reduce risk. However, new research shows that when there is great market stress, all markets start to fall simultaneously. This scientific article examines the “Global Synchronized Loss Index” (GSLI), which helps the average investor calculate how much of his “protection” has actually disappeared.DOI: https://doi.org/10.58861/tae.grdier.2026.01 -
Daniela Marinova, Marian Velikov
Development of tourism in Bulgaria in the period 2019 – 2025 in the context of global challengesSummary: The tourism industry is one of the most dynamically developing industries of great importance for the development of the Bulgarian economy. Tourism also has a beneficial impact on many other sectors with which it is closely... The tourism industry is one of the most dynamically developing industries of great importance for the development of the Bulgarian economy. Tourism also has a beneficial impact on many other sectors with which it is closely interconnected - transport, trade, construction, healthcare. This integration makes it extremely vulnerable to crises. Over the past few years, the tourism business on a global and national scale has faced a number of unprecedented economic, political and health challenges. How has all this affected tourism in Bulgaria, in particular the incoming tourist flow, and what trends can be observed.DOI: https://doi.org/10.58861/tae.grdier.2026.02 -
Katerina Bahchevanova
Franchising in the tourism sectorSummary: The primary objective of this study is to analyze the role and effectiveness of the franchising model as a strategy for sustainable development and global expansion within the tourism sector. The research focuses on identifying the... The primary objective of this study is to analyze the role and effectiveness of the franchising model as a strategy for sustainable development and global expansion within the tourism sector. The research focuses on identifying the specific advantages for franchisors (rapid entry into new markets with low capital risk) and franchisees (access to an established brand, know-how, and marketing support). A comprehensive approach was employed, including a comparative analysis of leading international franchise chains in the hotel and restaurant industries. Methods of descriptive research on market data, SWOT analysis of the model in a dynamic environment, and a synthesis of best practices were applied. The legal and economic aspects of franchise agreements in tourism were also examined. The analysis demonstrates that franchising is a key driver for quality standardization in tourism, which enhances consumer trust. The results indicate that operating under a common brand allows small and medium-sized enterprises to survive in a highly competitive environment through access to global reservation systems and innovation. The conclusion confirms that despite challenges related to quality control, franchising remains the most successful model for scaling business within the tourism industry.DOI: https://doi.org/10.58861/tae.grdier.2026.03 -
Betina Minkova
Direct and indirect costs of cyber incidents in the small enterpriseKeywords: cyber incidents, small and medium-sized enterprises, direct costs, indirect costs, cyber riskSummary: The present study examines the critical need for a precise differentiation of the economic consequences of cyberattacks for the most vulnerable group of market participants - small and medium-sized enterprises (SMEs). At present,... The present study examines the critical need for a precise differentiation of the economic consequences of cyberattacks for the most vulnerable group of market participants - small and medium-sized enterprises (SMEs). At present, the conditions for doing business in the digital sphere are entirely shaped by increasingly sophisticated technological challenges (AI-based threats, automated attacks, etc.), as well as regulatory pressures (the implementation of more niche and stringent requirements such as the NIS2 Directive), which place companies under significant financial strain. In this context, small businesses often prove to be financially unprepared due to their inherent pragmatic focus on direct and visible costs following such incidents. The main objective of this report is to propose a logical framework for differentiating the costs associated with cyber incidents in SMEs, enabling more accurate identification, tracking, and assessment of economic consequences in the short, medium, and long term.DOI: https://doi.org/10.58861/tae.grdier.2026.04 -
Georgi Iliev
Why does the size of the shadow economy vary across nationsKeywords: shadow economy, income concealment, institutional effectiveness, tax burden, the vicious cycleSummary: This study examines the shadow economy as a macroeconomic and institutional phenomenon that varies across countries. The main objective is to explain these differences by analyzing factors such as tax burden, institutional quality,... This study examines the shadow economy as a macroeconomic and institutional phenomenon that varies across countries. The main objective is to explain these differences by analyzing factors such as tax burden, institutional quality, regulatory environment, and labor market conditions. The study highlights the lack of a unified definition, with the shadow economy most commonly understood as legal activities deliberately concealed from public authorities. The analysis shows that it leads to an underestimation of real GDP and is measured through direct, indirect, and mixed methods. It is found that its share is lower in developed countries, while in less developed economies it often plays a compensatory role. In conclusion, the size of the shadow economy is determined by the interaction between economic incentives and institutional factors.DOI: https://doi.org/10.58861/tae.grdier.2026.05 -
Nevin Angelova
A model for optimization of international market selection in a digital environmentKeywords: international markets, digital transformation, market selection optimization, multi-criteria analysisSummary: This study proposes a model for optimizing international market selection in a digital environment. In the context of the growing role of digital technologies, traditional approaches to market selection are not always sufficient for... This study proposes a model for optimizing international market selection in a digital environment. In the context of the growing role of digital technologies, traditional approaches to market selection are not always sufficient for adequately assessing contemporary business conditions. In this regard, a conceptual model based on a composite Market Attractiveness Score (MAS) is developed. The model integrates macroeconomic indicators, digital demand indicators, competitive environment, and entry barriers. The methodological approach is based on multi-criteria analysis and a data normalization method using min–max transformation, ensuring comparability across heterogeneous indicators. The proposed model aims to improve the structure and the justification of the international market selection process. The paper is currently conceptual in nature and provides a foundation for future empirical validation and for the advancement of decision-support tools in international business management.DOI: https://doi.org/10.58861/tae.grdier.2026.06 -
Melisa Ismail
Digitalization in customs: economic and institutional impactsSummary: Customs administrations are experiencing a significant transformation propelled by the swift growth of international trade and the rising complexity of global supply chains. Digitalization has become a crucial element in this... Customs administrations are experiencing a significant transformation propelled by the swift growth of international trade and the rising complexity of global supply chains. Digitalization has become a crucial element in this evolution, enhancing efficiency, transparency, and risk management within customs operations. This paper examines the economic and institutional ramifications of digitalization in contemporary customs administration through qualitative document analysis of institutional reports and scholarly literature. The results demonstrate that electronic customs systems can lead to a reduction in clearance times by 30–70% and a decrease in global trade costs by roughly 14.3%. The application of advanced technologies such as artificial intelligence, blockchain, and the Internet of Things further boosts operational efficiency, risk-based management, and visibility within the supply chain. However, the study also indicates that the advantages of digitalization are distributed unevenly, attributed to gaps in infrastructure, differences in regulatory frameworks, and the global digital divide. This emphasizes the importance of coordinated international policies and institutional collaboration.DOI: https://doi.org/10.58861/tae.grdier.2026.07 -
Anita Yordanova
The interplay between trade integration and air transport in AfricaSummary: This study examines the interaction between the African Continental Free Trade Area (AfCFTA) and the Single African Air Transport Market (SAATM) in the context of economic integration in Africa. The objective is to systematize and... This study examines the interaction between the African Continental Free Trade Area (AfCFTA) and the Single African Air Transport Market (SAATM) in the context of economic integration in Africa. The objective is to systematize and synthesize existing literature and to develop an integrated conceptual framework for analyzing their combined economic effects. The study adopts a qualitative approach based on a conceptual literature review. The results indicate that trade integration and air transport liberalization are interdependent processes, operating through key mediating factors such as transport infrastructure, institutional coordination, regulatory harmonization, and the reduction of non-tariff barriers. The findings suggest that the interaction between AfCFTA and SAATM can generate cumulative economic effects, although their realization depends on structural and institutional conditions. The study contributes to the literature by integrating two largely separate analytical fields and by proposing a conceptual framework for future empirical research.DOI: https://doi.org/10.58861/tae.grdier.2026.08 -
Gabriela Popova
Transnational cooperation as an instrument for green transition in the Danube regionKeywords: cross-border cooperation, green transition, sustainable development, Danube Region, INTERREGSummary: This scientific paper examines the role of cross-border cooperation as an instrument for implementing the green transition in the Danube Region. In the context of increasing environmental challenges and the growing need for... This scientific paper examines the role of cross-border cooperation as an instrument for implementing the green transition in the Danube Region. In the context of increasing environmental challenges and the growing need for sustainable resource management, joint initiatives between countries are gaining key importance for the implementation of effective green policies. The aim of the study is to analyze the contribution of cross-border projects to promoting sustainable development by examining initiatives implemented within the framework of the INTERREG programme. From a methodological perspective, a qualitative approach is applied, based on a case study analysis of the BE READY and CITYWALK 2.0 projects, aimed respectively at climate change adaptation and the development of sustainable urban mobility. The results indicate that cross-border cooperation facilitates knowledge exchange, the implementation of innovative solutions, and the strengthening of the institutional capacity of local authorities. The study emphasises that joint initiatives are not limited to partnerships among participants but function as a practical mechanism for promoting the green transition through the development of tools and the implementation of sustainable solutions at the local and regional levels.DOI: https://doi.org/10.58861/tae.grdier.2026.09 -
Georgi Vitkov
Weapons of contemporary trade warsSummary: This study analyzes the role of economic sanctions as a key instrument in contemporary trade wars. It traces their evolution from limited and unsystematic measures in the past to highly specialized mechanisms of geoeconomic... This study analyzes the role of economic sanctions as a key instrument in contemporary trade wars. It traces their evolution from limited and unsystematic measures in the past to highly specialized mechanisms of geoeconomic influence. The focus is placed on modern forms of sanctions, including financial restrictions, technological controls, and secondary sanctions, which are used to achieve economic and political dominance. The study also examines their impact on specific economic sectors such as agriculture and aviation, where both adaptive processes and structural distortions can be observed. The limitations of sanctions are also analyzed, particularly those related to global economic interdependence and the possibilities for their circumvention. The study concludes that despite their significant short-term effects, sanctions do not always achieve sustainable results and often lead to a reconfiguration of global economic relations.DOI: https://doi.org/10.58861/tae.grdier.2026.10 -
Zheni Antonova
Energy integration in the European union as an instrument for accelerating the green transitionKeywords: energy integration, European Union, green transition, renewable energy, internal energy marketSummary: The paper examines energy integration in the European Union as an economic and institutional mechanism for accelerating the green transition. It assesses how the deepening of the internal energy market, cross-border infrastructure... The paper examines energy integration in the European Union as an economic and institutional mechanism for accelerating the green transition. It assesses how the deepening of the internal energy market, cross-border infrastructure and coordinated regulation facilitate the integration of renewable energy into the EU energy system. The analysis combines academic literature, EU strategic and regulatory documents, and Eurostat and European Union Agency for the Cooperation of Energy Regulators (ACER) data for 2004–2024. The findings show that progress is strongest in the electricity sector, while grid congestion and insufficient cross-border capacity still limit the overall effect of integration.DOI: https://doi.org/10.58861/tae.grdier.2026.11 -
Alexander Danailov, Gabriela Popova
Career support for young people in the Danube region and international people managementSummary: This paper examines the role of Life Path Support Services (LPSS) in supporting the career development of young people in the Danube Region and links this issue to international people management. The analysis combines a comparative... This paper examines the role of Life Path Support Services (LPSS) in supporting the career development of young people in the Danube Region and links this issue to international people management. The analysis combines a comparative reading of national and transnational strategy documents with a review of European and international literature on lifelong guidance, skills policy and school-to-work transitions. The findings show that the countries in the region share similar structural weaknesses, including fragmented governance, territorial inequalities, shortage of counsellors and weak links between education and labour market demand. At the same time, they already possess institutional foundations that can be integrated and modernised. The paper argues that LPSS can function as an early-stage mechanism of human capital formation when it is supported by coordination, evidence, employer engagement and sustainable financing.DOI: https://doi.org/10.58861/tae.grdier.2026.12 -
Veselin Mihaylov
Challenges in managing international teams in a remote work environmentSummary: This study examines the challenges of managing international teams in a remote work environment by combining theoretical analysis with a practical case study. The research explores key aspects such as the nature of remote work, the... This study examines the challenges of managing international teams in a remote work environment by combining theoretical analysis with a practical case study. The research explores key aspects such as the nature of remote work, the impact of cultural differences, and the importance of effective communication, drawing on established frameworks such as Hofstede’s cultural dimensions. The practical analysis focuses on the establishment of an international team in Rabat, Morocco, within an outsourcing model aimed at cost optimization and operational efficiency. The study identifies major challenges related to cultural factors, legal environment, communication barriers, and employee training. Based on the findings, a set of best practices is proposed, including process standardization, the use of key performance indicators, development of local leadership, and implementation of automation. The results indicate that despite the initial low maturity of the team, operational stability can be achieved through structured management and effective coordination.DOI: https://doi.org/10.58861/tae.grdier.2026.13 -
Mariya Zlateva
An empirical study of the motivational profile and attitudes toward international educational migration among high school graduates in the city of VarnaKeywords: educational migration, higher education abroad, motivational profile, brain drain, highly educated studentsSummary: This empirical survey study aims to define the motivational profile for educational migration among high school graduates in the city of Varna. First, a descriptive frequency analysis will be used to identify those who wish to... This empirical survey study aims to define the motivational profile for educational migration among high school graduates in the city of Varna. First, a descriptive frequency analysis will be used to identify those who wish to continue their education in Bulgaria. Next, a comparative analysis will examine whether those leaving speak more languages than the remaining respondents. The third part of the empirical study will rank the motives by importance for respondents leaving their homeland and analyze the correlations between them. The analyses were performed using SPSS Statistics. The key findings indicate that internal factors have a stronger influence, and the primary motivations for educational migration among the respondents are the desire for personal development, followed by the pursuit of a better education.DOI: https://doi.org/10.58861/tae.grdier.2026.14 -
Emilia Petrova
Research on consumer perceptions and recognition of LindorSummary: This research analyzes consumer perceptions and brand recognition of Lindor within the competitive landscape of Ferrero Rocher, Merci, and Milka. The primary objective is to evaluate the degree of brand awareness and perceived... This research analyzes consumer perceptions and brand recognition of Lindor within the competitive landscape of Ferrero Rocher, Merci, and Milka. The primary objective is to evaluate the degree of brand awareness and perceived quality relative to competitors, culminating in the development of a positioning map based on consumer attitudes. The methodology employs a mixed-methods approach: a qualitative spontaneous recall test with five respondents and a quantitative online survey involving 25 participants using a 5-point Likert scale to assess key criteria. The results demonstrate that Lindor is the definitive leader in terms of taste, quality, and premium image, with 76% of respondents selecting it as their top brand. The brand occupies the strongest position in the premium segment, successfully blending sensory experience with high emotional engagement. The study confirms a total alignment between Lindt & Sprüngli’s global brand strategy and actual consumer perceptions in the market.DOI: https://doi.org/10.58861/tae.grdier.2026.15 -
Yanitsa Dimitrova
Sustainability in the H&M Group’s international business modelKeywords: sustainable development, circular economy, international business model, green marketing, fast fashionSummary: A sustainable business model is crucial to the effective operation of fashion chains on a global scale. This article examines the H&M Group as an international brand operating in the fast fashion sector. The aim of the study is to... A sustainable business model is crucial to the effective operation of fashion chains on a global scale. This article examines the H&M Group as an international brand operating in the fast fashion sector. The aim of the study is to analyze the brand’s sustainable practices and to provide recommendations for their improvement.DOI: https://doi.org/10.58861/tae.grdier.2026.16