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Effects on the Business in the Conditions of Superior Crises

Author

Listed:
  • Nozharov Shteryo

    (University of National and World Economy, Sofia, Department of Economics, Bulgaria)

  • Hristozov Yanko

    (University of National and World Economy, Sofia, Department of Finance, Bulgaria)

Abstract

In recent years, financial and economic crises have been observed, which are a consequence of various global problems and phenomena. Despite the experience of 2008, it seems that the enterprises did not learn enough of their lessons and failed to foresee the difficulties for their business and finances. There are not many examples in history that have seen phenomena of superimposing economic and financial crises. In this case, the situation is caused by the pandemic caused by CoviD-19 and the war in Ukraine. The two events have had serious nongarnishing shocks to businesses and enterprise economies. The purpose of the current research is to trace the effects on business in the conditions of overlapping economic crises – in this case, caused by the covid pandemic and the war in Ukraine. The object of research will be the non-financial enterprises in Bulgaria, and the subject is the analysis of the effects on business as a result of overlapping crises. The aim is to derive and justify the effects and consequences for business in Bulgaria. The aim concerns the claim that the overlapping crises have a negative impact on the finances and economy of the enterprises in Bulgaria. The research was conducted on the basis of a survey among Bulgarian companies from the non-financial sector. The survey is conducted annually at the end of the year, summarizing in December of each year. About 800 companies - members of the Bulgarian Industrial Association take part in it. Their profile is mainly small and medium-sized enterprises, most of them being small.

Suggested Citation

  • Nozharov Shteryo & Hristozov Yanko, 2023. "Effects on the Business in the Conditions of Superior Crises," Economics, Sciendo, vol. 11(1), pages 223-231, June.
    • Handle: RePEc:vrs:econom:v:11:y:2023:i:1:p:223-231:n:16
    DOI: 10.2478/eoik-2023-0014
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    References listed on IDEAS

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    1. Marc Cowling & Weixi Liu & Ning Zhang, 2018. "Did firm age, experience, and access to finance count? SME performance after the global financial crisis," Journal of Evolutionary Economics, Springer, vol. 28(1), pages 77-100, January.
    2. Amankwah-Amoah, Joseph & Khan, Zaheer & Wood, Geoffrey, 2021. "COVID-19 and business failures: The paradoxes of experience, scale, and scope for theory and practice," European Management Journal, Elsevier, vol. 39(2), pages 179-184.
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