This paper examines the theoretical aspects of corporate governance and its role in creating value in agribusiness. The emphasis is placed on the functions of boards of directors as a key mechanism for strategic management, control, and monitoring in agribusiness enterprises. The analysis examines the main concepts of corporate governance, including its characteristics, structure, and interaction between shareholders, management, and the board of directors. The role of internal and external control mechanisms is examined, as well as the influence of the institutional environment on the effectiveness of management practices. Special attention is paid to the agribusiness sector, where corporate governance is key to ensuring sustainable development, financial stability, and increasing investor confidence. It is emphasized that effective boards of directors contribute to better strategic planning, risk reduction, and shareholder value enhancement. The paper is based on an analysis of existing scientific literature and uses a descriptive and comparative approach. The results show that corporate governance is a significant factor in the long-term competitiveness and sustainability of agribusiness companies.
Сектор „Зеленчукопроизводство“ е важен, както от гледна точка на факта, че е традиционен сектор в нашата страна, така и защото е в унисон с политиките и насоките на ЕС за развитие на земеделието, опазването на околната среда и здравето на хората. В редица стратегически документи на ЕС все по-голямо внимание се отделя на изискванията за пълноценно и здравословно хранене, неизменна част от което са зеленчуците. Чрез политиката на ЕС за популяризиране, Европейската комисия помага на производителите на плодове и зеленчуци от ЕС да продават своите селскостопански продукти. Целта е да се увеличи потреблението на пресни плодове и зеленчуци от ЕС чрез информиране на потребителите за балансирано и здравословно хранене. Една от идеите за съществуването на ЕС е да се предоставят възможности на всички страни членки да развиват ефективно своите икономики, като съответно се осигуряват необходимите лостове и политики на изоставащите, за да настигнат напредналите. В този контекст целта на разработката е да се изследва и оцени степента на конвергенция на сектор „Зеленчукопроизводство“ по примера на производство на пресни зеленчуци в България със същия сектор в някои страни от ЕС и със средното за ЕС в годините след влизането на България в ЕС. Използва се коефициент на конвергенция по Иванов (2021), изчислен по два показателя – брутна продукция на човек от населението и производителност на единица площ за 2007 – 2024 г. Темповете на конвергиране на българския сектор „Зеленчукопроизводство“ с европейското (средно и с избрани страни) са доста бавни. Някои икономически показатели на човек от населението в българското зеленчукопроизводство са почти с 50% по-ниски от средните за ЕС. За периода 2007 – 2024 година се очертава твърде слабо движение към сближаване на изследвания сектор у нас със средните показатели за ЕС, (като най-малко далече сме на човек от населението с Франция).
This article examines the effectiveness of profitability management in wine-producing enterprises through the application of the DuPont model. Based on accounting data from a sample of firms, return on equity is analyzed through its key components – net profit margin, asset turnover, and financial leverage. The results indicate that low profitability in the sector is primarily driven by weak operating performance and inefficient use of assets, while high indebtedness in some enterprises amplifies negative financial outcomes. The study confirms the applicability of the DuPont model as a tool for assessing managerial efficiency.
Agricultural convergence within the European Union is a key issue in the context of structural disparities and Common Agricultural Policy reforms. Permanent crops are particularly relevant due to their capital intensity and long-term economic impact. The aim of this study is to assess Bulgaria’s convergence in the value of permanent crops per harvested area relative to selected EU countries, namely France, Greece, and Poland. The analysis is based on official data for the period 2007 – 2023 and applies a combined methodological approach integrating β- and σ-convergence with a composite convergence index. The results indicate limited and uneven convergence. Bulgaria shows moderate proximity to France and Poland, but persistently low convergence relative to Greece and the EU average. Four development stages are identified, with recent stagnation following a period of moderate improvement. Overall, structural inefficiencies, low productivity, and weak market integration constrain the sector’s convergence potential.
Farm structure as a scale identifier is a crucial production objective for creating value-added and farm profitability while maintaining rural areas’ viability, productivity, and sustainability. On the other hand, productivity is one of the most important components in efficiency measurements. This study aims to compare the productivity conditions in terms of livestock units, labor force, and farm capital of the Balkan cattle farms that are producing high nutrient value for human consumption and keeping the natural environment in a productive shape as well.Indicators and the variables that are the objects of the study are forming a final index of productivity and are related to the performance of the working force, livestock, and capital.As structures, the Balkan farms are smaller than the average of the EU in terms of the most important economic categories: the total utilized agricultural area, total livestock units, and, respectively, the farm capital. The comparison includes Bulgaria, Romania, Greece, Croatia, and Slovenia, while as a benchmark, the average EU level covering a time period from 2013 to 2023 is used. The Farm Accountancy Data Network provides the dataset used, combining variables to estimate productivity as output-based measures. Productivity is calculated by comparing the total gross output per unit of labor and capital. Livestock productivity is measured involving the gross output of animal origin.Results reveal all the Balkan Member States are below the reference level, while the highest increase of labor productivity in the cattle meat sector belongs to Romania and Croatia, while Greek farmers are losing positions in recent years. In terms of capital productivity, Romania is the highest performer; even Bulgaria is a competitor during the first stage of the studied period, and only Slovenia is below the EU reference. The competition in productivity of livestock units is led by Croatia and Romania, while Bulgaria is at the bottom. The total productivity indicator refers to the fact that only Romania is able to deliver significantly higher results than the benchmark, as is no other Balkan member state; even Croatia is trying to follow the EU trend.
The object of the economic evaluation in the present study is the influence of the organic nano-fertilizers Lithovit and Nagro, applied independently and in combination with the bio-insecticides Madex and Agricoll, in the cultivation of alfalfa for forage at the Institute of Forage Crops (Pleven). It was established that the bioproduct Nagro (50 ml/da) and the bio-insecticide Agricoll (100 ml/da) are characterized by high realized gross profit compared to the other variants (17.98 EUR/da and 16.52 EUR/da) and the highest profitability rates (366.94% and 339.22%). Their combination recorded high gross revenues (24.06 EUR/da), the highest gross profit (18.62 EUR/da), and the highest profitability rate (342.28%). This identifies the combination of the nano-fertilizer Nagro and the bio-insecticide Agricoll as the most economically effective, due to the low production costs and the high economic efficiency rate, which exceeds the control variant – 100.99%.
Целта на анализа е да се измери ценовата асиметрия по веригата на стойността, обхващаща производството на слънчогледово семе, предлагането на едро и дребно на слънчогледово олио, както и съпоставянето на цените на българския пазар на едро на слънчогледово олио с износните цени в Черноморския регион (FOB – франко кораб). Ценовата асиметрия се разбира като неравно и непропорционално движение на две цени, като се измерва посредством индекс на асиметрична ценова трансмисия. Постигнатите резултати позволяват да се установи съществуването и степента на свързаност на цените между отделните етапи от производството до крайния потребител, а така също и да се разкрият качествените определения на асиметрията. Измереният индекс на ценова асиметрия показва в преобладаващия случай незначителна асиметрия в обхванатия период – от 2017 година до средата на 2025 година, на почти всички етапи от веригата на стойността. Същевременно в отделните времеви епизоди, основно във втората половина на целия период, ценовата асиметрия се повишава до среднозначима, което разкрива наличието на сътресения, които повлияват на ценовата интеграция. Много често се наблюдава земеделските цени да изостават и да не бъдат интегрирани при нарастване на цените на преработватели и търговци, с което да не получават равностойна част от създаваната добавена стойност. Именно такива ситуации се изтъкват като причина за по-слабата доходност и по-ниска рентабилност на земеделието в сравнение с другите, свързани икономически сектори.
Световната здравна организация препоръчва консумацията на повече плодове, свързани със здравословното хранене. От гледна точка на потребителите би било добре да има по-голямо разнообразие от местни плодове на българските пазари. Тези практики ще подобрят обновяването на селските райони в България. Както в ЕС–27, така и в България, площите, засадени с круши, заемат най-малък относителен дял от всички овощни видове. Крушите, както и ябълките, имат най-съществен ефект върху намаляването на риска от диабет. Целта на изследването е да се оценят рисковете на инвестиционен проект с бизнес план за създаване и развитие на земеделско стопанство с крушово насаждение. Анализът включва изчисляване на приходи и разходи, както и изчисляване на ключови финансови показатели като вътрешна норма на възвръщаемост, нетна настояща стойност и период на възвръщаемост на базата на съставен бизнес план за управление и развитие на земеделско стопанство, както и определяне на различни сценарии за изпълнение на проекта. Резултатите показват, че нивото на риск и икономическата устойчивост на проекта зависят основно от производствените условия, динамиката на добивите и стабилността на паричните потоци. При благоприятна производствена среда рискът е нисък и рентабилността висока, докато при системни производствени затруднения и ниски добиви проектът става финансово уязвим, което подчертава необходимостта от ефективно управление на риска.
Изследването оценява влиянието на фактори от три териториални равнища (национално, райони за планиране и областно) върху динамиката на средните цени на земеделската земя в България през десетгодишен референтен период. Прилага се териториален анализ на дялово преместване (Territorial Shift Share Analysis, TSSA), базирайки се и надграждайки анализа за дялово преместване (Shift Share Analysis, SSA). Извършва се сравнение между усреднените стойности на земята от 2011 – 2012 г. (базов, начален период) с тези към 2021 – 2022 г. (целеви, период на сравнение). Резултатите показват, че факторите на националното ниво оказват най-силно влияние върху динамиката в стойностите на земеделската земя със своите 64%, областите (най-ниското равнище) с 23% проявяват умерено влияние, а районите за планиране с 13% – фактически нямат влияние.
Climate change raises pressing questions regarding the environmental impact of food systems. Carbon footprinting could serve as a potential measure to guide climate-friendly food consumption in Bulgaria. This study explores the opportunities and challenges of using carbon footprinting to guide consumer behaviour and promote sustainable consumption. The study, based on a detailed analysis of policy guidelines, international standards (GHG Protocol, ISO 14067, LCA), and national socio-economic conditions, assesses the capacity of the Bulgarian food sector to implement transparent climate reporting. The results show that while European policies such as the Green Deal and the Farm to Fork Strategy provide a helpful context, Bulgaria struggles with limited consumer knowledge, insufficient data infrastructure, and financial constraints for SMEs. Consumer interest in sustainability, especially among young people, is growing. However, behavioural inertia, price sensitivity, and lack of knowledge about eco-labels are hindering widespread adoption. The study concludes that carbon footprint labelling in Bulgaria has great potential to promote climate responsibility. However, this can only be achieved through coordinated political support, public awareness campaigns, technological integration, and culturally sensitive communication. Incorporating carbon footprint labelling into national sustainability policies can trigger a broader shift towards climate-friendly diets and help align public behaviour with long-term environmental goals.
The study examined how agricultural risk management methods influence the performance of smallholder commercial agribusinesses in Santa Subdivision, Northwest Region of Cameroon. A quantitative approach was employed, using a cross-sectional research design. A multi-stage sampling method was applied. Both primary and secondary data sources were utilized. Structured questionnaires were administered to 124 participants, selected through a convenience sampling technique. Data was analyzed using both descriptive and inferential statistics. Multiple regression analysis was conducted to explore how agricultural risk management techniques impact the success of smallholder commercial agribusinesses. Key agricultural risks identified included pest and disease outbreaks (42.7%) and weather-related risks (28.2%) associated with climate change. Regarding agricultural risk management strategies and performance, crop insurance (54.0%), crop diversification (62.1%), and resistant seed types (63.7%) were strongly endorsed by study participants. The challenges faced in implementing risk management practices showed that the use of resistant crop seed varieties (p-value = 0.000) was significant, farm size (p-value = 0.035) was significant for farm sizes ranging from 1 to 3 hectares, and membership of a cooperative society (p-value = 0.149) was statistically significant in enhancing the performance of smallholder commercial agribusinesses. Based on findings, the authors recommend the need for access to improved seed varieties and the need for government and private sector initiatives to train farmers on risk management, enhance access to agricultural insurance, as well as oversee seed development, certification, and pricing.
This study examines the uneven capacity of EU Member States to implement Bioeconomy policies in rural areas by developing a composite Bioeconomy Policy Implementation Capacity Index (BPICI). Using 2023 data from the World Bank’s World Development Indicators and Worldwide Governance Indicators, the index integrates five dimensions: government effectiveness, regulatory quality, control of corruption, access to credit, and agricultural transformation intensity. The comparative results reveal sharp structural asymmetries: France demonstrates systemic readiness with high institutional effectiveness and market capacity, Bulgaria occupies an intermediate position with partial agrarian transformation but persistent governance deficits, while Romania records the lowest score due to limited institutional quality and economic diversification. The findings highlight the risks of a uniform EU policy model, and underscore the need for context-sensitive strategies that account for institutional and structural conditions. The BPICI contributes methodologically to indicator-based modeling of institutional capacity and offers a tool for strategic planning and policy monitoring.
Since the introduction of the Sustainable Development Goals (SDGs) by the United Nations, sustainability policies have become a fundamental pillar in the global socio-economic dialogue. The cooperative model differs from conventional corporate structures by placing the realization of social causes and people’s needs at the center of its activities, instead of maximizing profit. The purpose of the study is to identify the potential of cooperative structures under current conditions and to analyze their role as leading actors in the sustainable development strategy for achieving the SDGs. Official data from Ciela Info for the period 2005 – 2022 were used. The geographical scope is national, including 23 districts, with a focus on rural and small urban areas, where cooperatives are most widespread. Different types of cooperatives were randomly selected. The analysis shows that cooperative organizations have significant potential to contribute to sustainable development at the national and local levels. Their value-driven nature, democratic governance and long-term commitment to communities establish them as key factors in the transition to inclusive development models. They play an important role in economic stability, especially in rural areas, by providing employment and supporting small producers. Comprehensive reforms, modernization of legislation and better coordination between institutions are needed to fully realise this model. The cooperative model should be seen as a structural element in future sustainable development strategies, and not simply as a complementary tool. They are not only a business model, but also a social organization based on solidarity and shared responsibility.
The purpose of this study is to assess the current state of tourism supply, demand and the efficiency of the accommodation base in rural areas falling within the territory of the “Valley of Roses” tourist region. The analysis is based entirely on official statistical information for the period 2012 – 2022. Comparative analysis was used to outline the place of rural areas in the national tourism system. Key factors that influence the tourist flow in rural areas have been identified. The three most important groups of factors are: cultural and historical heritage, natural landmarks located near the accommodation facilities, and the quality of the accommodation facilities. By tracking the changes in a number of quantitative indicators (accommodation places, number of beds, period of operation, overnight stays, revenue from overnight stays, occupancy of bed bases, etc.) at the municipal level for the period 2012 – 2022, positive trends have been identified – the capacity of the accommodation base is expanding, the number and revenue from overnight stays are increasing. However, an uneven territorial distribution of accommodation facilities in rural areas has been established. The municipalities of Hisarya, Koprivshtitsa, Pavel Banya, Strelcha and Sopot have a significant relative share of accommodation facilities. In order to attract more visitors to less popular destinations, it is necessary to develop new tourism products that reflect the specifics of each region. This includes strategic positioning and active promotion of the advantages of rural areas, such as creating thematic routes, building and promoting a tourist brand, using digital platforms, achieving sustainable (year-round) tourism and organizing events and festivals. The implementation of these goals will help less popular destinations to establish themselves on the tourist map and attract new visitors.
The aim of the analysis is to elaborate the feasibility scenarios of the competitiveness of oilseed industry in Bulgaria extended until 2030. The scenario modeling is based on the competitiveness indices estimated over the period 2007 – 2021. Competitiveness is deemed and recognized as a result achieved regarding production and value outcomes. The projected scenarios are based on econometric modeling, in which projections are made for all variables involved in the calculation of the production, value and overall competitiveness index. The research covers the main oilseeds – sunflower, rapeseed and soybean, which consist of a dominant portion not only in production side but as well as consumption part of oilseed commodities in the country. In historical term, the production and competitiveness of oilseed industry in Bulgaria stands for a sound level defined as a very high performance per capita compared to other world main producers and competitors. The applied scenario approach is constructed in modeling all variables in the competitiveness indices calculation through autoregression type and trend variation equations. The status-quo scenarios indicate the competitiveness by 2030 for the oilseed crops will remain at the high frontiers even though a possible slight decline. The growing import of oilseed in the recent years might go on due to expansion of crushing oilseed industry in Bulgaria, which may lead to upward local consumption of oilseed and aftermaths a lower production index competitiveness. It can be underlined that very high competitiveness of the oilseed production in Bulgaria in the next years is to great extent originated in the favorably settled farming in those crops and major factor, which is seen to disturb this situation is thought to be the regulatory environment in the EU, especially in terms of the Green Deal.
The article examines the impact of New Institutional Economics (NIE) on the agricultural sector, focusing on the role of smart contracts in reducing transaction costs and enhancing economic efficiency. NIE considers institutions as key factors for coordinating and managing economic interactions, particularly under conditions of high uncertainty, asset specificity, and opportunistic behavior. Smart contracts, based on blockchain technology, are presented as an innovative mechanism for automating the processes of negotiation, monitoring, and contract enforcement. They eliminate the need for intermediaries, minimize the risk of human error, and increase transparency within the value chain. Using stochastic models, the article evaluates the costeffectiveness of direct inputs, contract work, and debt servicing under three scenarios – baseline, optimistic, and pessimistic. The results demonstrate the significant potential of smart contracts to transform the agricultural sector by reducing transaction costs and improving profitability, especially under full adoption. However, their implementation is constrained by underdeveloped infrastructure, a lack of technological expertise, and regulatory uncertainties. The article highlights the need for targeted institutional support to overcome these barriers. This study contributes to the literature through an interdisciplinary approach that integrates theoretical models and practical analyses, providing a foundation for the development of sustainable policies in the agricultural sector.
This article outlines the potential risks to agricultural development in Bulgaria, within the context of climate change. Emphasis is placed on evaluating the impact of evolving climate patterns and water scarcity. Altered climatic conditions not only threaten agricultural productivity, but also contribute to reduced yields and economic instability for agricultural producers. Additionally, these changes pose a threat to the country’s population, due to the increased likelihood of natural risks and disasters. There is a pronounced need for adaptive strategies that enable economic operators to effectively respond to current challenges, such as the increased use of drought-resistant crops, and the enhancement of sustainable soil management practices. Moreover, the article emphasises the importance of achieving critical sustainability in terms of resource access and knowledge for climate change adaptation in agriculture. Achieving such sustainability is vital for safeguarding food security and public health, given the indispensable role of agriculture in providing economic livelihoods to rural populations. The article also emphasises the need to enhance the accuracy and precision of forecasting the impact of climate change on agriculture, as well as the development of an indicator system and criteria for evaluating climatesmart agriculture.
Настоящото изследване анализира ефективността на устойчиви агротехнически практики в полевото зеленчукопроизводство в Южна България през 2024 г., фокусирайки се върху домати и пипер. В условия на климатичен натиск и нужда от ресурсна ефективност, авторът прилага експериментално-контролен case study метод в два различни региона – Първомай и Сандански – за оценка на въздействието на органично торене, мулчиране и капково напояване. Резултатите показват по-високи добиви (до 15%), подобрено качество на продукцията и значително повишена икономическа възвръщаемост (ROI до 241%). Почвеното здраве също се подобрява – органичното вещество нараства средно с 0,4%, микробната активност – с над 30%, а влагозадържането – с до 15%. Индикаторите за ефективност на използване на азота (NUE) и водата (WUE) също свидетелстват за превъзходството на устойчивата схема – до 38% по-добра водна ефективност. Макар прилагането на устойчиви практики да изисква начални инвестиции, икономическата и екологичната им стойност е доказана. Изследването предлага аргументирана рамка за трансформация на зеленчукопроизводството към устойчив модел, съчетаващ икономика, агрономия и екология в синергия. Препоръчва се политическа и институционална подкрепа чрез субсидии, демонстрационни платформи и достъп до качествени органични ресурси. Тази многопластова ефективност прави устойчивите технологии приложими и стратегически значими в контекста на Европейската зелена сделка.
Creating the European development framework to measure farm sustainability involves estimation of average European Union rates on the farm level, which excludes different farms’ specializations and economic size classes. This paper aims to find out the sustainability benchmark and the average levels of each economic size class of the EU’s field crops farm sustainability of all economic size classes, which requires some basic indicators covering the main sustainability dimensions – economic, social, and ecological. The applied methods for the construction of the Composite Sustainability Indexes combine two different approaches. The Relative Comparative Assessment is a tool normalizing the used variables to calculate farm sustainability scores for the different pillar evaluations, as well as the compound index, while the “Benefit-of the-Doubt” modification of Data Envelopment Analysis estimates the sustainable development policy efficiency. Results determine exactly how the area payments push large-scale field crop farms’ sustainability up by strongly supporting a larger production scale, at a cost to the smallest entities.
The approach developed by us adheres to the limitation methods recommended by the FAO, and more precisely to those that take into account the number and degree of existing limitations for a certain set of soil characteristics, and is tailored to the specifics of agricultural production at the farm level. The research enables dynamic monitoring of changes in soil quality in accordance with measures taken to improve its health. This study presents a methodology that combines a limited set of soil characteristics specific to each farm. The aim is to make it easier for farmers to provide the necessary information and to make data-driven decisions, taking into consideration soil health and ensuring sustainable farm management. The suggested methodology will be used as a backbone of software that will be developed for profit optimization at the farm level. The soil features selected for work are grouped into four large groups, complying with the rule to work with the smallest possible number of characteristics that describe as fully as possible the agroecological conditions in relation to the requirements of the plants, while at the same time not allowing double and triple evaluation of the same characteristic. The degrees of restrictions (from L0 to L4) are determined for each soil feature separately using the developed scales, and based on this, the suitability for agricultural use of the farm is assessed. A comprehensive assessment and classification of farms by suitability for agriculture is carried out.
