"ECONOMICS AND MANAGEMENT" is a scientific journal of the Faculty of Economics at Sowth-West University "Neofit Rilski". It publishes articles on current issues in economics and management at the global, regional and local level. CHIEF EDITOR Prof. Raya Madgerova, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria DEPUTY CHIEF EDITOR Prof. Preslav Dimitrov, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria EDITORIAL BOARD Prof. Dr. Maria Kicheva, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria Prof. Georgy L. Georgiev, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria Assoc. Prof. Vyara Kyurova, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria Prof. Dimitar Dimitrov, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria Prof. Zoran Ivanovic, PhD, University of Rieka, Croatia Assoc. Prof. Ludmila Novacka, PhD, University of Economics - Bratislava, Slovakia Prof. Manol Ribov, PhD, University of National and World Economy, Sofia, Bulgaria Prof. Nadejda Nikolova, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria Prof. Bjorn Paape, PhD, RWTH Aahen, Germany Prof. Dr. Paul Leonard Gallina, PhD, Williams School of Business, Bishop’s University Sherbrooke, Québec, Canada Prof. Paulo Águas, PhD, The School of Management, Hospitality and Tourism of The University of Algarve, Porugal Prof. José António Conceição Santos, PhD, The School of Management, Hospitality and Tourism of The University of Algarve, Portugal Assoc. Prof. Stefan Bojnec, PhD, University of Primorska, Faculty of Management Koper – Slovenia Associate Prof. Cengiz Demir, Faculty of Economics and Administrative Sciences EGE University, Izmir, Turkey Assoc. Рrof. Dr. of Sc. Elena Sadchenko, Wyzsza Szkola Ekonomiczno-Humanistyczna, Bielsko-Biala, Poland Prof. Milena Filipova, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria Prof. Tsvetana Stoyanova, PhD, UNWE - Sofia, Bulgaria Assoc. Prof. Altin Idrizi, PhD, University "Alexander Xhuvani", Elbasan, Albania Dr. of Sc. Ievgen Khlobystov, Wyzsza Szkola Ekonomiczno-Humanistyczna, Bielsko-Biala, Poland Prof. Dr. of Sc. Liubov Zharova, Wyzsza Szkola Ekonomiczno-Humanistyczna, Bielsko-Biala, Poland Assoc. Prof. Savica Dimitrieska, PhD, European University, Skopje, Republic of North Macedonia Márton Czirfusz, PhD, Hungarian Academy of Science, Budapest, Hungary Assoc. Prof. Dimitris Aidonis, PhD, Technological Educational Institute of Central Macedonia at Seres, Greece Assoc. Рrof. Dr. of Sc. Oleksii Oleksiuk, Kyiv National Economic University named after Vadym Hetman, Ukraine Assoc. Prof. Almaz Kadyraliev, PhD, Musa Ruskulbekov Kyrgyz Economic University Assos. Prof. Dr of Economic Sc. Bakas Bakhtiyar uulu, Musa Ruskulbekov Kyrgyz Economic University Assoc. Prof. Tran Van Hoa, PhD, Hue University, Vietnam Assoc. Prof. Truong Tan Quan, PhD, Hue University, Vietnam Pham Xuan Hung, PhD, Hue University, Vietnam Prof. Farhad Sariev, PhD, K.Tynystanov Issyk-Kul State University, Kyrgyzstan Prof. Maksat Erkimbaev, PhD, K.Tynystanov Issyk-Kul State University, Kyrgyzstan Assoc. Prof. Svetlana Sirmbard, PhD, Adam University, Kyrgyzstan Prof. Dr. of Technical Sc. Abdyrakhman Subankulovich Mavlyanov, Adam University, Kyrgyzstan Prof. Dr of Economic Sc. Almakuchukov Keneshbek Mukashevich, Adam University, Kyrgyzstan Juan Guillermo Estay Sepúlveda, PhD, Universidad de Los Lagos, Chile Prof. Jacek Binda, PhD, Bielsko-Biala School of Finance and Law, Poland Katarina Valaskova, PhD, University of Zilina, Slovakia Pavol Durana, PhD, University of Zilina, Slovakia PRODUCTION EDITOR Assoc. Prof. Desislava Stoilova, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria RESPONSIBLE EDITORS Chief Assist. Prof. Vladislav Krastev, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria Chief Assist. Prof. Anny Atanasova, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria Chief Assist. Prof. Dinka Zlateva, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria Assist. Prof. Nikolay Patonov, PhD, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria TECHNICAL EDITOR & DESIGN Lachezar Gogov, South-West University “Neofit Rilski”, Blagoevgrad, Bulgaria Founders: Prof. Raya Madgerova, PhD, Prof. Nadezhda Nikolova, PhD and Prof. Chavdar Nikolov, PhD ♦♦♦ 2005 г. ♦♦♦ Editor’s office address: Journal “Economics and Management” Faculty of Economics South-West University “Neofit Rilski” 60 “Ivan Mihailov” Str., 2700 Blagoevgrad e-mail: [email protected] ECONOMICS & MANAGEMENT JOURNAL FOR ECONOMICS AND MANAGEMENT SCIENCE OF FACULTY OF ECONOMICS – SOUTH-WEST UNIVERSITY “NEOFIT RILSKI”– BLAGOEVGRAD VOL. XVІІ, № 2, 2020 CONTENTS JOSEPH DAVID MUSA ABDULLAHI SAKANKO JAMES OBILIKWU THE DETERMINANTS OF DOMESTIC INVESTMENT IN NIGERIA: A NEW EVIDENCE FROM NON-LINEAR AUTOREGRESSIVE DISTRIBUTED LAG (NARDL) MODEL 1 ZHEN-JIA-LIU EFFECT OF PLAYER AND TEAM CHARACTERISTICS’ EFFECTS ON PLAYERS’ SALARIES: A STUDY OF STATISTICAL METHODS 26 ABDALLAH ATIEH MALIK MUNEER ABU AFIFA SHADYA AL-MANASEER USING CAPITAL BUDGETING TECHNIQUES IN RATIONALIZING CAPITAL EXPENDITURE DECISIONS IN JORDANIAN INDUSTRIAL PUBLIC SHAREHOLDING COMPANIES 40 SPARTAK KEREMIDCHIEV MIROSLAV NEDELCHEV THEORIES OF CORPORATE GOVERNANCE AT STATE-OWNED ENTERPRISES 61 NIKOLAI V. LOGODASHKI COMPETITIVENESS AND COMPETITIVE STRATEGIES IN WINE PRODUCTION 72 SVETLA TZVETKOVA TRANSPORT CRISIS MANAGEMENT AND MEDIA CONTACT 84 MELINA NEYKOVA IMPORTANCE OF BUSINESS INTELLIGENT INFORMATION SYSTEMS IN INCREASING THE COMPETITIVENESS OF BULGARIAN SMALL AND MEDIUM- SIZED ENTERPRISES 96 DILYANA YANEVA THE ROLE OF STRATEGIC MARKETING MANAGEMENT FOR COMPANY DEVELOPMENT 105 DILYANA YANEVA DEFINITION AND CHARACTERISTICS OF MARKETING STRATEGY 111 DINKA ZLATEVA SOME ASPECTS OF STORYTELLING AS A PART OF CONTENT MARKETING 117 MOAYYAD AL-FAWAEER AYMAN WAEL ALKHATIB INVESTIGATING THE MODERATING ROLE OF TEAMWORK CULTURE ON STRATEGIC INTELLIGENCE AND OPERATIONAL PERFORMANCE 124 MARIA KOCHKORBAEVA ILGIZ KAMBAROV EURASIAN ECONOMIC UNION: PRECONDITIONS AND FIRST STEPS OF FIVE COUNTRIES TOWARDS INTEGRATION 146 ILIYANA ATANASOVA BELICHENOVA REIMBURCEMENT POLICIES AND HEALTH TECHNOLOGY ASSESMENT OF MEDICAL DEVICES IN EUROPEAN COUNTRIES 163 KATRIN-LEYLA YAZID SAWALHA SOME CURRENT TRENDS IN THE INTERACTION OF RELIGION AND POLITICS 171 IVETA VOLEVA-PETROVA ORIGIN AND CHARACTERISTICS OF EDUCATIONAL TOURISM 185 Each of the articles published in the “Economics & Management” Magazine, edition of the Faculty of Economics at the SWU “Neofit Rilski”, after preliminary selection by the Editorial board, is a subject of preliminary review by two tenured reviewers, specialists in the respective scientific domain. All rights over the published materials are reserved. The views of the authors express their personal opinion and do not engage the editorial board of the journal. Economics and Management ISSN: 2683-1325 Volume: XVІІ, Issue: 2, Year: 2020, pp. 1-25 THE DETERMINANTS OF DOMESTIC INVESTMENT IN NIGERIA: A NEW EVIDENCE FROM NON-LINEAR AUTOREGRESSIVE DISTRIBUTED LAG (NARDL) MODEL Joseph David1, Musa Abdullahi Sakanko2, James Obilikwu3 Received: 13.08.2020 Accepted: 30.09.2020 Abstract This study employs an extended Nonlinear ARDL cointegration approach to examine the determinants of domestic investment in Nigeria over the 1980-2018 period. The result from bound testing reveal the presence of cointegrating relationship between domestic investment and the included variables. The empirical evidence demonstrates that domestic investment in Nigeria is determined by inflation, real interest and exchange rate, government spending, electric power consumption, savings, per capita income, credit to private sector and the interaction between government spending and oil price in the short-run; and inflation, interest and exchange rate, government spending, internal conflict, savings, and interaction between oil price and government spending in the long-run. The results also suggest that the impact of increase in interest, inflation and exchange rate is statistically different from their decrease. In essence, this study recommends the increase in government capital expenditure, savings, diversification of the economy, reduction of lending interest rate, maintenance of investment-friendly inflation rate, and conflicts control. Keywords: Investment, Interest rate, inflation, exchange rate, government, internal conflict, Nigeria, NARDL JEL Codes: E22, E21, E62, H54, O16 1. Introduction Both in developed and developing economies, it has been argued that investment plays a very significant role in the functioning of an economy and the expansion of productive capacity in the economy (Ghassemi, 1996). In that, it drives growth and triggers development (Ojong, Ogar, & Arikpo, 2018), raise the level of employment/provide more jobs, promote production techniques, and enhance income level and standard of living (Meyer & Sanusi, 2019; Ali & Shaheen, 2016; Ojong, Ogar, & Arikpo, 2018). Investment is also one of the most important weapons for poverty alleviation. That is, as investment increases, resulting to higher growth and lower unemployment, lots of opportunities is 1 Department of Economics, IBB University Lapai, Nigeria; Email: [email protected] 2 Department of Economics, University of Jos, Nigeria; Email: [email protected] 3 Department of Economics, IBB University, Lapai, Nigeria; Email: [email protected] 1 opened to the poor to improve their income and livelihoods (Agbarakwe, 2019). In