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The purpose of this paper is to evaluate the effect of Covid-19 pandemic on firms' performance with a special focus on companies whose shares form the MBI10 index at the Macedonian Stock Exchange. The objective of the study is to examine a set of firms' characteristics implying the firms' performance, such as: ROA, ROE, EBIT, profit margin, leverage, liquidity, share price and dividend per share in order to determine the difference prior and post Covid-19 pandemic. Тhe hypotheses are tested according to the constructed model and, based on financial data of companies from MBI10 index, descriptive and regression analysis is used in order to investigate the pandemic impact on firms' performance. The results and conclusions reveal the extent of Covid-19 pandemic influence on firms' performance. This paper contributes to the limited literature by providing empirical evidence on the impact of the ongoing pandemic on the firms' performance in the Macedonian economy.

The developing countries, especially in the Balkans, barely use the municipal bonds as an alternative way of financing their activities. This paper is part of the project "The municipal bonds as an alternative source of financing municipals activities and the effective management of funds, with a special emphasis to the Municipality of Stip, R. Macedonia". The paper has an important impact, according to both academic and practical perspective. It combines the experts' academic analysis with the municipals potential in order to facilitate a successful municipal bond emission that would support the local economic growth. The purpose of this paper is to investigate the ability and willingness of the Municipality of Stip to issue municipal bonds. The main hypothesis states that the Municipality of Stip is able to issue a municipal bond as an alternative way of financing its investment activities. The research includes the classical SWOT analysis regarding the Municipality of Stip and continues with a statistical analysis based on correlation and regression relationships within the accounts of the Municipality's annual reports. The methodological framework is based on quantitative research methods (correlations and regression methods) which result in acceptance of the main hypothesis in the paper-the 156 | Marija GOGOVA SAMONIKOV, Elena VESELINOVA, Ilija GRUEVSKI, Risto FOTOV, Risto BINOVSKI Municipal Bonds in Developing Countries. Case Study: Municipality of Stip, Republic of Macedonia municipal bonds as an alternative source for funding municipal's activities are justified, especially if the funds are associated with a specific revenue-generating project. The findings would serve as a basis for the municipal bonds prospect, which would be the ultimate goal of combining the academic knowledge with the practical potential of the Municipality of Stip. The conclusions reveal that this would be the first municipal bond emission in the Republic of Macedonia. However, this fact can serve as an advantage in the market in terms of introducing financial instrument innovation. This paper suggests that the usage of municipal bonds is far away from a risky activity, especially if the funds are invested in revenue-generating projects. Municipal bonds can be a less expensive source of funds for the municipal's projects, rather than different forms of domestic or foreign borrowings. In this way, municipalities can use this financial instrument to initiate and support local economic growth.

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This chapter analyzes the phenomenon of branding and the related process of creating new value, and thus a sustainable competitive advantage through recognition of the concept of radical transparency. The brand equity is a common denominator of all tangible and intangible resources of the company, the amount of its abilities, of any activity indicating a slightly higher value, any attempt to be better and to achieve more. Therefore, in addition the brand equity is elaborated as a source of value for the business. This chapter examines the role of brand equity in providing greater market share, creating entry barriers for new competitors, achieving production and market expansion, providing a price premium, attracting quality workforce, ensuring consumers loyalty and stimulating innovation. For the brand equity to truly provide value it should be more than the company's image or position of the product – the brand should be a unifying force across the company, providing the business with direction and purpose.