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What Drives Capital Financing in Europe? Evidence from Listed Firms in Germany
14-31Views:522This article analyzed the factors that affect the capital financing of German non-financial corporations listed on the German Stock Exchange from 2017 to 2021. By applying a panel data regression model and the Generalized Least Squares (GLS) approach, the results show that the debt-to-assets ratio, equity multiplier, and long-term debt ratio are significantly impacted negatively by profitability as determined by the assets return. Firm size is positively correlated with both the equity multiplier and the long-term debt ratio, suggesting that larger companies use more long-term debt. Growth has a significant positive impact on the equity multiplier and long-term debt ratio but has little influence on the debt-to-assets ratio. Long-term debt is unaffected by liquidity, although the debt-to-assets ratio and equity multiplier are adversely impacted. The GMM method is used during the robustness check, and the findings are consistent with the major GLS findings. These results highlight how important firm-specific factors are in influencing choices about financial structure. The results of this research may be used as a guide for companies operating in Europe and offer valuable information about how to optimize capital structures in various financial contexts. Policymakers could also use the results of this investigation as a reference for creating financial laws and regulations that facilitate non-financial enterprises' access to financing and effective capital allocation.
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Optimizing the combustion processes of a small scale solid fuel-fired boiler
358-369Views:325Over the last decade, the public has been paying increasing attention to reducing greenhouse gas and acid rain emissions and reducing particulate matter, which is extremely harmful to health and the environment. To improve air quality, the European Commission has achieved a range of measures to reduce air pollutant emissions in the transport, heat and electricity, industrial and agricultural sectors. In Hungary, the amount of gas and solid air pollutants from solid fuel combustion used by the public during the heating season represents a significant percentage of the total amount present in the atmosphere. In 2016, taking into the total emission, the 29% of CO2 emissions; 85% of CO emissions; 75% of the particulate matter emissions and 21% of the NOx emissions were derived from households. It follows that the improvement of air quality can also be achieved by controlling the emissions of solid fuel combustion plants. During our research we aimed to optimize the operation of a newly purchased TOTYA S18 boiler and a pilot pellet boiler. Operating the boilers in the correct mode minimizes air pollutant emissions, and the greater part of the heat generated is actually turns to heating the home, as with poor settings, a lot of heat leaves through the chimney. The data obtained during the tests can also be used to determine whether the boilers comply with the emission values set out in Commission Regulation (EU) 2015/1185.
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Kinematics and Control of a Planar Cable Robot
88-95Views:296This paper deals with the kinematics and control of a planar cable robot [1], which is driven by four DC motors with gear. Cable robots are frequently used e.g., for the motion of cameras in sport halls and stadiums and also in high storage logistical systems [2]. Main goal of this research work is to design and build a test bench with low budget, which can model the motion of real life cable robots.
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What Image is Conveyed by the Webpages of Hungarian Higher Education Institutions?
355-370Views:348This exploratory study analyses the online higher education marketing practice in Hungary. It examines the homepages of all of the state accredited higher education institutions in Hungary. The selected dimensions of the examination are to measure different aspects of openness expressed by the image published on the homepages to their audience. State vs. non-state financed (and as a sub-category of the latter: church financed) institutions are compared along these dimensions, as well as universities vs. colleges (according to their status both before 2000 and present). The main finding of the research is that there is a statistically significant evidence that the homepages expressed different images for the analysed institution groups. Differentiating signals between state financed institutions vs. non-state financed institutions, as well as between universities vs. colleges were identified: the number of pictures published on the main page, the presence of sliders, the accessibility of the website to people with visual impairment and to non-Hungarian speakers, and the access to social media. State institutions and universities were found to publish a more open image via their homepages than the non-state financed institutions and the colleges.
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Incentive Methods of Traditional and Lean Production
1-12Views:603Many research deals with the lean management, but mainly related to the topic of operational management. The target of the author to investigate the lean production can be found there any incentives that could be support of the changed labour market. After the labor market outlook, which may help us to understand the actualities of the topic, grouping the incentive methods based on the model of Hay Group's happening, which is collected on the basis of literature lean processing methods. An identifiable differences in the grouping of lean and related traditional production incentives, which are sometimes more supportive of employees' commitment to the company.
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Investments and Their Financing Risks and Risk Management Trends in the Last 10 Years
184-203Views:405The purpose of our literature review was to understand the state of research related to management of risk of corporation’s investments and their finance within the past 10 years. Nowadays the risk management and problem solving are characterized by holistic approach and complexity - and these tendencies we can see clearly. We need to examine the likvidity, financing and investment questions together, because of the interactions between them. They can influenced the corporate value together. The role of risk management in the investments is the cash-flow smoothing (we mean: cash-flow generated by investment). The field of corporate finance is noticeably inseparable from other areas of business science (at least in the empirical analyses), and even technical issues, like risk management, have long been considered suitable appropriate in an integrated form. The financial and operational hedging has become indispensable elements of the managerial toolbar. The consequence of crisis (from 2007) promotes the birth of many studies that justify it. The researchers are paying close attention the transaction costs, such as costs of contracts or agent costs, and the losses due to information assimetry. The statements of behavioral finance connection with managerial decisions mean important additives in this field.
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Analysis of Activity Times in the Process of a Wooden Box Manufacturing
475-484Views:318The main target of companies is to earn money and achieve profit. In order to fulfil these needs, companies have to reduce their costs. Cost reduction is often associated with bad quality products, but it could be done in a different way. Sometimes it is enough to examine only their own processes and then benefit from the process optimization, process improvement or process scheduling. In this article a case study is presented, in which the differences in a production scheduling are evaluated with the application of Monte-Carlo simulation and descriptive statistics. At the end of the paper the most efficient material sequence is selected at the manufacturing company by using weighted sum model
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Management Practices from Christian Point of View
14-30Views:392Globalisation is a complex and worldwide process overarching historical times and continents. However the phenomenon brought efficiency and new opportunities to companies, providing practically free access to raw materials, labour and knowledge, it also caused negative effects like the degradation of the biosphere, greater social and economic inequality especially in the developing countries. There are some companies operating worldwide which have acquired great economic power and influence. and governments have only limited possibilities (if any) to regulate their operation. The expenses of profit maximisation are high, which are often ‘paid’ by the socialnatural environment (as externalities) and/or by humans. The aim of our study is to overview how current business relations could be formed to be more „human friendly”. The research is done from a Christian philosophy point of view, focusing on the employees as the major stakeholder group of the comanies. As part of the study some practical examples and Hungarian organisations related to this topic are introduced in order to highlight the relevance of the topic.
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Financial Performance Measurement with the Use of Financial Ratios: Case of Mongolian Companies
20-32Views:496The aim of this paper is to examine the efficiency of Mongolian 100 public companies listed on Mongolian Stock Exchange (MSE) which are divided into 6 major sectors. This study conducts the performance of companies in terms of profitability by using three different output variables i.e., revenue, pretax profit and ROA (Return on Assets). In the beginning of this research, nine variables which are connected with profitability are chosen as output variables, while 24 variables expressing growth, financial structure, solvency, and turnover together with some fundamental financial data are chosen as input variables. 10 variables out of 24 input variables, which determine the financial structure, solvency, and profitability, are chosen as input variables based on the calculation of stepwise regression analysis. Stepwise regression, multi co-linearity analysis are made by SPSS and DEA (Data envelopment analysis) is evaluated by benchmarking package in R excel statistical program covering the period of 2012-2015. This paper uses the input-oriented version of DEA based on financial ratios and some crucial components of a financial statement. The results of DEA show that food and grocery sector was the most efficient, and mining sector was at the second place by its efficiency, while agriculture and service sector were the worse than other sectors.
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Sport Consumption, Fan Engagement, Sport Statistics – Post-specific Passing Characteristics in Football
Views:907Digitalization and the explosive development of technology have led to significant changes in football. Due to the increasing amount of data available through various sensors and other data collections, we can observe the rise of data-centric, analytical and statistically oriented thinking in football, which is also of interest to fans. Digitalisation is also closely linked to sports consumption, which is why we have seen significant changes in this area in recent years. The pandemic has further amplified the speed of digital transformation in the sports industry. One of the most important contents for sports organizations and their fans is the in-depth sports statistics and analysis that enhances the consumer experience. In our study, we examined the most common performance indicator in football, passing. Our goal was to examine the position-specific pass characteristics in detail, therefore we also examined different pass properties in our research. As a model for our analysis, I chose the premier league, which has the highest UEFA coefficient. The three rounds (rounds 30-32) of the championship season 2019/2020 have been recorded and analyzed in terms of passes. there was a significant difference between the average number of passes per game between defensive and offensive players (t=7,988, p<0.05). There is also a gradual decrease in the number of passes attempted per match and the accuracy of the pass in the examination of the middle positions when examining the positions in the depth of the pitch. For both pass accuracy and average pass count, the decreasing ranking corresponds to the position of positions on the pitch (order: 1, central defender 2, defensive midfielder 3, inside midfielder 4, attacking midfielder 5, striker). In the value indicator of the position for passes, offensive positions performed more effectively than defensive positions. The extreme positions also stand out among the attacking positions, where in the case of the position value per pass number, 23.3% of the total test was completed and 14% of the amount of the established position value indicators was provided by these posts. Overall, our study points to post-specific pass characteristics and, knowing this, we can state that the comparison of players' passing performance is relevant if the players are in the same or related positions.
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Properties of Cellulose Sheets Modified with Potassium-Humate and Copper (II)-Sulfate
276-285Views:272Throughout our research we have made potassium-humate from brown coal of Dudar. With potassiumhumate and copper(II)-sulfate we made test sheets of linter cellulose fibers. The surface energy, surface wettability, CIE Lab color-coordinates changing, bending resistance and tensile strength of the produced test sheets has been examined. There was no big difference in the different samples during surface energy and wettability testing. Examination of mechanical properties suggests that potassium-humate content increases bending resistance of the test sheets. The bending resistance of samples increased by 32%, 100% and 336% compared to the control test sheets while adding potassium-humate.
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Demand and Supply in the Talent Market
142-149Views:431In Hungary, the emergence of a talent market for organizations is due to the growing demand for talented workers. The talent's definition, the exploration of the factors affecting the talent market's demand and his supply are necessary to the overview. With the emergence of the talent market, we will also carry out an important analysis of the changes in the labor market in Hungary as well as the shortage of labor shortages. In the labor market today, different generations are present, who have different expectations for their employer and work environment. The lack of skilled workers is attempted by organizations with different methods. One of these is the ability of companies to become a talent-magnet, resulting in a higher number of employees in their area of activity. In areas where labor shortages are high, more and more attention is paid to automating processes. During the research, I worked on the related literature and studies to determine the factors influencing the talent market.
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Experimental Study of Connections with Hardwood Studs
26-34Views:266Attitude change is needed in design of timber structures. Truss girder made of timber elements wi th small cross sections can be used on large spans. Constructing structures with the use of these prefabricated trusses reduces the need of in-site work, and makes the use of ti mber structures economic. Rods of truss can be connected with the use of hardwood stud. On this way all steel components can be eliminated from the truss, so it can be used in aggressive environment as well. Dowel type connection, with hard wood stud is the subject of the present research. Hardwood studs were investigated individually and also as the part of separated connections of the truss girder.
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Do Changes in the Economic Role of States through Privatization matter?: The Brazilian Case
125-136Views:346In market economies, the subject of scientific research is the extent to which the state can contribute to the sustainability of development. However, the question is to know where the boundaries of the market and the role of the state lie. The study briefly introduces different views of the state's economic role and how states have changed the proportion of their entrepreneurial assets. Among these, it highlights privatization, which is one of the significant segments of today's economic policy practice at both micro and macroeconomic levels. It then describes Brazil's economic circumstances that led to the formulation of a proper size privatization program. Finally, the socio-economic factors that, according to the author, make the realization of Brazilian privatization plans uncertain presented.
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Examination of Z Generation’s Motivation and Expectations on Higher Education
1-13Views:755Today’s students at secondary schools, the so-called Z generation will be the customers in higher education in the near future. Members of the generation 'Z' were born between the early 1990’s and at the end of the 2000’s and significantly differ from the previous generation Y. They are called as Sharing Generation and Digital Generation as well. They have special learning habits and special expectations about learning, teaching and theories. These facts bring up a question about suitability and efficiency of traditional and actual methods in higher education in connection with their teaching and personal development. In this research expectations of students in year 11 will be examined about the higher education in general and with special regard to the business higher education.
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Transformation of the Decisional Leadership Role
26-40Views:444Leadership decision-making is important for the successful functioning of organizations, so it is necessary for leaders to understand the factors that impact their decisions. Decision-making is always the responsibility of the leader, but in a changing world, it becomes an even more crucial factor for success. Making good decisions requires time, experience, and thorough problem-solving skills. In my research, through the analysis of scholarly sources, I have identified several role factors that clearly influence the decision-making process and its implementation. Furthermore, I have developed a self-designed questionnaire to examine the decision-making role in modern organizations. I analyzed the data from 230 respondents using various statistical methods. Based on my findings, conflict management, risk-taking, and a thorough understanding of the problem strongly determine leadership decision-making processes. The ability of leaders to effectively manage conflicts significantly impacts their decisions. Risk-taking is also of key importance, as leaders need to recognize the risks associated with a given situation and make decisions accordingly.
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Investigating the Effects of Active Cooling in 3D Printing
39-47Views:3433D printing is an increasingly widespread manufacturing process. With the development of machines and materials, the technology is becoming more accessible and easier to use. However, the technology's specificities mean that it requires knowledge of manufacturing technology. In some cases, it is necessary to solidify the freshly deposited layers as soon as possible in the event of large overhangs. This can be achieved by active cooling, which in turn can affect the material properties of the part. This research investigates the effects of active cooling during production.
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Compliant Mechanisms in Progress and Development Of Modern Technology
186-189Views:285In this paper, the compliant mechanisms will be presented. There will be presented some representative works that have brought progress and development in modern technology. Examples will be presented from simple concepts such as a tweezers, staples, to mechanical clutches, pointer and micro-compliant mechanical structures.
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Interchange of Heat in Saw Disc Body During Cutting
488-494Views:309The paper presents the experimental results of a research aimed at the distribution of the temperature on the circular saw blade body. The temperature was measured at two distances from the centre of the circular saw blade body (70 mm, 140 mm) by means of an infrared thermometer. Two circular saw blades with the diameter of 350 mm and a variable adjustment of the body (with slots and without the coating, with both slots and coating) were used for the longitudinal sawing of the spruce wood (Picea excelsa) with the thickness of h = 37 mm. Feed speeds ware vf1 = 14 mpm, vf2 = 17 mpm and vf3 = 20 mpm. Cutting revolutions n = 4100 /min. were constant. The measured temperature was in the range from 21 °C till 27 °C. The highest measured temperatures were recorded on the circular saw blade with the slots and coating.
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Bread Making and Consumption Habits in the Gluten-free Diet
252-262Views:510Celiac disease is a genetic autoimmune disorder characterized by sensitivity to gluten. Gluten is a protein found in many grain products (wheat, rye, barley and oat). When a person with celiac disease consumes gluten, his/her immune system perceives the gluten to be a harmful substance and reacts negatively. The only treatment for people with celiac disease is lifelong adherence to a gluten-free diet. Bread is a basic and frequently consumed food made from basically gluten-containing grains. Bread plays essential role in the Hungarian dining habits, thus bread consumption in the gluten-free diet is a challenging question. The aim of our empirical research was to investigate the gluten-free bread making and consumption habits of people following a gluten-free diet.
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Impression Management Strategies Used by Foreign Students
127-132Views:273In this paper, we examined a general human behaviour, the impression management among university students. People are interested in how others think about them. At the organizational level, they can also benefit from being positively judged by others. Effort to create this positive image is Impression Management, which has several measurement options. In this paper, we conducted research on the impressions strategies used by first year international students of University of Debrecen, Faculty of Economics and Business Administration, Bachelor in Business Administration and Management programme. In our analysis we used the questionnaire consisting of 22 questions developed by Bolino and Turnley. We analysed what strategies are typical for the examined student group and to what extent? Are there differences in the strategies employed by men and women and depending on their cultural background.
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Fémhabstruktúrák elemzése és geometriai modellezése
145-152Views:267The development of an efficient procedure for 3D modelling and finite element simulation of metal foams is one of the greatest challenges to engineer researchers nowadays. Creating 3D CAD model is alone a demanding engineering task due to its extremely complex geometry, and the proper finite element analysis process is still in the center of the research. The aim of this project is to analyze the related literature and to adapt the results may be considered
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The Efficiency of Intellectual Capital as a Crucial Factor of Innovation
419-428Views:435In today's global economy, there is a substantial shift from manufacturing to services, which challenges both economic policymakers, business stakeholders, owners, suppliers, competitors, and ordinary people: restructuring will encourage all economic players to learn how to adapt to new trends. That is why our research focuses on innovation and the ability of companies to create value. The IT sector is currently one of the fastest-growing and most innovative sectors within the service industry. The success of IT companies is greatly determined by their ability, how to make effective use of their intangible assets at their disposal, including intellectual capital, which is defined as a non-financial asset. So the question may arise: how is it possible to quantify and in monetary terms the intellectual capital of the companies to be examined? That is why, we calculated for the most successful Hungarian IT companies the widely recognized index, the VAICTM index, for which domestic calculations are not yet available. Indeed, this indicator eliminates the lack of information stemming from reporting standards by the methodology relying on publicly available financial reporting data. The indicator itself is a top indicator whose two main sub-indicators quantify the effectiveness of intellectual capital and physical capital.
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Utilisation and Quality Management of Power Plant Fly Ash
329-337Views:384Over the past decades, both the residential and industrial energy demand has increased due to the continuously growing consumption and production. As a large share of the electricity is still produced using fossil fuels, the utilisation of the by-products is a contemporary and pervasive issue. Fly ash is generated in large quantities in coal-fired power plants and has been proven to be an appropriate raw material for various industrial uses. Among others, it is applicable as an additive and lightweight aggregate in the cement and concrete industry, can be used for CO2 sequestration, glass foam production, catalyst production, or as a base material for geopolymers, as well. Geopolymers are inorganic polymers produced via the reaction between solid alumina and silica containing or alkali silicate materials in alkali media. Due to their numerous advantageous properties and wide variety of utilisation possibilities, research on fly ash base geopolymers became widespread topic. The quality of fly ash is determined by technical requirements, and the degree of quality control requirements depends on the final use. In certain fields of applications, standards and regulations have already been created to ensure the consistent quality of the final products made from fly ash, e.g. in the cement and concrete industry. There are various methods for fly ash processing, however, the methods to achieve the necessary properties are not standardised.
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Markmyprofessor: the More the Better?
232-243Views:1418Student evaluation of faculty members is a current topic both internationally and in Hungary, partly due to the massification and partly due to the marketization of higher education. One of the evaluation methods is the internet-based voluntary rating which was started by ratemyprofessors.com in the U.S.A. and whose Hungarian counterpart is markmyprofessor.com. Research studies on the U.S. website – among many other critics – established that reliability of this evaluation method highly depends on the frequency of ratings: if an individual tutor is evaluated by more students, then the standard deviation of the ratings is smaller. The previous conclusion about the U.S. website is tested in our study based on Hungarian data. Our main result is that many of the experiences about markmyprofessor.com echo the previous findings about ratemyprofessors.com. Beside this in the Hungarian sample the higher response rate is associated with lower average ratings.
