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The economic risk analysis in the case of agricultural enterprises
107-116Views:112The company’s activity, profitability and growth potential are influenced by risk and uncertainty derived from the economic environment. The principal thing that makes difference between risk and uncertainty is the capacity to be quantified, and then the risk can be measured, whereas uncertainty is not. Specific risk types of agricultural enterprises are on the one hand the economic risk and specific risk arising from the main agricultural activity. The economic risks include financial risk categories like market risk, liquidity risk, credit risk and operational risk. Macroeconomic risk manifest also a significant influence to the company and the importance of taking into account of this, importantly increased in recently years. In present paper, I quantified the total risk of company by using financial and operating leverage indicators. The company’s growth was characterized with internal growth rate and sustainable growth rate. The present research aims to explore risk and growth level of agricultural companies and grouping companies by different characteristics. In present analysis I have used cluster analysis. From the results I can summarize, that the agricultural enterprises growth is made by using internal financing resources and their financial leverage level is lower that operating leverage level.
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Tourism and sustainability in Hungary
135-143Views:80Sustainable development is a very popular conception since many years. In practice there could be many difficulties.
Economic, social and ecological systems are too complex to see all the consequences clearly. After all, sustainable criteria are indispensable for responsible planning.
Tourism is one of the world’s dynamically developing economic sectors. But according to this development, we have to confront with a lot of negative effects, like air pollution, or mass. With globalization, the opportunities for tourism increase: thanks to modern transport, places which were too far to be accessible before are now able to be reached. But there are consequences to this expansion. Unfortunately, growth e.g. in air transport causes considerable environmental damage.
In today’s fast-paced world, the sanctity of nature, a soundproof environment, clean air and rural life have become increasingly important. With the growth of demand and tourism globalized, these values can damage or disappear in a short time. So, in tourism, it is vital to project development plans with sustainable principles.
Just as other countries, in Hungary, the development of sustainable tourism is slowly becoming a priority. Fortunately, in plans for the next few years, there appear more concrete ideas on ways to make sustainable tourism grow.
In my study, I assess Hungary’s position in sustainable tourism, examining how sustainable tourism indicators fit in sustainable development indicators and how can we measure aims of sustainable tourism. -
Stevia (Stevia rebaudiana B.) yield in the case of different production technologies
71-77Views:185Stevia rebaudiana B. offers a natural alternative of sweetening, potential health promotion plant, and our country shows increased interest about cultivation in Hungary in addition to the neighboring European countries. The agricultural production system installation necessary
understanding of the needs of the plant, as well as exploring the agronomic potential. Field experiments were conducted in 2015 with the aim to highlight some of the technological production parameters and correlations between them. We have reviewed the most important agronomic factors, the spacing (50×50 cm and 33×33 cm), ground covering (agro-cloth covered and uncovered/ control), their vegetative growth (first-,second-order branch), herb yield and quality in effect.
Based on empirical evidence, that the Hungarian climates also have the opportunity of 3 cuttings during a growing season, besides of early planting, optimal climatic conditions (in October didn’t reduce the daily minimum temperature below 0 °C, after cuttings the maximum interval values remain below 40 °C), and adequate water supply and crop protection facility. The 33×33 cm spacing evaporates more than 50×50 cm spacing, because of the dense population, the continuous canopy less able to breathe, so there are serious chances to the pathogen colonization.
Based on the results of our research to the wider 50×50 cm spacing favorable appreciate the stevia optimal progress in terms of qualitative and quantitative parameters of the yield. The stevia yields produced in the Northern Great Plains field cultivation can produce similar results as stevia crop yields in warmer climates, where the primary crops. Our research experience suggest that there is a viable domestic stevia cultivation, developing the necessary technology is still growing further investigation justifies. -
Exogenous salicylic acid treatments enhance tolerance to salinity of wheat (Triticum aestivum) plantlets
34-38Views:118Salt stress, an abiotic stress, determines modifications of some biochemical indicators, like, antioxidant enzymes, proline (amino acid
accumulate in higher plants under salinity stress) content, and some physiological processes including: plant growth and development. In
this paper we studied the influence of exogenous treatment of wheat seeds, with 0.1 mM salicylic acid (SA) solution, in the plant response to
salt stress. The treatment was applied by presoaking the seeds in the treatment solution for 12 hours before germination. The results showed
that exogenous 0.1 mM SA solution, administrated to the wheat cariopses significantly ameliorated the negative effect of salt stress in first
week of germination in laboratory conditions. -
Managing risk using real options in company’s valuation
125-132Views:133The valuation of company is very important because provides information about the current value/situation of company, and through this, provide the opportunity of choosing the best company’s growth alternatives. The future strategic decisions are characterized by lack of knowledge, information, so all measures of company’s growth are closely linked with uncertainty and risk. The company’s valuation process is also related with uncertainty and risk. The risk may result both from the assessed assets and the technique used. In literature, we could find three approaches for risk management: capital budgeting based method, methods based on portfolio analysis and real options approach of risk management. Among them, the real options based methods is the most revolutionary approach for risk management. The advantages of the method, consists in the fact, that the process of establishing strategic decisions integrates the possibility of reversibility, delay and rejections, which isn’t it possible at two previous methods. The method also takes into account the total risk of company, so both the company-specific and systematic risk. In this study, I have used one of the best-known real option based method, the Black-Scholes model, for determining the option’s value. Determination of option value is based on the data of enterprise, which was tested Monte Carlo simulation. One of the basic assumptions of the Black-Scholes model is that the value of option is influenced by several factors. The sensitivity of option’s value could be carried out with so-called “Greeks”.. In the study the sensitivity analysis, was carried out with indicators Delta (Δ), Gamma (Γ) and Vega (ν). The real options based risk management determinations were performed in the R-statistics software system, and the used modules are 'fPortofio' and 'mc2d'. By using of real options method, I have calculated the average value of company capital equal with 38.79 million. By using simulation was carried out 1000 runs. The results of this show a relatively low standard deviation, small interquartile range and normal distribution. In the calculation of indicator Delta, could be concluded the value of company moves in 0.831 proportion to the price of options, the standard deviations of index is low, so the real option based method could be used with success in company’s value estimation. The Gamma index shows the enterprise value is sensitive just for large changes. The result of Vega reflects the value of option, so the company’s value volatility, which is small in this case, but this means a volatility of value. In summary, we can conclude that the call options pricing model, well suited for the determination of company’s value.
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Distribution and damage of bacterial canker on lemon bushes in the conditions of the Southern part of Azerbaijan
41-49Views:95This paper summarises and presents the results of two-year (2020–2021) field and laboratory studies on the spread and harmfulness of bacterial canker of citrus crops (Xanthomonas citri (Hasse) Dowson.) on mid-ripening lemon cultivars (Citrus limon L.). Experimental field research conducted by us in 2020–2021. It has been established that bacterial canker (Xanthomonas citri) is found mainly on lemon bushes (Citrus limon L.). The pathogen also causes canker (Xanthomonas citri) on kinkans (Fortunella margarita (Lour) Swingle.), poncirus (Poncirus (L.) Raf.), lime (Cirtus aurantiifolia (Christm.) Swingle.). Japanese cultivars of oranges (Citrus sinensis (L.) Osbeck.) and citron (Citrus medica L.) are distinguished by significant tolerance. The most resistant are tangerines (Cirtus reticulata Blanco.) – they are almost not affected by bacterial canker (Xanthomonas citri).
We have established environmental factors that contribute to the wide spread and development of bacterial canker (Xanthomonas citri) on lemon bushes in the southern part of Azerbaijan.
The main indicators of the harmfulness of bacterial canker (Xanthomonas citri) have been identified. The potential for the death of canker-infected lemon fruits has been established. The characteristic features of external and internal signs of the disease were established. A scheme for combating bacterial canker (Xanthomonas citri) has been developed, and the optimal concentration of fungicides that retard the growth and development of pathogens has also been established. Photographs of bacterial canker (Xanthomonas citri) damage to lemon fruits are presented.
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Need for measurement of the innovation at Hungarian SMEs
5-13Views:135Competitiveness studies have shown that innovation could be breakout point for some economies, regions and enterprises. Knowledge acquisition, creation and exploitation of the knowledge base have been an essential element for economic growth. These knowledge-based economic processes come together with the innovation. Measurement of innovation by indicators has been playing a really emphatic role in making strategy whether it is national or EU planning.
Enterprises have always tried to measure and quantify their innovation activities mostly through the results of their economic process. Companies have generally considered their products as part of the innovation. That was the reason that in most cases they only and exclusively focused on the finished product. Some of them was able to realize that details of the production process must be taken into account in order to the whole innovation activity could be measured.
That is why I find it important to examine of what the innovativity of enterprises is made of, and in which way they can be measured.
In addition I was looking for the answer to the questions that how much the measuring method allows you to compare enterprises for further examination.The development of measurement methods is an essential moment of the article. As it is compiled for me the most important aspect of innovation, according to the statistical document, the Oslo manual guides you through the measurement methods and operational processes They play a very important role in proving my hypothesis. Overall, our country’s innovation results show those areas where we have high endowments, and also those where are the weaknesses.
Of course, systems and tools defined by the governing authorities of national economies will have the main role but the activity of the European Union will be the frame in the end, because without subsidies from the EU budget, national budget wouldn’t be enough to implement these aims.