Vol 11, No 1-2 (2017)

Published June 30, 2017

Issue Description

This issue is number 1-2 of the 2017 volume of Apstract. This means that the journal Apstract had its
10years anniversary in 2016. In the aftermath of this special occasion, attention is paid to the history of
our open access journal. This done in the first paper of this issue.
The other 19 papers deal with a range of topics in the field of agribusiness and commerce. There is a
variety in approach, methods, topics and scope. Contributions come from all parts of the academic world
e.g. Africa, America, Asia but also Europe, demonstrating that Apstract is becoming a truly international
journal and not confined to Europe.
Three papers deal with consumers and households. One paper deals with food waste and the waste of
bread in particular in Hungary. In another paper consumer willingness to pay a premium for functional
food in Ghana is analysed. The socio-economic determinants of fish shoppers in Trinidad- Tobacco is
the topic if the third paper in the area of consumers and households.
Several papers deal with the choice of sophisticated econometric models and techniques to societal problems
such as the long run equilibrium bet. . .

This issue is number 1-2 of the 2017 volume of Apstract. This means that the journal Apstract had its
10years anniversary in 2016. In the aftermath of this special occasion, attention is paid to the history of
our open access journal. This done in the first paper of this issue.
The other 19 papers deal with a range of topics in the field of agribusiness and commerce. There is a
variety in approach, methods, topics and scope. Contributions come from all parts of the academic world
e.g. Africa, America, Asia but also Europe, demonstrating that Apstract is becoming a truly international
journal and not confined to Europe.
Three papers deal with consumers and households. One paper deals with food waste and the waste of
bread in particular in Hungary. In another paper consumer willingness to pay a premium for functional
food in Ghana is analysed. The socio-economic determinants of fish shoppers in Trinidad- Tobacco is
the topic if the third paper in the area of consumers and households.
Several papers deal with the choice of sophisticated econometric models and techniques to societal problems
such as the long run equilibrium between exports and imports in Ghana. Another paper deals with the
interior point algorithm for solving farm resource allocation problems as an alternative to the simplex
algorithm, whereas in a third paper a stochastic frontier model is used to assess the effect of off-farm
participation on the technical efficiency of smallholder farmers in Ghana.
Finance is the umbrella for four papers. There is a note on simple and logarithmic return for financial
assets like stocks or portfolios. Another contribution pays attention to an international outlook in financial
reporting, whereas in a third paper systematic risk factors and stock return volatility are analysed for the
case of Pakistan. The fourth paper assesses the financial viability of the floricultural industry in Ghana
using various investment appraisal methods.
Two papers deal with issues in the field of labour. One paper addresses the impact of ICTS on occupational
choice and labour productivity in Nigeria, whereas a second paper uses structural equation modelling
to assess the contribution of various factors on job satisfaction of public sector employees in Mongolia.
Four papers relate to market phenomena. In the one paper the price erosion of generic plant protection
products is analysed for Poland, whereas in the second paper the effect of Russian food import sanctions
on the restaurant business in Moscow is addressed. The effect of the economic crisis on the market
of corporate philanthropy is the topic of the third paper, whereas the effect of type of greenhouses on
economic indicators and supply of peppers in Hungary is discussed in the fourth one.
Universities not only produce research, but also enrich the human capital of students. This can be done
thru MBA education, as is discussed in one paper for the university of Debrecen. A second paper in this
area of human capital of students analyses the impact of entrepreneurship education on students behaviour.
Apstract is also paying attention to sports issues. One of the papers in this issue addresses gender equalization
on ice, a comparison of female figure skaters with female ice hockey players.

More

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Articles

10 year anniversary of the Journal APSTRACT: The history of an open access journal
5-8

The idea initiating the birth of the journal APSTRACT was initiated by András Nábrádi, during a 2005 AGRIMBA1 executive board meeting held in Aberdeen, UK. AGRIMBA is an open international network of academics and professionals from universities and related institutions dealing with education and research in agribusiness (Csapó et al., 2010...). Currently, the Network is especially active in Central and Eastern Europe (Heijman, 2015). The main objective of the Network is to set standards based on best practices for programmes it oversees and to accredit them on the basis of these standards. The International MBA Network was established in 1995, by founding members from Wageningen University, Scottish Agricultural College, the Czech University of Life Sciences in Prague, Warsaw Agricultural University, University College Cork and the University of Wolverhampton. Between 2000 and 2009, the following universities joined the Network: Humboldt University Berlin, the University of Debrecen, Arkansas State University, the Agricultural University of Ukraine, the Timiryazev Academy in Moscow, the University of Belgrade and the University of Zagreb (Heijman, 2015). The Universities of Belgorod (Russia) and Kazan (Russia) has also joined the network last year.

JEL code: A10

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28
6
The analysis of agro-economic effects of household food wastage through the example of bread
9-18

In our busy world, where numerous people starve and where the resources are restricted, it is a key issue to pay particular attention to the topic of prevention and decrease of food loss as well as food wastage.Wastage of food produced and delivered to the end user (customer) is an issue arising globally and nationally as well, which results in... efficiency loss at economic level in any case. While the FAO study mentions food waste of the order of 1.3 billion tonnes on a world scale, then the annual quantity of food waste in Hungary is estimated at about 1.8 million tonnes, which contains the waste of every member of the chain from production to consumption. On the basis of the data published by the Hungarian Food Bank (2015), the amount of food waste caused by the population is 400 000 tonnes. In compliance with our objectives, inputs – expressed by non-financial and financial indicators – emerge during production are assigned to the quantity of wasted food. Applying the aforementioned method we would like to make customers realize how many resources (land, water, artificial fertilizer, pesticide, seed and gasoil) are utilized needlessly in food verticum by the end products – at present by different breads they throw out. As our calculations prove by 10% waste of breads the utilization of 5 300 hectares of wheat land and 660 hectares of rye land can be considered unnecessary. By 10% waste of breads the financial value of the utilized resources is altogether 3.25 million EUR. Out of this the financial value of utilized artificial fertilizer is 1.10 million EUR (34%), of utilized pesticide is 1.15 million EUR (35%), of utilized gasoil is 0.70 million EUR (22%) and of utilized seed is 0.30 million EUR (9%). Among different breads, white bread is purchased in the greatest volume by the Hungarian households, from which 121 900 tonnes are bought annually on an average. This quantity is equal to almost the 40% of the annual bread sell. If 10% of purchased white bread is thrown out, it results in useless utilization of 2 676 hectares of wheat land in food verticum. The quantity of utilized water arising form wastage is 15.8 million m3. Further losses emerge as regards material inputs: artificial fertilizer- to the value of 0.50 million EUR, pesticide- to the value of 0.58 million EUR, seed to the value of 0.15 million EUR and gasoil-loss to the value of circa 0.35 million EUR. Totally, material input to the value of 1.58 million EUR is owing to the Hungarian households in case of 10% white bread wastage.

JEL code: Q53

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29
7
Comparing parametric and semiparametric error correction models for estimation of long run equilibrium between exports and imports
19-23

This paper introduces the semiparametric error correction model for estimation of export-import relationship as an alternative to the least squares approach. The intent is to demonstrate how semiparametric error correction model can be used to estimate the relationship between Ghana’s export and import within the context of a generalized addi...tive modelling (GAM) framework. The semiparametric results are compared to common parametric specification using the ordinary least squares regression. The results from the semiparametric and parametric error correction models (ECM) indicate that the error correction term and import variable are significant determinants of Ghana’s exports. On the basis of Akaike Information Criteria and Generalized Cross-Validation (GCV) scores, it is found that the semiparametric error correction model provides a better fit than the widely used parametric error correction model for modeling Ghana’s export-import relationship. The results of the analysis of variance provide further evidence of nonlinearity in Ghana’s export and import relationship. In effect, this paper demonstrates the usefulness of semiparametric error correction model in the estimation of export – import relationship.

JEL code: C14, C18, C22, F10, F14

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24
4
Importance of the generic segment of thye plant protection products – the case of the Polish market
25-33

Authors present results of the analysis of developments in the plant protection products industry, with a focus on its generic part. Authors concentrate on long-term changes of prices, volumes and values of generic pesticides launched into the market. There were two strategic groups of producers identified: research and development (R&D) an...d generic. The analyses conducted prove that there is a relationship between the amount of generic products on the market and their prices. It is also clear that the number of competitors significantly influences the speed and range of price erosion. Used as examples generic plant protection products were placed on the market with an average price 15% lower comparing to branded pesticides.

JEL code: M31

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23
4
Off-farm participation and technical efficiency among smallholder farmers in the Northern Region, Ghana
35-43

The study aimed at investigating the effects of off-farm participation on technical efficiency of maize production in the Tolon district of the Northern Region, Ghana. The Logit regression model was used to analyze the determinants of off-farm participation while the stochastic frontier production function was used to model the determinants of ...maize output and technical efficiency. The empirical results from the logistic regression model indicate that age of farmer, educational attainment, farming experience, farm size, and previous farm income are significant drivers of farmers’ participation in off-farm activities. Farmers’ average technical efficiency level was 90.7% suggesting a 9.3% potential loss to inefficiency. Moreover, participation in off-farm activities had a negative influence on farmers’ technical efficiency level. The study, therefore, recommends that farm-level policy should be directed towards making the agricultural sector attractive by promoting investment and agricultural employment opportunities in the rural areas so as to ensure full commitment to farming activities.

JEL code: Q22

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34
12
Interior point algorithm for solving farm resource allocation problem
45-49

This paper introduces interior point algorithm as an alternative approach to simplex algorithm for solving farm resource allocation problem. The empirical result of interior point algorithm is compared with that of the simplex algorithm. It goes further to address a profit maximization problem. The result revealed several relevant patterns. Res...ults of the interior point algorithm is similar to that of the simplex algorithm. Findings indicated that in both algorithms, the farm is to produce peppers, wheat which is irrigated and weeded manually, hire additional month of labour, and also purchase urea and muriate fertilizer to realize a similar amount of profit. Additionally, both algorithms suggested that practicing crop rotation where beans, if grown, should be altered with wheat cannot be possible since no beans will be grown. The Simplex algorithm saves 39 iterations over Interior Point algorithm in solving the farm resource allocation problem. The findings demonstrate that the interior point algorithm offers a useful alternative to the simplex algorithm when addressing farm resource allocation problem.

JEL code: D24, D57, C61, C63, C67

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24
7
Consumer willingness to pay a premium for a functional food in Ghana
51-59

Interest in functional foods has been growing in sub-Saharan Africa due to consumer concerns with diet and nutrition. This paper analyses consumer awareness, perceptions and effects of the determinants of consumer willingness to pay (WTP) a premium for Moringa bread in Ghana. An ordered probit model is employed. The empirical results indicate t...hat consumer knowledge of the nutritional and health benefits of Moringa bread is what matters most to consumers in respect of their WTP a higher premium for the product. Consumers with knowledge on Moringa products are more willing to pay above 50% price premiums for Moringa bread. Fruitful policy recommendations are made in the paper.

JEL code: D12

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24
8
Systematic risk factors and stock return volatility
61-70

This study analyzes the transmission of systematic risk exhaling from macroeconomic fundamentals to volatility of stock market by using auto regressive generalized auto regressive conditional heteroskedastic (AR-GARCH) and vector auto regressive (VAR) models. Systematic risk factors used in this study are industrial production, real interest ra...te, inflation, money supply and exchange rate from 2000-2014. Results indicate that there exists relationship among the volatility of macroeconomic factors and that of stock returns in Pakistan. The relationship among the volatility of macroeconomic variables and that of stock returns is bidirectional; both affect each other in different dynamics.

JEL code: C32, C58, G11, G12

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37
54
Strategy for the restaurant business in Russia in terms of sanctions and import substitution
71-80

This article describes the situation established in August 2014 in Russia. The article considers an example of a famous restaurant «Metropol» (Moscow), taking into account the prevailing situation in Russia. The study of customer attendance, assortment and price policy towards the main products forming the restaurant’s menu was conducted. A...s a result, recommendations were given, in order to preserve the client base and revise the assortment of dishes.

JEL CODE: M21

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28
7
Ecological aspects of increasing intensity in pepper forcing with prime attention to the type of the growing equipment
81-87

Significant amount of profit can be generated in forcing technologies by the efficient use of different elements in growing technologies, however, improving production intensity is on the agenda in the sector. Pepper forcing, as the most significant class of vegetable forcing, practically takes place under all the growing equipment widespread i...n our country, but there is a considerable difference in context of profitability and efficiency. This paper wonders whether the most intensive technology in pepper forcing is efficient regarding the use of forcing equipment, namely modern greenhouses, or growing under greenhouses with significantly lower investment cost is more efficient. The analysis represents cost-income factors and efficiency assessed on a long-term basis of different technologies via a deterministic model based on producers’ data collections. As a result of the research, economic indicators are calculated based on exact results which will help to conduct a comparative assessment of economic features in technological varieties.

JEL code: Q12

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22
4
How economic recession effect the corporate philanthropy? Evidence from Pakistani corporate sector
89-95

Corporate philanthropy is a significant indicator of firm’s socially responsible behavior. Researchers and managers acknowledge the immense potential of corporate philanthropy for optimizing social and economic benefits. Aligned with this view corporate sector in Pakistan is engaged in philanthropic initiatives in some form or another. This p...aper aims to present the response of the Pakistani corporate sector to the corporate philanthropy at the time of global economic recession 2008-2009 by analyzing the sample of Public Listed Companies (PLCs). The analysis revealed that during the global financial crisis, the economic condition of Pakistan was worsened that was already in distress, but it hasn’t strongly effected the corporate philanthropy as the data shows a slight decrease in the overall volume of corporate donations in 2007 and a slight decrease in the number of companies engaged in philanthropy during 2008. The finding of the study suggests that during the global economic downturn the PLCs in Pakistan continued to show commitment towards community through corporate donations.

JEL code: B22

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24
7
The impacts of organizational culture, knowledge management and employee engagement on job satisfaction: The case of supportive service officers in Mongolia
97-104

Employee’s job satisfaction is one of the main influential factors for the effectiveness of human resource development. The aim of this study is to investigate the impacts of organizational culture, knowledge management and employee engagement on job satisfaction among public officers. This research topic has been studied and is well-known in... worldwide. In Mongolia, context the topic of study has been developed at low level. Data collected from the public-sector employees that understand to impact of job satisfaction. In the research, 213 participants participated who work in public organizations of Mongolian cities such as Ulaanbaatar, Darkhan and Erdenet and districts near to Ulaanbaatar city, including Nalaikh, Khutul, Baganuur. Therefore, the research methodology organized and used some information from statistical calculations in Mongolia. The results showed that impact of all factors such as organizational culture, knowledge management and employee engagement had a positive relationship on job satisfaction. It means that public servants can take care of organizational culture, knowledge management and employee engagement to remain and make their employees happy, as the more satisfied employees are, the more productive they are than those who are less satisfied. This study discussed the effects of above mentioned results, the implications for theory and practice along with the limitations of the research and the implications for further research. Data were used SPSS and SmartPLS 3.0 to test the relationships between variables.

JEL CODE: J01

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76
47
Socioeconomic determinants of frequency of fish purchasing among Trinidad and Tobago shoppers: A binary logit analysis
105-109

As the Caribbean continues to succumb to the pressure of Non-Communicable Diseases innovative strategies are being sought to rectify the problem. Increasing the purchase and consumption of fish/seafood has great potential in this regard; however, very little empirical research appears to have been undertaken on food marketing in general and for... fish in particular in the Caribbean. This study analyzed the factors that affect the frequency of fish purchasing in Trinidad and Tobago. The results of the analysis indicated that 63% of the sample are occasional purchasers of fish (purchased fish less frequently than once per week). The binary logit analysis showed that of the eight socioeconomic variables analyzed, only three were statistically significant – age, educational level attained and religion. The results suggested that persons over 35 years, more educated (tertiary level trained) and non-Christians are more probable to be regular purchasers of fish than younger, primary and secondary level educated Christians. It is hoped that marketers trying to develop strategies to gain market share in the highly competitive food market, nutritionists and others attempting to reduce the health care costs of Trinidad and Tobago and other Caribbean countries through the increased consumption of fish/seafood find these results informative.

JEL. Code: M31, Q13, C25

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23
4
Occupational choice and agricultural labour efficiency in Nigeria: Impact of ICTs
111-117

Increased labour efficiency is imperative in the developing world and particularly in Nigerian Agriculture which should be in its leaping phase. The interaction between labour efficiency and ICTs is inevitable in the realisation of the nation’s agribusiness potentials. Following a vivid descriptive statistics on main occupations and access to... ICTs among the Nigerian populace, this study assessed effects of ICTs on the probability that a working aged Nigerian chose agricultural occupation over non-agricultural occupations. In doing so, the study analysed the effects of access to ICTs on agricultural labour efficiency in Nigeria. Data used for the analysis were drawn from the Nigerian General Household Survey-Panel held in 2010-2011 period. Analytical framework for the study include: Logistic Regression and Multiple Regression Models. Results show that access to mobile phones, using the internet to obtain information, and using the internet to send or receive mails were significant factors of the probability that a Nigerian chose agriculture or its related activities as a main occupation. Again, access to personal computers, use of the internet for e-banking, e-learning and for reading e-newspapers had significant impact on agricultural labour efficiency in Nigeria. The study recommends that labour policies should find a place for the role of ICTs, particularly the internet.

JEL. Code: Q12

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24
7
Assessing the financial viability of the floricultural industry in Ghana
119-126

This study determines the financial viability of the floricultural industry in Ghana using both discounting and non-discounting investment appraisal methods. The feasibility analysis suggests that large-scale floricultural firms are more profitable particularly with the production of cut flowers. However, investors with limited capital can vent...ure into small-scale production specifically cut flowers. The conclusion is that the floriculture industry is financially viable therefore investors are encouraged to expend their resources in the industry. We recommend that the government and stakeholders need to create institutional support to enable the already established firms to further develop and attract new investors in the sector.

JEL. Code: Q13

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23
5
Note on simple and logarithmic return
127-136

In this paper we describe and clarify the definitions and the usage of the simple and logarithmic returns for financial assets like stocks or portfolios. It can be proven that the distributions of the simple and logarithmic returns are really close to each other. Because of this fact we investigate the question whether the calculated financial ...risk depends on the use of simple or log returns. To show the effect of the return-type on the calculations, we consider and compare the riskiness order of stocks and portfolios. For our purposes, in the empirical study we use seven Hungarian daily stock prices and for the risk calculation we focus on the following risk measures: standard deviation, semivariance, Value at Risk and Expected Shortfall. The results clearly show that the riskiness order can depend on the use of the return type (i.e. log or simple return). Generally, often – due to missing data or the nature of the analysis – one has to use approximations. We also examine the effect of these approximations on the riskiness order of stocks and of portfolios. We found differences in the riskiness order using exact or approximated values. Therefore, we believe, if this is possible, exact values instead of approximated ones should be used for calculations. Additionally, it is important that one uses the same type of return within one study and one has to be aware of the possible instabilities when comparing return results.

JEL Code: C18

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33
5
Women on ice - gender equalization
137-145

In the last decades the women started to do sports which were originally masculine (Pfister, 1990). The parity led to the slow transformation of the old-school thinking about the traditional roles of sexes (Hall, 1996). The main questions of our investigation were whether the athletes’ thought of the figure skating and the ice hockey are diff...erent according to their sport or to the existing stereotypes in the Hungarian sport society. We used semi-structured interviews to gather opinions of two different gender type icy sports’ top women athletes (figure skating and ice hockey) to see their viewpoints about the gender equalization. We can verify Metheny (1965) findings, that the social acceptance or refusal of women in sports on the basis of traditional features is changing slightly. Research questions were: Are there differences in the childhood sport socialization processes of the representatives of the two sports? What was the motivation behind their choice of sports? Are there differences in the gender identities of female athletes? What is the athletes’ opinion on one another and the representatives of the other sport? Method was semi-structured in-depth interviews and the samples were the members of the Hungarian women ice hockey and figure skating national team. According to our results family and siblings were decisive in the childhood socialization process. Early age patterns do not seem to have much influence on the selection of sport. Although among water polo/ice hockey girls there were a few tomboys. Among the ice hockey team members there were girlish girls and boyish girls as well, but among the figure skaters there were no one who was boyish. No differences can be observed in their views on gender roles concerning for example employment or housework.

JEL Code: Z29

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41
10
New venture creation – the influence of entrepreneurship education on students’ behavior (a literature – review based study)
147-153

Entrepreneurship brings economic growth and development through the process of venture creation. These new business enterprises have a very important and positive impact on employment generation, poverty alleviation, and socio-economic development. Entrepreneurship education influences the attitude and behavior of students to form intentions of... self-employability. We have analyzed the literature to clearly understand the relationship between entrepreneurship education and intentionality and the underlying mechanisms through which entrepreneurship education impacts intentions to start new ventures. By utilizing the Theory of Planned Behavior (TPB) and Social Cognitive Theory (SCT), we propose that entrepreneurship education increases students’ perceived entrepreneurial self-efficacy and perceived desirability for starting new ventures. Entrepreneurial self-efficacy and desirability in turn impact and increase students’ entrepreneurial intentions for creating new ventures. Entrepreneurship Education Programs (EEPs) focusing “Education for entrepreneurship” have more influence on intentionality through self-efficacy and desirability. Comparatively, EEPs concentrating on “Education about entrepreneurship” will have less impacts on the intentionality. The study has important theoretical and practical implications for researchers, academicians, policy makers and potential entrepreneurs – the students.

JEL. Code: A2, L6

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57
8
International outlook: The notes and business report in the frame of financial reporting
155-165

Are the accounting reports to be prepared on a yearly basis suitable for indicating problems, possibly for informing the stakeholders about the declining phase of an enterprise? The information needs of the various market operators are different thus the question is whether the management of an enterprise or possibly the owners place an emphasi...s on the adequate information. We examine the issue of social responsibility from a special approach in which, in addition to the corporate lifecycle models, there is a focus on the information content of the Hungarian and international accounting reports, moreover the content of the further report that is to be prepared but does not form a part of the accounting report. The aim of our research is to compare the notes and the further reports which meet the Hungarian, Rumanian, Slovakian and international standards and corroborate the quantitative data of the accounting report. By paralleling the notes and the further reports, we draw attention to the fact that one of the most important accounting principles i.e. the going concern concept, which the other principles are based on, will be (or will likely be) affected insofar as content of the enterprises’ reports does not comply with the legislation. In addition to the addressees of accounting, the authors point at the issue of social responsibility based on those similarities which can be observed in the relations of the value-oriented corporate governance.

JEL. Code: M41

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30
6
MBA education at the University of Debrecen and its further development towards Double Degree Programmes
167-170

University of Debrecen is the oldest higher educational institution in continuous operation in Hungary based in the same city. MBA training at Debrecen Agricultural University was initiated by 0257-91/1 Tempus Joint European Project Grant. The project was coordinated by the Netherlands Institute for Management (RVB) Maastricht. Participating in...stitutions include University College in Dublin, Agricultural University in Wageningen and Debrecen Agricultural University. Minimum requirements established were a BSc (or equivalent) degree, an English certificate of language proficiency and one letter of reference from work supervisors or former teachers. Application requirements included a completed application form, Curriculum vitae, a certified copy of degree(s), an official copy of language knowledge certificate, a letter of recommendation and the receipt of registration fee payment. The academic year began on 1 September 1991, and project studies were carried out in small groups. Practical experience that had been gained before enrolment was taken into account and after the successful completion of the requirements students were granted MBA degrees.

JEL CODE: I21, I25

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