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Efficiency indicators in different dimension
7-22Views:158There are several variations of efficiency definitions and of course ratios concerned with efficiency. A better understanding of the notion of efficiency is critical to dissolve ambiguity about it. Many confuse efficiency with other supposedly synonymous notions such as profitability, successfulness, competitiveness, liquidity or productivity. This ambiguity originates not only in subjective reasons, but the lack of hierarchical order among certain ideas. The primary driver in our research is, to systematize efficiency in general, and formulate a new categorical approach of the efficiency in corporate level.
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Potential of vertical and horizontal integration in the Hungarian fish product chain
5-15Views:180After the economic and political transformation, the output and resource utilization of the Hungarian fish production sector decreased less than in other livestock sectors, and it managed to preserve its income position. As a consequence of the relatively low level of the implemented innovative developments, though, for all the EU assistance available the cooperation efforts did not prove to be very efficient. The relatively favourable income position of several farms led them to a kind of “leisureliness”, and as a result, the level of the applied production technology in many cases did not even reach that of the 1970s. All these circumstances led to the degradation of the innovations and to the expiration of the horizontal and vertical integrations in the sector, leaving the commercial and cooperation forms being typical in an otherwise stabile classical free-market environment. Problems were further increased – amongst other things – by the volatile cereal prices, 27% VAT rate, and the introduction of road toll. After long years, certain farms were to face losses, and the decline of profitability at sectorial level, thus the need for innovation and producers’ co-operations has become imperative. As a solution option to these problems, a model of a product chain containing both horizontal and vertical elements and comprising the entire sector has been developed. Present study introduces this new model, which is established on foreign examples primarily, but takes the Hungarian specialities into account too.
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Factors influencing the gross value added in the sheep production chain
141-146Views:163The competitiveness of the sheep sector in East Europe has been decreasing from year to year. The value added in the sector is not generated in the countries as a high proportion of the lambs are exported. For example, in Hungary, 95% of the lambs, unnecessary for replacement, are sold at an average weight of 21 kg and are slaughtered abroad. A stochastic model was constructed to investigate the connections between the cycle phases of the mutton production. Three modules were distinguished, the lamb production, fattening and slaughtering-processing sub-modules. The aim of our study was to identify the gross value added generated in the three sub-modules and to analyse the main factors influencing its volume using the conditions in Hungary as an example. The major hypothesis of our research was that the profitability of the production chain is mainly determined by the breed. The results showed that, considering market prices, the gross value added in the processing module was mostly influenced by the number of lambs sold per ewe per year at the bottom level of the mutton product chain. The next most important factors were the weight gain in the lamb producing and fattening sub-modules and dressing percentage in slaughtering-processing sub-module. Contour plots were constructed which help to describe the relationship among analyzed factors. Using the contour plots, the gross value added for different combinations of these factors might be forecast.
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Economic issues of duck production: A case study from Hungary
61-67Views:140The Hungarian waterfowl sector is characterised by export orientation, as 55-57% of the revenue comes from exports, so its importance is high in the national economy. The production of slaughter animals in the duck sector has doubled in the last decade. The objective of the study is to examine production parameters, as well as the cost and profit situation of broiler duck production and to reveal the correlations between the factors with a case study through the example of a Hungarian company. The production parameters and cost data of the investigated farm (2014-2016, 96 production cycles) were analysed using descriptive statistical methods, correlation and regression analysis. The results show that the average cost of the duck produced in intensive, closed farming system was between 72.6 and 101.7 eurocent kg-1. The most significant cost items were feed (52-63%) and chicken cost (14-19%). The sales price decreased from 112.9 eurocent kg-1 to 98.4 eurocent kg-1 during the examined period, resulting in a profit from -3.3 to 25.7 eurocent kg-1, and overall profitability was decreasing. The study also revealed that there was no correlation between average cost and final bodyweight, while the correlation between average cost and reared period was weak. At the same time, the relationship between average cost and average daily weight gain, mortality, feed conversion ratio was moderate. In addition, the European Production Efficiency Factor (EPEF) can be adapted to the duck sector as strong, positive relationship can be scientifically verified between the indicator and average cost. There is a close correlation between the sold live weight per m2 and the amount of feed used per m2, as well as between the final bodyweight and the amount of feed used to rear a duck, while the correlation between average cost and the sold live weight per m2 is weak.
JEL Code: Q13, Q19
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Economical aspects of thermal and medical tourism
77-84Views:148Thermal and medical tourism in Hungary are characterised by a continuous development. The management, efficiency, operational effectiveness and offer of enterprises in the field of tourism influence the competitiveness of Hungary’s tourism. In the present day economic life the thorough analysis of the enterprises’ economy is indispensable. The result of the analytical methods applied by the report provide information for different stakeholders (owners, transporters, customers, employees, habilitators). The aim is to have data which inform us about the functioning, financial situation and profitability of the economic entities parallel with the factors and conditions determining these elements. In our paper we present the financial situation of the Demjén Thermal Spa Ltd., being one of the newest thermal spas of Hungary.
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Efficiency analysis of dairy farms in the Northern Great Plain region using deterministic and stochastic DEA models
113-122Views:126Running any dairy enterprise is a risky activity: the profitability of the enterprise is affected by the price fluctuation of feed and animal health products from inputs, as well as by the fluctuation of end-product prices. Under these circumstances, it is essential for the cattle breeders, in order to survive, to harness the reserves in management as effectively as possible. In this research the efficiency and risk of 32 sample dairy farms were analysed in the Northern Great Plain Region from the Farm Accountancy Data Network (FADN) by applying classical Data Envelopment Analysis (DEA) and stochastic DEA models. The choice of this method is justified by the fact that there was not such an available reliable database by which production functions could have been defined, and DEA makes possible to manage simultaneously some inputs and outputs, i.e. complex decision problems. By using DEA, the sources that cause shortfall on inefficient farms can be identified, analysed and quantified, so corporate decision support can be reinforced successfully. A disadvantage of the classical DEA model is that the stochastic factors of farming cannot be treated either on the side of inputs or outputs; therefore, their results can be adopted with reservations, especially in agricultural models. This may have been because we could not discover that many agricultural applications. Considering the price of inputs and outputs as probability variables, 5000 simulation runs have been done in this research. As a result, it can be stated that at which intervals of the input and output factors can become competitive and the fluctuation of these factors can cause what level of risk at each farm.
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Analyse the financing structure of agricultural enterprises in 2002–2006
91-94Views:139The capital structure of agricultural enterprises notable modified since the change in Hungary’s economic system. The study discusses the capital structure of agricultural enterprises in Hungary and analyses the most significant indicators, that we can use to describe the financing situation of the firms. My empirical analysis is based on data containing 192 agricultural enterprises between 2002 and 2006. I try to assess the reasons of the changes in the structure of resources of enterprises in order to find the determinants effecting the capital structure. Furthermore, I assess the index numbers illustrating the management of the enterprises.
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