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• Analysis of economic issues relating to the dairy sector, with emphasis on price transmission

  61-70

  Péter András Popovics

  Views:

  160

  The dramatic decline in consumption after 1990 was an important problem during the analysis of the sector. Even today, consumption is still below the degree that was before the political change, and significantly lags behind the EU level.The importance of this topic is emphasized by the fact that surplus milk could be marketed through the increased domestic consumption; this would create a more stable and calculable situation for farmers. Therefore, I considered it important to reveal what factors and by what shares influence the consumption of milk and dairy products. The relationship, time series and cross-sectional analysis based on national and international databases demonstrate the relationship between the consumption of milk and dairy products and the other determining factors of consumption in Hungary and in the EU-25 through diagrams. I draw the conclusion that there is a medium correlation between the development of the economy, the higher income level and the consumption of milk and dairy products. Just before our EU accession, the dairy sector was one of the most critical industries of Hungarian agriculture, which is why I chose this for my analysis. I regard as a new scientific result the econometric analysis of the asymmetric market conditions in the price transmission approach within our dairy sector between 1995 and 2003. I confirmed and quantified that the market is under an oligopoly and defined the direction of price adjustment. Furthermore, I regard as a new result in the price transmission analysis (also published in the article published with Dr. József Tóth), that the three possible dimensions (elasticity, a symmetry relations,lag) are analysed simultaneously.Therefore,a more sophisticated picture is given on price transmission. The theoretical advantages and disadvantages are verified by an example of a vertical coordination based on the horizontal cooperation in the dairy sector (Alföldi Tej Ltd).

• Complex problem analysis of the Hungarian dairy farms

  93-100

  Beáta Blaskó

  Krisztián Kovács

  László Szőllősi

  István Szűcs

  Views:

  241

  Hungarian dairy farms went through significant changes in past two decades. The most significant changes were caused by our accession to the European Union in 2004. In Hungary milk production remarkably declined after EU accession due to the decreasing level of support and decreasing milk prices. Size of our dairy herd has been practically reducing since the political transformation (1989); meanwhile the relative yields per cow have been continuously increasing. Relatively low prices, high production costs and tightening quality requirements ousted several producers – mainly small farms - from the market in past years. Feeding cost represents the highest rate in cost structure of production, but animal health expenditures and various losses are also significant. Applied technology of the Hungarian dairies lags behind theWestern-European competitors’; in addition they have handicaps in efficiency and product innovation. Moreover Hungarian milk and milk product consumption is about half of the Union average. In 2007 at the University of Debrecen the opportunities and the problems of this sector were discussed in the framework of a research and development project entitled “Project-generating based on sector-specific innovation”.At this workshop farmers, experts and advisers shared their ideas which were all gathered. The main objective of our paper is to provide useful information for the decision makers and the most important members of the sector. Using the practically successful ideas plus the ideas based on previous experience a new strategic concept was created. To reach the objective of this paper we collected, synthesized and analysed the strengths, weaknesses, opportunities and threats of the dairy farms and performed a SWOT analysis. On the basis of this SWOT analysis we set up a well organised problem hierarchy which would help to identify the main weaknesses of the sector. This analysis gives a great framework for the researches and it also gives a useful tool for the decision makers to improve the competitiveness of the Hungarian dairy sector.

• Sensitivity of technical efficiency estimates to estimation methods: an empirical comparison of parametric and non-parametric approaches

  67-72

  Henry de-Graft Acquah

  Views:

  113

  This paper highlights the sensitivity of technical efficiency estimates to estimation approaches using empirical data. Firm specific technical efficiency and mean technical efficiency are estimated using the non parametric Data Envelope Analysis (DEA) and the parametric Corrected Ordinary Least Squares (COLS) and Stochastic Frontier Analysis (SFA) approaches. Mean technical efficiency is found to be sensitive to the choice of estimation technique. Analysis of variance and Tukey’s test suggests significant differences in means between efficiency scores from different methods. In general the DEA and SFA frontiers resulted in higher mean technical efficiency estimates than the COLS production frontier. The efficiency estimates of the DEA have the smallest variability when compared with the SFA and COLS. There exists a strong positive correlation between the efficiency estimates based on the three methods.

   

• Urban consumers’ attitude towards organic food in Sri Lanka

  5-14

  S H P Malkanthi

  Views:

  512

  This research investigation aims to examine the urban consumers’ attitude towards organic food, and the factors affecting for their attitude. A consumer survey consisting of a sample of 600 consumers was conducted, using a pre-tested questionnaire, in major cities of six main districts of Sri Lanka during November 2016 - May 2018. Data were analyzed using descriptive statistics, factor analysis, and multiple linear regression analysis. Results revealed that majority of the consumers were married females. Most of them were of 18-40 years of age category and were educated up to the GCE advanced level. The sample’s monthly income ranged from Sri Lankan Rupees 58000 – 85000.  Although the majority of the consumers (75.2%) were aware of organic food, only 11.5% possessed a good knowledge about them. As per the mean analysis, the consumers had a positive attitude towards most aspects of organic food. According to factor analysis, four factors (environmental factors, quality factors, health factors, and marketing factors) were extracted as they are influenced to the consumer attitude for purchasing of organic foods. Results of multiple linear regression analysis revealed a positive relationship between consumers’ attitude and the extracted four factors which were based on the consumers’ attitude on purchasing of organic foods. Main problems faced by consumers in buying organic food were the high price, unavailability of organic food, lack of trust, and lack of market information on organic food. It can be concluded that by providing the necessary conditions such as arranging better marketing facilities with useful market information, a continuous supply of organic foods with reasonable price levels, and enhancing consumer knowledge, will motivate the consumers to purchase more organic food. As relatively low is known about consumers’ purchasing pattern of organic foods in Sri Lanka, findings of this study would be beneficial to the traders and policy makers to formulate effective strategies designed to marketing of organic foods in the country.

  JEL CODE: Q13

• Clasters and Correlations among the Eu Member States Regarding Agri-Food Foreign Trade

  55-63

  Nóra Gombkötő

  Views:

  168

  The European Union has a significant role in international trade but this is largely in the area of industrial goods. However, in the case of some agricultural commodities the EU applies tariffs, bans, or different restrictive measures; it manages foreign trade in agricultural goods with many countries all over the world. On the other hand the member states do not contribute to the total trade of the EU to the same extent. In this study, a comparative analysis was performed in relation to the member states by means of data of Eurostat and Faostat. First, a multivariable correlation analysis was carried out in order to find the interrelation between the trade features of each country. In the second part of the study, a cluster analysis was carried out with almost the same component as in the foregoing, also in terms of the EU member states. It can be ascertained that the date of EU accession of a Member State as well as getting EU agricultural subsidies do not affect the agricultural foreign trade of the member states. Countries with significant agricultural production also export food commodities in larger quantities. Countries that have significant exports extra-EU also have larger imports in the case of both basic commodities and prepared food as well. As a result of the cluster analysis, it can be stated that the member states can be divided into specific groups according to the three examined aspects (food trade features, exports of commodities, imports of commodities). The following typical country groups can be divided as follows: non-trade countries, countries with larger trade extra-EU, agri-food exporter and importer countries, non-agri-food exporter and importer countries, primary commodity exporters and importers, and last but not least processed food exporters and importers as well.

  JEL Classification: F10

• Swot analysis and identification of the needs, potential and development strategies of the fruit and vegetable sector in Montenegro

  15-20

  Radislav Jovović

  Dragoljub Janković

  Views:

  193

  Fruit and vegetable production in Montenegro benefits from naturally favourable conditions in terms of climate, soil and water resources. Such conditions enable high quality fruit, vegetables and vines to be grown, and fruit and vegetable production and viticulture have a long tradition as well as the cultivation of a wide assortment of produce. A significant number of Montenegrin households therefore deal with horticultural and wine production, although on a small-scale. Along with the global market trends, the level of domestic consumption, the expected evolution of the distribution system in Montenegro and the planned dynamic developments in the tourist sector, these natural conditions contribute to creating basic conditions for the development of the considered sector. Market opportunities are favourable and represent an additional contributing factor towards its development. In spite of the favourable climate for production in this sector and the supportive market opportunities, the real value of Montenegrin products at sector level is quite low. We conduct a SWOT analysis of the sector aimed to find out its potential as well as the needs of the sector. Our starting hypothesis is that the potential of this sector in Montenegro is greater than current activity/production, and that suitable strategies can provide higher results in this sector. The main outcome of this paper will be our suggestions for improvement within the sector. The SWOT analysis will be completed according to the PESTEL categorisation, after which Opportunities and Threats will be grouped into three major strategic categories: “New market trends”, “Sector financing” and “Structure and functioning of the value chain”. The SWOT analysis outcomes, when regarded alongside a review of global market trends and domestic production potential, lead to strategies for the improvement of the sector.

• Empowerment of rural women farmers and food production in Rathnapura district in Sri Lanka: a household level analysis

  105-112

  S D D Rathnachandra

  Views:

  270

  Women empowerment and gender equity are two significant aspects of the sustainable development of a country. As Sri Lanka is on the way towards sustainable development, this study was conducted to assess the situation of women farmers’ empowerment and food production in Rathnapura district of the country.  A sample of 300 women farmers was randomly selected for the study, from two selected Divisional Secretariat (DS) of Rathnapura district. Data was collected from a field survey using a pre-tested, self-administered questionnaire survey from April to July 2019. Empowerment was analyzed using the empowerment framework used by RAHMAN AND NAOZORE in 2007 in the study of “Women Empowerment through Participation in Aquaculture” with necessary modifications.  Data analysis was conducted using descriptive statistics, correlation analysis and multiple linear regression analysis. Results revealed that majority of the women farmers were middle aged, married and had children. Furthermore, most of them had education up to secondary level. While average family size was four, average farm size was 1.25 acres. They had around 16 years of farming experience.  The average monthly income of them was 25,000.00 LKR whereas 20% of it was from agriculture. The main sources of empowerment of women farmers were the Agrarian Service Center (55%) followed by village organizations/societies (30%) and microfinance institutions (26%). Furthermore, women empowerment index was 0.65. It is a moderate level of empowerment. However, there were women farmers under three categories of empowerment levels: low empowerment (4.1%), medium empowerment (58.5%) and high empowerment (36.1%).   Out of the socio-economic factors; age, education, family size, land size, number of training programs participated, monthly income, experience in agriculture and number of organizations participated, education and number of training programs attended had significant and positive effect for the empowerment. Accessibility of credit facilities and agricultural extension program participation showed that there was a considerable impact on food production rather than the cultivable land size and utilization of modern farming technologies for food production. Therefore, proving of timely important agricultural education and training programs, enhance awareness level of modern farming technology utilization, better micro finance programs and agricultural credit facilities will be able to enhance the empowerment level of the women farmers of this area furthermore.  

  JEL CODE: Q01, Q12

• The analysis of absorption capacity of project beneficiaries contributing to cross-border programmes based on the most fundamental criteria

  93-100

  Balázs Simó

  Views:

  135

  Subsequent to the experience with the international aid programmes of the 1990’s, from the very beginning of the accession negotiations and since 2004 in particular, the notion of absorption capacity of using EU funds has gradually been in focus. The subject of early scientific investigations concentrated mainly on the analysis of the macro-economic conditions of individual countries; furthermore, on increasing absorption capacities as well as how to develop the institutional system of cohesion policy further. After 2004, however, succeeding further rounds of the enlargement as well as after the programming period 2007-2013 in particular – meaning as well the conclusion of the EU budgetary period – the analysis of absorption capacities could be produced at the level of project beneficiaries. The aim of this study is to examine the most prominent determinants influencing successful outcomes and the quality of vigorous projects managed by potent beneficiaries and consortia participating in the European Territorial Co-operation Programmes with the contribution of Hungary. In the course of research correlations between determinants have been subject to econometric analysis revealing the fact that the implementation capacities of state-owned project beneficiaries and those of the non-governmental sector diverge significantly. Moreover, the study aims to show how the institutional system distributing EU funds tends to be rather lax towards the beneficiaries with weak absorption capacities, thus sacrificing the efficiency of developments for pure statistics.

  JEL code: R58

• Examination of pig farm technology by computer simulation

  25-29

  Szilvia Szőke

  Lajos Nagy

  Sándor Kovács

  Péter Balogh

  Views:

  162

  Agricultural production is among the riskiest production activities. Similarly to other branches of agriculture in animal breeding the finished product is the result of complex procedures. The biological technological procedure, the creation of the product is affected by an outstanding number of environmental factors which also cause uncertainties. In the North Great Plain Region of Hungary, sows, gilts and slaughter pigs are produced on a corporate farm. The reliable operation data of this company provide a stable basis for and estimating future costs and revenue and their distributions. Monte Carlo methods are one of the generally accepted tools for modeling risks. The significant independent variables, their ranges and probability distributions, and the correlation between them were inputs to the model. The values of the variables were produced using a random number generator. The computer simulation was performed using @Ris (PalisadeCorporation) software. The study concentrates on the factors affecting the number of off spring (piglets). Model inputs were the mating, mortality and farrowing rates; the costs and the income values based on these rates have been analysed as the output data of the model.

• Examining career orientations at the University of Debrecen

  59-67

  Éva Gergely

  Views:

  192

  The paper endeavours to give a narrower definition of the orientation of ‘career’. The survey to be discussed examines a sample of 116 full time students of economics and has career anchor analysis as its focus. The study details the result of a questionnaire-based survey, which was carried out with respect to the carrier of university students and was supplemented by surveying motivation, value and work value as well. The analysis finds that “security, stability and organisational identification” are judged to be the primary career anchors among the members of the majority sample. This means that the respondents feel ready to identify themselves with the company and are looking for security to be provided by long term employment, regular earnings and by steady career advancement. The cluster analysis of the questionnaire differentiates four groups: Leaders, Specialists, Entrepreneurs and Employees. The results showed that the Leaders have high capacities of leadership, creativity and autonomy. The Specialists show highly developed functional capabilities in general and they seem to like challenges. The Entrepreneurs have outstandingly high scores concerning autonomy and entrepreneurial creativity. The members of the cluster of the Employees are characterised by a high expectation of security and stability and by low levels of managerial capability and entrepreneurial creativity. Discriminant analysis was applied to select the distinguishing features that can set the clusters apart from each other. The motivations, values preferences and work values inventory will consolidate the differences between the clusters of the career anchors. Using the method in high education within special trainings could be the practical utilization of the study. On the basis of the results a questionnaire can be compiled, which could help uncertain students relating to their carriers and future orientation containing information in connection with their carrier orientation, motivation, value preferences and work value.

  JEL code: I21

• Comparison of consumption and purchase habits for University students for industrially kept pigs and mangalica pigs

  Orsolya Bernadett Nagy

  Views:

  212

  The aim of the study is to compare the preferences for the purchase and consumption of industrially kept pigs and mangalica pigs. The research was conducted among the students of the Faculty of Economics and Business of University of Debrecen in October 2019, in the form of an online questionnaire. Descriptive statistical methods, chi-square tests, Spearman rank correlation indexes, factor analysis and two-step cluster analysis were used to analyze the data obtained from the survey. Based on the results, it can be said that there are differences in consumer perceptions of industrially kept pigs and mangalica pigs among a number of sociodemographic factors. Factor analysis was used to delimit three factors in the case of industrially kept pigs (“domestic-branded-fresh product” aspects, factors related to health awareness, aspects of a marketing nature), while in the case of mangalica pigs one factor was identified. Next, I used a two-step cluster analysis using the isolated factors, where several sociodemographic variables were tested. The best fit was shown by the combination of gender and highest educational level. Based on these, it can be concluded that in the case of industrially kept pigs, the factors considered in the purchase were the most important for women and men with higher education in the case of two factors (“domestic-brand-fresh product” aspect and marketing aspects) and for mangalica pigs. While in the case of industrially kept pigs, the third factor (factors related to health awareness) that were taken into account in the purchase proved to be the most important for men with a secondary education.

  JEL Code: I12, M31

• Dairy farms efficiency analysis before the quota system abolishment

  147-157

  Krisztián Kovács

  Views:

  208

  The abolishment of the dairy quota system in the EU is expected to increase competition across dairy farms in Europe. Assuming a common price for milk in the EU, only the most efficient farms will survive in the new environment. The main objective of the research is to compare dairy farms in Germany, The Netherlands and Hungary about their technical efficiency. In the first part of the research, the efficiency is measured by partial efficiency indexes using one dimensional efficiency measuring. In the second part, the Stochastic Frontier Analysis (SFA) have to be used to measure efficiency in a multidimensional space, using six inputs and two outputs. It appears from the results that the highest efficiency farms are in the Netherlands, and then Germany and Hungary follow thus, we get that the most efficient farms are in the Netherlands with 84% efficient. The German farms are 76% efficient. The Hungarian farms are 68% efficient. With respect the abolishment of the dairy quota system, our results suggest that the Dutch farms are the most efficient, thus probably they will increase their production after the quota system. But because the size of the country we cannot expect dramatic changes in the European Dairy market. The Germans farms efficiency is lower, but their efficiency is also lower, so we won’t expect high increase about the dairy supply. The Hungarian dairy sector is not so efficient like the Dutch, and the size of the sector has also small among the European countries, thus if they want to survive the quota system demolishing, they have to increase their technical efficiency.

• Socioeconomic determinants of frequency of fish purchasing among Trinidad and Tobago shoppers: A binary logit analysis

  105-109

  C. W. Ardon Iton

  Sharon D. Hutchinson

  Views:

  168

  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

• European traditional food producers and marketing capabilities: An application of the marketing management process

  41-46

  A. Banterle

  A. Cavaliere

  S. Stranieri

  Views:

  136

  The purpose of this paper is to evaluate the marketing management capabilities of SMEs producing traditional food products, in order to analyse the market orientation of SMEs in the food industry. Following the theoretical approach of Market Orientation, our analysis is based on an assessment of the marketing management process. The methodology refers to a survey developed through a questionnaire published on the web, and a sample of 371 firms based in Belgium, Italy, Spain, the Czech Republic and Hungary was used in the analysis. Cluster analysis was applied to find the different levels of market orientation of the firms. The results revealed a certain lack of appropriate skills in marketing management in the firms of the sample, confirming the evidence found in economic literature concerning SMEs. Nevertheless, cluster analysis outlined a group of firms with good marketing capabilities and market oriented, and these represent a great part of the sample (40%). With regard to the stages of the marketing management process, the most problematic are those of planning and implementation, and control and evaluation, highlighting the difficulties SMEs encounter in carrying out coordinated marketing; which appears to be generally characterised by poor organisational capacity.

• Investigation of the effect of flooring on the living performance of sows using survival analysis

  99-102

  Angéla Soltész

  Views:

  121

  Pig-farming has a long tradition in Hungary, most significantly within the Alföld region. In my analysis I studied the lifespan of sows in two nucleus pig herds on the Great Plain, also examining the probability of the occurrence of different reasons for culling. During my research I collected data (from 2001 to 2010) relating to more than 10,000 sows from the farms conducting a breeding programme and I searched for the answer to the question of whether can I find a significant difference in the lifespan of sows with the same feeding and the same genotype if the floor type of farms is different (Herd A has a solid floor with straw and Herd B has a slatted floor). Regarding the reasons for culling ANOVA was used to investigate mean differences in logarithms of the lifespan of sows in each herd. Between the herds the seven most common culling reasons were estimated with the Kaplan-Meier method and the significant difference was demonstrated with the logrank test. The results of the log-rank test showed that there was a significant difference in leg problems as a cause of culling and deaths (p < 0.05) between the two farms, which is the consequence of different floor types.

• Impacts and externalities of agricultural modernization in Brazilian states

  53-61

  Caio César de Medeiros Costa

  Paulo Ricardo da Costa Reis

  Marco Aurélio Marques Ferreira

  Views:

  177

  This study aimed to analyze the relationship between the levels of agricultural modernization and socioeconomic indicators of the Brazilian federation units. A multivariate approach to data analysis led to the creation of the Index of Agricultural Modernization (IAM). The Spearman correlation test was used to verify the relationship between levels of agricultural modernization and a set of economic and social indicators. As a result of the survey, we obtained the Index of Agricultural Modernization (IAM) which allowed the ranking of Brazilian states in terms of level of modernization. The correlation analysis demonstrated the existence of significant and positive correlation between the agricultural modernization and the following indicators: per capita GDP, trade balance per capita and IFDM. This means that agricultural modernization contributes to increased production, exports and the levels of socioeconomic development of the states. For the variable urbanization rate, test results showed a negative correlation with the IAM, which suggests a contribution of agricultural modernization for fixing people in the countryside. Indicators of inequality in income distribution showed no significant correlation. In conclusion, it can be inferred that the positive relationship of the IAM with indicators of production, exports and socioeconomic development shows the presence of positive externalities and impacts of the agricultural modernization process
  for the Brazilian states.

• On tests for long-term dependence: India’s international tourism market

  77-81

  Prasert Chaitip

  Péter Balogh

  Sándor Kovács

  Chukiat Chaiboonsri

  Views:

  117

  There have been growing interest in studying behavior of long memory process in tourism market. In this research examine the behavior of India’s international tourism market based on long-memory analysis. The international tourism market of India combined with nine countries: USA, UK, Canada, Germany, France, Japan, Malaysia, Australia and Sri Lanka. Moreover, three statistical tests for longmemory process such as R/S test, Modified R/S test and GPH-test are employed to test in these market. The empirical findings in general provide more support for no long memory process or no long-term dependence in international tourism market of India.

• Relationship between the qualification and labour market situation of disabled workers in Hungary

  23-25

  Nóra Nagymáté

  Views:

  141

  My PhD research focuses on special rehabilitation firms (they are specialised to employ disabled people) and their employees. Two questionnaires for the above mentioned firms and their employees were created in order to gather information on their activities as well as to explore the relationship between the firms and their employees. Altogether 1030 employees and 109 employers filled in the questionnaires. The current study shows the results of this survey. It can be stated that this paper shows the risk of finding a workplace after a certain time period. According to the latest trends I analyse the labour market situation of people living with disabilities with survival analysis. The survival analysis is able to manage partial information, as well. After summarizing all claims of participants we can make an impression in this area and demonstrate the problems for the labour market generally. I use the Log-rank, Breslow and Tahane-Ware probe.

• Multi-level analysis of visitors’ satisfaction flying to Debrecen – main aspects of the research

  27-32

  Brigitta Palatinus

  Views:

  132

  This paper presents the non-exhaustive description of the main characteristics of visitors based on the filled out questionnaires during five months following the test month. These characteristics will serve the basis of a satisfaction analysis to be described in the future and they provide guidance for later analyses. I performed the testing of my questionnaire in January 2014. It turned out even from the data collected in the test phase that there were services which did not meet the expectations of visitors several times as it was worse than what they expected. This study focuses on the questionnaire research conducted among foreign visitors coming to Debrecen by flight. The main aspects were to determine foreign visitors purpose of travel to Debrecen, how many times they had already been to Debrecen, how many days they spent in the city, what kind of services did they use and whether the quality of used service met their expectations. As a result of the following five months research, I obtained input data which make it possible to examine real problems with background data. It calls for further examination to determine whether there was any difference in the extent of services living up to visitors’ expectation and visitors’ level of satisfaction.

• Analysis of production and competitiveness on small beekeeping farms in selected districts of Serbia

  Slaðana Marinković

  Nebojša Nedić

  Views:

  212

  The study researched the costs and returns on typical small beekeeping farms from five districts in Serbia. On the basis of the field research, data on the number of beehives,type of product, volume of production per beehive and values per measurement unit were collected.In order to demonstrate the competitiveness of various apicultural products, analysis of the available data was performed using analytical calculations. According to the analysis, the labour costs comprise about 49.65% to 64.15% of the variable costs on beekeeping farms in the Raška and Šumadija districts, respectively. Production is most economical on the bee farm in the district of Srem, where every dinar spent in production creates a value of 2.22 dinars, while the farm from the district of Raška is the least economical (1.32 din). Bee farms must reduce labour costs and re-direct their business orientation to other bee products, besides honey, such as pollen, which could be significantly more profitable.

   

• Commodity Indices Risk and Return Analysis Against Libor Benchmark

  55-66

  Subhakara Valluri

  Views:

  144

  This study analyze the risk and return characteristics of commodity index investments against the LIBOR benchmark. Commodity-based asset allocation strategies can be optimized by benchmarking the risk and return characteristics of commodity indices with LIBOR index rate. In this study, we have considered agriculture, energy, and precious metals commodity indices and LIBOR index to determine the risk and return characteristics using estimation techniques in terms of expected return, standard deviation, and geometric mean. We analyzed the publicly available daily market data from 10/9/2001 to 12/30/2016 for benchmarking commodity indices against LIBOR. S&P GSCI Agriculture Index (SGK), S&P GSCI Energy Index (SGJ), and S&P GSCI Precious Metals Index (SGP) are taken to represent each category of widely traded commodities in the regression analysis. Our study uses time series data based on daily prices. Alternative forecasting methodologies for time series analysis are used to cross-check the results. The forecasting techniques used are Holt-Winters Exponential Smoothing and ARIMA. This methodology predicts forecasts using smoothening parameters. The empirical research has shown that the risk of each of the commodity index that represents agriculture, energy, and precious metals sector is smaller compared to its return, whereas LIBOR based interest rate benchmark shows higher risk compared to its return in recession, non-recession and overall periods.

  JEL Classification: C43, G13, G15

• Marketing characteristics of Tokaj wine specialities based on factor and cluster analyses

  93-101

  László Kárpáti

  Zoltán Szakál

  Views:

  247

  The marketing kind of analysis in the domestic and international markets of Tokaj’s wine speciality has not happend yet. The present research scientific method supportedly defines the consumers of Tokaj’s wine speciality and it determinates the overlay receipt. The basis of the questionnaire research at the wine consumers cirlce is a representative sample of 1179 people. It confirms the truthfulness with factos and cluster dissection. On the hungarian market 5 sections can be devided, which has been determined by the earning category, the wine savvy and the referene price interval. Tokaj Wine Specialities named “late vintage” are also available. This name can be confusing for the consumer, some do not understand in what they differ from other Tokaj Wine Specialities, as actually all Tokaj Wine Specialities are late vintage wines; particularly, wine is harvested later than usual, occasionally in October or November. The findings obtained during the research can beutilised in practice, too. In accordance with the results and conclusions, we have several practical suggestions. Our methodological suggestion is that the result of the cluster analysis based upon a large number of representative sample should be cross-checked with focus group tests; what is more, upon justification and verification, a detailed analysis of the given segments can also be performed better with this method. It would be worth studying the exact reasons for the popularity of wines with the name ”late vintage”. Such types of Tokaj Wine Specialities should be given higher priority in marketing terms. My suggestion is that the type of wine accepted and liked by consumers should be kept count of as TokajWine Specialities officially, too. The future marketing strategy has to be developed by knowing the sections and by it’s further research which has to integrate to the strategy of Tokaj’s wine region.

• Emerging trends in strategic planning

  23-31

  Fred R. David

  Forest R. David

  Tünde Zita Kovács

  András Nábrádi

  Views:

  1104

  In today’s rapidly changing world, there is an increased need for excellent strategic planning. A firm’s survival may indeed hinge on the firm’s planning process being exemplary. Various aspects of the strategic planning process are under review today as organizations wrestle to compete more effectively. This paper reveals and describes five emerging trends or tools being utilized today by firms to more effectively engage in strategic planning. Specifically, the emerging trends and tools to be discussed in this paper are as follows:

  1) Assure vision and mission statements include desired characteristics

  2) Perform SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis using AQCD (Actionable, Quantitative, Comparative, and Divisional) factors

  3) Utilize varied sources to obtain AQCD information

  4) Utilize QSPM (Quantitative Strategic Planning Matrix) analysis to determine the relative attractiveness of alternative strategies

  5) Use excel-based software to facilitate and enhance the strategic planning process.

  The purpose of this paper is to familiarize readers with basic new tools and techniques being used by organizations to effectively develop an improved strategic plan for the firm.

  JEL Code: M21, O21

• In search of clusters

  7-17

  Pytrik Altena

  Wim Heijman

  Views:

  156

  The aim of this article is to present the ‘regional cluster quick scan’as an efficient and objective tool to scan a region of interest for the presence, nature and development phase of regional clusters. The ‘tool’developed in this research is based on the relations between the state of cluster development in regions, competitiveness, and economic growth. First, a theoretical model is developed and then this model is applied to a real case to test the validity of the model. The results indicate the possibility of identifying regional clusters and their competitiveness by using Shift and Share analysis.

• A Quantitative Assessment of the Rurality and an Efficiency Analysis of Emigration in Romania

  39-46

  Nicola Galluzzo

  Views:

  203

  In Romania, as in many other Eastern European countries, the early 1990s were marked by a significant emigration from the countryside as a consequence of the transition from a centralised economy to an open one and due to key changes in the political framework. The permanent emigration has predominantly been concentrated in rural areas where multiple socio-economic variables such as GDP per capita, unemployment, and public financial subsidies aimed at supporting people at risk of severe deprivation and poverty have all had a direct effect on rural depopulation. The rurality is a complex theoretical construct comprising many items and variables and is, therefore, difficult to define in a concise manner. The aim of this paper is to assess the evolution of emigration in Romania between 2001 and 2016 through a quantitative approach, estimating an index of rurality for the same period composed of a set of socio-economic variables having a direct or indirect nexus to it. In the first phase of research, a matrix of correlation and a multiple regression model has been used in order to estimate the direct links among all investigated variables. Following the quantitative methodology, in the second phase Partial Least Square Structural Equation Modelling (PLS-SEM) has been used in order to assess the main cause-effect relationships among a few selected endogenous variables and a set of socio-economic items. Furthermore, using a non-parametric Data Envelopment Analysis (DEA) output-oriented model, this research has assessed the efficiency in terms of permanent emigration from Romania estimated as an output to minimise and not as an output to maximise, as investigated by traditional efficiency approaches. In terms of efficiency, financial subsidies allocated by national authorities and the level of per capita Gross Domestic Product have acted directly on the level of emigration. The index of rurality in 2016 has been influenced in particular by he pluriactivity in farms in terms of agritourism, the dimension of farms in terms of land capital endowment, and the level of GDP per capita.

  JEL Classification: Q10; Q18