Papers

• Improved operation efficiency strengthens organizational quality in higher education

  3-18

  Péter Levente Lakatos

  Views:

  270

  This paper examines quality assurance as an effective tool for organizational development, reviewing the theories and history of quality management. After describing the theoretical foundations used in the USA, focusing on heavy industries, it discusses European models such as TQM, ISO and EFQM systems in more detail, then moves on to critical approaches, especially with regard to the applicability and effectiveness of quality assurance in education and higher education. The second half of this paper focuses specifically on quality assurance in higher education, in particular European standards, approaching it from the perspective of internationalisation. In this context, this paper addresses the issues of brain drain, digital campus, stakeholder involvement and student-centredness. Finally, the paper concludes that quality assurance in higher education is not only an essential but a necessary process as well, which can also be the most effective tool for organizational development.

  PDF

  104

• ESG regulation and what lies behind it - opportunities and challenges in preparing businesses for ESG in Hungary

  19-41

  Orsolya Szendrey

  Gábor Bányai

  Mihály Dombi

  Judit Futó

  Dávid János Gulyás

  Andrea Karcagi-Kováts

  Piroska Harazin

  Views:

  976

  On 12 December 2023, the Parliament adopted the proposal on the rules of corporate social responsibility (CSR) and other related laws to promote sustainable financing and unified corporate responsibility (ESG Act). Companies subject to the Act will gradually have to comply with several qualitative and quantitative requirements, which will pose significant challenges for market players and regulators monitoring their operations. This paper aims to review how the gradual extension of the scope of the Act will affect market and industry players, highlighting the opportunities and challenges for stakeholders in meeting regulatory requirements in environmental, corporate governance and social matters.

  PDF (Hungarian)

  760

• A non-stationary panel data approach for examining convergence in South Africa

  42-74

  Stacey-Lee Marais

  Views:

  210

  Economic convergence has received much attention since the 1980s when researchers tried to ascertain whether low-income countries would stay that way in the long run, or they would gain ‘developmental traction’ and become the affluent nations of the future. This article gives fresh insight on this topic from an African perspective by comparing 39 countries—South Africa, 32 Organisation for Economic Cooperation and Development (OECD) members and 6 Latin American countries. The author investigated their average steady-state equilibria and tested convergence trends from 1980 to 2019. The Solow–Swan model was tested. Furthermore, this study applies panel econometric modelling to determine the relationship between the variables analysed in the convergence analysis. This commenced with the Levin–Lin–Chu and Im–Pesaran–Shin panel unit root tests. Then, the Kao test and the vector error correction model were used to evaluate the cointegration and relationships between variables. The findings revealed that South Africa’s economic performance is significantly lower than the OECD average gross domestic product per capita with an annual growth rate of 0.54%, which falls below the ‘iron law of convergence’ hypothesis.

  JEL classifications: C01, C32, C33, E13, F62, F63

  PDF

  102

• Consolidated financial statements in light of the Hungarian regulations and the IFRS standards

  75-93

  Alexandra Szekeres

  Angelika Dienes

  Views:

  232

  Companies today have diverse relationship systems. In a legal sense, individual companies exercising influence on each other engage in significant transactions with each other during their operations. Market participants require knowledge of the financial, monetary, and income status of these corporate groups. Therefore, in addition to individual annual reports, it is also important to prepare consolidated financial statements that present the group as a single entity, following either national or international accounting standards.

  In our study, the legal background of consolidation will be presented, as well as the rules of consolidation based on Hungarian regulations and the International Financial Reporting Standards (IFRS). Two IFRS consolidated financial statements will be compared, with a particular focus on the consolidated notes on the accounts (Notes), highlighting those intangible assets whose representation and evaluation are significantly different from Hungarian rules. While the selected parent companies present their corporate groups to varying extents and levels of detail, the requirements of the standards are reflected throughout.

  JEL code: M40

  PDF

  183

• Impact of the sustainability report on Hungarian stock prices

  94-107

  Gergő Tömöri

  Vilmos Lakatos

  Views:

  192

  ESG reporting has become increasingly significant for evaluating corporate sustainability. Our study examined firms that had been publicly listed for several years by 2023, and which had already engaged in ESG reporting voluntarily, showing an early, consistent commitment to sustainability despite the absence of regulatory requirements. We hypothesised that this group’s market valuation metrics would reflect a more favourable and realistic investor assessment compared to a control group. However, our findings revealed that while statistically significant differences appeared primarily in the Price-to-Book Value (P/BV) ratios, overall, the investor assessments did not yet demonstrate a statistically significant divergence on average. This may suggest that ESG reports serve more as marketing tools than as indicators of genuine sustainable resource management, which some investors recognise from other mandatory financial disclosures. These insights can support further research on the Hungarian investment climate and aid in refining EU sustainability directives within Hungary’s regulatory framework.

  JEL classification code: Q56, G11

  PDF

  99

• Mobile Apps as Drivers of Digital Transformation for SMEs: Meeting Gen Z Expectations

  108-125

  Ádám Péntek

  Tamás Kovács

  Views:

  175

  The aim of the research is to investigate the impact of the automation of monotonous work processes (BPMs) on the operation of SMEs in Hajdú-Bihar, focusing on the change in the attractiveness of workplaces for Generation Z. In a case study, the effects of automating repetitive tasks in an SME were analysed by means of a test period and interviews. We found that automation significantly reduced labour demand and the number of errors, freeing up workers for more creative tasks. This change made the workplace more attractive to Generation Z, who now prefer a modern and efficient work environment. Automation has also improved business efficiency and results through labour savings and a reduction in error rates. Built-in controls and a dedicated mobile app have provided additional benefits such as strengthening the employer brand, creating a youthful image and a user-friendly interface. Interviews with participants showed that employees were more satisfied, motivated and engaged after automating monotonous tasks. Overall, the automation of monotonous BPMs is an effective tool to increase the competitiveness of SMEs, save labour and improve the attractiveness of jobs, opening up further digitisation opportunities for micro-enterprises.

  PDF (Hungarian)

  146

• The political economy of passive resistance: Anthony de Jasay was born one hundred years ago

  126-135

  Pál Czeglédi

  Views:

  245

  This short essay is aimed at commemorating Antal Jászay, or Anthony de Jasay, who made his mark at the interface of political philosophy and public choice, and 2025 is the 100^th anniversary of his birth. His relative obscurity is due both to his avoidance of the institutions of the academic world and to the ‘conservative anarchist’ conclusions of his philosophy. However, Jasay is a classic in public choice literature who should not be forgotten – which, of course, would require getting to know him first.

  JEL codes: D70, B25

  PDF (Hungarian)

  62