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  • Impact of the sustainability report on Hungarian stock prices
    94-107
    Gergő Tömöri
    Vilmos Lakatos
    Views:
    184

    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

  • The achievement of market orientation in SME’s – results of a cluster analysis
    22-45
    Enikő Kontor
    Balázs Nyul
    Views:
    218

    The aim of this study is to examine to what extent Hungarian SMEs adopt market orientation and what effect it has on their performance. The results of the examination show that the great proportion of SMEs do not adopt a market orientated approach. Among those that do, the effect of market orientation cannot be shown directly through objective indicators of their performance. At the same time it does have an indirect effect on efficiency, which can be observed over the long term. According to our results, the extent to which small and medium-sized firms adopt market orientation plays a significant role in owner-managers’ subjective estimations of performance. Consequently, emerging market consolidation occurring as the result of efficient operation can lead to a satisfactory outcome.

    Journal of Economic Literature (JEL) codes: L20, M31

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