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• Production Efficiency Analysis of the Hungarian Meat Processing Industry

  23-42

  Zombor Berezvai

  Views:

  143

  This paper analyzes the performance of the Hungarian meat processing industry in the wake of the global financial crisis. Between 2011 and 2013 many high-capacity meat processors went bankrupt in Hungary. Possible reasons for that could be unfavorable market situation and inefficiency in production. In this paper, the latter hypothesis is examined. Two different types of production function estimation techniques are used to calculate firm-specific inefficiency estimates. Based on the estimation results, the lower bound of average firm-level efficiency is 0.50, while the upper bound is 0.88. Estimated firm-level inefficiencies are compared to the characteristics of the given firms. Pre-tax profit, company size and domestic ownership are associated with lesser inefficiency. On the other hand, time trend of inefficiencies indicate that the global financial crisis negatively affected the production efficiency of the meat processors. This can be a reason behind the bankruptcies happened.

  Journal of Economic Literature (JEL) codes: C33, L66

• Market efficiency in relation to the financial crisis of 2008

  31-50

  Balázs Bakosi

  Ákos Szűcs

  Views:

  379

  After the financial crisis of 2008 many scholars criticised the validity of the market efficiency hypothesis of the modern financial literature. The purpose of this paper is to investigate the adequacy of market efficiency based on Hungarian, and as a reference, on American securities. Besides classical statistical tools (autocorrelation function, Ljung-Box test, Augmented Dickey-Fuller test), we also used new approaches of the literature (Variance Ratio test). In addition to the simple hypothesis tests we tried to separate the different type of time series and explain the reasons for the different behaviours.

  Journal of Economic Literature (JEL) codes: G140

• The achievement of market orientation in SME’s – results of a cluster analysis

  22-45

  Enikő Kontor

  Balázs Nyul

  Views:

  165

  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

• Sustainability of growth in countries with diverse backgrounds in the light of main international indices

  145-168

  Tamas Borko

  Views:

  120

  The paper tries to answer why fossil fuel abundant countries with diverse backgrounds perform differently depending on the dominance of the advantages or disadvantages accruing from natural resource wealth. With the contribution of the most popular competitiveness and institutional indices the determining factors are indentified. The distinctive factors are market efficiency, the quality of the business environment, innovative capability, the quality and efficiency of governmental, market and judicial institutions, the low level of corruption and the existence of political and civil freedom.

  Journal of Economic Literature (JEL) codes: O13, O17, Q32

• Freedom of the Markets versus Good Governance: Experiences in Central Europe

  35-61

  László Muraközy

  Views:

  141

  The market and the state, operation and characteristics of two institutions of key importance in the modern mixed economies, are investigated for the former socialist countries in this study. After two decades it can be seen more clearly what system has been established in the region, how it operates, and what its characteristics are. In the first part of the with the help of international comparisons we examine how free the market is, how good the rules are, and how much they help, or hinder, the fulfilment of its function. From an other aspect we compare the scope of the good governance and the size, the freedom and efficiency of the state. According to the evidence of the international studies examined, the former socialist countries established the forms of the market institutional system relatively quickly, but the operation and quality of these lagged significantly behind those of the developed countries. Also important conclusion of the study is that by the first decade of the millennium the characteristics of the former socialist countries are increasingly diverging from one another. Both the characteristics of the earlier socialism, and the more distant historical past which can be caught in the act within it, had and have an effect on the economic and social systems now established in Eastern and Central Europe.

  Journal of Economic Literature (JEL) codes: H1, P17, P27, P35

• Study the past as if you would define the future!? - Testing the effectiveness of technical analysis on the Budapest Stock Exchange

  201-214

  Adam Farago

  Views:

  173

  Technical analysis is an attempt to forecast prices of a financial asset by the study of its past prices. This technique has been an element of financial practice for many decades, but it has not recieved general acceptance in academic literature. In this paper I analyze the effectiveness of certain technical trading rules on the Budapest Stoch Exchange between 1999 and 2005. In the first step I test if there are trading rules that can be qualified as effective when the analysis is applited to the full seven-year period. Some worries arise concerning the long-term analysis, so in the next step I test whether the effectiveness of the trading rules change if the analysis is applied to one-year sub-periods. The results indicate that it is worth implementing the short-term analysis because it shows a different picture of the effectiveness of the trading rules. However, the results of the short-term analysis show that if these trading rules are tested on one-year sub-periods, it becomes doubtful that they are effective.

  Journal of Economic Literature (JEL) classification: G14, G15

• Role of the organizational factors in the success of Hungarian SMEs

  108-125

  Aniko Almasi

  Views:

  748

  This paper analyses the success of the Hungarian SME sector from the aspect of competitiveness, innovation, organizational background and the role of the leader/owner. The author summarizes the organizational innovation specialties of the SMEs based on four empirical researches and own case-study. The conclusion is the organizational innovation characteristically fades into the background of SME operation, development purposes and strategy. The role of the firm owner-leader is essential in these topics. Meanwhile the inflexibility of the organization, loyalty of the employees, labor market disadvantages, the knowledge level and competency of the human resources, its effect on the efficiency are often limit the expansion. These factors have significant influence on the success and competitiveness of the company. Therefore, the paper analyses the organizational innovation and background according to the company success, and the leader-based decision-making procedures, and processes, and evaluates the results of secondary research based on these. The novelty of the empirical research method is the search for GAPs between the leader and the organization and their correlation with success and attitude towards innovation.

  Journal of Economic Literature (JEL) codes: M14

• Methodological challanges of digitalization in business education: Digitalization in business education

  62-83

  Zsuzsanna Kispal-Vitai

  Views:

  413

  University education has to persevere in the 21^st century in a changing environment. The knowledge that is to be obtained seems to increase with the advancement of technology. The development of science and the changing needs of the job market demand continuous development and more efficient university curricula. This article investigates the effect of technology on education efficiency; it describes and evaluates several teaching approaches. The conclusions tend to turn towards the direction that although obtaining information became considerably easier than even ten years ago, knowledge still has to be learned the same way as before. The neurobiological process of learning is the same as a hundred years ago.

  Journal of Economic Literature (JEL) codes: A20, A22, A23