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• The impact of energy crisis on variance- and Gini-optimized portfolio structures – case of Hungary

  1-13

  Gergő Tömöri

  György Csontos

  Views:

  22

  Crises in the 2020s have shocked global stock markets with unprecedented sud- denness. This has had a particularly strong impact on the Central European countries outside the euro area and exposed to heightened geopolitical conflicts, and within them, Hungary, which has had a particular government response to the crisis. Our research objective was to investigate the impact of the energy crisis on the Hungarian stock market as a consequence of the combination of greening policies, the post-Covid reopening and the EU sanctions policy on Russian energy imports, focusing on the portfolio optimization of the Hungarian blue chips and the stocks of the biggest complex (renewable and non-renewable) energy producer and trader company in the Hungarian market. In this context, our aim is to determine the impact of the turbulent crisis phenomena in the period 2020-2023, with a focus on energy price inflation, on the structure of a portfolio of the 5 stocks mentioned above optimized based on mean-variance and mean-Gini model. Since based on both methods, although differently, significantly increased the portfolio weight of the same energy company stocks in the energy crisis, it can be concluded that the change in the composition of the diversified portfolio reflected the impact of macroeconomic conditions on the stock market.

• Working capital analysis of pharmaceutical companies in Central Europe

  1-13

  Gergő Tömöri

  Rihárd Horváth

  Views:

  25

  The pharmaceutical industry has huge market potential and investment opportunities, while pharmaceutical players also face a number of challenges, such as regulating the production and pricing of active pharmaceutical ingredients, protecting intellectual property and competing with other players. As a key sector of the Hungarian economy, the industry generates a significant share of GDP and has grown dynamically in recent years, the aim of our study is to compare the activities of Hungarian industry players with sectoral companies in other Visegrad countries, and thus to examine the similarities and differences in the liquidity management of the pharmaceutical industries in these countries. The analysis was based on the annual accounts of regional pharmaceutical companies for the period 2018-2022, extracted from the EMIS database.  The period covered included several globally significant events, and therefore our research also examined the impact of the coronavirus epidemic and the war in Ukraine on pharmaceutical companies and whether there were differences between the Central European countries. Overall, sectoral players in each of the region's countries were able to keep their indebtedness under control and, although Hungarian companies were able to manage the largest assets, by the end of the period the working capital efficiency of Polish companies was better than their regional competitors overall.

• Investigating the judgement and using of creative accounting

  23-33

  Mirjam Hamad

  Rita Soós

  Gergő Tömöri

  Views:

  114

  We have chosen creative accounting as the subject of our study, which many people associate with fraud and illegal methods. We asked professionals in the field how they interpret this phenomenon and whether they use it in any of its aspects. To do this, we created a 16-question questionnaire, which we sent out exclusively to accountants and professionals, and closed the door to responses on 8 October 2023, with 134 completed. In this paper, we have focused on the perception of creative accounting, but we have also touched on its application, but we were aware that respondents would be reluctant to answer questions that were too personal and direct. One of our research questions was about perceptions of creative accounting, one was about the importance of accounting principles and two sought to find correlations between the responses. The aim of this study, by sending out the questionnaire, is to improve the perception of creative accounting and to raise awareness of the importance of its use, within a legal framework of course. We would also like to encourage professionals to think that their accounting service should not consist of simply carrying out routine tasks, but that they should consider for each of their companies what activities, and possibly changes in their choices, could help them to achieve optimum operation, tax payments and thus a higher rate of profitability for their company.