• Áron Gyimesi, Áron Szennay, Melinda Krankovits, Júlia Nagy- Keglovich, János Rechnitzer

Flood of Resources and a Conceptual Change – A Decade of Changes in Territorial Development with an Outlook to the V4 Countries

Flood of Resources and a Conceptual Change – A Decade of Changes in Territorial Development with an Outlook to the V4 Countries

Between 2007 and 2013, Hungary received resources from the European Union in the value of around HUF 8,000 billion, while the country is eligible to use funds of an additional 25 billion Euros (approximately equivalent to HUF 8,300 billion) up until 2020. Since the time of joining, Hungary has been one of the net beneficiary member states, since funds received from the EU budget exceed respective contributions. The positive balance adds up to around HUF 13,500 billion since accession. The drawdown of funds was a priority for the national government coming to power in 2010 and to this end; it initiated major changes in territorial development policies. As a prevalent practice, planning was adjusted to the EU’s policies just as much as to the national strategic objectives, with the intent of promoting economic growth. Furthermore, the institutional background was centralized and expected to operate with improved efficiency. However, in governmental ex-post analyses, there are occasional sharp criticisms of the effectiveness of major structural changes. What were the major characteristics of the territorial development systems in the period between 2007 and 2013? What changes occurred in the subsequent 2014–2020 multiannual financial framework? This study analyses the main motifs of system change and modification. The aim of this study is to provide a fair and balanced assessment of the period through examining these key areas.

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  • Gyöngyvér Hervainé Szabó

Stakeholder Capitalism and the EFQM Model 2020 for Corporate Management

Stakeholder Capitalism and the EFQM Model 2020 for Corporate Management

Stakeholder capitalism as an alternative to the neoliberal model of shareholder capitalism has become one of the most important issues in American, European and global business forums. It focused on the purpose of an organisation and on political programmes surrounding Prosperity, People, Planet, added to governance topics. The main driver behind business communities’ political activism is the adaptation to the UN/OECD standards for participation in global and regional investment flows related to sustainable business practices. Appropriate instruments are available for corporations committed to sustainability to adopt the best reporting systems. In contrast to these technical solutions, the national/European excellence awards offer a real and deep involvement, and true development for firms. The EFQM Model 2020 is an outstanding business management model designed for long-term purposes and easily adapted to all kinds of welfare capitalist systems, without political activism.

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  • Mónika Pónusz, Patricia Kolonics

Opportunities of a Shared Economy in Hungary Based on Primary Research

Opportunities of a Shared Economy in Hungary Based on Primary Research

The term ‘sharing economy’ means an economy based on sharing, a community economy. The model features elements such as paying attention to the environment, the importance of curbing consumption, and rationalising consumption habits. Its significance could best be highlighted through recycling waste, the purpose of which is to reduce the amount of waste generated from the goods we use, and also to reduce the need for new resources by recycling such waste back into the system. For those advocating the sharing economy it is a potential way to rein in the global overconsumption that is based on individual consumption, while for those opposing the idea it signifies competition and a threat to their livelihood, not to mention the possibility/suspicion of tax optimisation, or in a worse-case scenario tax avoidance. This study does not aim to decide which of the camps on the two sides of the argument is right; instead, it provides an overview of the characteristics of the sharing economy and its main areas thus far. It argues for the model relying mostly on international practice and experience. One of the objectives of our research is to explore the difficulties, obstacles and anomalies relating to the regulation of the area, particularly to tax laws. Furthermore, we strive to identify the circumstances that have resulted in flourishing sharing economies in some countries, so that we can put forward proposals to foster such development in Hungary, making use of the country’s capabilities. The study summarises the results of our secondary research, our primary research conducted in Hungary in 2019, an online survey and indepth interviews. The questions of the online survey were aimed at investigating the awareness and use of the sharing economy, and people’s openness to such initiatives.

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  • László Balázs

Organisational Culture in Educational Institutions in Central, Northern, and North-Eastern Hungary

Organisational Culture in Educational Institutions in Central, Northern, and North-Eastern Hungary

The purpose of this research is to complement and test previous Hungarian studies about organisational culture at public educational institutions, and to provide insight into the current cultural idiosyncrasies of educational institutions. It is presumed that besides having an organisational culture with focus on rules, schools display support and innovative features in growing numbers. It is also assumed that there are significant differences between the perceptions of the management and the employees when it comes to culture. In this study, 1030 persons from 44 public institutions provided data in two cycles of data collection performed in Budapest, and in Komárom-Esztergom, Fejér, Pest, Heves, Hajdú-Bihar and Nógrád counties. Results show that, besides focus on rules, there is a substantial presence of support cultural values, including important examples for innovative culture, even if in modest numbers, mostly in Budapest and its agglomeration, i.e. in Pest, Fejér and Komárom-Esztergom counties. Besides a typological approach to organisational culture, sophisticated distinctions could be made in the findings with the help of cultural parameters. As a result, it may be argued that the number of years spent in an institution, age and gender have the most profound influence on the perceptions of organisational culture. Finally, the composition of the sample also suggests feminisation and aging in teaching.

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  • Róbert Magda, Norbert Bozsik

Competitiveness of the European Union in Light of Foreign Trade

Competitiveness of the European Union in Light of Foreign Trade

The main aim of this study is to analyse and present competitiveness in order to evaluate trends in the Member States of the EU. Competitiveness is explained at a corporate, national and regional level. Two important statistical indicators are considered for its calculation: the Commodity terms of trade (C), also known as the net barter terms of trade (N), and the Income terms of trade index (I), which communicates the correlation between changes in quantity and price. A stable economy requires surplus in the trade balance and improvement in exchange rate. The primary purpose of the goods export indicator is to capture the knowledge capital available in a country in order to provide characteristics and map the structure of trade for use as gauging tools. The three nations in which export surplus to GDP is very high are the Netherlands, Switzerland, and Ireland. Negative trade balances have been recognised in Romania, France, and the United Kingdom. As a result of changes in prices and volumes, nominal trading values were seen to rise continuously in 2018. Global commodity exports globally increased by 10 per cent, predominantly propelled by 20 per cent increase in oil prices. Rapid growth and development in innovation triggers increase in GDP and exports. Additionally, it is observed that export grows significantly faster in the Euro Area Member States than in non-EEA Member States.

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  • Judit Sági

Certain Issues of Green Bonds and Their Perception by Financial Markets, with Focus on Hungary

Certain Issues of Green Bonds and Their Perception by Financial Markets, with Focus on Hungary

The environmental load of the economies and climate change have increasingly necessitated green investments, financed by the so-called green bonds, invented by financial markets. The author analyses the green goals to be achieved by issuing green bonds as market instruments, and the structuring of funding in terms of risks and cash-flows, through specific cases in progress. The Hungarian sovereign green bond issue is an example of a successful fundraising from the capital markets, and the central bank initiative is a case for helping the private sector in the green transition. It is found that the success of green financing depends primarily on the financial market participants’ perception of the safety of investment in green bonds. An essential element is certification by an external third party, to assure investors that the project being financed will not only result in financial returns but also in environmental benefits.

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  • Karácsony Péter

Effects of the Coronavirus Crisis on Hungarian Small and Medium-Sized Enterprises

Effects of the Coronavirus Crisis on Hungarian Small and Medium-Sized Enterprises

Today’s coronavirus crisis has affected not only public health but also the economy. The coronavirus has led to a significant increase in unemployment and a transformation in employment. Each government tries to save its own economy in different ways, primarily by launching programmes that help companies maintain employment. The crisis has also generated spill-over effects throughout the supply chain. Available studies on the economic effects of the coronavirus are currently limited. Based on empirical research, this study endeavours to show the impacts of the coronavirus on the Hungarian economy. Based on the findings, it can be said that as a result of the coronavirus, Hungarian small and medium-sized enterprises are struggling hard to overcome financial difficulties and declining demand for services/products, and consequently government subsidies and measures are vital for them.

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