Archívum

• Golden Ratio-based Leverage Targeting and the ESG Performance of US and European Listed Firms

  Évf. 2023 szám 2

  

  Vivien Csapi, József Ulbert, Ákos Tóth-Pajor

  Our paper aims to assess whether golden ratio-based leverage targeting is linked to better ESG performance. To answer this research question, we examine the temporal dynamics of leverage in relation to the golden ratio-based leverage targets and study the relationship between golden ratio-based leverage targeting and the ESG performance in a cross-sectional setting. Our main findings show that firms choose to have a book leverage closer to the golden ratio-based leverage targets, when they have a better ESG performance. In addition, golden ratio-based leverage targeting is related to better governance pillar performance in the manufacturing sector, better social pillar performance in the service sector, and better environmental pillar performance in the trade sector. In conclusion, golden ratio-based leverage targeting is predominantly attributed to sector-specific characteristics and heuristic managerial decisions, which ties leverage to the important levels applied by the competitors.

  Keywords: capital structure, golden ratio, target leverage, ESG performance.

• Stakeholder prioritization in the ESG practices of European listed firms

  Évf. 2023 szám 1

  

  Ákos Tóth-Pajor, Mónika Kuti

  This paper examines the order of stakeholder preferences in the ESG practices of 706 European listed companies between 2009 and 2020. Our research aims to scrutinize which stakeholders benefit the most from the ESG activities of the firms. Based on the ESG scores of Refinitiv, our model uses LASSO regressions to determine which ESG activities and categories have the highest marginal contribution to the overall ESG performance. Our main results show an implied hierarchy of stakeholder preferences in ESG strategy, which differs over time, across the ESG performance of the firms and economic sectors. Concerning the governance and social pillar-related ESG activities, internal stakeholders, i.e., the board, and the employees, are preferred to external ones to internalize the ESG impacts for higher ESG scores. Meanwhile, firms with higher ESG scores prefer suppliers via their environmental ESG activities.

  Keywords: stakeholder preferences, ESG strategy, corporate governance, LASSO regression

• Exposure to trade disruptions in case of the Russia-Ukraine conflict: a product network approach

  Évf. 2022 szám 1

  

  Erik Braun, Emese Braun, András Gyimesi, Zita Iloskics, Tamás Sebestyén

  The recent outbreak of the Russia-Ukraine military conflict is expected to affect the world economy through global value chains due to sanctions imposed on the Russian economy and a severe decline in Ukrainian production. This study provides a first-cut analysis of the possible economic impact of this war on third countries. Using product-level export data from international trade statistics, we first identify the most important products exported by Ukraine and Russia. Then, applying a comprehensive indicator of exposure, we measure the dependence of third countries on products imported from Ukraine or Russia, taking into consideration indirect trade connections and the substitutability of imports with domestic production. The results show that Ukraine is dominant in global trade through exporting iron products and agricultural products, while Russia is important through exporting energy sources, raw materials, and iron products. Analysing countries’ total exposures, we found that the post-Soviet and European countries have high exposure to Russian imports, confirming the energy dependence of these countries. The Middle East and African countries heavily depend on Ukraine, especially for grain imports, possibly causing food security problems. Finally, the results explain why some European countries hesitate to apply sanctions on Russia in the field of energy sources.

  Keywords: international trade, global value chains, Russia-Ukraine war, network analysis, exposure

   

• Measuring structural resilience of economies: Globalization or deglobalization?

  Évf. 2021 szám 4

  

  Tibor Kiss, Tamás Sebestyén, Erik Braun

  The discussion about the role and effects of international trade has begun to inten- sify recently. On the one hand, we know that specialization and participation in the international division of labor results in more efficient production structures that bring welfare gains. On the other hand, the resulting strong interconnectedness of countries allows for rapid spread of shocks and a more volatile and vulnerable system. Overall, neither full self-sufficiency nor an extremely globalized produc- tion structure seems to be sustainable nowadays. However, the responsiveness of countries to shocks might depend on the resilience of the countries. A system’s (economy’s) level of resilience derives from two structural properties: redundancy and efficiency. An efficient system has only a few mutual relationships, which indicates strong specialized trade flows and corresponds to highly globalized pro- duction processes of a country. In contrast, a redundant system has many more similarly weak connections signaling a less specialized and embedded position of elements within the system, corresponding to a lower level of involvement within the international division of labor. While it is clear that extreme efficiency and ex- treme redundancy are not optimal arrangements, finding the optimal combination in between is challenging. Putting this framework of system resilience into interna- tional trade and production networks, may indicate the optimal trade-off between self-sufficiency (more redundant systems) and specialization within international trade (more efficient systems). In this paper we use methods from Ecological Net- work Analysis (ENA) to capture the countries’ structural resilience building on sector level input-output data. The cross-country analysis shows that countries are heterogeneous in terms of resilience, and the structure of the countries has become more effective and globalized between 2000 and 2014. Using econometrics tools, we find a strong and significant association between redundancy/efficiency and the level of international trade, confirming the use of the complex system perspective in international trade. Finally, we also examine the countries’ level of self-organization and the window of vitality in terms of resilience.

  Keywords: resilience, economicstructure, input-outputeconomies, globalization,
  deglobalization

• A vezetői bizalom kiépítésének kulcsterületei. A vezetőfejlesztés jövője a felsőoktatásban.

  Évf. 2021 szám 3

  

  Kuráth Gabriella, Szabó-Bálint Brigitta, Sipos Norbert, Jarjabka Ákos

  Vezetői összefoglaló

  A Covid-19 világjárvány átalakította a vezetői kommunikációt, amely várhatóan a vezetői szerepre és az azok gyakorlásához szükséges kompetenciákra is hatással lesz. Az eddigi tapasztalataink szerint a felsőoktatási hallgatók közül sokan készülnek rá, hogy vezetők lesznek, ezért a vezetőfejlesztés kiemelt területként jelentkezik a felsőoktatás számára. A kutatásunk fókuszában a vezetői sikeresség, eredményesség, valamint a bizalom kérdése áll. Több kutatás is zajlott a témában arról, hogy melyek azok a főbb tényezők, amelyek a vezetők iránti bizalom, elfogadás légkörét alakítják. Az előzetes irodalomkutatás alapján a következő kutatási kérdésekre kerestük a választ:

  1. A fiatal generációnak (hallgatók, frissen végzettek) milyen elvárásai vannak leendő közvetlen vezetőjükkel szemben? Milyen tulajdonságokat, milyen viselkedésmódokat látnak szükségesnek ahhoz, hogy kialakuljon a bizalmuk a vezető iránt, elfogadják és kövessék őket a fiatalok?

  2. A mai változó világban, a távmunka előtérbe kerülése kapcsán milyen új kompetenciákra lesz szükség a jövőben a (fiatal) vezetőknek ahhoz, hogy olyan vezetővé tudjanak válni, akikben megbíznak a kollégáik?

  3. Milyen módon tudja a hallgatók vezetői szerepre való felkészítését, fejlesztését támogatni a felsőoktatás?

• Back-testing, risk estimation models: a simulation study for two-asset portfolios

  Évf. 2021 szám 2

  

  Gyöngyi Bugár, Máté Uzsoki

  The aim of the study is to check the validity of five different risk-estimation models for two-asset portfolios, a topic which is relevant in model selection both for determining the minimum capital requirements for trading book portfolios and for the regulatory monitoring of the performance of internal risk models. Simulations based on a real data set containing the FTSE 100 constituents were carried out, and the risk was gauged by Expected Shortfall, a measure which also captures tail risk. Given that the period studied includes that of the subprime crisis, there is an inherent opportunity to compare and contrast the results produced under disaster conditions with others from less stressful periods. Our empirical analysis has confirmed that using Expected Shortfall instead of Value-at-Risk alone is not enough, and that the risk model has to be carefully selected and back-tested. The general Pareto distribution proved to be a prudent choice for risk models. In fact, among the five models considered, the model when general Pareto marginals were coupled with Clayton copula showed the best performance. It was, however, also revealed that this model is susceptible to being “over-cautious” in estimating loss.

  Keywords: Risk estimation models, Portfolio, Back-testing, Expected Shortfall, Copula

• Turisztikai fogyasztási szokások vizsgálata a fogyatékossággal élők körében

  Évf. 2021 szám 1

  

  Gonda Tibor- Raffay Zoltán

  A hazai turizmuskutatás nem eléggé vizsgált területe az akadálymentes turizmus. Csak az elmúlt néhány évben figyelhető meg ebben változás, az által, hogy néhány kutató érdeklődési körébe került a téma vizsgálata. A szerzők egy kérdőíves vizsgálat eredményére építve mutatják be a fogyatékossággal élők utazási keresletének néhány fontos vonását. A külföldi és a belföldi utazási gyakoriság bemutatása mellett, annak a vizsgálatára is sor került, hogy a fogyatékossággal élők keresletében melyek a legnépszerűbb turisztikai termékek. Rámutatunk arra is, hogy a célcsoport tagjai utazásaik során elvetik a szegregációs megoldásokat, és az integrációval szemben is egyértelműen az inklúziót igénylik. Az akadálymentes turizmus kérdésköre az európai lakosság 10%-át érinti, tehát túl a kérdés társadalmi és szociális jelentőségén, piaci szempontból sem elhanyagolható létszámról van szó. Az érintettek elvárásainak és speciális fogyasztói szokásainak a megismerése feltétlenül szükséges a megfelelő kínálat kialakításához, illetve a szolgáltatások egyenlő esélyű elérésének a biztosításához. Az eredmények levonásához 262 db. kitöltött kérdőív állt a rendelkezésre. Ez a hazai akadálymentes turizmus kutatásban jelentős nagyságrendnek számít, tekintettel arra, hogy az érintett személyek nehezen érhetők el. A magyar felmérés mellett további 4 ország (Németország, Olaszország, Spanyolország és Horvátország) kismintás kutatási eredményeire is kitér a tanulmány. A fejlett országokban a turisztikai kínálat szervezése során is egyre nagyobb figyelmet kap az akadálymentesítés, részben humanitásból, részben felismerve az ebben rejlő jelentős üzleti lehetőséget. Legáltalánosabban megfogalmazva, az akadálymentes turizmus a mindenki számára egyenlő módon elérhető turizmust jelenti, beleértve a fogyatékossággal élőket, az átmenetileg mozgáskorlátozottakat, az időseket, a kisgyerekeseket és a többgenerációs családokat. Ennek megfelelően az egyenlő esélyű hozzáférés vizsgálatának a fő területei megegyeznek a turizmus kínálati oldalának fő területeivel, úgymint: szálláshely-szolgáltatás; vendéglátás; turisztikai attrakciók; közlekedés; kommunikáció.

  Kulcsszavak: akadálymentes turizmus, utazás gyakoriság, motiváció, turisztikai termékek, életminőség

   

   

• The success of the university based crowdfunding in light of the university centered entrepreneurial ecosystem development

  Évf. 2020 szám 5

  

  Ákos Tóth-Pajor, Miklós Hornyák, Mónika Kuti, Zsolt Bedő

  Universities implement readily available solutions and tools to become more entrepreneurial with the expectation of short-term success. Establishing university based crowdfunding platforms is one example of this phenomenon. While these solutions are easily accessible and implementable it is not understood what factors make these platforms an efficient tool to inspire entrepreneurial activity at higher education institutions. In other words, will there be a large crowd publishing and funding projects on the platform or will it remain an empty online marketplace? To assess this question, we apply the concept of a university centered entrepreneurial ecosystem, UCEE, which enables us to consider the environment of the university holistically. By taking into account the functional attributes of the UCEE concept, we are able to show that the successful implementation of a university based crowdfunding platform is dependent on the completeness of the ecosystem around the university. Thus, we can consider successful university based crowdfunding as a desired output of a complete university centered entrepreneurial ecosystem. Our findings provide valuable insight into the functioning of the entrepreneurial university concept and practice, informing both policy and institutional level decision makers.

  Keywords: University based crowdfunding, entrepreneurial university, entrepreneurial ecosystems, text mining

• A magyar szabadhajózási vállalatok hajóforgalmi statisztikái 1893–1916 között

  Évf. 2020 szám 4

  

  Pelles Márton

  A magyar szabadhajózási vállalatok hajóforgalmi statisztikái 1893–1916 közöttA kifejezetten magyar, így némileg független kereskedelmi tengerészet az osztrák-magyar kiegyezés után jöhetett létre, a húsz éves horvát uralom alól visszatérő fiumei kikötőben. Ahogy kor gazdaságpolitikája is előbb az állami iparfejlesztést célozta, úgy a hajózásban is az 1870–1898 közötti években főleg az állam által támogatott és részben irányított hajózási vállalatok kezdték meg működésüket. ... 

  Kulcsszavak: szabadhajózási vállalatok, hajóforgalom, statisztika

• Do specific entrepreneurial ecosystems favor high-level networking while others not? Lessons from the Hungarian IT sector

  Évf. 2020 szám 3

  

  Éva Komlósi, Tamás Sebestyén, Ákos Tóth-Pajor, Zsolt Bedő

  Each territorial unit is characterized by a specific entrepreneurial ecosystem (EE) consisting of interdependent actors and contextual factors that support or limit entrepreneurial innovation. Access to and mobilization of entrepreneurial resources is facilitated by social networks within the entrepreneurial ecosystem. However, the degree and quality of these networks is determined by various characteristics of the particular ecosystem itself. Using fuzzy-set Qualitative Comparative Analysis (fsQCA), we explored the configurations of micro, meso and macro conditions of the entrepreneurial ecosystem of ICT firms in a Hungarian city (Pécs), which result in a high or very high-level networking performance. Our results show that certain ecosystems are capable of high-quality networking. In addition, we find that different ecosystem configurations are required for high informal, formal, or external networks.

  Keywords: networking, entrepreneurship, entrepreneurial ecosystem, fuzzy QCA, regional development

• „The Shard” – one possible model of discrimination of women

  Évf. 2020 szám 2

  

  Zsuzsanna Kispál-Vitai, Julianna Németh

  It is almost a cliché in social sciences today to do gender research. Researchers did exhaustive
  investigations about the gender wage gap, career, and developmental prospects. The available
  data about women’s progress (or rather the lack of it) at the workplace is overwhelming, but
  these are mostly descriptive. Though these presented a comprehensive picture of the
  phenomenon, they did not provide the reasons for discrimination, only clarified the symptoms.
  Our article aims to create a new framework utilizing existing data. We suggest a new model
  that has explanatory value and attempt to present the reasons for the treatment of women. Our
  theoretical model focuses on decision-making. Our conclusion is – based on prototype
  heuristics and bounded rationality – that four factors influence decision-making about women
  in the workplace: cognitive development of the individual, societal expectations, power
  demands, and accessible data in the environment. Exploring these can contribute to the
  improvement of women progressing to higher-level jobs by uncovering the reasons for
  discrimination.

  Keywords: discrimination, psychological factors in people’s judgment, decision theory

• Long-run monetary non-neutrality, menu costs and demand-supply interactions: The lessons of some agent-based simulations

  Évf. 2020 szám 1

  

  Miklós Váry

  This paper investigates whether two possible phenomena, the presence of fixed adjustment costs
  (menu costs) related to firms’ price adjustment and demand-supply interactions are able to serve
  as theoretically and empirically plausible explanations for the empirical evidence supporting the
  violation of long-run monetary neutrality. An agent-based menu cost model is developed and calibrated
  to reproduce some important empirical stylized facts about price changes, which are revealed
  using a micro-level dataset from the U.S. It is shown that it is possible to come up with
  model variants, in which the presence of menu costs causes monetary shocks to have permanent
  real effects, but if firms are assumed to be hit by idiosyncratic productivity shocks, long-run monetary
  neutrality holds even in the presence of menu costs. Idiosyncratic productivity shocks are
  necessary for the model to produce realistically large price changes. However, the presence of
  demand-supply interactions, i.e. a positive feedback from the output gap to potential output leads
  to long-run monetary non-neutrality even in model variants with good empirical fit. In the fullyfledged
  calibrated model variant, around one quarter of a typical monetary shock is absorbed by
  real output in the long run. This suggest that monetary policy may have substantial long-run real
  effects. Two limitations of long-run expansionary monetary policy are pointed out. First, its effectiveness
  decreases with the size of the monetary shock. Second, if price adjustment is asymmetric
  because of the presence of trend inflation, there is an intermediate range of the shock size, within
  which negative monetary shocks are more effective in the long run than positive ones.

  Keywords: long-run monetary non-neutrality, menu costs, demand-supply interactions,
  agent-based model

• Entrepreneurial self-efficacy and success: the effect of experience on their evolution and relationship

  Évf. 2019 szám 3

  

  László Szerb, Zsófia Vörös

  In this article we attempt to explain the failure of many efforts to show, empirically, a link between entrepreneurial self-efficacy and success. At the same time, we reconcile the literature on entrepreneurial self-efficacy and overconfidence. By analysing GEM data, we show that early-stage entrepreneurs’ self-efficacy is consistently inflated, albeit in a variety of ways. Entrepreneurial overconfidence fades gradually and its form changes as business owners learn and gather experience by running their own ventures. By using Ajzen’s Theory of Planned Behaviour, we show that, depending on the form of overconfidence, the link between self-efficacy and growth projections may be mediated by product quality expectations. However, the huge decline in growth expectations associated with the aging of ventures seems to be due not to the changes in skill beliefs but rather the experience induced adjustments on entrepreneurial expectations. In addition, we have found that, at country level, experience moderates the relationship between expected firm growth and actual economic growth. Our results suggest that early-stage entrepreneurs’ overconfidence may –at least to some extent- function as a useful heuristic in an uncertain entrepreneurial world.

  Keywords: Self-efficacy, overconfidence, growth expectations, entrepreneurship, theory of planned behaviour, GEM

• Külkereskedelem, regionális különbségek és képzett vándorlás

  Évf. 2019 szám 2

  

  Kónya István

  A tanulmány egy olyan modellt mutat be, amely a képzett vándorlás szerepét

  vizsgálja a nemzetközi kereskedelem által kiváltott regionális egyenlőtlenségek alakulásában. A modell a jól ismert, növekvő skálahozadékon és szállítási költségeken alapuló "új gazdaságföldrajzi" keretet használja, amelyet heterogén háztartásokkal és részleges munkapiaci mobilitással bővít. Ebben a keretben a külkereskedelmi nyitás az emberi tőke re-allokációjához vezet a külső piacokat könnyebben elérő régiók javára. A tanulmány bemutatja, hogy ennek a belső vándorlásnak viszonylag alacsony mobilitás mellett is jelentős aggregált hatása lehet, ha a leginkább képzett munkavállalók költöznek. Az elméleti eredményeket két megye, Borsod-Abaúj-Zemplén és Győr-Sopron-Moson eltérő folyamataival motiváljuk és illusztráljuk.

  Kulcsszavak: gazdaságföldrajz, belső vándorlás, emberi tőke, regionális különbségek, külkereskedelem

• University-Centered Entrepreneurial Ecosystems: A Conceptual Framework

  Évf. 2019 szám 1

  

  Zsolt Bedő, Katalin Erdős, Luke Pittaway

  Research on entrepreneurial ecosystems has advanced considerably over recent years and has become a popular topic among policy makers. Despite the interest, research on the topic has focused overly on entrepreneurial ecosystems in large cities in the United States (US). Ecosystems in other contexts, such as, small cities, underpopulated rural areas and university towns have not been considered in much depth, nor has there been much focus on regional contexts outside of the US. This paper begins to address this deficit by reviewing three groups of literature. From the review conducted the paper builds a conceptual framework to consider entrepreneurial ecosystems led by universities. First, the paper considers the literature on entrepreneurial ecosystems and it explores its implications for understanding the concept in small towns. Next, the paper considers the literature on entrepreneurial universities and explores how it informs our understanding of the role of universities in regional innovation. Then the paper incorporates current thinking on entrepreneurship education to consider how education and learning practices help build and grow such ecosystems. The paper concludes by drawing together these literatures into a conceptual framework outlying the structure, components and mechanisms that enable universities to operate as catalysts in the creation of entrepreneurial ecosystems in smaller cities. The paper makes a contribution by drawing disparate ideas across several domains together into a set of concepts that can be tested empirically and can be used practically to guide efforts to enhance regional entrepreneurship and innovation.

  Keywords: Entrepreneurship Ecosystem, Entrepreneurial University, Entrepreneurship Education, Higher Education

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