Special Issue on Management Studies (Guest Editors: Mónika Garai-Fodor, Ágnes Csiszárik-Kocsir, Katarzyna Szymczyk, Iwona Otola, Drita Kruja)
Abstract: This article examines the use of multivariate optimization, as a method, to improve the success of project management tasks. The optimization approach is founded on 8 selected continuous project processes of the execution phase of the PMBOK project management framework. Using a custom-developed, online portal, 103 data sets were collected from project management practitioners, indicating their individual distribution of effort and focus on the selected project processes, as well as, the current health status of their project. Based on this dataset, stepwise regression combined with optimization applying a sequential quadratic programming method was used to define the distribution of project process relevance thereby maximizing the project health.
Keywords: Process Optimization; Multivariate Optimization; Project Management; PMBOK
Abstract: The Automotive industry plays an important role in the European economy, however, it is also responsible for environmental pollution - by manufacturing and during the lifetime of the vehicles. To decrease air pollution, industrialized countries determine stricter regulations for carmakers. In addition, those consumers who want to be environmentally conscious, are seeking “greener” cars. Unfortunately, the “Volkswagen scandal” in 2015, drew attention to the unfair behavior of car manufacturers and to greenwashing. The rising trend toward corporate social responsibility and stricter regulation policies have put pressure on the automotive industry. This article concentrates on the corporate social responsibility practices of car manufacturers, following the VW cheating software scandal, in order to identify which elements of their CSR policy have been strengthened. The research investigates how the emphasis on the different elements of CSR activities has changed following the VW scandal. To answer the question, a quantitative analysis is made on the CSR data of 15 companies (7 from Germany, 2 from Italy, 2 from Sweden, 3 from France and 1 from the UK), whose primary industry is motor vehicle manufacturing in Europe and CSRHub provides detailed information on them. The analysis examines how the ratings of these companies has changed in the four main categories of CSR (namely: Community, Employees, Environment and Governance) during the period of 2011-2019, which can be sub-divided into two periods: 4 years before and 4 years after the scandal. The analysis shows that VW’s overall CSR rating has decreased for the period of 2015-2019. Results also indicate - contrary to expectations, that Volkswagen could not improve its CSR-ratings for Product and for Environment subcategories, after the scandal.
Keywords: automotive industry; CSR; emission scandal
Abstract: The pandemic, consumer preferences and the composition of the consumer basket changed. Each generation sees differently the impact of the virus on different areas of our lives, which is largely related to the general set of values that characterizes each generation. The focus of our research is the relationship between the generation-specific value system and the changes in consumer behaviour caused by the virus. In the primary data analysis, we focused on the examination of the consumer habits that were modified by the pandemic, the composition of the consumer basket, the customer habits, which differ for each generation and are related to the individual value system. In the light of the results, we were able to determine how the composition of the consumer basket changed, analysing, generation-specifically, which product and service purchase came to the forefront as a result of the crisis.
Keywords: financial awareness; consumer behavior; pandemic; crisis
Abstract: Today's pandemic situation intensifies companies’ competition for customers. The rapid acceleration and growth of economic competition, is a serious challenge to meet, for many companies. With the wide range of market supply and the resulting increase in price competition, customers are increasingly switching brands or service providers, with the result, that it is much more difficult for businesses to retain customers. The peculiarities of this situation are a strong customer focus, the possibility to expand direct communication with the customer and the seemingly endless range of products and services offered [1]. Managers focusing on maintaining and improving the competitiveness of companies, are paying increasing attention to meeting special needs, getting to know different segments of the market and more effective marketing communication with customers. Efforts in this direction, by all business organizations, including family-friendly businesses, are also supported by CRM (Customer Relationship Management) systems that - when they work well - results in a long-term, difficult to imitate competitive advantage, in addition to the already existing family-friendly policy, within a company. The current research aims to explore employee needs, for a family-friendly workplace. The focus of this study is on corporate services and expectations, as well as, on their evaluation and acceptance by the employees. This paper is based on a two-step research approach; while the secondary study investigates the related literature, in the framework of the primary research, a case study is presented.
Keywords: CRM system; family-friendly company; relationship marketing; corporate strategy
Abstract: Classical mathematics is the language of precision. Statements can be either true or false. But in our everyday lives and our systems (from economic behavior through social sciences to project management models, etc.), most things cannot be fully described by this logical concept. The solution to this problem might be the introduction of soft computing methods, especially Fuzzy logic. In this paper, a short review of the application of Fuzzy systems is presented from an economic perspective. In addition, the applicability of Fuzzy logic is demonstrated through a detailed example. In this part, the main goal is to select a target group of people for a new market campaign based on previously collected data. Qualitative and quantitative variables were used as well in the generated multi-input, single-output system. Finally, the evaluation process is discussed in detail to justify the conformity of the Fuzzy methodology.
Keywords: Fuzzy inference; soft computing methods; economic forecasts; decision-theory; risk analysis; behavior economics
Abstract: The main objective of this research is to validate the value-based consumer behavior models of food consumption, for a specific generation. The theoretical basis of this topic is provided by two pillars: value-based consumer behavior theories and generational marketing, in which the focus is on the main characteristics of Generation Z. A common feature of the consumer behavior theories based on the value system proposed in the literature review is that they assume there is a relationship between the consumer's motivation for selecting products and services and the value system. This basic concept inspired the present primary research, to analyze the relationship between the value system and consumer behavior in a generation-specific way by examining the food consumption habits of Generation Z, including their attitudes towards healthy eating. As part of the primary research, quantitative data collection took place in the form of a snowball sampling procedure among Generation Z. As part of the quantitative research, a pre-tested, standardized, online survey was conducted that analyzed over 500 evaluable questionnaires. The main hypothesis of this study is the primary analysis, namely, to prove that the basic structure of consumer behavior theories based on values, is applicable, to the food consumption habits of Generation Z. The results help identify the values of future generations, their focus on health and what they do to protect their health. In addition, the results of the survey will also help identify relevant food consumption behavior patterns among Generation Z participants. This helps define a target group for healthy eating and health education campaigns, that target Generation Z.
Keywords: values; Generation Z; segmentation
Abstract: Many of the 21st Century's intricacies can be explained by their strategic employment relationships. The present study discusses the necessity of flexible work designs by utilizing and maintaining the workforce to their full potential. Keeping this in mind, this study was conducted in randomly selected health sectors, in the UAE. Along with the models related to this subject and a questionnaire of 300 respondents, by stratified proportional sampling, provided a deep understanding of the outlooks of employees in their work designs. A descriptive analysis, using SPSS 24.0, maintained the significance level of the latent variables, such as, organizational flexibility, and cognitive flexibility, to the independent variable, flexible patterns. The findings confirmed the alignment of models extracted from the theories to the variables discussed in the questionnaire. Moreover, all the hypotheses crafted for the study have accepted. Thus, the study proved that a flexible workforce requires management to be tactical, create various work designs on demand, and develop requisite skills to undertake this task. Furthermore, it communicates that productivity and career responsibility can increase while fatigue and staff turnover can lessen if the work designs are strategically crafted, within the selected companies.
Keywords: Flexible work designs; Organizational flexibility; Cognitive flexibility; Productivity; Career responsibilities
Abstract: The concept of financial culture and its importance is one of the most popular topics today. Financial knowledge and awareness are necessary in every aspect of life. It is important not only when choosing a bank account type or taking out a loan, but also when conducting conscious financial activities. The recent crisis underscores the damage that can be caused by a lack of financial literacy and awareness, and the devastation that can be caused by irresponsible financial decisions. Lack of economic awareness and knowledge can cause enormous damage to the economy, lead to irresponsible economic decisions, projecting solutions over the years or even generations. This was perfectly illustrated following the 2008 crisis, with the collapse of a series of recklessly taken out credit products. More than ten years later on, a large number of research and studies have been written to promote financial literacy (Németh, 2017), but these have typically ended up in 'desk drawers', scattering any substantial progress. Even today, public education is still not equipped to effectively impart financial literacy. The lack of financial literacy was demonstrated by the crisis caused by the coronavirus epidemic. Unexpected and unforeseen closures have highlighted new aspects of financial literacy. The emergence of home-based finance has led to a reassessment of previous financial decisions, including the selection of bank service providers. The objective of this paper is to show bank selection preferences as a function of financial culture before and after the crisis by highlighting the most important factors for customer loyalty based on the results of a primary research.
Keywords: financial literacy; financial culture; financial decision; digitalisation; bank services
Abstract: The roots of the dynamically changing relationship between ethics and entrepreneurship can be found in the past. The ethics of individuals in connection to issues with economic nature had been addressed by Aristotle in ancient Greece. Activities of economic nature and getting wealthy were distinguished. He argued that money cannot serve a purpose to become wealthy, as it is unethical and against the rules of nature. The relationship between ethics and entrepreneurship was first mentioned in the work of Adam Smith (The Wealth of Nations) - “Wise formulation of law has to guarantee that even those who do not possess ethical thinking would act wisely in a fair manner in economic issues”. This is the reason why we have developed interest in the relationship of ethics and economy. Herein, we examine 3 hypotheses, formulated as a part of our research, based on 581 obtained responses. The results show that the size of an enterprise influences the existence of ethical institutions. Furthermore, the ethics of the individual, is also influenced by the qualification, while no “real” relationship was detected between the size of company and unethical behavior. Introduction of a Code of Ethics, is strongly advised for the companies.
Keywords: business ethics; corporate ethics; individual ethics
Abstract: Generation Z, who can handle almost everything online, from the picture taken by their mobile phone to purchasing or transferring money. Therefore, using several tech solutions, they are not looking for traditional banking solutions, like the ones where physical presence is needed. Their wish is to obtain secure, fast, easy financial solutions, and services. Additionally, to ensure payments can be easily made and investments are available on hand. All of this being virtually available any time when it is needed, even from their mobile phones and also providing a high-level of personalization possibilities. In our study, we surveyed risk attitudes governing individual investment decisions based on primary research conducted on a large sample size among university students. When surveying risk attitudes, we presented a group of university students studying in Hungary with questions of a test published in an international journal article by John Grable and Ruth H. Lytton (Grable - Lytton, 1999). Between early December 2020 and 15 January 2021, more than 2,000 students filled out our questionnaire. The results of the questionnaire show that risk attitude values among the group of Hungarian university students are in line with international experiences. Primary data collection will continue in the spring of 2021, and it will subsequently allow a comparison to be made between the attitudes to risk and investment of university students from different fields of study. The composition of the questionnaire's respondents will make it possible to survey and compare the 'Z’ generation’s attitude with that of other generations.
Keywords: digitalization; fintech; investment; Grable-Lytton test; COVID-19 pandemic; Finfluencer
Abstract: There has been a lot of research and studies on the running of small businesses. The objective of this paper is to provide a comprehensive picture of the potential of the micro, small and medium-sized enterprise sector. In the analysis, the world of small businesses will be reviewed in the broadest possible sense and the focus will not only be placed on SMEs, but also on the MSME sector, which includes very small micro-enterprises. The study will seek to shed light on the potential benefits of this sector. It highlights the importance of the sector, as well. All this has been done earlier, but this paper goes beyond general statements. It explains why it is good to be a small company, why it can be beneficial to operate as a MSME and what the real impact of this sector could be on economic growth if the necessary support and the right business environment were provided. By now everyone knows that the MSME sector is one of the engines of growth. Everybody knows that this sector has very different characteristics from large companies. However, what is less understood is why the economy actually needs so many small companies and why they are really important. This paper attempts to briefly summarise why this sector should be considered as a strategic priority and what makes a small business really valuable for economic growth and competitiveness in the national economy.
Keywords: competitiveness; SMEs; economic growth; economic development
Abstract: Diminishing resources, climate change, and environmental challenges emphasize the need for sustainable development. The circular economy is considered a concept that faces and contributes to overcoming such challenges. This research aims to identify circular pathway influential factors in Albania by exploring green product consumption patterns. Primary quantitative research was carried out in an online survey in Albania. Exploratory factor analysis and multiple logistic regression are performed. The main influential factor on green products purchase behaviour that can serve as an influential factor to shift into the circular economy in Albania is product labelling. This evokes and supports environmental sensitivity that contributes to favouring green products. Further supportive factors are product recycling, instruction manual, and details about the ingredients, while hindering factors are the absence of interest and time pressure. However, consumption of green products depends on education level: graduates and postgraduates should have been targeted to attract novel target groups.
Keywords: circular pathways; green products; sustainable consumption; sustainable development factor analysis; multiple logistic regression
Abstract: The outbreak of the COVID-19 pandemic was an unexpected phenomenon that triggered a multitude of changes within various aspects of socioeconomic functioning. The ongoing pandemic is a threat to health and life. What is more, it negatively impacts the economy and alters social and consumer behavior. These transformations are visible in relation to commercial activities, which have largely been transferred to the online zone. The aim of this paper was to verify the adopted hypotheses whether the pandemic has a statistically significant impact on the opinions of respondents aged 45+ about the e-commerce market. Two statistical methods, such as, chi-squared test of independence and Wilcoxon pairwise rank test were used to verify the accepted hypotheses. Based on the statistical analysis, it has been proven that the pandemic had a significant impact on the opinions of the respondents concerning online safety, unlimited availability of the offered products and the need for further improvements in current technologies. During the pandemic, a correlation has also been established between the gender of the respondents and their opinions on online shopping as a better alternative to brick-and-mortar shopping. Moreover, a relationship was demonstrated between gender and the opinions of the respondents, that further development of new information and communication technologies is necessary. The study showed that the COVID-19 pandemic statistically influenced differences in the distribution of variables, in the area of respondents' behavior, within the e-commerce market.
Keywords: crisis management; e-commerce; COVID-19; consumer; consumer behavior