Special Issue on Management Studies - Guest Editors: Mónika Garai-Fodor, Ágnes Csiszárik-Kocsir, Katarzyna Szymczyk, Iwona Otola and Drita Kruja
Abstract: One of the key objectives of this study is to illustrate the importance of corporate financial culture by seeking to explore the macroeconomic and microeconomic processes that require the presence of corporate financial culture. In addition to interpreting theoretical findings, the analysis based on sampling in the SME sector seeks to demonstrate the relationship between public intervention, especially in crisis situations, and the level of corporate confidence in the business environment, and how it affects corporate financial performance and quality of culture. Moreover, the analytical part of the study also addresses the role of training in corporate financial culture. At the same time, it draws the attention of those interested in the topic to the importance and significance of financial awareness.
Keywords: corporate finance culture; business environment; trust; training; economic policy
Abstract: In addition to today's knowledge-based society, social media is an integral part of the daily lives of businesses, which cannot be ignored, by small and medium-sized enterprises, which play an essential role in both society and the economy. The primary purpose of this study is to provide an insight into the use of social media at the enterprise level, from the perspective of small and medium-sized enterprises. In order to achieve this goal, the authors conducted a quantitative questionnaire survey among small and medium-sized enterprises operating in two regions of Hungary. A research model has also been developed to provide a statistical representation of the assumptions made. The results of the research prove that the size of a company is significantly related to the outsourcing of the processes, related to this activity in addition to the company’s presence in social media. Outsourcing social media activities is also closely related to the monitoring of competitors and the use of feedback from the target audience. The results prove that the observation of competitors’ activity is significantly related to the use of target audience feedback, as well as the use of marketing costs, that can be associated with a presence in social media. Finally, the results support the idea that marketing costs are related to the direction of change, caused by social media, which is also significantly related to the willingness of businesses to expand, as related to the presence of social media.
Keywords: social media; SME sector; marketing strategy; Hungary
Abstract: The digital transformation of the economy and the current innovation-oriented labor market requires an important stock of social skills that generate innovators with technical skills. This paper aims to analyze the public and private sector's innovation awareness and civil society and provide a needs assessment analysis concerning innovation skills in Albania. Based on the Borich Need Assessment Model, 44 skills were analyzed according to creativity, collaboration, critical thinking, communication, and self-directed scales through the discrepancy of desired and actual competencies. The needs are assessed using, Mean Weighted Discrepancy Scores (MWDS). The results show that innovation remains an abstract, not clearly defined concept, related to novel and creative thinking. The most important skills linked to innovation, according to respondents, relates to networking. The top five skills linked to innovation are interpersonal management, active listening, cooperation skills, motivation, and trust.
Keywords: innovation; skills; competencies; Borich Need Assessment Model; Mean Weighted Discrepancy Scores; Albania; developing country
Abstract: In addition to the deterioration of air quality, one of the most significant environmental pollutants we face today, is waste. In the past, humans lived in harmony with nature; today, only a few isolated indigenous tribes live this way. Society today is immeasurably wasteful. Our increased need for convenience and goods, we have ceased to pay attention to the damage we are causing the natural world. Due to the wide spectrum of the topic, our theoretical and practical focus was on the theoretical approaches and practical implementation of the zero-waste movement. The aim this present study is to assess the zero-waste concept of Slovak households and their openness to purchase in a sales unit operating in the above movement. We also describe the selective waste collection habits of households in Slovakia, as focusing on selective collection may be the starting point for a new environmental movement that will hopefully become even more widespread in the future. Our research is a multiple, descriptive, cross-sectional study in which correlations have been explored regarding the demographic characteristics of consumers and their environmentally conscious shopping habits. Based on our results, we can state that education systems and influencing messages through the media have fallen short, and that more work is needed in this area. This is despite the fact that Slovakia is a fairly environmentally conscious country, in relation to others, in the EU.
Keywords: environmental protection; selective waste collection; zero-waste movement; waste disposal
Abstract: The object of this paper is to offer a complete and comprehensive study of non-performing loans, in the Republic of North Macedonia, as the most sensitive slice of the loan portfolios. It is expected that this work provides an extensive analysis of the reasons for the emergence of non-performing loans, their early detection, and effective ways to address them. Furthermore, analysis of the impact of non-performing loans, on the entire economy of the Republic of North Macedonia, is conducted. The analysis made with this study concludes that the growth of the total assets of banks have a positive impact on non-performing loans. On the other hand, the dynamics of non-performing loans, does not produce a significant impact on the macroeconomic indicators for the overall economy, in the country, except for, the rate of unemployment, whereby a reduction of the rate, increases the amount of problem loans.
Keywords: Non-performing loans; North Macedonia; credit risk
Abstract: The range of knowledge, skills and competencies that are considered important and useful is constantly changing. A combination of many factors shape our preferences in learning and how acquired knowledge is perceived. The focus of this paper is to analyze what kind of knowledge and competence levels have been appreciated by the pandemic, as well as how each generation perceives the role and importance of the knowledge elements examined in the research. In the context of primary research, it was demonstrated that the Coronavirus has led to an increase in the value of more conscious behaviors, such as, health orientation and the pursuit of safety (H1). Furthermore, it was proven that, beyond the impact of the pandemic, it is true, that age (generational affiliation) influences the perception of the importance of certain competencies (H2).
Abstract: The world is changing swiftly. These changes require leaders to possess new kinds of knowledge and skills to understand and deal with such complex trends. Therefore, this chapter explains the Leadership Intelligence, that incorporates Intelligence Quotient (IQ), Emotional Quotient (EQ), Cultural Quotient (CQ) and Spiritual Quotient (SQ), for a leading organization, that has significant uncertainty and complexity. With the growing uncertainty and complexity in business environmental contexts, leadership roles have become paramount. And thus, this paper proposes a leadership intelligence framework that incorporates IQ, EQ, CQ, and SQ elements, based on current literature. Consequently, 21st Century leaders should have these leadership intelligence qualities as a secret of leadership success, in today's organizations, particularly during turbulent times. To achieve higher leadership intelligence, global leaders must recognize their emotional stability along with cognitive balance and work according to local cultural patterns as well as spiritual norms by developing superior IQ, EQ, CQ, and SQ. Basically, this paper discusses why IQ, EQ, CQ, and SQ are essential for today's leaders who face demanding situations in which they must anticipate and adapt to changes and address wicked problems. Moreover, in the present 21st Century global setting, leaders must own different thinking skills and higher intelligence levels to achieve higher standards of leadership. In these challenging, complex situations, standardized leadership approaches often do not work. New leadership intelligence is needed, to deal with the complex changes.
Keywords: leadership intelligence; intelligence quotient; emotional quotient; cultural quotient & spiritual quotient
Abstract: The advances in digitisation and the pressure to digitise in recent years have brought about significant changes in all areas of the economy. Players in the financial system, in particular traditional commercial banks, are no exception, either. Banks with relatively rigid and overregulated structures can only cope with the competition generated by Fintech firms at the expense of significant efforts. However, change is inevitable for them, as well. The need for digital platforms and services is becoming more and more prominent among customers and market players. In parallel with all these processes, a new concept has emerged in addition to the much investigated financial culture and financial awareness, namely the concept of financial inclusion and exclusion. In the case of financial players, digitalisation can be understood and tackled from the customer's point of view. The objective of this paper is to examine the impact of digitalisation on financial actors, in particular on banks' practices, from the customer's perspective, covering both the relationship and the impact of financial culture and awareness.
Keywords: financial awareness; financial consciousness; financial exclusion; digitalization; fintech companies; commercial banks
Abstract: Cold Supply Chain (CSC) involves temperature-controlled activities in the overall process, ranging from the raw material storage to the final supply of the products to the consumers. The activities involved are easily exposed to risks such as temperature and humidity, equipment failure and quality risk to name a few. Such sensitive processes need proper risk mitigation strategies, to ensure the effective functioning of the overall CSC. For this purpose, the current research conducted a vigorous literature review and identified 40 relevant risks related to CSC in a developing country. The risks were analyzed using Failure Mode and Effect Analysis (FMEA)-Risk Priority Number (RPN) technique to shortlist the significant risks. The significant risks were then subjected to the Full Consistency Method (FUCOM) for prioritization. The results concluded, contamination of food, temperature and humidity and quality as the top-three risks that can be dangerous for the overall cold supply chain. To overcome these risks, the study recommends the proper implementation of traceability systems and Radio Frequency Identification (RFID) systems. Furthermore, employing the latest technologies and efficient personnel training can also help overcome these risks. Such an application of the study in the case of a developing country, Pakistan's CSC forms to be the first of its kind. Furthermore, the application of FMEA-RPN along with the FUCOM technique in the scenario of CSC risk management forms the novelty of this research study.
Keywords: Risk; Cold Chain; FMEA; FUCOM; RFID
Abstract: In this study, we analyzed Hungarian food purchasing from a generation-specific perspective. We believe that the impact of the coronavirus has made it even more important to buy domestically produced or Hungarian products, not only because of individual preference but also because of macroeconomic effects. In the theoretical outlook of this paper, we summarize the results of relevant domestic and foreign studies and research and develop the perspectives of our own research in the light of these findings. In the primary data collection, we used a pre-tested online survey using a standardized questionnaire. The snowball sampling procedure resulted in 1151 evaluable questionnaires. The main objective of our quantitative research was to demonstrate that the preference system of Hungarian food purchasing can be used as a segmentation criterion and that the group of Hungarian food buyers carries generational characteristics. The research resulted in three well-differentiated segments, first, the "Preferenceless" group, for whom, no single aspect of food purchasing was more important than the average. The second was the "Design and convenience-oriented price-sensitive" group, for whom, discounts were the main drivers of the preference system, alongside communication and convenience elements. And the third "Conscious Hungarian food buyers" group, was also characterized as those who considered the Hungarian origin of the food, to be the most important factor in their purchase. It was also found that Generation “X” is the main current consumer of Hungarian food, but we cannot speak of a negative attitude towards Generation “Z” either. Rather, an immature value system, is behind a neutral attitude. We believe that these results show that, with a proper educational campaign, the Hungarian food group can become attractive to the younger generation.
Keywords: food consumption patterns; generations; Hungarian food
Abstract: The relationship between the stock market and the economy, for developed markets, has been subjected to scrutiny, in the field of economic forecasting, since the late 90s. This research revisits the concept, the methodology and the findings of previous works and presents a new updated algorithm of testing the relationship between the economy and the stock market of a developing economy. Following a rigorous examination of the stock markets’ strengths and shortfalls in predicting the economy, supported by the efficient market hypothesis, this paper presents the methodology for evaluating the BUX Hungarian composite stock market indicator as a leading indicator of economic growth. The quarterly data from the BUX is traced back to the second quarter of 1995 effectively providing 86 observations spanning across 26 years. Through the application of the ADF and the KPSS tests it is further determined in the work that the data is indeed mean reverting and independent of the time domain, and therefore, stationary. The coefficients of the autoregressive distributed lag model are further determined in the work through running an OLS regression test. It is determined that changes in the Hungarian GDP directly affect the immediate changes in the BUX composite stock index in a predictable way. The results of the Granger causality test, further strengthen the argument of the BUX being an important leading indicator, of the Hungarian economy.
Keywords: economic growth; stock market; leading indicators; composite stock market index; efficient market hypothesis; johansen cointegration test; stationarity testing; autoregressive distributed lag model; granger causality
Abstract: The current state of technological development has transformed everything, so the role of sustainable firm performance, will also increase in the future. For all the societies, it will be very important to find the way of substitution of limited resources. Developed economies have an advantage in its utilization, but it is important to increase their role in developing countries. Technologies such as big data analytics and Internet of Things (IoT) are ready to improve the wave of digital transformation and firms are preparing themselves to gain momentum, in productivity and efficiency, in a green and sustainable manner. The impact of automation in different firms and the study of their correlation, with the firms performance, may have a transformational effect in how firms will adapt to further future innovations. This study discusses the influence of industry 4.0 technologies and green practices, for improving, sustainable company performance. Further, using structural equation modeling (SEM), involving confirmatory factor analysis (CFA) and Exploratory factor analysis (EFA), it is observed that big data analytics do not have a direct significant influence on the company performance, but have a positive significant influence on green practices. While IoT and green practices have a direct positive impact on the performance of the firm.
Keywords: sustainability; industry 4.0; sustainable development; green practices; sustainable firm performance