#EverythigIsPerfect - The relationship between internship abroad and social media activity

#EverythingIsPerfect The relationship between internship abroad and social media activity Pásztor Judit Pannon Egyetem, Gazdálkodás- és Szervezéstudományok Doktori Iskola Bak Gerda Pannon Egyetem, Gazdálkodás- és Szervezéstudományok Doktori Iskola Thanks to a variety of mobility and student exchange programs, students and graduate students have plenty of options to complete their internships abroad. Numerous studies have dealt with the positive effects of working abroad: students return more confident in their language skills, expanding cultural competencies and experience, and their positive feedback encourages new groups of young people to participate. However, we must not forget the difficulties of working abroad. Participants face communication difficulties: the level of foreign language skills can confuse in understanding workplace instructions, and communicating with employees, creating new conflicts in which they cannot adequately protect their interests. Lack of language tools is not the only problem that trainees face: nonverbal communication, different habits, values, or attitudes towards work also cause much stress. The difficulties of adapting to a foreign work environment, the tension caused by communication problems, the lack of a supportive environment (home), and the anxiety of adaptation difficulties all contribute to the development of what is known as the cultural shock. However, the generation raised on the social network struggles with these difficulties differently than their forbear. This paper provides a concise overview of the theoretical background of social media use-related phenomena (FoMO, oversharing) and the psychological phenomena affecting cultural adaptation (cultural shock, stress, communication difficulties). Our quantitative research results confirm the hypothesized relationship between cultural shock, loneliness, social media use, and anxiety through social interaction in a foreign language. 

VI. Winter Conference of Economics PhD Students and Researchers 28th of February, 2020 Szent István University Gödöllő Book of Abstracts VI. Winter Conference of Economics PhD Students and Researchers Book of Abstract Edited by: Bálint Horváth Péter Földi Zsombor Kápolnai ISBN 978-963-269-895-3 Partners: Szent István University, Gödöllő A pályázat az Emberi Erőforrások Minisztériuma megbízásából az Emberi Erőforrás Támogatáskezelő által meghirdetett Nemzeti Tehetség Program NTP-FKT-M-19-0001 kódszámú pályázati támogatásból valósult meg. Table of content Assessment of key factors for implementation and adoption of Industry 4.0 in Ethiopia: Case of manufacturing sector .............................................................................................................. 9 Gender Differences in Cross-Cultural Adjustment .................................................................. 11 Can countries escape the Middle Income Trap with more trade? Lessons from the Escapees 13 The relationship between green human resources management and employees’ engagement: in circular economy context ......................................................................................................... 14 Feasibility of sustainability and responsible research and innovation as a start-up enterprise directive in Hungary's SME sector - a comprehensive localisation of European concepts ..... 16 Digital competence: new trend or required knowledge? .......................................................... 17 Engagement in the workplace of the future: Narratives on how organizational culture influences identity formation ..................................................................................................................... 18 Predicting Banking Innovation................................................................................................. 19 The analysis of data privacy incidents and sanctions in Europe after GDPR enforcement ..... 20 Indication of cartel activity using neural networks .................................................................. 21 Income situation of one hectare of winter wheat in Hungary .................................................. 22 The EU-Mercosur trade agreement .......................................................................................... 23 The incidence of various forms of payment among workers aged 18-65 ................................ 24 Quality aspects defining the development possibilities of urban transport .............................. 25 The role of presence of students in the development of business tourism ............................... 26 Innovation performance and digital readiness of micro and small enterprises in Hungary ..... 27 Change of HR in the light of robotization ................................................................................ 28 Revealing local values and development possibilities in Veszprém county and Balaton region .................................................................................................................................................. 29 Organizational and management challenges of deploying data-driven solutions in urban digitalization processes ............................................................................................................ 30 The linkage between level of compliance with TQM practices and organization’s performance: Study of Banking sector in Palestine........................................................................................ 31 4 Creative economy in the mid-size towns of the Visegrad countries ........................................ 32 Ageing in Hungary in a new approach – Opportunities for older workers to reduce the economic burden ....................................................................................................................................... 33 An overpopulated world?! - Analysis of fertility rates ............................................................ 34 Rethinking manufacturing – experiences from the IMCP program in America (2014-2015) . 35 The Private Label Brands (PLBs): A National Brand Manufacturer-Retailer Relationship Perspective ............................................................................................................................... 36 The importance of global supply chains in a globalizing world .............................................. 37 Application of lean strategy in the supply chain ...................................................................... 38 Organization Theory in Public Education: School as a Knowledge-based Organization ........ 39 Applicability of organizational performance indicators ........................................................... 40 The impact of advertising on mindful and healthy nutrition .................................................... 41 The influence of advertisements regarding the food consumption of young Hungarians........ 42 Changes in the employment structure in Europe ..................................................................... 43 Correlation between economic growth and military spending ................................................. 44 Economic analysis through the examples of two small industrial towns in Northern Hungary .................................................................................................................................................. 45 The creation of EMU affects member’s fiscal policy .............................................................. 46 The practice of Employer Branding ......................................................................................... 47 Analysis of the credit worthiness in the SMEs in the machinery industry............................... 48 Investigating the Webshop Sales of a Retail Web Store from logistics side ........................... 49 Health tourism in the Western Transdanubian region .............................................................. 50 Examination of digitalization aspirations and future role of traditional commercial banks .... 51 The role of renewable energy cooperatives in rural development ........................................... 52 Designcommunication across the border-the relevance of teamwork and co-creation based on action research among elementary school children .................................................................. 53 Examination of tourists’ impressions on safetyat Elmina-Cape Coast-Kakum tourist destination in Ghana ................................................................................................................................... 54 5 The key role of global strategic management in global organizations ..................................... 55 Failures in integrating start-up companies ............................................................................... 56 Information gathering for generation Z in the case of music festivals ..................................... 57 The development of OTP Bank's profitability compared to Hungarian credit institutions ...... 58 Investigate security-conscious use of NFC-based mobile payment solutions ......................... 59 Investigation of short supply chain elements in downtown Budapest ..................................... 60 Investigating how peers and the media impact the brand awareness of preschool aged children. .................................................................................................................................................. 61 Spread of Digital Banks and Digital Currencies ...................................................................... 62 Game-theoretic analysis of the migration ................................................................................ 63 Value proposition for a business solution in ecotourism using ReSOLVE Framework .......... 64 The rural development aspect of the install of mountain biking attraction at Sátoraljaújhely . 65 Investment attractiveness of the East African Community - sectoral opportunities ................ 66 Artificial intelligence in finance ............................................................................................... 67 Effect of enterprise financing forms on value-creation processes ........................................... 68 Retrospective investigation of the introduction of the International Financial Reporting Standards in Ukraine and Hungary: Problems and solutions ................................................... 69 Sustainable development in the practice of commercial banks ................................................ 70 Sustainable Development Goals (SDGs) based clustering in the 28 EU Member States ........ 71 The implementation of green logistics in the practice of Hungarian companies ..................... 72 Changes of the Risk analysis: The new FMEA concept .......................................................... 73 The effects of the railway on the environmental practice and modernisation along the AradCsanádi Vasút railway between 1867–1930 ............................................................................ 74 Business strategies and models for social enterprises operating in the social and health sectors .................................................................................................................................................. 75 The reasons of unsuccessful corporate acquisitions in the view of international examples .... 76 The lessons of the Great Recession for Europe ........................................................................ 77 Major aspects and establishment of an effective corporate controlling system ....................... 78 6 Key Role of Organisational structure in project implementation............................................. 79 Reasons for failure of project implementation ......................................................................... 80 Management skills and competencies with the view of replacement of generation in the agriculture................................................................................................................................. 81 Expected co-creation modelling in services ............................................................................. 82 Security Policy Challenges Posed by the Syrian Civil War in Turkey .................................... 83 Theoretical Background of the Turkish Geopolitical Thinking ............................................... 84 Subsidy and its effects .............................................................................................................. 85 Operation and business planning of municipal-owned corporations ....................................... 86 Decision support issues of social innovation process .............................................................. 87 Perceived of taxation on corporate profitability case study – The Kurdstan region of Iraq .... 88 The principle of going concern for public utility companies ................................................... 89 Public opinions on roles of local government .......................................................................... 90 How to define optimal technical conditions of an economically sustainable, urban public transport fleet ............................................................................................................................ 91 IKEA and global marketing trends........................................................................................... 92 Retro on the furniture market ................................................................................................... 93 Innovation models and efficiency analysis .............................................................................. 94 The path of cities with county rights in the process of becoming a smart city with special regards to the "smart living conditions" component ............................................................................. 95 Microfinance institutions in bridging micro and small enterprises financing gap: Success and challenges in case of Ethiopia .................................................................................................. 96 Historical development of SME’s in Hungary ......................................................................... 98 The interpretation of SME’s around the world ........................................................................ 99 #EverythingIsPerfect - The relationship between internship abroad and social media activity ................................................................................................................................................ 100 Advantages and disadvantages of the introduction of the euro in Hungary ........................... 101 Individual and social interests in agriculture .......................................................................... 102 7 The relationship between Multinational companies and Corporate social responsibility in achieving primary stakeholders’ satisfaction: an empirical study applied in both Lebanese and. ................................................................................................................................................ 103 Opportunities for SMEs under China Pakistan Economic Corridor (CPEC): An Exploratory Study....................................................................................................................................... 104 Results and ways of avoiding the bullwhip effect using proper performance measurement tools ................................................................................................................................................ 105 Etiquette in hospitality of national restaurants ....................................................................... 106 The role of bank loans in corporate financing ........................................................................ 107 Fruit and vegetable consumption regarding of rising consumer prices ................................. 108 The economic impact of demographic shocks on pension security ....................................... 109 Transforming supply chains in Europe .................................................................................. 110 Ecosystem services and agriculture........................................................................................ 111 Is the younger generation prepared for climate change? ........................................................ 112 Organizational advantages of knowledge sharing .................................................................. 113 Indicators of Hungarian cities operating urban rail networks, analysis of correlations of place kilometer data of transport companies (Economic and social correlations of transport development in Budapest) ...................................................................................................... 114 Efficiency study of a Hungarian public administration organization..................................... 115 Analysis of the relationship between earnings volatility and the length of the audit engagement ................................................................................................................................................ 116 The impact of the non-audit services provided by the auditor on earnings volatility ............ 117 The impact of the non-audit services provided by the auditor on discretionary accruals ...... 118 The system of networking in Budapest’s film tourism .......................................................... 119 Never-ending story? – Or the monetary easing of globally important central banks............. 120 The challenge of leadership in modern times, atypical forms of employment ...................... 121 Importance of Corporate Strategy .......................................................................................... 122 8 Assessment of key factors for implementation and adoption of Industry 4.0 in Ethiopia: Case of manufacturing sector Gemechu Abdissa PhD Student Betgilu Oshora PhD Student Mária Fekete Farkas Professor Szent István University, Faculty of Economics and Social Sciences Email: gemechu.mtu@gmail.com, betgilu2002@gmail.com, Farkasne.Fekete.Maria@gtk.szie.hu Stages in the development of industrial manufacturing systems from manual work towards Industry 4.0 concept can be presented as a path through the four industrial revolutions. Today we are in the fourth industrial revolution that was triggered by the development of Information and Communications Technologies (ICT). The objective of this paper is to investigate and identify the key factors of implementation and adoption of industry 4.0 in Ethiopian manufacturing sector. Ethiopia is the second most populous nation in Africa next to Nigeria, and the fastest growing economy in the region. Despite the promising economic growth, Ethiopia’s main challenge is sustaining its positive economic growth and accelerating poverty reduction, which both require significant progress in job creation as well as improved governance. The current contribution of the manufacturing industry sector to GDP is not more than 17% while the country set the vision to become middle-income country by 2025. The government of Ethiopia highly recognize that this vision will not be achieved without giving priority for industrialization and cope with the ever-changing global economy. It seems that Ethiopia is finding ways to turn societal initiatives into profitable ventures, act decisively in an increasingly complex environment and equip workforces with the right skill sets to navigate fourth industrial revolution. The country is highly attuned to use industry 4.0 technologies in an ethical manner which will result in societally driven products that will create new revenue streams. Even though there is a good start, there are still many assignments has left for the country to do that are lagging the pace of world competition. If Ethiopia is to industrialize in the future, it will 9 have to do so in a fourth industrial revolution (4IR) where in new technologies such as automation, additive manufacturing and internets to change the essential nature of production and consumption. Entrepreneurial skill promotion, working on education like expansion of TVET schools, developing 4IR compatible industrial policies are also needed from policy makers. Keywords: Industry 4.0, Information and Communication Technologies (ICT), adoption, Ethiopia, Manufacturing Sector JEL Code: O33, O35 10 Gender Differences in Cross-Cultural Adjustment Kaiyrkul Abdyrakhmanova PhD student Szent István University Email: kaiyrkul.abdyrakhmanova@phd.uni-szie.hu The aim of the current research is discussing the results of existing researches in the field of gender difference in the context of expatriate’s cross-cultural adjustment. The methodology used in this article is theoretical framework and existing literature has been reviewed and compared in a logical order through comprehensive work. Cross-cultural adjustment means a process of adaptation to the new cultural environment. Interactional work-related adjustment and to day to day interactions were considered. According to Linehan and Walsh (2000) it is expected that women’s level of education, managerial skills are higher than men and women are more highly qualified than men. Therefore, it is necessary to study the role of gender in cross-cultural adjustment. Furthermore, several studies have state that women have better social skills. Majority of researchers state that higher interactional and work-related adjustment is more reside female expatriates than male. Moreover, the level of women’s adjustment to establishing and maintaining relationships is higher. However, adjustment to day to day interactions of female and male have no big difference. Keywords:Cross-Cultural Adjustment, expatriates, management, gender differences. JEL Code: O15 11 The impact of training on employee performance Mohannad Abu Daqar PhD Student Doctoral School of Management and Business Administration, Szent István University, Email: Mohannad.Abu.Daqar@phd.uni-szie.hu The main aim of conducting this research work is to explore the impact of Training on Employees Performance in the Healthcare industry in Palestine. The Data for this study were collected from the permanent staff working in hospitals in Palestine through a questionnaire designed to achieve the objectives of this study as the main instrument to gather the primary data; 15 hospitals and healthcare centres have been selected for this purpose. The result shows that there is a significant relationship between Training Material and Employee Performance, and also a significant relationship between Training Delivery and Employee Performance, while the study revealed that there is no significant relationship between (Training Design and Training Content) and Employee Performance. The researcher recommended that healthcare firms should focus on giving useful and easy to read and see the material, handouts, and activities in training. Moreover, healthcare firms should consider focusing on training that best helps employees in applying and learning various types of knowledge and skills, providing clear instructions for all activates, and providing trainings with reasonable time duration. Keywords: Instructor-led training, Virtual instructor-led training, E-learning, Blended learning. JEL Code: M53, L25 12 Can countries escape the Middle Income Trap with more trade? Lessons from the Escapees Timothy Yaw Acheampong PhD Student University of Szeged, Doctoral School in Economics Email: yamebah@yahoo.com Seeking answers to why the majority of middle income countries are unable to advance to high income status– a phenomena now called the middle income trap (MIT) – has become a central issue in economics literature for a little over a decade now. In spite of the increasing popularity of the MIT concept, the specific cause(s) and solution(s) to the phenomena are still missing in literature. In 2005, the OECD and WTO introduce the Aid for Trade initiative with the overall aim to increase the effective participation of developing countries in international trade. Although trade has been identified as an engine of economic growth, its potential role in helping countries to escape the MIT is inconclusive in literature. In light of the current era of the 2030 Agenda for sustainable development (SDGs), where solving global development has become priority for policy makers across the world, this paper seeks to offer a new perspective the potential role of international trade in overcoming the MIT by answering the question: Can countries escape the MIT with more trade? To answer this question, this study investigates the relationship between data on the balance of trade and GNI per capita covering the period 1980 to 2010 for the 13 countries that escaped the MIT between 1960 and 2008 (Equatorial Guinea; Greece; Hong KongSAR, China; Ireland; Israel; Japan; Mauritius; Portugal; Puerto Rico; Republic of Korea; Singapore; Spain; and Taiwan, China). Due to availability of data, the study focused on 10 countries. The analysis reveals that, for the sample countries as a whole, the balance of trade did not have a significant relationship with GNI per capita. However, in some of the countries the relationship was significant and positive, whereas in other countries it was negative. The findings suggest that international trade can help countries to escape the MIT; however, further studies are required to understand the sectors and components of trade that can drive this growth. Keywords: Middle Income Trap, International Trade, Escapees, Aid for Trade JEL Codes: F10; F43; O11; O57; P45 13 The relationship between green human resources management and employees’ engagement: in circular economy context Ayman Alshaabani PhD student Miriam Bahna PhD student Ildikó Rudnák Associate professor Szent István University Email: a.shaabany@gmail.com, Miriam.bahna.93@gmail.com, Rudnak.Ildiko@gtk.szie.hu, Purpose: This study aimed to explore the relationship between the green human resources management practices and employees’ engagement, moreover, the study aimed to find out whether the perceived awareness of the circular economy between the employees can mediate this relationship. Design/methodology/approach: The study used a questionnaire that was developed based on a few previous studies. The questionnaire was distributed in an electronic form by email. To the department of renewable energy in three different energy companies that work in Hungary for achieving the aims of the study. A random sampling method was used for choosing the participants, the number of accepted questionnaires and ready for analysing were 121. Validity and reliability tests were made for evaluating the questionnaire sections. Descriptive analysis, hierarchical regression analysis, correlations were made for achieving the study objectives. Findings: The results showed that green human resources management practices are significantly affecting employees’ engagement, and when using some demographic variables the results showed that job level, job tenure can predict positively the employees engagement, higher job levels and tenure leads to higher levels of engagement. On the other hand, the circular economy’s perceived awareness and behaviour have a relationship with employees’ engagement, the more the employees have awareness toward circular economy and perceive the behaviour of their company as positively related to the circular economy practices the higher levels of engagement they have. However, when trying to study the mediating effects the results showed that only level of awareness toward circular economy methods could mediate positively 14 the relationship between the green human resources management practices and employees’ engagement. Originality: Although few studies have been conducted in the field of engagement and green human resources management practices this study is considered a new study related to the society of the study and related to attempting to study the effects of awareness toward circular economy methods on this relationship, also the study used a new demographic variables to understand their effects. Hence, the study can be interesting for both academicians and professionals. Keywords: Circular economy, Green human resources management, job level, job tenure, employees’ engagement. JEL Code: M12, M16, D74 15 Feasibility of sustainability and responsible research and innovation as a start-up enterprise directive in Hungary's SME sector - a comprehensive localisation of European concepts Norbert Bajkó PhD student Zsolt Fülöp PhD student Szent István University, Faculty of Economics and Social Sciences Email: norbert.bajko@gmail.com, rpr1337@gmail.com Among today's pressing social and economic issues is the balance of the present and the future. The question of how economic progression today relates to economic opportunities tomorrow has been a topic of discussion for experts for a long time. Lately, however, the core issues of certain economic questions also changed. As the main example, ever since the Stern Report, the stability of the environment in an economic sense also joined this extensive list of questions debated often among economists. And the significant progress of the topic first appeared in the European Union, where the spirit of the Kyoto Convention directly integrated into the longterm goals (EU roadmap). Therefore, in the next period of the EU budget, significant investments will be introduced to the harmony of economic stability and environment conservation, and the focus of both will shift to localised management, according to the EU directives. This paper's goal is to explore the information the European Union as an entity has on the research topic, using Eurostat's data as the basis. The paper's focus is on the circumstances and results of startup small- and medium enterprises, and their comprehension and implementation of the new and novel concepts of our topic. Data was collected from multiple enterprises established in the field, aiming to express the Hungarian side of the topic, and descriptive statistics were applied to said data to compare it to the EU data, in search of differences, optimisation opportunities, and possible best practices. Keywords: Start-up, SME, European Union Programme, RRI, Sustainability, JEL Code: O35; Q56 16 Digital competence: new trend or required knowledge? Gerda Bak PhD student University of Pannonia, Doctoral School in Management Sciences and Business Administration Email: bak.gerda@gtk.uni-pannon.hu One of the defining innovations of the 21st century is social media and digital devices, which are developing rapidly. Communication has accelerated and the flow of information is almost unstoppable, just like development. Almost any area of our lives is interconnected by the digital world, and the inevitability of information and communication technologies (ICT) is reflected in the number of elements of the phenomenon. Just think of online banking, emails or just using social media. Digital competence is also included in the National Curriculum (NC) as a key development area and framework has been developed by the European Union. There is a lack of competence in the use of digital devices, both among the young and the older generations. This is supported by the companies' experience that students lack digital skills. This places them at a disadvantage in the labour market, which affects the economic development of both the company and the country. The approach to digital competence as a concept is multi-layered, as is the science of the subject. The reason for this is due to factors such as the interdisciplinary nature of the phenomenon and, on the other hand, parts of digital competence, which, according to each approach, require a great deal of competence and ability. In the current research, I try to illustrate these approaches in detail and highlight similarities and / or point out differences. Keywords: digital competence, digitalization, ICT, technology, 21. century JEL Code: L82 17 Engagement in the workplace of the future: Narratives on how organizational culture influences identity formation Máté Baksa PhD student Corvinus University of Budapest Anna Eszter Gerlei Organizational and work psychologist Budapest University of Technology and Economics Email: mate.baksa@uni-corvinus.hu Over the next few years, technological advancement will make it possible to automate or robotize an increasing share of the routine and repetitive workload. The relieved workforce will be, in part, reallocated to higher value-added, knowledge-based tasks. Similar changes are taking place in the business services sector in Hungary which, showing steady growth over the past two decades, has become a dominant industry of the national economy. The engagement, loyalty, and motivation of predominantly college graduate and language-speaking workers in business service centres can be established by other means than in the case of the lower valueadded workforce. Semi-structured or poorly structured tasks that require creativity can be less managed through a rigorous process or performance control. Thus, we expect person-oriented coordination tools (such as organizational culture) to be prominent in the workplace of the future. However, a ubiquitous and strong culture may have different interpretations within the organization: for some, it may be the basis of their identity and commitment, while others may see it as a means of manipulation, identity regulation, and repression. In our research, we examined the culture of a business service centre in Budapest using a narrative methodology. We analysed several internal communication materials that support the company’s culture and carried out interviews with members of the organization. The purpose of our qualitative research is to present a wide range of interpretations and individual narratives about strong organizational culture as well as its intentional and unintentional effects on workplace engagement. Keywords: organizational culture, work engagement, identity regulation, narrative research, business services centres JEL Code: M12, M54 18 Predicting Banking Innovation Zsuzsanna Barsi Budapest Business University – PSZK E-mail address: barsizsuzsanna95@gmail.com In the 21st century, the digitalisation of financial services and the acceleration of financial processes have become highly valued. These processes are required not only by the business community but also by the regulatory environment. Digital transformation is occurring at an extremely rapid rate and is therefore playing a crucial role in scientific research. During my research, I would like to find out the extent to which the general public, especially the younger generation, is expecting digital banking services. With this in mind, I examine the banking habits of the younger generation, the extent to which they use digital services, their awareness, and their connection to the FINTech world. The methodology of my research was a questionnaire survey after the expert opinion. During this, I asked multiple choice and liker scale questions. From the applied statistical methods I performed descriptive statistical analysis and cross-table analysis. As a result of my research, I can understand the attitude of my sample regarding digital finance, combined with the banking habits of the younger generation. Keywords: bank, innovation, services, rethinking, fintech JEL Code: G21 19 The analysis of data privacy incidents and sanctions in Europe after GDPR enforcement Gergő Barta PhD student Szent István University Nóra Ludvai Junior IT consultant Attila Puskás Junior IT consultant Deloitte Zrt. Email: Barta.Gergo@phd.uni-szie.hu, nludvai@deloittece.com, atpuskas@deloittece.com The General Data Protection Regulation (GDPR) (2016/679) has come to force on 25th May, 2018 in the European Union covering the European Economic Area, respectively. The main objective of the GDPR is to protect the rights of EU residents by regulating on the misuse of personally identifiable information that are controlled and processed by companies. The regulation defines several requirements on how companies should manage, store, transfer, erase etc. personally identifiable information, thus they need to be prepared to enforce the compliance that necessitates among others the implementation of new IT security measurements as well as demands legal departments to overthink the required legal terms and conditions for using personal data such as collecting consents or define the appropriate legal basis. Since the GDPR requires complex criteria to be fulfilled, companies may find themselves at challenges to implement it, and if they cannot comply, they may face serious consequences and penalties fined by local data privacy authorities. The article aims to analyse the last two years that have passed ever since the GDPR came to effect by reviewing data privacy incidents and penalties in EU countries, and tries to understand the extent of nature of such incidents and corresponding sanctions. Keywords: GDPR, personal data, incident management, information security, data protection and privacy JEL Code: K2 20 Indication of cartel activity using neural networks Ákos Barta PhD student Szent István University Email: barta.akos.93@gmail.com In oligopolistic markets, players are interested in collusion, thus maximizing profits over competitive conditions. So they have the advantage of creating cartels in which they collude, fix production quotas, or even divide the market. This reduces the motivation for product development, which means customers pay more for lower quality. It is very difficult to trace the existence of a cartel, because they are secret and there is a common interest between the parties to keep the co-operation as long as possible. In the European Commission's anti-trust and anti-cartel activities, the vast majority of the illegal activities identified were not market mechanisms, but mailing lists, telephone calls and indictments. Cartel activities have existed for years or decades. This means that the disclosure is random and depends on external actors from the European Commission's point of view. The thesis of my research is that during the cartel activity there are anomalies in the normal functioning mechanisms of the market, that is, the change of the price or the market share takes place with different dynamics than in the case of competition. Thus, when analysing the time series of market movements, different, so-called, non-standard processes are quite likely to be indicative of alleged cartel activity. Keywords: cartel, market mechanism, equation of motion, oligopoly, competitive situation JEL Code: P13 21 Income situation of one hectare of winter wheat in Hungary Tibor Bencze PhD student Szent István University Email:bence.tibee@gmail.com In the literature review I present the arable land, the cultivation branches in Hungary, the areabased support, the conditions of support and the development of land prices. I look at how winter wheat production had contributed to the overall income of business in recent years. My database is derived from the databases published by the Research Institute of Agricultural Economics, the data of the Central Statistical Office, from which I can carry out the analysis of the agricultural sector. The main guideline is the cost versus income situation of winter wheat. The calculations include a presentation of the various costs and revenues in the sector. During my research, I also set up an imaginary business that presents the costs and income of producing 1 ha of winter wheat. There will be three major points of difference compared to national data. The first difference will be that I look at the selling price at harvest, so the producer sells the crop at the time of harvest. The second major difference will be that the land will be owned by the farmer, he will not pay rent. This is usually the case for smaller farmers. The last major deviation will be the use of older machines, so depreciation costs will not be taken into account. At the end of my research I compare the results with national data and draw conclusions. Keywords: income, expenses, HCSO, agriculture, winter wheat JEL Code: Q14 22 The EU-Mercosur trade agreement Katalin Bihari PhD student University of Pécs Email: kati_bihari@yahoo.com The present paper gives an overview of the ambitious and comprehensive trade agreement between the European Union and the Mercosur (Common Market of the South, a customs union covering Argentina, Brazil, Paraguay and Uruguay), which was agreed in principle in June 2019 after twenty years of negotiations. The significance of the historic deal lies within the fact that MERCOSUR is the most significant regional integration among the partners of the EU, and their cooperation can be regarded as the first classic example of interregionalism. • The EU is the Mercosur’s number one trade and investment partner – the trade in goods between the two blocs reached EUR 88 billion, while trade in services amounted to EUR 34 billion in 2018. To understand the significance of the deal, it is worth mentioning that the joint consumer market of the EU and the Mercosur consists of 773 million people. The EU-Mercosur agreement strives to abolish tariffs for 91 per cent of the traded goods. In addition to removing tariffs, the agreement is also set to eliminate a large number of trade barriers and impose high food safety standards. • In the present paper I intend to outline the series of negotiations that had led to the finalisation of the agreement between the two trading blocks. Secondly, I will present the political difficulties of the ratification process that is essential for the ultimate adoption of the agreement. Furthermore, I intend to provide a brief summary of the major advantages and disadvantages of the deal from the point of view of the EU as well as of the Mercosur countries, taking into consideration the political and economic context as well. Keywords: trade relations, free trade agreement, MERCOSUR, Latin-America and the Caribbean, European Union JEL Code: F53 23 The incidence of various forms of payment among workers aged 18-65 Éva Bodzsár-Urbán Master in Finance Szent István University Email: bodzsarurbaneva@gmail.com The topicality of the chosen theme lies in the fact that modern economies cannot be imagined without money. Economic actors use money every day because they give/receive wages, pay for different products and services, and even accumulate their savings with it. Electronic money transfer has been used as a primary form of payment to replace checks and cash. Nowadays, electronic payment is increasing due to its convenience, security, and speed. In wholesale, payments are primarily made electronically, whereas in retail, cash and credit card payment are the most popular. Already in a 2001 survey BIS predicted that “electronic money is taking over the role of most, if not all, low-value physical payment” and “there is considerable interest from government and various other authorities, including central banks as well in this area”. In contrast, virtual money available for payment emerged after the 2008 crisis, with the aim of providing an alternative to conduct financial transactions. The proper functioning of the economy requires reliable payment and securities settlement systems, which are linked to financial transactions being executed as expected, on time and in a cost-effective manner. The long-term solution is primarily having a cashless payment system, some of the positive effects of which are the increase in tax revenues and the suppression of the black market. Based on the responses received, it can be concluded that people are open to electronic payments and are happy to use their credit card, if available. They see the future in electronic payments such as mobile phones, biometric payments, but even a subcutaneous chip has emerged as an alternative. Based on the results obtained, I believe that the method of payment for the future will not be cash but electronic payments. Keywords: concept of money, payment options, e-money, biometric identification-payment, fintech innovations JEL Code: G59 24 Quality aspects defining the development possibilities of urban transport Péter Dániel Borbás PhD student Szent István University Email: borbasp@bkv.hu In connection with the preparations for strategic decisions regarding the development of local living spaces, the factors affecting quality of life and liveability are becoming more and more emphasized, in addition to their immediate expression, examination of their long-term effects is becoming more and more inevitable, as well. Consequently, life and functioning of cities are fundamentally determined by transport, i.e. by the available means of travelling. Nowadays, the principle according to which local transport shall be developed in a well-though-out manner in order to achieve the sustainability and liveability objectives is becoming more and more trivial from the urban policy point of view. With regard to the development of transport systems, the environmental impact – thus, for example, the level of harmful emissions, the space intensity and the noise pollution – is an important point of assessment for city managers, considering that the different modes of transport have different characteristics with respect to the above. The results of international surveys imply that strengthening the role of community transport is the most important mobility objective from the point of view of sustainable development of cities. As the concentration of population increases, and due to congestions becoming more and more frequent, finding solutions for travelling within cities usually becomes increasingly difficult, consequently, one of the possible break-out directions can be the operation, development and/or extension of public transport systems. It provides important information for the public service on what performance improves the satisfaction of users of public transport and what is the most effective way to increase passenger numbers. Defining intervention priorities (classifying strengths and weaknesses in terms of customer satisfaction) is an important step due to resource constraints. Keywords: public transport, city development policy, transport development, quality of public service JEL Code: L91, Q53 25 The role of presence of students in the development of business tourism Kitti Boros PhD student Corvinus University of Budapest Email: kitti.boros@uni-corvinus.hu The centre of this study is business tourism which is commonly mentioned in international academic literature as MICE (Meetings; Incentives; Conferences, conventions; Exhibitions). MICE tourism is identified in the Hungarian secondary sources as business tourism, so, in order to use a uniform terminology, this study will refer to the branch as business tourism. All segments of business tourism possess identical basic features – the tourists travel on the interest and expenses of the employers, in working time – yet, in details (for instance from motivation points of view) they deviate from each other. That is why it is essential to examine each segment separately. Business tourism strongly connects to higher education, since its institutions are popular venues of conferences and exhibitions, and the topics link to their profiles thereby determine the further research directives. They also connect on participant basis, since they are not only professors and researchers employed by the institution, but the students, too. The purpose of the study is to analyse the presence and characteristics of active students in business tourism through 686 answers. The results reveal the importance of presence of the students in business tourism, which help expanding the ken of characteristics and motivation of business tourism. Keywords: higher education, business tourism, MICE tourism, presence of students, travel characteristics JEL Code: M21 26 Innovation performance and digital readiness of micro and small enterprises in Hungary János Bujáki Szent István University, Faculty of Economics and Social Sciences E-mail: bujakijani@yahoo.de Due to their economic and strategic importance, micro and small enterprises deserve special focus. Improving their planning and investment capabilities, innovation performance and digital readiness shall belong to top priorities of both the enterprises and the current government. Investigation of micro and small enterprises’ innovation performance, digital readiness and the correspondence of those compose the goals of present study. Results are based on a survey of 255 business executives who answered the questions. Analyses mainly focus on the differences between aforementioned size categories in the areas of business planning, realised innovations, past and future investments and digital readiness. With respect to the significant differences proven in many areas between micro and small enterprises, it is reasonable to consider them different size categories in legislative and policymaking work affecting their business operation. However, supportive legislative behaviour is not sufficient since the enterprises’ long-term prosperity also requires their advised and innovative attitude. Keywords: innovation, digital readiness, investment, development, enterprises JEL Code: O32 27 Change of HR in the light of robotization Ildikó Csapó PhD student Szent István University, Faculty of Economics and Social Sciences Email: ildiko.csapo@phd.uni-szie.hu Nowadays the changes and effects of global processes, such as demographic changes, urbanisation, climate change, as well as processes generated by technological advances, require corporate and political leaders to analyse the situation constantly, to prepare strategic and action plans and to implement effective business practices. The changes have impact on economic operators, companies and employees too, which making profits and creating new jobs, also makes it a community of companies that improve people's and workers' living conditions. In response to the new challenges, the labour market requires a different structure, new working environment, work culture, competences and a paradigm shift, which affect both the labour market and the development of education. The changes and the changing needs call for an immediate action, therefore, educational policy needs to develop a higher education that meets these requirements, to remain efficient. Expectations regarding higher education are voiced by both employers and students, the future employees, who will be working under the new circumstances in the future. Thus, it is important to understand how higher education students view the processes, since it can help prepare for robotization. Keywords: robotization, future workplace, changes environment, higher education, business practices JEL Code: M51, O33 28 Revealing local values and development possibilities in Veszprém county and Balaton region Viktória Csizmadia Czuppon Associate professor Anikó Gáll PhD student University of Pannonia Email: czuppon.viktoria@gtk.uni-pannon.hu, gall.aniko@gtk.uni-pannon.hu Within the ’Revealing local values and development possibilities in Veszprém county and Balaton region’ EFOP-3.6.2-16-2017-00017 Sustainable, intelligent and receptive regional and urban models II.5. project we did a research in Balatonalmádi in 2019 autumn. We surveyed tourists and residents about the following topics: residents and tourists’ satisfaction about the settlement’s infrastructural, cultural facilities, development suggestions, programmes, drawing incompletions. The second segment of our survey was entrepreneurs. We asked them about their development conceptions and we surveyed their cooperation and connection between each other. Third segment was a focus group conversation for invited SME's owners. In this segment we asked the participants about the closeness and regularity of cooperation between entrepreneurs and the local government. Before processing the results, we reviewed the county and settlement’s development documents such as Veszprém county’s Settlement Development Concept, Veszprém county’s Regional Development Plan and Balatonalmádi Urban Integrated Settlement Strategy. The results were examined along the mentioned documents. We revealed the strengths and weaknesses and stated suggestions in order to improve the current situation. Keywords: regional development, local economic development, sustainability, rural development JEL Code: O18 29 Organizational and management challenges of deploying data-driven solutions in urban digitalization processes Máté Szilárd Csukás PhD student Corvinus University of Budapest, Institute of Management Email: mate.csukas@uni-corvinus.hu One of the most critical trends in urban digitalization, is the possibility of utilizing (big) data, as described by the significant theoretical frameworks as well. The use of data in urban subsystems ultimately embodies within urban planning and management tasks, where it is integrated to provide desirable goals for data-driven problem-solving, strategy-making, and implementation. This promise of digitization for cities foresees inclusive and evidence-based decision-making in urban planning and management, nevertheless the resources invested have not yet delivered the expected effects. To recognize this, academic discourse has also turned to organizational and management structures that allow for the transition to digitized urban planning and management. The research aims to outline an alternative organizational structure that is better suited to achieving smart urbanization in Europe, particularly in Hungary: urban planning and management based on a data-driven approach, with the introduction of innovative info-communication technologies. More specifically, are there barriers to integrated organizational models that meet the challenges of implementing data-driven design and management systems? Are there alternative models to overcome these obstacles? Organizational constraints manifest themselves in different ways among the three main types of organization involved: public, private, and professional. The proposed framework is an embedded platform, where the first layer is related to collaborative planning. In contrast, the second layer is the place for the continuous development of background methods and models. The proposed alternative organizational structure first intends to provide policy recommendations and, secondly, provide information to the private sector. Keywords: urban digitalization, smart urban planning, organizational models, inclusive, multistakeholder environment JEL Code: O32 30 The linkage between level of compliance with TQM practices and organization’s performance: Study of Banking sector in Palestine Ahmad Daragmeh PhD Student Judit Barczi Professor Faculty of Economics and Social Sciences, Szent István University Email: ahmad.n.daraghmeh@gmail.com, Barczi.Judit@gtk.szie.hu Leaders and decision makers realize that staying for long in a market needs great and continuous efforts. Employing firm’s resources in a way can satisfy the unexpected needs of customers in less costs, which helps a firm to achieve a competitive edge against competitors considers the main goal for any business director. From other side, customers would prefer to deal with firms that offer goods and services with high level of quality, reliability and those at par with international standards. This has given the birth to the concept of TQM in service sector after proofing success in industrial sectors. Total Quality Management is a total system approach that try to involves human, tangible and intangible resources to achieve value for customer and firm as well. The aim of the paper is to investigate the level of compliance to TQM practices in Banking sector in Palestine. In the beginning researcher reviewed literature studies to proof the positive relationship between TQM practices and firm’s performance, then researcher have prepared a questionnaire to measure the level of compliance of Palestinian banks to TQM practices; it developed based on a Malcom Baldrige National Quality framework (MBNQA). 100 questionnaires have distributed for the bank employees, who work in different positions and departments. The results showed that the banking system pays sufficient attention to customers and the market as a cornerstone of TQM. On the other hand, it showed that less concern to TQM practices in leadership system, human resource development and management, information analysis and business results. Finally, researcher recommended that banks should give more attention to motivate employees through satisfying them financially and activate their role in decision making and work in a team soul. In addition, banks should be focused more on analysing business results and know its position in market against competitors. Keywords: Total quality management, Leadership skills, Communication channels, International standards, Performance JEL Code: G21, M14 31 Creative economy in the mid-size towns of the Visegrad countries Zoltán Dorogi PhD student Corvinus University of Budapest Email: zoli.dorogi@gmail.com In our study, the creative economy of middle-sized towns of the Visegrad countries, between 100 and 250 thousands inhabitants were analysed. The group of mid-size towns has a diverse economic structure, colourful industrial history and various changes. Throughout the research, we also distinguish between economic sectors in a narrower and broader sense of the creative economy. The sign of economical and industrial specialization opportunities and forms were looking for during the analyses. As a general result of the research, we have found that the creative and knowledge-intensive economy is dominated by broader sense, as opposed to classic, narrow-minded creative and R&D activities. Background sectors and activities which support the value-producing industries are overrepresented in the field of creative economy. The role of the manufacturing industry is highlighted especially in the highly value- added sectors, as the element of creative and knowledge-based economy. Concentration of activities can be observed only in narrow group of selected mid-size towns. However, no clear example of specialization and industry, or economic specialization in the examined target group was found. Keywords: creative economy, Visegrad countries (V4), mid-size town, economical specialization JEL Code: R11 32 Ageing in Hungary in a new approach – Opportunities for older workers to reduce the economic burden Áron Drabancz PhD student Corvinus University of Budapest Email: aron.drabancz@gmail.com In this paper, I review the future processes of Hungarian ageing and compare the trends with the largest economies in the EU and with the V4. I look at processes along various indicatorsold-age dependency ratio, actual economic old-age dependency ratio - related to ageing, and I conclude that aging will place a significant burden on V4 countries, but this can be substantially reduced by increasing employment. Hungary's relative position is comparatively good, as neighbouring countries are likely to have to make even greater efforts to meet the challenge in the future. Furthermore, I try to estimate, in a new approach, how the economic burden of aging may change in Hungary in the coming years. In addition, I examine how different cohorts have benefited from the burden of aging in recent years, and how an increase in retirement age linked to life expectancy could better divide burden-sharing among cohorts in the future. Overall, in my analysis I pointed out that, with the increase in the retirement age and the improvement of the employment rate of older workers, the effects of aging can be significantly reduced, but not completely eliminated. Keywords: population growth, comparison, total fertility rate, reproductivity, replacement level fertility rate, economic burdens JEL Code: J11, J13, N30 33 An overpopulated world?! - Analysis of fertility rates Áron Drabancz PhD student Corvinus University of Budapest Email address: aron.drabancz@gmail.com From the second half of the 20th century, it is a recurring argument that the population and population growth is unsustainable in certain regions of the world, which, furthermore, makes the fight against climate change even more difficult. In my study, I deal with population and population growth issues, including the analysis of the total fertility rate and replacement level fertility in the regions of the world. I show how the value and the ratio of the two indicators have changed in recent years. Then, under different assumptions (different mortality rate, net migration rate, sex ratio at birth), I calculate the replacement level fertility rate of countries. In my analysis, I note that in most parts of the world, the replacement level fertility rate is below or close to the total fertility rate, thus, the main reason for population growth is not the high willingness to have children. Thus, in my study, I argue that globally, the unsustainability of population growth is excessive, on the contrary, the challenges of ageing are likely to be a significant problem for most countries in the near future. Keywords: population growth, comparison, total fertility rate, reproductivity, replacement level fertility rate JEL Code: J11, J13, N30 34 Rethinking manufacturing – experiences from the IMCP program in America (2014-2015) Árpád Duczon PhD student University of Pécs, Faculty of Business and Economics Email: arpad.duczon@gmail.com After the setback of the 1980s, the manufacturing sector granted more than one million jobs in the following decades. Aiding this part of the economy has become vital to both of the American parties. This concept of improvement can be described with the „industrial commons” idea by Gary Pisano and Willy Shih. They pointed out that multiple factors are needed to evolve a certain geographical region. In 2014 the Commerce Department started a pilot program in order to improve local ideas, The IMCP program (Investing in Manufacturing Communities) aimed at the manufacturing sector as the heart and engine of the American industry. The IMCP supported the cooperation between state and private investments to have local effects. The partnerships were tested and compared in order to improve and strengthen the available local workforce. The program’s goal is to help local communities in specialized economical goals. The tworounded tender procedure shows the different approaches to improving regional manufacturing potential. Many claimed that the program would increase the difference between regions as the „whoever stays out misses out”. Others pointed out that the program would help the American local industry to maintain its position in the global pursuit. In my presentation I would like to show the IMCP model from the theoretical idea to its execution. This question has its relevance as bipartisan politicians tried to revive the program in 2017-2018 through bills and programs. Keywords: strategy, manufacturing, key competency, bargaining power JEL Code: L10, L60, M16 35 The Private Label Brands (PLBs): A National Brand ManufacturerRetailer Relationship Perspective Muhammad Rahim Ejaz PhD Student University of Pécs Email: rahim.ejaz@live.com In recent years private label brands (PLBs) have seen the immense growth in the retail industry across the international markets. The purpose of this paper is to determine why this is important for retailers to launch PLBs with the help of the manufacturers and also to determine the factors that play a vital role in this relationship. This paper discusses how these factors effects the relationship between them in the process of producing and selling PLBs. In this paper key determinants and their roles have been discussed that how they persuade manufacturer to produce private label brands on the behest of the retailers. This paper also discusses the tools on the basis of present literature to make and ensure healthy, profitable and long term relationship between retailers and manufacturers in the streamed lined and consumer focused production of PLBs in the retail industry. Keywords: Private Brands, National Brands, Retailing, Customer Preferences, Channel Relationship JEL Code: M30, M31, L60, L80 36 The importance of global supply chains in a globalizing world Can Ertugrul PhD student Tímea Kozma Associate professor Szent István University, Faculty of Economics and Social Sciences Email: can.ertugrul@live.com, kozma.timea@gtk.szie.hu A global supply chain is a dynamic worldwide network when a company purchases or uses goods or services from overseas. It involves people, information, processes and resources involved in the production, handling and distribution of materials and finished products or providing a service to the customer (CIPS, 2020). In today’s global market, managing the entire supply chain becomes a key factor for the successful business. World-class organizations now realize that non-integrated manufacturing processes, non-integrated distribution processes and poor relationships with suppliers and customers are inadequate for their success. Profitability in supply chain management is becoming one of the main key solution factors of cost reduction. Global supply chains can improve customer service, suppliers’ relations as well as the relations with partners. So, while procurement, inventory management, transportation management, warehouse management and distribution are all important components, global supply chain is concerned with the integration of these and the other activities to provide the time and space value to the system or corporation. The main goal of this study is to explore why global supply chains are important and how can global supply chains affect cooperate competitiveness. To achieve the objectives of the research, this article will study and critically evaluate the literature, as secondary research on the topic with a systematic approach. Keywords: global supply chain, global competitiveness, key factor, key solution JEL Code: F62 37 Application of lean strategy in the supply chain Tamás Faludi PhD student University of Miskolc, Faculty of Economics Email: szvft@uni-miskolc.hu Supply chain management is a very important research area nowadays. The SCM began to develop at the ’80s, but firstly, it was the part of logistics. Between the ’80s and the ’90s, the difference between the logistics and the supply chain management was defined. After the turn of the millennium the number of the research, which deals with the supply chain coordination have increased. Of late decades, supply chains have expanded, because of the globalization the number of the chain members has also increased. In these days, supply chains are similar to the networks, that’s why we can call them as supply networks. There are strategies, which help the supply chain coordination. One of these strategies is the lean strategy. Originally, lean is a production philosophy, firstly used by the Toyota. Lean’s primary goal is to minimize the wastes, thus lean identified the major types of wastes. The purpose of this paper is to introduce the supply chain strategies, especially focused on the solutions which are suggested by the lean. Keywords: Supply chain management, supply chain strategies, lean, SCM, supply chain coordination JEL Code: D21, L11, L14, M10 38 Organization Theory in Public Education: School as a Knowledge-based Organization Nóra Fazekas PhD student Corvinus University of Budapest, Institute of Management, Department of Management Control Email: nora.fazekas@uni-corvinus.hu The present research proposes a view about schools as organizations via the exploration of organization theories. This approach aims to pose questions that can shape and innovate our understandings of and expectations about public education institutions (PEIs) in the growing complexity of the education market. We conclude that organization theories can function as compasses of education policy decisions by providing an extended view on educational organizations that philosophies of education and pedagogy lack. Finally, we offer possible directions for further investigation. The choice of the knowledge-based theories of the firm, aims to address the requirements of the knowledge society and knowledge economy we live in. Theories within this view are as diverse as organization theories themselves. Based on previous literature search I selected a handful of articles from authors that are the most cited and count as reference points of the theory today. These provide a basis of a thought experiment pointing to a possible path to capture schools as organizations on the education market. The knowledgebased view originates from the resource-based view. Its goal is to explain, why certain companies are able to reach sustainable competitive advantage and earn higher returns than others. Sustainable competitive advantage is provided if resources are valuable, rare, hard to imitate and the firm is organized to exploit these. In this perspective, the firm is a unique bundle of resources and capabilities. The knowledge-based view takes this approach further based on the assumption that genuine competitive advantage is generated by firm-specific, intangible knowledge, making knowledge the most important strategic asset of the firm and the basis of its existence. Through the analysis of the different approaches of the knowledge-based view we can explore explanations and narratives about why do schools exist, what they are and what they should be for; how can they uphold their position as the most relevant institution of learning in our knowledge society. Keywords: knowledge-based view; organization theory, firm theory, school, public education JEL Code: A12, I21 39 Applicability of organizational performance indicators Eszter Fekete PhD student University of Miskolc Email: noraeszterfekete@gmail.com Today's changing environmental challenges, accelerating technological advances over the past decade have presented companies with new challenges. There is an increasing emphasis on human resources, which can give companies a real competitive edge. At the same time, the development of HR systems, as well as their connection to other systems that determine the operation of companies, are the focus of attention. Individual performance appraisal, in close connection with other HR functions, nowadays, in addition to evaluation, which may have a development or remuneration function, is linked to the performance of the organization. Accurately defining the latter and developing its measurement methodology, though not primarily as an HR function in most cases, is essential in the pursuit of effective operation. Bearing in mind the usability and limitations of human resources, and interpreting them closely, it is worth defining the indicators that may be applicable to a particular organizational unit and, at a higher level, to the whole company. The definition, implementation and measurement of indices and KPIs presupposes that the specified qualitative and quantitative indicators provide an appropriate evaluation framework for the evaluation of real performance. The performance of individuals determines the performance of the organizational unit, which in aggregate also predicts corporate-level performance. My research area is the applicability of a performance management system to companies in the domestic energy sector, looking for an answer to its relationship to organizational performance. With this planned study, I intend to further expand my research into this issue and seek answers to the relationship between organizational performance and individual performance measurement systems. Keywords: performance management, individual performance, organizational performance, KPI, metrics JEL Code: M12 40 The impact of advertising on mindful and healthy nutrition Fanni Ildikó Fodor PhD student Szent István University Email: fodorfanni@gmail.com Consumers' health and conscious, healthy eating are becoming more and more valued in the consumer society, as health is a key component of quality life. The role of good nutrition is essential for maintaining body weight and maintaining health. Many people in our country today want to eat healthy, but they often do not have the knowledge about how to make their diets, so they are collecting information on the Internet. Traditional external forms of information gathering are like commercials, ads can play a powerful role in their purchase decisions and product information printed on the packaging, i.e. the label wedge, as the Labels and barcode wedge unlike advertising is close to the consumer during the purchase. The label on the packaging is a special source of information in this respect, consumers want to know what it contains, how they contribute to their diet and to choose the best one. During my research thorough qualitative method of analysing interviews of young consumers health behaviour who are healthy and want to prevent a variety of diseases diet-conscious. Furthermore, I analyse young consumers who suffer from some form of civilization disease and are therefore eating consciously. The problem is based on the fact that more and more Hungarian young people decide to eat healthily as one of the sources, whether they want to actually live a healthy lifestyle or, unfortunately, have to change their lifestyle due to some illness. Keywords: food consumption, health behaviours, conscious nutrition, advertising, product labels JEL Code: M37 41 The influence of advertisements regarding the food consumption of young Hungarians Fanni Ildikó Fodor PhD student Attila Lajos Associate professor Zsuzsanna Éva Naár-Tóth Associate professor Szent István University Email: fodorfanni@gmail.com, lajos.attila@gtk.szie.hu, Toth.Zsuzsanna@gtk.szie.hu In recent years, domestic media coverage of food consumption by electronic media has increased. In our research we are looking for answers to the course of the communication media of news and information regarding how it may affect the confidence of young Hungarians. Nowadays, media is essential and almost essential. There is no one who would not receive information about various events through online communication or other means of communication. We choose young people because we no longer have them on a daily basis avoid using digital tools to access food news online faster and more widely. We analyse how Hungarian young intellectuals evaluate different food shopping opportunities in relation to Hungarian food from the point of view of advertisements, based on quantitative research and questionnaire. The focus of our research is on the strength and influence of the label on foods during different purchases. Keywords: consumer behaviour, domestic products, advertising, online communication, product labels JEL Code: Q18 42 Changes in the employment structure in Europe Zoltán Fülöp PhD student Corvinus University of Budapest, Doctoral School of Business and Management Email: zoltan.fulop@uni-corvinus.hu In the past decade a new wave of technological inventions made people think about what would happen to their jobs in the future. Numerous researchers started to examine the new technologies and their impacts on production, environment, labour etc. It is commonly referred as “the 4th industrial revolution”. It is the start of the cyber-physical system. (WEF, 2016) Humans and machines (robots) will easily work together and the physical distance will not be as important as before. The consumption and the production trends are changing. (FMLSA, 2017) I summarize findings from seconder literature reviews about the expected occupation structural changes that will be caused by the 4th industrial revolution. I introduce the former employment structure of the chosen European countries. I highlight some countries and compare them. For the data comparison I use the highest-level aggregation of Eurostat occupation and employment data (ISCO). The timeseries is between 2008 and 2017. In the result it can be clearly seen that the data shows the expected outcome in the case of for example Austria, but not in the case of Hungary. In my research literature reviews and seconder data sources have a higher proportion than primer data use or modelling. I use quantitative methodology; I apply basic descriptive statistics. Keywords: Industry 4.0; Digitalization; Work 4.0; Employment; Occupations JEL Code: O15 Supported by the ÚNKP – 19 – 3 – I. New National Excellence Program of the Ministry for Innovation and Technology 43 Correlation between economic growth and military spending Péter Glofák PhD Student University of Pécs, Department of Political Geography, Development and Regional Studies Email: glofak@t-online.hu Economic growth has a significant impact on the countries’ government budget, and thus on military expenditure. When we compare the impact of economic growth on military spending in different countries, we see significant differences. Linear regression models show that in case of economic boom Russia or Venezuela's military budget rises steeper than the average level, while British, Romanian, or the Czech military budgets show less sensitivity to economic growth, and in case of the United States, France or Japan practically there are no correlation between the evolution of GDP and military expenditure. These correlation models allow us to make predictions about how military power rankings will change in the coming years, given the expected economic growth in each countries. Furthermore knowing these regression lines, it is possible to model whether – and to what extent – a geoeconomic assault (e.g. embargo or boycott) on a country will result in a reduction in military spending and – consequently – a reduction in the country's military and geopolitical potential. Keywords: economic growth, geoeconomics, geopolitics, military expenditure, regression analysis JEL Code: F51 International Conflicts, Negotiations, Sanctions 44 Economic analysis through the examples of two small industrial towns in Northern Hungary Franciska Gubacsi PhD student Enyedi György Doctoral School of Regional Sciences, Szent István University Email: gubacsi.franciska@phd.uni-szie.hu The regional economic trends are closely linked to trends and events taking place in the meso and macro levels. In addition, local roles are significantly determined by the presence of dominant economic, service and other investment in the area. Both the top-down provisions and the processes and measures organized at the lower levels have an impact on the territorial economic situation. Areas of outstanding industrial production and economic activity are the dominant areas of the domestic economic structure. Depending on the country's industrial characteristics and territorial disparities, the consequences for each municipality are different. This study is part of my research with the support of the Új Kiválóság Program. In my paper I examine the industrial economic transformation and the situation of two industrial towns Lőrinci and Bátonyterenye. Considering the economic past and present structure of both settlements, it appears that the former traditional image has been completely transformed. The economic indicators show that Bátonyterenye shows much larger anomalies than Lőrinci. Geographically and spatially, the economic situation of Lőrinci is more favourable than the other town from Nógrád County, which is currently facing several problems. In the case of Bátonyterenye, furtheropportunitiesforeconomicdevelopmentariseinconnectionwiththeindustrial infrastructure developments. Keywords: economic situation, Bátonyterenye, Lőrinci, industry, small town JEL Code: P25; R58 45 park and The creation of EMU affects member’s fiscal policy Sándor Habi PhD student University of Pannonia Email: habi.sandor@gtk.uni-pannon.hu In 1992 the members of the European Economic Community signed the Maastricht Treaty, in which they created the economic and monetary union. Because of the fiscal policy remained at national level the treaty contained supranational fiscal rules. The Stability and Growth Pact complemented the treaty’s rules. The country, which wanted to join to the EMU, had to meet the criteria previously. Because of this, the creation of the monetary union had an effect on the fiscal policy in every country. Mainly it manifested on the reduction of the public debt and deficit before joining the EMU in the 90s, because nobody wanted to remain outside. After entering, this effect lost it’s power and members loosened their fiscal policy, although in different scale. The differences between the members had a role how they chose to achieve the target numbers. For example, the system of election has a great role to define the government composition – single party, or coalition – and its support in the parliament. Furthermore, the political orientation of the government, left-wing, or right-wing, can have a role in the orientation of the fiscal policy. Keywords: fiscal policy, Maastricht Treaty, Stability and Growth Pact, fiscal rules, monetary union JEL Code: E62, F15, H50 46 The practice of Employer Branding Mária Héder-Rima PhD Student University of Debrecen, Károly Ihrig Doctoral School E-mail: heder.maria@econ.unideb.hu It is important for all employers to become well known and popular in the public awareness, especially among consumers. As a result of changes in employee preferences and needs, it can be observed today that employees are interpreted as a specific group of consumers for organizations. The reason for this, that it is becoming typical for employees to look for a job by similar factors as choosing consumer goods. The aim of the employer branding is interpreting employees as a group of consumers and communicates towards them the contents that are the most relevant and attractive to that group. The goal of the study to summarize the most important employee preferences on the basis of the latest investigation at a national level, such as attractive benefits, pleasant work environment, job security, work-life balance, financial stability of the company, ideal location, diverse and inclusive team and career opportunities. The research also seeks to answer the question of whether it is possible to break down an employer brand created by organizations that have received the best employer awards in some way typified. Based on the results it can be concluded that the best employers are shaping their employer brand through similar practices, but with diverse content. Within this, special attention is paid to material benefits, perks, personal development, health promotion, social responsibility, sustainability and community building. Behind each category, implementation is very versatile, which can be adopted in the form of good practices and can be incorporated into future workplaces. Keywords: brand, attraction, employee expectations, HR, innovative JEL Code: O15, M54 47 Analysis of the credit worthiness in the SMEs in the machinery industry Szilárd Hegedűs Assistant professor Budapest Business School Email: hegedus.szilard@uni-bge.hu Machinery companies have a decisive role in the Hungarian national economy, as they have a high contribution to GDP and are also a key factor in the Hungarian export. They are able to adapt successfully to their characteristics and to participate in international supply chains. As a result, the extent to which they are able to meet the credit worthiness criteria is an important issue. In the study, I estimate the credit worthiness of businesses in a scoring system based on a balanced scorecard. In the course of the study, I used 10 indicators that cover the capital structure, liquidity, profitability, and bonuses. The analysis was further enriched with sector characteristics and territorial characteristics, and I also took into account the size of the company in my analysis. As a result of the research, among the export-oriented companies operating in the machine industry, the ratio of credit worthy companies is high, and the test period shows an improving tendency in terms of creditworthiness, which was positively influenced by the economic activity and the growth rate of GDP. Keywords: regional analysis, credit worthiness, machine industry, companies, financial indicators JEL Code: G33, F65, H81, O16, O18 48 Investigating the Webshop Sales of a Retail Web Store from logistics side Zsolt Hollós Master in Economics Tímea Kozma Associate professor Szent István University, Faculty of Economics and Social Sciences Email: zs.holl94@gmail.com, kozma.timea@gtk.szie.hu Nowadays e-commerce is playing an increasingly important role in our lives. The number of hours spent is front of the computer has increased, because today’s fast-paced world, it is much faster and easier to find or buy online, than to do it in person. There is no difference in the corporate world and nowadays it is impossible for a company to operate without the Internet. In traditional trade small and medium sized enterprises are at a disadvantage compared to larger companies, but with the sufficient use of the Internet, there is the potential to overcome their competitive disadvantage. Internet applications haven an impact on business processes and if a business is to compete, it must be involved in e-commerce. Significant new online shoppers are no longer expected in the future and companies’ future will essentially be determined by their purchasing. This study explores as case study the extent to which a retail webstore can meet the requirements of the modern age of e-commerce. In addition, the main purpose of the primary questionnaire survey is to comprehensively analyse the online sales of the company under investigation, to identify areas that are impeding further growth and to identify the strengths on which to generate even greater online traffic, primarily from a logistical point of view. Keywords: e-commerce, webshop, online sales, internet, logistics JEL Code: O32 49 Health tourism in the Western Transdanubian region Dóra Horváth PhD candidate University of Pannonia Email: hd@georgikon.hu It is believed that all of us are aware of the political, social, cultural and economic importance of tourism. In addition to agriculture, or instead of it, tourism is the economic driving force of our country. In addition to boosting rural development and agriculture, tourism can make a major contribution to solving our economic problems in the near future. Unfortunately, during the research, it was necessary to establish that in the examined baths of the region, for example, Hévíz has decreased in the last 1-2 years, even if not drastically, despite the fact that Hévíz is not only unique, but its value for money is excellent. The lake is just one of the treasures found in its area. Most spa destinations / baths have thermal springs. The rural area is multifunctional. In our country, developments aimed at this end have an increasingly prominent role in the exploration and definition of the countryside and its opportunities. In the XXI. by the 20th century, people's tourist needs and habits had changed considerably. As a result of the general improvement in the quality of life, and the legal guarantee of leisure and transfer income, the need for diverse and cultured leisure time facilities has increased. Developments in transport and systems have made it possible for potential tourists to spend their leisure time practically anywhere in the world. Information technology has evolved as travel opportunities expand. With the help of the Internet and other communication tools, potential tourists can map each destination in detail, make travel decisions and organize trips, even at home. In addition to providing information, this has also opened up new opportunities for communication in the tourism sector through which information can be directed to potential tourists, which has led to an upturn in supply and demand. By attracting income from outside the region, the development of tourism in many destinations is the diversification of the economy or the only point of breakthrough. What does Destination mean? It is a reception area that is able to offer a complex tourist product not only to the tourists visiting but also to the inhabitants of the whole region. In the light of these, it can be stated that the destination area does not always follow the administrative boundaries, since its size is determined by the form of tourism. Keywords: health tourism, destination management, marketing communication tools, touristic image JEL Code: R12 50 Examination of digitalization aspirations and future role of traditional commercial banks Dóra Horváth PhD student Corvinus University of Budapest, Department of Management and Strategy Email: horvath.dora@uni-corvinus.hu Innovative financial technologies are bringing radical changes in financial services. Customers are increasingly looking for more personalized solutions and are expecting much more flexibility from banks. In recent years, in addition to innovative FinTech companies, many BigTech companies (such as Google, Amazon, Tencent) have entered the financial services industry. BigTech companies possess both a huge customer base and advanced technology. All of these factors put significant pressure on traditional commercial banks. As a result, the question arises as to how the role, business model and strategies of traditional commercial banks will change in the future to remain competitive. During the examination of banks' strategies, it has been discovered that in recent years many players have begun to cooperate with FinTech companies to integrate new solutions more quickly. Regarding traditional commercial banking services, the focus is expected to shift to higher value-added services in the future. However, despite the initiatives of banks' top management to digitalize, it is expected that it will take a long time before the entire organization strives for innovation. A complete organizational culture change is likely to be required to meet the digitalization strategic goals. Keywords: Fintech, bank, innovation, finance, digitization JEL Code: M1, M13, G2, G21 Supported by the ÚNKP-19-3 New National Excellence Program of the Ministry of Human Capacities. 51 The role of renewable energy cooperatives in rural development Tamara Horváth Researcher Szent István University Email: horvathtamara94@gmail.com In my research, I studied the operation of renewable energy cooperatives and their real and potential beneficial effects rural development. The use of community energy stations will not only be a solution to the adverse effects of climate change, but communities using this method can also benefit from it. We must not forget the impact of environmental problems on society. The main purpose of rural development is to equalize social inequalities. Therefore, I would like to prove that the use of renewable energy cooperatives could be a remedy to this problem. The European Community's Community Power Initiative summarizes the benefits of renewable energy cooperatives in 9 points. These include, in addition to energy and ecological aspects, community development, conscious use of energy, and financial gain for communities, which can be used to address other local issues, which contribute to the success of rural development programs. The purpose of my study is to demonstrate the operation of renewable energy cooperatives and to present their benefits, primarily from a rural development perspective. To do this, first I would like to give a detailed description of the operation of the so-called community energy plants and their practical utility in the light of the current energy and regulatory situation in Hungary. My aim is to prove, that unfortunately, this is not a well-known solution, even though anyone who becomes aware of this option will almost certainly consider this structure to be a good example to follow. Then, through the rural development program of a specific settlement, Nagypáli, I would like to demonstrate the effective environmental awareness-raising, the operability of the community energy plants and their positive effects on rural development. Finally, I will try to provide suggestions for further improvement. Keywords: community energy, renewable energy sources, sustainability, rural development, climate change JEL Code: R11 52 Designcommunication across the border-the relevance of teamwork and cocreation based on action research among elementary school children Daniella Dominika Horváth PhD student Corvinus University of Budapest Email: h.daniella.dominika@gmail.com The study introduces a self-developed workshop based on a domestic methodology, design communication. During the analysis of the impact of the occupation, a series of qualitative action research was carried out. This analysis focuses on the results of a workshop held in a Hungarian school abroad. We highlight why it is important from a corporate and management perspective to bring students closer to common, classroom-level thinking and collaborative creative processes from elementary school. The theoretical positioning of design communication takes place in the literature, paying particular attention to the features of designcommunication in the relation of design thinking. We analyse the role of open problemsolving situations in education and the long-term potential of this. We rely on a set of tools for mass collaboration, and the study also discusses the theoretical foundations of this toolkit. In the research, we studied primary school students, upper secondary school children, in Hungarian and cross-border Hungarian schools, where children are taught according to the National Curriculum. During the self-developed workshop, the students try to improve their home and environment. The main purpose of this study is to highlight the role education can and should play in the development of essential workplace skills. Keywords: designcommunication, education, wicinomic cooperation, action research, creativity JEL Code: I25 53 Examination of tourists’ impressions on safetyat Elmina-Cape Coast-Kakum tourist destination in Ghana Nicholas Imbeah PhD Student Enyedi György Doctoral School for Regional Sciences, Szent István University Email: nicholas.imbeah2012@gmail.com The subject of tourist safety and security has become more relevant in the 21st Century for tourism players, especially the host-community and the tourists who find themselves as guests in a new destination. The sporadic outbreak of epidemic diseases, political upheavals in the world and massive dependence on tourism promotion has placed a high demand on tourists’ safety and its sustainability in the world economy, especially in Ghana’s tourism hub. The study aims to: examine the precautionary measures tourists undertake before travelling to Ghana, ascertain tourists’ impressions about safety and explore if tourists will recommend the destination to prospective tourists. This survey is a case study of tourists who visit two historical heritage sites and one ecological heritage site, namely Elmina Castle, Cape Coast Castle and Kakum National Park (KNP) in Ghana. These facilities are the most visited sites patronised by international tourists in Ghana and have thus become iconic of the country. Photographs of these sites are presented in the study. The questionnaires were administered to 515 tourists who had visited these three facilities during the tourism peak season between June and September 2018. Field assistants helped in the data collection. The data were analysed with the use of IBM Statistical Product for Social Science (SPSS) software version 20.Statistical presentations such as cross-tabulations and frequencies were run to represent various background characteristics of respondents, their impressions of safety, among others. It became evident that as the level of the tourists’ safety satisfaction increased, their safety expectations also increased. More safety attention was paid to the canopy walkway at KNP, and the maintenance team was more particular about its safety than the safety maintained in the two castles. The study recommends that Ghana Tourism Authority (GTA) should add installation and repairs of safety equipment in unannounced routine checks. Keywords: Destination, Heritage, Safety, Impressions, Ghana JEL Code: Z32 54 The key role of global strategic management in global organizations Péter Imricskó PhD student University of Miskolc Email: imricsko.peter@gmail.com The literature on global strategic management is extensively dealt with both nationally and internationally. In our global economy, it is almost commonplace to make acquisitions and introduce new innovations to ensure the company's organizational growth or transformation. Although acquisitions and developments have been going on for decades, they have been the focus of attention in the 1980s and 1990s. In our globalized world, due to fierce competition, many companies are changing their strategy management, with a strong emphasis on expanding specifically to international markets. Seeing this as a solution for their survival. It becomes a critical factor in global thinking and global organizational functioning. In my study I take into account the relationship between environment, strategy, organizational structure and culture, and highlight the differences in which international, global, multinational and transnational organizations operate. The study aims to contribute to understanding and further research into the strategic management and behaviour of global organizations. Keywords: acquisition, innovation, multinational, transnational, international, JEL Code: F23; M10 55 Failures in integrating start-up companies Péter Imricskó PhD student University of Miskolc Email: imricskopeter@gmail.com In today's fast-growing global economy, start-up companies are becoming more and more popular. Geographical distances have been eliminated through the introduction of innovations, thus enabling newly established companies to expand into foreign markets. However, we cannot always report on a start-up company achieving global success on its own. In practice, large multinationals are starting to notice start-up companies and start mergers or even more often to acquire them to renew them. In this way, they ensure the expansion of their productor service portfolio for large companies. The literature deals with domestic and international mergers and acquisitions. However, in my study, I take into account my experience with a multinational company and examine strategic acquisition milestones from a management perspective. I will highlight the bottlenecks that have been partially unsuccessful in the integration of the start-up company. Last but not least, I propose to eliminate these factors. What precautionary measures could be taken during the start-up phase and during integration to make the post-acquisition multinational company more cost-effective and successful in the long run. Keywords: start-up, fusion, acquisition, integration, multinational JEL Code: M13 56 Information gathering for generation Z in the case of music festivals Tamás Iványi Assistant lecturer Budapest University of Technology and Economics, Department of Management and Business Economics Email: ivanyi@mvt.bme.hu The touristic habits of Generation Y and especially of Generation Z are very different from the previous generations. On the one hand, it is much more important for them to look for experiences, for which events and festivals can be obvious solutions, and on the other hand, the process of obtaining and processing information during their consumer decision process is different from the older generations. In this study, focusing on the role of social media at music festivals, based on the literature review the main trends and the results of a quantitative survey conducted in 2019 are presented. In the case of festivals, many platforms of social media are used more often to help the decisionmaking process and provide information than for the traditional tourist routes. Photos, videos, and the influential role of different persons in the case of music festival decisions are also important, especially for those who are also willing to share experiences in social media platforms and help each other or act as influencers. Understanding consumer decision-making can be a major consideration for festival organizers, especially in social media, where content is mostly created by other consumers not by the organizing company. Keywords: consumer decision process, festival tourism, marketing, social media JEL Code: M31, L83 SUPPORTED EXCELLENCE PROGRAM OF BY THE THE MINISTRY TECHNOLOGY. 57 ÚNKP-19-3 FOR NEW NATIONAL INNOVATION AND The development of OTP Bank's profitability compared to Hungarian credit institutions Tekla Jakab PhD student Szent István University, Doctoral School of Management and Business Administration Email: teklajakab0@gmail.com Considering that OTP Bank has undergone significant development during the past years – both in terms of structure and profitability – however, no comparative analysis has been carried out on the sector, so the study focuses on presenting the current position of the OTP Bank in the sector of credit institutions. Of course, there are reports and articles that present the Hungarian banking system by market share and by banks' performance (for example, portfolio.hu or mfor.hu articles), but these articles (mostly) analyse only two years of change and do not highlight the changes in the ranking of major banks from the list. It is also important to note that the National Bank of Hungary also prepares every year the so-called “Gold Book”, which contains the assets and the income statement of the credit institutions, but these contents are for information only. The study analyses, the profitability ratios, the capital adequacy ratio and the market share of the largest Hungarian bank. Keywords: credit institutions, efficiency, performance, financial indicators, profitability JEL Code: G21 58 Investigate security-conscious use of NFC-based mobile payment solutions Attila Juhász-Nagy Cybersecurity expert, John von Neumann Faculty of Informatics, Óbuda University Email: juhasznagyattila@gmail.com One of the fastest-growing areas of today's money market transformation is mobile payment solutions. A few years ago, PayPass debit cards began to spread, and nowadays we can use our smartphone or even our smart watch like a PayPass credit card. This form of credit card shopping is not only fast, it's very convenient and we can safely say it's trendy. Technological advances do not always lead to the spread of good user behaviour. Those who are more susceptible to technological innovations are regularly at the forefront of the use of new technical solutions, but we must not forget that they also present new challenges and new dangers. In my research, I wondered if the survey respondents could identify groups based on background variables that are more in need of understanding the security risks of new technology. Identifying such a group can help banks, financial service providers, and security professionals to improve users' conscious financial behaviour through targeted information, thereby enhancing the security of their personal and banking data. Keywords: mobile pay, NFC, information security, conscious behaviour, clustering JEL Code: E42 59 Investigation of short supply chain elements in downtown Budapest Zsombor Kápolnai PhD student Szent István University, Faculty of Economics and Social Sciences Email: kapolnaizsombor@gmail.com One of the most notable rural development products that has a positive effect on economy and the local society in recent years is the rediscovery of local products. Due to the system that helps regulate real processes, local products can be sold in a wider area. Legal conditions now allow for the producer to sell his produce in the capitol, with certain local limitations. This study deals with the attributes of selling local products from the many points and areas of the country in the capitol. The study also considers the specialities of the producers in question, and the attributes of implementing a short supply chain in the downtown area of Budapest. This research specifically focuses on the Budapest commerce of local products from rural towns in relation with the Village Seminar Research Group of the Szent István University. Keywords: SVC, local produce, Budapest, small producer JEL Code: R11 The study was realised with the help of the Ministry for Innovation and Technology's "New National Excellence Programme", code ÚNKP-19-3-1professional assistance programme. 60 Investigating how peers and the media impact the brand awareness of preschool aged children. Tímea Kásler PhD student Corvinus University of Budapest Emese Márkus Bachelor student Gál Ferenc College Email: timea.toth6@uni-corvinus.hu The aim of the study was to investigate how friendships as well as media consumption influence brand awareness of preschool children. In order to find out, how peers affect children’s brand awareness, a sociometry test was applied in combination with a logo test and an interview on a specific group of children in a selected kindergarten in Hungary. The data was collected from 23 preschool children and their parents, the participants of the study were 6-7 year old, of which 16 were boys and 7 were girls. The results underlined, that there is a relationship between the number of friendships a child has, and the brand awareness of children. Furthermore, a relationship was found between lack of brand awareness and media consumption. When analysing television and internet consumption separately, logo recognition and thus brand awareness could be linked to the volume of television consumption, however internet consumption frequency could not be linked with brand awareness. This study differs from previous research as results reveal that preschool age children do in fact exhibit peer‐to‐peer influence regarding brand awareness at such a young age. The information above can be of great use to marketers as well as policy makers in various industries. Keywords: Brand awareness, children, qualitative study, media, peers JEL Code: M37 61 Spread of Digital Banks and Digital Currencies Zsófia Kenesey PhD student University of Sopron, István Széchenyi Management and Organisation Studies Doctoral School Email: zsofi890819@gmail.com Today, so-called digital banks without bank branches are becoming increasingly important. In the recent years, several new institutions operating on-line and offering bank services have been established. Even if only with some delay, but the so-called traditional banks have recognised that development is necessary in this field, as the cash flow has significantly reduced due to the spread of the electronic payment methods. The on-line systems of the banks have to keep up with the changed consumer demands and habits. While the digital banks have become part of our everyday life by now, there are some safety issues in connection with the digital currencies, which question their future. Their benefit is allegedly is that while the traditional money is attached to the issuing bank, the cryptocurrency is independent, it exists only in the on-line space, and essentially any payment transaction can be made using it, and it can be even converted into traditional payment means if necessary. The study presents the effect of digitalisation on the bank system, highlighting the process of transformation of traditional bank institutions and traditional payment means. Keywords: digitalisation, digital banks, digital currencies, cryptocurrency, transformation JEL Code: G21, O33 62 Game-theoretic analysis of the migration Petronella Képes PhD Student Budapest University of Technology and Economics Email: kepespetronella@kgt.bme.hu The migration is one of the biggest problems the world has to deal with. Everyone can read about the situation almost every day in the news, but what migration exactly means cannot be inferred from this, because there is a misunderstanding about the usage of the term. One of the goals of this paper is to clear up the previously mentioned misunderstanding. Even though the current migration wave is not the first one that needs to be managed, the world was still not ready for it. The paper mentions the emigration from Europe to the USA and the immigration to modern Europe, especially to Germany, France and Hungary. Germany always was an important destination country in terms of migration, so the main focus is to answer the following limited question: What would happen with the population in Germany if different amounts of immigrants settled down in the country. In order to find this answer, this paper will use evolutionary game theoretical tools to check the change in the population composition due to migration. Keywords: migration, evolutionary game theory, population, Germany, Europe JEL Code: C73, F22 63 Value proposition for a business solution in ecotourism using ReSOLVE Framework Al-Muhannadi Khawla PhD student Doctoral School of Management and Business Administration , Faculty of Economics and Social Sciences, Szent István University Email: khawla.almuhannadi@gmail.com This paper illustrates a value-based development in tourism business to achieve environmental and social sustainability as well as economic. It proposes using business model canvas and ReSOLVE framework in designing a successful business model for responsible tourism or ecotourism in practice, that can fulfil the three pillars of sustainability, economic as well as environmental and social. Literature review in ecotourism, with its other synonyms, found that it is almost an agreed conclusion among researchers in the field, that ecotourism was intensively researched, reviewed and developed in theory, but in practice, it did not fulfil its promises. Tourism remains as business as usual, only with the illusion tourists get, that they are doing something good for the environment, even when they are harming the environment, and the local communities. This paper shows reasons for why this failure happens, and proposes a way forward. The hypothesis is that availability of clear simple thoroughly designed mechanisms, such as those used in CE could be the missing link, to make responsible tourism or ecotourism a reality, whether it is nature-based or otherwise. The paper uses a theoretical analytical methods, backed by results and analysis from previous research. It also uses value proposition business models such as canvas model, and compares its finding back to back with ReSOLVE Framework in different approaches. Reading published papers in using ReSOLVE framework to enhance circularity in different businesses, I have not come across a detailed study applying it to tourism business. So this paper could be the first step in this direction. Keywords: Circular Economy, Ecotourism, Business Model Canvas, ReSOLVE Framework, Sustainability JEL Code: Q50, Q51, Q57 64 The rural development aspect of the install of mountain biking attraction at Sátoraljaújhely Ármin Erik Király Researcher Szent István University Email: kiraly.armin.erik@gmail.com The topic of my dissertation is the process of the installation of a future mountain biking attraction on Magas-hegy, next to Sátoraljaújhely, which is currently called as „Zemplén Bringapark” within the planning team. In 2017 I got an opportunity to participate in the project, as a future rural development specialist, a former downhill mountain biking racer and an informal representative of the Hungarian downhill mountain biking community. When I started listening regional economics at the university, which was almost in the same time as the project has started, I just recognized the significant rural development-aspect of the whole project. In my opinion, Zemplén Bringapark is going to be one of the most innovative touristic attractions in Hungary in the future. It can generate tremendous amount of income in the region of Zemplén, which process does have a good effect on the local businesses and the whole economical structure of the region. Hopefully, creating these kind of values will help to increase the attractions of Zemplén township as well. First of all, I define the future bikepark as a touristic attraction, secondly, it is going to be a supplementary element of the Hungarian mountain biking sport-infrastructure. In my dissertation I tried to focus on the connection between rural development and tourism. After this train of thought, I tried to present the full „behind the scenes” story of constructing a bike park. Keywords: rural development, mountain biking, Zemplén bringapark JEL Code: Z32 65 Investment attractiveness of the East African Community - sectoral opportunities Katalin Kis PhD student National University of Public Service, Doctoral School of Public Administration Email: Kis.Katalin@hallg.uni-nke.hu The low concentration of domestic financing in the African region has already highlighted the importance of external sources, but their effectiveness is still unclear. Official development aid is more for internal supply purposes, or imposing obligations on donor countries. However, remittances and especially foreign direct investment have a positive effect on domestic trade, thus, the development of the business environment in the East African region also deserves special attention. Reducing corruption, increasing political stability and improving the regulatory environment can further increase FDI inflows, contributing to the region's economic growth, which can also be supported by favourable investment prospects in the East African region. The development has already begun, with three member countries of the East African Community occupying a prominent position among the countries proposed for investment. In addition to infrastructure investments, capital investments also flow to high value-added sectors, contributing to the restructuring of the domestic trade of the Member States, which can also increase competitiveness by improving the integration maturity of the Member States for a deeper integration process. Keywords: African regional integrations, East African Community, external investment sources, FDI, business environment JEL Code: F15, F21 „SUPPORTED BY THE ÚNKP-19-3-I-NKE-3 NEW NATIONAL EXCELLENCE PROGRAM MINISTRY FOR INNOVATION AND TECHNOLOGY.” 66 OF THE Artificial intelligence in finance Réka Kollár PhD student University of Pannonia, Doctoral School of Management Sciences and Business Administration Email: reka.kollar@gmail.com The study represents the application of artificial intelligence in the financial sector. Artificial intelligence can benefit the finance industry and even permanently transform the field. In the world of finance, institutes, which uses artificial intelligence during their processes make wellfounded and faster decisions, than others. The process of automation leads to cost savings. If we examine the banking services, and banking administrations, using artificial intelligence can improve the quality of services, also the banking process can accelerate, so the users can detect the benefits. However, the impact of artificial intelligence has lots of positive odds, it also has certain disadvantages. Artificial intelligence and automation will impact our future workforce. Another disadvantage is the errors due to poorly trained algorithm operation and decision. The study examines the occurrent types of artificial intelligence algorithms in the investment industry, in the fraud detection of a financial institution, in the credit decisions, in the customer support, and also in the quantitative trading. Keywords: artificial intelligence, finance, machine learning algorithms, credit institution, high frequency trading JEL Code: G11, G21, O30 67 Effect of enterprise financing forms on value-creation processes Natália Konkoly Bachelor student in Finances and Accounting Péter Földi Assistant lecturer Szent István University, Faculty of Economics and Social Sciences Email: natalia.konkoly@gmail.com, Foldi.Peter@gtk.szie.hu The operating of enterprises changed a lot until today, and is still undergoing changes currently. There are, however, perspectives and topics that are unchanged. Still, the creation of a financing scheme for an enterprise, or the tailoring of an existing one to suit its needs remains as a topic of critical importance in said enterprise's operation. Different financing methods have various advantages and disadvantages. Therefore, we can't point one out as the generally optimal structure. Optimisation always needs to be explored based on the enterprise's life cycle phase, market- and other factors relevant for the enterprise, and other perspectives. The value creation process is influenced strongly by the type of resource used, meaning for any enterprise, the choice will fall on the one optimal for its specific conditions. The profitability of enterprises is also influenced by several factors. In this study, the authors focus on analysing the effects enterprise financing forms have on enterprise operations. The authors take the enterprise's operational conditions into consideration for this. During the development of the enterprise, the options for financing begin to increase, which results in more opportunities to intervene in enterprise operation. Excessively relying on financing options highly increases operational risks of the enterprise. Therefore, these tools should be handled with proper limitations. Irresponsible usage may even result in the discontinuation of said enterprise, which has a negative impact not only on other market actors, but consumers as well. Keywords: life cycle, financing, financing strategy, profitability, liquidity JEL Code: G30, G32 68 Retrospective investigation of the introduction of the International Financial Reporting Standards in Ukraine and Hungary: Problems and solutions Henetta Rump-Kovács Assistant, PhD student Ferenc Rákóczi II Transcarpathian Hungarian Institute, Department of Accounting and Auditing, Szent István University, Doctoral School of Management and Business Administration Email: henetta.kovacs@gmail.com The integration of world economy and the establishment of international relations play an important role in the life of Ukraine, in which Hungary, with the help of numerous investments, is one of the most important participants. One of the prerequisites for establishing close collaboration is to establish an appropriate information and economic connection. The active development of international relations, the growing volume of foreign investments and the growing number of companies with foreign capital set new requirements towards accounting information. The introduction of the usage of IFRS is seen as a key factor in getting into the “bloodstream” of the global economy. The introduction of International Financial Reporting Standards into the everyday accounting can be described as a very lengthy and costly process for both Hungary and Ukraine. The following article studies the methodology for implementing these processes in Ukraine and Hungary, with particular reference to the transformation of the National Accounting Standards. The author uses a comparative analysis to illustrate the success of the process. The problems encountered during the introduction are revealed and the author suggests practical solutions after setting up a systematic system. Keywords: accounting systems, economic integration, financial report, IFRS, globalization JEL Code: M41 69 Sustainable development in the practice of commercial banks Norbert Kozma PhD student Szent István University, Doctoral School of Management and Business Administration Email: norbert.kozma@gmail.com Today, the requirements of sustainable development play particularly important role in international and national processes: in the implementation of the different economic, technological, social, and cultural goals and identification of ways of their achievement it became inevitable to take into account the principles of sustainability. The competitive pressures of the globalized world, the strengthening of the role of environmental awareness and the impact of the banking reputation on profitability in the financial sector have also made it a key issue for sustainable development, social responsibility, green banking and environmental protection. Community banking and financing sustainable development projects open many opportunities for financial market players - reputation, new customer base, risk mitigation, and profitability enhancement - provided banks integrate sustainability principles into their operational strategies. This paper demonstrates the models and frameworks of sustainability and integrating them into banking practice to illustrate the relevance of the issue to the financial sector. The fact that sustainable development can become part of a commercial bank's strategy demonstrates that environmental and sustainability can go beyond regulatory compliance and can become a valuecreating function - at the social and corporate level - for a profit-oriented organization. Keywords: bank, financial institution, sustainable development, environmental protection, green finances JEL Code: G21, O13, Q55 70 Sustainable Development Goals (SDGs) based clustering in the 28 EU Member States Dorottya Edina Kozma PhD student University of Pannonia Email: kozma.dorottya.edina@gtk.uni-pannon.hu Sustainable development and sustainability are global principles which expresses that the problems arising in the dimensions cannot be dealt with by themselves. Solving the problems requires the environmental, economic and social dimensions and more precisely their synergies. Sustainability can also be referred to as one of the most prominent, most solved concepts of the 20th century. As a result, sustainable development is a challenge not only for the EU but also for the global world. The European Union has been involved in the development of numerous programs in its efforts towards sustainable development, both at EU and Member State level. The European Union’s first major sustainable development strategy (EU SDS) has been in force for about 15 years and introduced many innovations. Over time, this strategy has been revised due to the lack of progress and to expand its goals and objectives. In September 2015, the UN introduced a new framework: Sustainable Development Goals (SDGs) in which they sought even more to find solutions to problems in the world. In my work, I have been asked as a research question whether we can speak of homogeneous groups of countries for the 28 Member States of the European Union. In connection with these, two assumptions were emerged for the year of 2015. On the one hand, based on the indicators included in the examination the 28 EU Member States can be classified into four clusters. On the other hand, despite the outstanding data the 28 EU Member States can be classified into three clusters. Based on these, the aim of my study is to investigate the 28 Member States of the European Union by cluster analysis and to group them into homogeneous groups that are the most characterize their performance in the field of sustainable development. By applying this method, the hypotheses were proved without exception. Keywords: EU SDGs, European Union, sustainable development, cluster analysis JEL Code: C38, O52, Q01, Q56 71 The implementation of green logistics in the practice of Hungarian companies Tímea Kozma Associate professor Vivien Ágnes Nagy Master in Logistics management University of Szent István Faculty of Economics and Social Sciences Mónika Pónusz Associate professor Károli Gáspár University of the Reformed Church in Hungary Institute of Economics and Management Email: kozma.timea@gtk.szie.hu, nagyvivienagnes@gmail.com, ponusz.monika@kre.hu Nowadays, sustainability and environmental protection are playing an increasingly important role in the whole supply chain. When one of our employees today walks from his desk to the nearest trash can, he will not select. One trash, communal, it's nearby, no other. In contrast, another worker, who takes the trouble and who is able to walk 2 meters from his desk to the kitchen, where he already finds separate waste bins and dumps the trash out there. How different are these two people? Environmental awareness is a learning issue, a matter of decision. Not just for individuals, but for companies as well. Most of the logistics companies in our country are already involved in to using greener solutions and the services, what they provide have a low environmental impact. The purpose of this study is to explore the ways in which environmental awareness is applied in companies, how can they using it in their daily work, how can be connect to the green supply chain and the benefits, disadvantages, what companies have found to be discovered. Our research is based on a primary method, that we carried out with a structured questionnaire among Hungarian companies. Keywords: green logistics, green supply chain, Hungarian companies, environmental protection, green solutions JEL Code: Q56 72 Changes of the Risk analysis: The new FMEA concept Melinda Katalin Könyves PhD student Budapest University of Technology and Economics Email: konyves@mvt.bme.hu The existence and operation of an appropriate quality management system is one of the defining elements of company operations. These systems are, of course, tailored to the specifics of the companies, but are based on a set of common guidelines based on quality standards. The focus of this study is on automotive quality standards and methods to help meet the requirements set out there - process development and problem-solving, analysis. This review is actual, because of the latest edition of IATF 16949 (Automotive Specialization) standard, the most important change being the emphasis on risk analysis. After reviewing the techniques for risk analysis, the most common risk analysis technique in the automotive industry, Failure Mode and Effect Analysis (FMEA), will be analysed. Beyond the focus on risk analysis, the FMEA approach is particularly timely because the FMEA Handbook, common developed by the VDA and AIAG, was published in mid-2019. Against this background, exploring the scientific and practical implications of the new approach combining the German and American approaches and the changes brought about by the rethought concept is an important task. Keywords: quality management, automobile industry, risk management, methodology, change JEL Code: L15 73 The effects of the railway on the environmental practice and modernisation along the Arad-Csanádi Vasút railway between 1867–1930 Ákos Kőrös PhD student Szent István University, Faculty of Economics and Social Sciences Email: koros.akos@icloud.com The railway was the first vehicle that changed the relationship between person and environment. The brand new technology conquered over the distances and the week-long travel times shortened into a few hours. To the middle of the 19th century in Hungary, transportation became the fastest growing sector (6% yearly) and the railway became the main tool of the social and economic changes. Previous research analyses show that in some cases, the local society adopted these new technologies rather slowly. In Kiszombor, the mainly agro-society began to use the railway after twenty years, although the service was affordable. From more questions that appear, this research deals with the short-period effects of the railway in the region. It is well-known that, in Hungary, the industrial revolution started up in the middle of the 19th century. This presentation shows that to what extent the railway affected the industrialization in the agglomeration of Makó, which counts more than forty settlements. The most interesting features of the topic are how the environmental practice, the demography of the local society and the economic structure changed near the railway. The census-based research supplements more details to understand the unique modernisation patterns of the region and the connection between technology-oriented innovation and society. Keywords: economic history, historical demography, historical regionalism, railway, environmental practice JEL Code: N70 74 Business strategies and models for social enterprises operating in the social and health sectors Noémi Krátki PhD student Julianna Kiss Research fellow Corvinus University of Budapest, Institute of Business Economics, Department of Decision Sciences Email: noemikratki@gmail.com, julianna.kiss@uni-corvinus.hu The phenomenon of social enterprises – organizations and initiatives having social and business objectives and activities at the same time – has become more and more widespread in recent decades at the international level. In Hungary, the concept was not widely known for a long time, but at the moment there is growing interest in our country as well, with more and more public and private actors and programs aiming at the development of the field. Social enterprises are present in many sectors of the welfare system, from employment through economic development to social and health care. However, the opportunities and limitations of these initiatives in these individual sectors have so far been researched to a limited extent in Hungary. The present study intends to fill this gap by focusing on the institutional environment and individual strategies of social enterprises operating in the social and health sectors through quantitative database analysis, qualitative expert interviews and organizational case studies. The current presentation focuses primarily on the results of four case studies from the research, analysing the business strategies and models of initiatives working with different target groups in the social and health sectors (addicts, homeless people, people with reduced mobility and people with intellectual disabilities). The presentation of these four cases provides an opportunity to illustrate the similarities at sector level and the differences between individual organizations. Keywords: social enterprise, business models, strategies, social care, healthcare JEL Code: L31 The present publication is the outcome of the project „From Talent to Young Researcher project aimed at activities supporting the research career model in higher education”, identifier EFOP3.6.3-VEKOP-16-2017-00007 co-supported by the European Union, Hungary and the European Social Fund. 75 The reasons of unsuccessful corporate acquisitions in the view of international examples László Zoltán Kucséber Lecturer Budapest Business School University of Applied Sciences, Department of Finance Email: kucseber.laszlo@uni-bge.hu Mergers and acquisitions (M&A) are one of the possible ways of corporate growth. Between 2006 and 2018, there were at least 14,000 M&A deals in Europe each year. In the creation of these outstanding figures the advantages of the M&As can play a significant role, such as, the economies of scale and scope, increasing market power, management efficiency, and exit from the industry, and so on. The merger presents a major challenge for the executives of the companies wishing to merge, as integration can range from IT, to harmonization of corporate culture, thus in addition to successful corporate acquisitions, several unsuccessful transactions are realized, which is confirmed by international and Hungarian researchers. In my lecture I present the causes and consequences of failed M&A deals, with examples of multinational firms in developed countries. Keywords: Mergers, acquisitions, benefits of M&A, unsuccessful merger, multinational company JEL Code: G34, G38 76 The lessons of the Great Recession for Europe Csaba Kurtucz PhD candidate University of Pécs, Faculty of Sciences Email: kurtuczcs@gmail.com The lessons learned from the crisis management of the 2008 Great Recession are due to significant structural differences between the two centres of the world, the United States and the eurozone. This has been the worst and most widespread global economic downturn since the Great Depression. The crisis is over, but it seems that the crisis has long-lasting consequences. In the case of the United States, a monetary, fiscal and political union is realized, which with a single economic policy, operates as a coherent unit, uniting the three areas. GDP is rising, unemployment is at the lowest level since 1969 and government debt is the highest it has ever been which can cause problems in the long run. In the case of the eurozone, we can talk about a monetary union. The crisis has highlighted the structural flaws of the eurozone, because without a unified fiscal policy no effective economic policy can be achieved. The symptoms of the euro area crisis weren't the consequences of the global economic crisis; rather the stalling of the integration process, the lack of real convergence, and the weaknesses of monetary and fiscal policy were the problems that have been brought to the fore and exacerbated by the crisis. I consider the crisis management of the United States to be more successful, in which the single economic policy has played an important role – as long as the eurozone doesn’t deepen integration, it will not be able to address vulnerabilities between its countries. For Europe to be competitive, it has to have the right economic policies. The post-crisis recovery has taken place here too, but in order to avoid further crises and to help the eurozone to catch up faster, we need targeted steps which create the opportunities. Keywords: Great Recession, global economic crisis, eurozone, United States, post-crisis recovery JEL Code: E60 77 Major aspects and establishment of an effective corporate controlling system Bence Langár PhD student University of Miskolc Email: langarbence@gmail.com In preparation for an initial public offering - in addition to financial and structural capital market elements - identifying, defining and implementing a company's internal reporting system is essential, as one of the major liabilities of public listings is continuous transparency towards its investors in regards of any arising financial information and reports – based on the given stock market and country regulation - that can influence stock prices. As a result, a poorly prepared public offering may present significant short-term difficulties and challenges to a company, as these corporations need to have not only a well-functioning accounting system but also a strongly operational management accounting system that enables integrated corporate decision making. This system should - in addition to accurately monitoring corporate strategic goals show any financial deviation in the achievement of these corporate goals, thereby enabling top management and the decision-making body to intervene in a given time to make any adjustments if necessary. Of course, short- and medium-term budgeting and management accounting processes also require a specialized integrated corporate governance system, which in itself requires an average of 6 to 10 months of implementation period depending on the complexity of a company’s business industry, supplier and intercompany transactions. Keywords: public offering, controlling, accounting, management accounting, decision making JEL Code: M1, M4, G3 78 Key Role of Organisational structure in project implementation Attila Legoza PhD student University of Miskolc Email: legoza.attila@gmail.com Nowadays, the most important process affecting businesses is globalization and growing market competition, and consequently it is increasingly difficult for companies to remain their competitive and stable operations. The measures taken to address the challenges are vary per organisation. The measures taken to address the challenges vary from one organization to another. Survival and development can only be achieved through specific measures. The study examines the operation of Hungarian privately owned medium-sized enterprises during project implementation. The projects are implemented in different strategies, different organisational coordination and different organisational cultures, so accordingly the performance is different. These factors are unique, such hard-to-grasp factors based on the company's internal intellectual resources and therefore become difficult to copy by competitors. To implement a new project, establishment of an appropriate project organisation is required. The design of a project organisation depends on the scope, content and cost of the project. Lack of well-establish of the project organisation was the root cause of the problems in most projects I examined, furthermore, the project organizations lack of resources, experience and expertise were not able to implement the projects as expected. Keywords: project, organisation, development, project implementation, strategy JEL Code: D2, M12 79 Reasons for failure of project implementation Attila Legoza PhD student University of Miskolc Email address: legoza.attila@gmail.com Nowadays, in parallel with the increasing number of projects to be implemented and the key role of project management, organizations are implementing more and more different types of projects. Besides traditional investment projects, such projects appeared as IT, organizational development and R&D. Unfortunately, as the number of projects has increased, the number of unsuccessful projects has also increased. There are different reasons for this. To identify the success of a project is not an easy task as the success factors of different projects are different. However, there are success factors that are essential regardless of project type. Such success factors include, for example, the deadline and another one is the planned cost. Considering these key success factors, if a project is not completed by the deadline, it is likely that its cost will increase. Reasons for delays in the schedule include inadequate project scope or lack of availability of resources, both can lead to cost increase. This study examines the causes of failure, taking into account the abovementioned two factors. Keywords: project, success factor, failure, deadline, cost JEL Code: D2, M12 80 Management skills and competencies with the view of replacement of generation in the agriculture Enikő Lencsés Assistant professor Levente Elemér Pintér Master student in Leadership and management Email: lencses.eniko@gtk.szie.hu, pinter.levente2@gmail.com The agriculture characterized by revolutionary changes in the last two decades. In this period, the evolution was greater than in the total last century (including fertilizers, biotechnology, and gene manipulation). The Hungarian agricultural production needs to adopt the technical and technological innovations for achieve impressing efficiency growth instead of standing still. The digitalization and IT appearance in the agriculture make it necessary for the farmers to have new management skills and competencies. The mayor part of Hungarian farmers is older than 50 years and missing digitalization skills. Before the digitalization boom in the agriculture the most important things for the farmers was the knowledge about the plants and animals. Nowadays the digital skills and competencies has become as important skills as agronomy and husbandry knowledge. The question is more complex than it seems at first. Because sometimes the present decision makers of the farm are not able to develop his capacities and talents to the new environment. The research question of this paper has two aspects. On the one hand, we would like to collect the skills and competencies, which are crucial to effective modern agricultural production. On the other hand, we will analyse how the different generations able to fit with these new expectations. The focus of this paper is on the connection between the necessary replacement of generation and the management skills and competencies for successfully long-term agricultural production. Keywords: digitalization, generation replacement, manager skills JEL Code: A13, D83, D91 81 Expected co-creation modelling in services Fanny Liska PhD student University of Pannonia Email: liska.fanny@gtk.uni-pannon.hu Economic value creation manifests itself in the interaction between the firm and the consumer. The paper presents a qualitative study of consumers’ decision-making processes in service selection, highlighting the aspects of value co-creation in consumer preferences. The empirical study was based on a series of focus group discussions analysing them by a qualitative textanalytical software. On the transcribed interviews a content analysis was conducted applying the MAXQDA software. Analysing the transcript based upon preference-proportion of the different contents, it turned out that proportion of co-creation related concepts was remarkable. By tagging of the transcript with a code structure expectation on co-creation could be identified, like communication, value proposition, availability, versatility and experience. Nevertheless, complexity of service makes influence on co-creation expectations. Expectations for cocreation can be different by personality of potential customers, as well. Findings of the research have been built into a proposed model of co-creation expectations. Keywords: co-creation, services, value creation, consumer decision behaviour JEL Code: E71 82 Security Policy Challenges Posed by the Syrian Civil War in Turkey András Málnássy PhD student University of Pécs, Doctoral Program for Earth Sciences Email: malnassy.andras@gmail.com Turkey’s terrorist threat has been viewed for many years mostly through the lens of Kurdish militancy, especially Kurdistan Worker’s Party. In the last years, however, a new hazard has emerged, primarily as a result of the war in Syria. One of the main security policy challenges currently facing Turkey is related to the jihadist militias fighting in Syria and Iraq. At the end of July 2015, the Turkish authorities carried out large-scale raids, including against jihadist networks operating on the country’s territory. Moreover, in August 2016, Turkey launched a military offensive in northern Syria in order to push the Islamic State out of the areas under its control along the Turkish border. From the summer of 2015, the Islamic State responded to Ankara’s firmer stance by carrying out the number of terrorist attacks inside Turkey. This wave of attacks directly and systematically targeted the Turkish state and the Turkish society. Turkey today finds itself at a crossroads. We would raise the question whether Turkey is able to manage to extricate itself from the destabilizing vortex of Syria’s civil war in the future? The answer will not only determine the security and stability of the country itself but also influence the entire region. Keywords: Turkey, terrorism, regional challenges, security, stability, geopolitics JEL Code: F500, F510, F520 83 Theoretical Background of the Turkish Geopolitical Thinking András Málnássy PhD student University of Pécs, Doctoral Program for Earth Sciences Email: malnassy.andras@gmail.com For centuries, Turkey has been one of the key players in the history of Europe. Due to its geographical position, the Turkish Republic, like the Ottoman Empire, connects the East and the West. It is no accident, therefore, that the role of the Asian minority is often portrayed as a bridge in international politics. Former Foreign Minister Ahmed Davutoğlu, in his new foreign policy doctrine, “Strategic Depth”, has gone beyond the bridge role previously attributed to the country and has identified Turkey’s adjacent regions as the main focus of its interests. The new, ambitious foreign policy aspirations have been interpreted by the international community as neo-Ottomanism, even if it is not a traditional military conquest or political control, but a mediating role in the international economy or in the regional conflicts using the tools of the so-called soft power. In recent years, Turkey has become a recognized and conscious regional power in the region, with specific interests that it can and will pursue, albeit with varying degrees of success so far. Keywords: Turkey, geopolitics, geoeconomics, regional challenges, security policy JEL Code: F500, F510, F520 84 Subsidy and its effects Jalil Mehtiyev PhD Student Robert Magda Professor Szent István University Email: mehtiyevcelil@gmail.com, magda.robert@gtk.szie.hu Governments follow a subsidy policy to encourage the use of certain goods by some consumers. Subsidy can be explained as also that firms-producers sell the determined goods at a cheaper price than the market price and subsidizing government collects the difference. They are tools which are widely used in the hands of governments and can be allocated to various economic issues. In general, it is used as a policy of price policy and anti-inflationary policy in the classical sense. In the modern sense, it used for the purpose of general equilibrium, in other words, to equalize trade balance such as lowering prices and controlling inflation, preventing the long-term decline of industries. However, there are many significant negative effects of subsidies such as increase in taxes, leading to inefficiency of local industries, increase in borrowing, and disruption of identity between buyer and vendor prices in markets. One of rules set on subsidies is SCM Agreement. In the Agreement, subsidies were identified and rules were set on subsidies which could impact international trade. Since there are many types of subsidies, there should be more strict rules and policies about their implementation in order to eliminate and avoid potential barriers in international trade. Keywords: subsidy, international trade, price discrimination, trade balance JEL Code: F13 85 Operation and business planning of municipal-owned corporations Judit Menich-Jónás PhD student Szent István University Email: jonas.judit4@gmail.com The local government system is a subsystem of Hungarian public finances. Local governments can participate in corporations in order to insure the resources they need to carry out their tasks, however – although as a result of the 2011 municipal reforms municipal debt has been taken over by the government - the high degree of debt that features the municipal-owned companies poses risks to the local subsystem and to the public finances as a whole as well. The operation of the municipal-owned corporations and the associated risks are determined by the risks appearing in the operation of the owner local government, and vice versa. In order to ensure the companies’ transparency of operation, business planning, reporting and the implementation of the necessary corrections, it is necessary to strengthen the practice of ownership, to develop a system of requirements and targets suitable for measuring the profitability and efficiency of task performance, to define indicators. As of 2014, the establishment of internal controls and the operation of internal audit were obligatory only for corporations belonging to the government sector. According to Government Decree 339/2019. (XII. 23.), which entered into force on January 1st 2020, as of July 1st 2020, companies of a certain size which are in public ownership - including the influence of the majority of local governments as well - shall design, operate and develop an internal control system and establish a compliance department. These regulations will facilitate the regular operation and reduction of risks in the future. In the case of municipal-owned corporations there is no legal requirement for business planning yet, which complicates the task of decision makers. In this sector, decision-makers are typically municipal representatives, who may have a rightful expectation that the budget presented to them should be based on an integrated, real planning. Keywords: municipal-owned corporation, business planning, regulation, internal audit, public accounting JEL Code: M41 86 Decision support issues of social innovation process Gabriella Metszősy PhD student University of Miskolc, Faculty of Economics Email: metszosy.gabriella@uni-miskolc.hu The efforts related to social innovation are often materialized out of organized frameworks. For the most part the implementer is not enlightened upon the nature and importance of the activity, the appearance of impact indicators proceeds to realize the process. For this reason, qualitative case studies as methodology are the basis of the description of social innovation activities, measuring or weighting based methods occur in small cases. The literature can be found is diversified, there is no uniformly adopted process for implement the concrete practice, investigating the adaptability for the different methods is presented with pilot characteristics. The purpose of the study to give an insight into potential repertory of methodological components for the phases of process-oriented approach of social innovation. The characteristics of decision points and usability of outcomes are presented by practical example. Integrating into process-oriented approach gives assistance to analyse the social innovation initiatives by the way of phases and realizes the necessity of variant methodological support as well as the development of related good practices. Keywords: social innovation, social learning, process approach, decision support method JEL Code: D81, O35 87 Perceived of taxation on corporate profitability case study – The Kurdstan region of Iraq Hunar Jabar Mohammed PhD student Faculty of Economics and Social Sciences, Szent István University, University of Halabja Salam Mahmood Hamad Assistant lecturer Faculty of Human Resources, University of Raparin Anita Tangl Associate professor Faculty of Economics and Social Sciences, Szent István University Email: jabarhunar95@gmail.com, salamshebany@gmail.com, tangl.anita@gtk.szie.hu A qualitative research analysis has been used in this study among different local and multinational business entities in Kurdistan region of Iraq to capture improvements in the position of profit and concentrate and how corporates profitability behaves, through various tax systems imposed by Iraq and multinational countries. By using data from survey questionnaire, the outcome of the data the analysis of this study confirms that taxation would statistically have negative effect on corporate profitability (income). In addition, we disclose opposite of the straightforward hypothesis state that, the more negative demand effect from taxation would not certainly have a statistically significant negative effect on corporates profit. Then the same finding indicates the more negative cost and price effect from taxation on corporates product and service would have a statistical negative impact on corporates income. Finally, another finding of the research indicates the more supply effect from taxation will lead to actual negative decreasing in the firm income. Keywords: taxation, corporate, profitability in Kurdistan region of Iraq JEL Code: G30 88 The principle of going concern for public utility companies Petronella Molnár PhD student, researcher Szent István University, National University of Public Service Email: molnar.petronella@uni-bge.hu The functions of municipal corporations are very broad. The municipalities carry out their public tasks through their companies. As municipal corporations also manage public funds, so analysis of their management is important. In my study I examine the operability of these companies with different bankruptcy forecasting models (Virág and Karas models). Keywords: municipal corporations, operability, bankruptcy models JEL Code: G33, H72, M41 89 Public opinions on roles of local government Ilona Nagy Master student in Survey statistics and data analytics Eötvös Loránd University, Faculty of Social Sciences nagyilona4918@gmail.com In urban planning, it is an interesting question to consider whether inhabitants know which services belong to the responsibilities of the local government, and whether residents have adequate information on the role providing to judge actually the organization and realization of public services. Supposedly the concerned local society has a difference of opinions on public roles, and inhabitants have different levels of activity according to how important part these services playing the daily life of citizens. Based on quantitative analysis with proper statistical methods on the last database of yearly survey in Szeged in this theme, and with visualisation the activity of citizens mainly in maps, the paper describes which public services belong to local government according to the residents, and searches the difference of opinions of citizens on public roles and examines the participation of local society in urban planning, particularly the effect of sociological variables and spatiality in the city. Keywords: public service, participation, survey, spatiality JEL: O20 90 How to define optimal technical conditions of an economically sustainable, urban public transport fleet Gábor Nemecz PhD student Szent István University, Enyedi György Doctoral School of Regional Studies Email: gabor.nemecz@gmail.com Public transport sector typically requires a huge amount of equipment. Ensuring subsystems, infrastructure elements, vehicles and service equipment needed to provide the services simultaneously, requires a significant source of investment. State and municipal service providers have access to only a limited amount of resources for replacing and temporary replacing the assets, thus the technical conditions deteriorates from year to year, which, besides deterioration of service quality, generates a significant operating cost surplus. With the help of a multi-criteria analysis concerning the assets of a given public transport company I reveal the renewal and development potentials of the assets operated by the service provider in the frame of public services in a way that those are economically sustainable as well. In this study I present a potential methodology with the help of the above-mentioned factors how to define the economically sustainable and optimal technical conditions of the assets of an urban public transport company. Keywords: economic sustainable, public transport, assets, development, operations JEL Code: R42 91 IKEA and global marketing trends Adrienn Novotni PhD student University of Sopron, Simonyi Karoly Faculty of Engineering, Innovation Centre Zsolt Tóth Associate professor University of Sopron, Alexandre Lamfalussy Faculty of Economics Email: toth.zsolt@uni-sopron.hu The authors compare marketing methods of IKEA, the world's largest furniture sales company, with international marketing trends. The comparison will look at the characteristics of industryspecific marketing budgets to get a more comprehensive view of IKEA's success. The extent to which IKEA's practice is in line with that of others is, by itself, little about the correctness of the practice of turning elsewhere to significant online marketing channels, but it may perhaps tarnish our image of it. The authors discuss the composition of IKEA's marketing costs and how well the company is adapting to current trends. The article shows that online marketing channels are becoming more and more valuable than traditional marketing channels. In contrast, the conservative distribution of IKEA's marketing costs is largely due to IKEA's marketing strategy. IKEA's marketing strategy is characterized by a global approach, so the IKEA stores look, supply and operate essentially the same everywhere in the world. The marketing and pricing strategy of the company is aimed at the middle class. Building on the middle-class consumer habits, a key element of the company's strategy is to retain the customer in the long term. Some IKEA products and services may sporadically address poor and elite groups, but this is not the case. Keywords: furniture industry, marketing strategy, target group, IKEA JEL Code: M31 92 Retro on the furniture market Adrienn Novotni PhD student University of Sopron, Simonyi Karoly Faculty of Engineering, Innovation Centre Zsolt Tóth Associate professor University of Sopron, Alexandre Lamfalussy Faculty of Economics Email: toth.zsolt@uni-sopron.hu Retro is one of the most interesting trend of consumer habits in recent years. In many ways, the retro is an emblematic and “symptomatic2 feature of the postmodern era and it has a charm in Eastern European, so Hungarian context. Retro style is becoming more and more popular in the product range, so nostalgic products can also be found in the furniture industry. The true source of retro is still the era of welfare states. However, in order for retro products to be sold year after year, this era must be rediscovered year after year and its new features must be highlighted. The authors refer to the second “great” era of the retro, which is also remarkable because there was no, or hardly any, rebellious, “critical2 period here. From the outset, the retro of the 2000s has basically appeared as a consumption trend. Based on the retouches so far, we can say that retro will be a recurring trend in furniture and furniture trade, diversification by era, that is, several retouches can coexist in the future, and beside the prevailing seventies, the fashions of earlier eras may appear. Keywords: retro trends, furniture trends, consumer habits, wood industry JEL Code: L68 93 Innovation models and efficiency analysis Adrienn Novotni PhD student University of Sopron, Simonyi Karoly Faculty of Engineering, Innovation Centre Zsolt Tóth Associate professor University of Sopron, Alexandre Lamfalussy Faculty of Economics Email: toth.zsolt@uni-sopron.hu The Schumpeter-based innovation model still contains a number of valid statements, but nowadays the focus is on open innovation models. ‘Opening up’ the innovation process may be necessary for an independent organization, as the company is less able to respond to market changes due to lack of capital, lack of information and lack of intellectual resources. Essentially, innovation ideas can be enhanced by increasing the involvement of external ‘volunteer’ partners. Increase in open innovation processes of EU-funded researches is also witnessed. This is why the authors pay particular attention to the success of different research projects in terms of open innovation, and the potential interactions between project success and efficiency. An important task in research projects is to examine efficiency, profitability, competitiveness and productivity. The authors mainly review the literature, but also report some of their research results. They summarize the main difference between ‘traditional’ and open innovation and present the evolution of open innovation in management and several policies. They emphasize the importance of methodological manuals of OECD and visions of EU for measuring scientific and technological activities related to open innovation. The relationship between efficiency analysis, costing and decision support is also analysed in an open innovation view. Finally, they sketch their ongoing empirical activities and results so far. Keywords: open innovation, efficiency analysis, decision models, wood industry research JEL Code: O36 94 The path of cities with county rights in the process of becoming a smart city with special regards to the "smart living conditions" component Dániel Orosz PhD student University of Miskolc, Faculty of Economics, Institute of World and Regional Economics Email: regorosz@uni-miskolc.hu Urban development increasingly requires the use of advanced technologies in view of the wider range of tasks to be solved. Developing countries are dominated by problems of the rapidly growing population, while developed countries face more with ageing population, improving the quality of life and reducing social inequalities and developing sustainable structures. Smart City concepts can be used to solve these problems, as the rapid development of technologies provides new opportunities for cities to improve their competitiveness at the same time, while creating sustainable, liveable spaces. In my paper, I would like to give you a brief overview of what we mean on smart city concept and one of its main components, the smart living conditions. I will examine the present situation of our cities with county rights on their way of being a smart settlement, with particular regard to on smart solutions, that play a decisive role in improving our quality of life in the following areas: culture, security, housing, tourist attraction, and educational opportunities. Based on the domestic practice, I will collect solutions that are unique and in some respects are needed to know by wider public. Keywords: Smart City, cities with county rights, Giffinger, smart living conditions, liveable city JEL Code: O18, O31, R10, R12 95 Microfinance institutions in bridging micro and small enterprises financing gap: Success and challenges in case of Ethiopia Betgilu Oshora PhD Student Faculty of Economics and Social Sciences, Szent István University Tiblets Nguse Lecturer College of Business & Economics, Jinka University Mária Fekete Farkas Professor Faculty of Economics and Social Sciences, Szent István University Email: betgilu2002@gmail.com, nguse.tiblets4@gmail.com, Farkasne.Fekete.Maria@gtk.szie.hu The role of microfinance institutions in poverty reduction and wellbeing improvement of the citizens has attracted the policymakers’ attention across the globe. The underlying logic is that by providing microfinance services, poor will be able to participate in the economic market through forming their small businesses. Therefore, it requires an investment on small business firms to achieve this objective. It is understood that investments in formal micro, small and medium enterprises could contribute to 60% of the 169 SDG targets. For this reason, it is estimated that there is an annual investment gap of $5.2 trillion in addition to the current credit supply of $3.7 trillion and this accounts 65 million formal micro, small and medium enterprises. Unlike banks, microfinance institutions provide diverse micro credit services as well as nonfinancial services, to address the diverse socio-economic needs of the poor who cannot afford collateral requirement of other formal financial institutions. This is because their main objective is to serve economically and socially deprived groups of the society. The main aim of this review paper is to assess the role of microfinance institutions in bridging micro and small enterprises financing gap and its challenges in case of Ethiopia. Based on the detail review of different scholars literatures and stakeholders reports, it is witnessed that microfinance institutions plays indispensable role in bridging the micro and small enterprises finance gap by accessing micro credit service to the poor who unable to fulfil the collateral requirements by the formal financial institutions. Moreover, the literature review also highly witness that the 96 service of the MFIs enables women empowerment especially participation in household decision-making, property ownership and self-confidence. Despite all these mentioned contributions, MFIs are facing many challenges that hinder the growth and effective provision of its services. Some of the challenges many literatures depicts are low outreach, fund shortage, and weak internal control system. Therefore, it is highly recommended that in addition to regulatory and supervisory support, the government should introduce capacity-building measures to raise efficiency of microfinance institutions in order to improve financial access to the poor and quality of financial services. Keywords: MFIs, finance gap, MSEs, and challenges JEL Code: G32 97 Historical development of SME’s in Hungary Fruzsina Magda Pankotay PhD student Széchenyi István Doctoral School, Lámfalussy Sándor Faculty of Economics, University of Sopron Email: pankotay.fruzsina.magda@uni-sopron.hu The main objective is to summarize the historical development of Hungarian SME’s from 1881 to the turn of the millennium, followed by the discussion of its contemporary comparison. In Hungary, the history of politics was followed by the development of small businesses. The first major step in the re-emergence of the SME’s in Hungary was the introduction of economic reform in 1968, followed by the liberalizing and the easing environment of the 1980’s. In the last years of socialism, an unrivalled entrepreneurial fever began. On January 1, 1982, besides companies, a form of self-employed enterprise appeared: the corporate economic working community and later the "independent" economic working community. Following cooperative patterns, the governance of state-owned enterprises has become self-governmental. In 1994, there were more than 1 million businesses and hundreds of thousands of companies this number became decisive for years. The emergence of market economy was accompanied by the appearance of “shadow companies”. The caring state, the illusion of which has left a legacy of relations with the state and authorities and many experiences since the change of the regime will be discussed in details. Parliamentary Act XCV of 1999 created a law on small and medium-sized enterprises and defined them on the basis of four criteria. The law was amended with the recommendations of EU membership in 2004. The reclassification of thousands of companies became necessary in 2005 as the boundaries for sales and balance sheet total were significantly extended. The legal classification does not allow for a proper separation of companies on a scientific basis. The poster highlights that there is no standard for comparing businesses across the European Union, and there are very few standards. One of the decisive elements in statistical comparisons is the number of employees, and in other global markets, regardless of company size, other comparisons are common, including the use of IFRS models. Keywords: SME’s in Hungary, historical development, socialist block JEL Code: N44 98 The interpretation of SME’s around the world Fruzsina Magda Pankotay PhD student Széchenyi István Doctoral School, Lámfalussy Sándor Faculty of Economics, University of Sopron Email: pankotay.fruzsina.magda@uni-sopron.hu The main objective is to summarize the historical development of Hungarian SME’s from 1881 to the turn of the millennium. In global markets, as of in a small local market, it is essential to have a knowledge of the merchants as well as the goods. Besides culture, trust capital and the common way of thinking, one of the pillars of comparability are the SME’s. In the study, the main focus is the interpretation of SME’s around the world. In global markets, joint ventures and market relationships, many "sleep in the same bed, but do not dream the same way." In the publication the differences in the use of the word SME in English, Latin American and German are addressed. SME is a heterogeneous group whose size classification varies by continents, countries, regions (provinces), depending on economic culture, subsidies (loans) and regulators. The statistical recording of aspects related to the phenomenon of globalization is not always clear, as the underlying activities are transnational or multinational, and statistics are usually bounded by national borders or aggregation of national data. Every aspect of a larger business is well documented and accessible to investors, whereas for SME’s it is much more limited. Small and medium-sized enterprises dominate not only the EU but also the world economies. Globalization of the world economy is therefore creating new demands on our potential partners, including SME’s. SME criteria from various regions including Australia, South Africa, Japan, Latin America and Asia had been collected, but the German “Mittelstand” form will also be mentioned. I am convinced that in the accelerated global economy, the significance of local SME’s is still growing. Keywords: global SME’s, global economics, comparability JEL Code: N40 99 #EverythingIsPerfect - The relationship between internship abroad and social media activity Judit Pásztor PhD student Gerda Bak PhD student University of Pannonia, Doctoral School in Management Sciences and Business Administration Email: pasztor.judit@gtk.uni-pannon.hu, bak.gerda@gtk.uni-pannon.hu Thanks to a variety of mobility and student exchange programs, interns and graduate students have plenty of opportunities to gain work experience abroad. Numerous studies have dealt with the positive effects of these programs: students gain confidence while using a foreign language, expand their cultural competencies and enrich their personality with life time memories. Thus, their positive experience encourages new groups of young people to participate in mobility programs. It should not be forgotten that students have to face difficulties while working abroad. Participants have to face communication difficulties because of the lack of language proficiency leads to a misunderstanding regarding workplace instructions and encumbers effective cooperation with others. It leads to further conflicts, and the students cannot protect their interests adequately. They have to deal with further problems which lie on differences in nonverbal communication, habits, values and attitude. These communication problems cause much stress. The difficulties of adapting to a foreign work environment, the tension caused by communication problems, the lack of a supportive environment (home) and the anxiety of adaptation difficulties contribute to the development of cultural shock. However, the generation raised on the social network reacts to these difficulties differently than the previous one. This study provides an overview of the theoretical background of social media use related phenomena (FoMO, oversharing) and the psychological phenomena which affect cultural adaptation (cultural shock, stress, communication difficulties). Our quantitative research results confirm the hypothesized relationship between cultural shock, loneliness, social media use, and social interaction anxiety related to foreign language use. Keywords: cultural shock, social media, FoMO, internship abroad, Erasmus JEL Code: J24, J61, L82 100 Advantages and disadvantages of the introduction of the euro in Hungary Orsolya Pócsik PhD student Enyedi György Doctoral School of Regional Sciences, Szent István University Email: Pocsik.Orsolya@phd.uni-szie.hu The purpose of my study is reflected the macroeconomic issues what is surrounding the introduction of the euro in Hungary, which are beneficial to Hungary. The economic convergence has remained the key issues, which has been essential for preparing for joining the euro area and it has prepared for the introduction of the euro in Hungary. On the other hand, as a result of the crisis, the euro area regulation has constantly changed and several economic policy decisions have been made on the introduction of the euro, which can be used in connection with the introduction of the euro in Hungary. In my research, I want to use foreign databases, from which I will make conclusions and suggestions for improving the macroeconomic indicators. In addition, I have compared the convergence programs and the stability reports for the Central and Eastern European region. In my paper, in addition to the macroeconomic data of the eurozone, I confront possible Hungarian scenarios, I am looking for an answer on how to introduce a common European currency. What could be the Hungarian way for what, there are three possible plans ready for implementation? But first, it would be more important to improve the convergence process and the necessary indicators would have presented in the study. So, what is the Hungarian economic policy path to adopt the euro, I am looking for an answer to that. Keywords: euro, introduction, economic policy, convergence, scenario JEL Code: D04, E17, E42, R50 101 Individual and social interests in agriculture Alexandra Rajczi PhD student University of Kaposvár Email: rajczi.alexandra@ke.hu One of the main objectives of the European Union is to ensure environmental protection, food safety and security and to ensure a fair standard of living the agricultural community. The aim of the research is to examine these agricultural interests from the perspective of society and farmers. The CAP has undergone a number of reforms, but increasing productivity has always been a major objective and nowadays the need to protect the environment, which is also required by society is becoming more and more important. From a social point of view, employment of the rural population is of paramount importance, thus agriculture also fulfils rural policy objectives. A key element of sustainable development is the maintenance of biodiversity. Utilizing fertilizer to farmers is not goal, but a means to replenish soil nutrients. In addition to fertilizers, the use of pesticides requires special care. Agriculture provides the basis for the production of food products, so it’s role is to produce products of appropriate nutritional value that are not harmful to the living organism for all actors int he food chain. The main question of the research is to examine the extent to which Hungarian agriculture can meet these objectives. Keywords: agriculture, sustainability, profitability, agro-environmental management, environmental protection JEL Code: Q01 102 The relationship between Multinational companies and Corporate social responsibility in achieving primary stakeholders’ satisfaction: an empirical study applied in both Lebanese and. Mohamad Saleh PhD student University of Pannonia Email: mohamadsaleh_100@hotmail.com Since 2006 the number of Multinational companies in Hungary are continuously growing due to the financial climate and supports, the creativity of entrepreneurial ideas and the desire of self-actualisation. Meanwhile besides profitability and high standard quality business people’s consciousness towards the environment and society has started to play huge role in their sustainable business models. Yet there are only few studies which examines the influence of the relationship corporate social responsibility on stakeholder’s satisfaction in the Multination companies operating in both Lebanon and Hungary. Moreover, most CSR theories and methods of applying social responsibility in firms are focused on Multinational firms, whose characteristics are so different, compared to newly created firms. Retolaza et al (2009) state that however multinationals have the aim to establish new jobs and improve the development of different territories, corporate social responsibility and sustainability are not the main focus of their business strategy. On the contrary Kechiche and Soparnot (2012) declare that MNCs create a more informal working environment for their employees and therefore these Multinational firms are more likely to develop CSR attitude not just formal principles. This research aims to explore the relationship between MNCs and corporate social responsibility in order to achieve stakeholder’s satisfaction and to achieve better performance for the Multinational Companies by producing the best products, with the least amount of harm and the most affordable prices. Keywords: Corporate social responsibility, Multinational Satisfaction, Employees. JEL Code: M5, M21 103 companies, Stakeholders, Opportunities for SMEs under China Pakistan Economic Corridor (CPEC): An Exploratory Study Shahbaz Ahmad Saadi PhD student Anna Dunay Professor Szent István University Email: shahbaz.saadi@gmail.com Pakistan can contribute exceptionally to China’s One Belt One Road (OBOR) initiative in several ways and gain many economic benefits from its success. OBOR a perceived revival of the ancient Silk Road has been designed to create a trade network by considering the principle of joint economic development, enhancement of trade and shared benefits for all participating nations. The China Pakistan Economic Corridor (CPEC), a major trade route under the OBOR initiative will be a conduit for trade and commerce which will not only link Pakistan to china but will provide a gateway via a land route to the entire South Asian region. It will also provide a myriad of economic opportunities and a host of other positive externalities. The OBOR initiative is a model for fostering economic growth and cooperation among the participating economies. The initiative also promises to create mutual trust through economic integration and cultural inclusion. This research is an exploratory study on the “Opportunities for SMEs under CPEC”, using primary & secondary sources. The purpose of the study is to develop a perspective and find out the business and trade opportunities for Pakistan especially with China. The potential for high-value, medium-value and low-value exports is analysed between both the countries. Revealed Comparative Advantage focuses on several sectors and product categories where Pakistan can reap the benefits through increased exports to China. A short survey and focus group discussion has been recorded, focusing on stakeholder’s perception of businesses vis-à-vis CPEC. In addition, potential opportunities for investment along the proposed Trade Corridor have also been identified in the study. Hopefully, there search conducted will be helpful to SMEs and policy makers, in creating a competitive business environment for local enterprises to grow and flourish. Keywords: CPEC, SMEs, High-value exports, Medium value export, Low-value exports, trade opportunities, One Belt One Road JEL Code: F100, F130, F15, F21, L25 104 Results and ways of avoiding the bullwhip effect using proper performance measurement tools Diána Strommer PhD student Széchenyi István University, Doctoral School of Multidisciplinary Engineering Sciences Email: dianastrommer@gmail.com To maximize the performance and the competitiveness it is necessary to find the potential obstacles in the supply chain. Talking about logistics one of this is the bullwhip effect. Today’s complex chains with complicated connections and networks help the effect to be realized. Special attention needs to be payed on the processes. We can find conflict of interest and huge differences in processes at the different echelons of the supply chain. These diversions do not help in the transparent and synchronized operation. It also needs to be considered that these chains are no longer local connections but global networks in most of the cases. This means physical and cultural differences at the same chain and makes even more difficult to harmonize the common work. Despite of the listed problems it is still important to work on reaching the global supply chain goals as this is key to the successful and competitive operation. The aim of below research is making connection between the theoretical background of the bullwhip effect and the practice. The paper also present performance measurement potentials that can support in evince bullwhip effect. Beside evincing it also aims to decrease the effects considering the given market conditions and logistical facility. Keywords: bullwhip effect, performance measurement, stock planning JEL Code: R22 105 Etiquette in hospitality of national restaurants Aliz Ilona Szabó Bachelor student Szent István University, Faculty of Economics and Social Sciences Email: szaboaliz05@gmail.com I assume most of us have experienced such a case when the bad taste in our mouth was not caused by the consumption of food and drink but rather by the rudeness and impoliteness of the service staff. On the other hand, it is often the guest himself who causes annoyed moments and hours for his host. Such situations could easily be eliminated by respecting other, knowing the decency of hospitality and complying with the rules. In my study, I analysed the behaviour and knowledge of the guest. The inspection area is limited to domestic hospitality. My main question: How important is the knowledge and observance of restaurant etiquette today by guests? In this connection, I set up and examined three hypotheses: 1. Knowledge of the etiquette in connection with restaurant hospitality is incomplete on the part of the guests. 2. Knowledge of restaurant decorum is greater in the age-group over 30 years. 3. The decorum of well-known restaurant hospitality is often ignored by the guests. After reviewing literature and clarifying concepts, I conducted my own research, which is made up by questionnaires and personal in-depth interviews. Additionally, it is complemented by my own experience in hospitality. The questionnaires were used to assess the knowledge of the guests on the topic. With the help of the interviews and my own experience, I displayed what I saw from the host's point of view. This creates an opportunity to shed light on the situation from two aspects. All of my hypotheses have been confirmed. Therefore, I feel it is necessary to expand and deepen these competences for each age group. Ideally, the foundation of knowledge in this area should begin as early as kindergarten. Likewise, the decency of restaurant social practices should also be taught, as well. Among my suggestions, I would like to mention that it would be appropriate to launch a TV series on these rules of decency based on the 1980s's Know What Fits, with its adaptation and expansion. Keywords: etiquette, decency, restaurant, hospitality JEL Code: M54 106 The role of bank loans in corporate financing Janka Klára Szabó Corporate relationship manager UniCredit Bank Hungary Zrt. Email: janka.klara.szabo@gmail.com The purpose of my study is to demonstrate the role of bank loans in the corporate financing through a case study. Since 99% of the Hungarian companies are Small and Medium-sized Enterprises (SMEs) and it is really rare to be listed on the stock market, also bond issuance is not a typical method of fundraising, credit institution financing has a very important role in Hungary. After the crisis in 2008 central banks – with their interest rate policy - were encouraging the companies to choose cheap bank loans instead of other sources. In my study I summarized the financial services are accessible for the companies according to their business activity and opportunities, and the loan application process in a commercial bank. My goal with the case study was to demonstrate the most important aspects which must be considered by both of the company and the bank, consequently it was intended to illuminate a corporate financial decision-making process. The company of my choice is using financial services which are very typical in the construction industry (bank guarantee, transaction finance) at their financing banks but seeking for new financial sources which is necessary for the growth of the company. After the Bank had assessed the financial need of the company the usual lending process took place at the commercial bank. Summarizing the study I came to the conclusion that neither the company’s all needs nor the banks all condition have been realized but both of the parties were working on an acceptable solution, so the company could get the financing and the bank the profit. Keywords: corporate finance decisions, bank, lending JEL Code: G21 107 Fruit and vegetable consumption regarding of rising consumer prices Imola Szabó PhD student József Lehota Professor emeritus Szent István University, Doctoral School of Management and Business Administration Email: szabo.imola@gmail.com Fruit and vegetable consumption are essential ingredients of a healthy diet as an essential vital food and a major source of vitamins. In 2004, the WHO / FAO recommended a minimum daily intake of 400 grams, excluding potatoes, which is below the consumption of the Hungarian population. In 2018, only 299 grams of potato-free vegetable and fruit intake was available, but previous years also show similar levels. Consumer prices of vegetables and fruits have increased significantly in the last 1-1.5 years, although this is not justified by changes in purchasing prices. The consumer price index of vegetables and fruits indicates growth above general inflation and also outperforms the overall consumer price index. Many previous studies have already proved that the price of the product is the most determining factor for Hungarian consumers when buying food. Rising prices may lead to falling consumption, which not only affects the health of Hungarian consumers, but falling demand may affect the whole of agriculture. Keywords: fruit and vegetable consumption, consumer prices, inflation JEL Code: D10, E31, Q11 108 The economic impact of demographic shocks on pension security Zsolt Szabó PhD student Doctoral School on Safety and Security Sciences, Óbuda University Email: szabo.zsoltmihaly@phd.uni-obuda.hu One of the most significant societal changes that threaten the Member States of the European Union is the high aging of the population and its present and expected impact on economies and the pension security of citizens. Numerous studies prove that the state pension will not be enough to cover retirement spending altogether. It is anticipated that maintaining a retirement level at an appropriate level will require some pension savings in addition to the state pension. The study consists of three parts. The first section presents the present and future trends of the European Union's population on the basis of demographic and statistical data and its economic impact on the development of public pensions. The second section presents the forms and possibilities of financial savings, with particular regard to the possibilities for pension savings. The third part presents the theoretical basis of the research project "The role of self-care in our life" and the related questionnaire behaviour in the field of economics research. Keywords: pension security, financial investments, retirement savings, behaviour economics JEL Code: E21, F61, F62, H55, J32 109 Transforming supply chains in Europe Virág Szalánczi-Orbán PhD student Óbuda University Email: szalancziorban.virag@phd.uni-obuda.hu The transportation and logistics sectors have undergone constant changes in recent years. The logistics sector is diverse, with the involvement of different sectors and disciplines resulting in new models. The known supply chains and established networks are changing. Transport networks, energy, new technology developments have a global impact on the European Union and Hungary. Logistics networks are evolving and transforming, creating new structures. Trends and developments point to major shifts in production, supply and delivery in Europe, with the involvement of network sciences and monitoring trends, we can see that changes in production locations, redistribution of distribution networks and structures are transforming supply chains and supply chains. nodes. This change will create new opportunities in the region and thus make Hungary an important logistics centre in the region by exploiting the opportunities that arise. Keywords: logistics networks, supply chain transformation, European distribution networks, nodes, structural change JEL Code: L91 110 Ecosystem services and agriculture Angela Szanati PhD student University of Pannonia, Georgikon Faculty, Department of Economics, Social Sciences and Rural Development Email: szanati.angela@georgikon.hu Ecosystem services, which link the natural and socio-economic systems, are useful, not only because they provide a variety of goods and services to society. Services are divided into the following groups: provisioning, regulatory, cultural and supporting services. Agricultural water use, such as irrigation water and animal watering, is one of the provisioning services. Over the past decades, it has been increasingly proven that humans have underestimated the importance of natural ecosystems, even though they are highly depend on them. Researchers, relying on several indicators, revealed the extent to which natural capital and the services provided by it decreased. It is not easy to develop a practical method for measuring ecosystem services related to agricultural land, which, at the same time, can take into account the necessary resources, too. The purpose of this study is to review international literature on ecosystem services and agriculture, with particular reference to water management outcomes, recommendations and international examples. Keywords: ecosystem services, agriculture, water management JEL Code: Q57 111 Is the younger generation prepared for climate change? András Szeberényi PhD Candidate Szent István University, Faculty of Economics and Social Sciences, Enyedi György Doctoral School of Regional Sciences Email: andras.szeberenyi@gmail.com One of the biggest global problems of our time, the climate change, is having a significant impact on the lives of all of us. According to a report by the United Nations Intergovernmental Panel on Climate Change, the world will need to act in less than 12 years before climate change can be halted in time, or catastrophic environmental and social changes will occur. The most affected generation of this problem is young students under the age of 18, who are already aware of the need to act promptly, as they may not have enough time to grow up and make responsible decisions about climate change in adulthood. However, solving this problem requires the experience and knowledge of all generations, who contribute to the solution in a uniform way. The question is, what new ideas, technological developments and EU or domestic regulations can remedy this problem as soon as possible, and how can young people take their share of it? A significant part of my research is aimed at students’ knowledge on renewable energy and environmentally conscious lifestyle ways of exercising and testing efforts for the environment. My further goal is to examine the role of online communication in these topics, at what level students' attention, preparedness, and knowledge can be influenced in the field of renewable energy, environmental protection, and environmentally conscious lifestyles. Keywords: environmental awareness, environmental protection, renewable energy, younger generation JEL Code: O44, Q42, Q50 112 Organizational advantages of knowledge sharing Réka Szondi PhD Student University of Debrecen, Károly Ihrig Doctoral School of Management and Business Email: szondi.reka@econ.unideb.hu Human capital and organizational knowledge are valuable today, and their successful management is a major competitive asset. Human resource development as an HR function can be divided into three parts: Talent Management, Career Management and Knowledge Management. Consistency between the three areas helps retaining human resources and also the sustainability of knowledge processes. Knowledge management is not a recent concept, valuable knowledge and experience have evolved in every era that was worth preserving, systematizing and passing on. There are many factors that can influence the success of knowledge transfer on the corporate side, especially the nature of the relationship between the sender and the recipient, the usability, the speciality of the knowledge, the channel which it flows through, and the tools it employs. The focus of the research is on the factors and processes that facilitate knowledge sharing in organizations. In addition to the 'best practices' used in corporate practice, there are also factors that can cause problems even in properly designed systems. The aim of the study is to summarize the points that can contribute to the success of knowledge transfer in the long run. The results provide an approach that can make it a goal to apply knowledge management in organizations that have not previously been emphasized. Thanks to technological development and innovation, both knowledge capital and the preservation of human capital are among the long-term strategic goals. Keywords: HR, knowledge management, knowledge sharing, organization, knowledge transfer JEL: O15 „SUPPORTED BY THE ÚNKP-19-3 NEW NATIONAL EXCELLENCE PROGRAM OF THE MINISTRY FOR INNOVATION AND TECHNOLOGY.” 113 Indicators of Hungarian cities operating urban rail networks, analysis of correlations of place kilometer data of transport companies (Economic and social correlations of transport development in Budapest) Péter Takács Szent István University, György Enyedi Doctoral School of Regional Sciences Email: takacs.nht@gmail.com Transportation provides the background of the engine that operates the economy and the society. Its role is to ensure availability and accessibility by creating mobility for individuals, goods and services. Reaching higher standards is ultimately about promoting economic development and balancing territorial disparities. Developing it may result in substantial regional development as its contribution to GDP is also significant. Supplying transport services should offer opportunities for change of location to people in areas where it is commercially unlikely. Such approach may make a difference in a positive way on the economic and social development of the city as it gives an umbilical cord to residents in areas that had no chance to catch up beforehand. Urban railways are the first transportation system that shape the rural landscape and have a key impact on the growth of rural areas, while performing social tasks. The balance between the demand for commuting and the supply of the transport services has a serious impact on the economy. In my thesis I examine the volume of the supply of the available place kilometres provided by the Hungarian urban railway service providers and the fundamental relation between the population and income. Based on literature I also introduce the link between transportation and the economic, social and rural landscape of the cities. Taking these aspects into account in the long run serves the requirements of sustainable development and contributes to the development of a more ideal economic and spatial structure for the area concerned, thereby improving living standards. Keywords: supply, demand, territorial disparities, public transport, urbanization, transport development JEL Code: M21, R41 114 Efficiency study of a Hungarian public administration organization Alexandra Tamás PhD student Tamás Koltai Professor Budapest University of Technology and Economics, Faculty of Economic and Social Sciences Email: tamasa@mvt.bme.hu One of the common problems of management is to compare the operation of organizational units carrying out the same activities and to formulate proposals for improving their performance. There is usually not a single indicator that would contain all important elements of organizational unit performance. It further complicates the problem that not all data used for comparison can be expressed in the same dimension. In addition, it is also difficult to take into account differences in the composition of resources and activities. The problem outlined above can be solved by evaluating operational performance with the help of data envelopment analysis (DEA). In our research, we conducted an efficiency study at the payroll processing division of the Hungarian State Treasury (HST) analysing monthly data for a full year. The methodological basis of the analysis is DEA, a nonparametric method based on the application of linear programming. Our aim was to provide HST with suggestions that would make the human resource management of the body performing nationwide tasks more responsive to the changes in the amount of payroll accounting tasks. The efficiency study to be presented is based on the relationship between the number of staff employed in the county branch offices and the number of items accounted for. After reviewing the elements and mathematical background of the DEA models applied in the study, the results are presented in two groups. First, we present the results when using aggregated annual data, and then we analyse the monthly changes in efficiency. The results can highlight a number of reasons for inefficiency, assist in the reflection on aspects of segregation of duties and/or headcount management, and provide information on decisions to improve payroll organization and technology. Keywords: performance evaluation, DEA, public administration, decision-making support JEL Code: M11, H83 115 Analysis of the relationship between earnings volatility and the length of the audit engagement Gábor Tóth PhD student, senior accounting specialist Szent István University, Doctoral School of Management and Business Administration, MÁV-GROUP Email: toth.gabor.17@gmail.com In this study, the impact of an audit-related factor, the length of the audit engagement is analysed. The purpose of this study is to examine the impact of auditors with an audit mandate of more than 9 years on accounting quality. (The 9 years are based on current regulations) In my opinion, the longer audit mandate will not cause a decrease in accounting quality due to an increase in the efficiency of the auditors. The impact of efficiency gains offsets the negative impact of any independence issues that may arise. I chose the analysis of the variability of earnings, given the prevalence of the method and the feasibility of the calculations. The analysis includes data from 2400 annual reports for the financial years 2013 to 2018. The length of the auditor's mandate was manually collected from the notes. The results of my research have confirmed my assumption that the audit engagement of more than 9 years had a positive effect on the quality of financial statements. Keywords: Accounting, Accounting quality, Audit, Disclosure quality, Hungarian law of Accountancy JEL Code: M12, M42 116 The impact of the non-audit services provided by the auditor on earnings volatility Gábor Tóth PhD student, senior accounting specialist Szent István University, Doctoral School of Management and Business Administration, MÁV-GROUP Email: toth.gabor.17@gmail.com The present study analyses the impact of an audit-related factor, the other services provided by the auditor. The purpose of the research is to examine the impact of other services provided by the auditor on the accounting quality. In my opinion, the other services provided by the auditor do not lead to a decrease in the quality of the financial statements, which can be attributed to the increased efficiency of the auditors. The impact of efficiency gains offsets the negative impact of any independence issues that may arise. I chose the analysis of the variability of the earnings, considering the prevalence of the method and the feasibility of the calculations. The analysis includes data from 2,400 annual reports for the financial years 2013 to 2018. Data for other services provided by the auditor were manually collected from the notes. The results of the research have confirmed my assumption, and the other services provided by the auditor did not reduced accounting quality. Keywords: Accounting, Accounting quality, Audit, Disclosure quality, Hungarian law of Accountancy JEL Code: M12, M42 117 The impact of the non-audit services provided by the auditor on discretionary accruals Gábor Tóth PhD student, senior accounting specialist Szent István University, Doctoral School of Management and Business Administration, MÁV-GROUP Zsuzsanna Széles Associate professor Metropolitan University, Institute of Business Email: toth.gabor.17@gmail.com, szeles.zsuzsanna@gmail.com Examining accounting quality is a trendy research topic. Numerous studies deal with the exploration and research of the factors determining accounting quality. This is due, among other things, to the significant cost of operating the financial reporting system (at national level) and to the high number of users of the data disclosed in the financial statements. The present study analyses the impact of an audit-related factor, the other services provided by the auditor. The purpose of the research is to examine the impact of other services provided by the auditor on discretionary accruals. In our opinion, the other services provided by the auditor do not cause an increase in discretionary accruals. There are both advantages and disadvantages to using other services, but we think the benefits outweigh the disadvantages. We chose the analysis of discretionary accruals, given the prevalence of the method and the feasibility of the calculations. The analysis includes data from 2,400 annual reports for the financial years 2013 to 2018. Data for other services provided by the auditor were manually collected from the notes. The results of the research confirmed our assumption, that other services provided by the auditor did not cause an increase in discretionary accruals. Keywords: Accounting, Accounting quality, Audit, Disclosure quality, Hungarian law of Accountancy JEL Code: M12, M42 118 The system of networking in Budapest’s film tourism Tímea Zsófia Tóth PhD student Krisztián Egyed Associate professor University of Sopron Email: tothtzsofia@gmail.com, k.egyed@gmail.com Culture is becoming an integral part of the economy in the 21st century. Thanks to this, a new dynamically developing industry is being created, which builds on the cultural heritage, and the intellectual capital and creativity as a 'product'. Another characteristic - which is playing an important role in the topic - is the appreciation of the role of networking, co-operation and cooperation systems in the economic sphere. It can be declared in connection with the field of tourism, that nowadays only those destinations can be successfully, which can provide a complex offer, to the visitors on the domestic and international tourism markets. Behind the complex offers spontaneous processes could be found as well, but as the competition is getting stronger, the consciously managed formal and informal collaborations come more to fore. Nowadays film tourism is one of the key professional areas in the tourism industry, which stands in the focus point of tourism research. The theoretical and practical research underlying this study examines film tourism in Budapest, the participants in the sector and their relationships. Its primary aim is to explore the networking of the supply side and the interfaces of the established/emerging network. The economic performance of the film industry in Budapest is growing year by year, which has been supported by the strategic steps of recent years, letting our capital to become a prominent player on the European film map. The research focused on the participants involved in film tourism. The data were collected through in-depth interviews and professional interviews. Based on the results of the research, we found out, who are the active participants in the sector and how these participants are related to each other. The study also revealed the conscious and spontaneous processes of recent years, highlighting those areas where further changes are needed, to improve the efficiency of the sector, also taking into consideration the potential dangers of overtourism. Keywords: tourism product, film tourism, networking, system of networking, film tourism in Budapest JEL Code: L14, L83, Z32 SUPPORTED BY THE ÚNKP-19-3 NEW NATIONAL EXCELLENCE PROGRAM OF THE MINISTRY FOR INNOVATION AND TECHNOLOGY. 119 Never-ending story? – Or the monetary easing of globally important central banks Balázs H. Váradi PhD student University of Pécs, Faculty of Sciences Email: varadi.balazs.job@gmail.com More than ten years have passed since the latest global economic crisis; however, globally important central banks still have to maintain loose monetary conditions experienced in the last decade. In my study I focus primarily on monetary policy of the two most important central banks, i.e. the European Central Bank and the Federal Reserve. Although these central banks started a normalization process in the last years; however, macroeconomic and inflation developments have been overwriting their attempts and a new wave of monetary loosening was following. The Fed made a short interest rate cut cycle in 2019 and at the end of the year it had to increase its balance sheet again. In parallel with this the ECB announced in November 2019 that it is going to restart its asset purchase programme. In its open ended programme the central bank currently purchases assets in an amount of net 20 billion euro per month. Looking ahead, it is a question whether how long central banks will need to maintain ultra-loose monetary conditions, because for the time being there does not seem to be an opportunity for a change. Or has the macroeconomic environment changed so much that this could be the new normal? In any case central banks are still struggling to reach their inflation goal, which motivates them to review their monetary strategy frameworks. It is a question whether there will be a need only for a fine tune of the framework or even a broad-based reform would be required. Keywords: asset purchase programme, monetary policy framework, normalization, crisis JEL Code: E31, E52, E58, G01 120 The challenge of leadership in modern times, atypical forms of employment Ildikó Veronika Vörös PhD student University of Miskolc Email: szvviv@uni-miskolc.hu One of the major organizational challenges of the 21st century is the emergence of atypical forms of employment. People-centred economy, work-life balance, self-timing, new vocal ideas have become commonplace concepts in the new millennium. Technological development, the spread of environmental awareness, the appreciation of the role of competence and knowledge have placed the focus on the humans as an individual. We are increasingly moving away from Taylor's view that a worker is just a robot. While the potential of these forms of employment is very promising and can make a major contribution to an even more efficient organization, there are many issues, uncertainties and concerns that a manager must be prepared for. In this study, I seek to find out which of the known leadership styles and attitudes are such that their existence helps to successfully adapt the new policy within the organization. What kind of organizational culture makes it easier for companies to open up, which are the hindrances to change? After all, the lack of adaptability and the ability to innovate is a quantifiable economic disadvantage for companies. Keywords: atypical forms of employment, leadership, competence, leadership styles, change JEL Code: D21, D91, J10, J22, L29 121 Importance of Corporate Strategy Abylkassymov Yerzhan PhD student Corvinus University of Budapest Email: Abylkassymov94@gmail.com In the conditions of innovation-oriented market economy, currently Kazakh enterprises face the problem of a flexible, quick response to the instability of the market on the one hand, and the formation of a long-term competitive policy and development strategy of enterprises, on the other. In this regard, theoretical, methodological and practical advances in the field of both the strategic management of industrial enterprises and its system support are of high importance now. The strategic management system is one of the most effective ways to increase efficiency of the management of modern enterprise The focused attention to corporate strategy issues is associated with qualitative changes in the processes of the external business environment, the impact of global trends and the functional specifics of domestic corporate structures in the postcrisis conditions of uneven recovery growth of the Kazakhstan’s economy. It should be noted that one of the main external factors is the globalization process, which led to increased competition in the domestic market, when the urgent need of industrial enterprises is not just the organization of competitive production, but successful integration into the process of creating value added, optimizing the management of value chains. The key internal factor is the desire for integration, which leads to the transformation of individual enterprises into business groups. The evolution of strategic management tools and techniques is also of great importance. It goes as far back into the past as the beginning of the 20th century when representatives of Scientific Management Movement studied how work was performed, and they looked at how this affected worker productivity. Over time a wide variety of tools and techniques have been developed. Some of them are tools for developing organizational strategies, others are strategic planning techniques or control technique. Thus, the study of the conceptual and methodological foundations of corporate governance mechanisms and the development of theoretical and applied corporate management solutions at Kazakhstan industrial enterprises has significant theoretical significance and practical orientation. Keywords: competitive advantage, corporate strategy, industrial economics, strategic management tools and techniques, sustainable development JEL Code: L1, M10 122