Endogenous choice of decision variables

In this paper we allow the firms to choose their prices and quantities simultaneously. Quantities are produced in advance and their common sales price is determined by the market. Firms offer their “residual capacities” at their announced prices and the corresponding demand will be served to order. If all firms have small capacities, we obtain the Bertrand solution; while if at least one firm has a sufficiently large capacity, the Cournot outcome and a model of price leadership could emerge.

A hazai védekezőtől a regionális „támadóig” – az OTP nemzetköziesedésének időbeni alakulása (From the domestic defender to the regional striker – a timebased process of the OTP Bank’s internationalization)

A vállalatok nemzetköziesedése egy széles körben vizsgált szakterület, különösképpen olyan vállalatok esetében (az ún. tradicionális multik), amelyek hagyományosan nemzetközi orientációjú országokból (Triád) származnak. A nemzetközi piacokon viszonylag újnak számító közép-kelet-európai cégek terjeszkedése az üzleti kontextus változásával párhuzamosan zajlott. Következésképpen ahhoz, hogy megértsük a nemzetköziesedés időben zajló folyamatát, a vállalatok nemzetközi evolúcióját a kontextussal összefüggésben kell vizsgálni. A vállalatok nemzetköziesedésének legelterjedtebb kutatási módszerei a nagymintás keresztmetszeti vizsgálatok, amelyek nem adnak lehetőséget a nemzetközi fejlődés időbeni alakulásának megfigyelésére és a mintázat mögött rejlő valós okok feltárására. A jelen tanulmány egy longitudinális kutatási modell mentén vizsgálja egy nem tradicionális multi, a hazai OTP nemzetköziesedésének időbeni alakulását, feltárva a nemzetközivé válás folyamata során kialakuló komplex kapcsolatrendszert. _______ The purpose of the present paper is to describe the internationalisation process of a non-traditional multinational, the Hungarian OTP Bank and to understand the dynamic linkages between the spatial and temporal context and the content of firm internationalization using a phenomenon oriented longitudinal research design. The paper contributes to the time-based processual view of firm internationalization arguing that in order to understand firm internationalization along time one should observe organizations and their contextual environments as complex interacting processes. By analysing the interaction between the multi-level processes that shape internationalization, one can explore the reasons behind the dynamic profile of firm internationalization. The paper applies an interpretative approach focusing on local causality.

International environmental and development policy cooperation and the transition process of the Central and Eastern European countries

The political and economic changes in countries of the Central and Eastern European region during the recent two decades had significant implications on their participation in international environmental policy-making. These changes were motivated by the changing international political priorities and economic interests, realization of their part in the "common but differentiated responsibility" for the global environmental processes and the relatively modest capacities for international development cooperation. The situation of these countries was acknowledged by the international community by granting specific provisions to these "economies in transition" in international environmental policy mechanisms. In spite of the rapidly diverging external relations of the various groups of these countries, to some extent and in different forms the transition phase is still prevailing and has its effect on the ongoing international environmental negotiations. The paper describes the background of these changes, demonstrates the specific provisions for these countries that made possible their participation in the common efforts to tackle the emerging global and regional environmental problems by acceding to the relevant international mechanisms.

The risk of adverse selection and its management in the process of venture capital investment (The experience of Hungarian investors)

Venture capitalists can be regarded as financers of young, high-risk enterprises, seeking investments with a high growth potential and offering professional support above and beyond their capital investment. The aim of this study is to analyse the occurrence of information asymmetry between venture capital investors and entrepreneurs, with special regard to the problem of adverse selection. In the course of my empirical research, I conducted in-depth interviews with 10 venture capital investors. The aim of the research was to elicit their opinions about the situation regarding information asymmetry, how they deal with problems arising from adverse selection, and what measures they take to manage these within the investment process. In the interviews we also touched upon how investors evaluate state intervention, and how much they believe company managers are influenced by state support.

Analysis and intuition in strategic decision making. The case of California

Many management scholars believe that the process used to make strategic decisions affects the quality of those decisions. However several authors have observed a lack of research on the strategic decision making process. Empirical tests of factors that have been hypothesized to affect the way strategic decisions are made notably are absent. (Fredrickson, 1985) This paper reports the results of a study that attempts to assess the effects of decision making circumstances focusing mainly on the approaches applied and the managerial skills and capabilities the decision makers built on during concrete strategic decision making procedures. The study was conducted in California between September 2005 and June 2006 and it was sponsored by a Fulbright Research Scholarship Grant.

Adaptív döntéshozatal a beszállítóválasztás példáján (Adaptive decision-making on example of the supplier selection)

Ez a tanulmány a projektvezetési szakirodalomban kialakult ismeretanyagot szem előtt tartva (noha tételesen nem hivatkozva arra) tárja fel azt a sajátos és tipikusnak nevezhető kontextust, amelyben a projektalapú szervezetek projektmarketing tevékenysége megnyilvánul. A tanulmány célja tehát nem magának a projektmarketingnek a kérdéskörére irányul, hanem elsősorban annak projektspecifikus kontextusára. Jellegét illetően a tanulmány spekulatív jellegű, vagyis lényegét tekintve nem empirikus kutatási eredményekből levont következtetésekre épül. _____ The author analyses the cognitive level of individual decisions by placing the adaptive decision-maker in the centre of interest. The main question is how do adaptive processes evolve and what factors determine the adaptive mechanism. The author builds on his own qualitative study conducted with the Grounded Theory Methodology in the SME sector. The supplier selection decision is chosen from the wide range of business decisions. From the research results the two elements of the adaptive mechanism – the metastructure and the attitude set –, the process of their evolution and the factors determining this process are presented. The findings here are a middle-range theory, which can be elaborated further, but they provide some interesting insights already.