Innovation across the food chain – the Hungarian case

The small and medium sized enterprises (SMEs) in the Hungarian agri-food sector play determining role. The innovation capacity (efforts, activities and results) however of the individual SMEs is very limited. Food production (including SMEs) has to fulfil food safety requirements in a rapidly increasing extent, which implies a continuous innovation and development process from all market players. In Hungary the agri-food chain had to face a suddenly increased competition especially after the EU enlargement. Based on survey data this paper examines the efforts, activities and results in knowledge acquisition, utilisation, coordination and transfer in the Central Hungarian food SMEs. We have found (using ordered logistic regression) that R&D expenditures, achieved innovations, export/import orientation as well as the networking activity of the SMEs play significant role in market development.

Bank financing of Hungarian SMEs: Getting over to credit crisis by state interventions

In this article we aimed to present and analyse the 21st century history of bank financing in the Hungarian small and medium enterprise (SME) sector in the period ranging from 2000 to 2012. The credit products offered by banks and credit unions are the most fundamental means of external financing capable of fulfilling the financing needs of a wide array of SMEs. The conditions of accessing credits and their prices exert a decisive influence on the profitability and business opportunities of SMEs. As a result of economic slowdown SMEs had to face higher interest rates, decreasing credit limits, and bank financing options that became increasingly slowly accessible alongside stricter conditions. Due to this process SMEs business performance had been falling continuously which has a destructive contribution to the national economy. In the first chapter of the article we present the dynamic development of credit financing in the Hungarian SME sector, along with the causes that triggered it, then we will continue with the negative tendencies dating from the onset of the 2008 debt crisis. In the second chapter we discuss the vicious circle, due to which the business performance of the SMEs, as well as the conditions of access to credits and their prices, have entered into a negative spiral. In the third and final chapter we make suggestions regarding the direction and means of necessary government intervention, in order to stop and reverse the negative tendencies observed in SME credit financing.

"Lájk első látásra?" – Mi inspirálja a márkák kedvelését az online térben, kis vendéglátóhelyek esetében? ("Like at first sight?" – What inspires liking brands in online social media in the case of small catering establishments?)

A márkatulajdonosok számára elsődleges fontosságú, hogy feltérképezzék saját márkaközösségüket, ezáltal is elősegítve a közösségi fókuszú kommunikációs tevékenységüket. Különösen igaz ez a jellemzően kis- és középvállalati formában működő vendéglátóhelyek számára, ahol a közösségi média sokszor az egyetlen rendelkezésre álló marketingkommunikációs eszköz. Empirikus kutatásunkban fogyasztói narratívákat (n=151) elemzünk a tartalomelemzés módszertanával. A válaszadókat arra kértük, hogy írjanak kedvenc vendéglátóhelyükkel való kapcsolatukról az online térben. Elemzésünkben arra keressük a választ, hogy a márkaközösségek tagjai milyen belső indíttatásból kerültek kapcsolatba kedvenc vendéglátóhelyeikkel a közösségi platformokon. Az elsősorban fogyasztási élményekhez kötött kapcsolat online közösségi térbe való kiterjesztésére olyan belső motivációkat tártunk fel, mint a pragmatikusabb információközpontú indíttatások (pl. kizárólagos információk, naprakészség, vállalati ajánlatok, közösségimédia-specifikus tartalmakhoz való hozzáférés igénye), az érzelmi kötődés kifejezése (pl. nosztalgia, ismerősöknek való ajánlás, személyes érintettség), a társas befolyás (oldalak kedvelése mint kommunikációs tartalom, konformitás, önkifejezés), valamint a vállalati alapképességeken túlmutató egyéb tematikus kapcsolódások. ____ It is of primary importance for brand owners to map their own brand community, in order to stimulate their social-focused communication activity. This is especially true for typically small and medium-sized catering enterprises, where in most cases, social media is the only available marketing communications tool. In our empirical research, we analyze consumer narratives (n=151) with the methodology of content analysis. We asked the respondents to write about their relationship with their most preferred catering establishments in the online social sphere. In our research, we search for the inner intention by which members of brand communities got connected with their most preferred catering establishments on social platforms. We revealed such inner motivations for users extending a primarily experience (an consumption) based relationship to the online social sphere like rather pragmatic, information-focused intentions (e.g. exclusive information, timeliness, company offers, access claim for social media -specific contents), the expression of emotional binding (e.g. nostalgia, reference for acquaintances, personal involvement), social influence (the like as communication content, conformity, self-expression), and other thematic linkages beyond core company competences.

EU-s források a vállalkozások tőkeellátottságának javítására - A JEREMIE Kockázati Tőkeprogram (EU funds to improve the capitalization of the companies – JEREMIE Venture Capital Program)

A hazai kis- és középvállalkozások (kkv-k) tőkeellátottságának javítása meghatározó szerepet játszik fejlődésük előmozdításában. Jelen tanulmány az Új Széchenyi Terv (ÚSZT) keretében a vállalkozások rendelkezésére álló pénzügyi eszközök közül a kockázati tőke működését mutatja be. A fejlődésük növekedési ciklusában járó cégek mellett a korai életszakaszukban járó, innovatív tevékenységet folytató, gyors növekedésre képes, de forráshiányos vállalkozások finanszírozásában nyújthat segítséget Magyarországon a 2010-ben elindult JEREMIE Kockázati Tőkeprogram. Az állami és a privát tulajdonban levő piaci szereplők hazánkban újnak mondható együttműködése révén megvalósuló program a magyar kockázatitőke-piac kínálati oldalának bővítését szolgálja, abban az alsó (döntően az 1-1,5 millió EUR/tranzakció alatti) szegmensben, ahol a tisztán piaci alapon működő befektetők korlátozottabb szerepvállalása figyelhető meg, és így a piacon hiány jelentkezik. Az EU-s támogatások ezen új típusú felhasználási formája színesíti és kibővíti a vállalkozások számára elérhető pénzügyi eszközök körét és volumenét, fokozottabb mértékben érvényesül a piaci szemlélet, hiszen verseny van a forrásokért, és verseny van a források kihelyezését végző pénzügyi közvetítő szervezetek között is, mindezek mellett további magánforrások bevonását biztosítja, ösztönzőleg hat a cégek működésére, és a visszaforgó rendszer biztosítja a fenntarthatóságot, a források későbbi újbóli felhasználását is. _______ To improve the capitalization of the domestic small and medium-sized enterprises (SMEs) has a decisive role in promoting development. This study presents the operation of venture capital from the available business financial instruments of the New Széchenyi Plan. In Hungary the JEREMIE Venture Capital Program, which launched in 2010, can help in financing of the rapidly growth, innovative, early life stage companies besides the development cycle of growth companies. This program with new cooperation between the stateowned and private companies enlarge the supply-side of the Hungarian venture capital market, at that the bottom (mostly in the 1 to 1.5 million EUR / transaction below) segment, where can be observed the limited role of the purely market-based investors, and thus there is a shortage in the market. These new type application form of the EU supports enriches and expands the scope and volume of the available financial instruments for the enterprises, the market orientation prevails more broadly, because there is a competition for resources and there is a competition between the resources allocation financial intermediaries,in addition ensures further private resources.

Interactive foresight on the Hungarian SMEs

Purpose – The aim of this study is to present a concept of interactive foresight process, its theoretical and methodological considerations and a foresight exercise concerning the development of knowledge economy in the Central Hungarian Region. Design/methodology/approach – A methodology of interactive foresight process for creating regional future concepts is developed, which is based on a specific meaning of integral futures and uses online solutions, too. Findings – Personal meetings with small and medium enterprise (SME) stakeholders and the works of interactive communications with feedbacks within and among stakeholder groups was organized around the research homepage. The networking created the interconnection and the feedbacks between the stakeholders and the futurist group in the process of shaping regional future ideas. The online networking is running. Research limitations/implications – The low number of stakeholders can limit the validity and acceptance of futures ideas created by this process. Practical implications – The developed interactive foresight process can also be applicable at different organizational levels and in different fields for shaping shared future ideas. Social implications – Application of interactive foresight process can contribute to the development of anticipatory democracy. Originality/value – A theoretically based interactive foresight process has been developed in which stakeholders can participate not only interactively in the foresight process but they can implement the achievements in their enterprising activity as well. The participants were interested in foresight and cooperative during the whole process because they learned the use of foresight tools through collective solution of practical tasks which were important for them.

Strategy for Hospitality Businesses in the Developing World

The purpose of this paper is to present an alternate framework for evaluating strategic decisions of hospitality businesses in developing nations, particularly small- and medium-sized enterprises (SMEs). While strategy literature is extensive and diverse, it remains focused on developed nation contexts. By default, so is the case with hospitality strategy literature. This has created a paucity of research for hospitality businesses in developing nations; these businesses are largely SMEs in dynamic environments seldom similar to the ones in developed nations. Therefore, the proposed framework emphasizes the role of environment, and its relationship to strategic choice, resource allocation, and strategy evaluation. A set of research questions is also proposed.

Towards a Contingency Theory perspective of Quality Management in Enabling Strategic Alignment

The aim of this paper is to explore the role of Quality Management (QM) theory and practice using a contingency theory perspective. The study is grounded in the role of QM in improving strategic alignment within Small and Medium Sized Enterprises (SMEs) using Contingency Theory rather than adopting best practice approaches. An inductive theory building research methodology was used involving multiple case analyses of five SMEs, involving repeat interviews (n=45), focus groups (n=5) and document analysis. From the findings, it was found that Contingency Variables (strategy, culture, lifecycle and customer focus) and their respective typologies were found to interact with QM practices in helping to shape strategic alignment between the SMEs and their environments. This shaping process based on contingency approaches occurred in a manner unique to each SME and their respective environments rather than in an overarching best practice manner.

Política pública y fortalecimiento de las capacidades competitivas de las micro, pequeñas y medianas empresas costarricenses

Expone los factores críticos que afectan las capacidades competitivas de las Mipymes y se indican los retos y dificultades. Explica las políticas de apoyo institucional que el Estado costarricense ha implementado y analiza los factores institucionales que han incidido en la neutralidad de la política pública de apoyo a las Mipymes. Sugiere recomendaciones para diseñar una política pública que fortalezca las capacidades competitivas de la Mipymes eficientemente. Abstract This paper analyses the relation between the competitiveness of small and medium size enterprises (SMEs) and the public policies framework. Specially, it explains the main policies that have been giving technical and financial support to SMEs in Costa Rica. Thus, institutions such as ministries have designed projects, programs and policies to solve internal and external requirements in term of technology, training, marketing, local infrastructure, credits, research and development, among others. However, small producers and manufactures criticize the labor and the efficiency of these institutions because they do not receive the all support that they need. Therefore, this paper suggests some recommendations to define a better policy framework to improve the competitiveness of SMEs in Costa Rica.

THE ROLE OF DYNAMIC CAPABILITIES IN THE INTERNATIONALIZATION OF MEDIUM SIZED FINNISH MANUFACTURING FIRMS - A case for Sormat Oy

A rapidly changing business environment has necessitated most small and medium sized enterprises with international ambitions to reconsider their sources of competitive advantage. To survive in the face of a changing business environment, firms should utilize their dynamic organizational capabilities as well as their internationalization capabilities. Firms develop a competitive advantage if they can exploit their unique organizational competences in a new or foreign market and also if they can acquire new capabilities as a result of engaging in foreign markets. The acquired capabilities from foreign locations enhance the existing capability portfolio of a firm with a desire to internationalize. The study combined the research streams of SME organizational dynamic capability and internationalization capability to build a complete picture on the existing knowledge. An intensive case study was used for empirically testing the theoretical framework of the study and compared with the literature on various organizational capability factors and internationalization capabilities. Sormay Oy was selected because it is a successful medium sized company operating in Finland in the manufacturing industry which has a high international profile. In addition, it has sufficient rate of growth in sales that warrants it to engage internationally in matters such as, acquisitions, joint ventures and partnerships. The key findings of the study suggests that, medium sized manufacturing firms have a set of core competences arising from their organizational capabilities which were identified to be employee know how and relationship with stakeholders which aid the firm in its quest for attaining competitive advantage, ensuring production flexibility and gaining benefits present in a network. In addition, internationalization capabilities were identified under both the RAT test and CAT test whereby the primary findings suggests that, firms that outperform their competitors produce products that meet specific customer and country requirements, foresee the pitfalls of imitation brought about by the foreign local companies and members of a particular network through joint ventures, acquisitions or partnerships as well as those firms that are capable to acquire new capabilities in the foreign markets and successfully use these acquired capabilities to enhance or renew their capability portfolio for their competitive advantage. Additional significant findings under internationalization capabilities were discovered whereby, Sormay Oy was able to develop a new market space for its products despite the difficult institutional environment present in Russia.

Pk-IFRS:n soveltamisen vaikutukset tilinpäätösinformaation tuottajille ja käyttäjille Euroopassa

Pk-yritykset ovat nousseet merkittäväksi puheenaiheeksi viime vuosina niiden työllistävän vaikutuksen vuoksi. Iso osa uusista työpaikoista on syntynyt pk-yrityksiin eikä suuriin yrityksiin. Samalla kansainvälistymiskehitys on ollut aikamme suurimpia muutosvoimia, jotka vaikuttavat talouselämään. Kansainvälistymällä yritykset ovat saaneet uusia väyliä hankkia rahoitusta, laajentaneet ja monipuolistaneet asiakaskuntaansa ja hankkineet skaalaetuja. Kansainvälisyys aiheuttaa haasteita yritysten taloudelliselle raportoinnille, joten pk-yrityksille luotiin pk-IFRS –standardisto. Sen tarkoituksena on parantaa vertailukelpoisuutta eri maista tulevien yritysten välillä ja keventää raportoinnin raskautta. Tässä tutkielmassa selvitettiin, miten pk-IFRS:n soveltaminen vaikuttaa tilinpäätösten tekijöihin ja käyttäjiin. Tutkielma alkaa teoria-osuudesta, jossa käytiin läpi tuoreita tutkimuksia, minkä pohjalta esiin nousseita kysymyksiä käyttäen tehtiin empiria-osuudessa analysoitava haastattelu. Tutkimuksessa saatiin selville, että tutkijoiden ja haastateltavan näkemykset pk-IFRS:tä ovat pääosin samanlaiset. Pk-IFRS:n ongelmia on sen lyhyys, mikä aiheuttaa tulkintaongelmia ja monimutkaisuus, joka kuormittaa raportoijan resursseja. Pk-yritykset toimivat useimmin vain kotimaassa, jolloin hyödyt jäävät rajallisiksi. Pienemmissä pk-yrityksissä tilinpäätöksiä käyttäviä sidosryhmiä on vähän, jolloin käyttäjien saamat hyödyt ovat pienet. Kuitenkin käypään arvoon arvostus ja tiedon annon vaatimukset voivat helpottaa rahoituksen saantia joillekin yrityksille, jos pk-IFRS:ää aletaan soveltaa samalla tavalla joka maassa ja yrityksessä.

Pk-yritysten ympäristöllisen kestävyyden kehittäminen palvelumuotoilua hyödyntäen

Ympäristöllinen kestävyys on ajankohtaisempi asia kuin koskaan ja sen merkitys yritysten yhtenä kestävyyden osa-alueena kasvaa jatkuvasti. Erityisesti suuret yritykset pyrkivät erottumaan kilpailijoistaan ympäristöllisen kestävyyden avulla, mutta myös pk-yritykset olisi tärkeää saada mukaan toiminnan kehittämiseen. Aikaisemmat tutkimukset yritysten ympäristöllisestä kestävyydestä ovat keskittyneet pääosin käytössä oleviin menetelmiin ja kestävyyden kehittämisen suurimpiin haasteisiin. Tärkeää olisi tutkia myös sitä, miten pk-yritykset saataisiin mukaan kehittämään toimintaansa ympäristöllisesti kestävämmäksi. Tähän pyritään löytämään vastauksia tässä diplomityössä. Diplomityön tarkoituksena on tutkia sitä, millä tavoin pk-yritykset haluavat kehittää toimintaansa ympäristöllisesti kestävämmäksi. Työn tavoitteena on suunnitella pk-yritysten tarpeita vastaava palvelukonsepti niiden ympäristöllisen kestävyyden kehittämiseksi. Tutkimuksessa hyödynnetään palvelumuotoilua ja sen prosessin kolmea ensimmäistä vaihet-ta: asiakasymmärryksen hankintaa, luovaa ideointia sekä palvelukonseptin kehittämistä. Tutkimus on laadullinen tutkimus, jonka tutkimusmetodina toimii palvelumuotoilun tärkein osa-alue eli yhteissuunnittelu. Yhteissuunnittelu toteutettiin visuaalisten työpajojen avulla suunnitteluun osallistuvien pk-yritysten kanssa. Tutkimuksen tuloksena saatiin suunniteltua pk-yritysten tarpeisiin räätälöity palvelukonsepti niiden ympäristöllisen kestävyyden kehittämiseksi. Palvelun tärkeimpiä ominaisuuksia ovat jatkuva tiedon lisääminen, kokonaisuuden hahmottamista helpottava visuaalisuus sekä palvelun virallisiin standardeihin pohjautuva kokonaisuus. Lisäksi palvelu mahdollistaa toiminnan kehittämisen pienin askelin sen porrastetun menetelmän ansiosta. Yksi tärkeä ominaisuus on myös palvelun tarjoama mahdollisuus tietojen helppoon ja nopeaan doku-mentointiin sekä jalostamiseen.

MODELO PARA EL ANÁLISIS DEL FORTALECIMIENTO SOCIOECONÓMICO DE LAS MIPYMES EN COSTA RICA

Resumen El efecto de múltiples variables sobre el bienestar social y económico en las pequeñas y medianas empresas puede ser analizado tomando en cuenta las condiciones sistémicas en el modelo propuesto. Este artículo ofrece un marco teórico o modelo para comprender y explicar la relación entre las variables independientes tales como el crédito, mercados, empresariedad, entre otras, y la variable dependiente tal como los ingresos, la producción o el empleo. El propósito fundamental es organizar la mayoría de variables para determinar porqué los ingresos y el empleo no es sostenible par alas pequeñas y medianas empresas. Por lo tanto, factores sociales, económicos así como culturales e institucionales han sido incluidos en el análisis. El modelo desarrollado puede ayudar a mejorar el diseño de estrategias para lograr el éxito de las pequeñas y medianas empresas y el marco de política pública para el gobierno en Costa Rica.   Abstract The effect of multiples variables on the social and economic welfare in the Small and medium size enterprises can be analized taking in account systemic conditions in this model.This paper offers a theoretical framework or model to understand and explain the relationship between independent variables such as credit, markets, entrepreneurship, among others, and dependent variable such as incomes, production or employment rate. The main idea is organize the all variables to determine why the income or employment level is not sustainable for SMEs. Therefore, social and economic factors as well as cultural and institutional components have been included in this analysis. The developed model can help to improve design and management of competitiveness strategies for SMEs and policy framework for the government in Costa Rica.

EFECTOS DEL CRÉDITO EN EL BIENESTAR SOCIOECONÓMICO DE LOS MICROEMPRESARIOS Y LAS MICROEMPRESARIAS

Resumen Este artículo explora el efecto social y económico que causan las políticas de financiamiento orientadas hacia las micro, pequeñas y medianas empresas en el mercado local y regional en Costa Rica. El microcrédito ha sido una valiosa herramienta de desarrollos de las Mipymes en países desarrollados. La experiencia del FIDEICOMISO-IMAS-BANACIO es uno de los más importantes en Costa Rica para apoyar a los pequeños productores localizados en las regiones más vulnerables como el sur, atlántico y norte del país. Este modelo muestra los efectos cuantitativos y cualitativos del microcrédito sobre variables fundamentales como la producción, empleo, ingresos y habilidades humanas. La principal conclusión radica en afirmar que el microcrédito causa efectos positivos en las capacidades competitivas de las Mipymes así como beneficios sociales sobre las familias que han desarrollado microempresas en las regiones más pobres de Costa Rica.   Abstract This paper explores the social and economic effects of financing policies oriented at small and medium size enterprises in the local and regional market in Costa Rica. The microcredit has been and useful tool to develop SMEs in developing countries. The experience of the FIDEICOMISO-IMAS-BANACIO is one of the most important in Costa Rica to support small producers located in vulnerable regions such as South, Atlantic and North among others. This model show quantity and quality effects of the microcredit on essential variables like production, employment, incomes and human skills. The main conclusion claim that microcredit causes positive effects on the competitive skills of SMEs as well as social benefits on some families that have been developing enterprises in poor regions in Costa Rica.

A indústria hoteleira do Algarve: uma análise de dados em painel da estrutura de capital

Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2015