A piacorientáció hatása a vállalati versenyképességre = The Impact of Market Orientation on Competitiveness

A tanulmány a piacorientáció és a versenyképesség összefüggését elemzi egy átfogóbb koncepcionális modell keretében, amely a piacorientáció szervezeti előzményeire, a piacorientáció egyes dimenziói és a vállalati teljesítmény közötti kapcsolatra, valamint a környezetből származó bizonytalanság moderáló hatásaira fókuszál. Ahhoz, hogy növeljük a tanulmány érvényességét, az elemzés során olyan változókat kontrolláltunk, amelyekről úgy véltük, hogy a piacorientáció mellett szintén befolyásolhatják a vállalatok versenyképességét, mint például a vállalati stratégia, illetve néhány releváns vállalati jellemző. Az eredmények alapján megállapíthatjuk, hogy a piacorientáció pozitív vagy semleges hatással van a vállalati versenyképesség különböző indikátoraira. Kutatásunk tehát nem támasztotta alá egyes, a válságidőszakokban készült tanulmányok következtetéseit, amely szerint gazdasági válság időszakában a piacorientáció gátolja a vállalatokat abban, hogy megfelelően reagáljanak a környezetben bekövetkezett változásokra. A piacorientáció eltérő dimenzióinak szerepe ugyanakkor átértékelődik a környezetből fakadó bizonytalanság egyes típusainak eltérő mértékű erősödésével. ----- Abstract: The study investigates the association between market orientation and corporate competitiveness in frame of a wider conceptual model that focuses on the organisational antecedents of market orientation, the relationship between the dimensions of market orientation and corporate performance and the moderating role of environmental uncertainty. To increase the validity of our study, we controlled other variables that had also been expected to influence competitiveness such as corporate strategy and some relevant characteristics of companies. Based on the results we can conclude that the effects of market orientation on the different indicators of competitiveness are either positive or neutral. Our research did not support the conclusions of previous studies which stated that in times of economic crisis market orientation inhibits companies to react to the changes of the environment in an appropriate way. The importance of the dimensions of market orientation however can change due to the diverse extent to which the different kinds of environmental uncertainty intensify.

Global crises: Is the Keynesian recipe relevant if applied under a global governance?

Keynesian policy was quite successful in the post-war decades in Western Europe, but by the late 1960s lost its efficiency due to changes in conditions rather than its mistaken logic. The lesson from the first global crisis erupting in early 1970s and also from the subsequent several crises since then is that the increasing crisis propensity of the world economy is rooted in its inherent disequilibria stemming from deep inequalities, asymmetrical interdependencies and disintegrated socio-economic structures. In view of the failure of the prevailing methods of crisis management, particularly those undifferentiated, antisocial austerity measures corresponding to a neo-liberal monetarist concept which neglects this lesson, many economists prefer the Keynesian recipe. However, since global crises need global solution, and the spread of conspicuous consumption modify the demand constraint, its application must be adjusted to reality, and requires some global governance which may pave the way for a global oeco-social market economy.

An analysis of the labor market situation of vocational students based on national and international data

The article focuses on the labour market situation and opportunities of the Hungarian vocational students. After briefly placing the topic in an international context, the study introduces the findings of the Hungarian empirical researches. Due to the differences between the various national education systems, it is not easy to make international comparisons; therefore I chose former socialist countries with characteristics similar to those of Hungary. When comparing the relevant data, it became clear that obtaining a diploma provides more advantages in Hungary. Hungarian researches suggest that vocational schools mostly attract students with poor competence test scores at the end of primary school. Also a significant proportion of these students are disadvantaged. Vocational students are the most likely to drop out of the system and their return to the school later is sporadic at best. Although a completed VET improves their employment conditions and prospects, many of the graduates will leave their profession or do unskilled labour. Their labour income varies greatly depending on their type of trade and experience gained.

The applied computer science of economic analyses: Internet prioritization and Internet pricing, and software engineering and software pricing for the mass market

This research examines evolving issues in applied computer science and applies economic and business analyses as well. There are two main areas. The first is internetwork communications as embodied by the Internet. The goal of the research is to devise an efficient pricing, prioritization, and incentivization plan that could be realistically implemented on the existing infrastructure. Criteria include practical and economic efficiency, and proper incentives for both users and providers. Background information on the evolution and functional operation of the Internet is given, and relevant literature is surveyed and analyzed. Economic analysis is performed on the incentive implications of the current pricing structure and organization. The problems are identified, and minimally disruptive solutions are proposed for all levels of implementation to the lowest level protocol. Practical issues are considered and performance analyses are done. The second area of research is mass market software engineering, and how this differs from classical software engineering. Software life-cycle revenues are analyzed and software pricing and timing implications are derived. A profit maximizing methodology is developed to select or defer the development of software features for inclusion in a given release. An iterative model of the stages of the software development process is developed, taking into account new communications capabilities as well as profitability. ^

The market value implications of pension asset allocation

Pension funds have been part of the private sector since the 1850's. Defined Benefit pension plans [DB], where a company promises to make regular contributions to investment accounts held for participating employees in order to pay a promised lifelong annuity, are significant capital markets participants, amounting to 2.3 trillion dollars in 2010 (Federal Reserve Board, 2013). In 2006, Statement of Financial Accounting Standards No.158 (SFAS 158), Employers' Accounting for Defined Benefit Pension and Other Postemployment Plans, shifted information concerning funding status and pension asset/liability composition from disclosure in the footnotes to recognition in the financial statements. I add to the literature by being the first to examine the effect of recent pension reform during the financial crisis of 2008-09. This dissertation is comprised of three related essays. In my first essay, I investigate whether investors assign different pricing multiples to the various classes of pension assets when valuing firms. The pricing multiples on all classes of assets are significantly different from each other, but only investments in bonds and equities were value-relevant during the recent financial crisis. Consistent with investors viewing pension liabilities as liabilities of the firm, the pricing multiples on pension liabilities are significantly larger than those on non-pension liabilities. The only pension costs significantly associated with firm value are actual rate of return and interest expense. In my second essay, I investigate the role of accruals in predicting future cash flows, extending the Barth et al. (2001a) model of the accrual process. Using market value of equity as a proxy for cash flows, the results of this study suggest that aggregate accounting amounts mask how the components of earnings affect investors' ability to predict future cash flows. Disaggregating pension earnings components and accruals results in an increase in predictive power. During the 2008-2009 financial crisis, however, investors placed a greater (and negative) weight on the incremental information contained in the individual components of accruals. The inferences are robust to alternative specifications of accruals. Finally, in my third essay I investigate how investors view under-funded plans. On average, investors: view deficits arising from under-funded plans as belonging to the firm; reward firms with fully or over-funded pension plans; and encourage those funds with unfunded pension plans to become funded. Investors also encourage conservative pension asset allocations to mitigate firm risk, and smaller firms are perceived as being better able to handle the risk associated with underfunded plans. During the financial crisis of 2008-2009 underfunded status had a lower negative association with market value. In all three models, there are significant differences in pre- and post- SFAS 158 periods. These results are robust to various scenarios of the timing of the financial crisis and an alternative measure of funding.

Small-scale Fisheries and the Global Economy: Understanding Common-pool Resource Governance in the Context of Market Pressures, Neoliberal Policies, and Transnational Institutions

The purpose of this dissertation is to contribute to a better understanding of how global seafood trade interacts with the governance of small-scale fisheries (SSFs). As global seafood trade expands, SSFs have the potential to experience significant economic, social, and political benefits from participation in export markets. At the same time, market connections that place increasing pressures on resources pose risks to both the ecological and social integrity of SSFs. This dissertation seeks to explore the factors that mediate between the potential benefits and risks of global seafood markets for SSFs, with the goal of developing hypotheses regarding these relationships.

The empirical investigation consists of a series of case studies from the Yucatan Peninsula, Mexico. This is a particularly rich context in which to study global market connections with SSFs because the SSFs in this region engage in a variety of market-oriented harvests, most notably for octopus, groupers and snappers, lobster, and sea cucumber. Variation in market forms and the institutional diversity of local-level governance arrangements allows the dissertation to explore a number of examples.

The analysis is guided primarily by common-pool resource (CPR) theory because of the insights it provides regarding the conditions that facilitate collective action and the factors that promote long-lasting resource governance arrangements. Theory from institutional economics and political ecology contribute to the elaboration of a multi-faceted conceptualization of markets for CPR theory, with the aim of facilitating the identification of mechanisms through which markets and CPR governance actually interact. This dissertation conceptualizes markets as sets of institutions that structure the exchange of property rights over fisheries resources, affect the material incentives to harvest resources, and transmit ideas and values about fisheries resources and governance.

The case studies explore four different mechanisms through which markets potentially influence resource governance: 1) Markets can contribute to costly resource governance activities by offsetting costs through profits, 2) markets can undermine resource governance by generating incentives for noncompliance and lead to overharvesting resources, 3) markets can increase the costs of resource governance, for example by augmenting monitoring and enforcement burdens, and 4) markets can alter values and norms underpinning resource governance by transmitting ideas between local resource users and a variety of market actors.

Data collected using participant observation, survey, informal and structured interviews contributed to the elaboration of the following hypotheses relevant to interactions between global seafood trade and SSFs governance. 1) Roll-back neoliberalization of fisheries policies has undermined cooperatives’ ability to achieve financial success through engagement with markets and thus their potential role as key actors in resource governance (chapter two). 2) Different relations of production influence whether local governance institutions will erode or strengthen when faced with market pressures. In particular, relations of production in which fishers own their own means of production and share the collective costs of governance are more likely to strengthen resource governance while relations of production in which a single entrepreneur controls capital and access to the fishery are more likely to contribute to the erosion of resource governance institutions in the face of market pressures (chapter three). 3) By serving as a new discursive framework within which to conceive of and talk about fisheries resources, markets can influence norms and values that shape and constitute governance arrangements.

In sum, the dissertation demonstrates that global seafood trade manifests in a diversity of local forms and effects. Whether SSFs moderate risks and take advantage of benefits depends on a variety of factors, and resource users themselves have the potential to influence the outcomes of seafood market connections through local forms of collective action.

First evidence of altered sensory quality in a shellfish exposed to decreased pH relevant to ocean acidification

Understanding how seafood will be influenced by coming environmental changes such as ocean acidification is a research priority. One major gap in knowledge relates to the fact that many experiments are not considering relevant end points related directly to production (e.g., size, survival) and product quality (e.g., sensory quality) that can have important repercussions for consumers and the seafood market. The aim of this experiment was to compare the survival and sensory quality of the adult northern shrimp (Pandalus borealis) exposed for 3 wk to a temperature at the extreme of its thermal tolerance (11°C) and 2 pH treatments: pH 8.0 (the current average pH at the sampling site) and pH 7.5 (which is out of the current natural variability and relevant to near-future ocean acidification). Results show that decreased pH increased mortality significantly, by 63%. Sensory quality was assessed through semiqualitative scoring by a panel of 30 local connoisseurs. They were asked to rate 4 shrimp (2 from each pH treatment) for 3 parameters: appearance, texture and taste. Decreased pH reduced the score significantly for appearance and taste, but not texture. As a consequence, shrimp maintained in pH8.0 had a 3.4 times increased probability to be scored as the best shrimp on the plate, whereas shrimp from the pH 7.5 treatment had a 2.6 times more chance to be scored as the least desirable shrimp on the plate. These results help to prove the concept that ocean acidification can modulate sensory quality of the northern shrimp P. borealis. More research is now needed to evaluate impacts on other seafood species, socioeconomic consequences, and potential options.

Can You Hear the Eco? : A Study of How Swedish Municipalities Can Market their CSR-Activities

Background: In an increasingly globalised world, municipalities more than ever have to compete with each other. Thus, the need to create a brand image has become vital for municipalities. Place branding is the tool that has enabled municipalities to create a brand image in order to attract stakeholders such as potential visitors, residents and businesses. The sustainability phenomenon Corporate Social Responsibility (CSR) has recently become an attractive factor within place branding. Although, the concept of CSR is most commonly implemented within the private sector, CSR initiatives within the public sector are recognised as an integral part. Therefore, the issue of how municipalities can market and communicate their CSR-actives has arisen.  Purpose: The aim of this research is to explore how Swedish municipalities can market their CSR-activities, in order to gain competitive advantages as attractive cities. In further details, this research focuses on how municipalities can use place branding to market their CSR-activities and how they can communicate this to current and potential stakeholders. Method: In order to fulfil this purpose, an interpretivist methodology was adopted with an abductive approach. In regard to this, an exploratory design was developed. More specifically, it was conducted with a mixed method, using a quantitative content analysis and qualitative indepth interviews with knowledgeable experts within CSR from the most relevant departments in the municipalities. Conclusion: The findings indicate that the use of place branding can help municipalities with a sustainable profile to gain competitive advantages. Furthermore, it became apparent that the use of place branding strategies, such as slogan, logotypes, events and cooperation with stakeholders, could enhance the brand image of municipalities and enable them to attract potential stakeholders. In regards to the communication channels, the findings suggest municipalities to communicate their CSR-activities through websites, social media, press conferences, seminars and events.

In Search of Social Justice: Current Developments in Higher Education and the Labour Market in Bulgaria

The discussions about social justice date from ancient times, but despite the enduring interest in the topic and the progress made, we are still witnessing injustices throughout the world. Thus, the search for social justice, under some form, is an inseparable part of our lives. In general, social justice may be considered as a critical idea that challenges us to reform our institutions and practices in the name of greater fairness (Miller 1999, p. x). In political and policy debates, social justice is often related to fair access (Brown, 2013) but at the same time its meanings seem to vary when we consider different definitions, perspectives and social theories (Zajda, Majhanovich, & Rust, 2006). When seen in the context of higher education, social justice appears in relevant literature as a buzzword (Patton, Shahjahan, Riyad, & Osei-Kofi, 2010). Within the recent studies of higher education and public debates related to the development of higher education, more emphasis is placed on the link between higher education and the economic growth and how higher education could be more responsive to the labour market demands, and little emphasis has been put on social justice. Given this, the present study attempts to at least partially fill the gap with regard to this apparently very topical issue, especially in the context of the unprecedented worldwide expansion of higher education in the last century (Schofer & Meyer, 2005), an expansion that is expected to continue in the next decades. More specifically, the expansion of higher education intensified in the second part of the 20th century, especially after World War II. It was seen as a result of the intertwined dynamics related to demographic, economic and political pressures (Goastellec, 2008a). This trend undoubtedly contributed to the increase of the size of the student body. To illustrate this trend, we may point out that in the period between 2000 and 2007, the number of tertiary students in the world increased from 98,303,539 to 150,656,459 (UNESCO, 2009, p. 205). This growth occurred in all regions of the world, including Central and Eastern Europe, North America and Western Europe, and contributed to raising the number of tertiary graduates. Thus, in the period between 2000 and 2008, the total number of tertiary graduates in the European Union (EU) 27 increased by a total of 35 percent (or 4.5 percent per year). However, this growth was very uneven, ranging from 21.1 percent in Romania to 0.7 percent in Hungary (European Commission working staff document, 2011). The increase of the number of students and graduates was seen as enhancing the social justice in higher education, since it is assumed that expansion “extends a valued good to a broader spectrum of the population” (Arum, Gamoran, & Shavit, 2007, p. 29). However, concerns for a deep contradiction for 21st-century higher education also emerged with regard to its expansion.

Beauty and personal care in mass market: A strategic analysis of perfumery and cosmetics at Sonae MC

Directed internship

How to optimize the traditional retail market for FMCG sector?

Field lab: Entrepreneurial and innovative ventures

How relevant is the origin of human capital for immigrant wages? Evidence from Spain

The objective of this article is to analyse the role played by the different components of human capital in the wage determination of immigrants in the Spanish labour market. Using microdata from the Encuesta Nacional de Inmigrantes, we find that human capital of immigrants acquired in Spain presents higher returns than human capital obtained in home countries, reflecting the limited international transferability of the latter. This result is reinforced by the strong heterogeneity observed in wage returns to different kinds of human capital across immigrants from different origins and, in particular, by the fact that immigrants with the higher returns to human capital acquired in their home countries are those coming from other developed countries and Latin America, the two regions more similar to Spain in terms of development and/or culture.

Internal market orientation and market/oriented behaviours

Purpose – The purpose of this empirical paper is to investigate internal marketing from a behavioural perspective. The impact of internal marketing behaviours, operationalised as an internal market orientation (IMO), on employees' marketing and other in/role behaviours (IRB) were examined. Design/methodology/approach – Survey data measuring IMO, market orientation and a range of constructs relevant to the nomological network in which they are embedded were collected from the UK retail managers. These were tested to establish their psychometric properties and the conceptual model was analysed using structural equations modelling, employing a partial least squares methodology. Findings – IMO has positive consequences for employees' market/oriented and other IRB. These, in turn, influence marketing success. Research limitations/implications – The paper provides empirical support for the long/held assumption that internal and external marketing are related and that organisations should balance their external focus with some attention to employees. Future research could measure the attitudes and behaviours of managers, employees and customers directly and explore the relationships between them. Practical implications – Firm must ensure that they do not put the needs of their employees second to those of managers and shareholders; managers must develop their listening skills and organisations must become more responsive to the needs of their employees. Originality/value – The paper contributes to the scarce body of empirical support for the role of internal marketing in services organisations. For researchers, this paper legitimises the study of internal marketing as a route to external market success; for managers, the study provides quantifiable evidence that focusing on employees' wants and needs impacts their behaviours towards the market. © 2010, Emerald Group Publishing Limited

The Commission, the Single Market and the Crisis: The Limits of Purposeful Opportunism

The economic and financial crisis opened a window of opportunity to place the Single Market back on top of the European agenda as part of a two-tiered crisis response, which also included reinforced financial supervision and economic co-ordination. We argue that the Commission acted as a ‘purposeful opportunist’ in both tiers; but whereas in economic governance issues there was breakthrough change in the Commission's achievements and competences, in the Single Market realm policy change was fairly modest. Using process tracing analysis our goal is to explain why the Commission did not succeed in furthering a genuine Single Market reform. Our findings suggest that the Commission's entrepreneurship was constrained by the limited salience of Single Market issues in the crisis context and by the lack of actual political commitment from the other relevant stakeholders. Thus, our research highlights the limits of the Commission's opportunistic behaviour in less advantageous circumstances.

Optimal bidding strategies of an electric vehicle aggregator in an electricity market

In recent years Electric Vehicles (EVs) are getting more importance as future transport systems, due to the increase of the concerns relevant to the greenhouse gases emission and the use fossil fuel. The management of the charging and discharging process of EVs could provide new business model for participating in the electricity markets. Moreover, vehicle to grid systems have the potential of increasing utility system flexibility. This thesis develops some models for the optimal integration of the EVs in the electricity market. In particular, the thesis focuses on the optimal bidding strategy of an EV aggregator participating to both the day ahead market and the secondary reserve market. The aggregator profit is maximized taking into account the energy balance equation, as well as the technical constraints of energy settlement, power supply and state of charge of the EVs. The results obtained by using the GAMS (General Algebraic Modelling System) environment are presented and discussed.