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Business and Economics
Abstract
The purpose of the article is to assess the extent to which digital transformation policies in Bulgaria are modernized and receptive to new multi-sectoral reform approaches. Criteria were developed to evaluate the alignment of government documents with one or more strategic paradigms. An analysis was conducted on eight strategic documents related to digital transformation in Bulgaria, developed after 2010. This analysis utilized the Grounded Theory Coding procedure for inductive category development and applied codes from the criteria framework. Atlas.ti software was used for textual analysis, which provided quantitative data on the frequency of codes meeting the defined criteria for each strategic paradigm. The initial document evaluation was complemented by a qualitative content analysis to clarify the criterion-based findings and further explore the influence of different paradigms. In-depth interviews with representatives from public sector organizations confirmed and enriched some of the conclusions drawn during the analysis. The study finds that (1) the traditional approach dominated the early strategic documents but was gradually displaced by New Public Management; and (2) the network approach is insufficiently represented in the vision and strategic goals of Bulgaria's digital transformation process.
Abstract
We propose a novel probability approach to examine the sustainability of the current account balance by generating density forecasts and calculating the probability that the current account balance will be lower than a specified threshold. We define a current account as sustainable by having a low probability of the current account deficit exploding. We use a vector autoregressive model to generate density forecasts up to five years ahead. We apply the method to ten countries that had high current account deficits in the past and find cases with both high and low probability of sustainability. We analyse historical episodes to illustrate the predictive capability of our framework and find that our method would have worked well in the past. We further find that the sustainability risk does not relate to whether the government or the private sector is the main driver of the deficit.
Abstract
The transition to electric vehicles has become an urgent priority due to their lower environmental impact. The automotive industry has already developed solutions for zero-emission vehicles to significantly reduce greenhouse gas emissions. However, this transition heavily depends on the evolution of consumer demand. This paper focuses on Generation Z, as they will soon become a determining consumer segment in the automotive market. Our research aims to analyze Generation Z's attitude toward electric vehicles. Their attitude provides valuable insights for industry leaders regarding future consumer behavior. We analyzed the relationship between selected adoption factors (environmental concern, perceived risk, ease of use, and enjoyment) and Generation Z's attitude toward electric vehicles (measured by perceived relative advantage). Our research is based on data from Hungarian Generation Z respondents, and our findings conclude that environmental concern is less relevant than enjoyment and ease of use, which are the most impactful factors.
COVID-19 and SMEs: An umbrella review of systematic literature (2020–2024) and future directions for entrepreneurship
Introduction to the “The Entrepreneurial Landscape in the Post-COVID Era: Insights, Challenges, and Future Perspectives” special issue
Abstract
This special issue addresses the impact of COVID-19 on entrepreneurship. It builds on insights shared at the dedicated session – supported by the Hungarian Academy of Sciences' Post-COVID research grant (MTA PC-II-17/1/2022) – of the 2nd Danube Cup Conference in Belgrade in November 2023, featuring three papers presented there, along with four additional contributions. The goal of this issue is to advance scholarly understanding of post-COVID dynamics in entrepreneurship and share valuable findings with a broad academic audience. To provide a comprehensive overview of current research on this topic, we include an umbrella review examining the COVID-19 crisis' impact on small and medium-sized enterprises (SMEs) from 2020 to 2024. Drawing on 26 systematic literature reviews identified through Scopus, Google Scholar, and Elicit, this review captures key challenges, strategies, and emerging trends affecting SMEs. Major research themes identified include resilience, supply chain management, digitalization, crisis management, and the financial impact of COVID-19.
Abstract
The study investigates the impact of negative economic changes on Hungarian consumption habits on a representative sample of 1,000 people during the post-COVID period, which we interpreted as the period after December 2021. The quantitative research shows that a significant part of the population was affected by the unexpected effects of the economic environment. The change in purchasing habits was driven by the search for promotions and value for money products. Regarding the place of purchase, the research showed that the share of online shoppers did not increase for the 12 product categories surveyed, while the role of discounters in offline purchases increased. The survey highlighted that a third of the population cannot afford to make large purchases, while at the same time avoiding loans. Two-thirds of the population's view of the future is quite pessimistic. In consumption attitudes, the first priority is the aforementioned “discounting”, while the second priority is saving money on packaging. Hungarians tend to save more on electricity and heating. Finally, the result of our cluster analysis is that we have been able to distinguish five consumer groups that are able to describe the main consumer attitudes in the post-Covid crisis period. The defined clusters are the following: Resistant, Bargain hunter, Conscious, Rationing and What you can afford is what you can get.
Abstract
This article examines the sports motivation and sports opportunities of people with physical disability in Hungary, filling a gap in the research area. A total of 122 people (76 athletes) participated in the questionnaire research. We supplemented the quantitative research with qualitative research, in which we assessed the experiences of sports leaders through expert interviews. As a result of the research, we have shown that gender affects participation in sports, but has no role in sports motivation. Furthermore, we have established that for athletes with reduced mobility, mostly external motivational factors are different. Intrinsic motivation is strongest in the case of paralympic athletes. The main reason for amotivation among non-athletes with reduced mobility is the lack of adequate sports facilities close to the place of residence. Most athletes get to the venue of their sporting activity by car alone. Lack of peers has also been found to be a common reason for amotivation among respondents. Organising inclusive and mixed sports events could be a solution to the problem, promoting involvement in sport and social integration.
Abstract
The aim of our research is to fill the research gap on how successful businesses have been affected by the challenges posed by COVID-19 regarding the resilience and adaptability of firms. Since 2016, the Budapest Stock Exchange (BSE), with the collaboration of EY, selects a number of unlisted companies (BSE50) per year that have Hungarian roots and are considered successful based on their operations and ability to increase sales. We examined the impact of COVID-19 on profitability, liquidity, indebtedness and change in turnover or EBITDA based on four years (2018–2021) of financial data from 252 non-financial, unlisted companies. In addition to the descriptive statistics, a two-sample asymptotic z-test was used to compare the periods before and during COVID-19. We divided the BSE50 companies into Dynamics and Laggards based on the change in turnover between 2019 and 2020. The Dynamics of the pandemic have emerged from the challenging period of COVID-19 as real champions, taking advantage of their low level of indebtedness by making efficient use of loan possibilities. Even the Laggards were able to rebalance and consolidate their financial position by the second year of the pandemic. Our study is novel because we used data on Hungarian, non-financial, unlisted companies with successful management to examine the impact of COVID-19 on hard-hit firms as well as on firms in the winning branch.
Abstract
Enterprises prioritizing social issues over profit maximization can lead to value co-creation, especially in marginalized and unprivileged communities. In this regard, this paper explores underlying theoretical mechanisms that tie digitalization and value co-creation together for social entrepreneurship's development. The article aims to identify how digitalization enables value co-creation for social enterprises. We conduct multiple case studies, have 11 in-depth face-to-face interviews with social entrepreneurs from Azerbaijan and synthesize the findings from primary and secondary data. As a result, we reveal that digitalization enables value co-creation for social entrepreneurship through a new phenomenon, which we call Data-driven Social Co-creation (DSC), and its subcategories such as efficiency, resource mobilization, feedback loops and data utilization. Finally, we recommend the DSC framework which shows the relationship between digitalization and value co-creation in social entrepreneurship, and which is the main theoretical contribution to the social entrepreneurship literature. Additionally, we provide a research agenda on the respective research field.
Abstract
Although the entrepreneurial gender gap is decreasing in European economies, the obstacles faced by women entrepreneurs remain numerous and often differ from those encountered by men. The COVID-19 pandemic, and then the energy crisis, have made it even harder for women entrepreneurs to sustain their businesses and have added to the challenges of work and private life. Women entrepreneurs, among many others, had to face how to survive crises and adjust their businesses to new circumstances to become more resilient, remain competitive and sustainable in times of crises, and in particular to improve their digital skills. A new insight is crucial for more efficient entrepreneurial development for women. A cross-country research helps to identify the needs of women entrepreneurs and provide a solid basis for the development of tailor-made activities focusing on innovative and practical solutions to support the up-skilling and resilience of women entrepreneurs. Through a survey conducted with 608 women entrepreneurs from seven European countries, our basic question was how women entrepreneurs managed to get through and become resilient in times of crises. The focus of our analysis is digitalization: did the rapid digital transition help women entrepreneurs become resilient during turbulent times? Did the practicing of digitalization-based resilience strategies (including remote work, online sales and similar approaches) improve women entrepreneurs' operational efficiency and strength?
Abstract
The paper employs a cross-sectional data set comprising the main dimensions of the European Union's International Digital Economy and Society Index (I-DESI) and utilises grouping methods based on objective weights to evaluate the relative digital readiness of Hungary and other Central and Eastern European (CEE) member states of the EU. The objective was not to establish a total ordering (ranking) of the countries in the data set, but rather to identify the most appropriate means of grouping the CEE countries into homogeneous units, utilising multivariate statistical and decision-theoretical techniques (tiered DEA, partially ordered sets and clustering). Despite the disparate methodologies employed, the findings are consistent in that the CEE countries (including Hungary) exhibit a general resemblance to one another and demonstrate comparatively lower levels of digital readiness than Northern and Western European countries. The notable exception is Estonia, which exhibits a distinctive level of digital advancement.
