Nicholas Kaldor and János Kornai are known in the academic literature as the most principled and unyielding opponents of the neoclassical, mainstream economics in general, and the Arrow-Debreu General Equilibrium Theory (GET) in particular since the beginning of the 1970s. Nevertheless, they remained in the minority camp with their views until today. The mainstream of the economic profession still holds that only the neoclassical paradigm offers a comprehensive, systematic, consistent and, above all, mathematical (hence “scientific”) description of how modern economies operate. This paper aims at investigating why these two prolific writers, who were friends and spoke the same mother tongue, did not find a common ground and did not even try to build a school of followers jointly.
The paper aims to analyse state-owned enterprises (SOEs) in 11 post-socialist Central-Eastern European (CEE) countries. Based on the individual data of large non-financial companies, we estimated the real state share in the years 2014 and 2015. We consider both direct and indirect state ownership and apply an explicit classification of companies as majority and minority state-owned, which is neglected in a lot of research. The countries with the highest values of the ‘Country SOE index’ were Slovenia and Latvia, while the lowest were Lithuania and Hungary. State ownership is dominant in transportation and storage and energy supply. The lower return on assets (ROA), return on equity (ROE) and return on capital employed (ROCE) ratios of SOEs imply that capital in this group of companies is used less efficiently. Furthermore, they are characterised by higher wage costs. At the same time, SOEs have higher earnings before interest, taxes, depreciation and amortization (EBITDA) margins and better ability to turn operating revenue into cash than their privately-owned counterparts.
Authors:Angel-Alex Hăisan, Zizi Goschin, and Mihai Avornicului
Mass migration was, is, and will always be an important topic of discussion regardless of whether it is economically, socially, or politically motivated. This is certainly a matter of great concern for Romania, currently Europe’s largest sender of migrants to Western Europe. Considering that the educational system should be of the uttermost priority, we addressed the issue of emigration propensity among Romanian teachers making use of data from our own nationwide survey. Bivariate logistic models were employed to identify the main factors behind the emigration decisions of pre-university teachers. Aiming to enrich the narrow economic perspective, we adopted a novelty approach by focusing on an overlooked determinant in emigration research studies, namely ethnicity in relation to nationality. Among Romania’s minorities, Hungarians are the most important ethnic group, accounting for 6.1% of the population, hence we explored their migration behaviour compared to Romanian ethnics. The results from the logistic regression models indicate significant differences regarding the factors that trigger the intention to initiate the emigration process for our subjects, based on their ethnicity. We found that teachers of Hungarian ethnicity display 50.6% less propensity to emigrate compared to the ones of Romanian ethnicity and we were able to shape distinct emigration profiles for the two groups.
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. Kent State University
Authors:Agnieszka Słomka-Gołębiowska and Piotr Urbanek
very active, therefore hostile takeovers at the governance mechanism are rare. Banking system plays the most important role in financing companies. Due to such ownership structure and the poor institutional protection of the minority shareholders, this
conditions. This included compliance with those political provisions concerning democracy, protection of minority rights, and the like. Hungary has not yet chosen to adopt the euro and join the Eurozone, though ‘eventually’ (at some unspecified date) it is
from participating in a minority religion. We therefore add separate controls for the effect of being affiliated with the dominant religion. 5 4 Employment, job satisfaction, and religious affiliations Table 1 shows the sample frequencies across
. L. – Altinay , L. ( 2012 ): Social Embeddedness, Entrepreneurial Orientation and Firm Growth in Ethnic Minority Small Business in the UK . International Small Business Journal , 30 ( 1 ): 3 – 23 . 10.1177/0266242610366060 Whitt , S. ( 2010
, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Source : https://databank.worldbank.org/source/doing-business , updated on 23 October 2019. The total investment rates in
Authors:A. Kelen, E. Visy, K. Talyigás, and O. Fekete
Act 77 of 1993 on the rights of national and ethnic minorities defines the rights of all minority groups in Hungary in compliance with EU legislation. The Roma minority is the only officially acknowledged ethnic minority of Hungary. It is difficult to provide an accurate picture on the situation of the Roma population because ethnic status is officially regarded as sensitive and therefore data collection is not permitted (Act 63 of 1992). The paper highlights the failures and the promising attempts of Hungary’s Roma integration policies, and the great efforts taken in this country and the difficulties of progress. It also demonstrates the importance of local initiatives and the contribution of civil organisations, the support which they would deserve, because without human solidarity and compassion no top down initiative can be rewarding.