The essay analyses the process of privatization in the transitional period. In the early 1990's, the privatization of the competitive sphere in Hungary meant the purchase of state-owned companies. Besides the legal background, the essay gives an overview on the political aspects of privatization. The next step was the privatization of public services in the middle of the 90's. The privatization of the sector of public services is peculiar as privatised public services remain under governmental control even after their privatization: public administration is responsible for the continuity of the service, for its general accessibility and its quality. The essay deals with the issues of the application of law in this respect. The privatization of the welfare sphere was primarily characterised by the retreat of the state without applying alternative methods like initiating the participation of non-profit organizations. In the analyses of the privatization of the welfare sphere, the essay deals with the principles of privatization, as well as the constitutional problems involved and the conflicts of the central government and the self-governments.
This study examines the relationship between the existence and independence of internal audit and other corporate governance factors in an emerging market, building on disclosed data from Hungarian listed companies in 2011. The results indicate that almost half of the listed fi rms use internal audit, however, independence of the function is less common. Ordinal regression results confi rm the negative impact of concentrated foreign ownership on the need of internal audit, and the complementary relation between internal audit and supervisory board monitoring. The complementary role of internal audit to external one is partially evidenced. The results also indicate that larger fi rms are supposed to establish internal audit and strengthen its independence more than smaller ones. The fi ndings of the study have important implications for sound corporate governance in Hungary. The study, by assessing the institutional and regulatory context of an emerging market, contributes to the literature by providing an improved understanding of the existence and independence of internal audit.
Authors:Hugo Rojas, Gloria Borda, María Brijaldo, Patricio Reyes, and Jesús Valencia
The hydrogenation of m-dinitrobenzene to m-phenylenediamine was carried out as a model hydrogenation reaction of importance to the pharmaceutical and fine chemicals industries with the aim of investigating the kinetics of the reaction. The effect of different conditions: hydrogen pressure, m-dinitrobenzene concentration, reaction temperature, and weight of catalyst on the conversion of m-dinitrobenzene and the yield of m-phenylenediamine were studied using Pt/TiO2 catalyst. During the kinetic study, the intermediate m-nitroaniline was detected. Therefore, the overall reaction was treated as consecutive reactions: first the reduction of m-dinitrobenzene to m-nitroaniline and then, the reduction of m-nitroaniline to m-phenylenediamine. The apparent activation energies of the reaction were determined in each step, to be 33.4 ± 0.4 and 39.8 ± 0.6 kJ/mol. Those results indicated that the hydrogenation of m-nitroaniline toward m-phenylenediamine is the rate determining step in the hydrogenation of m-dinitrobenzene. Two rate equations assuming Langmuir–Hinshelwood mechanism provided the best fit to the experimental data.