LIQUIDITY MANAGEMENT AND CORPORATE RISK

The consequence of the economic crisis, the access of the external financing resources was narrowed significantly and lenders had became more cautious. This meant that the external source providers analyze more thoroughly the source claimants, and they also need to be more aware of their situation, to submit well founded loan applications to financial institutions. The other aspect is why the indicators presented in the study, the firms should be addressed much more thoroughly than ever before to have a much better understanding their situation, to recognize the sources of internal funding opportunities, and to use more efficiently the available internal resources. However, analysts should be aware of which are the ratios which should be paid a special attention and which ones are essential to assess a given situation, knowing them they can properly inform the leaders as well as to give an appropriate help to the decision makers. \\\\\\\\r\\\\\\\\nTo ensure the appropriate level of internal resources the company\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s activity is continuous financing closely related to the working capital management. The other reason is why the working capital management coming into view - which is linked to the previous one - that longer and longer payment periods have emerged in the corporate sales, in point of fact there is a significant increase in commercial lending period, the companies must be able to finance this period. The working capital is essential for companies to determine their short-term financial positions. A significant change in working capital provides an important information to the company\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s various stakeholders, and this is especially true for the net working capital. The working capital analysis is one way the company\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s creditability evaluation, and helps also to better understand the company\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s normal business cycle.liquidity management, risk assessment, liquidity ratios, comprehensive liquidity index, cash conversion cycle

CORPORATE VALUATION USING TWO-DIMENSIONAL MONTE CARLO SIMULATION

In this paper, we have presented a corporate valuation model. The model combine several valuation methods in order to get more accurate results. To determine the corporate asset value we have used the Gordon-like two-stage asset valuation model based on the calculation of the free cash flow to the firm. We have used the free cash flow to the firm to determine the corporate market value, which was calculated with use of the Black-Scholes option pricing model in frame of the two-dimensional Monte Carlo simulation method. The combined model and the use of the two-dimensional simulation model provides a better opportunity for the corporate value estimation.corporate valuation, free cash flow to the firm, real options, Black-Scholes option pricing model, two-dimensional Monte Carlo simulation, R statistics

Project management systems in agriculture in the northern great plain region of Hungary

The modern production, processing and trading of agricultural products require the adaptation of newer technologies. Not only the larger enterprises, but even the members of the SME sector are looking for employees with knowledge and practice in project management in a growing number. This is also due to the emerging number of projects. During our research we were trying to get a full-scale view on the topic of Project Management in the Agriculture. Our goal was to find out with the help of primary and secondary processing of survey-databases which skills and abilities an agricultural project manager needs, and what range of methods he/she usually uses

A magyarországi juhtartás jövedelmezősége

A magyar juhágazat jövedelmi helyzetét 1998-2005 között vizsgálva azt mondhatjuk, hogy az ágazat minden évben veszteséges volt, bruttó jövedelmet két évben, 2001-ben és 2002-ben ért el. A juhtartással foglalkozó gazdálkodók a különféle támogatási lehetőségek maximális kihasználásával az ágazat jövedelmi pozícióján jelentősen javíthatnak. A támogatások igénybevételén túl a jövedel-mezőségi helyzetük javításának forrása a piaci alkalmazkodás, illetve a techno-lógia javítása. Ha a termékeik értékesítési arányát növelnék a karácsonyi sze-zonban a jelenlegi húsvéti értékesítéssel szemben, valamint a kos, illetve a jerke-bárányok értékesítésében a termelők figyelembe vennék azt, hogy jelentősen eltér a két ivar hízlalásának jövedelmezősége az értékesítési súly függvényében. A jerkebárányokat kisebb testsúly-kategóriában, a kosbárányokat a nagyobb test-súly-kategóriában érdemes értékesíteni. - Examining the income situation of the Hungarian sheep sector in the period 1998-2005, it can be said that the sector was loss-making every year, achieving a gross income in two years, 2001 and 2002. Farmers engaged in sheep farming could significantly improve on the sector’s income position by maximising utili-sation of the various subsidy possibilities. Beyond subsidy utilisation, adapting to the market is a means of improving their income, as is technological improvement. They should increase the sales ra-tio of their produce during the Christmas season, in relation to current Easter sales. Furthermore, in respect to sales of rams and ewe lambs, producers should take into account the significant difference in the profitability of fattening the two sexes as a function of sales weight. It is worth selling ewe lambs in a lower bodyweight category and rams in a higher one

A foglalkoztatás regionális kérdései a tudás-intenzív üzleti szolgáltatásokat nyújtó ágazatokban a Kárpát-medencei országok összevetésében

For a long time, employment researches of regional innovation have basically concentrated on manufacturing industries – in particular on high-tech branches –, while the service sectors performance were considered in detail. However, over the last decades, both scientists and policymakers were more interested in knowledge-intensive business services (KIBS). This paper also relies on the empirical investigation of labour performance in several Carpathian countries. In the context of spatial patterns and gender gap, the regional employment growth dynamics are also examined in KIBS branches. The results of our analyses show that KIBS employment is particularly higher in central and northern Europe, the female employment shares are also higher than in most of the examined countries, and the knowledge-intensive services regionally are mainly concentrated in Hungary in Közép-Magyarország. Hence, these conclusions can also highlight that some reforms are needed to change the current policy implications

Analysis and optimization regarding the activity of a Hungarian Pig Sales and Purchase Cooperation

In many ways, the Hungarian pork chain faces considerable disadvantages when compared to the situation in competing countries. In countries endowed with a modern meat chain, heavy concentration is the rule, but in Hungary decentralization still prevails, although thankfully the chain is not disintegrating even further. In our research we used the operation of co-operatives as a model in terms of a generalized network problem. The model allows the quantification of the number of pigs from given farms to slaughterhouses, the maximum sales revenue, the delivery threshold prices, and an analysis of the impact co-operative members exert on sales revenues.pork production, integration, network, linear programming, Demand and Price Analysis, Farm Management, Livestock Production/Industries, Research Methods/ Statistical Methods,

Corporate Expectations Regarding the Role of the Controller: Results of a Hungarian Survey

The past few years have seen fast and continuous changes in the corporate environment. Only those companies can stay competitive in today's economy that is able to give the right responses to the changes in their environment. Consequently, controlling activities are taking on an increasingly important role in the operation of corporate organizations.  In Hungary, the role of controlling has been improving and continuously growing since the 1990s, and it has now become a management function. When setting up a new controlling system, the controller is responsible for selecting the tools, methods, and techniques that are necessary to achieve corporate goals. The study aims to identify the competencies that are required for a controller, as well as the areas they need to focus on in order to be successful in their job. The questionnaire was compiled with the help of the EvaSys system, and they were addressed to the top managers, financial managers, and controllers of various corporate organizations. The sample was made up of 124 completed and assessable questionnaires. In order to analyze the database, there were applied distribution coefficients, χ2 test, Cramer's V test. Keywords: controller; organizational requirements; personal ability; personal competencies JEL Classifications: M12; M40 DOI: https://doi.org/10.32479/irmm.856

Corporate expectations regarding the role of the controller: results of a Hungarian survey

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