XI. ÉVF. 2023. Special issues1

Environmental protection has become a mainstream topic, because of the destructive effects of industrial and economic development, and many nations, international organizations have made fundamental steps in order to ensure our sustainable future. We observe a growing interaction between sustainability, ESG factors and fiscal policy. The objective of this research is to demonstrate how ESG and taxation intersect, with a particular emphasis on the developed criteria for transparency.
XI. évf. 2023. SPECIAL ISSUE1 62-65
DOI: 10.24387/CI.2023.SPECIAL ISSUE.10

Finding trading ideas and systems is no easy task. I know from experience that sooner than later even the most brilliant and diverse mind will run out of ideas. Not to mention the time-consuming task of back testing. The processes of system building not only solve the problem of idea generation, but also increase the speed of back testing by light years. After we have determined which financial instrument, we want to develop the system on, we define the data structure. Then we specify which indicators to consider in different combinations. The genetic algorithms test extremely large number of combinations based on the fitness functions and find the systems that are valuable. Once we have selected those with adequate past performance, we can test them on out-of-sample data. Systems that perform well both learning and testing periods are then subjected to validation procedures. At the end of the process, we receive the most robust systems, which we can also use during live trading. From the success point of view there is no difference between manual or generated strategies. A human built system can fail as much as a generated system. One important aspect of system building is diversification. It is a perfect way to generate multiple systems on different instruments to create an uncorrelated portfolio.
XI. évf. 2023. SPECIAL ISSUE1 57-61
DOI: 10.24387/CI.2023.SPECIAL ISSUE.9

The Balanced Scorecard methodology provides a quantitative basis for measuring the performance of Enterprise Resource Planning systems against multiple criteria. It can be used to guide organisational IT alignment and the decision-making process during strategic planning. Using Key Performance Indicators, organisations can configure their Enterprise Resource Planning modules to align with their overall business strategy, to improve their overall efficiency and effectiveness. Inadequate performance control and project management practices during IT integration projects lead to unrealistic expectations, cost and time constraints, a protracted implementation process, lack of training and poor division of responsibilities, all of which can strain and obstruct operational control.
XI. évf. 2023. SPECIAL ISSUE1 53-56
DOI: 10.24387/CI.2023.SPECIAL ISSUE.8

Based on multiple and unconnected literature it seems evident knowledge-based leadership styles positively influence organizational capacity for innovation, while some papers also denote lack of available literature to really understand relationships in. In general, the positive relationship is confirmed based on the findings. Also, it seems we’re at the doorstep of the next organizational transformations leveraging data and artificial intelligence. This would complement knowledge-based management styles by bringing a scientific aspect. Merging these could result in innovation targeting specific business metrics more precisely and more efficiently. To succeed in that regard, organizational leaders will have to develop the right skills in these technologies to act as a catalyst for transformation.
XI. évf. 2023. SPECIAL ISSUE1 48-52
DOI: 10.24387/CI.2023.SPECIAL ISSUE.7

According to our expert interviews consumers realized during the coronavirus period that food reserves are important, but they should not be overdone. Only 22.0% of the respondents of quantitative research consume Bonduelle canned vegetables on a monthly basis, the reason for this being the high price. 43.1% of the respondents consume no more than 1-2 kg of vegetables per week. Based on the results of significance and variance analysis: – the most important thing for women aged 28-37 with a higher education is to develop a healthy lifestyle, one of which is healthy nutrition, which includes consuming the right amount of vegetables. – there is a significant difference between the consumption of frozen and canned vegetables, with a probability of 70.4% that they prefer to consume frozen vegetables because they consider it healthier. The shopping frenzy during the first wave of the coronavirus was real, but it did not cause increased demand for Bonduelle canned vegetables.
XI. évf. 2023. SPECIAL ISSUE1 43-47
DOI: 10.24387/CI.2023.SPECIAL ISSUE.6

The trends and dynamics have shifted significantly in the spatial structure of the Hungarian economy since the transition during the 1990s. The return to the Western, capitalist economic model and orientation has facilitated development and economic activity in certain parts of the country more, than the others. The study measures economic performance by the average GDP per capita in the Hungarian counties and the capital, compared to the national average. The general trend shows an increasing polarization between the spatial units until the outbreak of the COVID-19 pandemic. The study also highlights and elaborates on the challenges of peripheral and semi-peripheral economies and points out the territorial differences in development. It is concluded that the divergence of weaker performing areas has been mostly intensifying since the 1990s, and one of the main beneficiaries of spatially differentiated development trajectories has been the capital, Budapest. The study establishes that during the 2020-2021 period, previously underperforming counties tended to outperform during the pandemic, while the previously best-performing counties often underperformed.
XI. évf. 2023. SPECIAL ISSUE1 32-42
DOI: 10.24387/CI.2023.SPECIAL ISSUE.5

The sector of agriculture plays a significant role in boosting economic growth in many countries. Therefore, all firms’ annual reports must be analyzed for the purpose of comparing and establishing a benchmark. The objective of this study is to investigate the effect of application of financial ratios on firms’ financial performance. In order to achieve the purpose of the study, an econometric model is developed to estimate relationship among the variables by using multiple linear regression method. The data in this study is based on secondary data and collected from the audited financial statement of agriculture companies that listed on Iraqi Stock Exchange (ISX) over the period (2016-2020). The robust findings demonstrated that all independent variables quick ratio, current ratio and debt to assets ratio have positive and significant impact on financial performance. The most significance effect on firm performance is observed by current ratio and debt to assets ratio among the ratios that selected in this study.
XI. évf. 2023. SPECIAL ISSUE1 26-31
DOI: 10.24387/CI.2023.SPECIAL ISSUE.4

Infrastructure Investment Trust (InvIT), one of the recent innovative financial instruments, has been gaining momentum right from its inception in India in 2016. India has seen 18 instances of InvIT instruments being issued, the first as early as March 2016 and the latest one has come out in April 2022. These instruments are unique in many ways i.e. they are backed mainly by operational assets hence construction related risk are absent. Investors get an option of diversifying their portfolio by including infrastructure assets in them. Since majority (90% of Net Distributable Cash Flow) of the earning is necessarily distributed, its like income instrument; since it is a trust this instrument enjoys tax advantages. This instrument helps release the funds from the infrastructure projects at that stage of the project life cycle when the risk has substantially reduced. Expectedly the returns on these instruments should be lower than infrastructure funds employed for the entire lifecycle, at the same time higher than debt instruments. Analysis of returns (over a period on last 54 weeks) on existing liquid InvIT instruments corroborates the above facts. There is an aberration of PGCIL’s InvIT having negative correlation with NIFTY Infra Index. This may be because of a couple of reasons; (a). This instrument is still in its infancy; hence is yet to attain necessary liquidity (b) Last couple of years are having Covid 19; hence the cash-flows for a few assets have seen abnormal fluctuations. InvIT seems to be a promising investment instruments for Indian infrastructure space.
XI. évf. 2023. SPECIAL ISSUE1 20-25
DOI: 10.24387/CI.2023.SPECIAL ISSUE.3

Unfortunately, the years 2022 and 2023 will become “famous” in economic history publications for the runaway inflation in the domestic economy. However, the process was determined by several factors, one glaring example being the extremely high food price inflation. The aim of our study is to investigate the evolution of profit margins and margins of companies operating in the domestic agricultural, food and retail sectors between 2014 and 2021, based on the study by Konczal, M., & Lusiani, N. (2022). The research objective is thus to test the extent to which the factors that contribute to the profit-price spiral that drives inflationary effects increased after the pandemic. Our hypothesis is that, in the wake of the pandemic, companies in the sectors studied significantly increased the two variables determining profitability, which subsequently contributed to a dramatic increase in food prices. In addition, we examine how the value added of the sectors under study has changed, where we hypothesise that the companies in the sectors under study have sought to compensate for the impact of the previous significant wage dynamics.
XI. évf. 2023. SPECIAL ISSUE1 15-19
DOI: 10.24387/CI.2023. SPECIAL ISSUE.2

In their article, the authors examined the stability and efficiency of Hungarian companies participating in emissions trading. Their research covered the period before the energy crisis, so we can get a comprehensive picture of the economic situation from which the investigated companies had to cope with the crisis. To this day, it is a question of whether businesses can finance investments that will require fewer resources to produce products and at the same time result in fewer emissions. The study presents the economic situation of the enterprises with the ten highest emission values, given that they are responsible for more than 98 percent of emissions.
XI. évf. 2023. SPECIAL ISSUE1 2-14
DOI: 10.24387/CI.2022.SI.1