Centre of Excellence in Economic and Business Studies (CEES)

Supervisor: Prof. Dr. Szerb László, professor

The research team is investigating the competitiveness of domestic and international micro, small and medium-sized enterprises (MSMEs) using a self-developed questionnaire. The competences of MSMEs are measured along ten dimensions. The methodology and data set are suitable for identifying the unique strengths and weaknesses of small firms based on their competencies. The dataset can be complemented with a set of competitiveness indices and rankings combined with regional and institutional factors, which can be used as a basis for businesss and economic policy recommendations. 

Emphasized papers of the research group:

Lafuente, E., Szerb, L., Rideg, A. (2020) "A system dynamics approach for assessing SMEs' competitiveness."
JOURNAL OF SMALL BUSINESS AND ENTERPRISE DEVELOPMENT, 27(4): pp. 555-578.
DOI: 10.1108/JSBED-06-2019-0204.

Lafuente, E., Leiva, J. C., Moreno-Gómez, J., Szerb, L. (2020) "A nonparametric analysis of competitiveness efficiency: The relevance of firm size and the configuration of competitive pillars."
BRQ BUSINESS RESEARCH QUARTERLY, 23(3): pp. 203-216.
DOI: 10.1016/j.brq.2019.02.002.

Lafuente González, E. M., Szerb, L. (2021) "Understanding resource-based competitiveness: Competencies, business processes and alternative performance assessment."
COMPETITIVENESS REVIEW, 31(3): pp. 353-360.
DOI: 10.1108/CR-05-2021-165.

Lukovszki, L., Rideg, A., Sipos, N. (2021) "Resource-based view of innovation activity in SMEs: an empirical analysis based on the global competitiveness project."
COMPETITIVENESS REVIEW: AN INTERNATIONAL BUSINESS JOURNAL, 31(3): pp. 513-541.
DOI: 10.1108/CR-01-2020-0018.

Lányi, B., Hornyák, M., Kruzslicz, F. (2021) "The effect of online activity on SMEs’ competitiveness."
COMPETITIVENESS REVIEW: AN INTERNATIONAL BUSINESS JOURNAL, 31(3): pp. 477-496.
DOI: 10.1108/CR-01-2020-0022.

Supervisors: Dr. Gábor Rappai, professor, Dr. Krisztián Szűcs, associate professor

Related to this group are research topics based on advanced statistical, econometric tools for the analysis of complex databases, which focus mainly on mapping patterns in purchasing decisions or exploring novel relationships, including from a sport-economics perspective.

Emphasized papers of the research group:

Dairo, A. O., Szűcs, K. (2025) "Adaptive learning engine for driving marketing channel performance: a machine learning approach."
JOURNAL OF RESEARCH IN INTERACTIVE MARKETING, Vol.: ahead-of-print, No.: ahead-of-print.
DOI: 10.1108/JRIM-02-2024-0098
Scopus: 85214842532

Nagy, Á., Csóka, L., Gyimesi, A., Kehl, D., Németh, P., Szűcs, K. (2025) "Online media and fuel panic buying: unraveling causality under fixed prices in Hungary."
JOURNAL OF MARKETING THEORY AND PRACTICE, Paper: 2449923, online first.
DOI: 10.1080/10696679.2025.2449923
Scopus: 85214405646

Pham, T., Nagy, Á., Ngo, M. (2024) "The influence of perceived risk on purchase intention in e-commerce – Systematic review and Research agenda."
INTERNATIONAL JOURNAL OF CONSUMER STUDIES, 48(4): Paper: e13067.
DOI: 10.1111/ijcs.13067
Scopus: 85196866090

Rappai, G., Fűrész, D. I. (2024) "Domestic Competitive Imbalance as the “Price” of Surprise in the Champions League."
JOURNAL OF SPORTS ECONOMICS, 25(2): pp. 231-256.
DOI: 10.1177/15270025231217968
Scopus: 85179717884

Gyimesi, A., Kehl, D. (2023) "Relative age effect on the market value of elite European football players: a balanced sample approach."
EUROPEAN SPORT MANAGEMENT QUARTERLY, 23(2): pp. 544-560.
DOI: 10.1080/16184742.2021.1894206
Scopus: 85111019134

Supervisors: Dr. Zoltán Schepp, professor, Dr. Zsófia Vörös, scientific senior researcher

Generating data through questionnaire surveys and laboratory experiments, the research group investigates the personality traits and cognitive processes associated with market entry decisions, entrepreneurial success, and innovation. This line of research is mainly focused on questions related to entrepreneurial overconfidence, optimism, effectuation and alertness. The other key research line of the group concentrates on the personal characteristics behind particular financial behaviours and well-being. For instance, we study what information influences the choice of brokers to follow on social trading platforms and under what conditions herding occurs in stock markets.

Emphasized papers of the research group:

S. Gubik, A., Vörös, Zs. (2023) "Why Narcissists May Be Successful Entrepreneurs: The Role of Entrepreneurial Social Identity and Overwork."
JOURNAL OF BUSINESS VENTURING INSIGHTS, 19, e00364.
DOI: 10.1016/j.jbvi.2022.e00364.

Erdős, S., Papp, T., Vörös, Zs. (2022) "The effects of community-based signals on investment decisions in copy trading."
JOURNAL OF BEHAVIORAL AND EXPERIMENTAL ECONOMICS, 97, 101847.
DOI: 10.1016/j.socec.2022.101847.

Vörös, Zs., Szabó, Z., Kehl, D., Kovács, O. B., Papp, T., Schepp, Z. (2021) "The forms of financial literacy overconfidence and their role in financial well‐being."
INTERNATIONAL JOURNAL OF CONSUMER STUDIES, 45(6): pp. 1292-1308.
DOI: 10.14267/VEZTUD.2022.07.07.

Szerb, L., Vörös, Zs. (2021) "The changing form of overconfidence and its effect on growth expectations at the early stages of startups."
SMALL BUSINESS ECONOMICS, 57: pp. 151-165.
DOI: 10.1007/s11187-019-00297-9.

Vörös, Zs., Lukovszki, L. (2021) "The effects of subclinical ADHD symptomatology on the subjective financial, physical, and mental well-being of entrepreneurs and employees."
JOURNAL OF BUSINESS VENTURING INSIGHTS, 15, e00240.
DOI: 10.1016/j.jbvi.2021.e00240.

Supervisors: Dr. András Takács, professor, Dr. Zoltán Schepp, professor

The research team focuses on corporate financing issues, the role of the banking sector in this, the financial performance and intrinsic value of companies, the relationship between financial and capital market performance, as well as the effects of ESG (especially cleaner production) on financial performance and investor acceptance (stock market performance). The team also deals with the changes in corporate and banking practices as a result of COVID.

Emphasized papers of the research group:

Takács, A.(2024) "The impact of ESG components on brand value"
JOURNAL OF INFRASTRUCTURE POLICY AND DEVELOPMENT, 8(16), Paper: 10411.
DOI: 10.24294/jipd10411

Takács, A.(2023) "The positive effects of green technology investments on growth expectations"
TECHNOLOGY IN SOCIETY, 75(November), Paper: 102407.
DOI: 10.1016/j.techsoc.2023.102407

Ulbert, J., Takács, A., Csapi, V. (2022) "Golden ratio-based capital structure as a tool for boosting firm's financial performance and market acceptance"
HELIYON, 8(6), e09671.
DOI: 10.1016/j.heliyon.2022.e09671

Takács, A., Dobay, B.(2025) "A vagyonérték és a hozamérték közötti priorizálás az európai tőzsdei részvények árazási gyakorlatában"
STATISZTIKAI SZEMLE, 103(1): pp. 5–20.
DOI: 10.20311/stat2025.1.hu0005

Takács, A.(2024) "Empirikus bizonyítékok a vállalatok társadalmi felelősségvállalásának pozitív befektetői és fogyasztói megítélésére"
STATISZTIKAI SZEMLE, 102(9): pp. 879–895.
DOI: 10.20311/stat2024.09.hu0879

Takács, A. (2024) "A tőkestruktúra és a piaci érték közötti kapcsolat a hazai kis- és középvállalati szektorban"
KÖZGAZDASÁGI SZEMLE, 71(9): pp. 915–929.
DOI: 10.18414/KSZ.2024.9.915

Supervisor: Dr. Zsuzsanna Vitai, professor

The human resource management research group is an active member of the research project "Increasing the role of domestic companies in the re-industrialization of the national economy". The group conducts research in 5 teams:

• leadership and trust,

• the effect of entrepreneurial overconfidence on company competitiveness

• leadership, decision making and organizational theory,

• the effect of changed working conditions on employment,

• the effect of digitalization on organizational structure, the presence of power in the organization and on decision making.

The HRM Group conciusly examines several different fileds in order for an overarching research on human resource management.

Emphasized papers of the research group:

Kispál-Vitai, Zs., Németh, J. (2022) "Hasonlóság, vagy közeli kapcsolat? Az EEM és az ügynökelmélet analógiái."
VEZETÉSTUDOMÁNY, 53(8-9): 76-88.
DOI: 10.14267/VEZTUD.2022.08-09.06.

Wood, G. Kispál-Vitai, Zs. (2021) "Concepts, Practices and Trends in SHRM.", pp. 74-98.
In: Ed.: Rees, G., Smith P.(2021) "Strategic Human Resource Management: An International Perspective."
SAGE Publications, London, England.

Vitai, Zs., Benke, M. (2021) "Motivation to Learn? An Advanced Exploratory Study of Learning Motivation of Central-East European Business Students."
MARKETING ÉS MENEDZSMENT 55(2): pp. 27-35.
DOI: 10.15170/MM.2021.55.02.03.

Supervisor: Dr. Tamás Sebestyén, professor

Using methods in economic modelling, the group studies the resilience and adjustment capability of production and market systems, their reaction to different shocks, and the spread of these shocks at different levels of the economy. There is special emphasis on questions related to the structural aspects of supply and production networks, how different characteristics of economic structure are associated with the spread of and adjustment to shocks. The group develops and applies the GMR economic impact modell which is suited for simulating the potential effects of alternative technologies and the reconstruction of production systems and networks.

Emphasized papers of the research group:

Erdős, K., Baczur, R., Kehl, D., Farkas, R. 2022) "When post-merger price effect becomes smoothed over time: a case of a gasoline market merger."
Energy Economics, 105, Paper: 105682.
DOI: 10.1016/j.eneco.2021.105682.

Varga-Csajkás, A., Sebestyén, T., Varga, A. (2022) "Dynamics of collaboration among high-growth firms: results from an agent-based policy simulation."
ANNALS OF REGIONAL SCIENCE, 70: pp. 353-377.
DOI: 10.1007/s00168-022-01150-w.

Braun, E., Sebestyén, T., Kiss, T. (2021) "The strength of domestic production networks: an economic application of the Finn cycling index."
APPLIED NETWORK SCIENCE, 6, Paper: 69.
DOI: 10.1007/s41109-021-00411-5

Iloskics, Z., Sebestyén, T. (2021) "A sokkterjedés szerkezeti jellemzőinek változásai a fejlett gazdaságok között."
STATISZTIKAI SZEMLE, 99(7): pp. 661–699.
DOI: 10.20311/stat2021.7.hu0661.

Braun, E., Kiss, T., Sebestyén, T. (2020) "A magyar járműipar kapcsolati szerkezetének vizsgálata."
KÖZGAZDASÁGI SZEMLE, 67(6): pp. 557–584.
DOI: 10.18414/KSZ.2020.6.557.

Supervisors: Dr. Vivien Csapi, associate professor, Dr. Zoltán Schepp, professor

ESG (environmental, social and governance) factors are receiving increasing attention in the financial sector, as more and more investors and companies consider them important. The international and domestic research carried out by our research team will allow us to measure the impact of ESG pillars from different perspectives and make recommendations to companies based on the results. Our questionnaire-based domestic study is a particularly important element of the research, as SMEs are present in large numbers in the Hungarian economy and taking ESG aspects into account gives them the opportunity to become more competitive and better adapted to the changing market environment. The methods and tools used in the data collection and analysis allow for a broad assessment of the ESG performance of companies, and the results of the research will allow us to develop our own index and ranking, which will provide companies with concrete recommendations to improve their performance. The results of the research will be of interest not only to market participants, but also to various decision-makers (e.g. investors, government), as they will provide an opportunity to make more responsible decisions by taking ESG aspects into account.

Emphasized papers of the research group:

Csapi, V., Ulbert, J., Tóth-Pajor, Á. (2024) "Golden Ratio-based Leverage Targeting and the ESG Performance of US and European Listed Firms"
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 71, Paper: 102469.
DOI: 10.1016/j.ribaf.2024.102469
Scopus: 85198334700

Putzer, P., & Posza, A. (2024) "Transition from CSR to ESG in Tourism – A Bibliometric Analysis"
ORGANIZACIJA: JOURNAL OF MANAGEMENT, INFORMATICS AND HUMAN RESOURCES, 57(3): pp. 249–259.
DOI: 10.2478/orga-2024-0018
Scopus: 85202749530

Tóth-Pajor, Á., Bedő, Z., & Csapi, V. (2023) "Digitalization in entrepreneurship education and its effect on entrepreneurial capacity building"
COGENT BUSINESS & MANAGEMENT, 10(2), Paper: 2210891.
DOI: 10.1080/23311975.2023.2210891
Scopus: 85159209282

Ulbert, J., Takács, A., Csapi, V. (2022) "Golden ratio-based capital structure as a tool for boosting firm's financial performance and market acceptance"
HELIYON, 8(6), Paper: e09671.
DOI: 10.1016/j.heliyon.2022.e09671
Scopus: 85132351605

Nagy, A. Z., & Gaál, A. (2024) "A magyarországi kis- és középvállalkozások ESG-minősítésének kiterjesztett területi áttekintése"
ÉSZAK-MAGYARORSZÁGI STRATÉGIAI FÜZETEK, 21(3): pp. 71–81.
DOI: 10.32976/stratfuz.2024.27

Tóth-Pajor, Á., Kuti, M. (2023) "Stakeholder prioritization in the ESG practices of European listed firms."  - Under Review.

Putzer, P., Márkus, G., Csapi V. (2023) "Measuring SME's ESG performance through competitiveness."
SMALL BUSINESS ECONOMICS - Under Review.

Csapi, V., Gaál, A., Posza, A. (2023) "Effects of ESG Practices on Firms’ Flexibility Value"
JOURNAL OF SUSTAINABLE FINANCE AND INVESTMENT - Under review

Csapi V. - Gaál A. (2023) "Overview of ESG Certification of Small and Medium-Sized Enterprises in Hungary Regional Statistics." - Under Review.

Supervisors: Dr. Dóra Longauer, assistant professor, Dr. Tamás Vasvári, research fellow, Prof. Dr. József Vörös, professor

The research group is dedicated to identifying pivotal factors crucial for the development of the domestic industry. Our approach encompasses a global perspective, delving into the roles of multinational companies, the absorptive capacity of domestic entities, and the quality of connections between these segments. Special attention is given to the analysis of global value chains, (re-) location strategies and the inherent learning effects within them. This includes a thorough exploration of the dynamic optimization of production capability locations. Within our quality-focused models, we also explore dynamic pricing inquiries and examine the impact of quality-optimized inventory management on shaping production performance.

Emphasized papers of the research group:

Longauer, D., Vasvári, T., Hauck, Zs. (2023) "Investigating make-or-buy decisions and the impact of learning-by-doing in the semiconductor industry"
INTERNATIONAL JOURNAL OF PRODUCTION RESEARCH.
DOI: 10.1080/00207543.2023.2250009

Longauer, D., Hauck, Zs., Vasvári, T. (2023) "Make-or-Buy Strategies in a Multi-Stage Manufacturing Process and the Role of Learning Effect in Relocation Decisions"
COMPUTERS AND INDUSTRIAL ENGINEERING, Paper: 109259.
DOI: 10.1016/j.cie.2023.109259

Hauck, Zs., Rabta, B., Reiner, G. (2023) "Coordinating quality decisions in a two-stage supply chain under buyer dominance"
INTERNATIONAL JOURNAL OF PRODUCTIONS ECONOMICS, Paper: 108998.
DOI: 10.1016/j.ijpe.2023.108998

Hauck, Zs., Rabta, B., Reiner, G. (2022) "Impact of early inspection on the performance of production systems – Insights from an EPQ model"
APPLIED MATHEMATICAL MODELLING, 107: pp. 670-687.
DOI: 10.1016/j.apm.2022.03.003

Vörös, J. (2021) "Production Dynamics in Case of Organizational Learning"
COMPUTERS AND INDUSTRIAL ENGINEERING, 157, Paper: 107340.
DOI: 10.1016/j.cie.2021.107340