Forum Scientiae Oeconomia • Volume 7 (2019) • No. 3

Market structure and concentration ratio: evidence of IT companies in Hungary Judit Oláh, József Popp, Domicián Máté, Yusmar Ardhi Hidayat Abstract DOI: 10.23762/FSO_VOL7_NO3_1 The high numbers of Information Technology (IT) companies in Hungary may correlate with their market share. The num- ber of existing companies may create a and high levels of concentration. Therefore the purpose of this Judit Oláh research is to analyse the market structure and concentra- e-mail: [email protected] tion of IT companies in Hungary. Data used in this research University of Debrecen, is secondary data, and the tools of analysis used are the Debrecen, Hungary Hirschman-Herfindahl Index (HHI) and Concentration Ratio (CR). The results suggest that the type of market structure József Popp of IT companies in Hungary can be categorised as an oli- e-mail: [email protected] gopoly with low concentration. It follows that there is no lead- Szent István University, ing company on the IT market. Here the findings indicate that Gödöllő, Hungary telecommunication providers are deemed to be leaders in the IT industry in Hungary. In the market, the strat- Domicián Máté1 egy of a telecommunication provider would influence other e-mail: [email protected] competitors to set the price and differentiate their services. In addition, the government may stimulate the development of Yusmar Ardhi Hidayat IT companies by imposing a differentiated tax. e-mail: [email protected] University of Debrecen, KEY WORDS Debrecen, Hungary Information technology companies, market structure, con- centration ratio, and oligopoly. 1Corresponding author Introduction Information technology (IT) companies fied within code 51 including Magazines, produce value-added products or services Books and Software (511); Publishing of related to information technology, including periodicals, periodicals, books and directo- computer hardware, software, electronics, ries (5111); Software publishing (5112); Film semiconductors, internet, telecommunica- Production and Music Exhibitions (512); tion equipment, and e-commerce (Jaya- Broadcasting (excluding Internet) (515); wardane and De Alwis, 2017). IT compa- Radio and Television Broadcasting (5151); nies use hardware, software, services, and Cable and other pay-TV services (5152); supporting infrastructure to manage and Telecommunications (517); Wired and deliver information using voice, data, and wireless telecommunications (5173); Wired video (Žuľová et al., 2018). Based on the and wireless telecommunications (51731); North American Industry Classification Wired telecommunications (517311); Wire- System (NAICS), the IT industry is classi- less telecommunications (excluding satel- Paper received: 4 June 2019 • Paper revised: 15 August 2019 • Paper accepted: 22 August 2019  Forum Scientiae Oeconomia • Volume 7 (2019) • No. 3

lite) (517312); Data processing, web-host- the business areas of telecommunication, ing (518); Other IT Services (519); Other IT mobile phone, fixed-line, broadband in- Services (5191); and Online Media (51913) ternet, and pay-tv (EMIS, 2018a). Further- (EMIS, 2018a). more, the market has been concentrated The Hungarian IT industry contributed on the influence of just a few companies. In 5% of the overall Gross Domestic Product line with the rapid growth of e-commerce, in the last two years. The IT industry also the IT industry has been growing rapidly had net revenues of approximately 8.7 mil- for the last five years. The development of lion Euro in 2016, an increase of up to 0.9% IT companies in Hungary over a five-year year on year. The Hungarian IT sector is period is shown in Figure 1. dominated by multinational companies in

Figure 1. Number of IT companies in Hungary 2013-2017

Source: EMIS, 2018b. Many Information Technology (IT) com- also encountered challenges in the forth- panies sharply flourished in the three years coming years in terms of the development since 2013, reaching a peak in 2015. How- of 5G services and Industry 4.0. Further- ever, the number rapidly decreased be- more, government regulations have im- tween 2015 and 2017. In general, there was posed special telecommunication and util- a slight increase in the quantity of IT com- ity taxes on the IT industry. However, the panies by approximately 2% for five years government pressures the IT Industry to from 2013 until 2017. The number of IT provide services at an economical price. In companies in Hungary will probably stead- comparison to Central European countries ily increase after 2017. This shows that IT in 2017, the GVA of the Hungarian IT sector companies face a fierce level of intense reached about 1.2 billion Euro which was competition on the Hungarian IT market. only one-third of Poland’s GVA. The GVA In spite of stiff competition, the Hungar- of the Hungarian IT sector was lower than ian IT industry has a stable share of Hun- Austria, Romania, and the Czech Republic, gary’s economy, contributing between which have GVA of more than 2.5 billion approximately 4.9% and 5.6% of Gross Euro (EMIS, 2018a; Androniceanu, 2019). Value Added (GVA) between 2008 and Profit-seeking is the main reason why 2015. This industry has also contributed IT companies enter the market. The profit positively to economic growth during the fluctuation of IT companies from 2013 until economic crisis period. The IT industry has 2017 is depicted in Figure 2. Market structure and concentration ratio: evidence of IT... 

Figure 2. Profit of IT companies in Hungary 2013-2017 (Million Euro)

Source: EMIS, 2018b.

Based on Figure 2, the beginning profit It is important to analyse the market struc- was about 0.8 million Euro, then profit dou- ture and concentration in IT companies in bled from 2013 to 2014. However, the profit Hungary because there are more than 1300 decreased significantly between 2014 and companies which are active on the market. 2016 to the lowest level of profit of about The companies may try to obtain profit in 0.6 million euro. The final profit recorded in a competitive market. The number of compa- 2017 was slightly higher at about 1.2 million nies in the market determines how concen- Euro. In general, profit fluctuated but tend- trated the market is. As a result, the market ed to increase slightly during the five years concentration may determine the number of when this sector grew rapidly (Borocki et market shares based on the profit acquired al., 2019). Based on the correlation be- by IT companies (Oláh et al., 2018). A higher tween the number and profit of IT compa- level of may result in nies in Hungary, one may conclude in gen- lower revenues, while lower market concen- eral that the slight increase in the number tration may increase the level of profits (Ga- of IT companies in Hungary may result in a vurova et al., 2017). Based on the aforemen- corresponding slight increase in company tioned points, the purpose of this research profit. There are many companies on the is to investigate the market structure and market, which may lead to tight competi- concentration of IT companies in Hungary. tion. IT companies may compete with many This research is based on a scientific competitors for profits. In addition, market background of market structure, con- concentration is correlated with the high or centration, and implication in the case of low level of their profits. Furthermore, the Hungarian IT companies. We apply the level of profits obtained by these compa- Herfindahl-Hirschman and Concentration nies indicates the level of company per- Ratio to analyse the data. Subsequently, formance on the market (Gavurova et al., we deliberate certain empirical evidence of 2017). Hungarian IT companies may use the links between government policy and their profits to support company perform- market structure. Finally, we shall summa- ance and improve their ability to meet fu- rise some of the implications of the results ture challenges supporting Industry 4.0. for further research. 10 Forum Scientiae Oeconomia • Volume 7 (2019) • No. 3 1. Literature review short run. Next, the monopolist may set the Market structure is defined in terms of marginal cost similar to marginal revenue the of firms. Market power in the long term. The market im- describes a situation in which a company plies a negative effect on the market be- has power over price. In the operational cause the monopolist may impose a high view, market power refers to monopolistic, price on customers. oligopolistic or competitive power (Pandey, 1.3. Oligopoly 2004; Sanusi et al., 2017). Market classifi- An oligopolistic industry is one in which cation is based on the importance of indi- only a few companies determine the vidual firms in relation to the entire market change of output quantity and price, which in which they operate, and whether the may affect others. As a consequence, products sold in a particular market are ho- other companies will respond to an adjust- mogenous. From this taxonomy, there are ment in price or output based on decisions four market types, namely pure competi- made by one firm. In general, companies tion, pure monopoly, oligopoly, and mo- may offer different products or services on nopolistic competition (Meyer et al., 2017; the oligopolistic market. The companies Nguyen and Kira, 2014). The various types offer similar characteristics of products or of market are described below. services to customers by offering a lower 1.1. Perfect competition price than market price to get a special A significant factor is symmetric informa- market share. In connection with the above, tion on the market. Consumers have per- IT companies may improve the quality of fect information about the product or serv- services offered to the customer in order ice offered by the company. IT companies to compete in the market. offer homogenous products or services to The companies have the power to deter- customers (Ključnikov et al., 2019; Radu, mine the demand, the price, and the output 2018; Schüller et al., 2015). The companies in the market. As a consequence, the firms may set the selling price of goods accord- could predict changes in price and output ing to the price on the market determined in the market by setting the supply curve by the interaction of supply and demand. either in part or as a whole. The companies They also can enter and/or exit the market may collude with others to an extent in or- freely. In the short run, the companies may der to have an impact on the pricing mecha- make the most profit by making the mar- nism in the market (Plaček et al., 2016). ginal cost one and the same as marginal In the short run, companies determine revenue and product price. Furthermore, the price and output as a form of collu- in the long run, companies may obtain sion with other companies on the oligopoly profit if price equals average cost. market. This reflects the negative side of the oligopoly market. The companies are 1.2. Monopoly involved in a price war on the market. Sub- The company may achieve monopoly sequently, as industries mature, the rela- power if they sell non-substitutive products tionship between the companies develops or services. The monopolist may decide to into a more collusive one. Consequently, set the price, the quantity of product sup- the price may become rigid so that the plied, and demand. The monopolist may companies may avoid a price war. Further- consider adjusting the price by restricting more, the firms may take part in non-price sales volume to maximise the profit in the competition, for instance advertisement Market structure and concentration ratio: evidence of IT... 11 and product differentiation. In the long higher level of concentration would reduce run, companies may modify the scale of competition by encouraging collusive be- the plant to determine the number of prod- haviour between firms; by contrast, lower ucts as a positive impact of an oligopoly concentration on the market may result in market (Mura et al., 2018). The companies improved performance by discouraging may produce the quantity of output at the collusive behaviour. Furthermore, a larger minimum average cost. As a consequence, market concentration may lead to higher newcomers may not enter the market. In profits. Market concentration refers to the addition, the current collusion may block accumulation of market shares in a par- new companies from entering the market ticular business. It concludes that the high in order to obtain long-run profits. level of market concentration determines that few companies may achieve a larger 1.4. Monopolistic competition market share (Rahman et al., 2019). How- Monopolistic competition consists of ever, low market concentration implies that many suppliers which offer differentiated a large number of companies may main- and substitutive products. Companies tain a lower level of market revenue (Belás consider maximising the profit by setting et al., 2015; Cipovová and Belás, 2012; the price and output when marginal cost Kliestik et al., 2018). In addition, large mul- is similar to marginal revenue in the short tinational companies have dominated the term. Furthermore, the market equilibrium Hungarian IT industry. may create a barrier to newcomers entering the market in the long term. Companies on 2. Method and data the monopolistic market may obtain profit The data used in this research is second- and set the price of the product at the inter- ary data downloaded from the EMIS web- section of marginal cost and marginal rev- site. The data consists of the profits earned enue. The potential profit, in the long run, by IT companies in Hungary in 2017 and may encourage newcomers (Kliestikova et 2018. One equation which reveals market al., 2019; Nguyen and Kira, 2014). concentration is the Hirschman-Herfindahl Rathinasamy et al. (2000) state that mar- Index (HHI) and the Concentration Ratio ket structure (power) could be measured (CR) (Pandey, 2004; Rathinasamy et al., by the Lerner index, the Herfindahl-Hir- 2000). schman index or Tobin’s Q (Pandey, 2004). Market structure and market concentration HHI = ...... (1) correlates to profit and IT companies’ be- where: haviour in competing with other compa- HHI = Herfindahl-Hirschman Index nies. Bain argued that fewer companies Si = Market share squared on the market may lead to less competitive n = total companies in the market behaviour and performance. The company would increase its performance based on The HHI ranges from 1/N to 1, where N the ability to achieve a higher level of in- is the number of companies in the market. come. There would be a positive relation- Similarly, if percentages are used as whole ship between concentration and perform- numbers, the index can range up to 10,000. ance (Gavurova et al., 2017; Meyer et al., The meaning of the HHI can be shown in 2016; Ślusarczyk and Kot, 2012; Valask- four categories, as follows: ova et al., 2018). In addition, Rumler and • An HHI below 0.01 (or 100) indicates Waschiczek (2016) also argued that the a highly competitive industry. 12 Forum Scientiae Oeconomia • Volume 7 (2019) • No. 3

• An HHI below 0.15 (or 1500) indicates statistics are applied to analyse the mean, an un-concentrated industry. median, range, deviation, and group of the • An HHI between 0.15 to 0.25 (or 1500 IT Industry. to 2500) indicates a moderate level of industry concentration. 3. Results and discussion • An HHI above 0.01 (or 2500) indicates There are 1990 IT companies in Hungary, a high concentration. based on data downloaded from EMIS. Al- The equation for CR is shown in equa- most all the IT companies are located in tion 2 Budapest, as shown in Table 1. CR = ...... (2) Table 1. Number and location of IT companies in where: Hungary City Number of IT CR = Concentration Ratio No. in Hungary Companies where: 1 Budapest 1437 r = market share industry i…..n 2 Debrecen 35 The concentration ratio (CR) is calculat- 3 Budaors 32 ed as the sum of the market share percent- 4 Szeged 20 age held by the largest specified number 5 Szekesfehervar 20 of firms in an industry (Gupta and Krishna- 6 Pecs 19 murti, 2016). The CR ranges from 0% to 7 Nyiregyhaza 19 100%, and an industry’s concentration 8 Gyor 19 ratio indicates the degree of competition 9 Erd 17 in the industry. The categories of CR are 10 Miskolc 13 described below: 11 Kecskemet 13 12 Szentendre 10 • No concentration, if the CR is close to 13 Tatabanya 10 0% (which is only possible for quite a 14 172 cities (with fewer than 326 large number of firms in the industry); 10 companies). this indicates there is perfect compe- Total 1990 tition, or at the very least monopolistic Source: EMIS, 2018b. competition. The total IT number of IT companies re- • Low concentration, if the CR ranges corded by EMIS is 1990, but the number of 0% to 40%; this indicates that the cat- active IT companies is around 1330. Most egory of the industry ranges from per- IT companies are concentrated in the capi- fect competition to an oligopoly. tal city and the rest are located in provin- • Medium concentration, if the CR cial cities, as shown in Table 1. ranges 40% to 70%; this indicates Many IT companies compete in the mar- that the industry is categorised as an ket for revenue. The figures for the total rev- oligopoly. enue obtained by IT companies in 2018 is • High concentration, if the CR ranges given in Table 2. 70% to 100%; this indicates that the industrial category ranges from an Table 2. Descriptive statistics of the total revenue of IT oligopoly to a monopoly. companies in 2018 Value in million The concentration ratio is used to ana- Total Operating Income Euro lyse the categories of the operating in- Statistic 10.50 Mean come of the IT companies, their market Std. Error 71.86 share, and concentration ratio. Descriptive Range Statistic 1970.01 Market structure and concentration ratio: evidence of IT... 13

Std. Deviation Statistic 71.86 comprising only three per cent of the sam- Variance Statistic 5164.75 ple, are those companies with a market Statistic 21.7 share of between one and five per cent. Skewness Std. Error 0.077 The remaining 0.3 per cent have a market Statistic 563.06 share of between five and 10 per cent. Only Kurtosis Std. Error 0.155 one company has a market share above Source: EMIS, 2018b; n=1990. 20 per cent. This company is a telecom- munications company, as are the compa- The average total revenue of IT compa- nies with a market share of five to 10 per nies was approximately 10.5 million Euro cent. The low market share indicates that in 2018, with a range of total incomes of most companies have low total revenues. about 1970 million Euro. This indicates In addition, IT companies face the possi- that there may be a large range of total in- bility of losing profits because the govern- comes among IT companies. Furthermore, ment will levy ad hoc taxes and a utility tax the standard deviation is about 71.8 million (EMIS, 2018b). This dual taxation might not Euro. The positive skewness value shows be an effective way to stimulate the devel- that the income distribution of IT compa- opment of IT companies. One policy which nies is mostly below average. This shows the Hungarian government might consider that the majority of IT companies earn be- is to set a proportional tax on small and low-average income. In addition, kurtosis medium-sized companies. Instead, it is shows the homogeneity of data. The kurto- considered possible that the government sis with a positive value indicates that most could impose a proportional tax on small IT companies generate similar income as businesses. However, the government other companies in the market. Most of could levy a progressive tax on companies the companies that earn below-average in- that have high profits with a market share comes are small and medium companies. of more than twenty per cent. Based on their market share, the IT com- Based on the analysis of net revenues, panies are classified into four groups. This the Herfindahl-Hirschman Index (HHI) is classification indicates the different groups applied to analyse the market share and of IT companies operating in the market. the concentration of shares on the IT mar- The classification is shown in Table 3. ket. The HHI represents the market share Table 3. Market share groups of IT companies of IT companies. The results of the HHI Group Frequency Percentage analysis are depicted in Table 4. Market share >20 per cent 1 .1 Market share 5-10 per cent 3 .3 Market share 1-5 per cent 30 3.0 Market share 0-1 per cent 966 96.6 Total 1000 100.0 Source: EMIS, 2018b; n = 1000.

A high percentage of IT companies have a market share of below one per cent. This implies that most IT Hungarian companies earn a low total operating income. Most of these companies are small and medium- sized enterprises. Next, the second group, 14 Forum Scientiae Oeconomia • Volume 7 (2019) • No. 3

Table 4. Herfindahl-Hirschman Index analysis of the top 10 IT companies in Hungary Net Revenues Market Share No. Top 10 Companies in the IT Market MS2 (in million Euro) (MS) 1 Magyar Telecom 1970.49 22.27% 495.7958 2 Magyar Posta 543.02 7.59% 57.54697 3 Telenor Hungary 539.91 5.66% 32.00331 4 Vodafone Hungary 505.93 5.04% 25.43958 5 UPC Hungary 316.54 4.81% 23.17658 6 Invitel 241.16 1.33% 1.769496 7 DIGI 229.95 1.58% 2.489432 8 NemzetiInfokummunikacios 190.85 1.57% 2.477786 9 NNG 159.47 1.10% 1.212487 10 SAP Hungary 153.77 1.01% 1.017583 Total 4851.09 HHI10 642.929 Source: EMIS, 2018a; n = 10.

Magyar Telecom has the highest net in- Table 5. Herfindahl-Hirschman Index cumulative come with a market share value of about Cumulative Fre- 22 per cent, whereas Magyar Posta has No Company quency of Concen- tration Ratio only one-third of the revenue of Magyar 1 Magyar Telecom 22.27% Telecom. Telenor Hungary and Vodafone 2 Magyar Posta 29.85% Hungary have similar net revenues of 3 Telenor Hungary 35.51% around 500 million Euro with a similar mar- 4 Vodafone Hungary 40.55% ket share of about 5%. UPC Hungary has 5 UPC Hungary 45.37% a net revenue of about 300 million Euros, 6 Invitel 46.70% with a market share of under five per cent. 7 DIGI 48.28% The remaining companies with a market 8 NemzetiInfokummunikacios 49.85% share of about one per cent are Invitel, 9 NNG 50.95% DIGI, NemzetiInfokummunikacios, NNG, 10 SAP Hungary 51.96% and SAP Hungary. Source: EMIS, 2018a; n=10. The market share of the top 10 IT com- Based on Table 5, four IT companies panies shows that there is no single IT account for 40% of the cumulative market company which dominates the market in share. These figures indicate an oligopoly Hungary. This is shown by the value of market, which means that there is low con- the market share from the Herfindahl-Hir- centration on the market, and no single schman Index (HHI), which is about 643, dominant entity. Furthermore, IT compa- i.e. below 1500. This means there are no nies have not been able to enter into formal companies which have a significant lead collusion to determine the price of serv- in the market. It also shows that there is ices for customers. This implies that most a competitive marketplace among IT com- IT companies in Hungary may generate panies in Hungary. Furthermore, it also lower market revenue, as shown in Table 4 represents low market concentration or an (Gavurova et al., 2017; Pandey, 2004). un-concentrated market in the IT industry. Telecommunications companies domi- nated the list of the top 10 companies in the IT industry. This result may support the previous research conducted by Mahajan (2006) and Gavurova et al. (2017) with the Market structure and concentration ratio: evidence of IT... 15 same condition that the mobile phone competitiveness of the Hungarian market, provider-type of company is categorised i.e. food, manufacturing and pharmaceu- as an oligopoly market. The oligopolistic tical industries (Lakner et al., 2019; Máté market for mobile phone providers in Hun- et al., 2017). This research could continue gary is dominated by telecommunications to examine the strategic planning and col- companies, which implies that if providers lusive behaviours adopted to survive in an changed their output and prices it would oligopolistic market. affect other companies, and other firms This study can contribute to an analysis would react to any price or output changes of the market structure and the concentra- initiated by one company. Telecommunica- tion of profit among IT companies. It also tion providers in Hungary may offer differ- suggests that the Hungarian government entiated services, but the services of each should impose a proportional tax on small- firm have similar characteristics. In addi- medium IT companies, as they constitute tion, IT companies may be discouraged the majority on the market. However, the from entering into any collusion strategy government could levy a progressive tax with other similar companies (Gupta and on companies with a market share of above Krishnamurti, 2016; Mahajan, 2006; Nguy- 20 per cent. This policy could be an effec- en and Kira, 2014; Pandey, 2004). tive approach to developing IT companies in Hungary. Small and medium-sized IT Conclusions companies, which make up the majority Most IT companies operate in the capi- of companies, could invest their profits in tal city. The market type among IT compa- developing their performance in order to nies in Hungary tends toward an oligopoly support Industry 4.0. This study could con- market with low concentration. As a conse- tinue to investigate the strategy and collu- quence, the large number of IT companies sion behaviours adopted by IT companies can determine the share of total revenue, to survive on an oligopolistic market. and this means that there are no dominant companies on the IT market. In addition, Acknowledgements the highest revenues are generated by telecommunications service companies, which can be leaders on the IT industry “Project no. 130377 has been implement- market in Hungary. In an oligopoly mar- ed with the support provided from the Na- ket, the strategy of a telecommunications tional Research, Development and Innova- provider has an effect on other compa- tion Fund of Hungary, financed under the nies when it sets prices and differenti- KH_18 funding scheme.” ates its services. In line with any attempt to improve their services, IT companies References can invest their profits in developing their Androniceanu, A. (2019), Social respon- businesses, supported by the govern- sibility, an essential strategic option ment imposing a differentiated tax which for a sustainable development in the field of bio-economy, Amfiteatru Eco- is proportional for small or medium-sized nomic, 21(52): 503-519. DOI:10.24818/ companies, and a progressive tax for mul- EA/2019/52/503 tinational companies. In the future, a novel Belás, J., Bilan, Y., Demjan, V., Sipko, J. direction for research will be to obtain a de- (2015), Entrepreneurship in SME seg- tailed picture of the relationship between ment: Case study from the Czech Repub- the different factors which influence the lic and Slovakia, Amfiteatru Economic, 16 Forum Scientiae Oeconomia • Volume 7 (2019) • No. 3

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ments of logistics service providers in ments, Polish Journal of Management Hungary, International Journal of Logis- Studies, 6, 45-54. tics Research and Applications, 21(3): Valaskova, K., Kliestikova, J., Krizanova, 332-344. https://doi.org/10.1080/136755 A. (2018), Consumer perception of pri- 67.2017.1393506, vate label products: An empirical re- Pandey, I. (2004), Capital structure, prof- search, Journal of Competitiveness, itability and market structure: Evidence 10(3):149-163. https://doi.org/10.7441/joc. from Malaysia, Asia Pacific Journal of 2018.03.10 Economics and Business, 8(2): 78-91. Žuľová, J., Švec, M., Madleňák, A. (2018), Plaček, M., Ochrana, F., Schmidt, M., Půček, Personality aspects of the employee and M. (2016), The evaluation of role of the their exploration from the GDPR perspec- office for protection and competition of tive, Central European Journal of Labour the Czech Republic in regulating public Law and Personnel Management, 1(1): procurement, NISPAcee Journal of Pub- 68-77. http://doi.org/10.33382/cejllpm. lic Administration and Policy, 9(1):97-117. 2018.01.05 DOI: 10.1515/nispa-2016-0005 Radu, L.D. (2018), Green ICT: Some chal- lenges and potential solutions, Acta Oeco- Prof. Dr. H.c. Popp, József is a Correspond- nomica Universitatis Selye, 7(2): 141-150. ing Member of the Hungarian Academy of Rahman, A., Tvaronaviciene, M., Smrcka, Sciences and university professor at Szent Ist- L., Androniceanu, A. (2019), The effect ván University, Faculty of Economics and So- of bank competition on the cost of cred- cial Sciences. He is a reviewer for several in- it: Empirical evidence from the Visegrad ternational journals. The scope of his current Countries, Acta Polytechnica Hungarica, research interests encompasses internation- 16(4): 175-195. al agricultural policy analysis, competitive- Rathinasamy, R., Krishnaswamy, C., ness, rural development, supply chain man- Mantripragada, K.G. (2000), Capital agement and bioenergy. He is also an active structure and product market interaction: member and chairman of several academic an international perspective, Global Busi- and professional organisations and regularly ness and Finance Review, 5(2): 51-65. conducts professional training seminars for Rumler, F., Waschiczek, W. (2016), Have various organisations. He is also a member changes in the financial structure affect- of the Editorial Advisory Board of Amfiteatru ed bank profitability? Evidence for Aus- Economic (Web of Science) and guest editor tria, The European Journal of Finance, of Sustainability (Web of Science). https://or- 22(10): 803-824. https://doi.org/10.1080/ cid.org/0000-0003-0848-4591 1351847X.2014.984815 Sanusi, K., Meyer, D., Ślusarczyk, B. (2017), Judit Oláh, PhD, Habil. is an Associate Pro- The relationship between changes in fessor of the University of Debrecen Faculty inflation and financial development, of Economics and Business Institute of Ap- Polish Journal of Management Studies, plied Informatics and Logistics, Hungary. 16(2): 253-265. https://doi.org/10.17512/ Her research interests include logistics and pjms.2017.16.2.22 supply chain management, operations man- Schüller, D., Pekárek, J., Rašticová, M. agement, transportation and warehouse (2015), Managerial decisions on optimal management. Her research has appeared number of demand segments, in: Con- in several high-ranking national and inter- ference Proceedings from SGEM 2015: national journals. She is also a member of Sociology and Healthcare (pp. 545-552), the Editorial Advisory Board of Amfiteatru Sofia: STEF92 Technology Ltd. Economic (Web of Science) and guest editor Ślusarczyk, B., Kot, S. (2012), Polish gov- of Sustainability (Web of Science). https://or- ernment impact on foreign direct invest- cid.org/0000-0003-2247-1711 18 Forum Scientiae Oeconomia • Volume 7 (2019) • No. 3

Domicián Máté, PhD, Habil is an Associ- ate Professor at the University of Debrecen, Institute of Industrial Process Management Department of Engineering Management and Entrepreneurship. Scientific interests include analysing the role of human capital, technology and institutions in the case of productivity, employment in a sectoral ap- proach. https://orcid.org/0000-0002-4995- 7650

Hidayat, Yusmar Ardhi is a PhD student at the University of Debrecen, Hungary. He is working towards a doctoral degree in Man- agement and Business. His research inter- ests include and industry performance. https://orcid.org/0000-0002- 1835-6879