Nowadays, strategic flexibility and its effect on organizational performance are crucial to discuss. Moreover, organizations, especially industrial companies, should estimate how flexibility as a mechanism can improve organizational performance. The Hungarian food industry is highly significant in the industrial sector of the Hungarian economy. Therefore, the aim of this paper is to evaluate how the performance of the Hungarian food industry is affected by strategic flexibility, using supply and demand uncertainty as moderators. It is a quantitative and causal study. A survey was conducted to collect the primary data from a proposed sample of managers at the target companies. As a result, 301 valid responses have been analyzed in SPSS. Regression analysis, correlation, and moderation analysis are used as well. The results indicated that strategic flexibility generally enhances the performance of the target companies, and 20.3% of changes in companies’ performance are related to strategic flexibility. The flexibility of resources affects only the operational performance, while the flexibility of coordination positively affects company performance; it has a 44.2% influence. The findings also showed that uncertainty does not moderate the relationship between strategic flexibility and target firms’ performance. Thus, strategic flexibility is considered as one-effect mechanism in a stable business environment. In all cases, strategic flexibility should be applied in addition to other managerial techniques to enhance company performance.

In this paper, we investigate the relation between Environmental, Social and Governance (ESG) activities and bank performance in European markets. Different from existing literature, we also explore whether ESG activities differently affect the performance of foreign-owned banks and domestic-owned banks. The results show that higher involvement in ESG activities is associated with better performance only for foreign-owned banks, and suggest that investment in ESG activities is relevant for foreign banks since it helps to obtain legitimacy in foreign markets, and enhance their reputation on international level. Our findings provide a better understanding of whether a bank's ESG activities are in the interest of shareholders, and partially explain the contradictory results in previous studies.

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