Innovation, Financial Culture, and the Social-Economic Environment of SMEs in Hungary

Abstract

Despite the numerous pieces of research that have been undertaken to aid understanding of the innovative activities of small- and medium-sized enterprises (SMEs), only a few have dealt with the interaction between innovation activity and the finance-related attitudes, literacy, and knowledge (competencies) of these companies. The current research focuses on specific aspects of the innovation activities of SMEs in a post-communist society (Hungary) by taking into consideration elements of both entrepreneurial financial culture and the social-economic environment. Our analysis is based on a national representative survey, 2017. Results show that the presence of a creative financial culture, and the grounding of management decisions correlate with company innovation. We found that subsidies as external financial sources contribute to a larger extent to the innovation activities of SMEs than other external and internal financial resources. Moreover, the study explores the effects of some economic and social competition-related factors.

Generational Change in the Society of Hungarian Large Entrepreneurs: Expected Developments

“…Thus, we will be in a position to compare decades of change in entrepreneurial behavior during the years of the Hungarian postcommunist regime after 1989. During our research, we have also been able to use the results of other Hungarian researchers (Győri et al 2019;Kuczi et al 1991;Szalai et al 1994).…”

Micro y pequeñas empresas familiares y no familiares en Latinoamérica: Diferencias en su cultura financiera

“…Se considera que la educación financiera es una combinación de conciencia, conocimientos, habilidades, actitudes y comportamientos necesarios para tomar decisiones financieras acertadas y, en última instancia, para lograr el bienestar financiero (Atkinson & Messy, 2012). Los estudios referentes a la cultura financiera se abordan desde múltiples perspectivas, como la actividad de financiamiento, sus formas de gestión, como apoyo a la toma de decisiones y su forma de aplicación en la empresa (Győri, Czakó & Horzsa, 2019).…”

Strategic priorities and competitiveness of businesses operating in different entrepreneurial ecosystems: a benefit of the doubt (BOD) analysis

“…According to Győri et al (2019), Hungary still presents characteristics of a post-communist society, whose roots have marked the development of both the socio-economic environment and the innovative culture of SMEs.…”

“…Concerning Hungary, after the introduction of market reforms in the early 1990s, the number of SMEs increased rapidly, doubling in size in just 5 years (1991–1996) (Szerb et al , 2017). According to Győri et al (2019), Hungary still presents characteristics of a post-communist society, whose roots have marked the development of both the socioeconomic environment and the innovative culture of SMEs.…”