“…In the empirical literature, two broad categories of research methodology with respect to complex indicators can be distinguished. One stream of studies (Csatári, 1999;Faluvégi & Tipold, 2007;Hahn, 2004;Jeney & Varga, 2016) categorizes the variables used for analysis into dimensions, and creates a composite indicator per dimension. Other papers (Bíró & Molnár, 2004;Bodnár, 2016;Cserháti, Dobosi, & Molnár, 2005;Faluvégi, 2004;Fazekas, 1997;Lukovics, 2008;Lukovics & Kovács, 2011;Obádovics, 2004;Ritter, 2008), including that of Michalek and Zarnekow (2012a) , use all the available data as a single group, arguing that the value-creating properties of the economy, human endowments, infrastructure, etc.…”