Crisis Resilience of Startup Companies (The Case of Hungary among the Visegrad Countries with a Focus on the Pandemic)

Kézai, Petra Kinga; Kurucz, Attila

doi:10.3390/su15097108

Cited by 6 publications

(6 citation statements)

References 73 publications

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“…The COVID-19 pandemic and resulting public health crisis had an enormous impact on the global economy at all scales and in all sectors, with disruptions affecting most types of economic activity [2][3][4][5][6][7][8][9][10][11][12], including related sectors such as logistics, transport, and energy [13][14][15][16]24]. While tourism and related activities, including food services, were most affected [20][21][22][23][24], agriculture was affected to varying degrees, depending on the scale, type, and nature of production and geographical location .…”

Section: Discussionmentioning

confidence: 99%

“…A start-up was defined as "a rapidly growing firm due to its innovation in terms of products/services and processes through the aid of IT/ICT enabled services" [1] or as "a newly established company that is in the early stages of development and is focused on bringing an innovative product, service, or business model to the market" [2] recorded a split result with positive outcomes for IT, e-commerce, healthcare-related, and digital education. At the same time, hospitality and tourism were negatively impacted [3], as revealed in Hungary and the Visegrad Countries in Central Europe. Despite immediate policy measures to support start-ups during the pandemic, the crisis was a natural selection among the newly created companies.…”

Section: Literature Reviewmentioning

confidence: 99%

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The Impact of COVID-19 Lockdown on West Romanian Crop Production in 2020

Gherasimescu,

Imbrea,

Imbrea

et al. 2023

Sustainability

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The COVID-19 pandemic and the resulting public health crisis had an enormous impact on the global economy and its sectors. Most components were adversely affected, especially the tertiary industry (the part of a country’s economy that provides services), with different types and sizes of businesses suffering to varying degrees. Reports on the impact on agriculture are not lacking, and the crisis was perceived and responded to differently from the supply chain to the household level. The research question proposed in this paper concerns the impact of the early restrictions induced by COVID-19, namely the lockdown period from March to June 2020, on Romanian agriculture and more precisely Western Romanian crop production. Two counties in the West were selected: the county Timis for its highly favourable agricultural production and the county Caras Severin for its integrative agricultural production centred on mixed farms, where crop production is integrated with animal production towards a higher added value. Using secondary data from the National Agency for Payments and Interventions in Agriculture allowed the disaggregation of data at the level of each municipality for 2019 and 2020. The choice of this dataset was related to the level of precision, as the beneficiaries of direct payments in the respective areas are verified each year for both areas and crops. The paired two-tailed t-test was used to test the data for each LAU 2 municipality in each of the selected counties; as the crops sown in 2019 could not be affected by the COVID lockdown period in spring 2020 (March to June), the most important spring crops in terms of area in 2020 were selected and tested against the 2019 datasets. The results show that there is not enough evidence to conclude a significant statistical difference between the two years, and therefore, we cannot reject the null hypothesis and conclude that the pandemic lockdown did not affect the spring crops during their most restrictive period in spring 2020; thus, the overall influence of the COVID-19 lockdown on crop production in Western Romania was insignificant, observed only at the level of primary production. Spring crop production could have been severely affected by the restrictions imposed by the health crisis on access to certain inputs, freedom of movement for field work, and other activities closely linked to agricultural production, leading to early disruptions along the food chain.

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Section: Discussionmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

The Impact of COVID-19 Lockdown on West Romanian Crop Production in 2020

Gherasimescu,

Imbrea,

Imbrea

et al. 2023

Sustainability

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“…Analyzing the creation of new start-ups in the Visegrad Group countries, Poland is the leader, followed by the Czech Republic, Hungary, and Slovakia [53][54][55]. The emergence of new enterprises means that the potential is directed towards new concepts that have a chance to revolutionize markets.…”

Section: Economic Situation Of Enterprisesmentioning

confidence: 99%

“…The emergence of new enterprises means that the potential is directed towards new concepts that have a chance to revolutionize markets. Therefore, bankruptcies and problems in industries can be viewed through the system of opportunities that appear in the environment and that are used for new ideas [55][56][57].…”

Section: Economic Situation Of Enterprisesmentioning

confidence: 99%

Challenges and Opportunities for the Development of Polish Enterprises in the Face of Crisis Threats

Sobczak,

Chomać-Pierzecka

2024

World

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Enterprises are currently facing difficult decisions due to the threats caused by the ongoing economic crisis, the war in Ukraine, and inflation. Due to broken supply chains, companies are struggling with rising costs and problems in the supply of raw materials. The economies have turned towards local markets. Companies are looking for ways to become independent from global suppliers and are trying to look for those who offer similar goods but in closer proximity to diversify supplies. Difficulties in recruiting appropriate staff cause problems related to staff turnover and changes in the organizational culture of the company. The research shows that companies focus less on strategies for entering new markets and focus on waiting out the difficult period and generating as few losses as possible. Companies that were already struggling with problems and did not manage to return to the pre-pandemic state after the pandemic are starting to implement a strategy of survival in the market. As research by other researchers indicates, innovation and the creation of new products are strongly related to the crisis. Companies, faced with changing market rules, are looking for new solutions. Companies that have been operating in the market longer cope better with changes and are more prepared for crises than young enterprises.

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“…They found that entrepreneurial returns in V4 countries are 22% higher on average than the employee return [42]. Kézai-Kurucz (2023) examined resilience, which is essential for startups in the V4 countries, as a key to survival during the COVID-19 pandemic [43].…”

Section: Characteristics Of the Sme Sector Of The Visegrad Countriesmentioning

confidence: 99%

Financial Analysis and Survival Research of the Visegrad Countries’ Health Industries

et al. 2023

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Our study examined the financial situation of small and medium-sized enterprises (SMEs) in the health industry of the Visegrad Four (V4: Czech Republic, Poland, Slovakia, Hungary) in the period 2008–2021. The basis of the analysis was the reports available in the Crefoport database. During the analysis, we took into account four key financial indicators (liquidity, profitability (ROA), efficiency, capital structure) and used the Kaplan–Meier survival estimator to examine the viability of enterprises. In our study, we draw attention to the national economic importance of healthcare SMEs in the CEE region, and within that, in the V4 countries during the period of Industry 4.0 and the COVID-19 pandemic. Our research goal is to examine the life expectancy of healthcare enterprises operating in Hungary at the time of their establishment, in relation to the SMEs of the other three countries. The health industry SMEs of the V4 countries showed positive growth (+18%) in the period under review compared to the average of the 3 years before the COVID-19 pandemic, in the average of the first 3 years of the COVID-19 pandemic. The study paid particular attention to the life expectancy of businesses at the time of establishment. According to our results, the life expectancy of healthcare enterprises operating in Hungary at the time of establishment is high, but it does not differ significantly from that of the other examined countries. Our study highlights that the health industry SMEs of the examined countries do not need financial support; they are standing on a stable footing, which provides them with an excellent opportunity to either expand abroad or introduce innovations.

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Crisis Resilience of Startup Companies (The Case of Hungary among the Visegrad Countries with a Focus on the Pandemic)

Cited by 6 publications

References 73 publications

The Impact of COVID-19 Lockdown on West Romanian Crop Production in 2020

The Impact of COVID-19 Lockdown on West Romanian Crop Production in 2020

Challenges and Opportunities for the Development of Polish Enterprises in the Face of Crisis Threats

Financial Analysis and Survival Research of the Visegrad Countries’ Health Industries

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