Managerial decision making and competitiveness: the case of Hungary

Abstract

Purpose -The purpose of this paper is to explore three key aspects of managerial decision making, namely managerial skills and attitudes, information and performance measurement supporting decision making, and companies' approaches to the management of relationship with their stakeholders. Design/methodology/approach After giving a hroad view of the management practice of the sample, the paper analyzes the differences (by company size, dominant ownership, and performance) of companies according to the routines and attitudes of decision making. Findings -The findings of the research paper suggest that managerial capabilities and skills, and attitudes toward decision making, the information and performance measurement supporting decision making, and companies' approaches to the management of relationship with their stakeholders have a significant impact on the effectiveness of managerial decision making. All these factors play an important role in the competitiveness of the Hungarian companies. Research limitations/implications -This research was based on a questionnaire. Further investigations would lie necessary to check the results by interviews and case studies.Practical implications -Beyond summarizing the main experiences, the paper draws up some recommendations for the business community reflecting on the successful companies' practice. Originality/value -The tiiree factors presented by the paper can constitute a possible framework of managerial decision making in further researches.

Contemporary performance measurement systems in central and eastern Europe: a sythesis of the empirical literature

“…Secondly, a large number of authors (Čadež 2002;Szychta 2002;Haldma/Lääts 2002;Pärl 2006;Wagner et al 2007;Zoltay Paprika et al 2008) reported the lack of appropriate management accounting knowledge as a factor holding back the development and use of contemporary performance measurement systems.…”

“…Thirdly, empirical research still fails to build on prior studies to increase the understanding of the topic. Only a couple of studies use the longitudinal approach or build on prior research (Epstein et al 2004;Rejc Buhovac/Slapničar 2007;Bodnár et al 2007;Zoltay Paprika et al 2008).…”

“…A reflective review of the findings of CEE multidimensionality studies (see Table 1) reveals the following common denominators. First, analysis of studies by year reveals apparent trends from predominant reliance on financial measures toward the usage of more balanced PMS (Hočevar et al 2001;Llaci et al 2002;Čadež 2002;Haldma/Lääts 2002;Szychta 2002;Rejc 2003;Horváth et al 2008;Zoltay Paprika et al 2008;Marc et al 2010a).…”