Business and Corporate Financial Literacy in the Operation of Hungarian Firms

Posted on:Dec 6,2021


The main objective of this research project is to create a new information model in the field of corporate financial literacy, with a special emphasis on the Hungarian SME sector. In my study I explore the interpretations and dimensions of corporate finance. Beyond the theoretical analysis, the study aims to justify the level and direction of the relationship between corporate financial literacy and corporate financial results, the efficiency of operations, the outcome of corporate financial decisions and corporate risk-taking. This study presents the links between financial literacy and SMEs’ sustainability. A 511-element representative sample has been taken from the Hungarian SME sector and a linear regression model was built to find a significant moderation effect of financial literacy between financial performance and results. The method used in this research study is a literature review analysis of references, manuscripts discussing topics related to financial literacy, corporate and environmental sustainability, published in the last 10 years. This study highlights the complexity of corporate financial literacy in the Hungarian SME sector and reveals the importance of corporate financial literacy and its measurement. My results show that there are positive and significant relationships between company management and corporate financial literacy.

The present study is part of a publication series, it can be considered its theoretical foundation, which attempts to shed light on the importance of corporate financial culture from a theoretical point of view.

This paper draws the attention of business leaders to the importance of financial awareness to help stakeholders and companies to provide better solutions to the existing environmental and economic challenges.


To maintain the dynamic GDP growth of the recent years, a turnaround in competitiveness is needed, as analyses by the Ministry for Innovation and Technology, the Ministry of Finance, the National Competitiveness Council, the Hungarian Chamber of Commerce and Industry and the National Central Bank show. It is a common position of all experts that a turnaround in competitiveness is inevitable to stabilise domestic GDP growth at 4-5%. The Hungarian SME sector has a decisive role, its efficient operative and strategic functioning are both required to achieve this aim. However, this also requires an adequate level of financial awareness and financial culture to make economic and financial decisions.

As an analyst and researcher in the past few years, I was looking for a topic area that had not been studied at all or not by many, in Hungary. The novelty of the present paper lies in the fact that the definition of financial literacy and its variables has only been studied by a few and in less detail in the context of the SME sector. This led to the study of corporate financial awareness, and its significance in corporate operations. One of the main aims of the study was to define corporate financial culture, focusing on the Hungarian SME sector, and in this context to develop the corporate financial literacy index to ensure measurability.

Timeliness and relevance of the topic

The main objective of the research project is to create a new information model in the field of corporate financial literature, with a special emphasis on the domestic SME sector. During the course of choosing the research topic I studied related literature to gain ideas from previous research and to find an area which had not been studied at all or not by many. The 2008 financial crisis drew attention to the real significance of financial culture (Klapper – Lusardi – Panos, 2012). The events leading to the 2008 global financial crisis, and the series of banking scandals that followed, all demonstrate the moral decline in the financial sector. The autumn of 2008 witnessed negative economic processes all over the world; businesses as well as banks disappeared overnight, there was a sharp drop in exchange rates, etc. (Tóth, 2017). In developed market economies the most serious financial downturn of our time was followed by the general trend of financial awareness and customer protection acquiring more significance (Tóth,, 2018). In order to bridge the gap in confidence and restore stability following the 2008 recession, financial customer protection has made a global breakthrough, which is reflected in the incentive for creating a European banking union as well. In connection with “the consumers of the financial markets”, education also has a significant role, given that in countries where two thirds of the national income come from services, society is most often knowledge-based.

The primary aim of the research project was mapping the financial situation and assessing the financial strategies of Hungarian small and medium enterprises, as well as identifying the components of the internal and external financial culture that take part in their development. The main hypothesis of the thesis is that to ensure the long term and sustainable competitiveness of domestic small and medium enterprises, they need a company-specific financial strategy, and also a strategy-driven way of thinking from the part of company leaders, in which financial literacy plays a key role.

The 2007-2009 financial crisis and financial literacy

After the 2007/2008 crisis, economic stimulus, reduced indebtedness, and economic restructuring on both macro and micro levels were needed. The recovery was a long process with inevitably strong fiscal and monetary policy intervention to restore solvency and to ensure the desirable level of investment, goals which are not attainable in the short term.

Economic policy interventions showed significant changes, which have become part of the current economic situation. Among others, we can mention here that the main monetary policy tool used up to that point had reached its limits – “the zero lower bound” (Blanchard et al., 2010; Blanchard et al., 2012). All. All of this was extremely important since it helped to ensure corporate credit growth and to maintain it at adequate levels – as it is common knowledge that low levels of credit considerably hinder economic recovery (Sugawara–Zalduendo, 2013; Vollrath, 2020; Cole et al.,2012). It can be stated that beyond monetary intervention the state has started to return to the economy; what is more, today’s governments are intervening in the banking system, as well. According to Lentner (2015) and Borio (2012), we can observe that state participation increased in significance in the 2008 crisis management and in the following period. The coronavirus crisis of 2020 also highlighted the inevitability of public intervention. In this new situation, it was very difficult to find the right instruments in an extremely short period of time. This situation has clearly shown the importance of public intervention in dealing with an unprecedented and unexpected economic and social crisis.

Ten years ago, the world was shaken by the Great Financial Crisis, when economic policy had to strongly intervene in order to prevent the problem in the financial sphere from spreading significantly to different areas of the real economy. Then, the state and the market intervened together, but market dominance prevailed. In the past two years, we have seen perhaps just the opposite, with the state, not the market, dictating. It is clear that the role of national governments in epidemic management has indisputably increased and the set of measures is highly similar in all countries, with a varying strength and effectiveness. By now it is apparent that there is a very close correlation between the day-to-day running of the state and the way it handled the difficulties caused by the coronavirus epidemic, i.e. where the state functioned well, defence was exemplary, too. We believe that one of the keys to success is a strong and capable state model. However, in his analysis, Kovács (2007:226-227) draws attention to the fact that “the state’s room for manoeuvring is also limited, […] and not only in economic terms”.

Public interventions should also have an educational purpose. I believe that they can only be effective if businesses can learn from them and draw the right conclusions.

In the last decade, economic actors, future entrepreneurs and economists have still referred back to the crisis, its lasting effects and taken it into account that the 2007/2008 crisis brought many changes both to the global economy and to Europe (Muraközy, 2013) though. In his book Bod (2018:11) refers to this phenomenon as follows: “… Then the crisis of autumn 2008 hit Europe and Hungary particularly strongly. It radically altered the social conditioning of the young generation that followed: today’s university students have grown up with always hearing about some kind of crisis when it came to world affairs ….”. It is also reinforced by Gary B. Gorton’s (2012) Misunderstanding Financial Crises – Why We Don’t See Them Coming, in which he emphasises that most of the economist community was caught unawares and unprepared when the financial crisis broke out. Gorton (2012) also points out that reading about a crisis in books is no substitute for experiencing it personally. Those who have been involved in a major crisis have sufficient experience of its course, and thus are likely to have a different attitude and perception of it in the future.

Definition of financial literacy

Based on the above, it is clear that the development of financial literacy is a priority these days. However, as Heleta (2014) pointed out – similarly to the OECD (2005) –, there is no universally accepted definition of financial literacy, nor an investigative methodology, despite the fact that several national and international authors have proposed their own definitions. They also argue that this makes the measurement of the standard of financial literacy a complex and difficult task. Remund (2010) shares these views on the description and content of financial literacy. For him it is not satisfactory that all those who have investigated this area use their own definitions, and usually define financial literacy in a way that best fits their research aims and research questions. Financial literacy is often narrowed down to financial expertise, financial literacy and awareness in everyday language; however, it is a much more complex issue. The common denominator in most authors’ approaches are financial knowledge, information processing ability and the ability to make sound financial decisions (Hung et al., 2009).

According to Lusardi and Mitchell (2007), financial literacy is the sum of financial knowledge and skills that help ensure economic prosperity. They point out that households with a low level of financial literacy are not able to make sound financial decisions. Their conclusions are more moderate with regard to the corporate sector: here they state that a decision is more likely to be ineffective if it is made in a lower quality financial-cultural environment. Leaders (owners and managers) with lower standards of financial skills and knowledge often make mistakes in decision-making because they do not have an adequate knowledge of the financial system and choose high-interest rate loans compared to their more knowledgeable peers. According to Bayrakdaroğlu and Şan (2014), proper financial skills are advantageous for SMEs, as in companies with a higher standard of financial literacy the rate of savings is higher and their risk management activities are appropriate – areas which are regarded as parts of financial literacy. According to Agyei (2018), financial literacy is the sum of knowledge and skills that help company leaders make good decisions. The sum of high standard knowledge and skills (an adequate level of financial literacy) significantly helps company owners in the entire process of financial planning, the allocation of scarce financial resources, record-keeping and accounting, the investment of freely disposable capital and the development and management of corporate growth. In his research, determining the level of financial literacy is based on five fundamental issues: financial knowledge on (1) risk, (2) yield, result, (3) return, (4) determining diversification and (5) adapting to inflation. Klapper et al. (2012) emphasise that the low level of financial informedness and awareness in micro, small and medium enterprises increases the difficulties in the sector. As we see it, corporate financial literacy determines the entire corporate financial management, including financial planning, as well as access to external resources and their efficient use.

The ability to make informed and proactive decisions is also stressed by Mak and Braspenning (2012), as consumers can only make responsible decisions in the possession of an adequate quality and quantity of information. Market transparency plays a key role here, since in its presence consumers are encouraged to contact financial institutions (e.g. lending). Sugawara and Zalduendo (2013) also emphasise knowledge, saying that financial literacy is the sum of knowledge and skills, which help the effective management of financial processes – to ensure stability and financial wellbeing.

Remund’s (2010) financial literacy approach also focuses on individuals, arguing that the level of financial literacy shows the extent to which social actors understand basic financial concepts, possess financial management skills and confidence in their short-term decisions and long-term sound financial planning, always taking into account their circumstances and the changes in their economic condition. Compared to earlier definitions, this one is rather complex as it incorporates both present, existing skills and abilities, and future planning and strategic foresight.

The above authors link the quality of financial literacy with corporate performance. This leads to the analysis of the key influencing factors of performance with regard to financial literacy. Our literature review has shown that in essence company age, the type of corporate governance, investment and saving policies – a part of which is HR management –, and adapting to the external environment are the most important factors (Agyei, 2018; Avram et al., 2019; Chen and Paulraj, 2004; Pepinsky, 2013; 2012).
Ratna et al. (2018) also link financial literacy with financial decisions, and say that low-level financial literacy has an influence on decision-making abilities, which is often a risk. They also claim that an improved quality of education can improve financial literacy. The authors include the importance of experience and knowledge as elements of financial literacy, since these can help broaden networks, and actors such as investors and other financial institutions will become accessible (Tóth et al., 2021).

The links between financial literacy and smes’ sustainability

There are more and more regulations about sustainability, which must be respected by market players. The importance of insuring sustainability in the SME-sector is well-documented in literature. The rapid economic development, the economic turbulence, the global challenges (challenge of sustainability, technological development)), the rapidly changing global economy and new business models give the SME-sector the opportunity to become more competitive, more effective and finally more sustainable (Pietrobelli – Rabellotti, 2011; Hosseini et al., 2019; Prasanna et al., 2019). Companies must develop sustainability in the long term, financially, environmentally and socially alike. Obviously, to be able to react to the new sustainability-based paradigms, appropriate corporate strategies are needed, by which companies can achieve competitive advantage and improve their performance performance (Degong et al., 2018; Duygulu et al., 2016). Several research projects highlight that the financial literacy of SMEs can help entrepreneurs to make more effective decisions, and thereby save costs, understand market trends, adapt better to the actual changes and challenges and apply better investment policies, which all contribute to achieving a more sustainable management (Reich-Berman,2015; Cowling et al., 2015; Jappelli et al., 2013). Adequate cost management and the choice of optimal financing instruments are very important in enabling SMEs to achieve sustainable performance goals (Shepherd et al., 2009). A high level of financial literacy makes finance more affordable and easier to create an optimal and healthy capital structure, thereby enhancing sustainability (Agung et al., 2020). In the above-listed areas close links with competitiveness and sustained growth can be recognized, which are highly dependent upon the efficiency and productivity levels of the business activities. Moreover, it was confirmed by several studies that the knowledge of employees – the intellectual capital – has a strong positive effect on companies’ sustainability. All this is of great importance for the economy as well, since green growth and sustainable development can indeed be interpreted at the macroeconomic level. Green growth strategies, given the appropriate institutional and incentive systems – that is a supporting and sustainable business environment –, improve resource management, increase productivity, and contribute to the realisation of economic activities in areas with the highest social benefit in the long term (Kuzmisin, 2009; Androniceanu, 2011).

The importance of financial culture on the corporate and macroeconomic level

When analysing financial literacy, it is important to mention that while several scientific studies deal with the financial literacy of society, there is still very little accurate information about corporate financial literacy, despite its outstanding importance. Having recognised this problem, recently several training programmes have been launched abroad to improve the accounting and financial literacy of small entrepreneurs, and young and/or micro-entrepreneurs; these have already had perceivable, positive – albeit mostly moderate – effects rate – (Drexler et al., 2014). This shows what several authors found: that there is a close link between financial literacy and corporate performance, given that companies with a higher level of financial awareness show performance growth. In conclusion, it can be stated that the lack of financial knowledge could become a great obstacle in corporate operations, growth and investment decisions. It also has to be empathised that the standard of corporate financial culture may determine the economic stability and growth of the entire national economy.

Acknowledging all these, corporate financial literacy development is more frequently expressed as a macroeconomic goal in both developing and developed countries – thus Hungary has also made efforts in this direction. Several studies have shown that companies with high levels of financial literacy have a favourable effect on the growth of the national economy, given that they tend to have positive decision outcomes, and their corporate effectiveness and profitability are also beneficial, which contribute to macroeconomic growth indirectly. If we share this viewpoint, we can draw the conclusion that SMEs’ financial literacy development is a competitiveness factor with regard to the national economy.

In the light of the above ideas, it is clear that the state plays a crucial role in corporate operations. However, in the area of financial literacy, the relevant question for us is the extent to which companies can adapt to the economic policies of the state, in areas such as:

  • constant monitoring of tax policies and their integration into corporate planning;
  • adapting to state aid schemes;
  • economic policy can be shaped to attract international capital, and the ability of domestic firms to link with foreign capital inflows is an important issue;
  • the transparency of financial institutions and government activities and the issue of confidence;
  • the business environment created by the state and how companies can capture it.

In order to achieve the above goals, i.e. the necessary paradigm shift in financial behaviour, the state should consider the following as priority tasks (based on Tóth et al., 2019, supplemented):

  • Raising awareness among businesses that they need the right knowledge and an innovation-driven mindset to cope with an increasingly fast-paced and turbulent financial and entrepreneurial environment.
  • Encouraging businesses to integrate the need to identify, mitigate and diversify risks in their operations, alongside the pursuit of financial results.
  • Making businesses aware that optimising their capital structure is key to effective operations.
  • Highlighting the negative impact that the lack of financial education and financial (professional) knowledge can have on the profitability of businesses and it can also reduce their efficiency and significantly hamper their growth and the effectiveness of their investment decisions.
  • Encouraging companies to consciously open up to international markets and increase their export activities.
  • Raising awareness of the importance of becoming cashless for companies and thus raising awareness of the use of cash-free methods of paying.
  • Encouraging companies to keep abreast of international developments and of fiscal and monetary policy measures.
  • Developing a financial and business mindset that combines openness with the ability to assess risks wisely.

As I have already mentioned, financial literacy development has become an increasingly common goal at the international level, given that it is in the state’s interest to develop financial literacy, since a higher level of financial literacy means less emphasis on redistributive and stabilisation goals, and it can also have a positive impact on the competitiveness of the country (Klapper, 2012; Jakovác-Németh, 2017; Tóth et al., 2019). In domestic government communication, it is also increasingly common to hear that governments should support both citizens and companies in making well-informed financial decisions. This is confirmed by recent initiatives designed to improve financial awareness.

In order to improve the performance and competitiveness of SMEs, appropriate supportive policies and government interventions are required which help enterprises address challenges in both domestic and international contexts, including areas such as international market access, internationalisation; enhancing innovation; digitalisation; vocational training/education/entrepreneurial skills development; encouraging participation in public procurement; taxation; access to finance; generational change, etc. Taking all these into account, the Hungarian Government, together with the Hungarian Chamber of Commerce and Industry (HCCI), has developed a targeted strategy focusing on the SME sector, entitled “Strategy for Strengthening Hungarian Micro, Small and Medium Enterprises 2019-2030”.

The Strategy is closely related to the development of corporate financial literacy. Its fundamental importance lies in the fact that, as Plakovic (2015) has pointed out, a supportive corporate business environment has a positive – external – effect on financial awareness, as companies are more open to different financial trainings, education, product and/or service development, new investments, and improvements in internal financial, controlling and accounting processes. The public-initiative strategy aims to provide the whole SME sector with a predictable framework and the right business environment for their operations. Therefore, it can be seen that this public intervention is clearly aimed at corporate financial literacy development – which is necessary, as, for example, the World Bank’s Doing Business indicator ranked Hungary last among the V4 in 2018.

With the Strategy, the state aims to improve the financial, business and management culture of enterprises. Thus the Hungarian State aims to improve the knowledge and awareness of entrepreneurs and to create the right financial and financing conditions.


Androniceanu A. (2011): Corporate management in few multinational companies represented in Romania. Management & Marketing-Craiova; 2011;(2):171-82.
Agyei S. K. (2018): Culture, financial literacy, and SME performance in Ghana. Cogent Economics & Finance 2018;6(1):1463813.
Agung DB. – Amelia S. – Gatot NA. – Mukson (2020): The Influence of Financial Literacy on Smes Performance Through Access to Finance And Financial Risk Attitude as Mediation Variables. Academy of Accounting and Financial Studies Journal 2020;4(5). (Accessed on: 05 August 2020).
Atkinson A. – Messy F. (2012): „A pénzügyi kultúra mérése: Az OECD/Nemzetközi Pénzügyi Képzési Hálózata (INFE) kísérleti kutatásának eredményei”. OECD Pénzügyi, Biztosítási és Magán-nyugdíjpénztári Mûhelytanulmányok 2012;15:1-73.
Avram A. – Nicolescu A-C. – Avram C.D. – Dan R.L. (2019): Financial Communication in the Context of Corporate Social Responsibility Growth. Amfiteatru Economic 2019;21(52):623-38.
Bayrakdaroğlu A. – Şan F. B. (2014): Financial literacy training as a strategic management tool among small–medium sized businesses operating in Turkey. Procedia-Social and Behavioral Sciences 2014;150:148-55.
Bod P. Á. (2018): Magyar gazdaságpolitika – tûzközelbôl. Akadémiai Kiadó. Budapest. p.161. p. 11-13.
Borio C. (2012): The financial cycle and macroeconomics: What have we learnt?.IS Working Papers. No 395. 2012;1-38. (Accessed on: 05 August 2020).
Blanchard O. (2010): Dell’Ariccia G,Mauro P. IMF Staff Position Notes. Journal Issue 2010;3:1-19.
Blanchard O. – Romer D. – Spence A. – Stiglitz J. (2012): In the wake of the crisis: Leading economists reassess economic policy. The MIT Press: 2012; Vol. 1.9780262017619
Chen, I.J. – Paulraj, A. (2004): Towards a theory of supply chain management: the constructs and measurements, Journal of Operations Management, 22, 119-150.
Cole S.A. – Paulson A. L. – Shastry G. (2012): Smart money: The effect of education on financial behavior. Harvard Business School Finance Working Paper 2012;(09-071):1-47.
Cowling M. – Liu W. – Ledger A. – Zhang N. (2015): What really happens to small and medium-sized enterprises in a global economic recession? UK evidence on sales and job dynamics. International Small Business Journal 2015;33(5):488-513.
Degong M. – Ullah F. – Khattak MS. – Anwar M. (2018): Do international capabilities and resources configure firm’s sustainable competitive performance? Research within Pakistani SMEs. Sustainability 2018;10(11, 4298):1-16.
Drexler A,Fischer G,A. S. (2014): Keeping it simple: Financial literacy and rules of thumb. American Economic Journal: Applied Economics 2014;6(2):1-31.
Duygulu E. – Ozeren E. – Işıldar P. – Appolloni A. (2016): The sustainable strategy for small and medium sized enterprises: The relationship between mission statements and performance. Sustainability 2016;8(7, 698):1-16.
Klapper L. – Lusardi A. – Panos G.A. (2012): Financial Literacy and the Financial Crisis, Netspar Discussion Papers DP 03/2012-007. Word Bank: Washington, USA, 2012;1-54. (Accessed on: 05 August 2020).
Gorton, G. B. (2012): Misunderstanding Financial Crises – Why We Don’t See Them Coming. Oxford University Press, New York. ISBN: 9780199922901 pp. 278.
Heleta M. (2014): Financial literacy as a factor in reducing entrepreneurial risk. FINIZ 2014-The Role of Financial Reporting in Corporate Governance 2014:112-14.
Hosseini S. – Fallon G. – Weerakkody V. – Sivarajah U. (2019): Cloud computing utilization and mitigation of informational and marketing barriers of the SMEs from the emerging markets: Evidence from Iran and Turkey. International Journal of Information Management 2019;46:54-69.
Hung A. – Parker A.M. – Yoong J. (2009): Defining and measuring financial literacy. RAND Working Paper Series WR-708. 2009;1-28. (Accessed on: 05 August 2020).
Jappelli T. – Padula M. (2013): Investment in financial literacy and saving decisions. Journal of Banking & Finance 2013;37(8):2779-92.
Kovács Á. (2007): Töredékek a versenyképességrôl, a fenntartható fejlôdésrôl és a fenntartható jogállamról. In. Lentner Csaba (szerk.) Pénzügypolitikai stratégiák a XXI. század elején. Akadémiai Kiadó. Budapest. pp. 225-243.
Kuzmisin P. (2009): The Quality of Business Environment and its Effect on the Competitiveness of a Business. Journal of Competitiveness 2009;1(1):42-55.
Lentner Cs. (2015): Az új magyar állampénzügyi rendszer − történeti. intézményi és tudományos összefüggésekben Pénzügyi Szemle 2015;4:458-72. (Accessed on: 05 August 2020).
Lusardi, A. – Mitchell, O. S. (2007): Baby boomer retirement security: The roles of planning, financial literacy, and housing wealth. Journal of Monetary Economics, 54, 205-224.
Mak, V. – Braspenning, J. (2012): Errare humanum est: Financial literacy in European consumer credit law, Journal of Consumer Policy, 35, 307-332.
Muraközy László (szerk.) (2013): Minden egész eltörött. Útteremtés és útfüggôség válságos környezetben. Akadémiai Kiadó, Budapest. pp. 90-96.
Pietrobelli C. – Rabellotti R. (2011): Global value chains meet innovation systems: are there learning opportunities for developing countries? World Development 2011;39(7):1261-69.
Prasanna R. – Jayasundara J. – Naradda Gamage SK. – Ekanayake E. –Rajapakshe P. – Abeyrathne G. (2019): Sustainability of SMEs in the Competition: A Systemic Review on Technological Challenges and SME Performance. Journal of Open Innovation: Technology, Market, and Complexity 2019;5(4):100. https//
Prete AL. (2013): Economic literacy, inequality, and financial development. Economics Letters 2013;118(1):74-76.
Purnamawati IGA – Yuniarta GA. (2018): Pelatihan dan Pendampingan Penyusunan Laporan Arus Kas untuk Pengelola Koperasi di Kecamatan Buleleng. Proceeding of Community Development 2018;1:189-97.
Ratna, D. – Al-shami, S. – Rahim, B. – Setya, M. (2018): Factors that influence financial literacy on small medium enterprises: A literature review, Opción, 34, 1540-1557.
Remund D.L. (2010): Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs 2010;44(2):276-95.
Reich CM. – Berman JS. (2015): Do financial literacy classes help? An experimental assessment in a low-income population. Journal of Social Service Research 2015;41(2):193-203.
Tóth R. (2017): A logisztikai vállalatok versenyképességének elemzése, valamint a pénzügyi kultúrának értelmezése ezen ágazatban. Logisztikai Trendek és Legjobb Gyakorlatok 2017;3(1):1-5.
Tóth, R. – Túróczi, I. – Gyurcsik, P. (2018): A pénzügyi kultúra értelmezése a hazai mezôgazdasági vállalkozások vonatkozásában – I. rész. A FALU 33: 1 pp. 77-85.
Tóth, R. – Zéman, Z. – Túróczi, I. – Kása, R. – Popp, J. – Oláh, J. (2021): The system of relationships between sustainable corporate governance and corporate financial literacy. POLISH JOURNAL OF MANAGEMENT STUDIES 23:1. 418-435.
Shepherd DA. – Wiklund J. – Haynie JM. (2009): Moving forward: Balancing the financial and emotional costs of business failure. Journal of Business Venturing 2009;24(2):134-48.
Sugawara N. – Zalduendo J. (2013): Credit-less recoveries: neither a rare nor an insurmountable challenge. The World Bank: 2013.1813-9450
Vollrath D. (2020): Fully Grown: Why a Stagnant Economy is a Sign of Success. University of Chicago Press: Chicago, USA, 2020.978-0226666006

Dr. Róbert Tóth PhD
Senior Lecturer, Institute of Economics and Management
Faculty of Law of the Károli Gáspár University of the Reformed Church in Hungary