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Budapest Management Review

Budapest Management Review offers peer-reviewed coverage of topics in the fields of business and management studies since 2001. Articles both in Hungarian and English are accepted for publication. A selection of English language articles is available here:



Budapest Management Review is the leading peer-reviewed monthly journal of the Faculty of Business Administration,Corvinus University of Budapest. It covers a wide range of topics in the field of management and business administration.Manuscripts should be sent to the editorial office by email (vezetestudomany@uni-corvinus.hu) preferably in docx file format.

Each manuscript should include the following information: title of the paper, name of the author(s), affiliation of the author(s), mailing address, e-mail address of the corresponding author, acknowledgements and the paper itself. The article must start with an abstract of not more than 200 words, followed by a list of keywords (at least two, maximum six), and then the JEL codes (maximum of three). This is followed by the main text of the article. Tables and Figures should be included at the end of the main text. These should be numbered consecutively and have informative titles, as well as a clear indication of their sources.

The length of the articles with references, figures and tables should be between 20 and 24 pages with 1.5 line spacing (12 font size, Times New Roman).

References are to be given in the main text in parentheses, including the surname(s) of the author(s) and the year of publication (e.g. Veress, 1999).All direct quotations should also include the page number (e.g. Prahalad - Hamel, 1990, p. 85.). If one author has more than one publication in the same year, these should be differentiated as 2009a, 2009b, etc. References by the same author (or by the same group of authors in the same order) should be arranged by year of publication in the Reference list, with the earliest first.The references should be listed in alphabetical order at the end of the text, according to the following examples:


Author (year): Title. The place of the publication: publisher; resource

1. Example (book): Porter, M. E. (1980): Competitive Strategy. New York: The Free Press.

2. Example (journal): Prahalad, C. K. – Hamel, G. (1990): The Core Competence of the Corporation. Harvard Business Review, May-June, pp. 79-91.

Manuscripts which meet the requirements will first be read by the editor, who will decide whether to submit the paper for anonymous peer review or request clarifications and changes from the author. Each paper will then be reviewed by two anonymous reviewers. Based on the reports of the reviewers, the editors will make a final decision on whether to accept or reject the paper, or to ask for revisions. Due to the nature of this process, we request authors to allow up to 8–10 weeks for a decision to be made on their papers. After receiving the revised manuscript from the author, the editors will make a final decision on accepting it, taking into consideration the revisions made and the original peer reviews. (Text download here)



The following articles are from the issue of vezetéstudomány 47 (5) - May, 2015




The post-crisis managerial literature emphasizes the roles of institutional factors in any disruption of the ecosystem of market capitalism and puts it in the middle of its analytical framework. It has become clear that nowadays, scientific discussions about the measure of increase of direct state involvement in certain economic areas has become more relevant. The socio-economic model based on market coordination was no doubt shaken by the crisis in 2008 across the world and inspired various representatives of the scientific and political community to revise their theses on coordination mechanisms that support the way out of an economic downturn. This paper intends to give a brief summary of the two leading strategic management approaches (Porter’s five forces and the resource-based view of the firm) on institutions. The author’s aim is to demonstrate that incorporation of the institution-based view into the mainstream theories can enrich the analytical framework of strategic management by providing deeper understanding of the contextual factors that underpin interactions between institutions and organizations.

Keywords: strategic management, Porter’s five forces, resource-based view, institution-based view
Page 2-11.




The improving performance of public administration and the reform of public financing system havebeen on agenda in Hungary for many years, in accordance with the international trends. However, governments have not expected and supported creating of a performance-oriented public administration in a comprehensive and explicit way. Nevertheless, there are bottom-up initiatives at organizational level, which target performance-oriented organizational function. The research focuses on organizations of central public administration where the successfulapplication of performance management methods is most likely based on the international literature. These are the so called agency-type organizations, which are in Hungary called autonomous state-administration organizations independent of the Government (e.g. Hungarian Competition Authority), government bureaus (e.g. Hungarian Central Statistical Office), and central offices subordinated to the government (eitherthe cabinet or a ministry) (e.g. Hungarian Meteorological Service). The studied agencies are legally independent organizations with managerial autonomy based on public law. The purpose of this study is to get an overview on organizational level performance management tools applied by Hungarian agencies, and to reveal the reasons and drivers of the application of these tools. The empirical research is based on a mixed methods approach which combines both quantitative methods and qualitative procedures. The first – quantitative – phase of the author’s research was content analysis of homepages of the studied organizations. As a results she got information about all agencies and their practice related to some performance management tools. The second – qualitative – phase was based on semi-structured face-to-face interviews with some senior managers of agencies. The author selected the interviewees based on the results of the first phase, the relatively strong performance orientation was an important selection criteria.

Keywords: performance management, public administration, mixed methods research
Page 12-26.


The study reviews the theoretical and empirical literature on the effect of tight monetary conditions, crisis on corporate capital structure, further creates a framework for analyzing their relation, as well as sheds light on the lessons learned and open research areas. The results highlight that the supply side of capital has an effect on corporate capital structure, though the analysis of this relation is scarce. However, the impact of tight monetary conditions on capital structure is analyzed by several studies, there is limited evidence on the financial policy and the development of financing mix during a crisis period. The impact of the 2007/08 crisis on the corporate capital structure and especially in case of firms with impaired access to external financing is scarce. The study also highlights our lack in understanding of the relation of crisis and capital structure in case of the CEE region.

Keywords: tight monetary conditions, crisis, capital structure, impaired access to financing
Page 27-38.
TARÓDY, Dávid:


Long-term survival and growth depends on the firm’s ability to exploit its current competencies while exploring fundamentally new ones. Finding the balance between exploration and exploitation is called ambidexterity in the literature. This paper is a comprehensive review of organizational ambidexterity theory. Creating and maintaining the capacity to simultaneously pursue these contradictory activities is an extremely difficult managerial challenge. Although, several aspects are well-researched, especiallystructural and leadership solutions in large, multinational enterprises, but little is known about: (1) how ambidexterity forms in earlier growth stages? (2) What are the key drivers and elements of organizational context that makes organizations able to become ambidextrous? (3) What is the role of different managerial levels in this formation process? Reviewing the literature, in this article the author would like to introducethe paradox of exploration and exploitation, the tensions and different aspects of ambidexterity, the fieldscurrent stage and some important research gaps.

Keywords: organizational ambidexterity, structural ambidexterity, contextual ambidexterity, exploration, exploitation
Page 39-52.
FERINCZ, Adrienn: 


To understand the role of organizational learning in the organization’s endeavor to overcome challenges, organizational learning research need to be spread out to the field of adaptation and change. This paper is the first part of a bigger empirical research, a literature review that examines the link between these topics and search for gaps in prior literature. However, these phenomena are closely related in the prior literature, the thinking about organizational learning is rather idealistic than reflective and there are still research gaps regarding the following questions: (1) Is there a need to examine internal organizational challenges from the organizational learning perspective? (2) How can the earlier organizational adaptation be characterized using the constructs of organizational learning? (3) Is the earlier adaptation process or organizational learning process always good and useful for the organization? Based on reviewing prior literature the author formulated an own organizational learning definition and identified future research directions in order to fill these gaps.

Keywords: organizational learning, adaptation, internal change, learning organization, intra- organizational challenges

Page 53-63.



Nowadays, questions on the low female participation in senior management are considered and analysed not only within the academic community, but are also discussed and debated by politicians and business representatives. The purpose of this article is to provide an overview of the key issues and possible approaches to the topic. In the first part, the author focuses on leadership styles: contemporary issues, theoretical considerations and empirical research results. Based on the findings that support the comparative advantages of diverse leadership teams, the author deals with the recommendations on the optimal gender composition of senior management teams. As empirical data are not in line with the recommendations, the author draws attention to the challenges related to talent recognition in the case of potentialwomen leaders and the unequal opportunities in manager selection, such as important factors of low female representation in senior management. Academic articles on terminology, alternative values, special contributions, meritocracy and the social and cultural aspects of unequal opportunities are covered in order to highlight the main factors of the topics discussed.

Keywords: gender, corporate governance, management, leadership
Page 64-80.



The following artilcles are from the issue of Vezetéstudomány 46 (11) - November, 2015 


José Francisco ENRÍQUEZ-DE-LA-O

Individual Decision-Making by Top Executives as a Valuable Resource for Strategic Management

A Resource-Based View and Dynamic Capability Approach

Strategy is highly important for organisational success and the achievement of competitive advantage. Strategy is dynamic and it depends on accurate individual decision-making from medium and high-level managers and executives. Since managers always formulate strategy, its formulation depends mostly on their assertive decisions. Making good decisions is a complex task, even more in today’s business world where a large quantity of information and a dynamic environment forces people to decide without having complete information. As Shafir, Simonson, & Tversky (1993) point out, “the making of decisions, both big and small, is often difficult because of uncertainty and conflict”. In this paper the author will explain a basic theoretical framework about top manager’s individual decision-making, showing how complex the process of making high-impact decisions is; then, he will compare this theory with one of the most important streams in strategic management, the Resource-Based View (RBV) of the firm. Finally, within the context of individual decision-making and the RBV stream, the author will show how individual decision makers in top management positions constitute a valuable, rare, non-imitable and non-substitutable resource that provides sustained competitive advantage.

Keywords: decision-making, CEOs, strategic



Nick Chandler

Millennials, entrepreneurs and the Hungarian workplace of the future the preliminary findings of a pilot study

Existing research into generational differences in Hungary was based primarily on adapting findings from studies undertaken in Western Countries. If we consider not only the comparative history and wealth but also the cultural differences between Hungary and the countries in which these studies took place, then the apparent adaptability is brought into question. This study aims to examine the nature of millennial students in Hungary by building up the characteristics from the ground up rather than adapting data from other countries. The findings of the pilot study indicate that the instrument is of suitable length and clarity, and that a printed format is the most likely to produce a high response rate, despite its disadvantages. The findings also confirm the results of previous studies concerning the preference of students in Hungary for a clan type of organisation. There are also initial indications that Hungarian millennials have a high potential for entrepreneurialism.



Patrick Bohl

Dynamic capabilities and strategic paradox: a case study

Today’s business leaders must constantly review and develop their firm’s abilities to adapt to and benefit from external changes. Dynamic capabilities are the capacity of an organization to purposefully create, extend or modify its resource base. They enable it to exploit business, technological and market opportunities and adapt to market changes, an ability more often observed in highly dynamic industries, such as consumer electronics or telecommunications. Using the case study method, this article identifies dynamic capabilities in traditional, less dynamic industries when faced with a sudden drop of revenue. Four distinct routines emerge, namely structure and practices enduring time-sensitive strategic decision-making by the tice, and a culture encouraging learning and coevolving. Seemingly strategic paradox objectives encourage the management team to question the status quo and, when managed well, transform the tensions between old and new into an ability to advance superior ideas faster. 



Becsky-Nagy Patrícia – Novák Zsuzsanna

Formalization of the informal venture capital market Business angel networks and syndicates

Business angels are natural persons who provide equity financing for young enterprises and gain ownership in them. They are usually anonym investors and they operate in the background of the companies. Their important feature is that over the funding of the enterprises based on their business experiences they can contribute to the success of the companies with their special expertise and with strategic support. As a result of the asymmetric information between the angels and the companies their matching is difficult (Becsky-Nagy – Fazekas 2015), and the fact, that angel investors prefer anonymity makes it harder for entrepreneurs to obtain informal venture capital. The primary aim of the different type of business angel organizations and networks is to alleviate this matching process with intermediation between the two parties. The role of these organizations is increasing in the informal venture capital market compared to the individually operating angels. The recognition of their economic importance led many governments to support them. There were also public initiations that aimed the establishment of these intermediary organizations that led to the institutionalization of business angels. This study via the characterization of business angels focuses on the progress of these informational intermediaries and their ways of development with regards to the international trends and the current situation of Hungarian business angels and angel networks.



José Francisco ENRÍQUEZ-DE-LA-O

Resource-Based View and Dynamic Capabilities Resource-Based

View and Dynamic Capabilities Achieving Competitive Advantage through Internal Resources and Competences

Strategy has always been important for success. Whether strategy is applied for military purposes, in large firms, or even for personal objectives, there are certain key characteristics that every successful strategy carries on: clear, objective and simple goals; deep knowledge and understanding of the competitive environment; objective understanding and exploitation of resources; and an effective plan implementation. In this paper, the author’s attention will be focused on the role of internal resources, routines and processes as the bases of sustained competitive advantage (hereafter SCA) into what is now known as the resourcebased view of the firm (RBV) and Dynamic Capabilities (DC). First, the relevance of RBV and DC approaches and the main characteristics of those are briefly mentioned. Second, RBV and DC are examined as an important piece to achieve SCA. Later on, the author deepens into some examples and the manager’s importance when using these RBV and DC approaches. Then issues related with complexity and undefined concepts in RBV and DC are briefly mentioned. Finally, conclusions and personal comments are presented. 



Budapest Management Journal is available in the Academic Search Complete database and in the ISI Emerging Markets Hungary collection as well.



Corvinus University of Budapest

Editorial Board of Vezetéstudomány 

Room: E/242 

1093 Budapest, Fővám square 8.


Chief editor


E-mail: vezetestudomany@uni-corvinus.hu


Reader Editor


E-mail: vezetestudomany@uni-corvinus.hu


Editorial assistant

ROBOZ, Ágnes

E-mail: agnes.roboz@uni-corvinus.hu

Last modified: 2016.12.19.