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Changes in food retailing (globalization, concentration) have negative impacts on smaller, “traditional” food retail businesses. Their market share decreasing year by…
Changes in food retailing (globalization, concentration) have negative impacts on smaller, “traditional” food retail businesses. Their market share decreasing year by year. The purpose of this study is to examine and compare the financial performances of these businesses under the given circumstances and current economic environment in a Hungarian and a Romanian county.
The study is based on two complete databases, including all companies that behoove retail food activity (considering the NACE cod) in the counties of Hajdu-Bihar (Hungary) and Cluj (Romania). The database analyzed contains the financial statements for five consecutive years for 212 and 690 businesses. Databases were examined by the most typical financial indicators using the multivariate and univariate analysis of variance and the k-medoid cluster analysis methods.
The results of the analysis have shown that there are differences in the number of retail food companies in the case of two counties, both in number and in financial performance. Companies in Hajdú-Bihar county perform better in terms of financial ratios than those in Cluj county. The groups created by k-medoids cluster analysis are relatively well distinguished in the case of Hajdú-Bihar county, while the picture is much more mixed in the case of Kolozs county. However, it is also important to note that the companies analyzed should generally perform better to survive.
Among the limitations of the study, it is important to note that the findings are relevant only to the two counties examined. Another limiting factor is that quite several companies had to be excluded from the analysis due to missing data or outliers.
The study presents for the corporate decision-makers the current performance of the companies of the sector examined in the two counties. The results of the study highlight the business areas of concern in management. The findings show that they need to change this performance to strengthen their market position. We believe that it is not enough to complain about the expansion of the supermarket chains, but they should take appropriate actions to improve their situation. Based on the results of the study, it can be concluded that there is a need to improve the financial efficiency of retail food companies in both counties to survive in the long run. This improvement is essential because retailers can play an important role in smaller settlements and narrower residential environments.
Comparative analysis of retail food companies in similar counties in these two neighboring countries has not been conducted using complex financial analysis. The study revealed the common and/or individual characteristics of these companies.
The purpose of this paper is to present the experience, successful management and the succession of generations in a Hungarian corporation in the food industry through the…
The purpose of this paper is to present the experience, successful management and the succession of generations in a Hungarian corporation in the food industry through the “Best Practice” model.
The chosen methodology for this paper is “The best practice model” prepared by The Solutionist Group. The model presents the characteristics of family businesses and illustrates how the process of sustainable enterprise differs in different fields concerning family and non-family businesses. In applying this model, the experience, successful management and the succession of generations will be presented in the case of a large Hungarian enterprise which has a determining role in the Hungarian food industry. The results are based on the question framework of the expert interviews.
The history of family-owned firms shows that in order to maintain appropriate business succession activity the family management has to plan in advance. Passing the baton to the next generation successfully is a complex and long-term family management role and it has strategic importance. To ensure business continuity, the successor has to take over the business and operate it well. That is why the sharing of knowledge, the innovation performance and the best practice are important parts of family company’s culture, and they consequently play an important part in the pass the baton project within family-owned firms.
This paper expands the knowledge about the succession of family businesses.