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1

Venture capital through European eyes. The development of venture and private-capital industry in Hungary and Central Eastern Europe

100%
Karsai J.
Kozgazdasagi Szemle (Economic Review)
|
2006
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vol. 53
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issue 11
1023-1051
EN
The venture and private-capital branch in Central Eastern Europe is less developed than in the EU 15, but has greater potentials. Hungary is gaining increasingly from its initial edge in the region, while steadily approaching the norms of the EU. On the positive side, this means growth and globalization of the capital bases, rising importance of takeovers, and greater variation in exits. On the negative side, firms in the early stage of development encounter also in the EU difficulties in financing, the persistent drawbacks of a small national market, and reduced appearance of exceptional yields.
2

Regulacje ulg inwestycyjnych i zwolnień dochodów kapitałowych osób fizycznych w wybranych jurysdykcjach europejskich

80%
Panasiuk A. M.
Roczniki Naukowe Wyższej Szkoły Bankowej w Toruniu
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2011
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issue 10
415-424
EN
In European countries diverse mechanisms of taxing profits on capital gains of private persons are applicable. Among other things, they consist in diversified politics of concessions and tax exemptions, which then translates itself into the level of the effective fiscal burden of these incomes. In the article, the author describes tax breaks and other kinds of subsidies in some countries, facilitating the development of newly-established companies. They are aimed at stimulating the development of local economy and entrepreneurship, and, on a long-term basis, they are connected with expectations of the increase of the treasury budget incomes.
3
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Wady i zalety dotacji bezzwrotnej w perspektywie alternatywnych instrumentów finansowych wspierania innowacyjności i rozwoju MŚP

80%
Filipowska M., Piotrowski S.
Zarządzanie i Finanse
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2012
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vol. 1
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issue 1
195-206
EN
This article treats of issues arising from financial instruments to support innovation and development of small and medium enterprises (SMEs). The purpose of this paper is to identify as both disadvantages and advantages of the various instruments. The greatest attention is devoted to the most popular, financial instrument that is an investment grant. At the beginning of the article, the importance of investment grants will be characterized. Its share in promoting innovation will be determined. Then, a comparison was made with financial, revolving instruments. That is financial engineering and venture capital. The article points out that in some projects, especially those of the most innovative potential, an investment grant may not be the most appropriate means of intervention. On the other hand, financial engineering is not the most suited to satisfying the long-term capital needs of SMEs. Venture capital supports primarily SMEs with high growth potential. Investment grants have numerous disadvantages. It means that policy makers should always consider alternative financial instruments. Venture Capital is the most appropriate whenever following factors are of very great importance: preservation of confidentiality and trade secret, time and flexibility. The authors indicate the need for change in thinking about the Structural Funds to happen. More attention should be paid to select appropriate financial instruments to support innovation and SMEs’ development, and not to the issue of how to absorb the Structural Funds in Poland.
4

The effect of new ventures compared internationally

80%
Szerb l., Zoltan J., Varga A., Ulbert J., Bodor E.
Kozgazdasagi Szemle (Economic Review)
|
2004
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vol. 51
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issue 7/8
679-698
EN
Analysis of the effect of new ventures on the economy has been widely investigated in the last decade. However, the Global Entrepreneurship Monitor (GEM) international research organization was the first to provide a consistent, comparable estimation of entrepreneurial activity over nations. The study describes the main findings of the GEM research over the 2001-3 period, focusing on Hungary. For the two most important measures - the Total Entrepreneurial Activity (TEA) and Firm Entrepreneurial (FEI) indices, Hungary is in the middle range of participating countries. Its situation compares well within the Central and Eastern European region - Croatia, Poland, Russia and Slovenia - and comes out slightly better than the EU average. Since the formation effect of new firms on economic growth and employment creation outweighs that of existing firms five to six times over, new firms should receive greater emphasis in Hungarian policy towards entrepreneurship.
5

The Place of Bonds in Financing Business Activity

80%
Mejka W.
Pieniądze i Więź
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2005
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vol. 8
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issue 2(27)
62-72
EN
The article describes how the Polish enterprises include shares in financing their activity. After presenting the history of shares and the most important legal acts regulating their use on the Polish territories the author describes various kinds of shares according to various criteria: the share holder, the buy out and privileges. He also discusses main functions of shares like enabling even small capital owners to finance their economic activity as well as governing the enterprise by the fraction of share holders which is not in the interest of the rest. The author stresses the share's price parameter: the nominal price, the emission price and current, market price, and discusses the opportunities offered by shares to the enterprise. The shares can contribute to the enterprise's capital as well as the venture capital at the Stock Exchange. The privileges to the share's owner are also considered. The results of two surveys are presented.The first survey involved enterprises located in Gdansk, Gdynia, Sopot and neighbourhood, the kind of shares they emitted and the frequency of share emission. The other survey involved data based on the share emission prospects of various enterprises present at the Warsaw Stock Exchange. Other ways of exploiting shares for instance to gain a strategic investor, to save joint venture from bankruptcy or in the case of merger are mentioned as well.
6

'THE END OF THE GOLDEN AGE' THE DEVELOPMENT OF VENTURE CAPITAL IN CENTRAL AND EASTERN EUROPE (Az aranykor vege. A kockazatitoke-agazat fejlodese Kozep-Kelet-Europaban)

80%
Karsai J.
Kozgazdasagi Szemle (Economic Review)
|
2009
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vol. 56
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issue 1
46-68
EN
The current downturn in the American and West European economies combined with increasing regulatory pressure on private equity throughout the developed world have made emerging markets an attractive destination for private equity. As part of such a market, the private equity industry of Central and Eastern Europe (CEE) was an accidental beneficiary of this, its attractiveness boosted also by the fact that the value added was resulting from the integral growth of companies rather than from leverage utilization. The crisis in the autumn of 2008 has turned growth financed by loans into a synonym for risk, so that the CEE countries as emerging markets have been placed at a disadvantage The current downturn in the American and West European economies combined with increasing regulatory pressure on private equity throughout the developed world have made emerging markets an attractive destination for private equity. As part of such a market, the private equity industry of Central and Eastern Europe (CEE) was an accidental beneficiary of this, its attractiveness boosted also by the fact that the value added was resulting from the integral growth of companies rather than from leverage utilization. The crisis in the autumn of 2008 has turned growth financed by loans into a synonym for risk, so that the CEE countries as emerging markets have been placed at a disadvantage
7

The role of 'business angels' in developing small firms in Hungary with growth potential

80%
Makra Z., Kosztopulosz A.
Kozgazdasagi Szemle (Economic Review)
|
2004
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vol. 51
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issue 7/8
717-739
EN
The study presents a relatively little-known form of funding for small firms in Hungary. 'Business angels' are institutional venture capitalists who obtain a stake in unquoted companies with growth potential and often participate in developing them as well. A questionnaire survey was used to prove the existence of a rudimentary informal venture-capital market in Hungary. The findings point to a limited spread of business-angel activity in the country. Arguments are advanced for the importance of this type of investment and proposals made for developing the market for it.
8
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KNOWLEDGE OF THE CHARACTERISTICS AND DEMAND FOR VENTURE CAPITAL AMONG STUDENTS IN PODKARPACIE VOIVODESHIP (Znajomosc specyfiki oraz zapotrzebowanie na kapital podwyzszonego ryzyka wsród studentów województwa podkarpackiego)

80%
Pitura W.
Finansowy Kwartalnik Internetowy e-Finanse
|
2010
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vol. 6
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issue 3
95-108
EN
This article was devoted to issues related to the business angels market in the podkarpackie province. Research was carried out among students in the above mentioned region to test knowledge and demand for venture capital. The article presents the information problem which has a direct impact on the development of the informal equity investors market in the podkarpackie province. The results may partly help to answer the question: What could be the reason for the emergence of excess supply of capital in the informal equity investors market?
9

Out of the blind alley. State venture capital and innovation

70%
Karsai J.
Kozgazdasagi Szemle (Economic Review)
|
2007
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vol. 54
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issue 12
1085-1102
EN
The Hungarian state since the change of system has seen raising supply as the way to help innovative firms find venture capital. Hitherto it has used a method increasingly exceptional (and obsolete) internationally: having investment firms and venture-capital funds in its exclusive ownership invest capital in firms selected by the state apparatus. But such state-owned investors tended to prefer traditional undertakings and had little effect on the development of innovative technology firms. The negative experiences and high costs of government capital injections have largely convinced governments abroad that using professional, exclusively profit-oriented investors is far more efficient than for the state itself to try to act as an experienced investor in new firms. While retaining its old investment policy, the Hungarian state began experimenting in 2007 under the Jeremie Programme with co-financing venture capital funds to ensure the venture capital market selects small and medium-sized firms preferred by the state. If the programme succeeds, the state's indirect financing method may allow the market to operate more efficiently, by offering capital under market conditions while ensuring the programme is self-financing.
10

What does monetary policy do in the inflation targeting system? Tibor Erdos's paper 'Exchange-rate policy and inflation targeting in Hungary'

70%
Kovacs M. A.
Kozgazdasagi Szemle (Economic Review)
|
2007
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vol. 54
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issue 12
1103-1120
EN
The analysis, which appeared in the October issue, makes several critical observations on monetary policy, the system of inflation targeting, and so of Hungarian monetary policy in the last few years. This has inspired several objections to the article's main theses. The author of this contribution argues, as a modeling economist working on analysis of macroeconomic data in the institution making such policy, that Tibor Erdos' statements are not supported by the facts or empirical analyses of the Hungarian economy. The author's first purpose is to present briefly and factually what monetary has and has not done in the last six years. That calls for a summary of the literature on modern monetary theory and inflating targeting. Nor can he avoid responding to the way Tibor Erdos, in criticizing the inflation targeting, tries to argue in practice against the mainstream of present-day monetary economics. It is not that inflation targeting is the sole salutary monetary system for small open economies like Hungary's. It is necessary to take issue with Tibor Erdos' argument on a theoretical plane, for he seems to have a problem with the conceptual grounds for an independent bank of issue, from which follows modern monetary theory. According to modern economic theory, price stability can be attained only by breaking the rigidity of inflationary expectations. That calls for independent, credible central-bank policy, especially in the presence of an expansive budget.
11

CURRENT CONDITION OF VENTURE FUNDING IN UKRAINE: STATISTICAL DIMENSION AND EXPERT CHARACTERISTIC (Suchasny stan venchurnoho finansuvannya v Ukraini: statistichny rozriz ta expertna kharakterystyka)

61%
Hryha V. Y., Krasovska O. V.
Nauka ta naukoznavstvo (Science and Science of Science)
|
2009
|
issue 3
18-30
EN
Performance and prospects of venture funding in Ukraine are analyzed. Relevant data for Russia is given for comparison purposes. Statistics of venture-related activities in Ukraine are given, which show that in spite of positive tendencies, Ukrainian venture capital still gives preferences to investment projects having little common with high tech industries. Results of expert interviews are given, from which it follows that the system of venture funding doesn't exist in Ukraine or is still in the embryonic condition, in spite of nearly 700 venture funds already established in Ukraine in keeping with the relevant legal act. Venture investment in Ukraine is streamlined to sectors with higher profit rate (construction, real estate etc.). For foreign investors traditional venture risks are added by political ones. Of the positive tendencies, respondents refer to the rise of the sector of private venture investors (so called business-angels) in Ukraine, to the coming of European funds that give consideration to technical capacities of Ukrainian projects etc. Of the barriers for venture funding in Ukraine, respondents refer to inadequacy of the Ukrainian legal base, ill-conceived business component of venture project and public misperception of venture projects due to lack of innovation and business culture.; ill-conception of Ukrainian investment and innovation projects, improper technical and legal support etc. Respondents offered their ways to eliminate the barriers, mostly associated with guarantees and preferences to investors in projects with high R&D capacity, tax relief for high tech enterprises etc. Only 8% of respondents have used venture capital as a source to fund their innovation, whereas 70% reported that developments drawing investors' interest did exist in Ukraine. Measures to advance venture funding in Ukraine are proposed.
12

RIZIKOVÝ A ROZVOJOVÝ KAPITÁL V ČESKÉ REPUBLICE: MANAŽERSKÉ KNOW-HOW A JEHO TRANSFER

61%
Zinecker M., Rajchlová J.
Ekonomický časopis (Journal of Economics)
|
2013
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vol. 61
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issue 3
283 – 296
EN
The paper deals with the findings of a survey conducted in the Czech private equity and venture capital market. The major issue considered by the project included: How the venture capital investors can contribute to the success of investee companies in ways other than financing, i.e. via non-financial value-added inputs? The nature of this study is explorative. It relies on primary data that were collected using semi-structured questionnaires. The questionnaire-collected data was treated by descriptive statistical methods reflecting its nature and quantity and by content analysis. This empirical survey has been the first descriptive analyses of non-financial value-added inputs in the Czech venture capital market.
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