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Auditor and consultant with a project management background. Contributing member and leader of international academic projects. Associate professor at Budapest Business School—University of Applied Sciences in Hungary, Leader of the Financial Services specialisation. Visiting professor, with a track record in several European universities, mainly for full courses in Banking and Finance.
Project Goal: To detect the effects of family policy incentives for childbearing; mainly in Hungary and in similar countries with low birth rates. Among policy tools, the tax preferences (allowances and credits) are examined, alonside with the housing subsidies.
Current Stage: Ongoing research with already published papers
The aftermath of the COVID-19 pandemic is not limited to human lives and health sectors. It has also changed social and economic aspects of the world. This study investigated the Islamic stock market’s reaction and changes in volatility before and during this pandemic. The market model of event study methodology was employed to analyze Islamic stock market reactions in nine different markets around the globe. To examine changes in volatility and persistence of risk, the generalized autoregressive conditional heteroscedasticity (GARCH) method was used. Nine Islamic stock indices were selected for this study from the Thomson Reuters data stream. The results suggest that, in the short run, the Islamic Australian stock index and Islamic GCC stock index remained stable for the first 15 days following news of the pandemic. The Islamic stock indexes of Qatar, UAE, ASEAN, MENA, MENASA, and Bahrain were significantly affected by the outbreak in the short-term. On the other hand, the volatility of Islamic stock indices was substantially amplified after the global health crisis was declared by the WHO. Moreover, volatility shocks tended to persist for a longer period after COVID-19.
Adil Saleem; Judit Bárczi; Judit Sági. COVID-19 and Islamic Stock Index: Evidence of Market Behavior and Volatility Persistence. Journal of Risk and Financial Management 2021, 14, 389 .
AMA StyleAdil Saleem, Judit Bárczi, Judit Sági. COVID-19 and Islamic Stock Index: Evidence of Market Behavior and Volatility Persistence. Journal of Risk and Financial Management. 2021; 14 (8):389.
Chicago/Turabian StyleAdil Saleem; Judit Bárczi; Judit Sági. 2021. "COVID-19 and Islamic Stock Index: Evidence of Market Behavior and Volatility Persistence." Journal of Risk and Financial Management 14, no. 8: 389.
The financial sector is divided into two broad categories: equity and banking markets. The healthy functioning of these sectors plays an imperative role in any economy. This study aimed to examine the short- and long-term relationship between the Islamic financial sector (Islamic debt and Islamic equity market), and sustainable economic growth of the two economies with the largest Muslim populations. Quarterly data were collected from 2010 to 2019 for Indonesia and Pakistan. The study used autoregressive distributive lag (ARDL) and the error correction method (ECM). The results revealed that in the long run, the Islamic banking sector imparts a significant and positive effect on achieving sustainable economic growth in both countries. However, in the short run, the Islamic stock market was found to have a positive relationship with Pakistan, while the Islamic banking sector had a positive and significant relationship with economic growth in Indonesia.
Adil Saleem; Budi Setiawan; Judit Bárczi; Judit Sági. Achieving Sustainable Economic Growth: Analysis of Islamic Debt and the Islamic Equity Market. Sustainability 2021, 13, 8319 .
AMA StyleAdil Saleem, Budi Setiawan, Judit Bárczi, Judit Sági. Achieving Sustainable Economic Growth: Analysis of Islamic Debt and the Islamic Equity Market. Sustainability. 2021; 13 (15):8319.
Chicago/Turabian StyleAdil Saleem; Budi Setiawan; Judit Bárczi; Judit Sági. 2021. "Achieving Sustainable Economic Growth: Analysis of Islamic Debt and the Islamic Equity Market." Sustainability 13, no. 15: 8319.
Personal safety has had a renewed focus throughout the COVID-19 pandemic, which has led to behavioral change. The adoption of E-wallets facilitates social distancing and thereby helps prevent the spread of the COVID-19 virus. This paper aims to investigate the potential for consumers’ continued usage of an E-wallet service through an integrated framework based on two established models: the Health Belief Model (HBM) and Technology Continuous Theory (TCT). An electronic survey was distributed to a sample of 1080 individuals from academic society in three different Hungarian universities who had used an electronic wallet during the pandemic COVID-19. Structural equation modelling (SEM) was applied in the study and explained the 55.9% variance in consumers’ continuous intention towards E-wallet usage. This study found that while the COVID-19 pandemic strongly influenced the current use of e-wallets; the pivotal factor affecting their continued use is based on consumer self-efficacy. The study has both short and long-term implications; in the short-term, decisionmakers should utilize health threat constructs (as an element of the protective behaviors taken during the COVID-19 pandemic) to motivate consumers to use E-wallets; in the longer-term, banks should develop further strategies that encourage consumer loyalty regarding E-wallets by reassuring customers that these financial services achieve the value and benefits that they expect, resulting in self-efficacy.
Ahmad Daragmeh; Judit Sági; Zoltán Zéman. Continuous Intention to Use E-Wallet in the Context of the COVID-19 Pandemic: Integrating the Health Belief Model (HBM) and Technology Continuous Theory (TCT). Journal of Open Innovation: Technology, Market, and Complexity 2021, 7, 132 .
AMA StyleAhmad Daragmeh, Judit Sági, Zoltán Zéman. Continuous Intention to Use E-Wallet in the Context of the COVID-19 Pandemic: Integrating the Health Belief Model (HBM) and Technology Continuous Theory (TCT). Journal of Open Innovation: Technology, Market, and Complexity. 2021; 7 (2):132.
Chicago/Turabian StyleAhmad Daragmeh; Judit Sági; Zoltán Zéman. 2021. "Continuous Intention to Use E-Wallet in the Context of the COVID-19 Pandemic: Integrating the Health Belief Model (HBM) and Technology Continuous Theory (TCT)." Journal of Open Innovation: Technology, Market, and Complexity 7, no. 2: 132.
The pre-eminence of Islamic finance from the perspective of economic growth has been a long-standing debate. In recent decades, there has been a paradigm shift from interest-based banking to Islamic financial system. This study intends to examine the dynamic interaction of Islamic financial depth (IFD), Islamic financial intermediation (IFI), and asset quality with economic growth in a dual banking system. The paper employs autoregressive distributive lag regression (ARDL), error correction model (ECM) and Granger causality to examine the long and short run linkage by using the quarterly data of Pakistan from 2005 to 2019. The authors run two models to analyze the relative importance of financial depths (Islamic and conventional), financial intermediation (Islamic and conventional), and asset quality of both financial systems. A long-run relationship flowing from finance to growth in both Islamic and conventional finance models has been observed in our study. Furthermore, the findings recommend that strong financial intermediation plays an imperative role in driving economic growth by both financial sectors. The presence of a higher degree of Islamic financial assets in the economy contributes towards economic growth in the short-run. The results show that asset quality possibly plays an important intervening role in the overall finance-growth nexus.
Adil Saleem; Judit Sági; Budi Setiawan. Islamic Financial Depth, Financial Intermediation, and Sustainable Economic Growth: ARDL Approach. Economies 2021, 9, 49 .
AMA StyleAdil Saleem, Judit Sági, Budi Setiawan. Islamic Financial Depth, Financial Intermediation, and Sustainable Economic Growth: ARDL Approach. Economies. 2021; 9 (2):49.
Chicago/Turabian StyleAdil Saleem; Judit Sági; Budi Setiawan. 2021. "Islamic Financial Depth, Financial Intermediation, and Sustainable Economic Growth: ARDL Approach." Economies 9, no. 2: 49.
Analyzing the financial benefit of marketing is still a critical topic for both practitioners and researchers. Companies consider marketing costs as a type of investment and expect this investment to be returned to the company in the form of profit. On the other hand, companies adopt different innovative strategies to increase their value. Therefore, this study aims to test the impact of marketing investment on firm value and systematic risk. To do so, data related to four Arabic emerging markets during the period 2010–2019 are considered, and firm share price and beta share are considered to measure firm value and systematic risk, respectively. Since a firm’s ownership concentration is a determinant factor in firm value and systematic risk, this variable is considered a moderated variable in the relationship between marketing investment and firm value and systematic risk. The findings of the study, using panel data regression, indicate that increasing investment in marketing has a positive effect on the firm value valuation model. It is also found that the ownership concentration variable has a reinforcing role in the relationship between marketing investment and firm value. It is also disclosed that it moderates the systematic risk aligned with the monitoring impact of controlling shareholders. This study provides a logical combination of governance–marketing dimensions to interpret performance indicators in the capital market.
Musaab Mousa; Saeed Nosratabadi; Judit Sagi; Amir Mosavi. The Effect of Marketing Investment on Firm Value and Systematic Risk. Journal of Open Innovation: Technology, Market, and Complexity 2021, 7, 64 .
AMA StyleMusaab Mousa, Saeed Nosratabadi, Judit Sagi, Amir Mosavi. The Effect of Marketing Investment on Firm Value and Systematic Risk. Journal of Open Innovation: Technology, Market, and Complexity. 2021; 7 (1):64.
Chicago/Turabian StyleMusaab Mousa; Saeed Nosratabadi; Judit Sagi; Amir Mosavi. 2021. "The Effect of Marketing Investment on Firm Value and Systematic Risk." Journal of Open Innovation: Technology, Market, and Complexity 7, no. 1: 64.
This study aims to estimate the impact of brand as the most important intangible marketing asset on firm value, measured by share return in some Arab emerging market, as well analyze the moderating role of agency costs in the relationship between share return and brand. We use the Ohlson model of valuation with a sample of the most traded companies on four markets under study. The panel data regression results show a significant impact of brand on return as well as agency costs that promote the valuation model power, meaning that good corporate governance increases the degree of marketing investment efficiency in value creation. Our findings support the literature relating to the residual earnings valuation model. Furthermore, the results confirm the informative content of marketing application besides the traditional accounting figures as a promising approach for firm valuation.
Musaab Mousa; Judit Sági; Zoltán Zéman. Brand and Firm Value: Evidence from Arab Emerging Markets. Economies 2021, 9, 5 .
AMA StyleMusaab Mousa, Judit Sági, Zoltán Zéman. Brand and Firm Value: Evidence from Arab Emerging Markets. Economies. 2021; 9 (1):5.
Chicago/Turabian StyleMusaab Mousa; Judit Sági; Zoltán Zéman. 2021. "Brand and Firm Value: Evidence from Arab Emerging Markets." Economies 9, no. 1: 5.
There are several reasons for environmental taxation implementation. Besides its environmental impact, the main reason for such taxation is its fiscal impact, particularly in generating revenues of public budgets. The main goal of this paper is to observe possible spatial patterns in fiscal impacts of environmental taxation in the EU countries, and to depict the groups of countries with the same (or similar) fiscal impact of these instruments on public budget revenues, including environmental and economic characteristics. Two methods of cluster analysis are used, Ward linkage and K-nearest neighbors (spatial) cluster analysis to observe potential geographical links or implication of fiscal impact. The study is performed for the years 2008 and 2017. Based on the results, we can say that in the year 2008, the EU countries were divided into “the west” and “the east”, with some exceptions. The western countries were characterized by high environmental tax revenues, the eastern countries by low environmental tax revenues. For 2017, the situation is different. The border between old and new EU member states is not so abrupt and clear. The results show higher diversification between EU countries concerning the fiscal impacts of environmental taxation.
Vít Pászto; Jarmila Zimmermannová; Jolana Skaličková; Judit Sági. Spatial Patterns in Fiscal Impacts of Environmental Taxation in the EU. Economies 2020, 8, 104 .
AMA StyleVít Pászto, Jarmila Zimmermannová, Jolana Skaličková, Judit Sági. Spatial Patterns in Fiscal Impacts of Environmental Taxation in the EU. Economies. 2020; 8 (4):104.
Chicago/Turabian StyleVít Pászto; Jarmila Zimmermannová; Jolana Skaličková; Judit Sági. 2020. "Spatial Patterns in Fiscal Impacts of Environmental Taxation in the EU." Economies 8, no. 4: 104.
Judit Sági; László Vasa; Csaba Lentner. Innovative solutions in the development of households’ financial awareness: A Hungarian example. Economics & Sociology 2020, 13, 27 -45.
AMA StyleJudit Sági, László Vasa, Csaba Lentner. Innovative solutions in the development of households’ financial awareness: A Hungarian example. Economics & Sociology. 2020; 13 (3):27-45.
Chicago/Turabian StyleJudit Sági; László Vasa; Csaba Lentner. 2020. "Innovative solutions in the development of households’ financial awareness: A Hungarian example." Economics & Sociology 13, no. 3: 27-45.
The aim of this study is to examine how bankruptcy prediction models forecast financial strength for family businesses. Three predictive tests are used to study financial strength for three consecutive years (2016, 2017 and 2018) for a sample of 462,200 active Hungarian companies using the Amadeus database and expert data. Complex statistical model tests for credit assessment (bankruptcy predictions) are performed by size and ownership of the companies. It is found that the revised Altman model is impeded by a superfluous high weighting on net working capital; therefore, IN05 Quick Test predicted better chances for businesses in generating cash flows in a small emerging economy. By re-formulating the Bankruptcy Index of Karas and Režňáková and refining its coefficients, the modified Bankruptcy Index is more robust for predicting the financial health of family businesses on a cash flow basis. The test results of this modified Bankruptcy Index confirm the relative advance of family businesses in creating added value for owners. Practical implications arise from a management perspective: family businesses work better with predictability of survival in accordance with the model; therefore, their ability to adapt to financial constraints caused by crises is also more promising.
Judit Sági; Nick Chandler; Csaba Lentner. Family businesses and predictability of financial strength: a Hungarian study. Problems and Perspectives in Management 2020, 18, 476 -489.
AMA StyleJudit Sági, Nick Chandler, Csaba Lentner. Family businesses and predictability of financial strength: a Hungarian study. Problems and Perspectives in Management. 2020; 18 (2):476-489.
Chicago/Turabian StyleJudit Sági; Nick Chandler; Csaba Lentner. 2020. "Family businesses and predictability of financial strength: a Hungarian study." Problems and Perspectives in Management 18, no. 2: 476-489.
In response to a sharp rise in household credit repayment risk after the 2008 crisis, the banking sector was consolidated, borrowing conditions were tightened and the regulatory authorities had to improve the financial literacy of population. The study evaluates the effectiveness of regulatory measures to prevent excessive indebtedness, and analyzes the results of the latest survey of population financial literacy in Hungary after the 2008 financial crisis. The results confirm the scientific studies of different economists and scholars who state that the financial awareness is closely related to household saving and borrowing patterns. The outcomes of the analysis reveal the risks associated with the lack of financial literacy in Hungary. In fact, the financial awareness of households over the past years has not improved significantly either in the wake of losses suffered on FX-based loans, or as a result of the preventive actions undertaken by the government regulatory bodies.
Judit Sági; Csaba Lentner. Post-crisis trends in household credit market behavior: evidence from Hungary (Literature review). Banks and Bank Systems 2019, 14, 162 -174.
AMA StyleJudit Sági, Csaba Lentner. Post-crisis trends in household credit market behavior: evidence from Hungary (Literature review). Banks and Bank Systems. 2019; 14 (3):162-174.
Chicago/Turabian StyleJudit Sági; Csaba Lentner. 2019. "Post-crisis trends in household credit market behavior: evidence from Hungary (Literature review)." Banks and Bank Systems 14, no. 3: 162-174.
Decreasing trends in birth rates in developed countries during the past decades, which threaten the sustainability of their populations, raise concerns in the areas of employment and social security, among others. A decrease in willingness to bear children has been examined in the international literature from several (biological, socio-cultural, economic, and spatial, etc.) aspects. Among these, the question of the effectiveness of fiscal incentives has been raised, with arguments that these are positive, but not significant, to birth rates; our study also concludes this. In Hungary, from 2010 onwards, the government has introduced very high tax allowances for families and, from 2015, has provided direct subsidies for housing purposes, all within a framework of a new family policy regime. This paper presents an evaluation of family policy interventions (e.g., housing support, tax allowances, other child-raising benefits), with the conclusion that fiscal incentives cannot be effective by themselves; a sustainable level of birth rates can only be maintained, but not necessarily increased, with an optimal design of family policy incentives. By studying the Hungarian example of pro-birth policies there is shown to be a policy gap in housing subsidies.
Judit Sági; Csaba Lentner. Certain Aspects of Family Policy Incentives for Childbearing—A Hungarian Study with an International Outlook. Sustainability 2018, 10, 3976 .
AMA StyleJudit Sági, Csaba Lentner. Certain Aspects of Family Policy Incentives for Childbearing—A Hungarian Study with an International Outlook. Sustainability. 2018; 10 (11):3976.
Chicago/Turabian StyleJudit Sági; Csaba Lentner. 2018. "Certain Aspects of Family Policy Incentives for Childbearing—A Hungarian Study with an International Outlook." Sustainability 10, no. 11: 3976.
Decline in the desire to have children is a common problem in the developed world, and it is a challenge in post-soviet countries, including Hungary....
Judit Sági; Csaba Lentner; Tibor Tatay. Family Allowance Issues. Polgári szemle 2018, 14, 290 -301.
AMA StyleJudit Sági, Csaba Lentner, Tibor Tatay. Family Allowance Issues. Polgári szemle. 2018; 14 (Special):290-301.
Chicago/Turabian StyleJudit Sági; Csaba Lentner; Tibor Tatay. 2018. "Family Allowance Issues." Polgári szemle 14, no. Special: 290-301.
Judit Sági; Edward Evgenevich Nikulin. The economic effect of Russia imposing a food embargo on the European Union with Hungary as an example. Studies in Agricultural Economics 2017, 119, 85 -90.
AMA StyleJudit Sági, Edward Evgenevich Nikulin. The economic effect of Russia imposing a food embargo on the European Union with Hungary as an example. Studies in Agricultural Economics. 2017; 119 (2):85-90.
Chicago/Turabian StyleJudit Sági; Edward Evgenevich Nikulin. 2017. "The economic effect of Russia imposing a food embargo on the European Union with Hungary as an example." Studies in Agricultural Economics 119, no. 2: 85-90.
A magyar népesség demográfiai szerkezete kedvezőtlen képet mutat, melynek egyik oka az alacsony gyerekvállalási hajlandóság. Tanulmányunkban...
Tibor Tatay; Ildikó Neumanné Virág; Csaba Lentner; Judit Sági. Az otthonteremtési támogatási rendszer értékelése egy kérdőíves vizsgálat tükrében. Polgári szemle 2017, 13, 27 -40.
AMA StyleTibor Tatay, Ildikó Neumanné Virág, Csaba Lentner, Judit Sági. Az otthonteremtési támogatási rendszer értékelése egy kérdőíves vizsgálat tükrében. Polgári szemle. 2017; 13 (1-3):27-40.
Chicago/Turabian StyleTibor Tatay; Ildikó Neumanné Virág; Csaba Lentner; Judit Sági. 2017. "Az otthonteremtési támogatási rendszer értékelése egy kérdőíves vizsgálat tükrében." Polgári szemle 13, no. 1-3: 27-40.