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Examining the Correlations Between Industry 4.0 Assets, External and Internal Risk Factors and Business Performance Among Hungarian Food Companies


  • Daniel Juravle

    (“Alexandru Ioan Cuza” University of Iasi, Iasi, Romania)

  • Edina Erdei

    (University of Debrecen, Debrecen, Hungary)

  • Gyorgy Kossa

    (University of Debrecen, Debrecen, Hungary)

  • Sándor Kovacs

    (University of Debrecen, Debrecen, Hungary)

  • Jozsef Popp

    (John von Neumann University, Hungarian National Bank – Research Center, Kecskemét, Hungary; College of Business and Economics, of Johannesburg, Johannesburg, South Africa)

  • Judit Olah

    (University of Debrecen, Debrecen, Hungary; College of Business and Economics, University of Johannesburg, Johannesburg, South Africa)


The current maturity of enterprises has a significant development potential for the introduction of new technologies, and requires significant physical, mental and material resources. In this research, we examined the impact of the risk factors of Hungarian food production companies, Industry 4.0 tools, and the supporting and hindering factors affecting the companies, and how they affect changes in business performance. The questionnaire survey took place between 2019 and 2020, during which time we collected data from 276 food companies. The data were then analysed using a number of statistical methods: Cronbach's alpha index, factor analysis, PLS pathway analysis, indicator reliability index, composition reliability index, mean explained variance index, Fornell-Larcker criterion, heterotrait-monotrait ratio, magnitude of effect, fit goodness, predictive relevance, and road model coefficients. In this study we formulated three hypotheses related to Industry 4.0 tools, external and internal risk factors, and business performance, which we were able to accept during the study. By analysing the risk factors, we try to identify the types of external and internal risks that are most characteristic of companies, so that they can react to them as efficiently and quickly as possible, thus making the company effective and efficient at the same time.

Suggested Citation

  • Daniel Juravle & Edina Erdei & Gyorgy Kossa & Sándor Kovacs & Jozsef Popp & Judit Olah, 2022. "Examining the Correlations Between Industry 4.0 Assets, External and Internal Risk Factors and Business Performance Among Hungarian Food Companies," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 24(59), pages 143-143.
  • Handle: RePEc:aes:amfeco:v:24:y:2022:i:59:p:143

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    References listed on IDEAS

    1. Robert Ready & Mariano Croce & Federico Gavazzoni & Riccardo Colacito, 2016. "Currency Risk Factors in a Recursive Multi-Country Economy," 2016 Meeting Papers 297, Society for Economic Dynamics.
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    3. Moschini, Giancarlo & Hennessy, David A., 2001. "Uncertainty, risk aversion, and risk management for agricultural producers," Handbook of Agricultural Economics, in: B. L. Gardner & G. C. Rausser (ed.), Handbook of Agricultural Economics, edition 1, volume 1, chapter 2, pages 88-153, Elsevier.
    4. Judit Oláh & Sándor Kovács & Zuzana Virglerova & Zoltán Lakner & Maria Kovacova & József Popp, 2019. "Analysis and Comparison of Economic and Financial Risk Sources in SMEs of the Visegrad Group and Serbia," Sustainability, MDPI, vol. 11(7), pages 1-19, March.
    5. Takács-György, Katalin & Toyserkani, Ahmad M.P., 2014. "Imitation Vs. Innovation In The Sme Sector," Roczniki (Annals), Polish Association of Agricultural Economists and Agribusiness - Stowarzyszenie Ekonomistow Rolnictwa e Agrobiznesu (SERiA), vol. 2014(2).
    6. Georg Graetz & Guy Michaels, 2018. "Robots at Work," The Review of Economics and Statistics, MIT Press, vol. 100(5), pages 753-768, December.
    7. József Popp & Péter Balogh & Judit Oláh & Sebastian Kot & Mónika Harangi Rákos & Péter Lengyel, 2018. "Social Network Analysis of Scientific Articles Published by Food Policy," Sustainability, MDPI, vol. 10(3), pages 1-20, February.
    8. Just, Richard E., 2003. "Risk research in agricultural economics: opportunities and challenges for the next twenty-five years," Agricultural Systems, Elsevier, vol. 75(2-3), pages 123-159.
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    Cited by:

    1. Bilan, Yuriy & Oliinyk, Olena & Mishchuk, Halyna & Skare, Marinko, 2023. "Impact of information and communications technology on the development and use of knowledge," Technological Forecasting and Social Change, Elsevier, vol. 191(C).
    2. Dániel Fróna, 2024. "The state of agricultural digitalisation in Hungary," Research in Agricultural Engineering, Czech Academy of Agricultural Sciences, vol. 70(1), pages 1-12.

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    More about this item


    risk factors; Industry 4.0 assets; business performance;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration


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