Managerial decision making and competitiveness: the case of Hungary

Abstract

Purpose The purpose of this paper is to explore three key aspects of managerial decision making, namely managerial skills and attitudes, information and performance measurement supporting decision making, and companies' approaches to the management of relationship with their stakeholders. Design/methodology/approach After giving a broad view of the management practice of the sample, the paper analyzes the differences (by company size, dominant ownership, and performance) of companies according to the routines and attitudes of decision making. Findings The findings of the research paper suggest that managerial capabilities and skills, and attitudes toward decision making, the information and performance measurement supporting decision making, and companies' approaches to the management of relationship with their stakeholders have a significant impact on the effectiveness of managerial decision making. All these factors play an important role in the competitiveness of the Hungarian companies. Research limitations/implications This research was based on a questionnaire. Further investigations would be necessary to check the results by interviews and case studies. Practical implications Beyond summarizing the main experiences, the paper draws up some recommendations for the business community reflecting on the successful companies' practice. Originality/value The three factors presented by the paper can constitute a possible framework of managerial decision making in further researches.