Nowadays, finding a suitable solution to the problem of generational change in case of small and medium-size enterprises (SMEs) is becoming increasingly challenging. The aim of this research to investigate whether entering into the stock exchange could be a realistic alternative for Hungarian companies to eliminate this issue. This study reviews the process of Initial Public Offering (IPO) and summarises the advantages and the difficulties of going public. The paper focuses on the opportunities for value creation and saving offered to SMEs by listing on the stock exchange. As primary research on practical experiences, semi-structured in-depth interviews were conducted with the managers of 10 involved companies, and some financial indicators were examined. The research does not cover all relevant companies; however, it is still suitable for drawing a conclusion. The presence on the stock market proved to be useful for the companies and played a significant role in the preservation of the company’s value as well as in financing opportunities. The path demonstrated in this article is suitable for other businesses to follow the pioneers.

This article focuses on analyzing the achievements, challenges, and lessons learned in the process of building the Socialist Rule of Law in Vietnam after nearly 40 years of renovation, with the goal of proposing the direction of building and perfecting the Socialist Rule of Law in the new period, and ensuring its conformity with Vietnamese realities and international integration. The article draws on data from documents of the Communist Party of Vietnam, the 2013 Constitution, relevant laws and resolutions, along with data from reports on administrative reform and the promulgation of legal documents. The research methods used include document analysis, comparison, and synthesis in order to assess the reality and propose solutions to the problems identified. Alongside the achievements gained, building a Socialist Rule of Law State in Vietnam still faces many challenges. This article identifies the main orientations for constructing a Socialist Rule of Law State in Vietnam in the coming period.

South Africa’s border posts are increasingly becoming crucial hubs for organized crime posing serious national and regional security implications with far-reaching consequences. The country’s national security, economic stability, and community safety are significantly jeopardised by organised criminal enterprises at border posts. As a result, the porous borders of South Africa have fostered an environment that is conducive to a variety of unlawful activities, such as the smuggling of drugs into the country and human trafficking. This paper seeks to identify political, economic, and social factors that lead to organised crime, corruption, and weak border management systems. The paper employed a secondary data analysis of existing scholarly articles, government reports as well as relevant case studies. The study found that local communities are most affected by illegal activities at the ports of entry. The findings further emphasize the importance of inclusive approaches in responding to security challenges that address cross-border flow regulation, fight corruption in service delivery, and promote community resilience. The paper concludes with recommendations for strengthening border controls towards enhancing cooperation between countries and curbing transnational crime networks.

The principal objective of this article is to gain insight into the biases that shape decision-making in contexts of risk and uncertainty, with a particular focus on the prospect theory and its relationship with individual confidence. A sample of 376 responses to a questionnaire that is a replication of the one originally devised by Kahneman and Tversky was subjected to analysis. Firstly, the aim is to compare the results obtained with the original study. Furthermore, the Cognitive Reflection Test (CRT) will be employed to ascertain whether behavioural biases are associated with cognitive abilities. Finally, in light of the significance and contemporary relevance of the concept of overconfidence, we propose a series of questions designed to assess it, with a view to comparing the various segments of respondents and gaining insight into the profile that reflects it. The sample of respondents is divided according to gender, age group, student status, professional status as a trader, status as an occasional investor, and status as a behavioural finance expert. It can be concluded that the majority of individuals display a profile of underconfidence, and that the hypotheses formulated by Kahneman and Tversky are generally corroborated. The low frequency of overconfident individuals suggests that the results are consistent with prospect theory in all segments, despite the opposite characteristics, given the choice of the less risk-averse alternative. These findings are useful for regulators to understand how biases affect financial decision making, and for the development of financial literacy policies in the education sector.

The centers of trade and economic activities in the region of Southeast Asia rank from a huge and modern to a small and traditional pattern. Malacca and Singapore have been cases in point for huge and modern patterns, while the border areas in eastern Indonesia, East Malaysia, and the Philippines are the cases for small and traditional centers. This paper will argue that with global connectivity and regional dynamics, the small and traditional trade and economic centers could shift to modern ones. History records that the introduction of the Southeast Asian region by the outside world, especially in relation to trade and economic activities, was largely derived from the significant role played by the people in the mainland of Southeast Asia regarding the silk roads route and the role of the people in the insular or islands of Southeast Asia regarding the spice trade route in the premodern time. Later in the modern time in Southeast Asia, the role of Islam, the Europeans and the center trade of Malacca around the 17th and 18th centuries played a significant role. Indeed, huge trade centers like Malacca in the 17th C and 18th C and later by Singapore in the 9th C have been very important throughout the history of trade in the Southeast Asian region. However, we must not ignore the roles of the border areas in the Southeast Asian archipelago, especially in eastern Indonesia, East Malaysia, and the border region of the Philippines which have played a dominant role in trade and economic activities. These activities have been smaller and more traditional than the Malacca and Singapore cases, but economic activities could develop rapidly with the global connection and its interconnectivity. Besides, those border areas have also become an important key for security issues not only in the Southeast Asia region in particular but also in the Asia Pacific or Indo Pacific region as well. The security of the region of Southeast Asia and even Indo Pacific could be affected by the situation in those border areas. Interconnectivity is a challenge as well as an opportunity for these border areas to become the future of trade and economic activities within the region of Southeast Asia that also connects with the region of Indo Pacific, especially China, South Korea, and Taiwan. The planning of Indonesian capital movement to East Kalimantan will add opportunities for those border areas located near the proposed new capital. About the above issues, this paper will address several issues: firstly, the history of trade and economic activities in Malacca, Singapore, and the border areas in eastern Indonesia, East Malaysia, and the Philippines; secondly, the different patterns of trade and economic developments of the Malacca, Singapore, and the border areas in eastern Indonesia, East Malaysia, and Philippines; thirdly, the challenges and opportunities of the border areas in eastern Indonesia, East Malaysia, and the Philippines to develop bigger trade centers in the future; fourth, the interconnectivity of those border areas to Asia Pacific region. This paper uses an interdisciplinary approach in the fields of social sciences and humanities. With this study, it is hoped that a better understanding of regional dynamics will be obtained, especially in the border areas. The period that we use is from 1998 until present time regarding if there was changing policy due to the end of Old Order to the Reformation period of Indonesian government. As a result, the development of border areas had been in existence before the colonial time in which people moved freely and had trade contacts. Even though they used to have the same ethnic linkage, after the formation of a modern state where they have different citizenships, in reality they can relate to each other in harmony and peace because of the similarity of ethnic linkages they had in the past. Colonial powers intended to replace the powers of traditional kingdoms with the idea of civilizing the colonializ