The middle and long-term slowdown in growth dynamics could bring serious social and political problems for V4 countries (Czech Republic, Slovak Republic, Hungary, Poland) and Romania. It would threaten reaching benefits from potential of convergence process with the developed countries of the European Union. As a result, the V4 economies and Romania should find solutions to achieving a sustainable growth that is associated with an improvement of their international competitiveness. This paper provides an empirical analysis of factors that might determine a stable economic growth in the five mentioned countries. The empirical analysis conducted for the period of 2003-2016 employed Bayesian generalized ridge regression. The main results indicated that the FDI promoted economic growth in all countries, except the Slovak Republic. Only in the Czech Republic, the expenditure on education generated economic growth, while the expenditure on R&D had positive effects in Romania, Hungary and the Czech Republic.
Whether or not an entrepreneur develops the enterprise successfully and increases competitiveness depends on many factors. All businesses, however, are inherently connected with the business environment which significantly influences their performance. In this regard, the state is among the most important factors. It also performs many other roles through which it may be either helpful or harmful in the eyes of a business owner, e.g. it determines the legislative framework of entrepreneurship, sets conditions for starting a business and regulates competition. The way the role of the state is perceived by small and medium-sized enterprises was researched in 2015 as a part of a project at Tomas Bata University in Zlín. The research analysed data from 1,141 respondents from all regions of the Czech Republic and included, among others, the question of the state's role in the business environment. The presented paper covers three selected areas of the state's influence on the business environment: creating favourable conditions for the business environment, governmental financial support of entrepreneurs, and administrative burden on entrepreneurs. These areas were also examined with the emphasis on the analysis of differences between the perception of entrepreneurs from different industries and entrepreneurs with different sizes of their businesses. It was revealed that entrepreneurs were very critical to the state's role in the business environment; in particular, 60% of respondents disagree with the fact that the state creates favourable conditions for business in the Czech Republic. It was proved that the line of business of enterprises correlates with perception of the state's role within the business environment. The research into perception of a governmental financial support was proved to be dependent on a company size which may signal the support of certain company sizes and influencing their competitiveness.
Abstract. Th e aim of the article is to compare signifi cant determinants of the competitive environment for small and medium-sized enterprises in the context of fi nancial and credit risk in Czech Republic and Slovakia. Th e survey on the quality of business environment was carried out in 2015 through a questionnaire on the sample of 1,141 respondents in Czech Republic. Th e total number of 438 questionnaires was collected during the research in Slovakia. Based on our own model, we quantifi ed the index of perception of fi nancial and credit risk (IFCR) for Czech Republic and for Slovakia. We compared the approach to risk by gender and education of the businessmen and company's age through Pearson statistics at the signifi cance level of 5%. Our research has shown that business environment in both countries is characterized by relatively low level of competitiveness in the researched area. Th e value of the resulted index in Czech and Slovak business environments is less than the median interval value. We also determined that the value of IFCR is signifi cantly higher in Slovakia. Our research indicates there are signifi cant diff erences in the assessment of business environment quality through IFCR in both countries, depending on gender and education of entrepreneurs and depending on company's age. Th at index in Czech Republic is signifi cantly higher in case of women as compared to men and in Slovakia it is the opposite. We have also found that businessmen with lower level of education have higher IFCR in both countries. Older fi rms showed better conditions for doing business in both countries because of their higher value of IFCR in both Czech Republic and Slovakia.
Research background: It does not matter if the company is operating in the domestic or in the international environment; its failure has serious impact on its environment. Because of this fact it is not surprising that not only owners of the companies, but also another interested groups are focused on the prediction of the company´s financial health. Purpose of the article: The first studies concerned with this issue are dating back to 1930 but from this time a hundreds of bankruptcy prediction models have been constructed all over the world. Some of them are known world-wide and some of them are known only on the national level. Many researchers share their opinion, that it is not appropriate to use foreign models in the domestic conditions non-critically, because they were constructed in the different conditions. One of the main problems are used variables. Methods: We mention three studies which were focused on the used variables in the bankruptcy prediction models. Our comparative study was concerning with 42 models constructed in the seven chosen transit economics with the aim to realize which variables are relevant and which could be reduce from the bankruptcy prediction models. We focused only on the used variables and abstracted from the used methodology, the date of their construction or the model´s power of relevancy. Findings and Value added: The result of our comparative study is the identification of 20 variables, which were used in three or more prediction models, so we assume that these variables have the best prediction ability in the condition of transit economics and their application should be consider in the construction of new models.
Abstract. Motivation of entrepreneurs must be appropriate to the level of risk they are facing in their businesses. Some entrepreneurs can perceive profit or financial motivation as a subsidiary motive and can start their own business with non-financial motives, e.g., apprehending business as a mission. The aim of this article is to identify the relationship between entrepreneurial motives and the selected constructs of entrepreneurial orientation (innovativeness, proactiveness and competitive aggressiveness) on the case study of small and medium-sized enterprises (SMEs) in Czech Republic. We have analyzed the data collected in 2015 from 1141 SMEs in 14 regions of Czech Republic. For the purposes of this article we focused on the motives for doing business, which were analyzed for the sample as a whole and also for two selected groups of the respondents. Vol.10, No.4, 2017 208 our paper confirm the existence of statistically significant differences in innovativeness, proactiveness and competitive aggressiveness between the entrepreneurs motivated by money and those motivated by mission. Regardless the entrepreneurial motives the vast majority of the surveyed entrepreneurs consider innovativeness and proactiveness to be important for their companies.On the other hand, most of them do not realize aggressive activities against the competition they are facing.
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