The article deals with investigating the role of digital transformation in achieving competitive advantages of the economy. The paper identifies the benefits and risks of the digital transformation for macroeconomic stability of the economy. The comparison of the average level of the digital transformation and indicators of macroeconomic stability of EU countries for the period 2001-2020 allowed the authors to distinguish clusters of countries by the nature and direction of the relationship between the analyzed indicators. The results of VAR

To provide environmentally sustainable development of a wood processing enterprise, it is necessary to implement environmentally sustainable products. The study focuses on identifying the factors of consumer perception of environmentally sustainable wood processing products and recommends how to ensure such product development. The main objective of the research was to survey the perception of environmentally sustainable wood processing products by consumers and to identify the factors that consumers take into account when making purchasing decisions. The survey was conducted by the method of questionnaire, addressing 754 adult inhabitants of Slovakia. The results revealed that the most frequently indicated reason for purchasing environmentally sustainable wood processing products was that they had a positive impact on health. The most commonly identified reason why consumers do not buy these products was their high price. The survey results should help understand the needs of consumers with regard to the environmental aspects of wood processing products, and thus ensure better satisfaction of their environmental needs.

Small and medium-sized enterprises (SMEs) are considered to be a driving force of the economy in the world. Among the most valuable features of SMEs is their flexibility, decision-making accessibility, implementation, innovation and high adaptability to the market environment. SMEs provide for acceleration and economic growth of the country and its regions. Investment in human capital in SMEs, (meaning investment into intangible assets of the company), it is one of the ways to support this sector. In the same manner as SMEs are considered to be a driving force of the economy, human resources can be seen as its driving force, the source of success, competitiveness and added value of businesses. Human capital is one of the most valuable components of any business and that is why investment in human resources becomes a necessary step ensuring that a business prospers in a changing market environment. Current trends also point to the growing importance of investment in human capital. The future will certainly belong to those companies which pay most attention to effective management of human resources, which, in terms of time factor is an important prerequisite for growth and competitiveness of a company.

Decisions of financial managers can improve the competitiveness of the enterprise. Decisions are affected not only by knowledge and experience but also by emotional and cognitive deviations in behavior. Considering the role of competitiveness, this paper investigated whether an effect of behavioral factors on the financial decision-making of managers can be shown, and if so, to what degree. The aim of the paper is to propose a concept, the essence of which is to determine the key systematically-occurring errors in the financial decision-making process of managers rising from the effect of the human factor as a basis of prevention of incorrect financial decisions. The issue was mapped in the territory of the Visegrad Four (V4) by means of an empirical survey by the method of a questionnaire. By evaluating the research, the methodology of statistical hypotheses testing by measures of association was used (contingency coefficients - Cramer’s contingency coefficient V and Pearson’s contingency coefficient C) and Pearson’s chi-square test. The results of the research allow the formulation of conclusions that expand current knowledge in the field of research. The main results of the conducted research are that the key behavioral aspects (cognitive, psychological and emotional) that influence the financial decision-making process of business managers in the V4 countries are love, sadness and hate. A concept was created from the achieved results, the application of which in the enterprises of the V4 countries can help managers avoid making improper financial decisions which could have a negative impact on the financial health and competitiveness of an enterprise.

• The aim of this paper was to analyze certain parameters of investment measurement and management of companies in Slovakia, especially

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The presence of foreign direct investment in certain sectors or country determines several factorsthe determinants of foreign direct investment. The article analyzes the selected factors of FDI infl ows to the Slovak Republic and to the wood-processing industry in SR; it focuses primarily on assessing the contemporary situation of the business environment in Slovakia and investment incentives provided to foreign investors. The article also presents the development of foreign direct investment in Slovakia, in the branch of wood processing, analyzing the effects of FDI in specifi c conditions of the Slovak Republic and wood-processing industry.

Fire is considered one of the major natural hazards that damages European forests and causes losses for forest owner. The forest fires endanger the financial stability of forest enterprises, which may cause their economic decline. One possibility how to cover these losses is to insure forest land against this kind of specific risk of forest land management. The aim of the present paper is to analyse possibilities of forest fire insurance for forest owners and enterprises in the Slovak private insurance market. The market analysis was based on document analysis of general terms and insurance conditions of chosen private insurance companies and interviews with insurance agents. The results show that forest owners and enterprises have only few options for forest property insurance concerning the specific risk of forest fires. Only one commercial insurance company provides such forest fire insurance product for forest owners. This insurance covers material damage to forest land and timber damage.