Small and medium-sized enterprises (SMEs) are crucial, and not only for the Czech economy. Their sustainable growth is important for the economy of most European countries. Because of this, the issues surrounding their financing, government support and public perception are widely discussed. The problems connected with external financing of SMEs are closely related to effective management of financial risk, which can minimize competition, create better financial structure and increase the firm's competitiveness. Our results of the questionnaire survey in the Czech Republic in 2015 were obtained using Structural Equation Modelling (SEM) and revealed a factor which the male sample believed to be an important influence on the perception of financial risk is a bank's approach to business. This factor is significantly influenced by knowledge, rules and principles including the knowledge of banks' credit conditions, their transparency and the ability of entrepreneurs to manage financial risks. In the female sample, state and public perception showed to be much more important in the perception of financial risk. Male entrepreneurs mitigate financial risks through a bank's assistance whereas female entrepreneurs emphasize the role of society.
The business environment is determined by various obstacles the business owners have to deal with in the course of their work. This article aims to create a model of the quality of business environment, defi ne the key determinants of this model, and quantify the correlations among the individual determinants in the area of small and medium-sized enterprises (SMEs) in the Czech Republic. Partial results of a survey carried out at the Tomas Bata University in Zlín in 2015 were used for the analysis. On the basis of previous surveys, four determinants were set that infl uence the quality of business environment (State, Public perception, Financial markets and banks, Business risks). From these four areas, questions were selected and asked to business owners in the Czech Republic in the abovementioned survey. Links were identifi ed among selected questions asked to the owners. These links led to adjusting the business environment to four determinants: State and public perception, Banks and their approach to business, Knowledge of rules and principles, and fi nancial risks and their increase in post-crisis time. Subsequently, correlations were identifi ed among these determinants. It was ascertained that the knowledge of the conditions of the fi nancial system leads to a positive perception of the banks' approach in terms of external fi nance. Moreover, a positive infl uence of the banking sector on how the business owners perceive fi nancial risks was identifi ed. Another important result of the survey is the fact that business owners who have the necessary knowledge of the fi nancial market perceive fi nancial risks as less intense compared to those lacking such knowledge of the fi nancial market.
Previous research presented in numbers of studies strongly suggests that locating in a cluster generates valuable benefits to clustered firms. These include better access to suppliers and other scarce inputs, superior knowledge and innovation, a better position from which to build a social network as well as proximate to successful competitors. Yet when the positive impact of agglomeration and clustering has been questioned on the strictly financial performance of clustered firms, the results of these studies are not so convincing and question the enthusiasm for cluster theory shown by scholars, practitioners, and policymakers. The aim of our research is to enrich existing knowledge concerning the benefits of clustering, as well as to test if localisation in a natural cluster, and membership in a cluster organisation has a positive impact on financial performance. We propose to measure that by selected financial indicators such as ROA, ROS, labour productivity and Economic Value Added, focussing our research on traditional industrial sectorsplastics and textiles seated in the Czech Republic. The results of analysing firm-level data in the period of 2009-2016 fail to confirm any significant influence of firm localisation in natural cluster or membership in the cluster organisation on financial performance for firms in studied sectors. We achieved the same results by investigation of potential differences for young firms, SMEs or underperforming firms.
The choice of a suitable measure for company's performance and identification of key performance indicators are among the most frequently discussed topics in the field of corporate management strategizing. This paper shows how the value-based measure represented by Economic Value Added (EVA) and its pyramidal breakdown could act as facilitators in revealing value drivers. The univariate sensitivity analysis and the Stochastic Frontier Analysis are employed to identify the key performance indicators. The analysis is based on the samples of original equipment manufacturers and suppliers in Czech automotive sector. The automotive industry, in general, is sensitive to the business cycle. Therefore, KPIs of the multiple EVA/Sales distinguished for the samples in the Precrisis, Crisis and Post-crisis periods are identified. The detailed sensitivity analysis reveals several differences in these periods in both samples and across companies of different sizes. Some of the results are further confirmed by the Stochastic Frontier Analysis. Besides other indicators, value added is demonstrated as the key driver with the highest positive impact and personnel cost with the highest negative impact on EVA in all periods although the magnitude of these effects is changing. Analysis of the technical efficiency scores reveals that companies in the crisis periods are more similar to each other and are closer to the best-performing companies than in other periods.
The aim of this paper is to determine whether there exist age dependent differences in the orientation of clusters’ activities. The literature depicts different approaches to the cluster evolution process, highlighting that clusters are subject to a life cycle that emphasizes different sets of activities in various stages of their development. These activities appear to follow a certain trajectory, whereby the successful completion of initial less-intensive activities stimulates a shift in focus to more demanding, long-term projects. The presented research verifies that clusters can pass through different stages of development, and examines in detail their preferences for jointly-undertaken activities. Research, conducted on a sample of clusters of different countries and ages, was carried out through the use of questionnaires and structured interviews with cluster managers. It is a sample of so-called organized clusters, which have their own internal structure and which are characterized by conscious development. The study identified common cluster activities in the following areas: networking, human resources, research and innovations, business cooperation and promotion, support activities, lobbying, etc. The preference of their implementation was also ascertained. In addition, the analyzed sample was divided into two categories according to cluster age, allowing for a comparison and differentiation of the level of implementation of joint activities between embryonic and established clusters. The evaluation of this research demonstrated that in the selected groups of activities, there was a statistically significant difference in terms of their level of implementation in clusters of various ages.
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