The impact of significant competition factors on the riskiness of business risk in the SMEs sector in the Czech Republic and Slovak Republic. The empirical research was constructed on the basis a questionnaire. The attitudes from 641 entrepreneurs from two countries were collected during the year 2018. The statistical hypotheses were evaluated using quantitative methods. The multiple linear regression models were used to evaluate the impact of the competitive environment and of the narrow business environment on the perception of the riskiness of business risk according to entrepreneurs. The conclusions ofthe research showed an interesting finding. The authors found that the competitive environment, as well as the narrower business environment, affects the perception of the riskiness of business risk. It has also been shown that my customers accept the prices of my products and services. This is the most important indicator of a competitive environment. The most important indicator of a narrower business environment is that my customers support me in doing business. The authors believe that the article has brought several interesting findings and new incentives for the further research and discussion regarding to the perception of enterprise risk not only in the selected countries this research.
The development of small and medium-sized enterprises (SMEs) is at the center of interests of the relevant authorities in the European Union and national economies across Europe. The aim of this paper was to define and quantify important economic factors that shape the quality of business environment in the SME segment, and to compare their significance in Czech and the Slovak Republics. According to the defined aim a survey-based research was conducted with the enterprises of the SME segment. Responses from 312 enterprises in Czech Republic and 329 enterprises in Slovak Republic were obtained. The Z-score method was used to verify the scientific hypotheses. The research brought some interesting findings. Slovak entrepreneurs, despite
This paper seeks to examine the role of factors originated from outside (economic, political, competitive environment and relationships) and within (entrepreneur’s attitude) the organization on the business risk perceived by entrepreneurs. To test the hypothetical relationships, an ordinal regression with two link functions was applied on an original dataset of 641 small and medium-sized enterprises (SMEs) operating in Slovakia and Czech Republic. The analysis revealed that not only economic factors can predict business risk, but along with them are political and competitive environments, relationship with supply chain actors and entrepreneur’s attitude. Consistent with prior research, it is found that an unstable economic environment leads the business to expose themselves to business risk. Also, a friendly regulation framework and quality education contribute significantly to reducing the level of risk. The research triggers the interest of policymakers who design policies aimed at improving the business environment by reducing the level of risk that firms face in doing business. Also, this paper is useful for managerial perspective, since entrepreneur attitude was found to be a predictor of business risk.
The aim of this article is to define important factors which determine the quality of the business environment and construct a structural model of causal relationships between quality of business environment and its determinants in small and medium sized enterprises. This model was constructed on the basis of extensive empirical research. A questionnaire was designed and delivered to SMEs operating in the Czech and Slovak Republics. The sample consists of 641 enterprises from both countries. Data were evaluated using statistical methods such as confirmation factor analysis and structural equation modeling. The structural model showed very interesting findings. The most important factors, which determine the quality of business environment are macroeconomic environment, monetary policy and interest rates and legal environment. In our model, we also pointed out the importance of political, social and technological factors. The research results pointed to the need to adjust the legislative environment in a more appropriate way, to minimize state bureaucracy and to improve media access to business environment assessment. These results are useful for the academic researchers in the area of entrepreneurship, policymakers, and non-profit institutions and organizations whose effort is to improve the business environment and boost entrepreneurship.
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