Assessing the Market, Financial and Economic Risk Sources by Czech and Slovak Smes

Dvorský, Ján; Petráková, Zora; Polách, Jiří

doi:10.37335/ijek.v7i2.91

Cited by 37 publications

(32 citation statements)

References 10 publications

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“…Looking into the cultural, religious, and intellectual values, they are identical and share many beliefs (Oláh et al, 2019;Stverkova et al, 2018). The present study justifies the comparison made by the number of other studies that compared not only different types of risks in the Czech Republic and Slovakia, but other aspects as well (Dvorský et al, 2019;Oláh et al, 2019). A study in Slovakia aimed at identifying types of risks as per their severity in the business through owners' and managers' perceptions.…”

Section: Theoretical Backgroundsupporting

confidence: 75%

Significant Aspects of Managing Personnel Risk in the SME Sector

Kotásková

Belás

Bilan

et al. 2020

Management &Amp; Marketing. Challenges for the Knowledge Society

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AbstractPersonnel risk significantly affects the operation of small and medium-sized enterprises. The aim of the paper is to define and present significant factors affecting the perception of personnel risk in the SME segment, and compare the current status and development in the Czech Republic and Slovakia. The empirical research was conducted in 2020 in the SME segment in the Czech Republic and Slovakia via an online questionnaire, using a sample of 822 respondents. The obtained data were evaluated using the Chí square and Z score. Personnel risk significantly affects the SME segment and its business activities. This risk is perceived as the most significant business risk in both countries, even though its intensity is moderate and does not have a heavy negative impact on SMEs’ activities. The overall evaluation of personnel risk’s impact on SMEs’ activities is similar in both countries. The evaluation of employee turnover was relatively positive, as a considerable part of entrepreneurs stated that turnover is low and does not have a negative impact on their business. The evaluation of turnover was similar in both countries. Based on entrepreneurs’ statements, there are certain gaps in employee error rate, which affects their business. Slovak entrepreneurs provided a worse evaluation of the quality of their employees than the Czech entrepreneurs. Entrepreneurs in both countries are dissatisfied with the way their employees strive to improve their performance or how they compete among each other. The comparison based on business size and age did not yield significant differences, nor did it provide a clear trend despite the general belief presented in literature that larger enterprises have a better access to important fields of business management.

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Section: Theoretical Backgroundsupporting

confidence: 75%

Significant Aspects of Managing Personnel Risk in the SME Sector

Kotásková

Belás

Bilan

et al. 2020

Management &Amp; Marketing. Challenges for the Knowledge Society

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“…Such data can explain the disagreement of Czech entrepreneurs with the fact that bankruptcy is a natural part of the business. Also, according to Dvorský et al (2019), Slovak SMEs are more likely to perceive sources of financial risk than Czech ones.…”

Section: Resultsmentioning

confidence: 99%

“…The most important risks in SMEs which determine their performance and quality are market, economic, and financial risk (Dvorský et al, 2019) and if business fail to plan and follow adequate management strategy, it may fail to sustain (Belas & Sopkova, 2016). Bankruptcy can be the consequence of poor Financial risk management.…”

Section: Introductionmentioning

confidence: 99%

How Do Entrepreneurs Feel Bankruptcy?

Khan

Dankiewicz

Kliuchnikava

et al. 2020

IJEK

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Bankruptcy risk is always a constant threat to the SMEs, which determines how long the firms will survive. Since its identification, management, and control vested in the hands of the entrepreneurs and managers. A lot depends on their interpretations and beliefs. Therefore, to investigate this phenomenon, the present study aimed to investigate the attitude of the managers and entrepreneurs towards bankruptcy risk and to draw the conclusion on how the entrepreneurs’ attitude differs among the Czech Republic and Slovak republic entrepreneurs as well. The study was conducted among 822 small and medium-sized companies from the Czech Republic and Slovakia. Chi-square and z-score test methods were used to test for the existence of a statistically significant difference between bankruptcy attitudes among Czech and Slovak entrepreneurs. Slovak entrepreneurs are more likely to regard bankruptcy as a natural part of the business, and they are less likely to identify an entrepreneur’s mistake as the cause of bankruptcy. An important conclusion is that the experience of bankruptcy for entrepreneurs of both countries is assessed as a vital experience gained, which, however, negatively affects the self-esteem of an entrepreneur. This study contributes to the literature by offering insights over the attitude of SMEs’ owners and entrepreneurs about bankruptcy risk in the context of the Czech Republic and the Slovak republic. From the policymakers’ viewpoint, it is imperative to understand the attitude of SMEs’ owners and entrepreneurs to design effective policies aiming to improve entrepreneurs with adequate skills, ability, and state support. The Originality of the paper deals with the entrepreneur’s perception, behaviour, and attitude towards bankruptcy risk in SMEs.

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“…An increased attention is paid to a stable size of the business (Vekic, 2020;Belas et al, 2020;Gupta, 2016;Virglerová et al, 2017;Kotaskova, Rozsa, 2018;Dyduch, 2019), business staff and human resources practices, sales networks, products, processes, marketing innovations, as well as the sustainable management (Kotulic et al, 2017;Lazikova et al, 2018;Tingvall, 2018;Durda & Kljucnikov, 2019). Exports, market orientation and planning flexibility have been identified as priorities in SME studies in terms of transformation into efficient economic units (Sheehan, 2013;Bencikova, Mala, Minarova, 2013;Wallsten, 2000;Jašková, 2019;Dvorský, et al 2019). Sustainable development in the field of services is closely related to the level of business development in the country (Kozubíková & Kotásková, 2019).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Measuring efficiency by using selected determinants in regional SMEs

Mura¹,

Hajduová²

2021

JESI

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In comparison to other EU countries, Slovakia is characterized by increased business activity and the highest representation of micro-enterprises in the business sector. In the years 2017/2018 -, up to 75% of companies in the SME segment conducted business activity in the field of industry, accommodation, trade, transport and construction. The collected data clearly indicates a growing trend in providing accommodation services, business and information services, business and brokerage services. The main objective of the study is to assess the sectorial structure of SMEs and managerial determinants of their efficiency. The research sample of the enterprises has shown that even these methods can better warn against bankruptcy by predicting whether business will or will not be sustainable. In comparison to EU-28, Slovakia has a significantly higher representation of industry and civil engineering in the sectoral structure of SMEs, while the service sector is under-represented. We conducted a research focusing on our defined area of business in the SME segment. The evaluation of efficiency is most often performed by ratios, which are based on current financial statements of companies. The disadvantage of these measurements is the focus on a certain quantified range of parameters that do not significantly affect the overall efficiency of the unit. Based on the DEA methodology, a selected segment of services in individual regions of Slovakia was analysed in details. The SME sector in individual regions of Slovakia is showing differences. This work presents the results of the clearly defined efficiency of business entities. The main part of this work is about the exact determination of factors that need to be changed in order the specified entity shows signs of efficient management

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Assessing the Market, Financial and Economic Risk Sources by Czech and Slovak Smes

Cited by 37 publications

References 10 publications

Significant Aspects of Managing Personnel Risk in the SME Sector

Significant Aspects of Managing Personnel Risk in the SME Sector

How Do Entrepreneurs Feel Bankruptcy?

Measuring efficiency by using selected determinants in regional SMEs

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