scholarly journals DIFFERENCES IN BUSINESS RISK EFFECTS ON THE FUTURE OF SMEs DUE TO THE COVID-19 PANDEMIC

2021 ◽  
Vol 9 (2) ◽  
pp. 14-31
Author(s):  
Ján Dvorský ◽  
Martin Čepel ◽  
Anna Kotásková ◽  
Katarína Bugánová
Keyword(s):  
Czech Republic ◽  
Financial Performance ◽  
Financial Risk ◽  
Business Environment ◽  
The Czech Republic ◽  
Non Profit ◽  
Top Managers ◽  
The Future ◽  
Linear Regression Modeling ◽  
The Impact

The article aims to identify, analyze, and quantify disparities in the impact of entrepreneurial risks on the future of small and medium-sized enterprises in the business environment of the Czech Republic in light of the COVID-19 pandemic. The research was carried out on 814 SMEs in two phases. 454 SMEs participated in the first phase of the research, which took part before the COVID-19 pandemic. 360 SMEs took part in the second research phase during the pandemic. Statistical methods such as correlation analysis and linear regression modeling were applied to evaluate statistical hypotheses. The results yielded interesting findings. According to respondents, the three most significant business risks in the SME segment include market, financial, and personnel risk in the period before the COVID-19 pandemic and during the COVID-19 pandemic. Prior to the COVID-19 pandemic, entrepreneurs saw the adequacy of sales and financial performance of the business as key determinants that impact the future of SMEs over a 5-year horizon. Conversely, during the COVID-19 pandemic, entrepreneurs perceived the management of the company's personnel performance, financial performance, and ability to manage financial risk as determinants that affect the future of SMEs over five years. According to owners and top managers during the COVID-19 pandemic, the most significant factor is the adequacy of personnel risk in SMEs.On the one hand, the findings benefit the owners themselves and the top managers of SMEs. On the other hand, government institutions and organizations that decide on government measures promote a penetrating environment. Also, the non-profit sector (e.g. Association of Small and Medium-Sized Enterprises and Crafts of the Czech Republic) assists SMEs in their edible activities and activities. 

scholarly journals Business risks and their impact on business future concerning the entrepreneur’s experience with business bankruptcy: case of Czech Republic

2020 ◽  
Vol 18 (2) ◽  
pp. 418-430
Author(s):  
Ján Dvorský ◽  
Aleksandr Ključnikov ◽  
Jiří Polách
Keyword(s):  
Czech Republic ◽  
Financial Risk ◽  
Business Failure ◽  
Direct Impact ◽  
Linear Regression Models ◽  
The Czech Republic ◽  
The Future ◽  
The Difference ◽  
The Impact

The article aims to determine the difference in the perception of selected business risks and their impact on the future of business concerning the entrepreneur’s experience with business bankruptcy. The case study involved 73 small and medium-sized enterprises (SMEs) with experience of business bankruptcy and 381 SMEs without the experience of business bankruptcy from the Czech Republic (CR). Linear regression models were used to verify statistically significant causal relationships between selected indicators of the most significant business risks and respondents’ perceptions of the future of business. The results brought interesting findings. The attitudes of entrepreneurs show that personnel, market, and financial risk are among the three most significant business risks. Experience with business failure is not a significant factor in determining the impact of market indicators on the business’s perceived future. The adequacy of sales of services and products has the greatest impact. The experience of the bankruptcy of SMEs is important in financial risk attitudes. According to entrepreneurs who have no experience with bankruptcy, the perception of financial performance has the greatest direct impact on the future of business. Conversely, for entrepreneurs who have experienced bankruptcy, the ability to properly manage financial risk on the company’s future has the greatest direct impact.

scholarly journals Analysis and Comparison of Economic and Financial Risk Sources in SMEs of the Visegrad Group and Serbia

2019 ◽  
Vol 11 (7) ◽  
pp. 1853 ◽  
Author(s):  
Judit Oláh ◽  
Sándor Kovács ◽  
Zuzana Virglerova ◽  
Zoltán Lakner ◽  
Maria Kovacova ◽  
...  
Keyword(s):  
Risk Management ◽  
Czech Republic ◽  
Financial Risk ◽  
Business Environment ◽  
Primary Objective ◽  
Categorical Variables ◽  
The Czech Republic ◽  
Risk Sources ◽  
Log Linear ◽  
Visegrad Group

Risk management is one of the most important internal process, not only in large companies but also in small and medium-sized enterprises (SMEs). To identify the source of risk can be crucial in all companies. The primary objective of this study is to analyze and compare the economic and financial risk sources in SMEs of the V4 (Visegrad Group: Czech Republic, Hungary, Poland and Slovakia) and Serbia, in the context of the business environment of the countries analyzed. To achieve this goal, a questionnaire-based survey was carried out involving 2110 SMEs from Hungary, Poland, Slovakia, the Czech Republic, and Serbia. The questionnaire included questions about the importance of risks and the concept of risk management in the company. To test the formulated hypotheses, the following statistical tools were used: contingency tables, a Z-value, and a general non-hierarchical log-linear model with three categorical variables and a continuous covariate. Finally, the differences among V4 countries and Serbia were identified. Serbia is more vulnerable to the financial risk sources studied than the V4 countries. The result of the research shows that insufficient profit is more hazardous compared to the other risk sources and all countries are more vulnerable in in this issue. The article concludes with a discussion and a comparison with previous international researches.

scholarly journals Cluster performance management

ACC Journal ◽  
2020 ◽  
Vol 26 (2) ◽  
pp. 94-100
Author(s):  
Natalie Pelloneová
Keyword(s):  
Czech Republic ◽  
Financial Performance ◽  
Performance Management ◽  
Public Support ◽  
Top Down ◽  
Cluster Performance ◽  
The Czech Republic ◽  
Business Entities ◽  
High Degree ◽  
The Impact

The presented article is based on research evaluating the impact of cluster organisations on the financial performance of member entities. The author’s doctoral thesis examines whether there is a difference in the financial performance of cluster organisations created through the bottom-up and the top-down approaches, under the conditions existing in the Czech Republic. Both types of clusters that meet the condition of maturity (established before or in 2012) and of a high degree of activity were selected for the research. The financial performance of member business entities was assessed using the following indicators: ROA, ROE, ROS, EVA, EVA/employee and EVA/sales. The aim of the research was to demonstrate whether public support for clusters would be reflected in member entities’ better financial performance. The final part of the paper then summarises and discusses the findings.

scholarly journals The Impact of Selected Factors on the Quality of Business Environment Assessment in the Czech Republic and the Slovak Republic

2018 ◽  
Vol 6 (2) ◽  
pp. 71-80 ◽  
Author(s):  
Anna Kotaskova ◽  
Zoltan Rozsa
Keyword(s):  
Human Capital ◽  
Czech Republic ◽  
Research And Development ◽  
Slovak Republic ◽  
Business Environment ◽  
Coefficient Of Determination ◽  
The Czech Republic ◽  
Technological Factors ◽  
The Impact

Abstract The paper’s aim is to examine the dependence of the quality of the business environment on defined technological factors (availability of human capital and research and development infrastructure) and to define and quantify significant technological factors that create the quality of the business environment in the SMEs segment. Part of its goal was the comparison of the defined factors between the Czech Republic (CR) and the Slovak Republic (SR). In connection with the stated research goal, a questionnaire survey was conducted among businesses operating in the SME segment. Through this research, 312 companies were surveyed in the Czech Republic and 329 companies in the Slovak Republic. To achieve the primary goal of the article, methods such as correlation analysis and multiple linear regression modelling (t-tests, F-ratio, adjusted coefficient of determination, and so on) were applied. The results of the research have brought interesting findings. Research and development infrastructure, as well as the availability of human capital are important factors that have a positive impact on the business environment in both countries.

scholarly journals The impact of the level of corporate social responsibility on financial performance: Evidence from insurance firms in the Czech Republic

2021 ◽  
Vol 12 (1) ◽  
pp. 64-71
Author(s):  
Simona Činčalová
Keyword(s):  
Corporate Social Responsibility ◽  
Czech Republic ◽  
Social Responsibility ◽  
Financial Performance ◽  
Insurance Companies ◽  
The Czech Republic ◽  
Insurance Firms ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Impact

The topic of Corporate Social Responsibility (CSR) has gained considerable popularity among researchers in recent decades in the Czech Republic. However, given this, no detailed study has been demonstrated on whether Czech insurance firms benefit from this. The paper uses an extensive content analysis method to investigate the impact of CSR on financial performance in 23 Czech insurance companies. These companies are included in the Czech Association of Insurance Companies, over the past years 2019 and 2020. Further, the GRI CSR Disclosure Index and correlation analysis are used. The results indicate a significant relationship between CSR disclosure and financial results. There is a linear positive relationship between CSR and ROE, and between CSR and ROA, even a significant one between CSR and ROE. The study suggests that insurance companies in the Czech Republic ought to make continuous efforts so that their CSR activities have a positive effect on their future development.

scholarly journals Strategic analysis methods and their influence on stability and development of small and medium-sized enterprises in the Czech Republic

2017 ◽  
Vol 10 (38) ◽  
pp. 196-214 ◽  
Author(s):  
Jarmila Straková
Keyword(s):  
Czech Republic ◽  
Business Environment ◽  
Business Practice ◽  
Strategic Analysis ◽  
The Czech Republic ◽  
Non Profit ◽  
Exact Test ◽  
Student’S T ◽  
The Individual ◽  
Student’S T Test

Abstract Strategic analysis of business environment influences the growing efficiency, stability, and sustainability of enterprises. The entry is aimed at analyzing internal and external strategic methods between profit-making and non-profit-making enterprises from the perspective of their sector differentiation and size categorization focusing on small and medium-sized enterprises. The entry highlights the managers’ knowledge of the individual methods and their usability in business practice. The research was conducted based on a sample of 456 enterprises from the entire Czech Republic using a Student’s T-test of the differences of two percentages and the Fisher’s exact test. The conclusion of the entry is dedicated to the results of the tests, as well as new trends that are used in the area of strategic analysis and which have been indicated as a part of the set of tested enterprises.

scholarly journals The impact of corporate social responsibility on business competitiveness

2021 ◽  
Vol 92 ◽  
pp. 06017
Author(s):  
Marcela Kožená ◽  
Martin Mlázovský
Keyword(s):  
Corporate Social Responsibility ◽  
Czech Republic ◽  
Social Responsibility ◽  
Open Economy ◽  
Value Added ◽  
Business Environment ◽  
Global Market ◽  
The Czech Republic ◽  
Corporate Social ◽  
The Impact

Research background: The social and environmental problems of the current globalised world are primarily targeted on the South and Southeast Asian business environment. However, according to the idea “think global, act local”, practices of Czech local business also contribute to the global environment. Purpose of the article: The Czech Republic is classified as a small open economy in the final stage of a transformation into a market economy, and on the top of that, it is also a member of the European Union. Thus, the Czech Republic is very dependent on the global market. Firstly, this paper is focused on analysing the Czech businesses’ attitude to competitiveness with special emphasis on corporate social responsibility. Secondly, there is predicated the future approach of the Czech managers to CSR. Methods: Primary research is based on individual structured interviews with Czech managers on the top and middle level (n=15). The interviews were conducted from February to May 2020 via a combination of face to face and distance communication. Findings & Value added: The results indicate that the Czech business mostly does not perceive CSR as a key factor of corporate competitiveness. However, the significant part of the interviewees considers CSR as moderately important and what is more, they predicate the upward trend of this factor. In addition, corporate social responsibility is often associated with other factors of competitiveness – more precisely to customer loyalty and innovation capability. Moreover, all the corporations stated that they apply at least some of the CSR principles in their ordinary course of business.

scholarly journals THE IMPACT OF SELECTED FACTORS ON THE QUALITY OF BUSINESS ENVIRONMENT ASSESSMENT IN THE CZECH REPUBLIC AND THE SLOVAK REPUBLIC

2018 ◽  
Vol 6 (2) ◽  
Author(s):  
Anna Kotaskova ◽  
Zoltan Rozsa
Keyword(s):  
Human Capital ◽  
Czech Republic ◽  
Research And Development ◽  
Slovak Republic ◽  
Business Environment ◽  
Coefficient Of Determination ◽  
The Czech Republic ◽  
Technological Factors ◽  
The Impact

The paper’s aim is to examine the dependence of the quality of the business environment on defined technological factors (availability of human capital and research and development infrastructure) and to define and quantify significant technological factors that create the quality of the business environment in the SMEs segment. Part of its goal was the comparison of the defined factors between the Czech Republic (CR) and the Slovak Republic (SR). In connection with the stated research goal, a questionnaire survey was conducted among businesses operating in the SME segment. Through this research, 312 companies were surveyed in the Czech Republic and 329 companies in the Slovak Republic. To achieve the primary goal of the article, methods such as correlation analysis and multiple linear regression modelling (t-tests, F-ratio, adjusted coefficient of determination, and so on) were applied. The results of the research have brought interesting findings. Research and development infrastructure, as well as the availability of human capital are important factors that have a positive impact on the business environment in both countries.

scholarly journals Firm-specific factors and financial performance of firms in the Czech Republic

2013 ◽  
Vol 61 (7) ◽  
pp. 2183-2190 ◽  
Author(s):  
Pathirawasam Chandrapala ◽  
Adriana Knápková
Keyword(s):  
Czech Republic ◽  
Financial Performance ◽  
Statistical Power ◽  
Negative Impact ◽  
Positive Impact ◽  
Return On Assets ◽  
Cross Sectional ◽  
The Czech Republic ◽  
Specific Factors ◽  
The Impact

The objective of this study is to investigate the role of internal factors in generating financial performance of firms in the Czech Republic. The paper examines the impact of firm specific factors on company financial performance of 974 firms in the Czech Republic over the period 2005 to 2008, using data in the Albertina database. Pooled and panel cross-sectional time series techniques are used for the data analysis. Return on Assets (ROA) is the dependent variable of the model and eight firm specific factors are introduced as the explanatory variables. Using Return on Assets as the dependent variable, it is established that the firm size, sales growth and capital turnover are having significant positive impact on financial performance of firms. At the same time, debt ratio and inventory reflect significant negative impact on financial performance of firms. Overall explanatory powers of the two models are low and further research is necessary to increase the statistical power of the model. The results from the present study may be very encouraging and useful for managers as well as investors to plan investment and operational activities to achieve profitability objectives more efficiently and effectively. The findings have important managerial implications.

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