scholarly journals Perception of non-financial risk determinants in SMEs in Visegrad countries

2020 ◽  
Vol 11 (3) ◽  
pp. 509-529
Author(s):  
Zuzana Virglerova ◽  
Jan Dvorsky ◽  
Ludmila Kozubikova ◽  
Martin Cepel
Keyword(s):  
Czech Republic ◽  
Financial Risk ◽  
Value Added ◽  
Legal Regulation ◽  
Financial Risks ◽  
The Czech Republic ◽  
Safety Risk ◽  
Legal Risk ◽  
Risk Sources ◽  
Visegrad Group

Research background: The identification of risks and their management is a key task of strategic management. The right and early identification of risk sources can help companies to survive not only during a crisis period. However, small and medium enterprises (SMEs) underestimate the necessity to analyze risks and implement the enterprise risk management (ERM). Purpose of the article: The primary aim of the contribution is to identify the most important non-financial risks and their causes in the V4 countries and to analyze the perception of these risks by SME owners. Methods: The results are based on the survey conducted in 2018. The valid questionnaire of 1781 owners of SMEs from four countries was evaluated and analyzed to fulfil the main objective. The statistical hypotheses were con-firmed through statistical methods such as Z-score and Chi-square test. The SPSS Statistics was used for data evaluation. Findings & Value added: The results can be interesting not only for research organizations investigating the development of SMEs, but also for state institutions or private agencies seeking to adapt national support for SMEs. It was discovered that the entrepreneur’s country is the most important factor for the perception of the sources of safety risk, legal risk, and other business risks. There are differences in managers’ perception in case of other risk sources (corruption and clientelism) between entrepreneurs from the Czech Republic and other countries of the Visegrad Group. The SMEs’ country of origin is an important factor for the evaluation of the source of non-financial risks (safety risk, legal risk and other business risks). Differences in the perception of safe-ty risk sources between entrepreneurs from the Czech Republic and Poland were confirmed. More than 25% of SMEs in the Visegrad Group perceive frequent changes of the legal regulation as a legal risk.

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 Comparative Analysis of Financing for Small and Medium-Sized Enterprises in the Visegrad Group

2021 ◽  
Vol 92 ◽  
pp. 06041
Author(s):  
Veronika Vrablova
Keyword(s):  
Czech Republic ◽  
Comparative Analysis ◽  
National Economy ◽  
Slovak Republic ◽  
Value Added ◽  
Bank Loans ◽  
Access To Finance ◽  
The Czech Republic ◽  
The World ◽  
Visegrad Group

Research background: Small and medium-sized enterprises form the backbone of any national economy. Therefore, sources of financing are important for the enterprise´s growth around the world. Finance for enterprises can be divided into classic and alternative. Recently, alternative ways of financing experienced a boom, especially venture capital, business angels, and crowdfunding. Although this type of funding is well known around the world, there are difficulties in using alternative financing among the Visegrad group. Moreover, there are lots of other factors curbing the expansion of enterprises. Purpose of the article: The purpose of this paper is to identify and compare sources of financing for small and medium-sized enterprises among the Visegrad group with focus on alternative financing. Visegrad group consists of the Slovak Republic, the Czech Republic, the Hungary, and the Poland. This paper presents an overview of available financing for small and medium-sized enterprises among the Visegrad group. Methods: For analysis, we used data from the the Survey on the access to finance for enterprises in 2019. Moreover, we also did hypothesis testing to compare the usage of financing through bank overdraft in the year 2019. Findings & Value added: We have reached several conclusions. Firstly, this paper suggests that classic sources of financing are used more than alternative ways, from which the bank loans and leasing are used the most. Secondly, the best condition of financing among countries of the Visegrad group is in Poland, but also other countries have huge potential. And finally, financing of enterprises is not the main issue causing difficulties in making business.

scholarly journals Debt as a financial risk factor in SMEs in the Czech Republic

Equilibrium ◽  
2020 ◽  
Vol 15 (1) ◽  
pp. 87-105
Author(s):  
Jan Kramoliš ◽  
Kamil Dobeš
Keyword(s):  
Risk Factor ◽  
Czech Republic ◽  
Financial Risk ◽  
Value Added ◽  
Critical Factor ◽  
Business Failure ◽  
Insurance Risk ◽  
Risk Avoidance ◽  
The Czech Republic ◽  
Reduce Risk

Research Background: The approach is based on theoretical sources and completed studies on business debt, debt level and repayment awareness and how this issue relates to SMEs in the Czech Republic. Purpose of the article: The main purpose of this paper is to examine the attitude of SMEs towards the issue of company debt and its position within the economy. This attitude is an inherent part of the company´s risk management. Methods: Three researched issues (How strongly is company debt perceived as a financial risk factor; Does the company consider debt to be a serious matter in their business; What measures does the company take to reduce risk) supported by hypotheses, which verified the thesis, were statistically tested. Finding & Value added: Practical implications confirm the thesis that there is a belief that SMEs do not consider debt to be a critical factor of business risk and do not associate it directly with the major risk of business failure. SMEs do not view debt negatively and do not directly link debt to the risk of failure. Consequently, companies consider the risk of indebtedness as relatively insignificant. Their approach to indebtedness is therefore generally passive and they also believe that it will not jeopardize their business, and they will always somehow manage to solve it through insurance, risk avoidance and through creation of financial reserves.

scholarly journals Analysis of the development of the economic account for agriculture of the Czech Republic

2012 ◽  
Vol 52 (No. 5) ◽  
pp. 205-208
Author(s):  
J. Klíma ◽  
M. Palát Sn
Keyword(s):  
Czech Republic ◽  
Statistical Analysis ◽  
Value Added ◽  
Plant Production ◽  
Reference Period ◽  
The Czech Republic ◽  
Agricultural Industry ◽  
Increasing Trend ◽  
Production Output ◽  
Net Value Added

The paper is focused on assessing the development of the economic account for agriculture of the Czech Republic in the selected reference period 1998–2003. There were evaluated effects of the particular types of the economic accounts. Methods of regression and correlation analysis and development trends were used for the mathematical-statistical analysis. The plant production output similarly as the output of agricultural industry show an increasing tendency since the period under investigation reaching a peak about 2001 and in next years decreasing in difference to the gross value added at basic prices and the net value added at basic prices which shows an increasing trend throughout the period. Both animal output and the agricultural services output show a decreasing trend reaching a minimum about 2002. 

scholarly journals Development of the Regulation of Insurance Intermediaries in the Czech Republic

2019 ◽  
pp. 343-352
Author(s):  
Martina Krügerová
Keyword(s):  
Czech Republic ◽  
Insurance Coverage ◽  
Distribution Channels ◽  
Legal Regulation ◽  
Main Channel ◽  
Insurance Market ◽  
The Czech Republic ◽  
Registered Intermediaries ◽  
Selection Of

In the insurance market, various distribution channels can be selected to distribute an insurance coverage. The selection of those channels depend on many factors and specific criteria. The insurance intermediaries represent the main channel for external distribution channels (also called the intermediary channel). The aim of this article is to summarise the legal regulation of insurance intermediaries and to show changes in the development of registered intermediaries.

scholarly journals A Modern Industrial Policy for the Czech Republic: Optimizing the Structure of Production

Mathematics ◽  
2021 ◽  
Vol 9 (23) ◽  
pp. 3095
Author(s):  
Maria Markaki ◽  
Stelios Papadakis ◽  
Anna Putnová
Keyword(s):  
Czech Republic ◽  
Industrial Policy ◽  
Motor Vehicle ◽  
Value Added ◽  
Electrical Equipment ◽  
Pharmaceutical Products ◽  
Global Market ◽  
Output Analysis ◽  
The Czech Republic ◽  
Restructuring Process

The decreased demand for new vehicles will put pressure on the economy of the Czech Republic, a country deeply integrated into global value chains, as part of global vehicle production. The aim of this research was to define an appropriate industrial policy for the Czech Republic that will ensure that the country maintains its competitive position in the global market. A constrained optimization model was built, based on input–output analysis, to determine the optimal value-added structure and the intersectoral structure of the Czech economy for the country to retain its exporting character. The optimization problem was solved by using a particle swarm optimization algorithm. The results suggest that the optimal industrial policy plan for the country is the structural transformation of production, mainly targeting the development of technologically advanced sectors of manufacturing (such as: chemicals and chemical products; basic pharmaceutical products; computer, electronic, and optical products; electrical equipment; and machinery and equipment). The suggested restructuring process increased the domestic value-added in gross exports as a share of total exports by 6.77%, creating optimal production capabilities for the economy. The Czech Republic appears to have the potential for the implementation of an industrial policy, avoiding the increasingly vulnerable motor-vehicle sector.

scholarly journals The Attractiveness of Selected Central European Countries for Winter Sports and Mountain Hiking

Turyzm ◽  
2018 ◽  
Vol 28 (1) ◽  
pp. 35-40
Author(s):  
Kinga Krzesiwo ◽  
Kamila Ziółkowska-Weiss ◽  
Michał Żemła
Keyword(s):  
Czech Republic ◽  
Mass Scale ◽  
European Countries ◽  
Mountainous Areas ◽  
Winter Sports ◽  
The Czech Republic ◽  
Central European ◽  
Downhill Skiing ◽  
Visegrad Group

Abstract Hiking, downhill skiing and snowboarding are among the most popular forms of active tourism in mountainous areas. Their popularity and their mass scale do not only result from the presence of the appropriate landscape, but also from its appropriate development. The objective of the article is to attempt to assess the attractiveness of selected Central European countries in terms of winter sports and mountain hiking, to consider the opinions of students who live in Visegrad Group countries, as well as to evaluate the barriers to development of their competitive offers. According to respondents, the most attractive countries for winter sports are Austria and Slovakia, and the least attractive are Hungary, Romania and Lithuania. In turn, according to the students, the best conditions for mountain hiking are in Slovakia, Austria, the Czech Republic and Poland. In addition, respondents from particular countries assessed domestic offers highly.

scholarly journals Bioeconomy in the National Forest Strategy: A Comparison Study in Germany and the Czech Republic

Forests ◽  
2020 ◽  
Vol 11 (6) ◽  
pp. 608 ◽  
Author(s):  
Ratna Chrismiari Purwestri ◽  
Miroslav Hájek ◽  
Miroslava Šodková ◽  
Mathy Sane ◽  
Jan Kašpar
Keyword(s):  
Czech Republic ◽  
Rural Areas ◽  
Forest Policy ◽  
Forest Biomass ◽  
Value Added ◽  
Adoption Process ◽  
National Forest ◽  
Comparison Study ◽  
The Czech Republic ◽  
European Forest

Background and Objectives: Forest-based bioeconomies have been adopted as the national forest strategies in many European countries. However, in the Czech Republic, the bioeconomy has not been officially included in national policies. The main objective of the paper was to review the current forest policy in the Czech Republic in meeting the purposes of the European forest-based bioeconomy. To better understand the opportunities and shortcomings of the forest strategy and the implementation of a forest-based bioeconomy in the country, a comparison study in the Czech Republic and Germany was also carried out. Methods: A review of the forest strategies was done based on the following research questions: (1) How are the bioeconomy principles and priorities present in the Czech National Forest Programme (NFP) as reflected in the EU Forest Strategy, and how does the Czech forest strategy compare to that in Germany? (2) What is the situation concerning the national wood production and consumption to understand the opportunities and challenges of the bioeconomy implementation in the studied countries? Results: The Czech NFP was approved following the pan-European process for the protection of forests in Europe; therefore, it does not directly reflect the 2012 bioeconomy principles, although most of these approaches have been included in this strategy. Different national measures in two studied countries were revealed to achieve the objectives of the forest bioeconomy. The primary contribution from the Czech forestry to the bioeconomy is sustainable forest-based products. A forest bioeconomy is also targeted at mitigating climate change by providing forest biomass for bioenergy. Conclusions: The Czech Republic is in the midst of the adoption process of the bioeconomy strategy. The main challenges faced by the forest-based sector in the country is to fulfil the demand for sustainable forest biomass and high value-added products. Multisectoral collaboration, business diversification, and education for public consumers are needed to increase the growth and job opportunities of the bioeconomy sector in rural areas.

scholarly journals Modelling direct payments to agriculture in a CGE Framework – analysis of the Czech Republic

2011 ◽  
Vol 57 (No. 11) ◽  
pp. 517-528 ◽  
Author(s):  
Z. Křístková ◽  
A. Habrychová
Keyword(s):  
Czech Republic ◽  
Policy Instruments ◽  
Value Added ◽  
Complete Removal ◽  
Living Standard ◽  
Negative Effects ◽  
Positive Role ◽  
The Czech Republic ◽  
Direct Payments ◽  
Positive Effect

The paper deals with modelling of the direct payments subsidies to agriculture and their impact on the economy of the Czech Republic. With the use of the general equilibrium model, scenarios concerning an increase of subsidies reaching 100% of the national envelope and a complete removal of both SAPS and Top-Up payments are applied. The results show that if the full amount of subsidies is granted, the value added in agriculture and the connected sectors is stimulated, with a positive effect on the total GDP. However, if the direct payments are completely removed, negative effects on employment can be expected, suggesting that the direct payments play a positive role in the economy. The paper further points out that the effects of direct payments on the incomes of farmer households are limited, suggesting that the farmers’ living standard should be supported by other policy instruments than the direct payments

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