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In connection with their earlier contributions, addressing the issue of systemic approach to implementing management audit with regard to small and medium-sized enterprises, the authors intend to further pursue their effort and interest in this specific area of research with the following paper. Its main objectives are to introduce own comprehensive concept, which involves the use of a systemic approach and is expressed in the form of a specific model of "Systemic approach to management audit", and to propose both standardized and purposeful procedures related to such audit. In order to develop the concept, a questionnaire survey was conducted among a number of managers of small and medium-sized enterprises in the Czech Republic, along with structured interviews with auditors carrying out management audits in their professional practice as well. Based on their research, the authors found that the examined enterprises tend to perform management audits only on rare occasions and without using any systemic approach or particular procedures. This is mainly due to an absence of time schedules or lists of individual activities that are required in the audits according to a precisely and previously specified order, as suggested in this paper. [ABSTRACT FROM AUTHOR]

The aim of the paper is to present significant factors of strategic management in the sector of small and medium-sized companies. Within the set goal, we quantify the weight of selected strategic management factors and compare trends in the Czech and Slovak Republics. An empirical research was carried out in 2020. In the Czech Republic, we obtained data from 454 micro, small and medium-sized enterprises and in Slovakia from 368 enterprises belonging to the segment of small and medium-sized enterprises. We used chi-square and Z-score to process the data. The basic conclusion of the research is that even though SMEs perceive the importance of strategic management in the enterprise very strongly, strategic management is not adequately implemented in the everyday life of the enterprise. Entrepreneurs in both countries are not too convinced that quality strategic management enhances the competitive ability of the enterprise. About half of the companies are involved in regular strategic management. There are statistically significant differences according to the size and age of the enterprise, or according to the education of entrepreneurs. Larger companies and more educated entrepreneurs better understand the importance of strategic aspects and the need for their application in corporate governance. [ABSTRACT FROM AUTHOR]

This paper identifies the influence of selected groups of factors on the efficiency of the agricultural sector represented by the Czech Small and Medium Entrepreneurs (SME). The database Amadeus was used as the primary data source. The group of data gained from the database Amadeus covers the period of years between 2005 and 2014. The group of analyzed subjects consists of more than 2000 SME agricultural companies located in the Czech Republic. The econometric models were used for identification of relationships between groups of potentially relevant factors and the efficiency. The analyzed efficiency level is represented in the econometric models by the variables EBIT and EBITDA. [ABSTRACT FROM AUTHOR]

Knowledge management and its support by modern information and communication technologies is a relatively recent but still very topical area. The knowledge has already become a critical strategic resource for business activities and further economic development of firms and whole society too. Thanks to knowledge management as well as efficient exploitation of shared corporate knowledge various firms can develop their competitive advantages more and more. In the Czech Republic the interest in knowledge management utilization is mainly connected with international firms. In this paper we wish to show on a case of a smaller Czech firm that knowledge management can be an appropriate choice also for small and medium-sized enterprises. [ABSTRACT FROM AUTHOR]

The article aims to identify and quantify significant social factors that determine the quality of the business environment (QBE) of small and medium-sized enterprises (SMEs) in the Czech Republic and Slovakia. The case study was carried out through a questionnaire that was completed by 641 SMEs. To evaluate the questionnaire multiple linear regression models (MLRs) were applied. The results of the case study showed that the social factor, such as the family environment, has the greatest impact on the QBE in Slovakia. In the Czech Republic, the most important social factors are society, politicians, entrepreneurs and role models. Also, the influence of the media and communication environment is perceived by entrepreneurs as an important determining factor of QBE. [ABSTRACT FROM AUTHOR]

The business environment is the one of the most important cause of successful business. The important role plays macroeconomic and financial environment and entrepreneur’s perceptions of them. The aim of the article is to evaluate and compare the perception of business environment and its impact on entrepreneurship in the Czech Republic and in the Slovak Republic. The article deals with the results of the empirical questionnaire survey, which was completed in 2018 in the Czech Republic. The research works with 641 valid answers. Research focused on small and medium-sized enterprises, as they are a major catalyst for the economic growth of individual economies. Two main research questions were set to compare the perception of macroeconomic environment and financial environment and its impact on business in selected countries. Another 4 research questions were formulated in relation to compare two main research questions in relation to selected factors (length of the business and entrepreneur’s education). In process of solving the formulated research questions tables, descriptive characteristics and Person coefficient of contingency were used. Despite the fact that the macroeconomic environment in the Czech Republic and Slovakia is comparable, perceptions of the business environment differ in several aspects. [ABSTRACT FROM AUTHOR]

Human resource management is a crucial factor that determines the success of small and medium-sized enterprises in the market and its competitiveness. Small and medium-sized enterprises in the Czech Republic form a significant group of employers in the Czech Republic since they employ two thirds of employees out of the total number of the work force and represent over 99% of the overall number of active business entities. The main objective of the article is to evaluate the level of human resource management in small and medium-sized enterprises in the Czech Republic. Partial objectives of the article are to define a human resource management profile of small and medium-sized enterprises in the Czech Republic and to test dependencies between selected qualitative features. The data (n = 499) was collected by means of a questionnaire technique. The results of the survey confirmed important human resource management internal factors (the size of the enterprise, the position of the HR manager in top management and the existence of the HR department) and helped to define the human resource management profile of small and medium-sized enterprises in the Czech Republic. [ABSTRACT FROM AUTHOR]

The limited liability company (LLC) appears to be among the most popular forms for business conduct for small and medium sized enterprises (SME) in the EU. Due to the extreme competitiveness and challenging global market, there is a strong external, as well as internal, pressure on the executives of LLCs from various angles. Their challenging situation is projected within the legal framework of the status and the function of executives, and in particular in the regime of their legal liability. It is highly instructive to compare the Czech regime to regimes in other EU member states while focussing on the liability issue. Interestingly, there is a big diversity in modes of addressing this liability and, consequently, the very same problem of the business judgment rule and the liability coverage is resolved in a different manner. Ultimately, the insurance approach v. professional advice approach shows how the shifting of the liability of executives of LLCs is done in various legal systems and testifies about underlying concepts and particularities of conducting business in EU member states. [ABSTRACT FROM AUTHOR]

The purpose of the contribution is to present the virtual enterprise and its positive influence on the company's competitiveness. The first part of the contribution is focused on the virtual enterprise. The virtual enterprise is new and dynamic way for enhancing the competitiveness of the company. However small and medium enterprises are limited by their resources and capabilities to effectively implement modern types of corporate structure such as virtual enterprise. Therefore science and technology parks should be prepared to provide a sufficient support in enhancing tenant's competitiveness. However the support should be focused only on particular part of the virtual enterprise lifecycle -- dynamic phase. Dynamic phase is consisted of partner identification and enterprise configuration. The second part of the contribution is focused on the survey amongst science and technology park tenants and the interview with partner Science Park in the Czech Republic. The results are that tenants already have experience with similar cooperation to the virtual enterprise and therefore the implementation would not be that hostile. Secondly, the tenants would welcome a support from the science and technology parks in terms of virtual enterprise implementation. [ABSTRACT FROM AUTHOR]

The European Monetary Union deals now days with a series of problems concerning with the indebtedness of some member states. From the EU side corrective arrangements are accepted such as The European semester, The Euro Plus Pact or the Euro area rescue mechanisms. Just the current situation in the euro area and the non-reformed public finance of the Czech Republic force significantly the uncertainty in case of setting a new date of the euro introduction. If the EMU copes with the current debt problems, Czech Republic will execute the planned public finance consolidation and if there is a euro-optimistic party in the government we can suppose that the Czech join the euro area project will lead into a successful ending. The article concerns with benefits of the euro introduction for the SME by removing the transaction costs. It offers a basic overview of the bank fees connected with the foreign exchange account administration and with the euro non-cash foreign payments at different banks. There are presented model situations and discussed the benefits and costs of the euro introduction and postponing of the euro introduction in the Czech Republic for the SME from the transaction costs point of view. [ABSTRACT FROM AUTHOR]