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Although small and medium-sized enterprises (SMEs) are highly important for producing highvalue-added innovative and intermediary goods and play a crucial role in being suppliers of large enterprises, their financial restraints cause them to encounter problems regarding their internationalization process and financial performance. As a dynamic capability of Resourcebased View theory (RBV), the usage of marketing communication tools (MCTs) by SMEs, such as social media (SM), websites, telemarketing, direct mail, SMS campaigns, and Google Adwords, increases the competitiveness of SMEs and might enable them to reduce their financial performance and export concerns. However, the usage of these tools can differ depending on the firm's country of origin since countries have various socio-economic and cultural conditions that affect the competitiveness of firms and their marketing communication approaches to their export and financial performance. In this regard, this paper aims to find international differences in the impact of the usage of MCTs on export and financial performance. This paper examines 1221 SMEs from Czechia, Slovakia, and Hungary for this aim. The researchers created an online questionnaire to collect data from randomly selected respondents in the research sample. The researchers also ran Binary Logistic Regression analyses for analysis purposes. Although this paper confirms international differences in the impact of MCTs on the export of SMEs, the effect of SM usage on the financial performance of SMEs does not differ depending on the SMEs' country of origin. [ABSTRACT FROM AUTHOR]

Research background: SMEs' concern for the digital literacy of their workforce, their interest in increasing digital literacy among employees, and securing their digital platforms, have been major issues in their digital transformation process. To reduce those obstacles, the dynamic capabilities of SMEs included in the Resource-based View (RBV) might be an effective solution since they help companies be more competitive and proactive against the threats they face in the digitalization process. Purpose of the article: This research aims to investigate whether SMEs' dynamic capabilities positively contribute to their digital transformation process. Methods: In line with the proposed relationships, this paper analyzes SMEs from Czechia by running Ordinal Logistic Regression analyses. The research sample is created by stratified random sampling and purposive sampling methods. The research data is collected via telephone surveys. Findings & value added: This research does not find a positive relationship between the dynamic capabilities of SMEs and the digital transformation process. While the results related to digital literacy are negatively associated with digital transformation, no significant relationship exists between security actions and the digital transformation of SMEs. This paper extends the scope of RBV on the digital transformation of SMEs by analyzing various dynamic capabilities of SMEs that have not been included in a sole study. Moreover, the perceptions of SME executives are considered by this research to provide effective solutions for the problems they face in digital transformation. Having a joint venture agreement with well-experienced IT companies, having a network with partner firms, looking for funding opportunities in the EU, participating in some practical training, and providing internships for bachelor students might enable SMEs to hit their targets in digital transformation. [ABSTRACT FROM AUTHOR]

Research background: The lack of financial resources of small and medium enterprises (SMEs) make them face high financial risk. Their entrepreneurial abilities that belong to Resource-based View (RBV), such as innovativeness and competitiveness, might reduce SMEs’ financial risk because those entrepreneurial abilities increase the financial performance of businesses. Purpose of the article: This paper aims to investigate the effects of the innovativeness and competitiveness of SMEs on their financial concerns based on financial risk, including bankruptcy, financial performance, and financial risk management. Methods: The authors use a method of data analysis and synthesis, including advanced knowledge and digital processing of background studies. This paper examines 1221 SMEs from the Czech Republic, Slovakia, and Hungary. Those firms are chosen by random sampling method from Cribis and the Budapest Chamber of Commerce databases. Then the researchers directed an online questionnaire to collect the research data from the randomly selected firms. The researchers use Ordinal Logistic Regression Test for analysis purposes. Findings & value added: This paper's results indicate that SMEs' competitiveness does not impact SMEs’ bankruptcy prediction, financial performance, or financial risk management. On the other hand, while more innovative SMEs are less likely to face bankruptcy issues than less innovative SMEs, less innovative SMEs indicate better financial performance than their more innovative counterparts. Since this paper focuses on the influences of intangible assets of SMEs (such as characteristics based on RBV and Entrepreneurial Orientation) on their tangible assets (financial performance etc.) and puts emphasis on this fact from an International perspective, this paper makes a significant contribution to the literature. Furthermore, analyzing multiple relationships between SMEs’ different entrepreneurial characteristics and various financial risk concerns is another important fact that might draw prospective readers’ attention. [ABSTRACT FROM AUTHOR]

The objective of the paper is to analyse and compare the consequences of the coronacrisis on the entrepreneurship of small and medium-sized enterprises (SMEs) in Slovakia and the Czech Republic with the aim of identifying the determinants of changes in entrepreneurship. The secondary empirical research was carried out based on the analysis of secondary and primary data. The analysis used economic indicators of SMEs, governmental measures and surveys of the views of entrepreneurs. The analysis used data from statistical databases and official reports from government institutions and non-governmental organisations (NGOs), as well as data from primary surveys conducted by NGOs. Descriptive statistics, financial analysis and cross-comparison methods were used to process the data. The results revealed changes in the business of SMEs in the Czech Republic and Slovakia during the crisis, such as the adaptation of business strategies, improvement of flexibility and acceleration of digitalisation processes. These changes highlighted the importance of building business agility. The summary of the main changes in SME business based on both secondary data and primary surveys and the perception of state anti-pandemic aid by managers as feedback to governments represent the main contributions of the paper. [ABSTRACT FROM AUTHOR]

Research background: The sustainability of small- and medium-sized enterprises (SMEs) represents a significant scientific and professional problem in the current turbulent period because these enterprises play an important role in any country's economic and social systems. Purpose of the article: This paper aimed to define the significant sustainability factors of small and medium-sized enterprises and to quantify their impact and importance on the sustainability of SMEs. The areas of Human Resource Management, Corporate Social Responsibility, and financial management were defined as significant sustainability factors. Methods: Empirical research, on which the scientific hypotheses were formulated and evaluated, was conducted in June 2022 in V4 countries (Czech Republic, Slovak Republic, Poland, and Hungary) using a structured questionnaire. The study accumulated a sample of 1398 respondents. Data collection was conducted through an external agency, MN FORCE, operating in Central European countries. The Computer Assisted Web Interview (CAWI) method was used to record respondents' perceptions. Descriptive statistics, correlation analysis, and linear regression analysis were used to evaluate the hypotheses. Findings & value added: The research showed that all defined factors in the areas of Human resource management (HRM), Corporate social responsibility (CSR), and financial management of the firm had an impact on defined sustainability attributes. The greatest impact was found on the firm's financial management, followed by CSR and HRM. The empirical results confirm that the intensity of the independent variables varies across the V4 countries. These results also show that the intensity of the selected HRM, CSR, and financial management factors of a firm is higher in the integrated models than in the models for individual V4 countries. The research results have shown that a range of factors determine the right attitude towards the sustainability of companies. In this context, economic policymakers and entrepreneurs must perceive sustainable growth as complex and apply a systemic approach to its design and implementation. [ABSTRACT FROM AUTHOR]

Due to operating in the mining and iron sectors with fierce competition and encountering more financial obstacles compared to larger enterprises, SMEs (small and medium-sized enterprises) become more likely to face business failures, have lower financial performance and have high financial risk. To overcome those financial impediments and become more competitive against their rivals, social media usage might be a solution. This is because even under the conditions of the covid-19 pandemic, social media has also stimulated online purchasing behaviours of customers and has been used as an effective tool by SMEs for marketing purposes. However, SMEs' usage of these channels might differ depending on the countries where they are located, so their impacts on financial obstacles might be different. In this regard, this research examines whether the impacts of social media usage on the financial problems of SMEs differ depending on their location. To achieve this goal, the researchers employ an online survey and direct it to the executives of 1156 Czech, Slovakian and Hungarian SMEs. The researchers apply Ordinal Logistic Regression with the Logit function in SPSS statistical tool for analyzing purposes. The results confirm the fact that while differences do not exist among countries regarding the impact of social media usage on business failures, the effects of social media usage on financial performance and financial risk differ between Hungarian and Czech-Slovakian SMEs. Czech and Slovakian SMEs show similar attitudes in all of the analyzed variables. [ABSTRACT FROM AUTHOR]

Changes in regional policy could affect the development and sustainability of small businesses, which react to external conditions. The main goal of this paper is to propose a regional system of indicators of an assessment of the business environment. The proposed system of indicators reflects the specifics of regions that have undergone sectoral change. The structure of the paper follows a top-down approach, first describing the national and then the regional context of the chosen, somewhat similar, regions within the selected countries. The paper first describes current analytical results from an overall national evaluation of two different countries (Czechia and China) with selected structurally changed regions. Lastly, it proposes a system of indicators. The systematic part of the paper contains a practical case study from one Czech region to illustrate the examined problems and how to connect business needs with regional policy issues. According to the findings, when an entrepreneur is in daily contact with the local government, the quality of the business environment is very important for each of them to exploit a comparative advantage from the market. Proposals are based on a field survey study of 215 entrepreneurs, conducted in the selected Moravian-Silesian region that has undergone sectoral change similar to Shanxi Province today. The results could be applicable as an example of good practice by means of which to evaluate other regions in the same situation. [ABSTRACT FROM AUTHOR]

The article aims to investigate the level of adoption of revenue management activities in small and medium-sized hotels in the Czech Republic. One hundred fifty members of the Association of Hotels and Restaurants from the Czech Republic were questioned. The questionnaire was derived from the MERMI model used to evaluate the adoption of revenue management activities in hotel operations. For this research, the scope was reduced to fit better the focus on the SME based on the Delphi method. The results show the low level of adoption of revenue management in this segment, where 23 % of the respondents stated no interest in revenue management, and only 17 % had the revenue manager in their organisational chart. The GM or marketing and sales managers prosecute the revenue management activities for the rest of the hotels. As revenue management is one of the departments highly supported by information and communication technologies, their adoption is low, as 30 % of the respondents from small hotels are using these technologies. It is crucial to mention that these are not only the revenue management tools but also the WBEs, Channel Managers or CRMs. The results support the increasing gap between academia and revenue management practitioners. The paper's novelty lies in its focus on the SME segment, where the previous studies mainly focused on the applications in upper-scale and luxurious hotels. The SME segment, with its majority in the segment (in the context of the number of hotels), was omitted entirely. Therefore, the paper showcases a significant theoretical and practical knowledge gap. Further research should focus on the SME segment and deliver actionable proposals for the hoteliers losing competitiveness by omitting the revenue management principles. [ABSTRACT FROM AUTHOR]

The current study investigates how institutional constraints and firms’ and entrepreneurs’ characteristics affect business recovery. Some elements have not yet been rigorously examined in the existing literature, especially not concerning the post-communist countries’ business recovery component and the same is the research gap current study intended to address. To evaluate the study model, ordinal logistic regression was used. More than 300 valid questionnaires are collected from the Czech Republic, Hungary, and Serbia. The findings show that factors such as firm tenure and size, location, sector, entrepreneurial motivation, product change, etc., have conflicting effects on business recovery. Some of the outcomes of the present study is supported by the existing studies and some requires further research. The study focuses on the less explored independent variables and their association with business recovery, specifically on SMEs, which highlights the paper’s originality. The output of the current study adds to the existing literature of business recovery and institutional constraints. Policymakers interested in removing institutional limitations and promoting a quicker business recovery for SMEs are drawn to the research. The study findings are also helpful from a managerial standpoint because business owners and managers significantly impact decisions about entrepreneur motivation, product change, and other issues. [ABSTRACT FROM AUTHOR]

Research background: Corporate Social Responsibility (CSR) is an important concept that is gradually finding application in the small and medium-sized enterprises (SMEs) segment. Purpose of the article: The aim of this paper was to define the significant drivers of CSR in the SME segment and to compare these attitudes across the three most important business sectors in the Visegrad Four countries (V4 countries). Methods: Empirical research, which aimed at identifying the attitudes of SMEs, was conducted in June 2022 in the V4 countries using the "Computer Assisted Web Interviewing" (CAWI Research Method). The total number of respondents in the V4 countries was 1.398. The sample, which only included respondents within the top three sectors in each V4 country, consisted of 995 respondents. The established statistical hypotheses were tested through descriptive statistics and Z-scores at a significance level of a = 5%. Findings & Value added: Based on the results of the empirical research, some basic conclusions of this study can be formulated. The knowledge of the CSR concept is not at an adequate level within the sample set, which consisted of the three most important business sectors in the V4 countries. This trend is particularly evident in the Czech Republic and Slovakia. The research confirmed that there are no statistically significant differences within the sample in the assessment of knowledge of the CSR concept. A relatively small number of SMEs consider the concept of CSR in the management of the company. This trend is particularly evident in the Czech Republic and Slovakia. Better results were found in Poland and Hungary. The research has shown that there are no statistically significant differences in the attitudes of SMEs within the sample across the V4 countries. SMEs within the sample agree with low intensity with the statement that CSR implementation enables them to gain competitive advantages in the market. The attitudes of SMEs are very similar across the V4 countries. The most statistically significant differences in the attitudes of SMEs within the sample were found when assessing the importance of CSR in the process of recruiting new employees. Some sectors valued significantly more the importance of CSR in this process. [ABSTRACT FROM AUTHOR]

Performance remuneration of managers using the balanced scorecard (BSC) method has two main advantages. The first is the motivational criteria derived directly corporate strategy, the second is the "balanced" nature of remuneration based on other performance targets in addition to “traditional” financial indicators. However, the prerequisite for the effectiveness of this method is its correct use, which assumes that the essence of the method and the individual components of its methodology are correctly understood and applied. The article deals with the extent of occurrence of this method as a tool for performance remuneration in Czech companies, and the extent to which its practical application corresponds to its methodological assumptions and requirements. The paper uses a qualitative survey carried out in mid-size and large enterprises in the Czech Republic to determine to what extent the prevailing way in which the method is used can be regarded as a tool increasing the value added of performance-based management compensation, what are the basic prerequisites for an effective use of this method, and what main modifications/adaptations leading to its higher effectiveness the method allows without losing its rationale. [ABSTRACT FROM AUTHOR]

Evaluation of the economic impact of public research and development (R&D) support has become an integral part of the policymaking process. The paper examines the economic effects of the Czech programme TIP supporting R&D in private companies in the recent decade and aspires to contribute to the debate on quantitative methods for assessing outputs additionality of public R&D programmes. The analysis is based on the counter-factual econometric approach, because an appropriate control group could not be found among the unsupported companies, a so-called generalized propensity score matching (GPSM) was used. Two data sources were used: monitoring data of the programme TIP and economic data from the database Bisnode-MagnusWeb. The impact of R&D support on the firms' performance was measured by output indicators: gross value added, profit and productivity. Treatment effects are diverse depending on firm sizes. Generally, the R&D support effects are positive and more substantial in small and medium firms (SMEs) while there are no such effects confirmed for large firms. The support could only impact positively on the output (profit, productivity and gross value added) of small firms only after reaching a certain minimum threshold of the support whereas output diminishes for medium firms after a point of saturation. Implications for Central European audience: This paper results could be useful for policymakers and R&D funding providers because it provides evidence about the microeconomic impacts of programmes, namely it shows the differentiated effects of public interventions toby the size categories of beneficiaries. The analysis confirms that GPSM approach provides deliver logical outcomes and if the investigation is situated to the right period after the programme is accomplished, it has a potential to bring more insight in the effects than the standard dichotomous model. [ABSTRACT FROM AUTHOR]

In privately held firms, owners are a social group of people who are aware of, interact with, and influence each other. There are dynamic relationships between them and potential clashes between self- and collective interests. At the same time, the management literature suggests that family firms behave differently than non-family firms and follow a different set of goals. This paper introduces a research framework, sample and initial findings of the Responsible Ownership Project, which aims to contribute to our understanding of how attitudes and behaviours of owners in privately held firms may influence the economic and non-economic outcomes of their firms. The goals of the paper are to explore the role of family businesses among Czech private firms and to test whether the family plays a significant role in responsible ownership behaviours in private firms. Our descriptive statistics suggest that family businesses play a non-negligible role in the Czech economy. Using Student's t-test for mean differences, we find a higher level of responsible ownership for family-owned vs non-family-owned firms. Finally, we present directions for future research and the expected contributions of the research project. [ABSTRACT FROM AUTHOR]

Current manufacturers do not provide only tangible products to their customers, but also deliver services and integrated solutions in today's globalized environment. Furthermore, they effort also on implementing 'smart services'. Smart services allow by connected productservice systems to exchange data between their customers and the service providers. Smart services offer many benefits for both manufacturing companies as service providers and as well as for their customers. The aim of this paper is to investigate which benefits of smart services are the most significant for manufacturing companies. To address the research objective, a qualitative multi-case study was conducted among seven Czech electrotechnical SMEs, which have already started with smart service provision. The respondents operate in the same industry, but they provide a wide range of products and services to their customers with varying degrees of smart service orientation. The empirical part of the paper involves in-depth interviews with owners or with experienced senior managers in each case organization. The interviews were done from April 2017 to January 2018. The findings show the most important benefits for small and medium manufacturers and their customers. [ABSTRACT FROM AUTHOR]

This paper aims to evaluate the level of the strategic part of CRM in SMEs in the Czech Republic. In the empirical part, quantitative primary research was carried out. The questionnaire survey was attended by 1 067 respondents. To evaluate the primary research, the PDCA method, which is used to evaluate process quality, was modified. This paper provides a different perspective on CRM level assessment. Based on a literature search, a research question and hypotheses dealing with the level of strategic activities were formulated. The communication strategy reached the highest level in terms of implementation. The hypotheses examined the relationship not only between the level of CRM strategy determination, the perception of the CRM importance and the increase in the number of loyal customers, but also between the size of SMEs and selected strategic activities. For most hypotheses, this relationship was confirmed, even if there is a differentiated degree of tightness. [ABSTRACT FROM AUTHOR]

This paper analyses the impact of company size on the application of human resources (HR) investments. Data were collected through a questionnaire distributed to 610 SMEs in the Czech Republic. Properly completed questionnaires were obtained from 581 enterprises. The data were evaluated using the Chi-square test of independence, Kolmogorov-Smirnov normality test, Kruskal-Wallis test, and analysis of variance. Research questions were divided into four groups. The first group examined the application of HR investments as a reward, and the second group as a tool for increasing the interest in employment with the company. Another group focused on human capital management (HCM) and its impact on corporate financial performance. The last group dealt with HCM to improve the competitive advantage and the market position of the company. The results show that company size has a significant impact on the application of HC investments. In all groups, large enterprises (150+ employees) make investments to a greater extent than smaller companies. As for sector, the highest rating was recorded for companies operating in logistics and transport. The overall evaluation shows that large companies use the items more often, and no significant differences were recorded between different sectors. The findings may help large enterprises to realize that investment in human capital is long-term, increases competitiveness, and generates indirect returns. Small enterprises can also make investments in human capital, although to a limited extent, and it is not advisable to totally avoid such investments. The limitations are in the selected research method, the number of questions and respondents. [ABSTRACT FROM AUTHOR]

Strategic management of SMEs is perceived as crucial backbone of their business, as it impacts their business models and internal processes all the way up to digital innovation measured by the level of digital maturity. How do the strategic management factors influence the digital maturity? Through quantitative analysis of 76 respondents representing SMEs in the Czech Republic, the research data was collected and statistically tested. Results imply that strategic management factors affect the level of digital maturity. This paper contributes to prior literature by practical implementation of modified digital maturity model and by addressing the correlation of strategic management factors and the level of digital maturity. Limitations springing from sample site and environment are addressed and discussion on the results is conducted. Author proposes a conclusion that strategic management factors can be perceived as a driver of digital transformation, emphasizing the need for future research and practical discussion. [ABSTRACT FROM AUTHOR]

The aim of this paper is to discuss and answer the issue whether the trading of claims and their use in civil proceedings may be an abuse of rights. Claims processing is a regular part of the business both in the Czech Republic and within the European Union. The European Commission proposed a special regulation governing the applicable law in 2018, as well emphasizes the legal arrangements for the assignment, especially its assets. Claims are made both between large business corporations and small business owners. Assignment of claims is also very important in ensuring the liquidity of a particular entrepreneur. If the assignment of a claim is made in the course of civil proceedings, the plaintiff – the promoter – usually submits a proposal for a procedural succession for bringing the assignee in the proceedings in their place. However, this right is easily abuse-able if it is an entrepreneur of a business corporation that fights with financial difficulties. In case of dismissal the defendant will not be entitled to reimbursement of the costs. [ABSTRACT FROM AUTHOR]

Small and medium-sized enterprises (SMEs) are a "major engine" of economic growth and socioeconomic development and the achievement of numerous sustainable development goals (SDG). They should make SDGs a prominent selling point to demonstrate why consumers should buy from them to reduce waste and enhance recycling. If a consumer sees an SME engaged in the SDGs (goals 8, 9, and 12), it will be motivated to offer further support. Given these facts, the paper compares the Czech and Polish approaches to the circular economy by means of quantitative evaluation based on primary research (Czechia, 210 respondents) and qualitative context comparison in Poland. The research has confirmed that there are differences in both countries in relation to sustainable development goals, with SME decisions in the Czech SME sector being at level 1.0 of business sustainability, and in Poland being below level 1. Additionally, Czech entrepreneurs have more knowledge of and practice in "green" methods than their Polish counterparts. [ABSTRACT FROM AUTHOR]

The focus of the present paper is to identify and defines the important factors of strategic management in SMEs with a specific focus on the service sector and to compare its current situation in the Czech Republic and Slovak republic firms. To shape the study, survey-based research planned and conducted in the Czech Republic and Slovak republic over SMEs in the service sector. The data were collected from the owners or top-level managers, the total sample used in the study was 822, 454 respondents from the Czech firms and 368 firms from the Slovak republic. The study employs basic statistics tools, percentages and mean values, used Z-score to compare the respondents in the Czech Republic and Slovak republic. The major findings of the study reveal that majority of the firms in both the countries use strategic management as an integral part of corporate governance and believe that strategic management usage improves the competitiveness of the firms and its stability in domestic and foreign markets. Another interesting finding reveals that the business sector is not a statistically significant factor in evaluating the sources of strategic risk, found from the firms of both countries. The paper adds to the existing literature of SMEs, investigated the use of strategic management tools for their sustainability and competitiveness. As the key aspects of strategic management are much used in large size organization but less explored in the smaller segment. The outcome of the study can help to understand the SMEs' attitude towards strategic management usage. It is very useful for long term survival, stability, and expansion, as both countries' economy is heavily depending on the SMEs. [ABSTRACT FROM AUTHOR]

Copyright of Serbian Journal of Management is the property of Serbian Journal of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper deals with the comparison of differences in the levels of the application of executives and managers' competences in companies divided by the number of employees and the line of business and identifies the differences based on this classification. Research data were collected via a questionnaire survey administered to 610 small and medium-sized enterprises in the Czech Republic. The subsequent analysis of the responses showed that it is possible to work with complete data from 581 companies. The data were then subjected to statistical calculations according to statistical methods, specifically, the general linear model (GLM), two-way ANOVA, and regression analysis. These methods were used for calculating the results and compiling auxiliary tables and graphs. The results show that in terms of the classification of the companies by their size (the number of employees), it is statistically clear that with the growing number of employees and thus the size of companies, the level of application of the competencies of managers and executives increases as well. The highest level was identified in companies with 150 or more employees, while the lowest was identified in small companies with no more than 9 employees. In terms of the classification of companies by line of business, there were no significant differences in the application of competences; therefore, it cannot be confirmed that any specific line of business shows a higher level of applying managers' and executives' competences. The results obtained can help small companies realize that although the application of competences is more typical for large enterprises, small companies must also pay attention to this topic if they want to grow in the future and increase their turnover. The results are limited by the methods chosen for the achievement of the objectives and data collection. Finally, the results were compared with the findings of other authors. [ABSTRACT FROM AUTHOR]

This paper focuses on Small and Medium-sized Enterprises (SMEs) and Design Management, especially the relationship between design management and business prosperity. The study is based on quantitative research conducted in January 2019. The main issues were transformed into research questions, which were further evaluated into several hypotheses; these were statistically tested. The results suggest that (as expected) there is a correlation between wellmanaged design management and business prosperity. The results were analyzed across company size with regard to B2B/B2C/B2G. The limitation of the research results lies mainly in a limited number of samples only from the Czech economy. The research did not examine the term "business prosperity" in depth. Sometimes prosperity is seen as increasing profits, sales, market share, or brand value. The originality of the paper lies in the uniqueness of the research and the possibility of utilization of its results for other economies similar to that of the Czech Republic. [ABSTRACT FROM AUTHOR]

The aim of this paper is to review the impact of entrepreneurs' attitudes toward the defined business risks on the perception of the future of small and medium-sized enterprises (SMEs). 454 SMEs from the Czech Republic (CR) participated in the research and completed an online questionnaire. Structural equation modelling and factor analysis were used to identify the causal relationships between the examined variables. Entrepreneurs' attitudes toward business failure also have a positive effect on the future of the SME. The perception of financial risk in positive indicators of financial performance and the perception of financial risk as part of the company's everyday life have the most significant impact on future business. Operational risk is reflected in the utilisation of corporate resources, reducing customer complaints about the quality of the company's products and the company's independence of a limited number of suppliers. The company's sales volume adequacy provides a source of market risk. It has the third strongest positive impact on the future business in the SME segment. The research results provide a valuable platform for the authors of national and regional development strategic plans looking for SME support and development as well as the authors of the relevant policies. [ABSTRACT FROM AUTHOR]

Copyright of Polish Journal of Management Studies is the property of Czestochowa University of Technology, Faculty of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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 Czech Republic has experienced momentous tourism expansion in recent years. Nevertheless, there is a lack of empirical investigation about this development. Innovations are an essential factor for the sustainable development of the tourism industry in the Czech Republic. The paper expounds on the effect of technical and process innovations among the tour and travel companies in the Czech Republic. The study surveyed 96 travel and tour operators aged 18-40 working in the various small, medium, and large travel agencies to determine their perceptions towards innovation in their respective travel businesses. A two-phased statistical process that combined PLS-SEM and GLM examined the responses of the individuals. It revealed that technical innovation had a robust and positive relationship with corporate profitability. Process innovation remains a grey area for Czech travel businesses. The study builds upon the Process Innovations in Colombia's Tourist Enterprises or PICTE framework to induct critical insights for travel agencies and tour operators to provide these businesses a way forward and make them more competitive and sustainable. It has been observed that tourism businesses that were not early adopters of disruptive technologies became vulnerable to market mechanisms. Therefore, the relevance of this study is further accentuated. COVID-19 has accelerated the climate of VUCA (volatility, uncertainty, complexity, and ambiguity) among Czech tour and travel operators, many of whom winded up or downsized operations. Many of these firms were in the medium and small segments. In light of the present situation, it becomes imperative that travel service providers invest in modern technologies and ensure the same diffusion among the staff. The paper gave the strategies towards human resource mapping and digital transformations for the best interest of the tourism industry. Future studies are recommended to focus on longitudinal measures towards understanding innovation propensities among small and medium-sized businesses. Mixed method studies are encouraged to comprehend the corporate dynamics of change management. [ABSTRACT FROM AUTHOR]

This paper examines the introduction of elements and processes of the digital economy in SMEs in the Czech Republic. The article analyses the factors of their preparedness for the digitization of industry in the context of changes in the global economy, and it scrutinizes the principal advantages, shortcomings, opportunities and obstacles that SMEs perceive in preparing and implementing changes in line with the Industry 5.0 initiative. The research into this preparedness was carried out in the form of both a questionnaire survey and semi-structured interviews. They were conducted in two phases (November 2018 to January 2019 and January 2021). The respondent sample was selected by a proportional representation of industrial SMEs in the given regions and iron and mining industries with data provided by the Czech Statistical Office, and finally, 240 SMEs were investigated for the research purpose. The research shows that awareness of the digitization of the economy in SMEs in the Czech Republic (Industry I-5.0 initiative) is not the highest. The transition to a digital economy in these enterprises has been slow. Sufficient tools have not been developed in time to support their manufacturing and economic activities, to implement and safeguard the digitization of their production, nor have any real measures been created to enforce Industry 5.0 priorities, including digital administration. This research also formulates key recommendations for executive bodies in the Czech Republic. All this is in order to establish interventions in the sector of industrial SMEs so that digitization processes and standards in this sector might be strengthened. [ABSTRACT FROM AUTHOR]

Research background. The need for an in-time, efficient and effective adaptation of small and medium-sized enterprises in the service sector to the technical, economic, social and environmental conditions of Industry 4.0 and Society 4.0 is a current problem caused by the introduction of new information and communication technologies, cyber-physical systems and artificial intelligence into all economic industries and areas of human life. The advent of new technologies is changing the entire value chains of Industry 4.0 - Labor 4.0 - Education 4.0 - Thinking 4.0, creating conditions for new business models but also pressure on flexibility and personalization of services or triggering new requirements for cyber security and the interdisciplinarity of access of small and medium-sized enterprises - providers and users of services. The current global COVID-19 health pandemic (2020-2021), with its economic and social impacts on all economic industries, has accelerated the use of disruptive technologies, principles, procedures, methods and tools of Industry 4.0 and Society 4.0 and the need for the support of small and medium-sized enterprises in the service sector in adapting to changes in the business environment. Purpose of the article. The main objective of the research is to validate, evaluate and discuss the functionality and content of the created methodology of adaptation of small and medium-sized enterprises in the service sector to the implementation of the principles, procedures, methods and tools of Society 4.0 and its applicability in business practice, specifically focusing on small and medium-sized enterprises in the area of knowledge-intensive services. An integral part of the research is to assess selected negative and positive impacts of the COVID-19 pandemic on business processes in the context of issues being tackled. Methodology. The methodological procedure to validate the functionality and content of the created methodology of the adaptation of small and medium-sized enterprises in the service sector to the conditions of Society 4.0 is based on the strategy of mixed research. An explorative sequence design was used as a key design of mixed dynamically oriented research, during which quantitative data collection, analysis and evaluation formed the basis for qualitative analysis and evaluation, which resulted in the interpretation and discussion of the research results and, at the end of the paper, the formulation of the issues that will be the next area of scientific research activity of the author's team. In the quantitative part of the research, Fisher's exact test was used for the verification of difference statistics in data obtained from testing a sample of micro, small and medium-sized enterprises and from external project application sponsors providing services to this category of enterprises. In the qualitative part of the research, the Atlas.ti software was used for the evaluation of information obtained with respect to the methodology of adaptation of small and medium-sized enterprises for encoding, processing and interpretation of qualitative data and semantic networks were created for the individual sub-categories of evaluation. Findings & Value Added. The research result proved that the adequacy of the content and functionality of the checked methodology of adaptation of SMEs strongly corresponds to the needs and requirements of micro and small enterprises in particular that conduct business in the area of knowledge-intensive services. Barriers, limits, needs and potential in individual categories of micro, small and medium-sized enterprises were identified which are related to the use of technologies and tools of Society 4.0, to new requirements for knowledge and skills qualifications of labor and to the relation of SMEs to innovations in business processes. The results of validation of the methodology of adaptation of SMEs in the knowledge-intensive service sector confirmed that the created methodology of adaptation of small and medium-sized enterprises is applicable to the implementation of the principles, procedures, methods and tools of Society 4.0. in the real conditions of business practice. [ABSTRACT FROM AUTHOR]

The research of personality characteristics of small and medium-sized enterprise (SME) entrepreneurs in relation to EO constructs is an important part of the research of the whole entrepreneurial environment of small and medium-sized enterprises. The aim of this paper is to search for a relationship between personality traits and the attitude toward innovativeness as a construct of EO of SME entrepreneurs in the Czech Republic based on their sociodemographic factors (gender, education, and age). Results from a questionnaire-based survey of the entrepreneurial environment of SME in the Czech Republic showed that the attitude toward innovativeness differed for entrepreneurs considering perseverance and responsibility to be important for entrepreneurship based on their education level. Entrepreneurs with secondary education or secondary educated with graduation were more confident about the reputation of their business as an innovator than university educated entrepreneurs. [ABSTRACT FROM AUTHOR]

The aim of this paper is to describe SMEs performance on the regional level with respect to their geographical location. As there is no such research on the regional level, we calculate and describe traditional indicators of performance, financial position and changes in the financial position represented by ROE, Financial Leverage and Cash Flow on Sales. These indicators are then compared with the results of previous research which has been conducted on Eastern Europe and also spatially projected on the map to demonstrate spatial distribution of companies' performance. Our findings from the observation of 170 SMEs allow us compare the regional level of financial indicators with the European one, and our findings suggest that the Olomoucký region is weaker. [ABSTRACT FROM AUTHOR]

Foreign competition in domestic markets is still strengthening and for small and medium-sized enterprises (SMEs) internationalization may be one way to deal with this growing rivalry. Pangarkar (2008) states that for SMEs the benefits of internationalization outweigh its disadvantages and that with the increasing degree of involvement in the internationalization process the performance of SMEs also improves. However, for SMEs from some sectors of our economy, involvement in internationalization is more complex than for large enterprises; moreover, they are often inclined to enter foreign markets due to different motives. The authors carried out several surveys among Czech SMEs during the last three years and found that SMEs from some sectors of the Czech economy mentioned the EU accession of the Czech Republic as their motive for internationalization. The aim of this paper is to find out whether EU membership represents the determining factor of the SMEs' decision to get involved in internationalization, and what its advantages or disadvantages are as perceived by SMEs in connection with their international activities. Conclusions are drawn on the basis of primary data obtained from Czech SMEs through electronic questionnaire surveys. [ABSTRACT FROM AUTHOR]

The aim of the article is to identify significant differences in motivational preferences of employees of Small and Medium-sized Enterprises (SMEs) by comparing their membership to the region and gender. The paper presents the partial outcomes of research on the level of motivation and the preferences of employees in the Czech Republic and the Beijing municipality administration of the People's Republic of China. The survey was carried out in 2017 using a questionnaire. The questionnaires were distributed in small and medium-sized enterprises engaged in various areas of business. The sample included the entire territory of the Czech Republic (CR) and the Beijing municipality administration in the People's Republic of China (PRC). A total of 2,673 respondents participated in the survey, of which 899 were respondents in the Beijing municipality administration and 1,774 respondents from the Czech Republic. Descriptive statistics was used to characterize the sampling unit. The other methods used to evaluate data in the article were the Student two-sample t-test, F test, and ANOVA. The differences in motivational preferences of employees revealed by the study can be used as a basis for creating appropriate incentive programs for multinational business teams. [ABSTRACT FROM AUTHOR]

Personnel 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. [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]

Copyright of Studies of Socio-Economics & Humanities / Socioekonomické a Humanitní Studie is the property of College of Banking, Banking Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper's objective is to define significant technological factors in the areas of human capital availability and research and development affecting the quality of small and medium-sized enterprises (SMEs) and their business environment, and to quantify differences between the Czech Republic (CR) and the Slovak Republic (SR). Based on the objective, empirical research was conducted including data from 312 SMEs in the CR and 329 SMEs in the SR processed with the use of Chi-squared tests and Z-scores. The research showed differences in assessing defined technological factors between the CR and the SR, and also confirmed a low level of the assessed factors in both countries. Furthermore, overall satisfaction with the quality of secondary schools and universities is relatively low despite the fact that the research showed a higher level of satisfaction with the quality of university education in both countries. In the Czech Republic, entrepreneurs largely experience a shortage of skilled workforce, with this factor achieving the highest negative rating. The Slovak entrepreneurs most negatively assessed the level of state support of research and development. Moreover, the entrepreneurs' overall level of satisfaction with the research and development infrastructure is relatively low, since only 23.08% of the Czech and 13.68% of the Slovak entrepreneurs agreed that the infrastructure is well built in their respective country. Similar results were also obtained in assessing state support of research and development. At the same time, it was found that research and development results help the entrepreneurs only to a limited extent, and the entrepreneurs in both countries are not very optimistic about future development of their business activities. [ABSTRACT FROM AUTHOR]

The paper analysed factors that has the most impact in influencing the achievement of a sustainable process management model in the implementation of Industry 4.0 concepts within the Czech SME manufacturing sector. Several factors were identified and their interactions with digital technologies within the production environments was analysed. These factors, from an organisational perspective were identified as critical to success in the quest to achieve Industry 4.0 compliance and digital transformation of the manufacturing operations of companies. They include: strategy, organisational fit, competitiveness, operations and human resources. A mixed methods approach was adopted for the research. It involved both the qualitative and quantitative methodological approaches. The qualitative aspect involved an extensive systematic review of relevant literature which was useful in developing the conceptual framework and identifying the relevant factors that enable the implementation of an efficient Industry 4.0 process management model in SMEs; the quantitative aspect involved the use of a survey questionnaire to collect data which was analysed using confirmatory factor analysis statistical approach to test the measures of the constructs in the proposed conceptual framework. The result from the statistical analysis shows the factors that in the conceptual model that were supported as being relevant in achieving an efficient process management model for successful implementation of Industry 4.0 concepts in Czech manufacturing SMEs. The research limitation is based on the fact that the SMEs covered in the quantitative aspect of the research are restricted to a particular geographical location - Czech Republic. It would be interesting to have similar studies conducted in other geographies for a comparative perspective. It contributes to the scientific and practical discourse on Industry 4.0 process management model implementation in SMEs by investigating the phenomenon through the production of credible scientific evidence. [ABSTRACT FROM AUTHOR]

Research background: Small and medium-sized businesses are significant economic power and employer in the European Union. The modern globalized world, new technologies, and advanced connectivity bring SMEs a wide range of opportunities, but also threats. Increasing the stability and competitiveness of SMEs is one of the main goals of national governments and the EU. The research is based on personal research in SMEs, its experiences and backward testing of reached results. Purpose of the article: The aim of the paper is to analyze the possibilities the potential of using controlling as a managing tool of SMEs for increased competitiveness in the context of Industry 4.0 with an emphasis on innovations. Methods: The study is based on a detailed analysis of 341 SMEs from the Czech Republic obtained in the years 2017-2019. The data were analyzed using statistical methods such Pearson correlation, stepwise regression for the purpose of determining the relationship between the controlling management system of a company, its innovation potential, level of process maturity, number of employees, internal audit, financial stability and strategic plan. Statistical analysis confirmed the close relationship of the analyzed variables and backwards experimental testing of the statistical analysis conclusions defined critical factors in the area of people in an organization, usage of advanced information systems and Industry 4.0 technologies implementation. Findings & Value added: Those important areas were determined as essential for the successful development of SMEs, as well as the most significant threats in the Industry 4.0 environment. The information obtained is useful in practice and can be applied to a more in-depth analysis of the issues. The research findings are showing possible opportunities and treads for SMEs long term stability and development as well as ways to increase enterprise performance based on controlling management system. [ABSTRACT FROM AUTHOR]

The main aim of the paper is to research the differences in perception and evaluation impact of the country on macroeconomic business environment on the basis of a sector in which the entrepreneur is running a business. Differences in perception and evaluation of entrepreneurial support from the state on the basis of a sector, in which the company is established, are analyzed using the cases of the Slovak and Czech Republic. Correspondence analysis is applied, while exploratory technique has been designed to examine the data with the aim to reduce dimensionality. Correspondence analysis provides a measure of correspondence between the explored dimensions - the categorical variables. This technique is widely applied incases when graphical output is clearer than numeric output. The outcome of correspondence analysis is presented in a form of a two-dimensional diagram. Out of 641 collected questionnaires, 329 were from the Slovak Republic and 312 were from the Czech Republic. The dataset consists of 492 micro companies, 114 small companies and 35 medium-sized companies. The Slovak Republic and the Czech Republic are compared in relation to four statements that form entrepreneurial support from the state's view. The first correspondence map looks for the relation between these dimensions. Generally, the respondents from the Czech Republic demonstrate more agreement than the respondents from the Slovak Republic. The share of total inertia described by individual correspondence maps oscillates about 80%. [ABSTRACT FROM AUTHOR]

Copyright of Serbian Journal of Management is the property of Serbian Journal of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Business ethics represents an important aspect that influences each country's socio-economic system, and is important to society, environment, and economy. The present article aims to define significant attributes of business ethics in the sector of small and medium-sized enterprises (SMEs) and compares their attitudes within the three most significant business sectors in the Visegrad Group countries (V4 countries: Czech Republic, Slovak Republic, Poland, and Hungary). An empirical study, focusing on the attitudes of small and medium-sized firms, was conducted in June 2022 in Visegrad Group countries through the reputable hired company MNFORCE, using the Computer Assisted Web Interviewing research method. The total number of respondents in the Visegrad Group countries was 1,398. Statistical hypotheses were tested using descriptive statistics, chi-square, and Z-score at a significance level of α = 5%. The most important conclusion of this research is that there are no significant differences in the approach of SMEs to business ethics based on the sector in which the companies operate. Some notable differences in attitudes among SMEs in Slovakia and the Czech Republic were identified, but these were marginal. Therefore, differences in the transformation process within selected economic sectors do not impact the formation of attitudes of small and medium-sized companies in business ethics. It is evident that business ethics is significantly determined primarily by the personal characteristics of the owner/manager of the company, and the specificities of individual sectors do not influence this field. [ABSTRACT FROM AUTHOR]