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Research background:Flexibility has become a possible means for manufacturing companies to better compete in competitive markets. Furthermore, innovations are perceived as an important factor in company strategy, which can differentiate the company from the competition. Purpose of the article: This present study investigates the problems of cooperation flexibility and innovation flexibility in manufacturing companies among electrical engineering companies in the Czech Republic. The aim of this paper is to identify the impact of cooperation flexibility on innovation flexibility in small and medium-sized manufacturing companies. Methods: A questionnaire addressed to SMEs in the form of the Likert scale was prepared to gather information about cooperation flexibility and innovation flexibility. All parts of the questionnaire were tested using Cronbach Alpha. Spearman correlation and regression analysis were used for analysis. Findings & value added: The results of the research show that external cooperation flexibility and internal cooperation flexibility is related to innovation flexibility in SMEs. Results of the research show that there is a positive relationship 1) between external cooperation flexibility and innovation flexibility and 2) between innovation flexibility and business performance at SMEs. The findings of the research contribute to an understanding of the relationship between cooperation flexibility, innovation flexibility and also innovation performance. The novelty value of this paper lies in its perception of flexibility as having two parts, namely external (with suppliers and customers) and internal cooperation flexibility. In addition, innovation flexibility was investigated in two fields, product, and accompanying services to products. The view mentioned provides a complex view of flexibility.

Research background:Flexibility has become a possible means for manufacturing companies to better compete in competitive markets. Furthermore, innovations are perceived as an important factor in company strategy, which can differentiate the company from the competition. Purpose of the article: This present study investigates the problems of cooperation flexibility and innovation flexibility in manufacturing companies among electrical engineering companies in the Czech Republic. The aim of this paper is to identify the impact of cooperation flexibility on innovation flexibility in small and medium-sized manufacturing companies. Methods: A questionnaire addressed to SMEs in the form of the Likert scale was prepared to gather information about cooperation flexibility and innovation flexibility. All parts of the questionnaire were tested using Cronbach Alpha. Spearman correlation and regression analysis were used for analysis. Findings & value added: The results of the research show that external cooperation flexibility and internal cooperation flexibility is related to innovation flexibility in SMEs. Results of the research show that there is a positive relationship 1) between external cooperation flexibility and innovation flexibility and 2) between innovation flexibility and business performance at SMEs. The findings of the research contribute to an understanding of the relationship between cooperation flexibility, innovation flexibility and also innovation performance. The novelty value of this paper lies in its perception of flexibility as having two parts, namely external (with suppliers and customers) and internal cooperation flexibility. In addition, innovation flexibility was investigated in two fields, product, and accompanying services to products. The view mentioned provides a complex view of flexibility.

Research background:Flexibility has become a possible means for manufacturing companies to better compete in competitive markets. Furthermore, innovations are perceived as an important factor in company strategy, which can differentiate the company from the competition. Purpose of the article: This present study investigates the problems of cooperation flexibility and innovation flexibility in manufacturing companies among electrical engineering companies in the Czech Republic. The aim of this paper is to identify the impact of cooperation flexibility on innovation flexibility in small and medium-sized manufacturing companies. Methods: A questionnaire addressed to SMEs in the form of the Likert scale was prepared to gather information about cooperation flexibility and innovation flexibility. All parts of the questionnaire were tested using Cronbach Alpha. Spearman correlation and regression analysis were used for analysis. Findings & value added: The results of the research show that external cooperation flexibility and internal cooperation flexibility is related to innovation flexibility in SMEs. Results of the research show that there is a positive relationship 1) between external cooperation flexibility and innovation flexibility and 2) between innovation flexibility and business performance at SMEs. The findings of the research contribute to an understanding of the relationship between cooperation flexibility, innovation flexibility and also innovation performance. The novelty value of this paper lies in its perception of flexibility as having two parts, namely external (with suppliers and customers) and internal cooperation flexibility. In addition, innovation flexibility was investigated in two fields, product, and accompanying services to products. The view mentioned provides a complex view of flexibility.

Research background:Flexibility has become a possible means for manufacturing companies to better compete in competitive markets. Furthermore, innovations are perceived as an important factor in company strategy, which can differentiate the company from the competition. Purpose of the article: This present study investigates the problems of cooperation flexibility and innovation flexibility in manufacturing companies among electrical engineering companies in the Czech Republic. The aim of this paper is to identify the impact of cooperation flexibility on innovation flexibility in small and medium-sized manufacturing companies. Methods: A questionnaire addressed to SMEs in the form of the Likert scale was prepared to gather information about cooperation flexibility and innovation flexibility. All parts of the questionnaire were tested using Cronbach Alpha. Spearman correlation and regression analysis were used for analysis. Findings & value added: The results of the research show that external cooperation flexibility and internal cooperation flexibility is related to innovation flexibility in SMEs. Results of the research show that there is a positive relationship 1) between external cooperation flexibility and innovation flexibility and 2) between innovation flexibility and business performance at SMEs. The findings of the research contribute to an understanding of the relationship between cooperation flexibility, innovation flexibility and also innovation performance. The novelty value of this paper lies in its perception of flexibility as having two parts, namely external (with suppliers and customers) and internal cooperation flexibility. In addition, innovation flexibility was investigated in two fields, product, and accompanying services to products. The view mentioned provides a complex view of flexibility.

Research background:Flexibility has become a possible means for manufacturing companies to better compete in competitive markets. Furthermore, innovations are perceived as an important factor in company strategy, which can differentiate the company from the competition. Purpose of the article: This present study investigates the problems of cooperation flexibility and innovation flexibility in manufacturing companies among electrical engineering companies in the Czech Republic. The aim of this paper is to identify the impact of cooperation flexibility on innovation flexibility in small and medium-sized manufacturing companies. Methods: A questionnaire addressed to SMEs in the form of the Likert scale was prepared to gather information about cooperation flexibility and innovation flexibility. All parts of the questionnaire were tested using Cronbach Alpha. Spearman correlation and regression analysis were used for analysis. Findings & value added: The results of the research show that external cooperation flexibility and internal cooperation flexibility is related to innovation flexibility in SMEs. Results of the research show that there is a positive relationship 1) between external cooperation flexibility and innovation flexibility and 2) between innovation flexibility and business performance at SMEs. The findings of the research contribute to an understanding of the relationship between cooperation flexibility, innovation flexibility and also innovation performance. The novelty value of this paper lies in its perception of flexibility as having two parts, namely external (with suppliers and customers) and internal cooperation flexibility. In addition, innovation flexibility was investigated in two fields, product, and accompanying services to products. The view mentioned provides a complex view of flexibility.

Research background: Due to having lack of financial power and low amount of revenues, most of SMEs' major concerns are bankruptcy and low financial performance. Those issues are risky situations for SMEs when making for their exporting activities. Therefore, depending on their performance and bankruptcy risk, they might more intensively perceive export barriers and this fact might determine their export decisions.Purpose of the article: This paper examines whether financial performance and bankruptcy concerns of SMEs affect their perceptions of export obstacles or not.Methods: This research performs random sampling method and directs an internet-mediated questionnaire to the selected respondents who are the executives of 408 Czech, Slovakian and Hungarian SMEs. To examine the influences of firm performance and bankruptcy on the percep-tions of export impediments by SMEs, this paper employs Ordinal Logistic Regression Test.Findings & value added: The results show that SMEs having less healthy financial conditions less intensively perceive cultural-linguistic export barriers in comparison with SMEs having better financial performance. Moreover, firm performance is not a predictor variable in the per-ceptions of export costs, legislative and tax-related barriers by SMEs. On the other hand, while SMEs having more bankruptcy concerns more intensively perceive tax-related and cultural -linguistic barriers, bankruptcy concerns of SMEs do not influence their perceptions of export costs and legislative differences. Although many studies have investigated the impacts of finan-cial conditions of SMEs on their internationalization and exporting decisions, they are isolated with only a market or only with a financial issue. The limited extents of those studies cause a partial investigation of export and financial issues of SMEs and make readers having a narrow perspective in this specific area. By focusing on various export obstacles and financial issues that SMEs face in diffe

Research background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases. the need to value the brand arises due to the repotting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods. although having a significant impact on the brand valuation. Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand. Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach. Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understandi

Research background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases. the need to value the brand arises due to the repotting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods. although having a significant impact on the brand valuation. Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand. Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach. Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understandi

Research background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases. the need to value the brand arises due to the repotting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods. although having a significant impact on the brand valuation. Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand. Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach. Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understandi

Research background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases. the need to value the brand arises due to the repotting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods. although having a significant impact on the brand valuation. Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand. Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach. Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understandi

Research background: The concept of debt capacity assumes that a maximum value of debt ratio exists that when exceeded triggers unfavourable consequences, such as drop in market value, default or a change in the business' creditworthiness. With the current state of the art there is a priori no theoretical assurance that such a specific value exists, or rather it is repre-sented by an interval of values. Beyond that, our understanding of debt capacity is often limited to a theoretical approximation by firm-specific factors, while the context of macroeco-nomic factors, especially those critical for SMEs, is neglected.Purpose of the article: The aim of this paper is to present a novel approach to estimating SMEs' debt capacity. Further, the aim is to answer the question of what firm-level and macro -economy conditions lead to exhausting the SMEs' debt capacity and under what conditions a specific value of maximum debt capacity could be estimated.Methods: To estimate the debt capacity, we suggest a use of an information entropy minimis-ing heuristic and the Minimal Description Length Principle. In this approach, the observed feature space is categorised into several regions. In this case, such a region represents a set of firm-and macroeconomy-specific conditions forming the debt capacity of the SMEs. To the best of our knowledge, such an approach has not yet been used in debt capacity applications.Findings & value added: We found out that the debt ratio itself provides little explanation of exhausted debt capacity, suggesting that high debt levels are compensated for by other fac-tors. By using the suggested approach, a set of more than 100 different regions was analysed. It was found that in case of five regions (sets of conditions) the debt capacity is exhausted, as the high level of debt has significant distress consequences.

Research background: The concept of debt capacity assumes that a maximum value of debt ratio exists that when exceeded triggers unfavourable consequences, such as drop in market value, default or a change in the business' creditworthiness. With the current state of the art there is a priori no theoretical assurance that such a specific value exists, or rather it is repre-sented by an interval of values. Beyond that, our understanding of debt capacity is often limited to a theoretical approximation by firm-specific factors, while the context of macroeco-nomic factors, especially those critical for SMEs, is neglected.Purpose of the article: The aim of this paper is to present a novel approach to estimating SMEs' debt capacity. Further, the aim is to answer the question of what firm-level and macro -economy conditions lead to exhausting the SMEs' debt capacity and under what conditions a specific value of maximum debt capacity could be estimated.Methods: To estimate the debt capacity, we suggest a use of an information entropy minimis-ing heuristic and the Minimal Description Length Principle. In this approach, the observed feature space is categorised into several regions. In this case, such a region represents a set of firm-and macroeconomy-specific conditions forming the debt capacity of the SMEs. To the best of our knowledge, such an approach has not yet been used in debt capacity applications.Findings & value added: We found out that the debt ratio itself provides little explanation of exhausted debt capacity, suggesting that high debt levels are compensated for by other fac-tors. By using the suggested approach, a set of more than 100 different regions was analysed. It was found that in case of five regions (sets of conditions) the debt capacity is exhausted, as the high level of debt has significant distress consequences.

Dynamic global energy transition has been accelerating for the last decade. Interestingly, the energy transition is multidimensional and concerns both the dimensions of technique/ technology and the economic, social, institutional, and legal spheres. In this paper we are focused on enlarging our understanding of the relevant theoretical concepts in terms of the interconnections between the challenges resulting from fundamental technological, social, and systemic changes and economic problems faced by global society and the scientific community.

Dynamic global energy transition has been accelerating for the last decade. Interestingly, the energy transition is multidimensional and concerns both the dimensions of technique/ technology and the economic, social, institutional, and legal spheres. In this paper we are focused on enlarging our understanding of the relevant theoretical concepts in terms of the interconnections between the challenges resulting from fundamental technological, social, and systemic changes and economic problems faced by global society and the scientific community.

Research background: The concept of debt capacity assumes that a maximum value of debt ratio exists that when exceeded triggers unfavourable consequences, such as drop in market value, default or a change in the business' creditworthiness. With the current state of the art there is a priori no theoretical assurance that such a specific value exists, or rather it is repre-sented by an interval of values. Beyond that, our understanding of debt capacity is often limited to a theoretical approximation by firm-specific factors, while the context of macroeco-nomic factors, especially those critical for SMEs, is neglected.Purpose of the article: The aim of this paper is to present a novel approach to estimating SMEs' debt capacity. Further, the aim is to answer the question of what firm-level and macro -economy conditions lead to exhausting the SMEs' debt capacity and under what conditions a specific value of maximum debt capacity could be estimated.Methods: To estimate the debt capacity, we suggest a use of an information entropy minimis-ing heuristic and the Minimal Description Length Principle. In this approach, the observed feature space is categorised into several regions. In this case, such a region represents a set of firm-and macroeconomy-specific conditions forming the debt capacity of the SMEs. To the best of our knowledge, such an approach has not yet been used in debt capacity applications.Findings & value added: We found out that the debt ratio itself provides little explanation of exhausted debt capacity, suggesting that high debt levels are compensated for by other fac-tors. By using the suggested approach, a set of more than 100 different regions was analysed. It was found that in case of five regions (sets of conditions) the debt capacity is exhausted, as the high level of debt has significant distress consequences.

Research background: The concept of debt capacity assumes that a maximum value of debt ratio exists that when exceeded triggers unfavourable consequences, such as drop in market value, default or a change in the business' creditworthiness. With the current state of the art there is a priori no theoretical assurance that such a specific value exists, or rather it is repre-sented by an interval of values. Beyond that, our understanding of debt capacity is often limited to a theoretical approximation by firm-specific factors, while the context of macroeco-nomic factors, especially those critical for SMEs, is neglected.Purpose of the article: The aim of this paper is to present a novel approach to estimating SMEs' debt capacity. Further, the aim is to answer the question of what firm-level and macro -economy conditions lead to exhausting the SMEs' debt capacity and under what conditions a specific value of maximum debt capacity could be estimated.Methods: To estimate the debt capacity, we suggest a use of an information entropy minimis-ing heuristic and the Minimal Description Length Principle. In this approach, the observed feature space is categorised into several regions. In this case, such a region represents a set of firm-and macroeconomy-specific conditions forming the debt capacity of the SMEs. To the best of our knowledge, such an approach has not yet been used in debt capacity applications.Findings & value added: We found out that the debt ratio itself provides little explanation of exhausted debt capacity, suggesting that high debt levels are compensated for by other fac-tors. By using the suggested approach, a set of more than 100 different regions was analysed. It was found that in case of five regions (sets of conditions) the debt capacity is exhausted, as the high level of debt has significant distress consequences.

Research background: According to the EU agenda, CSR should be considered an integral element of the current organizational strategy, including SMEs. While the debate continues about the optimal approach for successful CSR adaptation in SME, yet there is a need to shed light on the impact of owner-manager's demographics on CSR practices. Purpose of the article: The paper aims to examine whether owner-manager's demographics (age, gender, education) matter for the implementation of CSR or not. Methods: The study is based on a questionnaire filled in by owner-managers of SMEs operating in Czechia (454) and Slovakia (368). Factor analysis and nonparametric methods are used to test the hypotheses. Findings & value added: This study shows that the relationships between CSR and ownermanager's demographics are not alike between Slovakia and Czechia. Compared to owners, the evidence shows that the Czech managers are more oriented toward the CSR practices, while in Slovakia there is no difference. Such finding can be explained by Hofstede culture difference. In addition, analysis demonstrates that female Slovaks are more oriented to CSR than men, while it is not true in Czechia. Moreover, Czech individuals who graduated in the same field as their business are more oriented to the CSR, whereas in Slovakia this is not. In addition, young and old Slovak entrepreneurs are more oriented to the CSR than those 35-55 years old, manifesting a U-shape type of relationship. The originality of this work is manifested by the fact that it enriches the literature since it is among the first studies to analyze the relationships between ownermanager's demographics and CSR in the SME segment for Czechia and Slovakia.

"Research background: The business climate development and the stage of innovation systems' transformation are very similar in many Central and Eastern European countries, making it necessary to study these specific economies. These economies are at a different level of transformation, and their governments are trying to support the development of a knowledge-based economy, the creation of innovation systems, and collaboration among different types of entities. These governments need feedback in the form of research into the impacts of public funding on innovation activities through the influence of basic research and cooperation-based resources in individual countries. Purpose of the article: This paper focuses on the examination of (i) the influence of national and European subsidies on innovation performance in manufacturing firms in the Czech Republic and (ii) impacts of knowledge-and cooperation-based resources on innovation activities in Czech manufacturing. Methods: The latest available data from the Community Innovation Survey was used for analyses realized by different regression models. The proposed research models were gradually created to verify the influence of pro-innovation factors (expenditures on in-house and external R&D and on the acquisition of external tangible and intangible sources, cooperation with different partners and innovation) and public (national and/or European) funding of firms' innovation performance within the Czech manufacturing industry. Findings and value added: The results have showed that there is a need to focus on direct and indirect effects of selected innovation determinants; we have also identified the crucial role of cooperation (specifically with government, public, or private research institutes) as a mediating variable within innovation processes. The results have also evidenced that public funding affects the efficiency of knowledge-and cooperation-based resources and amplifies the impact on firms' innovation perform, Východiska výzkumu: Vývoj podnikatelského klimatu a fáze transformace inovačních systémů jsou v mnoha zemích střední a východní Evropy velmi podobné, a proto je nutné tyto specifické ekonomiky studovat. Tyto ekonomiky jsou na jiné úrovni transformace a jejich vlády se snaží podporovat rozvoj znalostní ekonomiky, vytváření inovačních systémů a spolupráci mezi různými typy subjektů. Tyto vlády potřebují zpětnou vazbu v podobě výzkumu dopadů veřejného financování na inovační aktivity vlivem základního výzkumu a zdrojů založených na spolupráci v jednotlivých zemích. Účel článku: Tento příspěvek se zaměřuje na zkoumání (i) vlivu národních a evropských dotací na inovační výkonnost ve výrobních firmách v České republice a (ii) dopadů zdrojů založených na znalostech a spolupráci na inovační aktivity v ČR. výrobní. Metody: Pro analýzy realizované různými regresními modely byla použita nejnovější dostupná data z Community Innovation Survey. Navržené výzkumné modely byly postupně vytvářeny pro ověření vlivu proinovačních faktorů (výdaje na vlastní a externí VaV a na pořízení externích hmotných a nehmotných zdrojů, spolupráce s různými partnery a inovace) a veřejných (národních a/nebo evropské) financování inovační výkonnosti firem v rámci českého zpracovatelského průmyslu. Zjištění a přidaná hodnota: Výsledky ukázaly, že je potřeba zaměřit se na přímé a nepřímé efekty vybraných inovačních determinantů; také jsme identifikovali klíčovou roli spolupráce (zejména s vládními, veřejnými či soukromými výzkumnými ústavy) jako zprostředkující proměnnou v rámci inovačních procesů. Výsledky také prokázaly, že veřejné financování ovlivňuje efektivitu zdrojů založených na znalostech a spolupráci a různě zesiluje dopad na inovační výkonnost firem. Zatímco dotace ze státních rozpočtů výrazně neovlivňují inovační výkonnost českých výrobních firem, evropské dotace naopak inovační výkonnost firem výrazně zvyšují. Dlouhodobým přínosem tohoto příspěvku je významné dotvoření teorie politických im

Research background: According to the EU agenda, CSR should be considered an integral element of the current organizational strategy, including SMEs. While the debate continues about the optimal approach for successful CSR adaptation in SME, yet there is a need to shed light on the impact of owner-manager's demographics on CSR practices. Purpose of the article: The paper aims to examine whether owner-manager's demographics (age, gender, education) matter for the implementation of CSR or not. Methods: The study is based on a questionnaire filled in by owner-managers of SMEs operating in Czechia (454) and Slovakia (368). Factor analysis and nonparametric methods are used to test the hypotheses. Findings & value added: This study shows that the relationships between CSR and ownermanager's demographics are not alike between Slovakia and Czechia. Compared to owners, the evidence shows that the Czech managers are more oriented toward the CSR practices, while in Slovakia there is no difference. Such finding can be explained by Hofstede culture difference. In addition, analysis demonstrates that female Slovaks are more oriented to CSR than men, while it is not true in Czechia. Moreover, Czech individuals who graduated in the same field as their business are more oriented to the CSR, whereas in Slovakia this is not. In addition, young and old Slovak entrepreneurs are more oriented to the CSR than those 35-55 years old, manifesting a U-shape type of relationship. The originality of this work is manifested by the fact that it enriches the literature since it is among the first studies to analyze the relationships between ownermanager's demographics and CSR in the SME segment for Czechia and Slovakia.

Research background: The choice of financial services and remittances are important as they influence the livelihood of remittance recipients, who are mostly poor and financially excluded. In literature, extensive evidence suggests a positive impact of the size of remittances on access to financial inclusion and financial development of remittance-recipient countries. However, a concern of such studies is that they might provide a biased outcome as the available data of remittances tend to be formal, whereas informal remittances are difficult to observe. Hence, their evidence might not be applicable in developing countries where remittance transfer via informal channels is very popular.Purpose of the article: The main objective of this study is to examine the effect of the remittance channel (formal and informal) on the choice of formal, informal financial services of credit and savings of remittance recipients.Methods: As our dependent variable is a financial service which is a categorical variable (formal and informal), the paper will employ a multinomial logistic regression model to estimate the impact. The data employed in this analysis is from the Finscope survey conducted in Myanmar in 2013 and 2018. Myanmar is the best context for our study, as it is one of a big migrant-sending countries and a developing country whose financial sector is significantly underdeveloped.Findings & value added: Our findings show that formal remittances promote the use of formal financial services such as credit and savings. However, there is no evidence regarding women recipients` informal channels and formal financial services. Our evidence also suggests there is a need for the government to encourage migrant workers to transform informal remittances into formal ones by removing the barriers of formal remittance channels to promote the use of formal credit and saving among remittance-recipients who are poor and financially excluded.

Research background:Intensive economic growth in Russian regions during recent decades has been associated with numerous environmental issues, particularly increasing CO2 emissions, as well as income inequality. To achieve sustainable development, it is necessary to resolve these issues. Purpose of the article: To shed light on the impact of income inequality on CO2 emissions based on Russian regional data covering the years 2004–2018. Methods: Gini index and decile dispersion ratio are used to measure income inequality. To study the impact of income inequality on CO2 emissions in the Russian regions, we estimate econometric models with fixed and random effects and apply GMM method. We test the hypothesis of the environmental Kuznets curve to determine the impact of economic growth on CO2 emissions. Findings & value added: The results show that CO2 emissions increase in tandem with growth in income inequality between 10% of people with the lowest income and 10% of people with the highest income. Simultaneously, CO2 emissions decrease with growth of Gini coefficient. The hypothesis of the Environmental Kuznets Curve was confirmed based on GMM method. Our findings underscore that the activities of the extraction and manufacturing sectors, as well as energy consumption, increase CO2 emissions. The chief significance of this paper is the finding that large income gap between extremely rich and extremely poor population cohorts increases CO2 emissions. This implies that economic policy aimed at reducing income inequality in Russian regions will also reduce CO2 emissions, especially if accompanied by increased use of environmentally friendly technologies. From the international perspective, our research can be extended to study other countries and regions. © Instytut Badań Gospodarczych.