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In most European countries, teleworking or homeworking is used in various forms that differ from one another by its legal regulation. The paper examines the SME’s in the Czech Republic from the perspective what makes them to adopt telework using the financial indicators. We hypothesized that employer adoption of telework would depend on some economic factors. The empirical evidence showed that a typical company that uses telework is a company with higher ratio of liabilities and therefore lower ratio of equity, a lower ratio of fixed assets, higher sales, lower inventory, higher labour productivity and higher value added per employee, higher return on equity, higher personnel costs, higher average wages. Within the analysed enterprises, 16 indicators were assessed; the 9 indicators showed the difference between companies that use telework and companies that do not use telework. The research shows a typical company that uses telework.

Italian SMEs share capabilities and routines that permit them to reach high level of competition. But in a global system that is affected by structural deficiencies and negative performance of judicial system, it is very hard to maintain high performances. In this work, starting from the resilience capacity of a group of SMEs of surviving to the crisis, we try to analyse the quality of the expectations of a sample of resilient firms. Our study leads to the hypothesis that the economic crisis is in line with a crisis of confidence in the judicial system. This is all the more serious when considering that this distrust is rooted in those firms located in Southern Italy, where the inefficiency of the judicial system is particularly pronounced.

Crowdlending is a disruptive financial tool that has been increasingly requested by SME ’s to cover their capital needs. However, the growth of this technological development is being limited by the existing risk of default resulting in loss for lenders. To deal with this, funding platforms have started to offer more sustainable products such as the guaranteed loans. These special loans are backed by a Mutual Fund so Lenders minimise the risk of suffering the consequences of a default. This study aims to investigate the importance of factors related to loan characteristics, investor type and borrower’s characteristics, in the crowdlending campaign success. To perform the analysis, we use Partial Least Squares (PLS) technique over a sample of 196 guaranteed loans from the pioneer platform in Spain offering that type of loans (MytripleA). Results indicate that the characteristics with greater influence in guaranteed crowdlending success are those related to the investors and the loans, while SME’s factors seem not to have any impact. We consider that our results are interesting for both the funding platforms and the SME’s seeking for funds.

Small and Medium-sized Enterprises (SMEs) contribute much to job creation, poverty eradication, economic development and growth. Countries rely on SMEs for wealth creation and social wellbeing of their citizens. Moreover, SMEs contribute to the global competitiveness of a country. For SMEs to continue offering all these benefits to the country, they must be competitive in the midst of global competitive pressure. To gain competitive advantage, enterprises of different sizes practice Competitive Intelligence (CI). While CI practise has been widely researched in large enterprise, there is lack of CI practice research in SMEs. This research establishes the impact of business type and sector, location and annual turnover on the competitive intelligence practise of SMEs. The research was quantitative in nature and a self-administered questionnaire was used to collect data from owners/managers of SMEs.

ZHENG XIAOSONG: A credit policy study of Chinese banks on small and medium-sized enterprises. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2013, LXI, No. 7, pp. 2973–2982 In recent years, there is rising attention on the diffi cult fi nancing problems of small and mediumsized enterprises (SMEs). With constant development and improvement in China’s socialist market economy system, SMEs is becoming a pivotal part of China’s national economy. It can be said that the development of SMEs makes a great contribution to China’s national economy development. However, SMEs are facing fi nancing bottlenecks at the same time. This is not only because of the limited fi nancing capabilities of SMEs themselves but also because of the various commercial bank credit policies. It is necessary to solve credit policy problems between SMEs and banks, not only for SMEs but also for the further development of commercial banks. This paper analyses the problems and the reasons of “credit grudging” behavior of China’s commercial banks and SMEs fi nancing diffi culties through a critical analysis. This paper also uses the method of the dynamic game theory to probe into credit problems between SMEs and commercial banks under the condition of information asymmetry. At the end of the paper, conclusions are made and suggestions are proposed for a win-win solution concerning credit policy problems between SMEs and commercial banks. commercial banks, SMEs, China, credit policy, game theory

The impact of financial and economic crisis influencing economic development in EU countries is analysed predominately on macroeconomic level. Major part of economic studies analyse the effect of crisis on both real and potential economic growth, unemployment, inflation and debt dynamic. However the effects of the crisis are visible also at microeconomic level. The economic results of businesses are significantly influenced by the negative macroeconomic development at both national and international level. Both decrease in potential growth and purchasing power due to economic recession and more restrictive fiscal policy have a direct impact on aggregate demand and thus the microeconomic sector as whole. Additional source of problems is connected with banking sector crisis and the access to financing mainly for small and medium-sized enterprises (SME’s). The aim of the paper is to fill the gap in economic research and to analyse the impact of the ongoing crisis on business entities in selected eurozone member countries. Authors selected two eurozone member countries from EU periphery (Greece and Ireland). Both countries are severely hit by economic crisis and authors suppose that also their business sector will be significantly influenced. However author believes that the structural differences will lead over the time in faster recovery of Irish businesses in contrast to the Greek one.We create dataset using Amadeus database which contains the harmonized data about statistically significant set of business in selected countries. Authors then sorting the data according selected variables such as size of the company, NACE categorization and comparative indicators of individual business economic performance, namely representatives of indicators groups profitability, solvency, liquidity and indebtedness/financial structure of business entities. For the purpose of analysis authors analyse the data series three years before the crisis (2005, 2006 and 2007) and the three years of crisis (2008, 2009 and 2010). The dataset consists of 3,567 business entities in both observed countries. In the study we use the cluster analysis to detect some basic patterns and trends in business sector in terms of homogeneity within dataset. Based on the results of microeconomic environment analysis (impact of crisis and national economic policies) authors assess the optimal reaction of economic policy (both national and EU) to improve the condition of businesses which authors believe are the source of future economic recovery.

This paper discusses the conditions of private equity and venture capital financing in the Czech Republic and Poland. Especially the related legislation, taxes and support of this type of financing are discussed in detail. The purpose of this research is to evaluate the conditions, to find factors that have positive influence and to formulate recommendations that would improve the conditions for both PE/VC investors and firms with new business ideas. Improving the conditions for PE/VC financing helps small businesses get the needed capital that cannot be obtained from banks and other institutions. This form of financing has a proven positive effect on whole economy. Identifying and removing obstacles is therefore important and helps the government to promote economic growth. This form of financing is used frequently in other European countries. In the central and eastern Europe it is not used as frequently but the situation is improving according to (Zinecker & Rajchlová, 2010). According to the study made by EVCA an array of legislative shortcoming were identified in the Czech Republic. Poland and Hungary have better conditions for PE/VC financing. According to EVCA studies made in 2004 and 2006 Poland shows that the conditions improve each year. Therefore Poland was chosen in this research for a comparative study with the Czech Republic.

Doktora Tezi Araştırmanın amacı;teknopark kavramı incelenerek,üniversite işbirliğinde teknoparklarda yer alan KOBİ'lerin sorunlarının saptanması,teknoparklarda KOBİ'ler için destek mekanizmalarını içeren faaliyetlerin finansmanı ile ilgili çalışmaları kapsamaktadır.Teknoparklarda faaliyetlerde bulunan araştırıcılara ve firmalara iş melekleri ağı ve teknoloji transfer ofisi gibi enstrümanlar yardımıyla destek sağlanmasında oluşturulacak katkılarda yer almıştır.Teknoparklara üniversitelerin yeterince destek olup olmadığı araştırılmıştır.Çalışma kapsamı içerisinde yer alan teknoparklar,teknoparklardaki devlet destekleri,açık inovasyon,yenilikçi kobiler,kobi'lere kamusal ve özel destek mekanizmaları ele alınarak KOBİ'lerin Ar-ge faaliyetlerinin finansmanı üzerinde durulmuştur.Teknoparklar için sağlanan avantaj ve desteklerin KOBİ'ler üzerindeki etkisi de bu tez çalışmasında incelenmiştir.Türkiye'de faaliyette bulunan teknoparkların tamamında Bakanlık vasıtasıyla uygulanan bir çalışma ile teknoparkların performansları değerlendirilmek suretiyle yapılan sıralama da incelenmiştir.Erciyes teknoparktaki,Ar-ge faaliyetinde bulunan KOBİ'ler üzerinde anket çalışması yapılmıştır.Erciyes Teknopark'a firmaların gelmelerine sebep olan motivasyonun,yaşadıkları sorunların neler olduğu araştırılmıştır.Çalışma sonucunda KOBİ'lerin yaşadığı diğer sorunlarla birlikte yürüttükleri Ar-ge faaliyetlerinin finansmanı ile ilgili sorunlar,üniversite ile işbirliği konusundaki eksiklikler belirlenmiş ve çözüm önerileri sunulmuştur.Yaşanılan sorunlara ilişkin çözüm önerileri,yapılacak iyileştirmeler ise teknoparklarda uygulanması önerilen finansal model çerçevesinde ifade edilmiştir.Anahtar Kelimeler:Teknopark,İnovasyon,Teknoloji Transfer Ofisi,KOBİ'ler,Finans Abstract This study aims to determine the problems of small medium ensterprise (SME)'s in the framework of unııversity-technopark cooperation by studying the concept of technoparks,and to study the mechanism of support for small medium enterprises in technoparks,presenting the studies on the finance of the activities.Addressed is the contribution made to the researchers and firms operating within technoparks, with the help of the network of business angels and such instruments as technology transfer office.It has also been investigated whether or not unıversities have supported technoparks adequately.Also studied are innovation and innovative manpower,greatly important in producing qualified manpower.Innovatıon,technoparks,state subsidies in technoparks,open invasion,innovative Koffies,mechanisms of public and private support to small medium enterprises,which are within the scope of this study,have been taken up,and the finance of research development activities emphasized.The effects of the advantages and support provided for technoparks on small medium enterprises have also been included in this thesis study.All of the technoparks operating in turkey have been assessed in terms of their performances in a study by the Ministry and their ordering has been examined in this study.Questionnaires have been administered to the small medium enterprises conducting development and research studies within Erciyes Technopark with a view to collecting data regarding their motivation to come to Erciyes Technopark and the problems they have experienced.In the study,the problems the small medium enterprises have experienced in financing their research and development activities,together with the other problems,and the deficiencies in their relationship with universities have been determined and solutions have been suggested.The suggested solutions to the problems experienced have been expressed within the framework of improvements to be made,and the financial model suggested.Key words:Technopark,Innovation,Technology Transfer Office,SME's,Finance

Dissertation submitted to Strathmore Business School, Strathmore University, in partial fulfillment of the requirements for the degree of Masters in Business Administration Innovative small medium enterprises (SMEs) are considered to be of strategic importance in research and innovation either through the creation -and adoption of new technologies, ideas or new business models. These firms are considered to be very critical to an economy as theyprovide rapid growth and are significant contributors to the overall growth. The literature reviewed showed that despite their significance, ISMEs face considerable constraints, both from the supply and demand sides; in obtaining external finance to sustain their,growth as a result of the high degree of uncertainty associated with young companies . In addition, the complex nature of the innovation process that requires continuous and multiple rounds of finance during the innovation cycle makes access to capital even more tenuous. The purpose of the study was to determine how ISMEs can overcome these constraints and the factors that contribute towards the success of these firms in obtaining funding. The research methodology adopted was a case study on Amandari Limited, a- firm in the early stage of development that sought and obtained external financing to implement its innovative idea. Data collection was by way of in-depth interviews conducted on key participants including the entrepreneur, her advisors and investors (including those who did not invest). The findings indicate that the key success factors include the ability of the entrepreneur to structure and .present the innovative idea in a manner that demonstrates the value of the idea and the firm's future profitability.Tor firms in the early stage, investors invest in the entrepreneur and on the basis of the relationship that they have with the entrepreneur. Therefore the entrepreneur's ability to leverage on his/her social and business networks to increase the pool of investors is also a key factor .Last but not least, the ability of the company to demonstrate reduction of the informational asymmetries In the business is also critical.