Risk management level determinants in Visegrad countries – sectoral analysis
Abstract
Increasing competition has emphasized the need for creating and using more effective strategies at the level of SMEs to achieve competitive advantage. SMEs face higher risks in terms of the globalization due to the limited resources as well as size. The objective of the study was to examine the determinants of risk management with an emphasis on the sector specifics of SMEs in the V4 countries. This enables the quantification of sectoral differences in relation to the socioeconomic determinants. The research sample included 1585 SMEs from the V4 countries. The data obtained from SME managers and owners were processed using the descriptive statistics and logistic regression. The results of the analyses confirm the existence of differences across SMEs concerning the risk management, which are determined by the country in which a given company operates, industry, gender and age of its manager or the owner of the company. The results of the study provide a valuable platform for the development of systems to measure and assess business risks in companies and to set up training systems. It will also enhance the development of international and national benchmarking indicators and the creation of international databases for comparative analyses.
Keyword : business risks, experience with the business failure, business environment, small and medium-sized enterprise, entrepreneurship
How to Cite
Belas, J., Gavurova, B., Kubak, M., & Novotna, A. (2023). Risk management level determinants in Visegrad countries – sectoral analysis. Technological and Economic Development of Economy, 29(1), 307–325. https://doi.org/10.3846/tede.2023.18415
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Gavurova, B., Belas, J., Bilan, Y., & Horak, J. (2020). Study of legislative and administrative obstacles to SMEs business in the Czech Republic and Slovakia. Oeconomia Copernicana, 11(4), 689–719. https://doi.org/10.24136/oc.2020.028
Havierniková, K., & Kordoš, M. (2019). The SMEs’ perception of financial risks in the context of cluster cooperation. Quantitative Finance and Economics, 3(3), 586–607. https://doi.org/10.3934/QFE.2019.3.586
Hoogendoorn, B., van der Zwan, P., & Thurik, R. (2019). Sustainable entrepreneurship: The role of perceived barriers and risk. Journal of Business Ethics, 157, 1133–1154. https://doi.org/10.1007/s10551-017-3646-8
Hudakova, M., Gabrysova, M., Petrakova, Z., Buganova, K., & Krajcik, V. (2021). The perception of market and economic risks by owners and managers of enterprises in the V4 countries. Journal of Competitiveness, 13(4), 60–77. https://doi.org/10.7441/joc.2021.04.04
Hudakova, M., Masar, M., Luskova, M., & Patak, M. R. (2018). The dependence of perceived business risks on the size of SMEs. Journal of Competitiveness, 10(4), 54–69. https://doi.org/10.7441/joc.2018.04.04
Hudáková, M., Masár, M., Šimák, L., & Brezina, D. (2019). The current state of the application of risk management in the transport sector. Transportation Research Procedia, 40, 1073–1079. https://doi.org/10.1016/j.trpro.2019.07.150
Impedovo, M. A. (2022). Transformative agency in workers’ account: Tensions in professional development. Migration Letters, 19(3), 343–355. https://doi.org/10.33182/ml.v19i3.1144
Ismail, T. A. T., Zahari, M. S. M., Hanafiah, M. H., & Balasubramaniam, K. (2022). Customer brand personality, dining experience, and satisfaction at luxury hotel restaurants. Journal of Tourism and Services, 24(13), 26–42. https://doi.org/10.29036/jots.v13i24.278
Kan, T. C. (2022). Perceived value, inter-functional coordination, and strategic adaptation: The perspective on selecting travel agencies from school travel plan. Journal of Tourism and Services, 24(13), 236–255. https://doi.org/10.29036/jots.v13i24.366
Khan, K. A., Çera, G., & Nétek, V. (2019). Perception of the selected business environment aspects by service firms. Journal of Tourism and Services, 10(19), 111–127. https://doi.org/10.29036/jots.v10i19.115
Kliuchnikava, Y. (2022). The impact of the pandemic on attitude to innovations of SMEs in the Czech Republic. International Journal of Entrepreneurial Knowledge, 10(1), 34–45. https://doi.org/10.37335/ijek.v10i1.131
Ključnikov, A., Belás, J., Kozubíková, L., & Paseková, P. (2016). The entreprenurial perception of SME business environment quality in the Czech Republic. Journal of Competitiveness, 8(1), 66–78. https://doi.org/10.7441/joc.2016.01.05
Ključnikov, A., Civelek, M., & Supeková, S. C. (2022b). The innovative posture of SMEs depending on the usage of marketing tools. Serbian Journal of Management, 17(1), 73–84. https://doi.org/10.5937/sjm17-32902
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