Open Access Subscription Access
Assessing the Market, Financial and Economic Risk Sources by Czech and Slovak SMEs
The market, economic and financial risks are the most important risks, which determine the quality and performance of small and medium sizes enterprises. The main objective of the article is to evaluate the most important sources of market, economic and financial risk between Slovak and Czech SMEs according gender and size of enterprise. The questionnaires of 895 entrepreneurs were collected and prepare on evaluating in the year 2018. The statistical hypotheses were accepted through the mathematical method as is Z-score. The gender of entrepreneur and size of enterprises between Slovak and Czech entrepreneurs is a significant factor of evaluating the sources of economic risk, as is development of the tax and insurance burden; weak availability of the financial resources (loans, foundations); development of the interest rates; growing prices of all types of energy. According to the evaluation of entrepreneurs, the intensity of sources of economic risk in Slovak business environment is higher than in Czech business environment.
Economic Risk, Financial Risk, Gender, Market Risk, Risk Source, Small and Medium-Sized Enterprise.
- Barbero, J. L., Casillas, J. C., & Feldman, H. D. (2011). Managerial capabilities and paths to growth as determinants of high-growth small and medium-sized enterprises. International Small Business Journal, 29(6), 671–694. https://doi.org/10.1177/0266242610378287
- Belas, J., & Sopkova, G. (2016). Significant determinants of the competitive environment for SMEs in the context of financial and credit risks. Journal of International Studies, 9(2), 139-149. https://doi.org/10.14254/2071-8330.2016/9-2/10
- Bilan, Y., Mishchuk, H., & Pylypchuk, R. (2017). Towards sustainable economic development via social entrepreneurship. Journal of Security and Sustainability Issues, 6(4), 691-702. https://doi.org/10.9770/jssi.2017.6.4(13)
- Buganova, K., & Moricová, V. (2017). Innovation of education in risk and crisis management. Turkish Online Journal of Educational Technology, 2017(November Special Issue INTE), 177-182.
- Degryse, H., Van Cayseele, P. (2000), “Relationship lending within a Bank-based system: Evidence from European small business data”, Center of Economic Studies, Discusion Paper Series DPS 98.16, Available at: https://feb.kuleuven.be/eng/ew/discussionpapers/DPS98/DPS9816.pdf
- Dobes, K., Virglerova, Z., & Kramolis, J. (2019). Impact of selected factors on the perception of the macroeconomic and financial environment of smes (empirical study from czech republic and slovak republic). Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 45(1), 29-40.
- Fabuš, M. (2017). Current development of business environment in slovakia and czech republic. Entrepreneurship and Sustainability Issues, 5(1), 127-137. https://doi.org/10.9770/jesi.2017.5.1(10)
- Haviernikova, K., & Kordos, M. (2019). Selected risks perceived by SMEs related to sustainable entrepreneurship in case of engagement into cluster cooperation. Entrepreneurship and Sustainability Issues, 6(4), 1680-1693. https://doi.org/10.9770/jesi.2019.6.4(9)
- Hernandez Tinoco, M., & Wilson, N. (2013). Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables. International Review of Financial Analysis, 30, 394-419. https://doi.org/10.1016/j.irfa.2013.02.013
- Hudakova, M. & Dvorsky, J. (2019). Analysis of the market risk sources in the small and medium-sized enterprises of transport. Communications - Scientific Letters of the University of Zilina, 21(4), 97-103.
- Hudakova, M., & Dvorsky, J. (2018). Assessing the risk and their sources in dependence on the rate of implementing the risk management process in the SMEs. Equilibrium-quarterly Journal of economics and economic policy, 13(3), 543-567. https://dx.doi.org/10.24136/eq.2018.027
- Hudakova, M., Schönfeld, J., Dvorský, J., & Lusková, M. (2017). The market risk analysis and methodology of its more effective management in SMEs in the Slovak republic. Montenegrin Journal of Economics, 13(2), 151-161. https://doi.org/10.14254/1800-5845/2017.13-2.10
- Jegadeeshwaran, M., & Basuvaraj, M. (2019). Impact of economic and banks specific determinants of credit risk of select indian private sector banks in the post financial crisis period. International Journal of Scientific and Technology Research, 8(9), 1162-1166.
- Karpak, B., & Topcu, I. (2010) Small medium manufacturing enterprices in Turkey: an analytic network process framework for prioritizing factors affecting success. International Journal of Production Economics, 125(1), 60-70. https://doi.org/10.1016/j.ijpe.2010.01.001
- Kljucnikov, A., Kozubíková, L., & Sopková, G. (2017). The Payment Discipline of Small and Mediumsized Enterprises. Journal of Competitiveness, Vol. 9, Issue 2, pp. 45 – 61. https://doi.org/10.7441/joc.2017.02.04
- Koisova, E., Habanik, J., Virglerova, Z., & Rozsa, Z. (2017). Smes financing as an important factor of business environment in slovak republic regions. Montenegrin Journal of Economics, 13(2), 129-140. https://doi.org/10.14254/1800-5845/2017.13-2.8
- Kozak, L. S., & Danchuk, M. V. (2016). Evolution of enterprise risk management under current conditions of economic development: From fragmented to integrated. Actual Problems of Economics, 178(4), 23-29.
- Lam, J. (2003), Enterprise risk management: from incentives to controls, John Wiley & Sons, New Joersy, Canada.
- Leon, F. (2015). Does bank competition alleviate credit constraints in developing countries? Journal of Banking and Finance, 57, 130-142. http://doi.org/10.1016/j.jbankfin.2015.04.005
- Meyer, D. F., & Meyer, N. (2017). Management of small and medium enterprise (SME) development: An analysis of stumbling blocks in a developing region. Polish Journal of Management Studies, 16(1), 127-141. https://doi.org/10.17512/pjms.2017.16.1.11
- Mikusova, M. (2017). To be or not to be a business responsible for sustainable development? Survey from small Czech businesses. Econ. Res. Ekon. Istraživanja 2017, 30, 1318–1338. https://doi.org/10.1080/1331677X.2017.1355257
- Olah, J., Kovács, S., Virglerova, Z., Lakner, Z., Kovacova, M., & Popp, J. (2019). Analysis and comparison of economic and financial risk sources in SMEs of the visegrad group and serbia. Sustainability (Switzerland), 11(7) https://doi.org/10.3390/su11071853
- Petrenko, E., Iskakov, N., Metsyk, O., & Khassanova, T. (2017). Ecosystem of entrepreneurship: Risks related to loss of trust in stability of economic environment in kazakhstan. Entrepreneurship and Sustainability Issues, 5(1), 105-115. https://doi.org/10.9770/jesi.2017.5.1(8)
- Pochitaev, A., & Filippova, I. (2016). Analysis of financial risks as an important stage in the formation of financial strategy of the company. Journal of Economics and Economic Education Research, 17(SpecialIssue2), 1-8.
- Virglerová, Z. (2018). Differences in the Concept of Risk Management in V4 Countries. International Journal of Entrepreneurial Knowledge, 6(2), 100-109. https://doi.org/10.2478/IJEK-2018-0017
Abstract Views: 27
PDF Views: 7