TBU Publications
Repository of TBU Publications

Key determinants of the quality of business environment of SMEs in the Czech Republic

DSpace Repository

Show simple item record

dc.title Key determinants of the quality of business environment of SMEs in the Czech Republic en
dc.contributor.author Virglerová, Zuzana
dc.contributor.author Homolka, Lubor
dc.contributor.author Smrčka, Luboš
dc.contributor.author Lazányi, Kornélia
dc.contributor.author Klieštik, Tomáš
dc.relation.ispartof E a M Ekonomie a Management
dc.identifier.issn 1212-3609 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued 2017
utb.relation.volume 20
utb.relation.issue 2
dc.citation.spage 87
dc.citation.epage 101
dc.type article
dc.language.iso en
dc.publisher Technical University of Liberec
dc.identifier.doi 10.15240/tul/001/2017-2-007
dc.relation.uri https://dspace.tul.cz/handle/15240/20844
dc.subject Business environment en
dc.subject Quality of business environment of SMEs en
dc.subject Risk management en
dc.subject SMEs en
dc.description.abstract The business environment is determined by various obstacles the business owners have to deal with in the course of their work. This article aims to create a model of the quality of business environment, define the key determinants of this model, and quantify the correlations among the individual determinants in the area of small and medium-sized enterprises (SMEs) in the Czech Republic. Partial results of a survey carried out at the Tomas Bata University in Zlín in 2015 were used for the analysis. On the basis of previous surveys, four determinants were set that influence the quality of business environment (State, Public perception, Financial markets and banks, Business risks). From these four areas, questions were selected and asked to business owners in the Czech Republic in the abovementioned survey. Links were identified among selected questions asked to the owners. These links led to adjusting the business environment to four determinants: State and public perception, Banks and their approach to business, Knowledge of rules and principles, and financial risks and their increase in post-crisis time. Subsequently, correlations were identified among these determinants. It was ascertained that the knowledge of the conditions of the financial system leads to a positive perception of the banks’ approach in terms of external finance. Moreover, a positive influence of the banking sector on how the business owners perceive financial risks was identified. Another important result of the survey is the fact that business owners who have the necessary knowledge of the financial market perceive financial risks as less intense compared to those lacking such knowledge of the financial market. © 2017, Technical University of Liberec. All rights reserved. en
utb.faculty Faculty of Management and Economics
dc.identifier.uri http://hdl.handle.net/10563/1007236
utb.identifier.obdid 43876534
utb.identifier.scopus 2-s2.0-85021280428
utb.identifier.wok 000405644600007
utb.source j-scopus
dc.date.accessioned 2017-09-03T21:40:04Z
dc.date.available 2017-09-03T21:40:04Z
dc.description.sponsorship Project RO FaME
dc.rights Attribution-NonCommercial 4.0 International
dc.rights.uri http://creativecommons.org/licenses/by-nc/4.0/
dc.rights.access openAccess
utb.contributor.internalauthor Virglerová, Zuzana
utb.contributor.internalauthor Homolka, Lubor
utb.fulltext.affiliation Zuzana Virglerová, Lubor Homolka, Luboš Smrčka, Kornélia Lazányi, Tomáš Klieštik Ing. Zuzana Virglerová, Ph.D. Tomas Bata University in Zlín Faculty of Management and Economics Centre for Applied Economic Research virglerova@fame.utb.cz Ing. Lubor Homolka, Ph.D. Tomas Bata University in Zlín Faculty of Management and Economics Department of Statistics and Quantitative Methods homolka@fame.utb.cz Assoc. Prof. Ing. Luboš Smrčka, CSc. University of Economics Prague Faculty of Business Administration Department of Strategy smrckal@vse.cz Kornélia Lazányi, Ph.D. habil. Óbuda University Faculty of Business and Management Institute of Management and Organisation lazanyi.kornelia@kgk.uni-obuda.hu prof. Ing. Tomáš Klieštik, PhD. University of Žilina Faculty of Operation and Economics of Transport and Communications tomas.kliestik@pedas.uniza.sk
utb.fulltext.dates -
utb.fulltext.references Adamowicz, M., & Machla, A. (2016). Small and Medium Enterprises and the Support Policy of Local Government. Oeconomia Copernicana, 7(3), 405-437. doi:10.12775/OeC.2016.024. Amendola, A., Restaino, M., & Sensini, L. (2015). An analysis of the determinants of financial distress in Italy: a competing risks approach. International Review of Economics and Finance, 37(1), 33-41. doi:10.1016/j.iref.2014.10.012. Aterido, R., Hallward-Driemeier, M., & Pages, C. (2009). Big Constraints to Small Firms’ Growth Business Environment and Employment Growth Across Firms [Policy Research Working Paper no. 5032]. Washington, DC: World Bank. 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. doi:10.1177/0266242610378287. Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2008). Financing Patterns Around the World: Are Small Firms Different? Journal of Financial Economics, 89(3), 467-487. doi:10.1016/j.jfineco.2007.10.005. Beck, T., Demirgüç-Kunt, A., Laeven, L., & Maksimovic, V. (2006). The Determinants of Financing Obstacles. Journal of International Money and Finance, 25(6), 932-952. doi:10.1016/j.jimonfin.2006.07.005. Beck, T., Behr, P., & Guttler, A. (2009). Gender and banking: are women better loan officers? [Working Paper Series No. 2009-19]. London: European Banking Center Discussion: Centre for Economic Policy Research. Belás, J., & Sopková, 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. doi:10.14254/2071-8330.2016/9-2/10. Belás, J., Demjan, V., Habánik, J., Hudáková, M., & Sipko, J. (2015). The business environment of Small and medium-sized companies in selected regions of the Czech Republic and Slovakia. E&M Ekonomie a Management, 18(1), 95-110. doi:10.15240/tul/001/2015-1-008. Belás, J., Bartoš, P., Habánik, J., & Novák, P. (2014). Significant attributes of the business environment in small and medium-sized enterprises. Economics & Sociology, 7(3), 22-39. doi:10.14254/2071-789X.2014/7-3/2. Belás, J., & Polách, J. (2011). Economic Imbalance and Regulatory Traps in Banking Sector. In Proceedings of the 5th International Scientific Conference Finance and the performance of firms in science, education and practice (pp. 28-36). Zlín. Berger, A. N., & Udell, G. F. (2005). Small business and debt finance. In Z. J. Acs, & D. B. Audrets (Eds.), Handbook of Entrepreneurship Research (pp. 299-328). New York, NY: Springer. Berger, A. N., & Udell, G. F. (2006). A more complete conceptual framework for SME finance. Journal of Banking & Finance, 30(11), 2945-2966. doi:10.1016/j.jbankfin.2006.05.008. Berry, A., Grant, P., & Jarvis, R. (2004). European bank lending to the UK SME sector: an investigation of approaches adopted. International Small Business Journal, 22(2), 115-130. doi:10.1177/0266242604041310. Berry, A., & Robertson, J. (2006). Overseas bankers in the UK and their use of information for making lending decisions. The British Accounting Review, 38(2), 175-191. doi:10.1016/j.bar.2005.10.004. Bhaird, C. M. (2010). Resourcing Small and Medium Sized Enterprises. Berlin: Springer Verlag. Bruns, V., & Fletcher, M. (2008). Banks’ risk assessment of Swedish SMEs. Venture Capital, 10(2), 171-194. doi:10.1080/13691060801946089. Cumming, D., Johan, S., & Zhang, M. (2014). The economic Impact of Entrepreneurship: Comparing International Datasets. Corporate Governance: An International Review, 22(2), 162-178. doi:10.1111/corg.12058. Cressy, R. (2002). Funding gaps: A symposium. Economic Journal, 112(477), 1-16. doi:10.1111/1468-0297.00680. Deakins, D., & Hussain, G. (1994). Risk assessment with asymmetric information. The International Journal of Bank Marketing, 12(1), 24-31. doi:10.1108/02652329410049571. Deakins, D., Whittam, G., & Wyper, J. (2010). SMEs’ access to bank finance in Scotland: an analysis of bank manager decision making. Venture Capital, 12(3), 193-209. doi:10.1080/13691061003658647. Demirgüç-Kunt, A., Love, I., & Maksimovic, V. (2006). Business Environment and the Incorporation Decision. Journal of Banking & Finance, 30(11), 2967-2993. doi:10.1016/j.jbankfin.2006.05.007. Dong, Y., & Men, C. (2014). SME financing in emerging markets: Firm characteristics, banking structure and institutions. Emerging Markets Finance and Trade, 50(1), 120-149. doi:10.2753/REE1540-496X500107. Dúbravská, M., Mura, L., Kotulič, R., & Novotný, J. (2015). Internationalization of Entrepreneurship – Motivating Factors: Case Study of the Slovak Republic. Acta Polytechnica Hungarica, 12(5), 121-133. European Commission. (2016). SME Performance Review 2015/2016. Retrieved Febraury 01, 2017, from http://ec.europa.eu/growth/smes/business-friendly-environment/performance-review-2016_en#annual-report. European Union. (2016). SBA Fact Sheet. Brussels: European Commission Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs. Gallup Organization. (2007). Observatory of European SMEs, No 196. Brussels: European Commission. Gavurova, B., Vagasova, T., & Kovac, V. (2016). Competitiveness Assessment of Slovak Republic Regions. In J. Krajicek, J. Nesleha, & K. Urbanovsky (Eds.), European Financial System 2016. 13th International Scientific Conference of the European Financial Systems (pp. 175-186). Brno. Gawel, A. (2010). The Relationship between Entrepreneurship and Unemployment in the Business Cycle. Journal of International Studies, 3(1), 59-69. doi:10.14254/2071-8330.2010/3-1/7. Ghobadian, A., & Galler, D. N. (1996). Total quality management in SMEs. International Journal of Management Science, 16(1), 83-106. doi:10.1016/0305-0483(95)00055-0. Gopalan, R., Nanda, V. K., & Seru, A. (2007). Affiliated firms and financial support: evidence from indian business groups. Journal of Financial Economics, 86(3), 759-795. doi:10.1016/j.jfineco.2006.09.008. Hambrick, D. C., Geletkancyz, M., & Fredrickson, J. W. (1993). Top executive commitment to the status quo: Some tests of its determinants. Strategic Management Journal, 14(6), 401-418. doi:10.1002/smj.4250140602. Hanedar, E. Y., Broccardo, E., & Bazzana, F. (2013). Collateral requirements of SMEs: The evidence from less-developed countries. Journal of Banking & Finance, 38(January), 106-121. doi:10.1016/j.jbankfin.2013.09.019. Hauschildt, J., Grape, C., & Schindler, M. (2006). Typologien von Unternehmenskrisen im Wandel. Die Betriebswirtschaft, 66(1), 7-25. Head, L. G. (2009). Risk Management – Why and How. Dallas, TX: International Risk Management Institute. Henderson, J., & Weiler, S. (2010). Entrepreneurs and job growth: probing the boundaries of time and space. Economic Development Quarterly, 24(1), 23-32. doi:10.1177/0891242409350917. Henschel, T. (2007). Risk Management Practices in the Main Industries of German Small to Medium-Sized Enterprises, An Empirical Investigation (Doctoral dissertation). Napier University, Edinburgh. Hernández-Cánovas, G., & Martínez-Solano, P. (2007). Effect of the number of banking relationships on credit availability: Evidence from panel data of Spanish small firms. Small Business Economics, 28(1), 37-53. doi:10.1007/s11187-005-6704-z. Hessels, J., & Parker, S. C. (2013). Constraints, internationalization and growth: A cross-country analysis of European SMEs. Journal of World Business, 48(1), 137-148. doi:10.1016/j.jwb.2012.06.014. Howorth, C., & Moro, A. (2012). Trustworthiness and interest rates: An empirical study on Italian SMEs. Small Business Economics, 39(1), 161-177. doi:10.1007/s11187-010-9285-4. IADB. (2004). Unlocking Credit: The Quest for Deep and Stable Lending. Washington, DC: Inter-American Development Bank and Johns Hopkins University Press. Kessler, A. (2007). Success factors for new businesses in Austria and the Czech Republic. Entrepreneurship and Regional Development, 19(1), 381-403. doi:10.1080/08985620701439959. Ključnikov, A., & Belás, J. (2016). Approaches of Czech Entrepreneurs to Debt Financing and Management of Credit Risk. Equilibrium. Quarterly Journal of Economics and Economic Policy, 11(2), 343-365. doi:10.12775/EQUIL.2016.01. Kozubíková, L., Belás, J., Ključnikov, A., & Virglerová, Z. (2015). Differences in approach to selected constructs of entrepreneurail orientation in SME segment regarding the selected socio-demographic factors. Transformation in Business and Economics, 14(3C(36C)), 333-355. Kramoliš, J. (2015). Design as a Condition for Prosperity in Czech Businesses – A Comparative Study. Journal of Competitiveness, 7(4), 33-47. doi:10.7441/joc.2015.04.03. Kuzmišin, P. (2009). The Quality of Business Environment and its Effect on the Competitiveness of a Business. Journal of Competitiveness, 1(1), 42-55. Laeven, L., & Woodruff, C. (2007). The Quality of the Legal System, Firm Ownership, and Firm Size. Review of Economics and Statistics, 89(4), 601-614. doi:10.1162/rest.89.4.601. Love, I. (2003). Financial Development and Financing Constraints: International Evidence from the Structural Investment Model. Review of Financial Studies, 16(3), 765-791. doi:10.1093/rfs/hhg013. Luo, X., Hsu, M. K. & Liu, S. S. (2008). The moderating role of institutional networking in the customer orientation–trust/ commitment–performance causal chain in China. Journal of the Academy of Marketing Science, 36(2), 202-214. doi:10.1007/s11747-007-0047-z. Mathur, A. (2011). Beyond Bankruptcy: Does the Bankruptcy Code Provide a Fresh Start To Entrepreneurs? [Working Paper, April]. USA: Office of Advocacy. Muller, P. et al. (2016). Annual Report on European SMEs 2015 / 2016 – SME recovery continues [Contract number: EASME/COSME/2015/012]. European Union. North, D., Baldock, R., & Ekanem, I. (2010). Is there a debt finance gap relating to Scottish SMEs? A demand side perspective. Venture Capital, 12(3), 173-192. doi:10.1080/13691061003658670. Ortiz-Molina, H., & Penas, M. F. (2008). Lending to small businesses: The role of loan maturity in addressing information problems. Small Business Economics, 30(4), 361-383. doi:10.1007/s11187-007-9053-2. Rad, A., Wahlberg, O., & Ohman, P. (2013). How lending officers construe assessments of small and medium-sized enterprise loan applications: a repertory grid study. Journal of Constructivist Psychology, 26(4), 262-279. doi:10.1080/10720537.2013.812856. Raghavan, R. S. (2005). Chartered Accountant Report. Retrieved January 29, 2014, from Richard, O. C., Wu, P., & Chadwick, K. (2009). The impact of entrepreneurial orientation on firm performance. The role of CEO position tenure and industry tenure. The International Journal of Human Resource Management, 20(5), 1078-1095. doi:10.1080/09585190902850281. Sharpe, S. A. (1990). Asymmetric information, bank lending and implicit contracts: a stylized model of customer relationships. Journal of Finance, 45(1), 1069-1087. doi:10.1111/j.1540-6261.1990.tb02427.x. Schiffer, M., & Weder, B. (2001). Firm size and the business environment: Worldwide survey results [International Finance Corporation Discussion Paper 43]. Retrieved from http://documents.worldbank.org/curated/en/574601468739143195/pdf/multi0page.pdf. Simu, K. (2006). Risk Management in Small Construction Projects (Licentiate thesis). Department of Civil and Environmental Engineering, Luleå tekniska universitet, Luleå./Luleå University of Technology. Sousa, M. D. (2013). Just punch my bankruptcy ticket: a qualitative study of mandatory debtor financial education. Marquette Law Review, 97(2), 391-467. Sparrow, J., & Bentley, P. (2000). Decision tendencies of entrepreneurs and small business risk management practices. Risk Management, An International Journal, 2(1), 17-26. Šoltés, V., & Gavurová, B. (2014). Innovation policy as the main accelerator of increasing the competitiveness of small and medium-sized enterprises in Slovakia. In Procedia Economics and Finance: Emerging Markets Queries in Finance and Business: 24-27 October 2013 (pp. 1478-1485). Tîrgu Mureş, Romania: Elsevier. Taraba, P., Heinzová, R., Pitrová, K., Hart, M., & Trojan, J. (2015). Project risks in enterprises in the Czech Republic. In Proceedings of the 25th International Business Information Management Association Conference – Innovation Vision 2020: From Regional Development Sustainability to Global Economic Growth (pp. 814-821). IBIMA. Urciuoli, V., & Crenca, G. (1989). Risk Management: strategie e processi decisionalinella gestione deirischi puri d’impresa. Rovereto: ISBA. Van Caneghem, T., & Van Campenhout, G. (2012). Quantity and quality of information and SME financial structure. Small Business Economics, 39(2), 341-358. doi:10.1007/s11187-010-9306-3. Van der Graaf, A., Kwaak, T., & Van der Zeijden, P. (2016). Survey on the access to finance of enterprises (SAFE). Brusseles: EUROPEAN COMMISSION Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs. Vargas-Hernandez, J. G. (2011). Modelling risk and innovation management. Advances in Competitiveness Research, 19(3-4), 45-57. Verbano, C., & Venturini, K. (2013). Managing risks in SMEs: a literature review and research agenda. Journal of Technology Management & Innovation, 8(3), 186-197. Virglerova, Z., Dobes, K., & Vojtovic, S. (2016). The Perception of the State's Influence on its Business Environment in the SMEs from Czech Republic. Administratie si Management Public, 26. Ward, S. C., Chapman, C. B., & Curtis, B. (1991). On the allocation of risk in construction projects. International Journal of Project Management, 9(3), 140-147. doi:10.1016/0263-7863(91)90038-W. Wellalage, H. N., & Stuart, L. (2012). Factors Affecting the Probability of SME Bankruptcy: A Case Study on New Zealand Unlisted Firms. Business Journal for Entrepreneurs, (June), 1-17. West, G. P. et al. (2008). Contrasting entrepreneurial economic development in emerging Latin American economies: Applications and extensions of resource-based theory. Entrepreneurship Theory and Practice, 32(1), 15-36. doi:10.1111/j.1540-6520.2007.00214.x. Wolf, P, Kaudela-Baum, S., & Meissner, J. O. (2012). Exploring innovating cultures in small and medium-sized enterprises: Findings from Central Switzerland. International Small Business Journal, 30(3), 242-274. doi:10.1177/0266242610386666. Yeo, K. T., & Lai, W. C. (2004). Risk management strategies for SME investing in China: a Singaporean perspective. IEEE International Engineering Management Conference Proceedings, 2(1), 794-798.
utb.fulltext.sponsorship This paper was supported by Project RO FaME/2016: The business environment of small and medium enterprises.
utb.scopus.affiliation Tomas Bata University in Zlín, Faculty of Management and Economics, Centre for Applied Economic Research, Czech Republic; Tomas Bata University in Zlín, Faculty of Management and Economics, Department of Statistics and Quantitative Methods, Czech Republic; University of Economics Prague, Faculty of Business Administration, Department of Strategy, Czech Republic; Óbuda University, Faculty of Business and Management, Institute of Management and Organisation, Hungary; University of Žilina, Faculty of Operation and Economics of Transport and Communications, Slovakia
Find Full text

Files in this item

Show simple item record

Attribution-NonCommercial 4.0 International Except where otherwise noted, this item's license is described as Attribution-NonCommercial 4.0 International