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Management of operational risk in the context of financial performance of SMEs

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dc.title Management of operational risk in the context of financial performance of SMEs en
dc.contributor.author Hudáková, Mária
dc.contributor.author Kardoš, Peter
dc.contributor.author Dvorský, Ján
dc.contributor.author Afful, Charles Randy
dc.contributor.author Kloudová, Jitka
dc.relation.ispartof Systems
dc.identifier.issn 2079-8954 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued 2023
utb.relation.volume 11
utb.relation.issue 8
dc.type article
dc.language.iso en
dc.publisher Multidisciplinary Digital Publishing Institute (MDPI)
dc.identifier.doi 10.3390/systems11080408
dc.relation.uri https://www.mdpi.com/2079-8954/11/8/408
dc.relation.uri https://www.mdpi.com/2079-8954/11/8/408/pdf?version=1691497483
dc.subject financial performance en
dc.subject management en
dc.subject operational risk en
dc.subject SMEs en
dc.subject Visegrad group countries en
dc.description.abstract Owners and managers of small and medium-sized enterprises (SMEs) have changed their perspective on risk management due to the current global negative threats in the business environment. If they want to be successful and ensure the financial performance of their business, they must adopt a proactive approach to reducing strategic risks in connection with operational risks. The aim of the article is to identify and quantify the differences in operational risk management and its effect on the financial management of SMEs between four Central European countries. The statistical sample of SMEs consisted of 1090 owners and top managers. Data collection was carried out through a questionnaire in the period December 2022-January 2023. Statistical hypotheses were evaluated with the application of correlation analysis and linear regression modelling. Empirical findings have confirmed that operational risk management has a significant positive impact on improving the profitability of the enterprise and on reducing the enterprise's indebtedness, as well as in the context of reducing the enterprise's inability to pay its obligations. However, there are disparities in the perception of this influence between owners/managers with regard to the country in which they carry out their business activities. The findings are important for both national and multinational organizations and entities dealing with risk management in the business environment of small and medium-sized enterprises. en
utb.faculty Faculty of Management and Economics
dc.identifier.uri http://hdl.handle.net/10563/1011637
utb.identifier.obdid 43884677
utb.identifier.scopus 2-s2.0-85169126707
utb.identifier.wok 001056033900001
utb.source j-scopus
dc.date.accessioned 2023-09-05T23:17:41Z
dc.date.available 2023-09-05T23:17:41Z
dc.description.sponsorship Ministerstvo školstva, vedy, výskumu a športu Slovenskej republiky; Vedecká Grantová Agentúra MŠVVaŠ SR a SAV, VEGA, (1/0243/20)
dc.description.sponsorship Scientific Grant Agency of the Ministry of Education, Science, Research and Sport of the Slovak Republic-VEGA [1/0243/20]
dc.rights Attribution 4.0 International
dc.rights.uri https://creativecommons.org/licenses/by/4.0/
dc.rights.access openAccess
utb.ou Department of Business Administration
utb.contributor.internalauthor Afful, Charles Randy
utb.fulltext.dates Received: 13 June 2023 Revised: 19 July 2023 Accepted: 6 August 2023 Published: 8 August 2023
utb.fulltext.sponsorship This paper is output by the Scientific Grant Agency of the Ministry of Education, Science, Research and Sport of the Slovak Republic—VEGA No. 1/0243/20 Integrated risk management system in the conditions of contemporary changes in enterprise environment in Slovakia.
utb.wos.affiliation [Hudakova, Maria; Kardos, Peter] Univ Zilina, Fac Secur Engn, Dept Crisis Management, Zilina 01026, Slovakia; [Dvorsky, Jan] Univ Zilina, Fac Operat & Econ Transport & Commun, Dept Econ, Zilina 01026, Slovakia; [Afful, Charles Randy] Tomas Bata Univ Zlin, Fac Management & Econ, Dept Business Adm, Zlin 76001, Czech Republic; [Kloudova, Jitka] Pan European Univ, Fac Business, Prague 11000, Czech Republic
utb.scopus.affiliation Department of Crisis Management, Faculty of Security Engineering, University of Zilina, Zilina, 010 26, Slovakia; Department of Economics, Faculty of Operational and Economics of Transport and Communications, University of Zilina, Zilina, 010 26, Slovakia; Department of Business Administration, Faculty of Management and Economics, Tomas Bata University in Zlin, Zlin, 760 01, Czech Republic; Faculty of Business, Pan-European University, Prague, 110 00, Czech Republic
utb.fulltext.projects VEGA 1/0243/20
utb.fulltext.faculty Faculty of Management and Economics
utb.fulltext.ou Department of Business Administration
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