K. Valaskova, Dominika Gajdosikova, Tomislava Pavić Kramarić
{"title":"How Important Is the Business Environment for The Performance of Enterprises? Case Study of Selected European Countries","authors":"K. Valaskova, Dominika Gajdosikova, Tomislava Pavić Kramarić","doi":"10.18267/j.cebr.300","DOIUrl":"https://doi.org/10.18267/j.cebr.300","url":null,"abstract":"","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2022-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48357771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the impact of fiscal policy on business investment in research and development (R&D). Panel regression models – with independent variables for the total tax and contribution rate, government appropriations and outlays for R&D, and the R&D tax subsidy rate – are set up to examine cross-country differences in business investment in R&D, with a set of control variables. The latter include, most notably, the number of full-time researchers, tertiary education attainment, the protection of intellectual property rights, governance, the long-term interest rate, and trade openness. The panel encompasses eleven countries of Central and Eastern Europe over ten years (2010–2019). The findings suggest that fiscal policy does not affect BERD, while trade openness, tertiary education attainment, and full-time researcher employment have a significant positive impact. These findings are consistent with some of the earlier studies on the effectiveness of fiscal policy in stimulating business investment, calling for greater allocation of public and private funds for R&D professional development and training programs. Implications for Central European audience: This paper used recent data for eleven Central and Eastern European countries. Therefore, the findings are directly applicable to these countries. As the paper used random-effects generalised least squares estimation for panel data, the findings can be generalised to other countries.
{"title":"Does Fiscal Policy Matter for Business R&D Investment? Panel Data Evidence from Central and Eastern Europe","authors":"G. Shakhmuradyan","doi":"10.18267/j.cebr.297","DOIUrl":"https://doi.org/10.18267/j.cebr.297","url":null,"abstract":"This paper examines the impact of fiscal policy on business investment in research and development (R&D). Panel regression models – with independent variables for the total tax and contribution rate, government appropriations and outlays for R&D, and the R&D tax subsidy rate – are set up to examine cross-country differences in business investment in R&D, with a set of control variables. The latter include, most notably, the number of full-time researchers, tertiary education attainment, the protection of intellectual property rights, governance, the long-term interest rate, and trade openness. The panel encompasses eleven countries of Central and Eastern Europe over ten years (2010–2019). The findings suggest that fiscal policy does not affect BERD, while trade openness, tertiary education attainment, and full-time researcher employment have a significant positive impact. These findings are consistent with some of the earlier studies on the effectiveness of fiscal policy in stimulating business investment, calling for greater allocation of public and private funds for R&D professional development and training programs. Implications for Central European audience: This paper used recent data for eleven Central and Eastern European countries. Therefore, the findings are directly applicable to these countries. As the paper used random-effects generalised least squares estimation for panel data, the findings can be generalised to other countries.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2022-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41593220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Determination of the Level of Strategic Management in SMEs","authors":"M. Maříková, L. Rolínek, J. Vrchota, P. Řehoř","doi":"10.18267/j.cebr.296","DOIUrl":"https://doi.org/10.18267/j.cebr.296","url":null,"abstract":"","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2022-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43123177","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Socio-economic transition in the CEE (Central and Eastern Europe) region in recent decades forms the operating context for young entrepreneurial ecosystems. This study has the aim of analysing institutional and cognitive features of CEE ecosystem development by considering Budapest as a prime example of an urban entrepreneurial ecosystem. Alongside the analysis of event registration data, a qualitative research approach is deployed featuring semistructured interviews with entrepreneurs and other institutional actors attending a networking event in Budapest. The methodological foundation for this approach is adapted from Triple Helix ecosystem theory. A conceptual model is produced from the research process, and ecosystem theory is developed by accounting for dynamic human capital flows and social capital ties do not present in the original Triple Helix theory. Results primarily indicate moderate levels of asset values and that attendance by entrepreneurs is largely motivated by locating start-up funding. Prime outcomes of interviews are a lack of innovation-focused specific human capital and increasingly market-based means of social capital development. Furthermore, the findings presented as propositions assume a partial virtual nature for human capital flows and social capital ties between ecosystem actors. On this basis, the resulting conceptual model accounts for the presence of digitalisation. Thus, ongoing entrepreneurial ecosystem development entails continual institutional adaption to information technologydriven socio-economic conditions. The Budapest ecosystem would, however, need to acquire a stronger virtual aspect in order to realise greater growth potential. Implications for Central European audience: While research on entrepreneurial ecosystems has gained strength, it has barely been applied to the CEE region. This study represents a formative attempt in this regard whereby the resulting conceptual model may be used to empirically evaluate entrepreneurial ecosystems within the region by comparing specific internal and external human and social capital movements. The model primarily implies that digitally derived human and social capital would require deeper integration between start-up firms and institutional actors. Crucially, there is also an implicit need for institutions to develop digitalised infrastructure more intensively in order to nurture innovative start-up activity in the CEE region.
{"title":"Understanding The Budapest Entrepreneurial Ecosystem: Human Capital Flows and Social Capital Ties","authors":"Loretta Huszák, T. Gittins","doi":"10.18267/j.cebr.295","DOIUrl":"https://doi.org/10.18267/j.cebr.295","url":null,"abstract":"Socio-economic transition in the CEE (Central and Eastern Europe) region in recent decades forms the operating context for young entrepreneurial ecosystems. This study has the aim of analysing institutional and cognitive features of CEE ecosystem development by considering Budapest as a prime example of an urban entrepreneurial ecosystem. Alongside the analysis of event registration data, a qualitative research approach is deployed featuring semistructured interviews with entrepreneurs and other institutional actors attending a networking event in Budapest. The methodological foundation for this approach is adapted from Triple Helix ecosystem theory. A conceptual model is produced from the research process, and ecosystem theory is developed by accounting for dynamic human capital flows and social capital ties do not present in the original Triple Helix theory. Results primarily indicate moderate levels of asset values and that attendance by entrepreneurs is largely motivated by locating start-up funding. Prime outcomes of interviews are a lack of innovation-focused specific human capital and increasingly market-based means of social capital development. Furthermore, the findings presented as propositions assume a partial virtual nature for human capital flows and social capital ties between ecosystem actors. On this basis, the resulting conceptual model accounts for the presence of digitalisation. Thus, ongoing entrepreneurial ecosystem development entails continual institutional adaption to information technologydriven socio-economic conditions. The Budapest ecosystem would, however, need to acquire a stronger virtual aspect in order to realise greater growth potential. Implications for Central European audience: While research on entrepreneurial ecosystems has gained strength, it has barely been applied to the CEE region. This study represents a formative attempt in this regard whereby the resulting conceptual model may be used to empirically evaluate entrepreneurial ecosystems within the region by comparing specific internal and external human and social capital movements. The model primarily implies that digitally derived human and social capital would require deeper integration between start-up firms and institutional actors. Crucially, there is also an implicit need for institutions to develop digitalised infrastructure more intensively in order to nurture innovative start-up activity in the CEE region.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44961549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A. Rastgar, G. Taheri, Hooshmand Bagheri Garbollagh, Omid Solati Nejad
With the expansion of different brands in similar classes of products and the close competition of brand owners in attracting and retaining more customers, the production of ethical brands that are subject to ethical principles in all stages of the process of supply, production, presentation, and sale of products has become one of the most important factors in creating superiority and brand differentiation in expanding customer communication and interaction with the brand. Given the importance of the role of brand ethical value in establishing effective customer relationships with the brand, this study aimed at investigating the predictions and consequences of consumer hope for the brand of Hydroderm with the role of brand charisma. The present study used a survey method to collect data and a correlation method to analyze the data. The statistical population of the study included 327 consumers of Hydroderm cosmetics brands; they were selected using the available sampling method. Information was collected using a Likert-point questionnaire, and data analysis was performed by structural equation modelling. The findings showed that the perceived ethical value of the brand on the obsessive brand passion and harmonious brand passion on consumer hope for the brand had a positive and significant effect. Moreover, obsessive brand passion did not have a significant effect on consumer hope for the brand. In addition, brand charisma mediated the effect of the perceived ethical value of the brand on the harmonious brand passion and obsessive brand passion. Finally, a positive and significant effect was found between consumer hope for brand and brand-customer interaction. Implications for Central European audience: Since most Central European countries seek to use the social media space to introduce and sell their brands to all parts of the world, including Asian countries, identifying and understanding how the perceived ethical value of the brand affects consumers interaction of with the brand can be a good practical guide to improve their activities with Asian countries that are subject to Islamic and ethical values. The recommendations obtained from the results show that the behavioural, personality, operational values of the brand as well as its responsibility can increase
{"title":"Antecedents and Consequences of Consumer Hope for the Brand of Hydroderm with the Moderating role of Brand Charisma","authors":"A. Rastgar, G. Taheri, Hooshmand Bagheri Garbollagh, Omid Solati Nejad","doi":"10.18267/j.cebr.293","DOIUrl":"https://doi.org/10.18267/j.cebr.293","url":null,"abstract":"With the expansion of different brands in similar classes of products and the close competition of brand owners in attracting and retaining more customers, the production of ethical brands that are subject to ethical principles in all stages of the process of supply, production, presentation, and sale of products has become one of the most important factors in creating superiority and brand differentiation in expanding customer communication and interaction with the brand. Given the importance of the role of brand ethical value in establishing effective customer relationships with the brand, this study aimed at investigating the predictions and consequences of consumer hope for the brand of Hydroderm with the role of brand charisma. The present study used a survey method to collect data and a correlation method to analyze the data. The statistical population of the study included 327 consumers of Hydroderm cosmetics brands; they were selected using the available sampling method. Information was collected using a Likert-point questionnaire, and data analysis was performed by structural equation modelling. The findings showed that the perceived ethical value of the brand on the obsessive brand passion and harmonious brand passion on consumer hope for the brand had a positive and significant effect. Moreover, obsessive brand passion did not have a significant effect on consumer hope for the brand. In addition, brand charisma mediated the effect of the perceived ethical value of the brand on the harmonious brand passion and obsessive brand passion. Finally, a positive and significant effect was found between consumer hope for brand and brand-customer interaction. Implications for Central European audience: Since most Central European countries seek to use the social media space to introduce and sell their brands to all parts of the world, including Asian countries, identifying and understanding how the perceived ethical value of the brand affects consumers interaction of with the brand can be a good practical guide to improve their activities with Asian countries that are subject to Islamic and ethical values. The recommendations obtained from the results show that the behavioural, personality, operational values of the brand as well as its responsibility can increase","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44046484","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Most small and medium-sized enterprises in the furniture industry use simple partial approaches to improve or manage production processes. The article aims to present research results focused on continuous process improvement through the implementation of Six Sigma (SS) and Lean Six Sigma (LSS) concepts in furniture production. Their impact on the performance via the level of the ROE (Return on Equity) indicator was evaluated using statistical methods of Chi-square test and Cramer’s contingency coefficient. The results of the research showed that furniture enterprises that had implemented selected methods of quality management reached a medium level of ROE values. The absence of a more comprehensive approach to managing the performance of processes was the impulse for a model creation based on the interconnection of SS and LSS concepts. The model should a practical use of appropriate methodologies and procedures in the management of furniture production processes, as well as in their optimisation. A thorough analysis of nonconforming products performed in furniture manufacturing processes transformed into SS and LSS metrics and the implementation of the model in the enterprise led to reduced process waste by reducing the number of non-conforming products, reducing the cost of such products, and increasing the capability of critical processes. Implications for Central European audience: The combination of theoretical knowledge in performance management and quality of production processes and practical knowledge from the real implementation of methods and tools for continuous improvement of production process capability in the company proved to be a good basis for creating a model within SS and LSS. These facts have contributed to the development of scientific knowledge. The presented application of methods and tools within SS and LSS will provide instructions for the use of new management methods. The specific outputs of the research work improve defining problems, measuring process parameters, analysis of measured data, improving furniture production processes.
{"title":"The Impact of Continuous Improvement Concepts on The Performance of Furniture Production Processes","authors":"Ľ. Simanová, A. Sujová","doi":"10.18267/j.cebr.298","DOIUrl":"https://doi.org/10.18267/j.cebr.298","url":null,"abstract":"Most small and medium-sized enterprises in the furniture industry use simple partial approaches to improve or manage production processes. The article aims to present research results focused on continuous process improvement through the implementation of Six Sigma (SS) and Lean Six Sigma (LSS) concepts in furniture production. Their impact on the performance via the level of the ROE (Return on Equity) indicator was evaluated using statistical methods of Chi-square test and Cramer’s contingency coefficient. The results of the research showed that furniture enterprises that had implemented selected methods of quality management reached a medium level of ROE values. The absence of a more comprehensive approach to managing the performance of processes was the impulse for a model creation based on the interconnection of SS and LSS concepts. The model should a practical use of appropriate methodologies and procedures in the management of furniture production processes, as well as in their optimisation. A thorough analysis of nonconforming products performed in furniture manufacturing processes transformed into SS and LSS metrics and the implementation of the model in the enterprise led to reduced process waste by reducing the number of non-conforming products, reducing the cost of such products, and increasing the capability of critical processes. Implications for Central European audience: The combination of theoretical knowledge in performance management and quality of production processes and practical knowledge from the real implementation of methods and tools for continuous improvement of production process capability in the company proved to be a good basis for creating a model within SS and LSS. These facts have contributed to the development of scientific knowledge. The presented application of methods and tools within SS and LSS will provide instructions for the use of new management methods. The specific outputs of the research work improve defining problems, measuring process parameters, analysis of measured data, improving furniture production processes.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48302521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Failure is an inseparable part and probably the most likely outcome of entrepreneurial activity. Fear of failure is among the key factors that hinder individual entry to the entrepreneurial path. While entrepreneurship literature mostly deals with its consequences, considerably lower attention has been paid to understanding its drivers. This is especially true in the Central European region, Slovakia not being exempt. Thus, our paper aims to fill this gap by analysing factors driving the entrepreneurial fear of failure among non-entrepreneur individuals in Slovakia. In doing so, we rely on the 2019 Global Entrepreneurship Monitor data for Slovakia and employ the ordinal logistic regression to test the hypothesised drivers of fear of failure among non-entrepreneur individuals. Our findings suggest that perceived entrepreneurial self-confidence and perceived ease of starting a business significantly reduce fear of failure. These factors are rather of an intrinsic and individual nature (the ‘I can do it’ factors). Further, in the case of non-entrepreneurs, these self-assessments usually result from expectations rather than from their own actual experience. Yet, the expectations themselves seem to be strong enough to affect the perceived level of fear of failure. We attribute this effect to the so-called failure feedback – an indication of a potential failure. Implications for Central European audience: Our study contributes to the debate on drivers of individual involvement in entrepreneurship and their specificity in the Central European context. We shed more light on factors influencing the fear of failure – one of the strongest barriers hindering individuals from starting a business. Despite focusing on Slovakia only, our study brings this topic to the table in the region. We contribute to the body of knowledge by suggesting potential patterns behind the fear of failure formation among the non-entrepreneur population, encouraging further investigation in the region and beyond, and proposing the practical implications for entrepreneurship policy, education, and training.
{"title":"Who Feels No Fear? Exploring The Drivers of Entrepreneurial Fear of Failure Among Non-Entrepreneurs in Slovakia","authors":"Marian Holienka, Diana Suchankova, P. Pšenák","doi":"10.18267/j.cebr.287","DOIUrl":"https://doi.org/10.18267/j.cebr.287","url":null,"abstract":"Failure is an inseparable part and probably the most likely outcome of entrepreneurial activity. Fear of failure is among the key factors that hinder individual entry to the entrepreneurial path. While entrepreneurship literature mostly deals with its consequences, considerably lower attention has been paid to understanding its drivers. This is especially true in the Central European region, Slovakia not being exempt. Thus, our paper aims to fill this gap by analysing factors driving the entrepreneurial fear of failure among non-entrepreneur individuals in Slovakia. In doing so, we rely on the 2019 Global Entrepreneurship Monitor data for Slovakia and employ the ordinal logistic regression to test the hypothesised drivers of fear of failure among non-entrepreneur individuals. Our findings suggest that perceived entrepreneurial self-confidence and perceived ease of starting a business significantly reduce fear of failure. These factors are rather of an intrinsic and individual nature (the ‘I can do it’ factors). Further, in the case of non-entrepreneurs, these self-assessments usually result from expectations rather than from their own actual experience. Yet, the expectations themselves seem to be strong enough to affect the perceived level of fear of failure. We attribute this effect to the so-called failure feedback – an indication of a potential failure. Implications for Central European audience: Our study contributes to the debate on drivers of individual involvement in entrepreneurship and their specificity in the Central European context. We shed more light on factors influencing the fear of failure – one of the strongest barriers hindering individuals from starting a business. Despite focusing on Slovakia only, our study brings this topic to the table in the region. We contribute to the body of knowledge by suggesting potential patterns behind the fear of failure formation among the non-entrepreneur population, encouraging further investigation in the region and beyond, and proposing the practical implications for entrepreneurship policy, education, and training.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41793090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this research is to investigate the relationship between the institutional environment of the studied countries and the Coface Country Risk Assessment. To meet this object, we used quantitative methods in the form of descriptive and regression analysis. The result was an evaluation of the actual Coface Country Risk Assessment and its value prediction for chosen countries. The authors quantified the impact of the institutional environment using The Heritage Index of Economic Freedom subindexes on the risk assessment indicator of the major private insurance company Coface, which is not so often used in the scientific sphere and is regularly updated. The results suggest a positive correlation between the Coface Country Risk Assessment and Government Integrity, Fiscal Health, Financial Freedom and Property Rights. Although Tax Burden is a statistically significant factor, its parameter was detected with an unexpected sign. For this reason, authors abstracted from it. Subindexes Government Spending, Business Freedom, Monetary Freedom, Trade Freedom, and Investment Freedom were statistically insignificant. Control variable Public Debt as a share of gross domestic product was insignificant as well. Implications for Central European audience: The article applies the Coface Country Risk Assessment, which has so far been rarely used in the scientific literature. We present the current and predicted values of the Central European Countries, but also the countries interesting from their point of view due to trade and investment opportunities. Many countries, including those in Central Europe, show differences between actual and predicted values.
{"title":"The Impact of Institutional Environment on Risk Assessment","authors":"D. Steinhauser, Z. Borovská","doi":"10.18267/j.cebr.288","DOIUrl":"https://doi.org/10.18267/j.cebr.288","url":null,"abstract":"The purpose of this research is to investigate the relationship between the institutional environment of the studied countries and the Coface Country Risk Assessment. To meet this object, we used quantitative methods in the form of descriptive and regression analysis. The result was an evaluation of the actual Coface Country Risk Assessment and its value prediction for chosen countries. The authors quantified the impact of the institutional environment using The Heritage Index of Economic Freedom subindexes on the risk assessment indicator of the major private insurance company Coface, which is not so often used in the scientific sphere and is regularly updated. The results suggest a positive correlation between the Coface Country Risk Assessment and Government Integrity, Fiscal Health, Financial Freedom and Property Rights. Although Tax Burden is a statistically significant factor, its parameter was detected with an unexpected sign. For this reason, authors abstracted from it. Subindexes Government Spending, Business Freedom, Monetary Freedom, Trade Freedom, and Investment Freedom were statistically insignificant. Control variable Public Debt as a share of gross domestic product was insignificant as well. Implications for Central European audience: The article applies the Coface Country Risk Assessment, which has so far been rarely used in the scientific literature. We present the current and predicted values of the Central European Countries, but also the countries interesting from their point of view due to trade and investment opportunities. Many countries, including those in Central Europe, show differences between actual and predicted values.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47610778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Sedliačiková, Mária Moresová, J. Drabek, V. Kupčák
Globalisation and increasing competition affect all existing enterprises, as well as those in emerging economies. For this reason, enterprises continuously improve their own management systems and try to gain a competitive advantage in the market in addition to eliminating shortcomings. In emerging economies in Central Europe, including Slovakia, there are still not well-established tools to support management decisions that could reveal reserves, identify deviations from the required state and reflect all these attributes in the system of motivation, evaluation, and remuneration of employees. Controlling is such a tool, the implementation of which is a prerequisite for growth in performance and market value of the enterprise. The aim of the paper is to identify and present the optimal software support for controlling for the given segment of enterprises based on the mapping of the current state of using Business Intelligence to support controlling in micro and small enterprises (MSEs) in the conditions of the specific emerging economy, namely Slovakia. This information system will allow MSEs to respond flexibly to market changes, offer alternative options to support managerial decisions and can simulate the impact of any change in the plan on business management. Within empirical research, a questionnaire was used as a method to survey the given problem in the business practice of micro and small enterprises in Slovakia. The questionnaire was sent to 2,415 MSEs, with the research sample consisting of 421 respondents, i.e. of 17.43%. The survey meets the condition of a minimum sample size. We focused on groups of micro and small enterprises, as these represent 99% of the country’s market potential. While the introduction of the controlling module into the basic information systems of the company or Business Intelligence are investment-intensive for MSEs, as a real option, affordable software support for controlling based on the MS Excel programme was identified in practice. In view of the above, a prototype of a controlling information system called ‘SOFIN-KA’ was designed and successfully tested in the practice of the Slovak Republic in an MS Excel programme, which is customisable to each MSEs.
{"title":"The Significance of Controlling in Enterprises in Emerging Economies","authors":"M. Sedliačiková, Mária Moresová, J. Drabek, V. Kupčák","doi":"10.18267/j.cebr.289","DOIUrl":"https://doi.org/10.18267/j.cebr.289","url":null,"abstract":"Globalisation and increasing competition affect all existing enterprises, as well as those in emerging economies. For this reason, enterprises continuously improve their own management systems and try to gain a competitive advantage in the market in addition to eliminating shortcomings. In emerging economies in Central Europe, including Slovakia, there are still not well-established tools to support management decisions that could reveal reserves, identify deviations from the required state and reflect all these attributes in the system of motivation, evaluation, and remuneration of employees. Controlling is such a tool, the implementation of which is a prerequisite for growth in performance and market value of the enterprise. The aim of the paper is to identify and present the optimal software support for controlling for the given segment of enterprises based on the mapping of the current state of using Business Intelligence to support controlling in micro and small enterprises (MSEs) in the conditions of the specific emerging economy, namely Slovakia. This information system will allow MSEs to respond flexibly to market changes, offer alternative options to support managerial decisions and can simulate the impact of any change in the plan on business management. Within empirical research, a questionnaire was used as a method to survey the given problem in the business practice of micro and small enterprises in Slovakia. The questionnaire was sent to 2,415 MSEs, with the research sample consisting of 421 respondents, i.e. of 17.43%. The survey meets the condition of a minimum sample size. We focused on groups of micro and small enterprises, as these represent 99% of the country’s market potential. While the introduction of the controlling module into the basic information systems of the company or Business Intelligence are investment-intensive for MSEs, as a real option, affordable software support for controlling based on the MS Excel programme was identified in practice. In view of the above, a prototype of a controlling information system called ‘SOFIN-KA’ was designed and successfully tested in the practice of the Slovak Republic in an MS Excel programme, which is customisable to each MSEs.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":" ","pages":""},"PeriodicalIF":1.3,"publicationDate":"2021-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45393944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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