The influence of some factors of competitiveness on business risks
Abstract
The impact of significant competition factors on the riskiness of business risk in the SMEs sector in the Czech Republic and Slovak Republic. The empirical research was constructed on the basis a questionnaire. The attitudes from 641 entrepreneurs from two countries were collected during the year 2018. The statistical hypotheses were evaluated using quantitative methods. The multiple linear regression models were used to evaluate the impact of the competitive environment and of the narrow business environment on the perception of the riskiness of business risk according to entrepreneurs. The conclusions ofthe research showed an interesting finding. The authors found that the competitive environment, as well as the narrower business environment, affects the perception of the riskiness of business risk. It has also been shown that my customers accept the prices of my products and services. This is the most important indicator of a competitive environment. The most important indicator of a narrower business environment is that my customers support me in doing business. The authors believe that the article has brought several interesting findings and new incentives for the further research and discussion regarding to the perception of enterprise risk not only in the selected countries this research.
Keyword : small and medium enterprise, competitiveness, business environment, business risks, narrower business environment, competitive environment, quality
How to Cite
Dvorsky, J., Kliestik, T., Cepel, M., & Strnad, Z. (2020). The influence of some factors of competitiveness on business risks. Journal of Business Economics and Management, 21(5), 1451-1465. https://doi.org/10.3846/jbem.2020.13440
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Belas, J., & Gabcova, L. (2016). The relationship among customer satisfaction, loyalty and financial performance of commercial banks. E+M Ekonomie a Management, 19(1), 132–147. https://doi.org/10.15240/tul/001/2016-1-010
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)
Bozic, L., & Rajh, E. (2016). The factors constraining innovation performance of SMEs in Croatia. Economic Research – Ekonomska Istraživanja, 29(1), 314–324. https://doi.org/10.1080/1331677X.2016.1168040
Breslow, N. (1990). Tests of hypotheses in overdispersedpoisson regression and other quasi-likelihood models. Journal of the American Statistical Association, 85(410), 565–571. https://doi.org/10.1080/01621459.1990.10476236
Buganova, K., & Moricova, V. (2017). Innovation of education in risk and crisis management. Turkish Online Journal of Educational Technology, 2017(November Special Issue INTE), 177–182.
Ceptureanu, S. I. (2015). Competitiveness of SMEs. Bussiness Excellence and Management, 5(2), 55–67.
Conorto, R., Dlhopolček, J., Kopečný, P., Maxin, R., Tonka, V., Tvrdoň, J., Vajdová, E., & Vyšný, T. (2014). Analýza, monitor kvality podnikateľského prostredia v SR a konkurencieschopnosť ekonomiky. Federation of Employers’ Associations of Slovak Republic, Bratislava, Slovakia. Retrieved February 2, 2020, from http://www.azzz.sk/wp-content/uploads/2015/05/Anal%C3%BDza-monitor-kvality-podnikate%C4%BEsk%C3%A9ho-prostredia-v-SR-a-konkurencieschopnos%C5%A5ekonomiky.pdf
Delić, A., Peterka, S. O., & Kurtović, I. (2016). Is there a relationship between financial literacy, capital structure, and competitiveness of SMEs. EkonomskiVjesnik / Econviews, 29(1), 37–50.
Dragnic, D. (2014). Impact of internal and external factors on the performance of fast-growing small and medium businesses. Management: Journal of Contemporary Management Issues, 19(1), 119–159.
Dvorsky, J., Petrakova, Z., Khan, K. A., Formanek, I., & Mikolas, Z. (2020). Selected aspects of strategic management in the service sector. Journal of Tourism and Services, 20(11), 109–123. https://doi.org/10.29036/jots.v11i20.146
Dvoulety, O., & Orel, M. (2020). Determinants of solo and employer entrepreneurship in Visegrád countries: Findings from the Czech Republic, Hungary, Poland and Slovakia. Journal of Enterprising Communities, 14(3), 447–464. https://doi.org/10.1108/JEC-04-2020-0052
Falkner, E. M., & Hiebl, M. R. W. (2015). Risk management in SMEs: a systematic review of available evidence. The Journal of Risk Finance, 16(2), 122–144. https://doi.org/10.1108/JRF-06-2014-0079
Gavurova, B., Huculova, E., Kubak, M., & Cepel, M. (2017). The state of students’ financial literacy in selected Slovak universities and its relationship with active pension savings. Economics and Sociology, 10(3), 206–219. https://doi.org/10.14254/2071-789X.2017/10-3/15
Grimsdottir, E., & Edvardsson, I. R. (2018). Knowledge management, knowledge creation, and open innovation in icelandic SMEs. Sage Open, 8(4), 1–13. https://doi.org/10.1177/2158244018807320
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
Hvolkova, L., Klement, L., Klementova, V., & Kovalova, M. (2019). Barriers hindering innovations in small and medium-sized enterprises. Journal of Competitiveness, 11(2), 51–67. https://doi.org/10.7441/joc.2019.02.04
Irwin, D., & Scott, J. (2010). Barriers faced by SMEs in raising bank finance. International Journal of Entrepreneurial Behaviour & Research, 16(3), 245–259. https://doi.org/10.1108/13552551011042816
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
Kersten, R., Harms, J., Liket, K., & Maas, K. (2017). Small firms, large impact? A systematic review of the SME finance. World Development, 97, 330–348. https://doi.org/10.1016/j.worlddev.2017.04.012
Kitching, J., Hart, M., & Wilson, N. (2015). Burden of benefit? Regulation as a dynamic influence on small business performance. International Small Business Journal, 33(2), 130–147. https://doi.org/10.1177/0266242613493454
Khedhaouria, A., Nakara, W. A., Gharbi, S., & Bahri, C. (2020). The relationship between organizational culture and small‐firm performance: Entrepreneurial orientation as mediator. European Management Review, 17(2), 515–528. https://doi.org/10.1111/emre.12383
Ključnikov, A., Civelek, M., Čech, P., & Kloudová, J. (2019). Entrepreneurial orientation of SMEs’ executives in the comparative perspective for Czechia and Turkey. Oeconomia Copernicana, 10(4), 773–795. https://doi.org/10.24136/oc.2019.035
Kolupaieva, I., Pustovhar, S., Suprun, O., & Shevchenko, O. (2019). Diagnostics of systemic risk impact on the enterprise capacity for financial risk neutralization: the case of Ukrainian metallurgical enterprises. Oeconomia Copernicana, 10(3), 471–491. https://doi.org/10.24136/oc.2019.023
Konstantopoulou, A., Rizomyliotis, I., Konstantoulaki, K., & Badahdah, R. (2019). Improving SMEs competitiveness with the use of Instagram influencer advertising and eWOM. International Journal of Organizational Analysis, 27(2), 308–321. https://doi.org/10.1108/IJOA-04-2018-1406
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 nad Economic, 14(3C(36C)), 333–355.
Lazányi, K., Dvorský, J., Virglerova, Z., & Dapkus, K. (2018). An analysis of factors related to “taking risks”, according to selected socio-demographic factors. Acta Polytechnica Hungarica, 14(7), 35–50. https://doi.org/10.12700/APH.14.7.2017.7.3
Lewandowska, A., & Stopa, M. (2019). Do SME’s innovation strategies influence their effectiveness of innovation? Some evidence from the case of Podkarpackie as peripheral region in Poland. Equilibrium. Quarterly Journal of Economics and Economic Policy, 14(3), 521–536. https://doi.org/10.24136/eq.2019.025
Li, J., & Valliant, R. (2011). Linear regression influence diagnostics for uncluttered survey data. Journal of Official Statistics, 27(1), 99–119.
Liňán, F., Paul, J., & Fayolle, A. (2019). SMEs and entrepreneurship in the era of globalization: Advances and theoretical approaches. Small Business Economics, 55, 695–703. https://doi.org/10.1007/s11187-019-00180-7
Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 137–172. https://doi.org/10.5465/amr.1996.9602161568
Mafini, C., & Muposhi, A. (2017). Predictive analytics for supply chain collaboration, risk management and financial performance in small to medium enterprises. Southern African Business Review, 21, 311–338.
Malega, P., Rudy, V., Kovac, J., & Kovac, J. (2019). The competitive market map as the basis for an evaluation of the competitiveness of the Slovak Republic on an international scale. Journal of Competitiveness, 11(4), 103–119. https://doi.org/10.7441/joc.2019.04.07
Mustafa, N., Nakov, L., & Islami, X. (2019). The impact of organizational changes on increasing SMEs competitiveness. Acta Universitatis Danubius, 15(2), 93–114. https://doi.org/10.2139/ssrn.3351243
Nikolic, N., Jovanovic, I., Nikolic, D., Mihajlovic, I., & Schulte, P. (2019). Investigation of the factors influencing SME failure as a function of its prevention and fast recovery after failure. Entrepreneurship Research Journal, 9(3), 1–21. https://doi.org/10.1515/erj-2017-0030
Pérez-Luño, A., Saparito, P., & Gopalakrishnan, S. (2014). Small and medium-sized enterprise’s entrepreneurial versus market orientation and the creation of Tacit knowledge. Journal of Small Business Management, 54(1), 262–278. https://doi.org/10.1111/jsbm.12144
Pisar, P., & Bilkova, D. (2019). Controlling as a tool for SME management with an emphasis on innovations in the context of Industry 4.0. Equilibrium. Quarterly Journal of Economics and Economic Policy, 14(4), 763–785. https://doi.org/10.24136/eq.2019.035
Qin, J., & Lawless, J. (1995). Estimating equations, empirical likelihood and constraints on parameters. Canadian Journal of Statistics, 23(2), 145–159. https://doi.org/10.2307/3315441
Rahman, A., Rozsa, Z., & Cepel, M. (2018). Trade credit and bank finance – evidence from the Visegrad group. Journal of Competitiveness, 10(3), 132–148. https://doi.org/10.7441/joc.2018.03.09
Rahman, A., Belas, J., Kliestik, T., & Tyll, L. (2017). Collateral requirements for SME loans: Empirical evidence from the Visegrad countries. Journal of Business Economics and Management, 18(4), 650–675. https://doi.org/10.3846/16111699.2017.1357050
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