Business recovery and institutional constraints: evidence from Visegrad Countries and Serbia
Abstract
The current study investigates how institutional constraints and firms’ and entrepreneurs’ characteristics affect business recovery. Some elements have not yet been rigorously examined in the existing literature, especially not concerning the post-communist countries’ business recovery component and the same is the research gap current study intended to address. To evaluate the study model, ordinal logistic regression was used. More than 300 valid questionnaires are collected from the Czech Republic, Hungary, and Serbia. The findings show that factors such as firm tenure and size, location, sector, entrepreneurial motivation, product change, etc., have conflicting effects on business recovery. Some of the outcomes of the present study is supported by the existing studies and some requires further research. The study focuses on the less explored independent variables and their association with business recovery, specifically on SMEs, which highlights the paper’s originality. The output of the current study adds to the existing literature of business recovery and institutional constraints. Policymakers interested in removing institutional limitations and promoting a quicker business recovery for SMEs are drawn to the research. The study findings are also helpful from a managerial standpoint because business owners and managers significantly impact decisions about entrepreneur motivation, product change, and other issues.
Keyword : SMEs, institutional constraints, business recovery, downsizing, product change, entrepreneurial experience, business cycle
How to Cite
Çera, G., Khan, K. A., Olah, J., & Metzker, Z. (2023). Business recovery and institutional constraints: evidence from Visegrad Countries and Serbia. Journal of Business Economics and Management, 24(5), 877–900. https://doi.org/10.3846/jbem.2023.20238
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Adam, N. A., & Alarifi, G. (2021). Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: The role of external support. Journal of Innovation and Entrepreneurship, 10(1). https://doi.org/10.1186/s13731-021-00156-6
Amoah-Mensah, D. (2013). Strategic resources and performance of rural SMEs. International Journal of Business and Social Research, 3(4), 106–119.
Aničić, Z., & Paunović, B. (2022). The Covid-19 crisis and small and medium-sized enterprises (SMEs) in Serbia: responsive strategies and significance of the government measures. Journal of East European Management Studies, 27(3), 404–433. https://doi.org/10.5771/0949-6181-2022-3-404
Arnold, J., Silvester, J., Patterson, F., Robertson, I., Cooper, C., & Burnes, B. (1991). Work psychology. Prentice Hall.
Ballesteros, L., Useem, M., & Wry, T. (2017). Masters of disasters? An empirical analysis of how societies benefit from corporate disaster aid. Academy of Management Journal, 60(5), 1682–1708. https://doi.org/10.5465/amj.2015.0765
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bazić, J. (2020). Relations of Serbia and European Union: Socio-Historical determinants and the contemporary political issues. Politeja, 16(3(60)), 303–322. https://doi.org/10.12797/Politeja.16.2019.60.20
Belas, J., Dvorský, J., Strnad, Z., Valaskova, K., & Cera, G. (2019a). Improvement of the quality of business environment model: Case of the SME segment. Engineering Economics, 30(5), 601–611. https://doi.org/10.5755/j01.ee.30.5.24490
Belas, J., Gavurova, B., Cepel, M., & Kubak, M. (2020). Evaluation of economic potential of business environment development by comparing sector differences: Perspective of SMEs in the Czech Republic and Slovakia. Oeconomia Copernicana, 11(1), 135–159. https://doi.org/10.24136/oc.2020.006
Belas, J., Škare, M., Gavurova, B., Dvorsky, J., & Kotaskova, A. (2022). The impact of ethical and CSR factors on engineers’ attitudes towards SMEs sustainability. Journal of Business Research, 149, 589–598. https://doi.org/10.1016/j.jbusres.2022.05.056
Belas, J., & Sopkova, G. (2016). A model of entrepreneurial orientation. Transformations in Business and Economics, 15(2B), 630–644.
Belas, J., Strnad, Z., Gavurova, B., & Cepel, M. (2019b). Business environment quality factors research-sme management’s platform. Polish Journal of Management Studies, 20(1), 64–77. https://doi.org/10.17512/pjms.2019.20.1.06
Belitski, M., Guenther, C., Kritikos, A. S., & Thurik, R. (2022). Economic effects of the COVID-19 pandemic on entrepreneurship and small businesses. Small Business Economics, 58(2), 593–609. https://doi.org/10.1007/s11187-021-00544-y
Blume, L. (2006). Local economic policies as determinants of the local business climate: Empirical results from a cross-section analysis among East German municipalities. Regional Studies, 40(4), 321–333. https://doi.org/10.1080/00343400600725178
Calvino, F., Giachini, D., & Guerini, M. (2022). The age distribution of business firms. Journal of Evolutionary Economics, 32, 205–245. https://doi.org/10.1007/s00191-021-00747-2
Carsrud, A., & Brännback, M. (2011). Entrepreneurial motivations: What do we still need to know? Journal of Small Business Management, 49(1), 9–26. https://doi.org/10.1111/j.1540-627X.2010.00312.x
Cepel, M., Dvorsky, J., Gregova, E., & Vrbka, J. (2020). Business environment quality model in the SME segment. Transformations in Business and Economics, 19(1), 262–283.
Çera, G., Belas, J., Martin, C., & Zoltan., R. (2019a). Linking firm characteristics to perceived important social factors for entrepreneurial activity. Economics and Sociology, 12(4). https://doi.org/10.14254/2071-789X.2019/12-4/6
Çera, G., Belas, J., & Zapletalikova, E. (2019b). Explaining business failure through determinist and voluntarist perspectives. Serbian Journal of Management, 14(2), 257–275. https://doi.org/10.5937/sjm14-23348
Çera, G., Breckova, P., Çera, E., & Rozsa, Z. (2019c). The effect of business enabling policies, tax treatment, corruption and political connections on business climate. Acta Polytechnica Hungarica, 16(4), 113–132. https://doi.org/10.12700/APH.16.4.2019.4.6
Çera, G., Meço, M., Çera, E., & Maloku, S. (2019d). The effect of institutional constraints and business network on trust in government: An institutional perspective. Administratie Si Management Public, 2019(33), 6–19. https://doi.org/10.24818/amp/2019.33-01.
Chang, S. E., Brown, C., Handmer, J., Helgeson, J., Kajitani, Y., Keating, A., Noy, I., Watson, M., Derakhshan, S., Kim, J., & Roa-Henriquez, A. (2022). Business recovery from disasters: Lessons from natural hazards and the COVID-19 pandemic. International Journal of Disaster Risk Reduction, 80(May), Article 103191. https://doi.org/10.1016/j.ijdrr.2022.103191
Chebeň, J., Krajčírová, R., Vaňová, A. F., & Munk, M. (2021). The effect of corporate income tax of agricultural companies on national budget ‒ the case of the Slovak Republic. Amfiteatru Economic, 23(57), 466–482. https://doi.org/10.24818/EA/2021/57/466
Chen, J., Wang, H., & Zhong, R. Y. (2021). A supply chain disruption recovery strategy considering product change under COVID-19. Journal of Manufacturing Systems, 60, 920–927. https://doi.org/10.1016/j.jmsy.2021.04.004
Cheraghalizadeh, R., Olya, H., & Tumer, M. (2021). The effects of external and internal factors on competitive advantage – Moderation of market dynamism and mediation of customer relationship building. Sustainability, 13(7), Article 4066. https://doi.org/10.3390/su13074066
Chit, M. M., Croucher, R., & Rizov, M. (2023). Surviving the COVID‐19 pandemic: The antecedents of success among European SMEs. European Management Review, 20(1), 113–127. https://doi.org/10.1111/emre.12525
Chittithaworn, C., Islam, M. A., Keawchana, T., & Muhd Yusuf, D. H. (2011). Factors affecting business success of Small & Medium Enterprises (SMEs) in Thailand. Asian Social Science, 7(5), 180–190. https://doi.org/10.5539/ass.v7n5p180
Coad, A., Holm, J. R., Krafft, J., & Quatraro, F. (2018). Firm age and performance. Journal of Evolutionary Economics, 28, 1–11. https://doi.org/10.1007/s00191-017-0532-6
Cockalo, D., Djordjevic, D., Nikolic, M., Stanisavljev, S., & Terek, E. (2017). Analysis of possibilities for improving entrepreneurial behaviour of young people: Research results in Central Banat district. Journal of Engineering Management and Competitiveness, 7(2), 97–108. https://doi.org/10.5937/jemc1702097C
Ćoćkalo, D., Đorđević, D., Bogetić, S., & Bakator, M. (2020). Youth entrepreneurship development: A review of literature and ten-year research results. Journal of Engineering Management and Competitiveness, 10(2), 151–161. https://doi.org/10.5937/jemc2002151Q
Coleman, S., Cotei, C., & Farhat, J. (2013). A resource-based view of new firm survival: new perspectives on the role of industry and exit route. Journal of Developmental Entrepreneurship, 18(01), Article 1350002. https://doi.org/10.1142/S1084946713500027
Cooper, R. G. (1994). New products: The factors that drive success. International Marketing Review, 11(1), 60–76. https://doi.org/10.1108/02651339410057527
Corey, C. M., & Deitch, E. A. (2011). Factors affecting business recovery immediately after hurricane Katrina. Journal of Contingencies and Crisis Management, 19(3), 169–181. https://doi.org/10.1111/j.1468-5973.2011.00642.x
Dang, C., Frank, Z., & Yang, C. (2018). Measuring firm size in empirical corporate finance. Journal of Banking and Finance, 86, 159–176. https://doi.org/10.1016/j.jbankfin.2017.09.006
Denicolai, S., Cotta Ramusino, E., & Sotti, F. (2015). The impact of intangibles on firm growth. Technology Analysis and Strategic Management, 27(2), 219–236. https://doi.org/10.1080/09537325.2014.959484
Djordjevic, D., Cockalo, D., Bogetic, S., & Bakator, M. (2021a). Predicting entrepreneurial intentions among the youth in Serbia with a classification decision tree model with the QUEST algorithm. Mathematics, 9(13), Article 1487. https://doi.org/10.3390/math9131487
Djordjevic, D., Cockalo, D., Bogetic, S., & Bakatormihalj, M. (2021b). Modelling youth entrepreneurship intentions: A ten-year research. Journal of East European Management Studies, 26(4), 617–638. https://doi.org/10.5771/0949-6181-2021-4-617
Du, J., & Nguyen, B. (2022). Cognitive financial constraints and firm growth. Small Business Economics, 58, 2109–2137. https://doi.org/10.1007/s11187-021-00503-7
Dua, A., Mahajan, D., Oyer, L., & Ramaswamy, S. (2020). US small-business recovery after the COVID-19 crisis (Issue July).
Durana, P., Ginevicius, R., Urbanski, M., Podhorska, I., & Tumpach, M. (2021). Parallels and differences in earnings management of the Visegrad four and the Baltics. Journal of Competitiveness, 13(3), 39–55. https://doi.org/10.7441/joc.2021.03.03
Dvorsky, J., Gavurova, B., Čepel, M., & Červinka, M. (2020). Impact of selected economic factors on the business environment: The case of selected east european countries. Polish Journal of Management Studies, 22(2), 96–110. https://doi.org/10.17512/pjms.2020.22.2.07
Dvorský, J., Belás, Jr., J., Çera, G., & Bilan, S. (2021). Disparities in the perception of business risks in connection with the achieved education of the owner/manager and doing business. International Journal of Entrepreneurial Knowledge, 9(1), 25–40. https://doi.org/10.37335/ijek.v9i1.123
EIB. (2021). Serbia: Team Europe - EIB provides €200 million to Development Fund of Serbia to support faster COVID-19 recovery of Serbian SMEs and mid-caps. https://www.eib.org/en/press/all/2021-238-team-europe-eib-provides-eur200-million-to-development-fund-of-serbia-to-support-faster-covid-19-recovery-of-serbian-smes-and-mid-caps
Espahbodi, R., John, T. A., & Vasudevan, G. (2000). The effects of downsizing on operating performance. Review of Quantitative Finance and Accounting, 15, 107–126. https://doi.org/10.1023/A:1008321929083
Fabrigar, L. R., & Wegener, D. T. (2011). Exploratory factor analysis. Oxford University Press. https://doi.org/10.1093/acprof:osobl/9780199734177.001.0001
Ferreira de Araújo Lima, P., Crema, M., & Verbano, C. (2020). Risk management in SMEs: A systematic literature review and future directions. European Management Journal, 38(1), 78–94. https://doi.org/10.1016/j.emj.2019.06.005
Fidrmuc, J., Fidrmuc, J., & Horvath, J. (2002). Visegrad economies: growth experience and prospects (Issue April).
Ganau, R., & Rodríguez-pose, A. (2022). Credit constraints in European SMEs: Does regional institutional quality matter ? Applied Economics Letters, 29(15), 1388–1392. https://doi.org/10.1080/13504851.2021.1934385
Goesaert, T., Heinz, M., & Vanormelingen, S. (2015). Downsizing and firm performance: Evidence from German firm data. Industrial and Corporate Change, 24(6), 1443–1472. https://doi.org/10.1093/icc/dtv007
Guthrie, J. P., & Datta, D. K. (2008). Dumb and dumber: The impact of downsizing on firm performance as moderated by industry conditions. Organization Science, 19(1), 108–123. https://doi.org/10.1287/orsc.1070.0298
Hossain, M. R., Akhter, F., & Sultana, M. M. (2022). SMEs in Covid-19 Crisis and combating strategies: A Systematic Literature Review (SLR) and a case from emerging economy. Operations Research Perspectives, 9(January), Article 100222. https://doi.org/10.1016/j.orp.2022.100222
Huang, L., Wang, L., & Song, J. (2018). Post-disaster business recovery and sustainable development: A study of 2008 Wenchuan Earthquake. Sustainability, 10(3), Article 651. https://doi.org/10.3390/su10030651
Hussain, H. I., Kot, S., Kamarudin, F., & Yee, L. H. (2021). Impact of rule of law and government size to the microfinance efficiency. Economic Research-Ekonomska Istrazivanja, 34(1), 1870–1895. https://doi.org/10.1080/1331677X.2020.1858921
Istipliler, B., Bort, S., & Woywode, M. (2023). Flowers of adversity: Institutional constraints and innovative SMEs in transition economies. Journal of Business Research, 154, Article 113306. https://doi.org/10.1016/j.jbusres.2022.113306
Ivanović-Djukić, M., Lepojević, V., Stefanović, S., van Stel, A., & Petrović, J. (2018). Contribution of entrepreneurship to economic growth: A comparative analysis of south-east transition and developed European Countries. International Review of Entrepreneurship, 16(2), 257–276. http://ezproxy.hwr-berlin.de:2048/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=ent&AN=130879502&lang=de&site=eds-live&scope=site
Juergensen, J., Guimón, J., & Narula, R. (2020). European SMEs amidst the COVID-19 crisis: Assessing impact and policy responses. Journal of Industrial and Business Economics, 47(3), 499–510. https://doi.org/10.1007/s40812-020-00169-4
Khan, K. A., Dankiewicz, R., Kliuchnikava, Y., & Oláh, J. (2020). How do entrepreneurs feel bankruptcy? International Journal of Entrepreneurial Knowledge, 8(1), 89–101. https://doi.org/10.37335/ijek.v8i1.103
Khan, K. A., Çera, G., & Netek, 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
Kontic, L. (2012). Recovery strategies in Serbian mature companies. African Journal of Business Management, 6(36), 9906–9913. https://doi.org/10.5897/AJBM10.1621
Kozubikova, L., Belas, J., Kljucnikov, A., & Virglerova, Z. (2015). Differences in approach to selected constructs of entrepreneurial orientation in SME segment regarding the selected socio-demographic factors. Transformations in Business and Economics, 14(3C), 333–355.
Kreiner, J., Sajfert, D., Anđelić, S., Jančev, N., & Živković, M. (2021). Influence of entrepreneurs on job satisfaction and organizational commitment of employees. Journal of Engineering Management and Competitiveness, 11(2), 96–105. https://doi.org/10.5937/jemc2102096K
Le, H. B. H., Nguyen, T. L., Ngo, C. T., Pham, T. B. T., & Le, T. B. (2020). Policy related factors affecting the survival and development of SMEs in the context of Covid 19 pandemic. Management Science Letters, 10(15), 3683–3692. https://doi.org/10.5267/j.msl.2020.6.025
Li, C., Wan, J., Xu, Z., & Lin, T. (2021). Impacts of green innovation, institutional constraints and their interactions on high-quality economic development across China. Sustainability, 13(9), Article 5277. https://doi.org/10.3390/su13095277
Pejin Stokic, L. (2020). COVID-19: impact on the Serbian economy and the government recovery package.
Lu, Y., Wu, J., Peng, J., & Lu, L. (2020). The perceived impact of the Covid-19 epidemic: Evidence from a sample of 4807 SMEs in Sichuan Province, China. Environmental Hazards, 19(4), 323–340. https://doi.org/10.1080/17477891.2020.1763902
Machmud, S., & Sidharta, I. (2016). Entrepreneurial motivation and business performance of SMEs in the SUCI Clothing Center, Bandung, Indonesia. DLSU Business & Economics Review, 25(2), 63–78.
Metzker, Z., Maroušek, J., Hlawiczka, R., Belás Jr., J., & Khan, K. A. (2021). The Perception of the market and operational area of business by service sector and tourism companies in terms of CSR implementation. Journal of Tourism and Services, 12(23), 217–236. https://doi.org/10.29036/jots.v12i23.328
Meyer, D. F. (2020). The impact of globalisation on economic growth: The case of Visegrad countries. Forum Scientiae Oeconomia, 8(2), 25–36.
Meyer, Na., & Krüger, N. (2021). South African female entrepreneures’ motivational factors: differences between young and established business owners. Forum Scientiae Oeconomia, 9(1), 75–90. https://doi.org/10.1080/15228916.2022.2069430
Michalkova, L., Cepel, M., Valaskova, K. &, & Vincurova, Z. (2022). Earnings quality and corporate life cycle before the crisis. A study of transport companies across Europe. Amfiteatru Economic, 24(61), 782–796. https://doi.org/10.24818/EA/2022/61/782
Minai, M. S., & Lucky, E. O. I. (2011). The conceptual framework of the effect of location on performance of small firms. Asian Social Science, 7(12), 110–118. https://doi.org/10.5539/ass.v7n12p110
Morrish, S. C., & Jones, R. (2020). Post-disaster business recovery: An entrepreneurial marketing perspective. Journal of Business Research, 113, 83–92. https://doi.org/10.1016/j.jbusres.2019.03.041
Muñoz-Bullón, F., & Sánchez-Bueno, M. J. (2011). Does downsizing improve organisational performance? An analysis of Spanish manufacturing firms. International Journal of Human Resource Management, 22(14), 2924–2945. https://doi.org/10.1080/09585192.2011.599955
Murnieks, C. Y., Klotz, A. C., & Shepherd, D. A. (2020). Entrepreneurial motivation: A review of the literature and an agenda for future research. Journal of Organizational Behaviour, 41, 115–143. https://doi.org/10.1002/job.2374
National Bank of Serbia. (2020). Macroeconomic Developments in Serbia.
Nikolić, N., Jovanović, I., Nikolić, Đ., Mihajlović, 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), 22. https://doi.org/10.1515/erj-2017-0030
North, D. C. (1990). Institutions, institutional change, and economic performance. Cambridge University Press. https://doi.org/10.1017/CBO9780511808678
Norusis, M. J. (2012). IBM SPSS statistics 19 statistical procedures companion. Prentice Hall.
Okwo, H., Ezenwakwelu, C., Igwe, A., & Imhanrenialena, B. (2019). Firm size and age mediating the firm survival-hedging effect: Hayes’ 3-way parallel approach. Sustainability, 11, Article 887. https://doi.org/10.3390/su11030887
Oláh, J., Kovács, S., Virglerova, Z., Lakner, Z., Kovacova, M., & Popp, J. (2019a). Analysis and comparison of economic and financial risk sources in SMEs of the Visegrad Group and Serbia. Sustainability, 11(7), Article 1853. https://doi.org/10.3390/su11071853
Olah, J., Tiron Tudor, A., Pashkus, V., & Alpatov, G. (2021). Preferences of Central European consumers in circular economy. Ekonomicko-Manazerske Spektrum, 15(2), 99–110. https://doi.org/10.26552/ems.2021.2.99-110
Oláh, J., Virglerova, Z., Popp, J., Kliestikova, J., & Kovács, S. (2019b). The assessment of non-financial risk sources of SMES in the V4 countries and Serbia. Sustainability, 11(17), Article 4806. https://doi.org/10.3390/su11174806
Panda, S., & Dash, S. (2014). Constraints faced by entrepreneurs in developing countries: A review and assessment. World Review of Entrepreneurship, Management and Sustainable Development, 10(4), 405–421. https://doi.org/10.1504/WREMSD.2014.064951
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
Ramosaj, B., Karaxha, H., & Karaxha, H. (2014). Change management and its influence in the business environment. Iliria International Review, 4(2), 9–30. https://doi.org/10.21113/iir.v4i2.43
Rozsa, Z., Belas, J., Khan, K. A., & Zvarikova, K. (2021). Corporate social responsibility and essential factors of personnel risk management in smes. Polish Journal of Management Studies, 23(2), 449–463. https://doi.org/10.17512/pjms.2021.23.2.27
Seah, Y. Z. (2021). COVID-19 and Its effects on attitudes toward opportunity-motivated entrepreneurship: Before and after lockdown. Sustainability, 13, Article 8689. https://doi.org/10.3390/su13168689
Smallbone, D., & Welter, F. (2012). The role of government in SME development in transition economies. International Small Business Journal, 19(4), 63–77. https://doi.org/10.1177/0266242601194004
Smekalova, L., Hajek, O., Belas, J., & Machacek, J. (2014). Perception of small and medium entrepreneurship in the Czech Republic. Journal of Competitiveness, 6(4), 41–49. https://doi.org/10.7441/joc.2014.04.03
Son, J. (2012). Institutional constraints and economic development. In Social Capital and Institutional Constraints (Vol. 2, Issue 1, pp. 39–61). Routledge. https://doi.org/10.4324/9780203104743-10
Soomro, B. A., Abdelhamed, N., & Abdelwahed, A. (2019). The influence of demographic factors on the business success of entrepreneurs: An empirical study from the small and medium-sized enterprises context of Pakistan. International Journal of Entrepreneurship, 23(2), 13.
Stevenson, J. R., Brown, C., Seville, E., & Vargo, J. (2018). Business recovery: An assessment framework. Disasters, 42(3), 519–540. https://doi.org/10.1111/disa.12261
Stoica, O., Roman, A., & Rusu, V. D. (2020). The nexus between entrepreneurship and economic growth: A comparative analysis on groups of countries. Sustainability, 12(3), Article 1186. https://doi.org/10.3390/su12031186
Su, Z., & Tang, J. (2016). Product innovation, cost-cutting and firm economic performance in the post-crisis context: Canadian micro evidence. Journal of Centrum Cathedra, 9(1), 4–26. https://doi.org/10.1108/JCC-08-2016-0009
Trail, G., & Mccullough, B. (2018). Differential effects of internal and external constraints on sustainability intentions: A hierarchical regression analysis of running event participants by market segment. Journal of Management for Global Sustainability, 6(2). https://doi.org/10.13185/JM2018.06206
Verbano, C., & Venturini, K. (2013). Managing risks in SMEs: A literature review and research agenda. Journal of Technology Management and Innovation, 8(3), 186–197. https://doi.org/10.4067/S0718-27242013000400017
Williams, R. I., Smith, A., Aaron, J. R., Manley, S. C., & McDowell, W. C. (2019). Small business strategic management practices and performance: A configurational approach. Economic Research-Ekonomska Istrazivanja, 33(1), 2378–2396. https://doi.org/10.1080/1331677X.2019.1677488
World Bank Group. (2022). Western Balkans regular economic report – Steering through crises (Issue 21).
Xheneti, M., & Bartlett, W. (2012). Institutional constraints and SME growth in post-communist Albania. Journal of Small Business and Enterprise Development, 19(4), 607–626. https://doi.org/10.1108/14626001211277424
Zarnadze, G., Dika, I., Çera, G., & Ribeiro, H. N. R. (2022). Personality traits and business environment for entrepreneurial motivation. Administrative Sciences, 12(4), Article 176. https://doi.org/10.3390/admsci12040176
Yoshino, N. (2016). Major challenges facing small and medium-sized enterprises in Asia and solutions for mitigating them. SSRN. https://doi.org/10.2139/ssrn.2766242
Yu, G.-C., & Park, J.-S. (2006). The effect of downsizing on the financial performance and employee productivity of Korean firms. International Journal of Manpower, 27(3), 230–250. https://doi.org/10.1108/01437720610672158
Amoah-Mensah, D. (2013). Strategic resources and performance of rural SMEs. International Journal of Business and Social Research, 3(4), 106–119.
Aničić, Z., & Paunović, B. (2022). The Covid-19 crisis and small and medium-sized enterprises (SMEs) in Serbia: responsive strategies and significance of the government measures. Journal of East European Management Studies, 27(3), 404–433. https://doi.org/10.5771/0949-6181-2022-3-404
Arnold, J., Silvester, J., Patterson, F., Robertson, I., Cooper, C., & Burnes, B. (1991). Work psychology. Prentice Hall.
Ballesteros, L., Useem, M., & Wry, T. (2017). Masters of disasters? An empirical analysis of how societies benefit from corporate disaster aid. Academy of Management Journal, 60(5), 1682–1708. https://doi.org/10.5465/amj.2015.0765
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bazić, J. (2020). Relations of Serbia and European Union: Socio-Historical determinants and the contemporary political issues. Politeja, 16(3(60)), 303–322. https://doi.org/10.12797/Politeja.16.2019.60.20
Belas, J., Dvorský, J., Strnad, Z., Valaskova, K., & Cera, G. (2019a). Improvement of the quality of business environment model: Case of the SME segment. Engineering Economics, 30(5), 601–611. https://doi.org/10.5755/j01.ee.30.5.24490
Belas, J., Gavurova, B., Cepel, M., & Kubak, M. (2020). Evaluation of economic potential of business environment development by comparing sector differences: Perspective of SMEs in the Czech Republic and Slovakia. Oeconomia Copernicana, 11(1), 135–159. https://doi.org/10.24136/oc.2020.006
Belas, J., Škare, M., Gavurova, B., Dvorsky, J., & Kotaskova, A. (2022). The impact of ethical and CSR factors on engineers’ attitudes towards SMEs sustainability. Journal of Business Research, 149, 589–598. https://doi.org/10.1016/j.jbusres.2022.05.056
Belas, J., & Sopkova, G. (2016). A model of entrepreneurial orientation. Transformations in Business and Economics, 15(2B), 630–644.
Belas, J., Strnad, Z., Gavurova, B., & Cepel, M. (2019b). Business environment quality factors research-sme management’s platform. Polish Journal of Management Studies, 20(1), 64–77. https://doi.org/10.17512/pjms.2019.20.1.06
Belitski, M., Guenther, C., Kritikos, A. S., & Thurik, R. (2022). Economic effects of the COVID-19 pandemic on entrepreneurship and small businesses. Small Business Economics, 58(2), 593–609. https://doi.org/10.1007/s11187-021-00544-y
Blume, L. (2006). Local economic policies as determinants of the local business climate: Empirical results from a cross-section analysis among East German municipalities. Regional Studies, 40(4), 321–333. https://doi.org/10.1080/00343400600725178
Calvino, F., Giachini, D., & Guerini, M. (2022). The age distribution of business firms. Journal of Evolutionary Economics, 32, 205–245. https://doi.org/10.1007/s00191-021-00747-2
Carsrud, A., & Brännback, M. (2011). Entrepreneurial motivations: What do we still need to know? Journal of Small Business Management, 49(1), 9–26. https://doi.org/10.1111/j.1540-627X.2010.00312.x
Cepel, M., Dvorsky, J., Gregova, E., & Vrbka, J. (2020). Business environment quality model in the SME segment. Transformations in Business and Economics, 19(1), 262–283.
Çera, G., Belas, J., Martin, C., & Zoltan., R. (2019a). Linking firm characteristics to perceived important social factors for entrepreneurial activity. Economics and Sociology, 12(4). https://doi.org/10.14254/2071-789X.2019/12-4/6
Çera, G., Belas, J., & Zapletalikova, E. (2019b). Explaining business failure through determinist and voluntarist perspectives. Serbian Journal of Management, 14(2), 257–275. https://doi.org/10.5937/sjm14-23348
Çera, G., Breckova, P., Çera, E., & Rozsa, Z. (2019c). The effect of business enabling policies, tax treatment, corruption and political connections on business climate. Acta Polytechnica Hungarica, 16(4), 113–132. https://doi.org/10.12700/APH.16.4.2019.4.6
Çera, G., Meço, M., Çera, E., & Maloku, S. (2019d). The effect of institutional constraints and business network on trust in government: An institutional perspective. Administratie Si Management Public, 2019(33), 6–19. https://doi.org/10.24818/amp/2019.33-01.
Chang, S. E., Brown, C., Handmer, J., Helgeson, J., Kajitani, Y., Keating, A., Noy, I., Watson, M., Derakhshan, S., Kim, J., & Roa-Henriquez, A. (2022). Business recovery from disasters: Lessons from natural hazards and the COVID-19 pandemic. International Journal of Disaster Risk Reduction, 80(May), Article 103191. https://doi.org/10.1016/j.ijdrr.2022.103191
Chebeň, J., Krajčírová, R., Vaňová, A. F., & Munk, M. (2021). The effect of corporate income tax of agricultural companies on national budget ‒ the case of the Slovak Republic. Amfiteatru Economic, 23(57), 466–482. https://doi.org/10.24818/EA/2021/57/466
Chen, J., Wang, H., & Zhong, R. Y. (2021). A supply chain disruption recovery strategy considering product change under COVID-19. Journal of Manufacturing Systems, 60, 920–927. https://doi.org/10.1016/j.jmsy.2021.04.004
Cheraghalizadeh, R., Olya, H., & Tumer, M. (2021). The effects of external and internal factors on competitive advantage – Moderation of market dynamism and mediation of customer relationship building. Sustainability, 13(7), Article 4066. https://doi.org/10.3390/su13074066
Chit, M. M., Croucher, R., & Rizov, M. (2023). Surviving the COVID‐19 pandemic: The antecedents of success among European SMEs. European Management Review, 20(1), 113–127. https://doi.org/10.1111/emre.12525
Chittithaworn, C., Islam, M. A., Keawchana, T., & Muhd Yusuf, D. H. (2011). Factors affecting business success of Small & Medium Enterprises (SMEs) in Thailand. Asian Social Science, 7(5), 180–190. https://doi.org/10.5539/ass.v7n5p180
Coad, A., Holm, J. R., Krafft, J., & Quatraro, F. (2018). Firm age and performance. Journal of Evolutionary Economics, 28, 1–11. https://doi.org/10.1007/s00191-017-0532-6
Cockalo, D., Djordjevic, D., Nikolic, M., Stanisavljev, S., & Terek, E. (2017). Analysis of possibilities for improving entrepreneurial behaviour of young people: Research results in Central Banat district. Journal of Engineering Management and Competitiveness, 7(2), 97–108. https://doi.org/10.5937/jemc1702097C
Ćoćkalo, D., Đorđević, D., Bogetić, S., & Bakator, M. (2020). Youth entrepreneurship development: A review of literature and ten-year research results. Journal of Engineering Management and Competitiveness, 10(2), 151–161. https://doi.org/10.5937/jemc2002151Q
Coleman, S., Cotei, C., & Farhat, J. (2013). A resource-based view of new firm survival: new perspectives on the role of industry and exit route. Journal of Developmental Entrepreneurship, 18(01), Article 1350002. https://doi.org/10.1142/S1084946713500027
Cooper, R. G. (1994). New products: The factors that drive success. International Marketing Review, 11(1), 60–76. https://doi.org/10.1108/02651339410057527
Corey, C. M., & Deitch, E. A. (2011). Factors affecting business recovery immediately after hurricane Katrina. Journal of Contingencies and Crisis Management, 19(3), 169–181. https://doi.org/10.1111/j.1468-5973.2011.00642.x
Dang, C., Frank, Z., & Yang, C. (2018). Measuring firm size in empirical corporate finance. Journal of Banking and Finance, 86, 159–176. https://doi.org/10.1016/j.jbankfin.2017.09.006
Denicolai, S., Cotta Ramusino, E., & Sotti, F. (2015). The impact of intangibles on firm growth. Technology Analysis and Strategic Management, 27(2), 219–236. https://doi.org/10.1080/09537325.2014.959484
Djordjevic, D., Cockalo, D., Bogetic, S., & Bakator, M. (2021a). Predicting entrepreneurial intentions among the youth in Serbia with a classification decision tree model with the QUEST algorithm. Mathematics, 9(13), Article 1487. https://doi.org/10.3390/math9131487
Djordjevic, D., Cockalo, D., Bogetic, S., & Bakatormihalj, M. (2021b). Modelling youth entrepreneurship intentions: A ten-year research. Journal of East European Management Studies, 26(4), 617–638. https://doi.org/10.5771/0949-6181-2021-4-617
Du, J., & Nguyen, B. (2022). Cognitive financial constraints and firm growth. Small Business Economics, 58, 2109–2137. https://doi.org/10.1007/s11187-021-00503-7
Dua, A., Mahajan, D., Oyer, L., & Ramaswamy, S. (2020). US small-business recovery after the COVID-19 crisis (Issue July).
Durana, P., Ginevicius, R., Urbanski, M., Podhorska, I., & Tumpach, M. (2021). Parallels and differences in earnings management of the Visegrad four and the Baltics. Journal of Competitiveness, 13(3), 39–55. https://doi.org/10.7441/joc.2021.03.03
Dvorsky, J., Gavurova, B., Čepel, M., & Červinka, M. (2020). Impact of selected economic factors on the business environment: The case of selected east european countries. Polish Journal of Management Studies, 22(2), 96–110. https://doi.org/10.17512/pjms.2020.22.2.07
Dvorský, J., Belás, Jr., J., Çera, G., & Bilan, S. (2021). Disparities in the perception of business risks in connection with the achieved education of the owner/manager and doing business. International Journal of Entrepreneurial Knowledge, 9(1), 25–40. https://doi.org/10.37335/ijek.v9i1.123
EIB. (2021). Serbia: Team Europe - EIB provides €200 million to Development Fund of Serbia to support faster COVID-19 recovery of Serbian SMEs and mid-caps. https://www.eib.org/en/press/all/2021-238-team-europe-eib-provides-eur200-million-to-development-fund-of-serbia-to-support-faster-covid-19-recovery-of-serbian-smes-and-mid-caps
Espahbodi, R., John, T. A., & Vasudevan, G. (2000). The effects of downsizing on operating performance. Review of Quantitative Finance and Accounting, 15, 107–126. https://doi.org/10.1023/A:1008321929083
Fabrigar, L. R., & Wegener, D. T. (2011). Exploratory factor analysis. Oxford University Press. https://doi.org/10.1093/acprof:osobl/9780199734177.001.0001
Ferreira de Araújo Lima, P., Crema, M., & Verbano, C. (2020). Risk management in SMEs: A systematic literature review and future directions. European Management Journal, 38(1), 78–94. https://doi.org/10.1016/j.emj.2019.06.005
Fidrmuc, J., Fidrmuc, J., & Horvath, J. (2002). Visegrad economies: growth experience and prospects (Issue April).
Ganau, R., & Rodríguez-pose, A. (2022). Credit constraints in European SMEs: Does regional institutional quality matter ? Applied Economics Letters, 29(15), 1388–1392. https://doi.org/10.1080/13504851.2021.1934385
Goesaert, T., Heinz, M., & Vanormelingen, S. (2015). Downsizing and firm performance: Evidence from German firm data. Industrial and Corporate Change, 24(6), 1443–1472. https://doi.org/10.1093/icc/dtv007
Guthrie, J. P., & Datta, D. K. (2008). Dumb and dumber: The impact of downsizing on firm performance as moderated by industry conditions. Organization Science, 19(1), 108–123. https://doi.org/10.1287/orsc.1070.0298
Hossain, M. R., Akhter, F., & Sultana, M. M. (2022). SMEs in Covid-19 Crisis and combating strategies: A Systematic Literature Review (SLR) and a case from emerging economy. Operations Research Perspectives, 9(January), Article 100222. https://doi.org/10.1016/j.orp.2022.100222
Huang, L., Wang, L., & Song, J. (2018). Post-disaster business recovery and sustainable development: A study of 2008 Wenchuan Earthquake. Sustainability, 10(3), Article 651. https://doi.org/10.3390/su10030651
Hussain, H. I., Kot, S., Kamarudin, F., & Yee, L. H. (2021). Impact of rule of law and government size to the microfinance efficiency. Economic Research-Ekonomska Istrazivanja, 34(1), 1870–1895. https://doi.org/10.1080/1331677X.2020.1858921
Istipliler, B., Bort, S., & Woywode, M. (2023). Flowers of adversity: Institutional constraints and innovative SMEs in transition economies. Journal of Business Research, 154, Article 113306. https://doi.org/10.1016/j.jbusres.2022.113306
Ivanović-Djukić, M., Lepojević, V., Stefanović, S., van Stel, A., & Petrović, J. (2018). Contribution of entrepreneurship to economic growth: A comparative analysis of south-east transition and developed European Countries. International Review of Entrepreneurship, 16(2), 257–276. http://ezproxy.hwr-berlin.de:2048/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=ent&AN=130879502&lang=de&site=eds-live&scope=site
Juergensen, J., Guimón, J., & Narula, R. (2020). European SMEs amidst the COVID-19 crisis: Assessing impact and policy responses. Journal of Industrial and Business Economics, 47(3), 499–510. https://doi.org/10.1007/s40812-020-00169-4
Khan, K. A., Dankiewicz, R., Kliuchnikava, Y., & Oláh, J. (2020). How do entrepreneurs feel bankruptcy? International Journal of Entrepreneurial Knowledge, 8(1), 89–101. https://doi.org/10.37335/ijek.v8i1.103
Khan, K. A., Çera, G., & Netek, 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
Kontic, L. (2012). Recovery strategies in Serbian mature companies. African Journal of Business Management, 6(36), 9906–9913. https://doi.org/10.5897/AJBM10.1621
Kozubikova, L., Belas, J., Kljucnikov, A., & Virglerova, Z. (2015). Differences in approach to selected constructs of entrepreneurial orientation in SME segment regarding the selected socio-demographic factors. Transformations in Business and Economics, 14(3C), 333–355.
Kreiner, J., Sajfert, D., Anđelić, S., Jančev, N., & Živković, M. (2021). Influence of entrepreneurs on job satisfaction and organizational commitment of employees. Journal of Engineering Management and Competitiveness, 11(2), 96–105. https://doi.org/10.5937/jemc2102096K
Le, H. B. H., Nguyen, T. L., Ngo, C. T., Pham, T. B. T., & Le, T. B. (2020). Policy related factors affecting the survival and development of SMEs in the context of Covid 19 pandemic. Management Science Letters, 10(15), 3683–3692. https://doi.org/10.5267/j.msl.2020.6.025
Li, C., Wan, J., Xu, Z., & Lin, T. (2021). Impacts of green innovation, institutional constraints and their interactions on high-quality economic development across China. Sustainability, 13(9), Article 5277. https://doi.org/10.3390/su13095277
Pejin Stokic, L. (2020). COVID-19: impact on the Serbian economy and the government recovery package.
Lu, Y., Wu, J., Peng, J., & Lu, L. (2020). The perceived impact of the Covid-19 epidemic: Evidence from a sample of 4807 SMEs in Sichuan Province, China. Environmental Hazards, 19(4), 323–340. https://doi.org/10.1080/17477891.2020.1763902
Machmud, S., & Sidharta, I. (2016). Entrepreneurial motivation and business performance of SMEs in the SUCI Clothing Center, Bandung, Indonesia. DLSU Business & Economics Review, 25(2), 63–78.
Metzker, Z., Maroušek, J., Hlawiczka, R., Belás Jr., J., & Khan, K. A. (2021). The Perception of the market and operational area of business by service sector and tourism companies in terms of CSR implementation. Journal of Tourism and Services, 12(23), 217–236. https://doi.org/10.29036/jots.v12i23.328
Meyer, D. F. (2020). The impact of globalisation on economic growth: The case of Visegrad countries. Forum Scientiae Oeconomia, 8(2), 25–36.
Meyer, Na., & Krüger, N. (2021). South African female entrepreneures’ motivational factors: differences between young and established business owners. Forum Scientiae Oeconomia, 9(1), 75–90. https://doi.org/10.1080/15228916.2022.2069430
Michalkova, L., Cepel, M., Valaskova, K. &, & Vincurova, Z. (2022). Earnings quality and corporate life cycle before the crisis. A study of transport companies across Europe. Amfiteatru Economic, 24(61), 782–796. https://doi.org/10.24818/EA/2022/61/782
Minai, M. S., & Lucky, E. O. I. (2011). The conceptual framework of the effect of location on performance of small firms. Asian Social Science, 7(12), 110–118. https://doi.org/10.5539/ass.v7n12p110
Morrish, S. C., & Jones, R. (2020). Post-disaster business recovery: An entrepreneurial marketing perspective. Journal of Business Research, 113, 83–92. https://doi.org/10.1016/j.jbusres.2019.03.041
Muñoz-Bullón, F., & Sánchez-Bueno, M. J. (2011). Does downsizing improve organisational performance? An analysis of Spanish manufacturing firms. International Journal of Human Resource Management, 22(14), 2924–2945. https://doi.org/10.1080/09585192.2011.599955
Murnieks, C. Y., Klotz, A. C., & Shepherd, D. A. (2020). Entrepreneurial motivation: A review of the literature and an agenda for future research. Journal of Organizational Behaviour, 41, 115–143. https://doi.org/10.1002/job.2374
National Bank of Serbia. (2020). Macroeconomic Developments in Serbia.
Nikolić, N., Jovanović, I., Nikolić, Đ., Mihajlović, 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), 22. https://doi.org/10.1515/erj-2017-0030
North, D. C. (1990). Institutions, institutional change, and economic performance. Cambridge University Press. https://doi.org/10.1017/CBO9780511808678
Norusis, M. J. (2012). IBM SPSS statistics 19 statistical procedures companion. Prentice Hall.
Okwo, H., Ezenwakwelu, C., Igwe, A., & Imhanrenialena, B. (2019). Firm size and age mediating the firm survival-hedging effect: Hayes’ 3-way parallel approach. Sustainability, 11, Article 887. https://doi.org/10.3390/su11030887
Oláh, J., Kovács, S., Virglerova, Z., Lakner, Z., Kovacova, M., & Popp, J. (2019a). Analysis and comparison of economic and financial risk sources in SMEs of the Visegrad Group and Serbia. Sustainability, 11(7), Article 1853. https://doi.org/10.3390/su11071853
Olah, J., Tiron Tudor, A., Pashkus, V., & Alpatov, G. (2021). Preferences of Central European consumers in circular economy. Ekonomicko-Manazerske Spektrum, 15(2), 99–110. https://doi.org/10.26552/ems.2021.2.99-110
Oláh, J., Virglerova, Z., Popp, J., Kliestikova, J., & Kovács, S. (2019b). The assessment of non-financial risk sources of SMES in the V4 countries and Serbia. Sustainability, 11(17), Article 4806. https://doi.org/10.3390/su11174806
Panda, S., & Dash, S. (2014). Constraints faced by entrepreneurs in developing countries: A review and assessment. World Review of Entrepreneurship, Management and Sustainable Development, 10(4), 405–421. https://doi.org/10.1504/WREMSD.2014.064951
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
Ramosaj, B., Karaxha, H., & Karaxha, H. (2014). Change management and its influence in the business environment. Iliria International Review, 4(2), 9–30. https://doi.org/10.21113/iir.v4i2.43
Rozsa, Z., Belas, J., Khan, K. A., & Zvarikova, K. (2021). Corporate social responsibility and essential factors of personnel risk management in smes. Polish Journal of Management Studies, 23(2), 449–463. https://doi.org/10.17512/pjms.2021.23.2.27
Seah, Y. Z. (2021). COVID-19 and Its effects on attitudes toward opportunity-motivated entrepreneurship: Before and after lockdown. Sustainability, 13, Article 8689. https://doi.org/10.3390/su13168689
Smallbone, D., & Welter, F. (2012). The role of government in SME development in transition economies. International Small Business Journal, 19(4), 63–77. https://doi.org/10.1177/0266242601194004
Smekalova, L., Hajek, O., Belas, J., & Machacek, J. (2014). Perception of small and medium entrepreneurship in the Czech Republic. Journal of Competitiveness, 6(4), 41–49. https://doi.org/10.7441/joc.2014.04.03
Son, J. (2012). Institutional constraints and economic development. In Social Capital and Institutional Constraints (Vol. 2, Issue 1, pp. 39–61). Routledge. https://doi.org/10.4324/9780203104743-10
Soomro, B. A., Abdelhamed, N., & Abdelwahed, A. (2019). The influence of demographic factors on the business success of entrepreneurs: An empirical study from the small and medium-sized enterprises context of Pakistan. International Journal of Entrepreneurship, 23(2), 13.
Stevenson, J. R., Brown, C., Seville, E., & Vargo, J. (2018). Business recovery: An assessment framework. Disasters, 42(3), 519–540. https://doi.org/10.1111/disa.12261
Stoica, O., Roman, A., & Rusu, V. D. (2020). The nexus between entrepreneurship and economic growth: A comparative analysis on groups of countries. Sustainability, 12(3), Article 1186. https://doi.org/10.3390/su12031186
Su, Z., & Tang, J. (2016). Product innovation, cost-cutting and firm economic performance in the post-crisis context: Canadian micro evidence. Journal of Centrum Cathedra, 9(1), 4–26. https://doi.org/10.1108/JCC-08-2016-0009
Trail, G., & Mccullough, B. (2018). Differential effects of internal and external constraints on sustainability intentions: A hierarchical regression analysis of running event participants by market segment. Journal of Management for Global Sustainability, 6(2). https://doi.org/10.13185/JM2018.06206
Verbano, C., & Venturini, K. (2013). Managing risks in SMEs: A literature review and research agenda. Journal of Technology Management and Innovation, 8(3), 186–197. https://doi.org/10.4067/S0718-27242013000400017
Williams, R. I., Smith, A., Aaron, J. R., Manley, S. C., & McDowell, W. C. (2019). Small business strategic management practices and performance: A configurational approach. Economic Research-Ekonomska Istrazivanja, 33(1), 2378–2396. https://doi.org/10.1080/1331677X.2019.1677488
World Bank Group. (2022). Western Balkans regular economic report – Steering through crises (Issue 21).
Xheneti, M., & Bartlett, W. (2012). Institutional constraints and SME growth in post-communist Albania. Journal of Small Business and Enterprise Development, 19(4), 607–626. https://doi.org/10.1108/14626001211277424
Zarnadze, G., Dika, I., Çera, G., & Ribeiro, H. N. R. (2022). Personality traits and business environment for entrepreneurial motivation. Administrative Sciences, 12(4), Article 176. https://doi.org/10.3390/admsci12040176
Yoshino, N. (2016). Major challenges facing small and medium-sized enterprises in Asia and solutions for mitigating them. SSRN. https://doi.org/10.2139/ssrn.2766242
Yu, G.-C., & Park, J.-S. (2006). The effect of downsizing on the financial performance and employee productivity of Korean firms. International Journal of Manpower, 27(3), 230–250. https://doi.org/10.1108/01437720610672158