Perception of non-financial risk determinants in SMEs in Visegrad countries
Open Access
- 17 September 2020
- journal article
- research article
- Published by Instytut Badan Gospodarczych / Institute of Economic Research in Oeconomia Copernicana
- Vol. 11 (3), 509-529
- https://doi.org/10.24136/oc.2020.021
Abstract
Research background: The identification of risks and their management is a key task of strategic management. The right and early identification of risk sources can help companies to survive not only during a crisis period. However, small and medium enterprises (SMEs) underestimate the necessity to analyze risks and implement the enterprise risk management (ERM). Purpose of the article: The primary aim of the contribution is to identify the most important non-financial risks and their causes in the V4 countries and to analyze the perception of these risks by SME owners. Methods: The results are based on the survey conducted in 2018. The valid questionnaire of 1781 owners of SMEs from four countries was evaluated and analyzed to fulfil the main objective. The statistical hypotheses were con-firmed through statistical methods such as Z-score and Chi-square test. The SPSS Statistics was used for data evaluation. Findings & Value added: The results can be interesting not only for research organizations investigating the development of SMEs, but also for state institutions or private agencies seeking to adapt national support for SMEs. It was discovered that the entrepreneur’s country is the most important factor for the perception of the sources of safety risk, legal risk, and other business risks. There are differences in managers’ perception in case of other risk sources (corruption and clientelism) between entrepreneurs from the Czech Republic and other countries of the Visegrad Group. The SMEs’ country of origin is an important factor for the evaluation of the source of non-financial risks (safety risk, legal risk and other business risks). Differences in the perception of safe-ty risk sources between entrepreneurs from the Czech Republic and Poland were confirmed. More than 25% of SMEs in the Visegrad Group perceive frequent changes of the legal regulation as a legal risk.Keywords
This publication has 37 references indexed in Scilit:
- Intermediaries Supporting Occupational Health and Safety Improvements in Small Businesses: Development of Typology and Discussion of Consequences for Preventive StrategiesAnnals of Work Exposures and Health, 2018
- Development of a Preliminary Model for Evaluating Occupational Health and Safety Risk Management Maturity in Small and Medium-Sized EnterprisesSafety, 2018
- The Perception of Governmental Support in The Context of Competitiveness of SMEs in the Czech RepublicJournal of Competitiveness, 2017
- Twin deficits threat in the European UnionE+M Ekonomie a Management, 2017
- Non-technical skills for managing risk and performance in financial tradingJournal of Risk Research, 2015
- Fast and accurate determination of modularity and its effect sizeJournal of Statistical Mechanics: Theory and Experiment, 2015
- Safety Management Practices in Small and Medium Enterprises in IndiaSafety and Health at Work, 2014
- The influence of firm age and intangible resources on the relationship between entrepreneurial orientation and firm growth among Japanese SMEsJournal of Business Venturing, 2013
- Small business performance: business, strategy and owner‐manager characteristicsJournal of Small Business and Enterprise Development, 2013
- Entrepreneurship and SME growth: evidence from advanced and laggard transition economiesInternational Journal of Entrepreneurial Behavior & Research, 2011