DIFFERENCES IN BUSINESS RISK EFFECTS ON THE FUTURE OF SMEs DUE TO THE COVID-19 PANDEMIC

Reference: Dvorský, J., Čepel, M., Kotásková, A. & Bugánová, K. (2021). Differences in business risk effects on the future of SMEs due to Covid-19 pandemic. International Journal of Entrepreneurial Knowledge, 9(2), 14-31. doi: 10.37335/ijek.v9i2.144

Authors

DOI:

https://doi.org/10.37335/ijek.v9i2.144

Keywords:

business risks, differences, COVID-19, business future, SMEs

Abstract

The article aims to identify, analyze, and quantify disparities in the impact of entrepreneurial risks on the future of small and medium-sized enterprises in the business environment of the Czech Republic in light of the COVID-19 pandemic. The research was carried out on 814 SMEs in two phases. 454 SMEs participated in the first phase of the research, which took part before the COVID-19 pandemic. 360 SMEs took part in the second research phase during the pandemic. Statistical methods such as correlation analysis and linear regression modeling were applied to evaluate statistical hypotheses. The results yielded interesting findings. According to respondents, the three most significant business risks in the SME segment include market, financial, and personnel risk in the period before the COVID-19 pandemic and during the COVID-19 pandemic. Prior to the COVID-19 pandemic, entrepreneurs saw the adequacy of sales and financial performance of the business as key determinants that impact the future of SMEs over a 5-year horizon. Conversely, during the COVID-19 pandemic, entrepreneurs perceived the management of the company's personnel performance, financial performance, and ability to manage financial risk as determinants that affect the future of SMEs over five years. According to owners and top managers during the COVID-19 pandemic, the most significant factor is the adequacy of personnel risk in SMEs.On the one hand, the findings benefit the owners themselves and the top managers of SMEs. On the other hand, government institutions and organizations that decide on government measures promote a penetrating environment. Also, the non-profit sector (e.g. Association of Small and Medium-Sized Enterprises and Crafts of the Czech Republic) assists SMEs in their edible activities and activities. 

Author Biographies

Ján Dvorský, Tomas Bata University in Zlín, Faculty of Management and Economics, Department of Business Administration, Zlín, Czech Republic

Ing. Ján Dvorsky, PhD.

Affiliation: Tomas Bata University in Zlín, Faculty of Management and Economics, Department of Business Administration, Mostní 5139, 760 01 Zlín, Czech Republic, website: https://fame.utb.cz/en/department-of-enterprise-economics/about-the-department/

Email: j1dvorsky@utb.cz.

His research is focused on Enterprise Economics, Quality of Business Environment, Risk Management, Small and Medium-size Enterprise, and Education of students in the economic field. He published 45 scientific articles on database Scopus (h-index = 9).

Martin Čepel, University of Entrepreneurship and Law, Department of Marketing, Prague, Czech Republic

Dr. Martin Čepel, Ph.D., MBA, DBA

Affiliation: University of Entrepreneurship and Law, Department of Marketing, Spálená 76/14, 110 00 Praha, Czech Republic, website: https://www.vspp-international.com/

Email: martin.cepel@vspp.cz

His research and research activities focus on SME entrepreneurship, the quality of business environment, entrepreneurial economics, financial risk management, business administration, administration, and marketing management. His publication portfolio comprises 49 articles and outputs of international scientific conferences registered in the WoS and Scopus databases. His HI is 9 (WoS/Scopus).

Anna Kotásková, University of Entrepreneurship and Law, Department of Marketing, Prague, Czech Republic

Ing. Anna Kotásková, PhD.

Affiliation: University of Entrepreneurship and Law, Department of Marketing, Spálená 76/14, 110 00 Praha, Czech Republic, website: https://www.vspp-international.com/

Email: anna.kotaskova@vspp.cz

Anna Kotaskova is an assistant professor at the University of Entrepreneurship and Law in Prague. Her research focuses on entrepreneurship with emphasis on SMEs' segment, the quality of the business environment for SMEs, SMEs financing and performance, business administration, as well as on macroeconomics in general. She has published more than 30 articles indexed in the Web of Science and Scopus databases. Her current H-index is 5 (WoS) or 6 (Scopus).

Katarína Bugánová, University of Žilina, Faculty of security engineering, Department of Crisis management, Žilina, Slovak republic

Assoc. Prof. Katarína Buganová, PhD.

Affiliation: University of Žilina, Faculty of security engineering, Department of Crisis management, Univerzitná 8215/1, 010 026 Žilina, Slovak republic, website: https://fbi.uniza.sk/en/pracoviska/kkm

Email: katarina.buganova@fbi.uniza.sk

She is the Head of the Crisis Management Department. She teaches the subjects Risk management, Business Risks, Project Management, Management of Change, and Marketing. Her scientific activities cover the area of risk management in enterprises and projects, crisis management, and the systems of early warning in the framework of entrepreneurial activities. She attended several training courses on risk management, crisis management, and integrated quality management within her continuing education. She is a co-ordinator and a member of several research teams of domestic and European projects. She is the author of several university textbooks, scripts, domestic and foreign publications focused on risk management in enterprise.

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Published

2021-12-22