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Determinants of the growth of Small and Medium Enterprises

Author

Listed:
  • Štefan Slávik

    (University of Economics in Bratislava, Slovakia)

  • Nadežda Jankelová

    (University of Economics in Bratislava, Slovakia)

  • Ivana Mišúnová Hudáková

    (University of Economics in Bratislava, Slovakia)

  • Juraj Mišún

    (University of Economics in Bratislava, Slovakia)

Abstract

SMEs (Small and Medium Enterprises) play a vital role in the economic and social life of the country. Existing studies mostly use proxy performance indicators and relatively general determinants of the performance of SMEs. The goal of the research is to contribute to the deepening and expansion of knowledge about the determinants of performance and growth of SMEs, while the growth and performance of SMEs are expressed by monetary indicators of actual performance, and the determinants of performance are ascertained in specific enterprises based on personal observation of the researcher. The research was conducted on a sample of 146 SMEs. Descriptive statistics, correlation and regression analysis were used to analyze the research sample. The results of the research are the positive determinants, which are the ambitions of the founder, the number of employees, the excellence of the product, the diversity of the level of education and work experience of the employees, the level of education of the employees and the managerial experience of the founder. Negative determinants are the company's age, proof of product excellence, and explicit formulation of financial goals. The originality of the research lies in the use of audited performance indicators of specific SMEs, which are influenced by the determinants identified in these SMEs' field research. Determinants are divided into positive and negative, including the intensity of their influence, further into long-term and short-term, and according to the range of influence on various performance indicators.

Suggested Citation

  • Štefan Slávik & Nadežda Jankelová & Ivana Mišúnová Hudáková & Juraj Mišún, 2023. "Determinants of the growth of Small and Medium Enterprises," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 11(2), pages 480-497, December.
    • Handle: RePEc:ssi:jouesi:v:11:y:2023:i:2:p:480-497
    DOI: 10.9770/jesi.2023.11.2(32)
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    References listed on IDEAS

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    1. Ekinci, Yuksel & Gordon-Wilson, Sianne & Slade, Adrian, 2020. "An exploration of entrepreneurs' identities and business growth," Business Horizons, Elsevier, vol. 63(3), pages 391-401.
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    More about this item

    Keywords

    SMEs; business growth; performance indicators; positive and negative determinants; short-term and long-term influence;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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