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Business risk management in the context of small and medium-sized enterprises

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  • Jan Dvorsky
  • Jaroslav Belas
  • Beata Gavurova
  • Tomas Brabenec

Abstract

The aim of this paper is to review the impact of entrepreneurs' attitudes toward the defined business risks on the perception of the future of small and medium-sized enterprises (SMEs). 454 SMEs from the Czech Republic (CR) participated in the research and completed an online questionnaire. Structural equation modelling and factor analysis were used to identify the causal relationships between the examined variables. Entrepreneurs' attitudes toward business failure also have a positive effect on the future of the SME. The perception of financial risk in positive indicators of financial performance and the perception of financial risk as part of the company's everyday life have the most significant impact on future business. Operational risk is reflected in the utilisation of corporate resources, reducing customer complaints about the quality of the company's products and the company's independence of a limited number of suppliers. The company's sales volume adequacy provides a source of market risk. It has the third strongest positive impact on the future business in the SME segment. The research results provide a valuable platform for the authors of national and regional development strategic plans looking for SME support and development as well as the authors of the relevant policies.

Suggested Citation

  • Jan Dvorsky & Jaroslav Belas & Beata Gavurova & Tomas Brabenec, 2021. "Business risk management in the context of small and medium-sized enterprises," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 34(1), pages 1690-1708, January.
    • Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1690-1708
    DOI: 10.1080/1331677X.2020.1844588
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    Cited by:

    1. Wu, Jian & Lu, Yiwen & Zhu, Hongyi, 2024. "Thriving in complexity: Navigating economic recovery with a systems approach that centers natural resource efficiency," Resources Policy, Elsevier, vol. 91(C).
    2. Gundula Glowka & Richard Hule & Anita Zehrer, 2024. "Risk perception of SMEs: strategic risks, family-related risks, external risks," Risk Management, Palgrave Macmillan, vol. 26(4), pages 1-27, December.
    3. Xiaoxiao Wu & Hongfu Chen & Ying Qian & Quanyong Lei, 2024. "RETRACTED ARTICLE: Fostering social innovation in the energy transition: entrepreneurial solutions for a sustainable economy," Economic Change and Restructuring, Springer, vol. 57(2), pages 1-19, April.
    4. Stavros Kalogiannidis & Stamatis Kontsas & Dimitrios Kalfas & Fotios Chatzitheodoridis, 2024. "Operational risk management in managerial accounting: a comprehensive examination of strategies and implementation in medium size organizations," Operational Research, Springer, vol. 24(3), pages 1-27, September.
    5. Florentina Kurniasari & Elissa Dwi Lestari & Hendy Tannady, 2023. "Pursuing Long-Term Business Performance: Investigating the Effects of Financial and Technological Factors on Digital Adoption to Leverage SME Performance and Business Sustainability—Evidence from Indo," Sustainability, MDPI, vol. 15(16), pages 1-20, August.
    6. He, Hui & Shi, Wei, 2023. "Enterprise litigation risk and enterprise performance," Finance Research Letters, Elsevier, vol. 55(PA).
    7. Ma, Binfeng & Wang, Xiaofang, 2023. "How does green floating bond and financial sector readiness promote green economic growth evidence from China," Resources Policy, Elsevier, vol. 85(PB).
    8. An, Zhengzhen & Zhao, Yue & Zhang, Yanfei, 2023. "Mineral exploration and the green transition: Opportunities and challenges for the mining industry," Resources Policy, Elsevier, vol. 86(PA).
    9. Huang, Feipeng, 2023. "How does trade and fiscal decentralization leads to green growth; role of renewable energy development," Renewable Energy, Elsevier, vol. 214(C), pages 334-341.
    10. Jose Ramon Saura & Daniel Palacios-Marqués & Domingo Ribeiro-Soriano, 2023. "Leveraging SMEs technologies adoption in the Covid-19 pandemic: a case study on Twitter-based user-generated content," The Journal of Technology Transfer, Springer, vol. 48(5), pages 1696-1722, October.

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