Discrepancies in perception and evaluation of macroenvironment – sectoral analysis
Abstract
The aim of presented study is to evaluate macroeconomic environment and to determine differences in perception of macroeconomic environment by entrepreneurs in Slovak Republic and Czech Republic. Data collection was done by questionnaire which was answered by 329 entrepreneurs from Slovak Republic and 312 entrepreneurs from Czech Republic. Topics treated concerning macroenvironment were the favourableness of macroenvironment for business activities, its support for starting an entrepreneurship, its support of innovation activities of companies and its capacity to promote entrepreneurship and to create interesting business opportunities. Answers are divided according to sector in which entrepreneurs doing business. Considered sectors are: transport, trade, construction, production, agriculture, services and other sectors. To analyse collected data, we use correspondence analysis. Results show that there exists systematic difference in perception of macroenvironment by entrepreneurs from SMEs in Slovak Republic and Czech Republic. It seems that entrepreneurs from Czech Republic percept macroenvironment more positively than Slovak ones. Moreover, we document different perception of macroeconomic situation depending on sector in which entrepreneurs operate. Presented research results bring findings for the creators of economic policies. Similarly, presented results form a platform for concepts of strategic and regional plans in order to provide sustainable business environment in the countries, and also their stable economic growth.
Keyword : macroeconomics, sectoral analysis, correspondence analysis, macroeconomic indicators, economic policy, regional disparities
How to Cite
Belas, J., Gavurova, B., Kubalek, J., & Kubak, M. (2020). Discrepancies in perception and evaluation of macroenvironment – sectoral analysis. Journal of Business Economics and Management, 21(4), 1072-1092. https://doi.org/10.3846/jbem.2020.12274
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Popescu, N. E. (2014). Entrepreneurship and SMEs innovation in Romania. Procedia Economics and Finance, 16, 512–520. https://doi.org/10.1016/s2212-5671(14)00832-6
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
Rahman, A., Tvaronaviciene, M., Smrcka, L., & Androniceanu, A. (2019). The effect of Bank Competition on the cost of credit: Empirical evidence from the Visegrad Countries. Acta Polytechnica Hungarica, 16(4), 175–195. https://doi.org/10.12700/APH.16.4.2019.4.9
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Šebestová, J., & Nowáková, K. (2015). Innovation spirit evaluation within service organizations: The case of the Czech Republic. Procedia – Social and Behavioral Sciences, 181, 241–250. https://doi.org/10.1016/j.sbspro.2015.04.885
Zizlavsky, O. (2016). Innovation performance measurement: Research into Czech business practice. Economic Research-Ekonomska Istraživanja, 29(1), 816–838. https://doi.org/10.1080/1331677x.2016.1235983
Behun, M., Gavurova, B., Tkacova, A., & Kotaskova, A. (2018). The impact of the manufacturing industry on the economic cycle of European Union countries. Journal of Competitiveness, 10(1), 23–39. https://doi.org/10.7441/joc.2018.01.02
Belás, J., & Sopková, G. (2016). A model of entrepreneurial orientation. Transformation in Business & Economics, 15(2B), 630–645.
Belás, J., Cipovová, E., Novák, P., & Polách, J. (2012). Impacts of the foundation internal ratings based approach usage on financial performance of Commercial Bank. E+M Ekonomie a Management, 15(3), 142–154.
Belás, J., Vojtovič, S., & Ključnikov, A. (2016). Microenterprises and significant risk factors in loan process. Economics and Sociology, 9(1), 43–59. https://doi.org/10.14254/2071-789X.2016/9-1/3
Botlíková, M., & Botlík, J. (2014). Analysis of the business environmenting. In 17th International Colloquium on Regional Sciences, 239–246. https://doi.org/10.5817/CZ.MUNI.P210-6840-2014-29
Cepel, M., Kljucnikov, A., Kozubikova, L., & Krajcik, V. (2019). Local currency as a mean of regional competitiveness development. Journal of Competitiveness, 11(4), 22–39. https://doi.org/10.7441/joc.2019.04.02
Chittithaworn, CH., Islam, A., Keawchana, T., & Yusuf, D. H. M. (2010). 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
Cieślik, A., & Michałek, J. J. (2018). Firm-level determinants of direct and indirect exports: Empirical evidence for C.E.E. and M.E.N.A. countries. Economic Research-Ekonomska Istraživanja, 31(1), 982–996. https://doi.org/10.1080/1331677X.2018.1436452
Civelek, M., Ključnikov, A., Dobrovič, J., & Hudáková, M. (2016). A model of measurement of the quality of business environment in SME segment. Journal of International Studies, 9(2), 90–102. https://doi.org/10.14254/2071-8330.2016/9-2/6
Corazza, M., Funari, S., & Gusso, R. (2016). Creditworthiness evaluation of Italian SMEs at the beginning of the 2007–2008 crisis: An MCDA approach. The North American Journal of Economics and Finance, 38, 1–26. https://doi.org/10.1016/j.najef.2016.05.008
Fairlie, R. W., & Holleran, W. (2012). Entrepreneurship training, risk aversion and other personality traits: Evidence from a random experiment. Journal of Economic Psychology, 33(2), 366–378. https://doi.org/10.1016/j.joep.2011.02.001
Frankovsky, M., Istvanikova, L., & Stefko, R. (2009). Strategies of behavior in demanding managerial work situations in social contexts. Studia Psychologica, 51(2–3), 231–236.
Fredriksson, A., & Moro, A. (2014). Bank–SMEs relationships and banks’ risk-adjusted profitability. Journal of Banking & Finance, 41, 67–77. https://doi.org/10.1016/j.jbankfin.2013.12.026
Gavurova, B., Behunova, A., Tkacova, A., & Perzelova, I. (2017a). The mining industry and its position in the economic cycle of the EU countries. Acta Montanistica Slovaca, 22(3), 278–286.
Gavurova, B., Packova, M., Mišankova, M., & Smrčka, Ľ. (2017b). Predictive potential and risks of selected bankruptcy prediction models in the Slovak business environment. Journal of Business Economics and Management, 18(6), 1156–1173. https://doi.org/10.3846/16111699.2017.1400461
Gavurova, B., Virglerova, Z., & Janke, F. (2017c). Trust and a sustainability of the macroeconomic growth insights from dynamic perspective. Journal of Security and Sustainability Issues, 6(4), 637–648. https://doi.org/10.9770/jssi.2017.6.4(9)
Holienka, M. (2015). Entrepreneurial environment in Slovakia: Multi-perspective comparison with innovation-driven economies. Procedia Economics and Finance, 34, 437–444. https://doi.org/10.1016/s2212-5671(15)01652-4
Hudec, O., & Šebová, M. (2012). The ICT sector evolution in an industrial region of Slovakia. Ekonomický časopis, 60(1), 65–82.
Ključnikov, A., Kozubíková, L., & Sopková, G. (2017). The payment discipline of small and mediumsized enterprises. Journal of Competitiveness, 9(2), 45–61. https://doi.org/10.7441/joc.2017.02.04
Koisova, E., Habanik, J., Virglerova, Z., & Rozsa, Z. (2017). SMEs financing as an important factor of business environment in Slovak Republic regions. Montenegrin Journal of Economics, 13(2), 129–140. https://doi.org/10.14254/1800-5845/2017.13-2.8
Kot, S., Onyusheva, I., & Grondys, K. (2018). Supply chain management in SMEs: Evidence from Poland and Kazakhstan. Engineering Management in Production and Services, 10(3), 23–36. https://doi.org/10.3390/su10041143
Kozubikova, L., Kotaskova, A., Dvorsky, J., & Kljucnikov, A. (2019). The impact of political factors‘ perception on suitability of international business environment: The case of startups. Economics and Sociology, 12(1), 61–79. https://doi.org/10.14254/2071-789X.2019/12-1/3
Li, K., Niskanen, J., Kolehmainen, M., & Niskanen, M. (2016). Financial innovation: Credit default hybrid model for SME lending. Expert Systems with Applications, 61, 343–355. https://doi.org/10.1016/j.eswa.2016.05.029
Lisowska, R. (2016). The potential of business environment institutions and the support for the development of small and medium-sized enterprises. Entrepreneurial Business and Economics Review, 4(3), 85–101. https://doi.org/10.15678/eber.2016.040307
Mihóková, L. (2017). Fiscal consolidation start and its determinants analysis within European member countries. Montenegrin Journal of Economics, 13(3), 135–147. https://doi.org/10.14254/1800-5845/2017.13-3.11
Odehnal, J., & Michálek, J. (2011). Empirická analýza regionálního podnikatelského prostředí vybraných zemí EÚ. Politická ekonomie, 1, 242–262. https://doi.org/10.18267/j.polek.783
Popescu, N. E. (2014). Entrepreneurship and SMEs innovation in Romania. Procedia Economics and Finance, 16, 512–520. https://doi.org/10.1016/s2212-5671(14)00832-6
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
Rahman, A., Tvaronaviciene, M., Smrcka, L., & Androniceanu, A. (2019). The effect of Bank Competition on the cost of credit: Empirical evidence from the Visegrad Countries. Acta Polytechnica Hungarica, 16(4), 175–195. https://doi.org/10.12700/APH.16.4.2019.4.9
Rusu, D. V., & Roman, A. (2018). An empirical analysis of factors affecting competitiveness of C.E.E. countries. Economic Research-Ekonomska Istraživanja, 31(1), 2044–2059. https://doi.org/10.1080/1331677X.2018.1480969
Rusu, V. D., & Toderascu, S. C. (2014). Enterprise financing in the context of macroeconomic instability. Evidence from CEE countries. Procedia Economics and Finance, 15, 730–737. https://doi.org/10.1016/s2212-5671(14)00440-7
Sanusi, K. A., Meyer, D., & Ślusarczyk, B. (2017). The relationship between changes in inflation and financial development. Polish Journal of Management Studies, 16(2), 253–265. https://doi.org/10.17512/pjms.2017.16.2.22
Serrasqueiro, Z., Leitão, J., & Smallbone, D. (2018). Small- and medium-sized enterprises (SME) growth and financing sources: Before and after the financial crisis. Journal of Management & Organization, pp. 1–16. https://doi.org/10.1017/jmo.2018.14
Striteska, M., & Jelinkova, L. (2015). Strategic performance management with focus on the customer. Procedia – Social and Behavioral Sciences, 210, 66–76. https://doi.org/10.1016/j.sbspro.2015.11.330
Šebestová, J., & Nowáková, K. (2015). Innovation spirit evaluation within service organizations: The case of the Czech Republic. Procedia – Social and Behavioral Sciences, 181, 241–250. https://doi.org/10.1016/j.sbspro.2015.04.885
Zizlavsky, O. (2016). Innovation performance measurement: Research into Czech business practice. Economic Research-Ekonomska Istraživanja, 29(1), 816–838. https://doi.org/10.1080/1331677x.2016.1235983