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Unique Features of Czech Family Businesses
(Sciendo, 2024-07-18) Srbová, Pavla; Režňáková, Mária
Purpose of the article Family businesses are the predominant form of business, and not only in the Czech Repub-lic. As such, they have a significant impact on the economy. The literature review shows that family businesses have specific characteristics that distinguish them from non-family businesses. A family business is one in which the family holds a majority ownership and controls strategic decisions. In these businesses, there is a sense of social responsibility, and the owners tend to care about the business environment and support the next generation of the family. As a result, increased attention is paid to the specifics of these businesses. It is, therefore, important to know the specifics of Czech family businesses and compare them with assumptions from the literature. Methodology/methods The characteristics of family-owned businesses were identified on the basis of a literature review. These characteristics were then the subject of a questionnaire survey. Data were analysed using descriptive statistics and evaluated in relation to assumptions made in the foreign literature. Scientific aim This article aims to describe the specifics of Czech family businesses and compare them with the assumptions derived from the literature. This is followed by an explanation of the reasons for the differences found as compared to expectations. Findings The following differences from foreign research on family businesses can be highlighted: Czech family businesses have a short history, they do not often develop long-term plans, one third of owners are willing to accept non-family investors, and only 10% of owners stated that family members are preferred when selecting employees. Conclusions Many family businesses in the Czech Republic are currently dealing with the first generational trans-fer. This study improves understanding of Czech family business specifics, which could help to prevent failures in the succession of family businesses to the next generation. Originality/value The study examines the unique aspects of Czech family businesses as compared to their coun-terparts abroad.
Performance of Family Businesses in the Specific Conditions of CEE Countries: The Case of the Czech Republic
(SAV SR, 2024-08-23) Režňáková, Mária; Karas, Michal; Srbová, Pavla; Pěta, Jan; Michalíková, Eva
Many authors point out that family businesses in the CEE region due to a dif-ferent historical development might exhibit specific features and because of that deserve specific attention. The presented paper aims to contribute to this effort by exploring factors driving the performance of family businesses in the Czech Republic, in course of the research a panel of 7,995 businesses was analyzed by using the linear mixed effects model. The common problem of missing data, especially on micro-enterprises, was addressed by using CHAID methodology. We found that the factors driving family business performance differs between micro and SMEs segments of businesses, while the effect of families is most significant in terms of the model’s slope rather than constant.
The Hazard Model for European SMEs: Combining Accounting and Macroeconomic Variables
(Univerzita Tomáše Bati ve Zlíně Fakulta managementu a ekonomiky, 2022-09-30) Karas, Michal
Predicting the default of small and medium-sized businesses (SMEs) using the hazard model approach represents an area relatively neglected by mainstream literature. On the one hand, SMEs are regarded as the backbone of the economy; on the other hand, their specific features pose a challenge to the modelling process. This issue is further complicated by the fact that many modern structural approaches to default modelling are simply unsuitable for SMEs due to their limited size. Therefore, researchers only rely on accounting, non-financial, or macroeconomic data. The gap is especially noticeable in several studies on SME default prediction that employ the hazard model approach, which models the probability of default with respect to the time factor. A better understanding of the factors driving SMEs’ default might help in adopting policies that strengthen their competitiveness. The aim of this study is to introduce a hazard model for EU-28 SMEs and analyse the contribution of macroeconomic indicators and proxies of external financial obstacle factors. This model was derived using the Cox semiparametric proportional model, leaving the baseline hazard unspecified and employing macroeconomic variables as explanatory variables. By analysing a sample of 202,209 European SMEs over the period 2014–2019, the results indicated that factors of employment rate, personal cost per employee, and interest rate play significant roles in determining the survival of SMEs. Adding these macroeconomic variables significantly increased the area under curve values compared to the situation where only accounting variables were used.
A novel approach to estimating the debt capacity of European SMEs
(Institute of Economic Research, 2023-06-30) Karas, Michal; Režňáková, Mária
Research background: The concept of debt capacity assumes that a maximum value of debt ratio exists that when exceeded triggers unfavourable consequences, such as drop in market value, default or a change in the business' creditworthiness. With the current state of the art there is a priori no theoretical assurance that such a specific value exists, or rather it is repre-sented by an interval of values. Beyond that, our understanding of debt capacity is often limited to a theoretical approximation by firm-specific factors, while the context of macroeco-nomic factors, especially those critical for SMEs, is neglected.Purpose of the article: The aim of this paper is to present a novel approach to estimating SMEs' debt capacity. Further, the aim is to answer the question of what firm-level and macro -economy conditions lead to exhausting the SMEs' debt capacity and under what conditions a specific value of maximum debt capacity could be estimated.Methods: To estimate the debt capacity, we suggest a use of an information entropy minimis-ing heuristic and the Minimal Description Length Principle. In this approach, the observed feature space is categorised into several regions. In this case, such a region represents a set of firm-and macroeconomy-specific conditions forming the debt capacity of the SMEs. To the best of our knowledge, such an approach has not yet been used in debt capacity applications.Findings & value added: We found out that the debt ratio itself provides little explanation of exhausted debt capacity, suggesting that high debt levels are compensated for by other fac-tors. By using the suggested approach, a set of more than 100 different regions was analysed. It was found that in case of five regions (sets of conditions) the debt capacity is exhausted, as the high level of debt has significant distress consequences.
Effect of Education on Ease of Doing Business in Conditions of Innovation Development: Factor Analysis and Multiple Regression
(SUMY STATE UNIVERSITY, 2023-06-30) Samoilova, Anastasiia; Herasymenko, Valeriia; Kuznyetsova, Anzhela; Tumpach, Miloš; Ballová, Martina; Savga, Larisa
Education accelerates changes and transformations in social life, as well as one of the main factors of progress and development in general and business. The article substantiates and formalises the relationships between indicators of the level of education (taking into account its innovative development) and the ease of doing business based on evidence from 28 world countries and the data from the World Bank, the United Nations, Tufts University and Standard & Poor's Ratings Services. The article aims to find indicators of innovative education that most significantly contribute to the ease of doing business. For this, cognitive analysis of statistical data is carried out, and with the help of descriptive analysis tools, a statistically significant characteristic space of indicators is formed. Checking the density and direction of the relationship is carried out by calculating the values of the Pearson correlation coefficients. The multidimensionality of input feature space is reduced to the four most significant indicators from nine investigated ones (digital development indicator; human development index; digital trust, financial literacy index) using the procedure of principal component analysis and orthogonal transformation using the Varimax method in the Statgraphics Centurion 19 software. The quality of the factorisation is confirmed by Kaiser-Meier-Olkin testing and Bartlett's sphericity testing. As a result of the developed multiple econometric models, which describe the dependence of ease of doing business and the above indicators, and the Backward Stepwise Selection hard screening procedure in Statgraphics 19, a statistically significant model of the effect of digital development on ease of doing business is built. It shows that with the value increase of digital development by 1%, ease of doing business will also increase by 0.79%. The obtained results can be useful to scientists for further research, as well as to change-makers in education and business and all stakeholders in the direction of & DLANGBRAC;business-education & drangbrac; competition.

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