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Regional Factors Determining Innovativeness of Enterprises in Poland –A Case Study of the Kuyavian-Pomeranianvoivodeship

Author(s): Alfreda Kamińska / Language(s): English Publication Year: 0

Purpose:The aim of this paper is to verify the thesis that there are a number of factors on the regional level whichinfluence innovativeness of enterprises, and proper stimulation of these factors by voivodeship authorities may contribute to increasing the innovativeness of enterprises. Design/methodology/approach:The conclusions are drawn from a survey performed in Poland on a sample of 265 small, medium, and large enterprises from the Kuyavian-Pomeranian voivodeship. The research analysed the impact of 27 regional factors on innovativeness of enterprises. Spearman’s rank correlation coefficient was used to determine the relationship between the level of innovativeness of enterprises and the assessment of factors included in the study. Findings:The research presented here has identified the relatively most important factors influencing innovativeness in each of five groups of region-level conditions. Research/practical implications: The conclusions of the study are important information for voivodeship-level local government, which should focus its innovative policy more on the factors that the entrepreneurs judge most significant instimulating innovativeness. The conclusions of the study may also be useful for the companies which aim at increasing their level of innovativeness, as well as for the institutions of business environment which offer services supporting implementation of innovations. They may contribute to an increase in the innovative potential of companies. Originality/value:This paper seeks to systematise regional factors and present the size of their impact on innovativeness of enterprises.

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Gaming as an Approach to Convey the Effectuation Message

Author(s): Duygu Keskin / Language(s): English Publication Year: 0

Purpose:Effectuation has been emerging as an alternative perspective to the traditional theories on entrepreneurial decision-making, also referred to as causal reasoning. Building on the dichotomy between causal and effectual reasoning, a simulation game was designed to explore the effectiveness of games in teaching effectuation. Design/methodology/approach:The game was designed to simulate the first year of a business development process based on an opportunity, and a number of causal and effectual actions that can be used to develop a sustainable product/service and accompanying business. The game was tested within the context of an European project, with the representatives of the project partners and students of Lund University. At the end of the game, the participants were asked to fill in an evaluation form to gather insights into the effectiveness of the game in introducing/teaching effectuation. Findings:Our findings suggestthat the game is a successful awareness tool in conveying the effectuation message; the players enjoyed it and found it educational. The game introduced the players in a fast and effective way to the theory of effectuation. Research/practical implications:Besides learning effectuation as an alternative approach, the participants could directly apply it and learned what the implications are in practice. Moreover, the game instantly provides teachers/facilitators insights into the profile of the students or participants and their causal/effectual behavior and consequent learning needs. As a result, it can also be used as an educative planning tool for course development. Originality/value:This study explores gaming as an alternative approach to teaching effectuation, and therefore contributes to the research on entrepreneurship education.

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Influence of Social Capital on Incubated MSMEs’ Access to Non-Formal Finance. A Case of Tanzanian Incubated MSMEs

Author(s): Deogratias Kibona,Utz Dornberger,Noor Un Nabi / Language(s): English Publication Year: 0

Purpose:The purpose of this study was to investigate whether social capital of incubatees and incubator managers contribute to the incubatees’ access to non-formal finance in Tanzania. Also, to understand the types of social networks that have significant influence on incubatees’ access to non-formal finance. Design/methodology/approach:Quantitative research approach was adopted in this study where data collection was conducted through the self-administered questionnaire. A stratified sampling technique was used because of the diversity of the business incubation programs and a sample of 141 incubated MSMEs was selected out of 593 incubated MSMEs in Tanzania. PLS regressions analysis method was employed to test the impact of bonding, bridging and linking social capital of both incubatees and incubator managers on incubatees’ access to non-formal finance. Findings: The results indicate that incubatee’s bonding and bridging social capital and incubator manager’s linkingsocial capital have positive impact on incubatee’s access to non-formal finance. But incubatee’s linking social capital and incubator manager’s bonding and bridging social capital have insignificant impact on incubatee’s access to non-formal finance. These results suggest that incubatees’ family members, neighbours, close and distant friends and secondary groups play a significant role in helping incubatees access finance from non-formal financiers. Similarly, incubator managers’ connections to influential people in private sector, civil society organisations, and governmentand public representatives have significant influence on incubatees’ access to non-formal finance. Research/practical implications: This paper creates awareness to incubatees to utilize their bonding and bridging network links, to increase their non-formal financial accessibility. The incubatees are also motivated to utilize the incubator managers’ connections in the civil society organizations, private sector, government agenciesand public representatives. Based on these results, policy makers should adopt group guarantee strategy which is being applied among secondary groups to facilitate financial accessibility. Also, policy makers can focus on how to maximize utilization of incubator manager’s connections to key people in civil society organizations, private sector, government agencies and public representatives. Originality/value:The paper begins with an overview of previous researches in area of MSMEs’ access to finance and then moves on to show the role of social capital in incubated MSMEs’ access to non-formal finance. The paper then suggests the type of social capital/social networks that have a significant impact on incubated MSMEs’ access to non-formal finance

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Technology Adoption and Management Strategies: An Empirical Analysis of Women Enterprises in Food and Beverage Sector

Author(s): Ravi Kiran / Language(s): English Publication Year: 0

Purpose:The present study has been undertaken to analyse the technology adoption and management strategies of women enterprises in food and beverage sector in India. Although women entrepreneurship has attracted many researchers, yet technology adoption and management strategies aspect has not been given enough attention. As Food and beverage sector is a growing sector of Indian economy, the present study is an effort to identify and analyse the technology adoption and management strategies of women entrepreneurs in this sector. Design/methodology/approach: The studywas conducted in 5 major districts of Punjab. Punjab is a growing economy of India. A sample of 60 women entrepreneurs was taken. The primary information was gathered with the help of a structured questionnaire.Factor analysis was used to identify technology adoption strategies. The study identified the technology management strategies used by women entrepreneurs in Food and Beverage sector. Finally, structural equation modeling has beenused, to identify which Technology adoption and management strategies influence business performance. Findings:The results indicate that there are five major factors that led to technology adoption in food and beverage sector, viz. organizational culture; external environment; policy factors; market competence and customer satisfaction. Further, there are three major technology management strategies that are followed by companies in food and beverage sector. These are: employee involvement; management initiative; and training and development. Resultsof structural equation modellinghighlight that both technology adoption and technology management strategies influence business performance. 76.3 percent variation in business performance is influenced by technology adoption and technology management strategies. However,technology adoption emerges as a better predictor. Research/practical implications:The results technology adoption emerges as a better predictor of business performance. These results indicate that most women entrepreneurs are investing more funds on technology adoption and adoption may increase the output and business performance. However real gains in business can be made through focusing on technology management which will result not only increase in output, butwill result in real productivity gains. This suggests that there is need to focus on technology management strategies in future. Originality/value: Women entrepreneurs are perceived to be slow adopters of technology, but there were not studies trying to empirically examine this. Thus, a research was needed to examine technology adoption of women entrepreneurs in food and beverage sector. This study is one of initial studies that is examining not only technology adoption, but also is analysing how technology adoption and technology management strategies are influencing business Performance.

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An Overview of Business Models in the Czech Chemical Industry

Author(s): Peter Kita,Iveta Šimberová / Language(s): English Publication Year: 0

Purpose:The paper’s objective is to provide an overview of the utilized business models in the Czech chemical industry, more specifically section 20.1 according to CZ NACE. The aims of the underlying research are to provide a methodology to study an industry through the scope of its business models and utilize it on a specific industry to identify novel business models. Specifically, the research was conducted to identify the specific elements (or features) of novel business models based on sustainable multiple customer value creation within the context of the chosen industry. Design/methodology/approach:The methodology is based on the work of different authors. Based on their methodologies and research a questionnaire was developed to fit the specific goal. The questionnaire’s relevance was tested during semi-structured interviews with 2 directors from 2 different companies belonging in the sample. The sample consists of all 38 companies belonging to section 20.1 CZ NACE. The questionnaire was primarily targeted to commercial directors or production directors. It consisted of 32 questions regarding selected elements of their company’s business model. These elements were later used to provide an overview of the business models for the selected industry. Findings:Within such a capital-intensive industry under the spotlight of many external audits and under heavy legislation, following the issued legislation becomes a competitive advantage. The majority and minority business model constructs state the business model elements utilized by most of companies and vice versa. In effect the legislation and constant audits pushes companies towards more industrial safety and meeting environmental customer expectation while social expectations are being met by a smaller number of companies. Research/practical implications: The majority and minority business model constructs provide an overview of the current trends in the selected industry. Due to the narrow orientation of the research the results are very specific for these companies. Future research involves the creation of specific concepts based on individual elements contained in the minority business model. Other efforts will be focused on gaining access to specific performance data to pair it with its specific business model, thus providing evidence on how different configurations of business models affect social, environmental and economic performance. Originality/value:Business model research is often constricted to case studies of one or a fewcompanies. Few works have focused on studying an industry through the lens of its business models. Also, few works have studied the connection of specific business model elements and sustainability multiple value creation.

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The Survey of Entrepreneurs in the Comprehensive Assessment of Competitive Environment

Author(s): Alexandr Yuryevich Kokovikhin,Andrey Yevgenyevich Plakhin,Ekaterina Sergeevna Ogorodnikova / Language(s): English Publication Year: 0

Purpose:This article aims to test the working hypothesis on the greater reliability of an integrated assessment of competitive environment combining statistical and polling methods of obtaining information.The objective was formed during the implementation of the research project introducing the competition development standard in Sverdlovsk region. Design/methodology/approach: The assessment of objective indicators was carried out through thesystem of market analysis and with the assistance of "SPARK-Interfax"companies. The Herfindahl-Hirschman index was used to calculate revenues. The ratio of price growth to cost growth was calculated on the basis of the company’s financial reports.The quantitative studywas based on a broad survey which had beenconducted from December 2015 to February 2017. A total of 1187 questionnaires were sentto respondents, filled out and returned. The obtained results were further analyzed with the Chi-square test. Findings:Throughout the research, rankings werecarried out in conformity withthe level of competition development ofsocially significant markets in Sverdlovsk region.We haverevealedthe ambiguity of the competitive situation assessment with the use of statistical and survey methods of obtaining information. 2015 and 2016 were marked by theconsistency lack of the estimates of statistical and questionnaire methods for the social services market and certain segments of the educational services market. Weexplain this situation by a significant share of the grey sector that is not fullyaccountedin the statistics. Research/practical implications:According to the revealed discrepancies, we recommend the compulsory use of survey methods for competition analysis as they allow taking into account insider information and development tendencies of illegal segments of educational and social services markets. Originality/value:The presented study uses a unique set of regional-level data and facilitates a comprehensive method for assessing the competitive environment of regional markets. The above-mentioned method was tested on the materials obtained for the Ministry of Investments and Development of Sverdlovsk region from 2015 to 2017.

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The Use of Cryptocurrency in Enterprises in Czech Republic

Author(s): Andrea Kolková / Language(s): English Publication Year: 0

Purpose:The aim of this paper is to show the potential useand possibilitiesof cryptocurrenciesfor enterprises.This includes the accounting and legal aspects of this new phenomenon. The application will focus on one of the ways to exploit cryptocurrencies, namely CFD contracts. Design/methodology/approach:The article describes the capabilities and tools for using cryptocurrency for entrepreners. Selected cryptocurrencies are subjected to statistical analyzes, and so analyze the daily values of the exchange rates from the time of the occurrence of the given cryptochange. Based on the data of selected cryptocurrencies, the possibilities of speculation with cryptocurrency for entrepreneurs are subsequently proposed in the article. Findings:Entrepreneurscan also use cryptocurrenciesto pay for ordinary businesses in a number of ways without the use of above-standard computing. At thepresent time, the greater spread of cryptocurrencies payments defends them high volatile and relatively large charges.Thecryptocurrenciescan be use entrepreneurs for trading. Research/practical implications: In the Czech Republic there is a relevant legal regulation that allows transactions to be carried out in cryptocurrenciesin accordance with Czech law, using appropriate electronic sales records. The issue contains many other topics for research. Originality/value:Cryptocurrencies are consideredthe biggest innovation in the financial markets over the last 20 years.The use of these entrepreneur’s tools has been smallfor now;however,they maystill be a tool to develop enreprenurin the financial markets.

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Forms of Employment in SME Sector – Example from Slovakia

Author(s): Enikő Korcsmáros / Language(s): English Publication Year: 0

Purpose: The rapidly changing market conditions of the 21st century caused the introduction of new forms of employment too. These forms of employment can be characterized by a distinct mark in terms of typical 8-hour employment, which is typical of the past. The basic aim of the research is to map the employment forms realized by small and medium-sized enterprises, especially the so-called atypical forms of employment. Design/methodology/approach:To achieve the aim of the research author have collected the data by completed questionnaire on sample of 320 SMEs. The primary data collection was implemented in the first half of 2017. Cross table, Chi-square test, standard deviations were used to verify the hypothesis based on two analysed assumptions. Findings:According of the results of this analysis there were no difference between the variables (the popular of the atypical patterns of the employment and the age of the company). Reflected in the value of standard deviation of the respondents’ opinion the most common reason the respondents mentioned were the administrative border and the management decision to insist on traditional patterns of employment. Research/practical implications:Based on our primary research we defined, that age of the company cannot predict how widespread the atypical employment patterns are within the company. Rejection of our assumption implies a further question regarding the age of the company and the presence of atypical employment patterns in the company. The most common reason why companies do not choose atypical patterns of employment were the administrative burden and the management decision. Originality/value: The original contribution and the main added value of the paper is mapping of the current situation in the SME sector in Slovakia regarding the applied forms of employment policy. Examining forms of employment within the SME sphere abstains in Slovakia. This is a complex problem of exploration,since neither the theoretical background is unclear about atypical forms of employment.

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China’S Policy for Special Economic Zones and its Implications for the Development of Entrepreneurship in the Russian Far East

Author(s): Viktoriia Koretskaia-Garmash / Language(s): English Publication Year: 0

Purpose:This studyis aimed at exploring the experience accumulated by China in creation and operation of special economic zones (SEZs) and the potential application of this experience for the development of entrepreneurship in municipalities of the Russian Far East. One ofthe key goals in this process is to identify the type(s) of economic zones that would be optimal for this region. Design/methodology/approach: In our research, we used the historical method to study Chinese experience of creating different types of economic zones. After analysing a variety of sources, we identified the factors underlying the success of Chinese economic zones and thus selected the optimal SEZ types for the Russian Far East. We also conducted a correlation and regression analysis to determine the interconnection between the socio-economic development of municipalities in the Far East and the economic performance of small businesses in these areas. Findings: The Chinese approach to creating SEZs can be effectively applied to establish a customs cooperation area on the Russian-Chinese border in the Jewish Autonomous Region to stimulate the development of this economically depressed territory through international trade and entrepreneurship; to create jobs and, therefore, increase the income of the local population; and to attract highly qualified specialists to the region. Research/practical implications: The results of this research can be used by municipal governments participating in the SEZ experiment in the Jewish Autonomous Region. Originality/value: The author uses methodology to analyze the indicators that show the efficiency of small businesses and individual entrepreneurs in municipalities of the Russian Far East. The municipalities are assessed depending on their performance on each indicator, which reveals their strengths and weaknesses that should be addressed by the regional and federal authorities. The optimal types of economic zones are determined by analyzing the relevant Chinese experience and the Russian legislation.

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Balanced Scorecard as a Tool for Research and Development Performance Management–A Case Study in an Agriculture Company

Author(s): Marie Kubáňková,Jaroslava Hyršlová,Jan Nedělník / Language(s): English Publication Year: 0

Purpose:The growing number of research oriented to research and development (R&D) performance reflects broad debates dedicated to R&D evaluation, measurement of its effectiveness related to competitiveness and also R&D added value and cost management. Therefore,many authors call for research focused on the implementation of strategic management accounting tools, primarily the Balanced Scorecard (BSC) used as a R&D management tool in small and medium-sized enterprises (SMEs). The aim of this paper is to contribute to the empirical knowledge of implementation of strategic management accounting tools in R&D performance management, with a primary focus on the BSC implementation in SMEs. Design/methodology/approach:The purpose of this paper is to propose a procedure for R&D performance management tailored for SMEs based on BSC. This paper also intends to be an inspiration for further research in this area. As a case study method is recommend by the literature when a particular management tool is a desired output, the case study was provided in a case company. The investigation lasted nine weeks, three key steps can be recognized: (1) reference framework development; (2) strategic goals of the case company and the status quo of R&D management identification (3) development a BSC for the case company. Findings:The case study concludes the BSC proposal as a system of interrelated indicators and a procedure for R&D performance management. The indicatorstransform the strategic goals of the company into a set of corresponding R&D goals. Hereby this paper responds to the challenges endorsed by the literature, specifically the call to investigate the implementation of BSC in R&D performance management. Research/practical implications:Empirical research of the practical implementation of strategic management accounting tools is of a crucial importance of the further development of this scientific discipline. Innovation management measurement as well as R&D performance management are subjects of interest for a number of expert studies. The ambition of this paper is to provide a procedure for SMEs how to manage R&D by BSC, and also to bring an inspiration for further research in this field. Originality/value: The added value of this paper is extension of the existing knowledge concerning the BSC used in the management of R&D performance.

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Social (Ir)Responsibility of Professional Sports Clubs

Author(s): Vilém Kunz / Language(s): English Publication Year: 0

Purpose:The aim of the paper is to present the current situation in some issues of socially (ir)responsible behaviour, especially in the management of professional sports clubs from the highest domestic league competitions or the English Premier League, while also trying to focus on their approach to sponsorship issues, especially to sponsors from the so-called socially sensitive sectors. Design/methodology/approach:To analyse the application of CSR in sports clubs, football and hockey are chosen from collective sports, as the highest amount of sponsors is interested in this sector. Premier League was chosen not only because of the greatest interest of sponsors, but also because it has long been considered a leader in the application of CSR. In addition to the content analysis of the relevant information, which clubs present on websites, individual semi-structured interviews with managers of selected clubs were also carried out. Findings:Premier League football clubs carry out a number of CSR activities, focusing on community programs in particular.In the Czech Republic, CSR activities are being implemented mainly by the most economically strong clubs. Sponsors of football clubs in England, similarly to sports clubs in the Czech Republic, include, in particular, companies in intensive competition, sports goods producers and gambling operators. Research/practical implications: Achieved results can not only be a valuable reflection to think about the further direction of attitude towards sponsors not only for the selected clubs but also for managing executive sports authorities that are likely to be under greater pressure from stakeholders observing for the principles of responsible and ethical behaviour. Originality/value:The paper brings not only current data but also comprehensive findings on the situation in the field of sports sponsorship in the most popular collective sports in the Czech Republic andcomparing them to the findings from the British football environment.

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The Ephemeral Corporate Social Responsibility Committment Pursuant to Annual Reports –A Czech Case Study

Author(s): Radka MacGregor Pelikánová / Language(s): English Publication Year: 0

Purpose:The objective of this paper is to determine the international, EU and Czech national legal framework and, based on that, to empirically and comparatively assess the corporate social responsibility (“CSR”) commitment of the ten largest Czech companies, by sales, as witnessed by their annual reports in the context. Design/methodology/approach:The authors have identified theoretic and practical perceptions of the CSR, have conducted a holistic and interdisciplinary research and teleological interpretation of legislative and academic, primary and secondary, sources. They identified the legal framework for the content, form and publication requirements for annual reports of companies, while paying attention to the CSR. They used Meta-Analysis to scrutinize annual reports, for 2016, of the 10 largest Czech companies to assess their CSR commitment. They have implied current trends in the perception and approach to the CRS. Findings:The evolving perception of the CSR is, despite global and regional harmonization efforts, as yet unsettled. The Czech law appears to demand the general and gratuitous e-publication of annual reports with basic CSR data, while the EU law and other EU member states’ law seems to impose a rather special and deeper CSR reporting, not necessarily fully and freely available online. The Czech Case study reveals both the observance of the law and significant differences in the CSR commitment across industries. These legislative and real reporting discrepancies suggest modifications of the current status quo to fit in Europe 2020. Research/practical implications: Our review of legislative frameworks and practical approaches to the CSR demonstrates a number of discrepancies and the lack of commonly acceptable denominators. Our case study confirms it, points to the industry differences and invites for the modification of the approach and legislation of the CSR reporting. Originality/value:The presented overview, assessment and case study exploit, in a unique manner, the CSR legislation and perception, and call for changes fitting in Europe 2020.

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Value Generators of Enterprises in the Processing Industry

Author(s): Veronika Machová,Zuzana Rowland / Language(s): English Publication Year: 0

Purpose:The purpose of this article is to find out value generators of industrial enterprises having operated on the Czech market in 2015. Design/methodology/approach:The analysed data come from Albertina database. The dataset (data of their complete financial statements) contains records of 500 enterprises altogether. We calculateEVA value for shareholders (owners) of each enterprise of its operation on the market. Data mining and automated neural networks (radial basic function and multilayer perceptron networks) will be used as major tools. Findings:A reliable method was developed,and value generators of industrial enterprises having operated in the Czech Republic in 2015 were identified. The most important variables were defined. They are long-term receivables, material and energy consumption, power consumption, equity and basic capital. Research/practical implications:Enterprises of the processing industry should mainly focus on suggested value generators, their management and optimization. Thus, they get a higher EVA Equity and reach their major goal –value growth for shareholders (owners). Originality/value: As a result, verifying the method for identifying value generators and appreciating their importance in the model should be considered as the most important part.At the same time, four central problems, which need to be dealt with within the further research, have been identified. They are wise choice of variables, dependence (or independence) of variables, size of the data file and stationarity of the data

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Impact of Online Retail on Economic Development in Russian Regions

Author(s): Maria Markhaichuk / Language(s): English Publication Year: 0

Purpose:The aim of this study is to determine the influence degree of the online retail on the economic development of the Russian regions in comparison with the effect of offline retail. Design/methodology/approach:Data on 85 Russian regions from Unified Interdepartmental Information and Statistical System (EMISS) of Russian Federation were taken as a basis for the research. The sample includes data on online retail turnover, offline retail turnover, gross regional product (GRP), gross regional product per capita (GRP per capita) for the 2014-2015 years. Panel regressions with fixed effects were employed and econometric models with dependent variables such as GRP, GRP per capita were estimated to fulfil research aim. Findings: The regression analysis showed the positive impact of both online and offline retail development on GRP and GRP per capita in the Russian Federation. Online sales have a stronger impact on regional development of the Russian Federation than offline sales. Research/practical implications: The policy makers can use the research results in the process of e-commerce policy targets setting in terms of increasing volumes of online (cross-border) trade. Originality/value:The study empirically proved the positive impact of online retail on Russian regions development and showed stronger impact of online sales on regional development of the Russian Federation than impact of offline sales.

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Innovation in the Context of Corporate Social Responsibility

Author(s): Ewa Mazur-Wierzbicka / Language(s): English Publication Year: 0

Purpose:The purpose of the paper is to analyze the links between innovative activity and the concept of corporate social responsibility from the perspective of Polish enterprises. The implementation of the aim dictated the paper's arrangement. At the outset, the issues of innovativeness, innovation, corporate social responsibility were brought about, then the issues of innovativeness from the perspective of Polish socially responsible enterprises were presented, and good socially responsible practices in the field of innovation undertaken by Polish enterprises were presented. Design/methodology/approach:The subject matter of the considerations undertaken in the paper is innovativeness in the context of corporate social responsibility from the perspective of Polish enterprises. The paper was based on the subject literature, secondary data and case studies. Findings:The implementation of the CSR concept in enterprises is a motive for undertaking and implementing various types of innovations, especially sustainable innovations.It should also be noted that enterprises regarded as innovative start to see potential future opportunities in CSR and decide to implement it. Certainly -as confirmed by the results of research conducted among Polish socially responsible enterprises -innovativeness and CSR are interdependent categories. Research/practical implications:The considerations carried out in the paper allow concluding that in the corporate social responsibility the potential of the source of innovativeness for organizations atthe economic, social and environmental levels is not yet discovered.It would be recommended to conduct further research of innovativeness and corporate social responsibility on a nationwide scale and to expand the research sample. It is important to pay attention not only to large enterprises, but also to the SME sector. Originality/value:The content presented in the paper allows looking at the relationship existing between innovativeness and corporate social responsibility from the perspective of Polishsocially responsible enterprises. The analysis of many good practices of the analyzed entities showed (surprisingly) a small number of those related to innovations, compared to other activities undertaken by socially responsible enterprises. It can be expected that both business standards and the very concept of corporate social responsibility will change in the coming years, which should give basis and impulse for innovations

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Use of Business Model Canvas for Business in University Premises: Implementation of Theory into Practice

Author(s): Simona Megová / Language(s): English Publication Year: 0

Purpose:The purpose of this study is to define a business model for a product sold on university premises. The product was the subject of research, respondents deserve hot cooked cocoa. In this article, Business Model Canvas as a tool for the opportunity of practical use. Design/methodology/approach:The research uses quantitative research methodology in the form of a questionnaire, which was distributed to students, i.e. customers. The questionnaire was completed by 560 respondents. Further, a qualitative research method was used in the form of structured interview specifying the results obtained in the quantitative research. 410 structured interviews were conducted. Findings:Within the questionnaire, student preferences were found. The questionnaire was directedto a product that would immediately reach. Among snacks and beverages, up to 71% of students want hot cooked cocoa. Structured interviewing has confirmed this finding. Structured interview is focused on applying the product to the Canvas Business Model Canvas. Research/practical implications:This whole idea of connecting a business model with the product was meant to lead to practical use. The purpose of this article is basically a concept for the product usage in practice by means of the business model. Originality/value:The business focus on university students represents the bottomless resource in respect to future. For students, this product represents a source of energy and health, as well as its nostalgic connection with childhood memory. The uniqueness of this article is based on a product that is demanded by students and not available on the market. This product, combined with the Business Model Canvas application, has a huge start-up potential

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Analysis of Entrepreneurial Eco-System for Refugee Entrepreneurial Activities in Germany

Author(s): Hartmut–Heinrich Meyer / Language(s): English Publication Year: 0

Purpose:The research is analysing the challenges refugee-entrepreneurs face while engaging in entrepreneurial activities. The research is analysing factorswhich influence entrepreneurial activities by refugees as well as determine the implications for the entrepreneurial eco-system to support entrepreneurship by refugees. Design/methodology/approach:The research builds upon the research framework of Wauters and Lambrecht 2009 and on earlier own research work. By using a framework of three entities as access to entrepreneurship, human capital and entrepreneurial environment different variables have been evaluated for qualitative analysis of the current situation of refugee migrants. The results of the paper are based on 17 in depth interviews in North Germany with refugee entrepreneurs while engaging in entrepreneurial activities. Findings: The paper gives first insights on the factors determining entrepreneurial activities of refugees. The results demonstrate quite clearly that refugees start their entrepreneurial career in the informal sector due to a lacking support by the entrepreneurial eco-system and formalize their activities after some time in operation. Education is one of the central variables which has a decisive role in two aspects. Low and untrained refugees are often pushed into entrepreneurship as they are not able to meet labour market standards. Higher education has a negative impact in taking up long term entrepreneurial activities. Research/practical implications:The paper suggests for policy makers and the various organisations of the economy a clear need to improve the communication between refugees and the entrepreneurial eco-system. In particular, financial assistance and accountancy services should be provided in order to offer the necessary information for a sustainable entrepreneurship by refugees. Originality/value:The paper provides a suggestion which factors are positively and negatively associated with the process of developing entrepreneurial activities by refugees. The proposed model suggeststhe value of education and language skills need to be seen in a new light. The result outlines the quality of assistance needed to guiderefugees’entrepreneurs during the attempt of developing entrepreneurial activities.

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Relation between CSR and Financial Performance in SMEs

Author(s): Jan Mísař,Adriana Válová,Jitka Srpová / Language(s): English Publication Year: 0

Purpose:The aim of this paper is to explore and analyse an implementation of corporate social responsibility (CSR) by small and medium-sized enterprises (SMEs) in the Czech Republic and explore if there is a relation between CSR activities and financial performance. Even though CSR has been in the spotlight for quite some time, it has been mainly due to activities of corporation, whereas activities of SMEs still tend avoid any publicizing. There is also lack of studies on this topic and most of the existing ones were conducted prior to the Czech National Strategic Plan on CSR. Results of this study therefore show whether there has been any development in the wake of this programme. Design/methodology/approach:The research follows study from Torugsa, O'Donohue and Hecker (2012) published in the Journal of Business Ethics and further develops this study by adding new areas as suggested by Srpová, Kunz and Mísař (2012). The research was conducted among Czech SMEs, using contacts from the Albertina database. The pilot study was done on 10 respondents prior to the main research and in order to improve the overall quality. Data collection was conducted by a phone communication followed by sending a questionnaire to the selected e-mail addresses and (if necessary) follow up communication with respondents. The majority of questionnaires were filled in by business owners or top managers. After rejecting uncompleted questionnaires, the final research sample consisted of 463 SMEs. Authors are aware that there are research limitations connected to the representativeness due to the fact that the contact list came from a research database. However, the numberof respondents is still almost three times higher than in the original paper from the Journal of Business Ethics, where the authors clearly stated that they used mainly personal contacts to get respondents, which clearly led to biased selection. This also further supports our claim that there is simply a lack of good studies on this topic. The data was analysed using SPSS and Excel. The main method was Spearman's correlation coefficient which helped to determine validation of hypothesis: CSR is positively associated with SMEs financial performance. Findings:The findings show the progress in perception as well as implementation of CSR among Czech SMEs, the areas of their focus and how they perceive advantages of these activities. The leap between 2012 and 2016 is significant. The paper proved that there is a link between CSR and financial performance in SMEs through an empiric quantitative study. The positive monotonic correlation is weak which proves that there is still a lot of room for improvement during implementation and planning. Research/practical implications:The research clearly shows that CSR is no longer a playground for corporations only butthat there is a strong trend among small enterprises to behave responsibly. Proof ofpositive relation between CSR and financial performance will encourage yet reluctant entrepreneurs to implement CSR activities. Originality/value:The research brings a fresh look on CSR activities of SMEs just after nationwide promotion of this concept. It is one of very few papers aimed at financial efficiency of CSR in SMEs as many authors avoid this topic due to its difficult and lengthy process of both data collection and consequent analysis and interpretation.

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Creating a Platform Based Business Model in Dental Industry

Author(s): Anatoly Molodchik,Dimitar Dimitrakiev,Galina Ostapenko / Language(s): English Publication Year: 0

Purpose:The article considers one of the possible approaches to building a fundamentally new business model for dental industry with a concept of a self-organizing industry management system based on blockchain platform, crypto currency and reward for consumer target behavior. Design/methodology/approach:The theoretical design based on literature review, the content analysis and practical experience of business model transformation in digital platform economy and innovative blockchain technology, while the authors develop, describe and implement a new concept of a new business model in dentistry. The factual basis was the materials of an experiment conducted in the Netherlands to create a platform community Dentacoin based on blockchain platform. Findings:The developed concept of the business model in dentistry shows the main mechanisms that make the model attractive to the consumer services: obtaining objective information about services and producers; formation of a contract on the basis of independent diagnostics and its insurance; financial and logistical support of the service. Research/practical implications: The results of theoretical and practical research confirmed the possibility and expediency of the business model innovation of dental industry. The analysis of the current stage of Dentacoin Project implementation shows that business model works. Originality/value:The proposed concept of business model based on blockchain technology is fundamentally new for the dental industry. It is the first time describe and systemize a new management mechanism of value creation together with utilizing the blockchain advantages. The creation and implementation of the first blockchain-based platformin dentistry allows achieving transformative change of a whole industry and will greatly enrich both the theory and practice of transformational phenomena.

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Does Environmental Cost Affect Japanese Firms’ Performance

Author(s): Nila Nuzula / Language(s): English Publication Year: 0

Purpose:This article aims to examine the effect of environmental cost to financial performances, measured by profitability and firm value in Japanese chemical industry during 2012-2015. Examining about this matter in Japan case is suitable since the government has settled guidelines that assist the companies to record and report their activities in environmental preservation. This study focuses on chemical industry in Japan because the industry has been potential to create hazardous wastes along with its daily businesses. In Japan, the companies are involved in Japan Chemical Industry Association (JCIA) that initiates international environmental programs called Responsible Care. Design/methodology/approach:This study uses 27 chemical companies listing in Japan Exchange Group (JPX) first section during 2013-2015 periods or 81 company-year. Environmental data is taken from the websites of eachcompany. Independent variable of this study is environmental cost, measured by the amount of environmental costs spent by the companies as stated in their annual sustainability reports. There are five dependent variables, i.e. Return on Asset (ROA), Return on Equity (ROE), Net Profit Margin (NPM), Price to Earnings Ratio (PER), and Tobin’s Q. The author then runs five times regression analysis to examine whether environmental costs affect five dependent variables. Findings: The results show that: 1) environmental cost is negatively affecting ROA; 2) environmental cost has no effect on ROE; 3) environmental cost is negatively affecting NPM; 4) environmental cost has no effect on PER; 5) environmental cost is influencing Tobin’s Q negatively. Research/practical implications:This study helps to determine whether the company could take benefit from financing environmental activities. Managers should acknowledge that if the companies spend greater costs on environmental programs, it might deteriorate the profitability measured by ROA and NPM. The costs could decline Tobin’s Q, the proxy for firm value, as well. Originality/value: Theresults allow readers to grasp that environmental financing affects profitability measured by ROA and NPM, instead of ROE. This study fills the gap of profitability and firm value indicators which are significantly affected by firms’ strategies on environmental programs.

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