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Microfinance and Access to Finance of SMEs

Author(s): Györgyi Nyikos,Gábor Soós / Language(s): English Publication Year: 0

Purpose:The main objective of this study is to provide an overview of the situation of access to finance of SMEs in Europe and explore the regulatory and financial background of microfinance opportunities. Besides this general approach, the paper also aims to investigate the practical approach of EU Member States tothe issue of microfinance. As a result,it is expected that overall the efficiency of programmes financed from public funds will be increased through the adoption of best practices in European countries. Design/methodology/approach:Research is being carried out using information provided by ten INTERREG project partners from seven different EU Member States and Norway, including managing authorities, microfinance institutions and enterprise development organisations. Stakeholders were interviewed throughsurveys and stakeholder group meetings (twelve meetings per partner), while their experiences are shared in study trips (up to six per partner) and local workshops (up to five per partner). Publicly relevant data and the academic literature related to microfinance has been also reviewed. In-depth analysis in six EU Member States (Hungary, Italy, Germany, Spain, Croatia, Poland), representing regions at various levels of development, has also been carried out. Findings:It has been found that the lack of commercial sources of finance is still a problem for a number of European SMEs. The main problem is that many firms are deemed non-bankable by commercial banks. Nevertheless,governments have intervened to support these firms and promote microfinance initiatives. These are provided typically from national or EU sources, such as ESIF Funds, while various regional initiatives also exist in the countries investigated. Research/practical implications:The research addresses some important regulatory and practical issues with microfinance that can prove invaluable for researchers, policy-makers or even financial institutions. The comparative analysis of Member State solutions can also provide an inspiration for other countries considering the introduction of microfinance initiatives. It is expected that following the publication of the results of the research, policy instruments related to microfinance will be improved and there will also be new projects aiming at tackling at enterprise development or improving the access to local microfinance programs.Originality/value: The paper presents original research in the field of practical issues and solutions in microfinance, providing an invaluable insight into the approach of six different EU Member States.

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Policy of Business Support on a Regional Level: a Unique Chance or Missed Opportunity Forentrepreneurs?

Author(s): Jarmila Šebestová,Petr Šiška / Language(s): English Publication Year: 0

Purpose:Business policy on a national level reflects problematic entrepreneurial areas in a general way. Regional authorities implement these general aspects according to the current local requirements in their regional development strategy. Unfortunately, their effort to support entrepreneurial spirit and innovations is not as effective as it could be –their tools and institutions are not as well used as they intended. The question arises –where does the problem lie, is it in the means of communication or in the entrepreneurial requirements at the regional level? The main goal of this paper is to demonstrate some of the missing points or the weaknesses of institutional communication. These conclusions are based on a regional study in the Moravian-Silesian Region, Czechia. Design/methodology/approach: The paper is based on a quantitative study using a questionnaire-based survey, comprising 164 respondents –owners of small and medium-sized companies in the Moravian-Silesian Region. The survey consists of 24 questions in three main areas –motivation to start up, identification of entrepreneurial barriers and an evaluation of the current state of business support in the region. Secondary information such as the results of earlier studies and regional government websites were used for data results comparison. Findings:The paper provides empirical insights about the current state of the business environment in the Moravian-Silesian region and evaluates important areas of business support. It was ascertained that the most important tools for local entrepreneurs are subsidies for job creation and consultancy. A matrix of problems to be solved on the regional level was presented to open the discussion. Research/practical implications:The paper includes implications for regional policy development, which could be transferable as a basic model to other regions in Czechia. Originality/value:This paper supports an identified need to diversify the regional support policy according to regional differences. The main added value of the paper could be seen in practical recommendations.

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Management Quality and Innovation in Emerging Countries

Author(s): Oleg Sidorkin / Language(s): English Publication Year: 0

Purpose:I study the impact of management quality on R&D propensity (innovation input), R&D spending (innovation intensity) and new product introduction (innovation output) of firms in ten emerging countries. I analyze whether the measures of innovation are associated with the quality of four different management practices. Design/methodology/approach:I use data on about 1,400 firms from the Management, Organization and Innovation (MOI) Survey (2008 –2010) by the European Bank for Reconstruction and Development (EBRD) and the World Bank. The effects are estimated using a two-part model, which combines logistic and generalized linear models. Findings: I find that an improvement in management quality from the 25thto 50thpercentile is associated with a 3.3 percentage point increase in the propensity to invest in R&D. Furthermore, there are positive but weak effects of management quality on product innovation. The empirical results for individual management practices show that the quality of incentive management is connected with innovation performance. The quality of monitoring and incentives management is related to higher inputs into innovation, but not to innovation output. All results hold after controlling for differences in management quality by industries. Research/practical implications:In emerging countries, the quality of monitoring and incentive management practices is especially important for R&D propensity and R&D intensity. While the role of monitoring for new product introduction is weak, incentive management quality has sizable effects. As the study covers emerging countries, the findings may be of particular importance for emerging economies aiming to promote successful innovation. Originality/value: This paper explicitly focuses on connections between the quality of aggregate management and individual management practices and innovation (input and output) in emerging countries. The empirical analysis presented in the paper helps to explain whether management quality, associated with firms’ operations, affects R&D propensity, R&D intensity and introduction of new products.

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Business-IT Alignment with Cash-Flow Based Price-Generating Model for IT Services

Author(s): František Simetinger / Language(s): English Publication Year: 0

Purpose:This paper is focused on the actual perception of strategic alignment of IT and business. The goal of this research is a summarizationof understanding the IT-related assets and identification of actual situation and gaps in the business-IT alignment. The main output of this paper is a proposalof the alternateconceptual method (model) which can change the understanding of business-IT alignment options. Design/methodology/approach:The literature research was conducted with the goal of identification actual situationand issues in the Business-IT alignment area from IT Governance, IT-related assets, and Strategic Management perspectives. Considering identified issues, new research results based on previously presented conceptual ideas and models are introduced. There are described developed metrics which address identified issues. Findings:Regardless of developments in the subject areas, the financial and economic perspectives of strategic IT management stay underdeveloped. This fact contributes to the disproportionof business and IT activities. For better alignment of business and IT is needed to find a moresuitable way how to synchronize goals on short, mid, and long-term basis and how to improve their interconnection. Research/practical implications:The proposed conceptual method is relevant for strategists from business and IT. It provides new perspective how to understand relationships between business and IT and it shows new direction how to design future business models. Originality/value:The proposed conceptual method is unique and provides an alternateviewpoint to business-IT alignment topic. It provides options for harmonization of activities of business and IT.

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Regulation of Environmental Aspects in Special Economic Zones

Author(s): Olga Sinenko,Igor Anatolevich Mayburov / Language(s): English Publication Year: 0

Purpose:The aim of this study is to identify contemporary trends in environmental management in special economic zones. Transformations sustained by special economic zones in terms of the use of fiscal instruments in the past few years could become a real tool for combating environmental issues. Design/methodology/approach: The main source of research is the data of official sites of territories with special economic and ecological status. External secondary data research is based on publications of World Bank, UNIDO, GGGI, PEDL. Our own research is complementary and allows us to compare it with the secondary sources that underlie these considerations. Depending on the level of ecological development, a system of types of special territories is proposed. After summarizing the publications devoted to the practice of functioning of special territories with ecological orientation, the authors singled out the main components of the successful work of the "green" SEZs. Findings:A classification of "green" special economic zones has been created. The authors have analyzed and validated fiscal incentives encouraging the adoption of environmentally friendly practices in special economic zones. The key components of the successful operation of "green" SEZs have been distinguished and classified Research/practicalimplications:The proof of the efficiency of fiscal means of encouraging environmentally friendly practices in special economic zones and of the key components of green performance of special economic zones could beuseful for SEZ planners in Russia, enabling them to take appropriate preventive measures. The results of this study could serve as a starting point for hypotheses in further research aimed, for example, at the development of a universal approach to evaluating the efficiency of fiscal mechanisms of environmental regulation in special economic zones in Russia. Originality/value:The article presents a comprehensive overview of applicable environmental regulation mechanisms in special economic zones. The study validates the key components, including fiscal instruments that pertain to successful eco-friendly green performance of special economic zones.

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Probability of Success of Crowdfunding Projects during Campaigns in the Czech Republic, Slovakia and in the USA

Author(s): Aleš Slúka,Ivana Svobodová / Language(s): English Publication Year: 0

Purpose:The objective of this research was to discover how successful crowdfunding projects are likely to be to have reached the desired amount at the beginning, the middle and towards the end of the campaign, and compare regression results on regional level. Design/methodology/approach:The sample is 116 crowdfunding projects, 50 located in the USA region and 66 in the Czech Republic or Slovakia. Data were collected on a daily basis over a period of 84 days directly from chosen live crowdfunding projects published on Kickstarter, Indiegogo, HitHit and Startovac. The main outcomes of the research are determined by a logistic regression model of tracked crowdfunding markets and categories. The share of project ́s monetary goal was tracked for t0,25, t0,5, t0,75, where t represents time and number represents percentage of project ́s total duration. Findings: The average crowdfunding project established in Czechia or Slovakia has a higher probability of success with lower investment raised, higher log odds of success, odds ratio and average marginal effect at all investigated stagesthanan average US-located project. Research/practical implications:The logistic regression results for every established category and region are presented separately here. Readers can, therefore, determine the success probability of a project by substituting the necessary variables. Forthcoming research analysing more crowdfunding projects in more regions should ensure a more accurate and reliable outcome per category over the longer period. Originality/value: It has been found that the relationship between the crowdfunding projectsuccess and its raised investment/goal ratio in time has never been analysed at either the regional or the categorical level.

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Organizational Innovation as a Driving Force of Corporate Prosperity

Author(s): Miroslav Špaček / Language(s): English Publication Year: 0

Purpose:The purpose of this paper was to examine the effects of organization innovation on company performance characteristic. In addition, the main benefits of service outsourcing as well as key obstacles to smooth adoption of service outsourcing were also identified. The reason for drafting this paper was to elucidate on main benefits and shortcomings of service outsourcing and to propose normative decision model which would facilitate decision-making process. Design/methodology/approach: The research was specifically based on questionnaire survey which was performed among company maintenance managers and shift masters in the Czech and Slovak Republic.Research sample was subject to random selection. Questionnaires were filled in and collected during regular professional trainings. In total 89 companies were subjected to survey. The survey took place within 2016-2017. This survey was complemented by contextual interviews with selected maintenance managers. Findings: The paper proved that service outsourcing maybe economically beneficial in cases if it brings higher shareholders value than service insourcing. This criterion can be expressed by Net Present Value (NPV) which is smoothly measurable by means of cardinal scale. Furthermore, non-financial criteria were added to measure entire utility of decision on outsourcing. Normative decision-making model which was then proposed was validated on the patter of mid-sized pharmaceutical company. Research/practical implications:The main outcome of the paper is a normative model of decision-making on outsourcing. This model combines both financial and non-financial criteria. The model was practically verified on the pattern of mid-sized company. The model also helps managers better understand the value engineering nature of outsourcing and offers clear and understandable normative decision-making model. Originality/value:The paper offers normative decision-making model which is based on several financial and non-financial criteria. This model was also tested in company practice. Literature search confirmed that such a model had not been presented before.

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Determining Critical Issues in Social Entrepreneurship Education

Author(s): Marzena Starnawska / Language(s): English Publication Year: 0

Purpose:The social entrepreneurship education (SEE) research has sofar, been not sufficiently studied in the literature. This is surprising, considering the dynamic interest of academia in social entrepreneurship (SE) phenomenon. The aim of this paper is to identify critical issues in designing and providing social entrepreneurship education. Design/methodology/approach:The paper is a conceptual work. As academic effort on SEE is rare the literature review analyses a limited number of key texts. Here, the author employs critical review of the literature on social entrepreneurship education. Papers in this area, from education, management and entrepreneurship literatures are identified and relevant issues for education discussed. Findings:The work brings several findings and suggestions for SEE. The curriculum needs efforts in merging “social” and “entrepreneurship” elements. Issues of scalability, sustainability for SE need to be carefully delivered and reflect the impact requirements and challenges social enterprises face. The discussion on SEE asks for stakeholder approach in the design and delivery thanks to the process of interaction between university and environment where the university is a member of a local ecosystem. The emergence of interactions, requires social constructionist approach in researching and teaching SE. Therefore,there is a key role, where it does not provide SEE but acts as socially responsible organization inside and within own value chain. Research/practical implications:The findings are related with complexity and contextuality of social entrepreneurship phenomenon. SEE curriculum cannot be designed in the same way as an EE curriculum. This brings implications for the teaching methods and content like textbooks, case studies, best practices. Also, educators and teaching programme design need toinclude interactive discussion with different actors and organizations from local community, to respond to their institutional context. Diverse group of stakeholders should be involved in the construction of SEE agenda. The future research could cover research among educators and programme designers and their own experiences, in particular educational settings or countries. Originality/value: The contribution of this work is that it comprehensively overviews important issues highlighted in the scarce literature in entrepreneurship and management area that need to be considered when designing and providing SEE. The paper addresses the key call for engagement of educational environment stakeholders in providing and designing SEE.

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Tendencies in Online Communication of CSR – A Longitudinal Study

Author(s): Richard Szántó / Language(s): English Publication Year: 0

Purpose:Although quite a few studiesdealt with online communication of CSR principles and practices of companies, longitudinal studies are rare, therefore knowledge on the tendencies in this field is very limited. This paper tries to fulfil this void by analyzing changes in online CSR communication over time on the same sample of companies. Design/methodology/approach:In this study, the 200 largest Hungarian companies’ online CSR communication was analyzed, and the findings were compared to the ones of the research carried out 8 years earlier.40% of the firms disappeared from the 2009 list, consequently the author ended up with a sample of 120 firms that were present on both lists (2009 and 2017). In this research, a content analysis methodology was used: pre-given categories and themes were sought on corporate websites looking for patterns and regularities. Findings:Large Hungarian companies use the web more actively for CSR communication than they did almost a decade earlier. More companies have their dedicated CSR sections on their corporate website than 8 years ago, and they generally talk more about their CSR principles and practices. Some key issues are major topics of CSR communication such as CSR principles, values, philanthropy initiatives, and environmental management systems,while others are in the bottom like green office programs, responsible governance or responsible marketing. Research/practical implications:Based on the findings of this paper, practitioners can develop their online communication, and can identify the weaknesses of their current practices. Future research should reveal what the motivations of the more active firms are, and why companies lagging do not perceive the value of this activity. It is also important to explore other ways of online communication like the use of online media, since for many organizations it can be (or it is already) the next step to develop their CSR communication, and enable a two-way-dialogue with their stakeholders. Originality/value:Longitudinal studies in this field are rare,therefore this research focusing on how online CSR communication has evolved over time is unique. By exploring the changes in CSR disclosure, the determinants of this type of communication can be identified.

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The Multifaceted Entrepreneurial Overconfidence: Variations in its Extent, Form and Effect on Growth Expectations

Author(s): László Szerb,Zsófia Vörös / Language(s): English Publication Year: 0

Purpose: In this article, we seek to answer why many attempts to empirically link entrepreneurial self-efficacy to growth expectations have failed. While doing so, we reconcile the literature on entrepreneurial self-efficacy and overconfidence. By analyzing GEM data, first, we show that early-stage entrepreneurs’ self-efficacy statements are systematically inflated. Our results also indicate that entrepreneurial overconfidence is fading and its form changesas business owners learn and gather experience. In addition, by using Ajzen’s Theory of Planned Behavior as a modeling framework, we illustrate that overconfidence results in exaggerated firm growth expectations. However, the changes in the form of overconfidence and the adjustments of expectations on market conditions as a venture ages alter the relationship between overconfidence and growth expectations across the business life-cycle stages. In this article, we seek to answer why many attempts to empirically link entrepreneurial self-efficacy to growth expectationshave failed. Design/methodology/approach:The pooled 2010-2014 GEM APS (Adult Population Survey) individual datasetof the innovation driven countries was usedto empirically test our hypotheses. Findings:Our results show that the variations in the form of overconfidence (relative or absolute), the subsequent changes in the mode its influence operates (direct or indirect) and the update of other business expectations alter the relationship between self-efficacy and growth expectations as business owners gets more experienced. Research/practical implications: Overconfidence and its effect on growth expectations vary as business owners are learning by doing. Merging nascent and baby businesses in a combined start-up “entrepreneurship” measure is problematic. Originality/value:Our research contributesto the “black box”of interactions between entrepreneurial attitudes, activity and aspirations. We theoretically and empirically corroborated the variations in in the relationship between self-efficacy andexpected firm growth across the business life-cycle stages.

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The Impact of the Big Five Personality Traits on Enterprise Potential and Individual Entrepreneurial Orientation of Students in Serbia

Author(s): Edit Terek,Milan Nikolić,Dragan ĆoĆkalo,Sanja Božić,Jelena Rajković / Language(s): English Publication Year: 0

Purpose:The paper presents the results of the study of the influence of the Big Five personality traits on enterprise potential and individual entrepreneurial orientation of students in Serbia. Design/methodology/approach: The data were obtained by using questionnaires completed by students from Serbia. The students are studying at seven faculties in Serbia (technical and economic professions). 488 valid questionnaires were collected. Findings: From the Big Five dimensions, the strongest positive impact on the dimensions of enterprise potential and individual entrepreneurial orientation have the dimensions E -extroversion and O -openness to experience. The impact of the C -conscientousness dimension is positive butis considerably weaker. The dimension N -neuroticism generally has a negative statistically significant impact on the observed dimensions of entrepreneurship. The impact of the dimension A -agreeableness varies: this dimension positively affects CRE -creativity and PR -proactiveness, and negatively LEA -leadership, while on other dimension it does not have a statistically significant impact. On the other hand, under the strongest influence of Big Five dimensions are the followingdimensions of enterprise potential and individual entrepreneurial orientation: ACH -achievement, CRE -creativity and PR -proactiveness. Research/practical implications:The results of the research can be applied in the education of future entrepreneurs, as well as in the early identification of persons with entrepreneurial predispositions. Originality/value: Determining the impact of the Big Five personality traits on enterprise potential and individual entrepreneurial orientation of students in Serbia.

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Determining Factors Affecting the Effectiveness of Risk-Based Internal Control System in Import-Export Enterprises in Ho Chi Minh City, Vietnam

Author(s): Hung Tang Tri / Language(s): English Publication Year: 0

Purpose:Many enterprises in Viet Nam have been implementing COSO’s Enterprise Risk Management-Integrated Framework (ERM Framework) to improve operations and pursue their goals. Thus, this study examined what factors affecting on the effectiveness of risk-based internal control system of import-export enterprises in Ho Chi Minh City, Viet Nam. Design/methodology/approach:This is a quantitative and qualitative research conducted base on COSO 2004 ERM Framework. An administrated survey was sent to 330 import-export in Ho Chi Minh City to satisfy the sample formula of Tabachnick and Fidell (2007) and Hair et al. (1998). And the collected data were tested by Cronbachs’ Alpha, explore factor analysis (EFA), and multiple regression test to find out what factor (of eight factors) has the relationship to the effectiveness of risk-based internal control system of enterprises. Findings:The research revealed that there was a positive relationship between the effectiveness of risk-based internal control system and eight factorscomprising internal control; objective setting; event identification; risk assessment; risk response; control activities; information and communication; monitoring. In which, the monitoring had the strongest impact and the event identification had the least impact. Research/practical implications:The result contributed in internal control system of private sector in Viet Nam. Furthermore, it donated to convince what factor urgently necessitate to enhance in import-export enterprises. In addition, the research also granted recommendations to boost these enterprises’ operations. And, this study will be continued to conduct with full of population to achieve a highest solidity. Originality/value:The paper is a vital reference for other researchers in Viet Nam. Moreover, enterprises’ leaders are able to manage their organization more effectiveness, whereas policy makers in Ho Chi Minh can create a better environment for import-export enterprises.

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An Innovative Socio-Technical Network Approach Supporting The Business Process Management

Author(s): Anna Ujwary-Gil,Natalia Potoczek / Language(s): English Publication Year: 0

Purpose:The aim of this article isto combine innovatively two research areas: the network approach and the business process management. Moreover, the article indicates the possibilities ofindicating business processes in an organization; identifying and analyzing socio-technical networks comprising information networks, knowledge networks, task networks and resource networks; determining the socio-technical potential for process managementfrom the network approach perspective. The paper proffers an innovative methodological application of including processes in a network analysis. The case is an illustration of this application. Design/methodology/approach:The study involved a total of 30employees of amedical organization operating in the health sector(N = 30) out of 30 provided for testing, which accounts fora total of 100% of respondents. According to the research network, the sample covered the entire population. We used an interview and a surveyresearch composed of four questions. Also,the Organizational Risk Analyzer (ORA LITE) software was used. Findings: The article presents business processes of a medical company divided into knowledge and skills, tasks and resources necessary to perform them. It identifies socio-technical networks, calculates the density of relations in business processes and the degree of their centrality. It allows us to look at business processes from the relation network point of view. Research/practical implications:Tying the network approach with the business process management is a promising direction in searching for new solutions, both for researchers and managers, which can be appliedtomanaging an organization. This interdisciplinary combination points at the possibilities of understanding the network of relations existing in an organization from the perspective of business processes.It allows indicatingthe degree of interactions occurring between particular nods within business processes. Originality/value:The article uses the visualizations from ORA LITE software to group nods within business processes. We used various indicators: density, centrality, E/Iindex or Cheeger value

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Current Success Criteria of Socially-Oriented Start-Ups in Incubation Stage

Author(s): Lucie Vnoučková,Hana Urbancová / Language(s): English Publication Year: 0

Purpose:The paper focus on important area of current entrepreneurship oriented on social impact and improvement of life with use of modern technologies. The aim of the paper is to identify current criteria of socially-oriented start-ups leadingtowards successful development of innovative entrepreneurship with use of new technologies based on qualitative research of start-up projects. Design/methodology/approach:The data were collected by means of a qualitative research of 17 start-up projectsby means of content analysis carried out among project applications of organisations applying for start-up incubator. The projects were focused on social innovations with planned impact in the Czech Republic. For the analysis key words and short phrases were selected based on aim of the study to find approaches of socially oriented start-ups and their main areas of planned impact. Findings:The results of study have shown that key success criteria of successful start-up projects and entrepreneurship are: use of education and training, development, partners, theoretical mapping, use of expert help, use of concrete technologies, knowledge of project management, project functionality, personal interest in project delivery, efficiency of solution and use of psychological approaches. Research/practical implications:The results may be used in practice to identify current main focus areas of social impact and approaches of their achievement. The limits of the article can be deemed to consist in a relatively small sample; however, with respect to the relatively low number of social start-ups in the Czech Republic the sample can be described as sufficient. The research will continue further in order to deepen the knowledge about this phenomenon, i.e. methodology of adoption of innovations by target group and efficient approaches to scaling of the solution. Originality/value:The contribution of the article lies in general identification and evaluation of the areas of the sustainable development of social start-ups. Furthermore, practical contribution of this article lies in presenting the concrete results from real start-up projects in incubation stage. The results are important for development of new start-up ideas and project while their main efficient approaches arepresented.

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What Are the Experiences of the Ambidextrous Form of Strategic Change Management within the Life Insurance Industry?

Author(s): Martin Vogl / Language(s): English Publication Year: 0

Purpose:Since January 2017 the writer is the chairman of a Swiss insurance group which faces strategic challenges which are economic driven (cost and margin pressure) and at the same time require organisational development (lack of innovation to adjust core client offer to changing client needs). For this kind of business challenges the ambidextrous form of strategic change management has been developed. The objective of the study is to empirically observe, whether companies in general and specifically in life insurance industry have applied this change management approach and what were the results. Design/methodology/approach:The methodology applied is a Systematic Literature Review (SLR). It is focused on the following Research Question (RQ): what the experiences of companies in areapplying ambidextrous strategic change a.) overall and b.) within the insurance industry. The search was restricted to peer-viewed, English language, scholary journal articles. All published and accessible journal publications, working papers and conference papers that matched the selection criteria were considered. Findings:Based on this researchit became clear that mostly technology intensive or manufacturing oriented companies have applied the ambidextrous path of strategic change with a positive financial performance. With respect to the life insurance industry the SLR showed that much evidence could be found that the challenges of the life insurance industry normally requirethe application of this concept, but however no specific empirical study could be found which describes the application of it. Research/practical implications:The SLR suggests (1) further academic work on application of the concept in service industries, e.g. banking to better understand if the life insurance industry can learn from them. On top the writer recommends to (2) specify more clearly how (steps, components, tools) the ambidextrous change management approach has been applied incl. results achieved. Furthermore,the writer suggests to (3) develop a more customized conceptual ambidextrous change management approach for the life insurance industry and (4) validates it by a scientific research on the application within a case study. Originality/value:The life insurance industry overall and not only the writer’s company face new, huge and complex challenges. For these challenges the ambidextrous change management has been developed by Tushman and O’Reilly. The research showed that this concept has been widely applied in technology intensive industries with positive results. Therefore, managers and researches in the life insurance can now learn from these experiences andhelp to solve toady’s challenges of their companies and the industry.

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Formation of Complex Company Evaluation Method through Neural Networks Based on the Example of Construction Companies ́ Collection

Author(s): Marek Vochozka / Language(s): English Publication Year: 0

Purpose:The main goal of this contribution is to create a model through the use of neural networks, which will be able to predict the company ́s ability to survive a prospective financial crisis. Design/methodology/approach: The contribution examines the basic data on companies coming from the Albertina database. The collection includes both financial and non-financial indicators of all construction companies in the Czech Republic within the period of 2008 to 2014. Theobject is to find an artificial neural network which can classify each company based on the input data into one of the following four groups: the company is not on the verge of bankruptcy, collapse in the given year, collapse in the following two years and collapse in future. Findings:Three neural networks are given and described, proving positive results. With regard to the usefulness ofthemodel and minimal deviations from the spare two models which were going to be taken into account, the MLP 15:15-54-66-4:1 model proves the best results. Through this network theCzech construction companies ́ ability to survive a possible distress is consequently evaluated. Research/practical implications:Theevaluation of financial and non-financial indicators is a necessary part of modern companies. Artificial neural networks are able to conduct non-linear statistical modelling and offer acompletely suitable alternative to individual financial indicators within complex methods ofthis evaluation. Originality/value:Using artificial intelligence, the contribution creates a bright new methodology for comprehensive business evaluation, which includes both financial and non-financial indicators. The result could be used for practical comprehensive evaluation of construction companies in the Czech Republic

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The Creation of the New Media Ecosystem in New York City: an Entrepreneurial Approach

Author(s): Cliff Wymbs / Language(s): English Publication Year: 0

Purpose: The objective of this study was to further the understanding of entrepreneurship by disaggregating entrepreneurial activity into three distinct actors (freelancing, anti-institutional and institutional). Each of these actors performs different functions in the creation and evolution of the new media ecosystem/cluster. Design/methodology/approach: This paper uses a qualitative historical analysis of the New York City New Media Ecosystem (Silicon Alley). The analysis identifies a key tipping point where institutional logic changes, a necessary condition for ecosystem creation, and furthers the study of ecosystems by fitting the study to a dialectic process model. Findings:Each of these entrepreneurial actors (freelancing, anti-institutional and institutional) performs a different, but complimentary, role in a different phase of the ecosystem evolution, so they warrant individual attention. The study of ecosystems is furthered by the identification of the dynamic relationships among these entrepreneur actors and how their roles, and the relative importance of their roles, change over time. Research/practical implications:We know very little about how individual entrepreneurs actually transform the institutions that foster or preclude the creation of ecosystems, which makes it relatively hard to put theoretical insight into practice. A dialectic process model is used to analyze a historical case and gain insight into the processes of contestation and entrepreneurship that explain the emergence of a new ecosystem. Originality/value:The study highlights the importance of using a narrative approach to identify continuous change factors rather than the traditional comparative static approach to study network changes.

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Organisational Culture and Level of Motivation in Sme Sector Employees

Author(s): Anna Wziątek Staśko / Language(s): English Publication Year: 0

Purpose:The objective of the article is to present the results of the author's own empirical research devoted to assessing the current and desired model of organisational culture according to Polish SME sector employees. The research was also promoted by the urge to assess the occurrence of some statistically significant dependencies existing between a declared model of the organisational culture and a perceived current level of respondents’ motivation. Design/methodology/approach: Two research tools were used in the research process, namely: the Organisational Culture Assessment Instrument (OCAI) by Cameron and Quinn and the author's own questionnaire, to assess occurrence and intensity of any dysfunctional phenomena at the workplace as well as the level of motivation. Statistical analysesof significant differences between variables were conducted based on Pearson’s chi square test of independence. Findings: The research results show that the model of organisational culture which, according to respondents, existed at their organisation atthe time of the research is different depending on the size of an enterprise (with the exception of microenterprises and small enterprises). Moreover, the model of the organisational culture only in medium-sized enterprises has a statistically significantimpact on the degree of employee motivation. Research/practical implications:First, it would be necessary to conduct a cyclical research of employee preferences in order to identify the current and desirable model of organisational culture in the effort to create the friendliestwork environment (the majority of employees’ shows a definitely higher preference for the clan culture features than for the market culture and hierarchy). Important is also, that the organisational culture model is not the key factor which determines the level of employees’motivation. Originality/value:The article presents the results of empirical research conducted by the author, which open new directions for scientific inquires focused on issues related to the organisational culture and its impact on the degree of motivation in employees working for enterprises from the SME sector as well as in large enterprises.

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Reuse Centers in the Czech Republic

Author(s): Martin Zelený / Language(s): English Publication Year: 0

Purpose:The purpose of the following study is to analyze institutional presence of the ReUse phenomenon in the Czech Republic using publicly available data. The aim of the research was to investigate regional distribution, diffusion in terms of time and ownershipcharacteristics of ReUse centers in the territory of the Czech Republic. Design/methodology/approach:The ReUse centers list is based on online research using search engines google.com and anopress.cz. We have searched for terms reuse centrum (reuse center), reuse shop and reuse, thrift store, dobročinný obchod, charitní obchod (charity shop), charitní bazar, dobročinný bazar, charitní šatník, dobročinný šatník, repair center, repair café, zero waste and cirkulární ekonomika with limitation on Czech websites. Each organization and center were individually checked and if they met the ReUse concept, the information about the date of establishment, type of ownership, number of operated centers and locations of organizations and centers were added. Then the organizations were categorized by their ownership, the date of establishment and location. Findings:Result of this study is a list of 47 organizations that operates 166 ReUse centers. 30 centers are located in Moravskoslezský region, followed by Jihomoravskýregion(20) and Prague (20). Only 2 organizations were established before 2006, the largest number of the organizations were founded in years 2014 (11) and 2016 (9). Only 1 organization is municipal, 2 are private, 3 are non-profit and 41 organizations are a charity. No charity presents its centers as ReUse, even though they meet the criteria of the ReUse concept. Research/practical implications: The paper provides implications for further research of the ReUse centers in the Czech Republic, among others concerning reasons for their regional distribution, awareness of ReUse, measuring ReUse centers activity and performance, benchmarking, impact on waste management etc. As for practical implications, the paper suggests new funding opportunities for charity organizations. Originality/value:This paper fulfils the need to study the ReUse phenomenon in the Czech Republic, which is expected to undergo a major development in the coming years and yet there has been no effort made to systematically analyze its institutional presence in the Czech Republic. The list of ReUse centers in the Czech Republic can be used to further research, future comparisons and to measure the impact of upcoming governmental and European Union programs.

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Public and Private Investment in Innovation. The Differences between the Visegrad Group Countries

Author(s): Aleksandra Zygmunt / Language(s): English Publication Year: 0

Purpose:Regarding the role of innovation in competitive advantage of firms, regions and country it is essential to check how public and private investment in innovation differ between the European Union countries. Here, special attention was put on the Visegrad Group countries (V4).Hence, the aim of this paper is to explore how public and private investment in innovation differ between V4 countries. Design/methodology/approach:In this study zero unitarization method and multivariate analysis wereapplied. These methods enable to explore the differences between V4 countries in regard to R&D expenditure in the public sector, venture capital expenditures, R&D expenditure in the business sector, non-R&D innovation expenditures and enterprises providing training to develop or upgrade information and communication (ICT) skills of their personnel. The time period was 2009–2015. The study used data from the European Innovation Scoreboard 2017 relating to public and private investment in innovation dimensions: finance and support and firm investments. Findings: The analysis indicates, among others, the high rank of the Czech Republic in terms of public and private investment in innovation indicators (in comparison to the other Visegrad Group countries). In regard to Hungary, Poland and Slovakia, the findings imply further enhancing the level of R&D expenditure in the public sector, venture capital expenditures, R&D expenditure in the business sector, non-R&D innovation expenditures and enterprises providing training to develop or upgrade ICT skills of their personnel. Research/practical implications:The practical and policy implication of this study is that there is a need to strengthen indicators of public and private investment in innovation (in particular in Hungary, Poland and Slovakia). Regarding future research, it is important to study potential causes of differences between V4 countries (in terms of public and private investment in innovation). Originality/value:This paper contributes to the existing literature by providing new insight on understanding the issues connected with public and private investment in innovation.

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