Inovacijski vodje, skromni inovatorji in neinovativna mala in srednje velika podjetja na Slovaškem

Background and Purpose: The field of innovation represents for small and medium enterprises (SMEs) a fundamental challenge. If the number of innovative SMEs is to rise, it is necessary to identify key factors determining their innovation activity and eliminate the innovation barriers. The main purpose of the paper is to present the results of primary research focused on identification (evaluation) of key factors and barriers determining innovation activities in Slovak SMEs. The division of SMEs into three groups of enterprises: innovation leaders, modest innovators and non-innovators enables to identify the differences in managers’ perception of the main factors and barriers determining innovation activities in various types of SMEs and to formulate policy implications for Slovak SMEs. Design/Methodology/Approach: Results of the empirical research were processed using MS Excel and the statistical analysis of the data in R3.2.4. statistical system was done. For statistical tests we assumed significance level (α = 0.1). Results: Evaluating the importance of the key factors a majority of enterprises (64.71%) indicated financial resources as the most important factor for the innovations. There is no statistically significant difference in individual (analysed) factors between innovation leaders, non-innovators and innovation followers (modest innovators). The results gained from Fisher exact test (p-value = 0.11) indicated a small difference in evaluating the significance of individual barriers between innovation leaders, non-innovators and modest innovators. Majority of enterprises also see as the main barriers to develop innovation activities bureaucracy and corruption and inappropriate state support of innovation activities. Conclusion: The main implications (conclusion) coming from the research are basic recommendations for state policy makers as well as SME’s managers to foster innovation activities in enterprises. They refer to the areas of financial resources, high-quality human resources, cooperation and participation of SMEs in different networks and clusters, systematic institutional support to SMEs, well-created vision and clearly formulated aims, and willingness of enterprises to innovate. Recommendations are summarised following the results of factor’s and barrier’s evaluation.Ozadje in namen: Področje inovacij predstavlja temeljni izziv za mala in srednje velika podjetja (MSP). Da bi lahko povečali število inovativnih MSP, moramo opredeliti ključne dejavnike, ki določajo njihovo inovacijsko dejavnost in odpravijo inovacijske ovire. Glavni namen prispevka je predstaviti rezultate raziskave, osredotočene na identifikacijo in oceno ključnih dejavnikov in ovir inovacijske dejavnosti v MSP. Ta podjetja smo klasificirali v tri skupine: inovacijski voditelji, skromni inovatorji in neinovatorji, kar omogoča prepoznati razlike v mnenjih menedžerjev o glavnih de­javnikih in ovirah, ki vplivajo na inovacijske dejavnosti v različnih vrstah malih in srednje velikih podjetij, in oblikovati smernice posledice za slovaška MSP. Zasnova / metodologija / pristop: Zbrane empirične podatke smo obdelali z MS Excel in s statističnim paketom R3.2.4. Pri statističnih testih smo privzeli raven pomembnost (α = 0,1). Rezultati: Večina podjetij (64,71%) je kot najpomembnejši dejavnik inovativnosti navedla finančna sredstva. Med (analiziranimi) posameznimi dejavniki med inovativnimi voditelji, skromnimi inovatorji in neinovatorji nismo ugotovili statistično značilnih razlik. Rezultati, pridobljeni s Fisherjevim testom (p-vrednost = 0.11), kažejo majhno razliko pri vrednotenju pomena posameznih ovir med vodilnimi inovatorji, neinovatorji in skromnimi inovatorji. Večina podjetij meni, da so nadaljnje glavne ovire pri birokracija in korupcija na področju inovacijskih dejavnosti ter neustrezna državna podpora inovacijskim dejavnostim. Zaključek: Iz raziskave izhajajo osnovna priporočila za snovalce državnih politik, pa tudi za mala in srednja pod­jetja, da spodbujajo inovacijske dejavnosti v podjetjih. Nanašajo se na področje finančnih virov, visokokakovostnih človeških virov, sodelovanje in udeležbo MSP v različnih omrežjih in grozdih, sistematično institucionalna podpora MSP, dobro oblikovano vizija in jasno oblikovane cilje in pripravljenost podjetij na inovacije

The knowledge and use of the balanced scorecard method in businesses in the Slovak republic

The Balanced Scorecard method (BSC) has emerged since the late 1990s (as proposed by Kaplan and Norton) as one of the most successful concepts in the fi eld of strategic performance management. It has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. Balanced Scorecard is used by many successful businesses all around the world. Main aim of the paper is to present the results of primary research focused on detecting the current state of the knowledge and use of the Balanced Scorecard method in businesses in the Slovak Republic. In the fi rst part of the paper is presented the essence of the BSC method, formulated are the main benefi ts connected with the Balanced Scorecard implementation into the strategic management of the businesses. These benefi ts are defi ned according to the content analysis of domestic and foreign literature. Following the goal of the article next part presents the results of the empirical research based on the questionnaire survey. Results are connected with the evaluation of the six hypothesis defi ned in regard of the established goal of the paper. Formulated will be presumptions to improve the state of utilizing the BSC method by Slovak businesses. For the fulfi lment of settled objectives we have used several scientifi c methods of examination, namely the method of analysis, synthesis, induction, deduction, abstraction, generalisation as well as statistical methods

Innovation Leaders, Modest Innovators and Non-innovative SMEs in Slovakia: Key Factors and Barriers of Innovation Activity

Background and Purpose: The field of innovation represents for small and medium enterprises (SMEs) a fundamental challenge. If the number of innovative SMEs is to rise, it is necessary to identify key factors determining their innovation activity and eliminate the innovation barriers. The main purpose of the paper is to present the results of primary research focused on identification (evaluation) of key factors and barriers determining innovation activities in Slovak SMEs. The division of SMEs into three groups of enterprises: innovation leaders, modest innovators and non-innovators enables to identify the differences in managers’ perception of the main factors and barriers determining innovation activities in various types of SMEs and to formulate policy implications for Slovak SMEs

Altman model verification using a multi-criteria approach for Slovakian agricultural enterprises

The Altman model is still one of the most widely used predictive models in the 21st century, and it aims to highlight the differences between bankrupt and healthy enterprises. This model has been modified several times; its most well-known forms are from 1968, 1983 and 1995. However, the use of the Altman Z-score for Slovak enterprises is more than questionable. The unsuitability of the model for the conditions of Slovak companies has been confirmed by several empirical surveys. The objective of this study was to verify the validation of these three variants of the Altman model, depending on how an unprosperous company is identified, using a sample of 996 agricultural enterprises operating in the Slovak Republic. Four indicators were selected for the identification of an unprosperous enterprise – economic results, total liquidity, equity, and economic value added – and they were monitored over the last year or, as the case may be, over the last three years from 2014 to 2016. Using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and Coefficient of variation (CV) methods as an objective method for weight determination, a combination of the Altman model from 1968 and the negative total liquidity in the last reference year was determined to be the best. One of our main findings is that the way in which an unprosperous enterprise is identified is a significant factor affecting the overall reliability of the Altman model. The Altman model from 1968 and 1983 confirmed the differences resulting from the natural conditions in which the enterprises operate. The economic results and economic value added (EVA) proved to be inappropriate as indicators for defining an unprosperous enterprise in the conditions of the Slovak Republic

Number of financial indicators as a factor of multi-criteria analysis via the TOPSIS technique: A municipal case study

Multi-criteria analysis is a decision-making and efficiency assessment tool for application in both the private and public sectors. Its application is preceded by the selection of suitable indicators and a homogenous set of variants, as well as suitable methods based on the nature of the input data. The goal of the submitted research is to highlight the importance of selecting suitable indicators using a case study assessment of the financial health of a municipality-more precisely, the efficiency of management of this municipality. Four key indicators, thirty-two homogenous subjects, and one multi-criteria analysis method were identified in this study based on the theoretical foundations of the specific issue. These elements were processed into a total of 14 variants depending on the number of assessed indicators. Then, these results were subjected to statistical verification alongside verification using the Jaccard index. Based on the acquired results, we highlight the need for correct and expert identification of the relevant sets of alternatives (the criteria matrix) and expert discussion, which should precede the selection of the assessed indicators and objectify this selection process as much as possible. Assessment based on a low number of indicators was shown to be insufficient, highly variable, and diverse, and these differences were partially eliminated as the number of assessed indicators increased.Web of Science142art. no. 6