Determinants of small and medium sized fast growing enterprises in central and eastern Europe: a panel data analysis

The purpose of this paper is to explore the main determinants of growth in small and medium sized enterprises (SMEs) in central and eastern Europe. The important role played by SMEs in the economic development of central and eastern European (CEE) countries has attracted the recent attention of academics and policymakers but remains relatively unexplored. Empirical research has suggested that firm growth is determined not only by the traditional characteristics of size and age but also by other firm-specific factors such as indebtedness, internal financing, future growth opportunities, process and product innovation, and organisational changes. Although growth in manufacturing and service SMEs in transition economies is well explained by the traditional firm characteristics of size and age, there is no empirical evidence concerning what other specific factors may be associated with SME growth and performance in these countries. Using a panel dataset of 560 fast growing small and medium enterprises from six transition economies we find that firm size when measured by firm total assets can explain to a large extent the growth in SMEs in these countries. When size is proxied by a firm’s number of employees the observed effect is marginal. Firm specific characteristics such as leverage, current liquidity, future growth opportunities, internally generated funds, and factor productivity are found to be important factors in determining a firm’s growth and performance. Age and ownership do not seem to be able to explain firm growth. The results of our empirical study have also some policy implications: we argue that governments in transition economies need to pay an increased attention to small and medium sized enterprises and try to create a business environment that will be beneficial for SME development.transition economy, small and medium enterprise, growth, panel data analysis

Critical success factors for ERP implementation

ERP systems, representing a software solution designed and created to cover the entire activity of the enterprise, can be defined as highly complex systems. This makes their implementation an even more complex process, requiring in-depth knowledge of the business processes in the company and its various departments, as well as the ERP system, with its capabilities and limitations. The implementation of such a software solution, no matter who the implementer is and in which enterprise it is implemented, is a complex and time-consuming project. And its successful finalization depends to a large extent on the knowledge of the implementation processes and the critical factors for success

How to manage the liquidity and fight the firm debt

The liquidity is one of the most popular and used financial indicators for solvency at enterprises. The present study attempts to identify the key factors of managing the liquidity in enterprises, and the ability of influence by financial managers on them in order to provide "fresh" money. The problem with the liquidity provision has always stayed open for most economic subjects, especially during the financial and economic crises of the 21st Century.peer-reviewe

Verdad, poder y dominación en el debate político tradicional

Las dificultades del partido Demócrata durante el período de gobierno de George Bush, han hecho visibles carencias importantes en el modelo tradicional de la comprensión política. La noción de racionalidad vinculada a este implica una valoración excesiva de la verdad como condición de la obtención de un poder. Consecuentemente, se comenten errores en la identificación de las relaciones de dominación implícitas en un debate político, y no funcionan las estrategias críticas con las que se enfrenta al adversario. Analizamos los supuestos generales de este modelo, destacamos su presencia histórica y presentamos una de las formas en que se estarían replanteando los objetivos generales del discurso político actual.Democratic Party difficulties during the Bush administration exposed significant gaps in the traditional model of political understanding. The notion of rationality associated with this model implies an overestimation of the truth as a condition for obtaining a certain power. Consequently, political actors often incur mistakes when identifying relations of domination embedded in a political debate and use erroneous argumentative strategies to face opponents. In this paper we analyze the general assumptions of this model, highlighting its historical background and we present one of the ways in which the overall objectives of political discourses are being re-thought today

Acute sialoadenitis of the submandibular salivary glands and acute inflammation of the submandibular lymph nodes. A review article

INTRODUCTION: Acute inflammation of the submandibular salivary glands and submandibular lymph nodes in humans are common diseases. Their clinical manifestation largely overlaps, but there are also a number of significant differences between them.MATERIALS AND METHODS: This is a review article whose aim is to provide clear and understandable information on the diagnosis, treatment and prognosis of acute inflammation of the submandibular salivary glands and submandibular lymph nodes in humans. It was written after analyzing information on the topic from 57 full-text articles from peer-reviewed medical journals.RESULTS AND DISCUSSION: The causes of sialoadenitis of the submandibular glands are mainly the anatomical features of the submandibular duct, the high viscosity of the saliva produced by them, and previous sialolithiasis of the duct or of the parenchyma of the gland. In children, acute lymphadenitis of the submandibular lymph nodes is most often due to infections of the upper respiratory tract, and in adults it has an odontogenic origin. The treatment of both diseases includes the mandatory intake of antibacterial drugs, and in the presence of purulent exudate, surgical treatment is carried out in the form of incision, lavage and drainage.CONCLUSION: With early diagnosis and treatment, the prognosis of these diseases is good, but with high virulence of the bacterial causative agents and/or congenital and acquired diseases of the patient’s immune system, the treatment may be prolonged

DOES THE INTRODUCTION OF THE EURO LEAD TO HIGH INFLATION? MYTH OR FACT?

The replacement of the local currency with the Euro has led to a number of discussions, commentaries and arguments, most of which refer to issues related to an increase of the common levels of the prices of goods and services. The subject of the research comprises the countries which adopted the common European currency after the year 2007. Cyprus and Malta are not discussed due to pages limit. The purpose of the article is to discuss the facts related to the myths about high inflation after the adoption of the Euro and to ascertain whether this myth is significant or whether it can be refuted. In order to accomplish this, we must first study the experience of the newly joined Member States when the common currency was introduced; then we analyze the inflation rates and the changes in the years following their admission to the eurozone. The thesis that is to be proven or rejected is that the adoption of the Euro does not have significant impact on the prices of goods and services in the country that adopts the new currency, whereas if inflation processes are observed, their rates coincide with those of the preceding years

Comparative analysis of key economic indicators and their change as a consequence of the implementation of an ERP system in an enterprise for production and trade in bread and pasta

The main goal of the management of each company is to optimize its activities in a way that improves financial performance and leads to higher results. Modern companies also face the issue of the use of ERP systems and their efficiency. The implementation of such software is a serious investment that carries significant financial risk. Operating in an uncertain environment, with strong competition and variable consumer demand, the management of any company that decides to invest in the implementation of an ERP system must know what results can be expected from the implementation of the software and whether it is worth the investment and risk

Theoretical foundations of ERP systems under digitization

Operating in the digitization and globalization of all major sectors and markets, today's companies face increasing competition, changing consumer needs and expectations and increasing power of suppliers while at the same time they are working with limited resources. In the constantly changing economic situation to support their development and provide their existence, the companies and their management need and handle increasing volumes of data and incoming information. Enterprise resource planning systems aim to accumulate, systemize and summarize the information received from all units and provide the relevant reference data needed for each level of planning