Purpose This paper aims to investigate the issue of performance measurement of social enterprises with main particular focus on economic performance approach reflecting local aspect, since the local aspect plays a significant role in social entrepreneurship concept. Thus, comparison of two instruments that consider local aspects: local multiplier 3 (LM3) and Input-Output analysis is examined. Input-Output analysis is empirically used to calculate social enterprises’ impact on the Czech economy and to confirm the assumption to be more suitable instrument for economic performance measurement of social enterprises in comparison to local multiplier 3 method. Design/methodology/approach The research adopted two-phase approach. At first a qualitative approach was used to compare the two selected instruments (LM3 and Input-Output analysis). Consequently, a quantitative research was applied to determine the impact of social enterprises’ activities on the economies of individual regions. The research was carried out on a sample of social enterprises (143 subjects) in the Czech Republic covering the year 2015. For this approach, Symmetric Input-Output tables and multipliers were calculated and revenue data from each observed social enterprise were used. Findings The findings of the research indicate effects of social enterprises’ activities on the economy in individual regions of the Czech Republic. The results clearly show that the impact of social enterprises on the Czech economy is not negligible. Calculated impacts differ in sectors as well as in regions. Besides, of these findings, the assumption that the Input-Output analysis is more appropriate instrument for economic performance measurement of social enterprises, especially in situation of a larger sample of social enterprises in different regions, in comparison to LM3 method, was confirmed. Research limitations/implications The limitations of this study is the dependence on the Symmetric Input-Output tables, which are usually published by local statistical offices and it takes some time to construct them. A more significant limitation and future research direction relates to the lack of generally accepted measurement framework in the sector of social enterprises and lack of the data, especially quantitative, in the Czech Republic. Practical implications The findings of the research represent a significant contribution to the process chain of understanding the role of social enterprises in (local) economy. The lack of proven impact of social enterprises to economy is considered as important limit of this sector development, not only from the perspective of investors and donors but also from the perspective of policymakers and even social enterprises themselves. The Input-Output analysis can be applied for any region of any country and can contribute to reduce scepticism about economic performance of social enterprises, thus to support putting social and environmental goals of social enterprises into practice. Social implications This research has been carried out on the so far largest identified sample of social enterprises in the Czech Republic and provides data for discourse among stakeholders about social enterprises’ impact; thus, it enables to understand their impact and make capable to enlarge their support network and development. Originality/value This research is a pioneering attempt to provide data about economic impact of social enterprises using Input-Output analysis in the Czech Republic. No previous research identifies such a large sample of Czech social enterprises and collects quantitative data about them, as well as considers Input-Output analysis as an option instead of LM3 method. The effort of this research has been to react on a research gap in studies related to the impact of social enterprises (reflecting local aspect). This paper could be understood as beneficial not only from the perspective of the Czech Republic but also worldwide.

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Despite the growing research on the effect of top management team gender diversity on company fi nancial performance, the results remain inconclusive. The theoretical framework guiding this study includes the upper echelons theory and critical mass theory. Under the upper echelons theory framework, the study investigates whether female participation in top management teams positively infl uences company fi nancial performance. Based on critical mass theory, the study attempts to determine what percentage of women in a top management team constitutes a critical mass. Unlike most previous studies, both theories are applied to only the context of 823 small-and mediumsized enterprises (SMEs) with a workforce between 50 to 250 employees in the manufacturing sector in the Czech Republic. The fi ndings indicate that the premises of the upper echelons theory are also applicable to SMEs. At the same time, the fi ndings show limited support for critical mass theory. More specifi cally, this study does not support a linear relationship between the number of women in top management team and fi nancial performance and only partially supports a U-shaped curvilinear relationship. The implications of the fi ndings and suggestions for future research are also discussed. In sum, this study brings new insight to the area of gender diversity in top management and advances the gender diversity literature's understanding of the relationship between top management team composition and company fi nancial performance. Moreover, the study provides a better understanding of the key role of a critical mass in top management teams.

Social enterprises have become a natural part of the economy. Their importance is significantly increasing, as well as the need to evaluate their performance. There are different points of view on the indicators and methods used to evaluate their performance and they often lack simplicity and are costly and time consuming. Thus, this study aims to identify and discuss performance evaluation indicators for social enterprises with particular focus on identifying a set of indicators that might be applied without placing high demands on each social enterprise. A two-phase approach was adopted and applied in the Czech social entrepreneurship environment. First, the Delphi technique was used to get a set of indicators for each of the areas of the triple bottom line principles. Consequently, an empirical examination of these indicators using a set of social enterprises was conducted. Final results were determined using Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS). As a result, a set of twelve indicators that cover social, economic, environmental and local areas are proposed. These indicators reflect the opinions of experts in the field as well as their practical usefulness, which is discussed at the end of the paper.

The study aims to examine in detail the impact of compliance with balance sheet rules on business performance. To examine this premise, data from small and micro businesses in the Czech Republic (total number 2,537) were statistically tested using t-test and Mann-Whitney U test. Particular attention was paid to the value of the return on equity indicator (as a business performance indicator), and the changes in this value between the business groups that comply and those that do not comply with these rules. The results suggest that the positive effect of balance sheet rule compliance on business performance cannot be confirmed, nor the predominant compliance among businesses was proven. Thus, the discussion of whether the balance sheet rules need regularly appear in the current business economics literature should be open. The results are presented and discussed in this paper, together with their limitations.