The profi tability analysis revealing factors infl uencing profi tability becomes a very helpful tool providing guidelines for managers in their short-term as well as strategic decision-making process. To take right decisions, managers need to analyse their fi nancial situation, especially in respect to fi rm´s profi tability and the factors infl uencing it. Mechanical engineering industry belongs to key industries in Slovakia. It apparently plays an essential role in the global economy, it is a source of entrepreneurship, innovations and new jobs. Many of enterprises operating in this industry are small or medium-sized. These are some of the reasons for which SMEs´ profi tability and ways of its improvement should draw particular attention. The paper presents results of research carried out in the selected industry of mechanical engineering of SMEs in Slovakia (SK NACE rev. 2 28xxx-Manufacture of machinery and equipment not elsewhere classifi ed). The aim of the research is to analyse and evaluate the development of profi tability in this industry during the period 2008-2015 and to identify key external and internal factors infl uencing profi tability of SMEs over that period. In order to determine the infl uence of basic indicators, the DuPont pyramidal analysis was performed. Data obtained by means of the questionnaire survey enabled to identify the factors affecting profi tability whose infl uence is impossible to calculate. The Friedman and Wilcoxon tests were used to evaluate the answers in questionnaires. Results are connected with the evaluation of three hypotheses defi ned in regard of the established goal of the paper.

The traditional financial theory generally presents models and approaches applicable mostly in financial management of large enterprises. Small and medium-sized enterprises are characterized by a number of specific features, which significantly differentiates them from large ones and determinates their limited access to appropriate sources of finance. In light of these differences and specific features, it is essential to draw particular attention to the decisionmaking on sources of finance in these enterprises which have a more risky profile and are much more vulnerable to the business environment and its changes. The paper focuses on the target debt ratio of Slovak small and medium-sized enterprises and its relationship with their superior business objective, size and age. It also examines the factors influencing this area of decisionmaking. The main aim of the paper then is to find out how Slovak small and medium-sized enterprises make decisions on sources of finance to perform their business activities and identify the main factors influencing these decisions. According to the results obtained, half of Slovak small and medium-sized enterprises have set the target debt ratio. It is more present in enterprises tending to prefer growth and development as their superior goal. The weak positive relationship between the existence of the target debt ratio and the size of an enterprise was also revealed. However, the existence of the target debt ratio is not determined by the age of an enterprise. Finally, the most important factors influencing financial decision-making of Slovak small and medium-sized enterprises include cost of capital and their long-term survival.

No abstract

The aim of the paper is to present the results of the research focused on the identification of the current situation concerning the knowledge and use of the models predicting financial distress in Slovak companies. In the paper three partial goals are formulated. On grounds of the goals of this paper four hypotheses were formulated. Their validity was verified by means of the primary data gained by the questionnaire research with the use of the statistical software. The research results confirmed that Slovak companies did not know the term “models predicting financial distress” neither applied them in practice. The main reasons why they do not apply them involve not knowing them, the company size (too small company) and the use of some own prediction methods. The most often used models are simple methods of point evaluation in business practice. Companies prefer simple methods not demanding of much time.

In almost all countries around the world, pension systems are based on several pillars. This is also the case of Slovakia with its three-pillar pension system. The paper presents a case study underlying the risks that can seriously affect the amount of future pensions. The case study clearly indicates that current pensions in Slovakia paid under all three pillars do not correspond with the expectations from the implementation of the three-pillar pension system. The aim of the paper is to the risks that can seriously affect the amount of future pensions. Our own contribution is the determination of the amount of pension for a specific pensioner specified in the presented case study. Within the saving phase of pension contributions the development of investment fund returns, the amount of future pensioner´s contributions, as well as administrative costs are analyzed on a monthly basis. The payout phase is modelled using actuarial functions applying the mortality tables of Slovakia.