Effect of CSR Implementation and Crisis Events in Business on the Financial Management of Smes

Dvorský, Ján; Švihlíková, Ilona; Kozubíková, Ľudmila; Frajtova Michalíková, Katarína; Balcerzak, Adam P.

doi:10.3846/tede.2023.19821

Cited by 18 publications

(7 citation statements)

References 93 publications

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“…Authors also found that CSR implementation had stronger effect on the sustainability of SMEs in Czech enterprises than Slovak enterprises. Dvorský et al (2023a) on the base of case study of 1,090 SMEs from the business environment Visegrad group countries showed that did not confirm the negative effects of crisis events in business on the financial management, but level of implementation CSR is significant in the context of corporate sustainability.…”

Section: H4: Applying Ethics In Business Has a Positive Effect On The...mentioning

confidence: 93%

Model of Sustainability of Smes in V4 Countries

Zvarikova,

Dvorsky,

Belas

et al. 2024

Journal of Business Economics and Management

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The research’s objective was to develop a thorough model of the viability of SMEs in the V4 countries based on predetermined variables. The following factors were defined: human resources management, business ethics, corporate social responsibility, company digitalisation, environmental considerations, financial management, and sustainability of SMEs. The model was developed on the solid empirical research carried out in the Visegrad Four countries in June 2022 by the renowned external agency MNFORCE using a sample of 1,398 respondents and the “Computer Assisted Web Interviewing” technique. According to the research, the developed complex model of SMEs’ sustainability depending on the listed criteria is statistically significant. Each investigated factor has a favourable impact on SMEs’ sustainability. The study’s findings supported the notion that the environmental aspects of the business have the strongest positive impact on the long-term sustainability of SMEs. The study’s findings indicate that the management of human resources, finances, and the degree of digitalisation of SMEs significantly influence the viability of businesses. The findings provide an important platform for managers responsible for the sustainability of the SME segment at the worldwide level (International council for small business), national level (particularly for V4 nations), as well as institutions supporting SMEs and SME owners.

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Section: H4: Applying Ethics In Business Has a Positive Effect On The...mentioning

confidence: 93%

Model of Sustainability of Smes in V4 Countries

Zvarikova,

Dvorsky,

Belas

et al. 2024

Journal of Business Economics and Management

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“…Moreover, it highlights the impact of external events such as the pandemic, ongoing conflicts between Russia and Ukraine, and increasing inflation. All these reflect the impact on SMEs' sustainability (Dvorský et al, 2023a;Dvorský et al, 2023b;Semenikhina et al, 2023). They must adopt necessary considerations and safeguard themselves from turbulence and other critical factors in the current economic environment.…”

Section: Literature Review and Theoretical Frameworkmentioning

confidence: 99%

“…As they are small businesses, their functioning depends mainly on the attitudes of owners and managers. The two most influential factors in future business are the view of financial risk as a positive indication of financial accomplishment and a normal component of a company's operations (Dvorský et al, 2023b). Efficient financial processes and risk management can support the sustainability of businesses.…”

Section: Literature Review and Theoretical Frameworkmentioning

confidence: 99%

SMEs sustainability: The role of human resource management, corporate social responsibility and financial management

Belas,

Jan,

Hlawiczka

et al. 2024

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Research background: The sustainability of small- and medium-sized enterprises (SMEs) represents a significant scientific and professional problem in the current turbulent period because these enterprises play an important role in any country’s economic and social systems. Purpose of the article: This paper aimed to define the significant sustainability factors of small and medium-sized enterprises and to quantify their impact and importance on the sustainability of SMEs. The areas of Human Resource Management, Corporate Social Responsibility, and financial management were defined as significant sustainability factors. Methods: Empirical research, on which the scientific hypotheses were formulated and evaluated, was conducted in June 2022 in V4 countries (Czech Republic, Slovak Republic, Poland, and Hungary) using a structured questionnaire. The study accumulated a sample of 1398 respondents. Data collection was conducted through an external agency, MN FORCE, operating in Central European countries. The Computer Assisted Web Interview (CAWI) method was used to record respondents’ perceptions. Descriptive statistics, correlation analysis, and linear regression analysis were used to evaluate the hypotheses. Findings & value added: The research showed that all defined factors in the areas of Human resource management (HRM), Corporate social responsibility (CSR), and financial management of the firm had an impact on defined sustainability attributes. The greatest impact was found on the firm’s financial management, followed by CSR and HRM. The empirical results confirm that the intensity of the independent variables varies across the V4 countries. These results also show that the intensity of the selected HRM, CSR, and financial management factors of a firm is higher in the integrated models than in the models for individual V4 countries. The research results have shown that a range of factors determine the right attitude towards the sustainability of companies. In this context, economic policymakers and entrepreneurs must perceive sustainable growth as complex and apply a systemic approach to its design and implementation.

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“…Sustainability primarily consists of three pillars: environmental, economic and social. Several adjectives, such as 'ecological', 'green' and 'blue', can also be found in the literature (Álvarez Jaramillo et al, 2019;Matuszewska-Pierzynka, 2021;Kowalska & Bieniek, 2022;Dvorský et al, 2023;Balcerzak et al, 2023).…”

Section: Sustainable Development Of Smesmentioning

confidence: 99%

The impact of corporate reputation and social media engagement on the sustainability of SMEs: Perceptions of top managers and the owners

Dvorský,

Bednarz,

Blajer-Gołębiewska

2023

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Research background: Small and medium-sized enterprises (SMEs) play a fundamental role in countries’ economies. Currently, entrepreneurs are struggling not only with the uncertainty of the business environment, but also with high expectations for businesses to be run in a sustainable way. Therefore, the impact of corporate reputation and social media on sustainability is an area of interest for entrepreneurs. In this context, little research has been conducted on their perception of the linkage between these issues. Furthermore, there has been no direct explanation of the effects of SMEs’ reputation and social media usage on their sustainable development, especially in the V4 countries. Purpose of the article: This article defines, quantifies, and verifies the effects of corporate reputation and social media on sustainable development as perceived by SMEs’ owners and top managers in the V4 countries. Methods: Data were gathered in December 2022 and January 2023 using the computer-assisted web interviewing (CAWI) method. The survey was designed based on a literature review and experts’ opinions. Respondents (top managers of SMEs, n = 1090) were asked questions on their firms’ characteristics, reputation, social media usage and sustainable development. The linear regression modelling (LRM) was utilised to evaluate the hypothesis. Findings & value added: The study revealed a strong relationship between owners’ and top managers’ perceptions of the importance of both corporate reputation and sustainable development in SMEs. The belief that social media supports the growth of companies’ performance is related to the understanding of the concept of sustainable business development. Surprisingly, for the owners and top managers of SMEs in V4 countries, there was no relationship between the awareness of social media usage to share information with customers and partners and the understanding of sustainable business growth.

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Effect of CSR Implementation and Crisis Events in Business on the Financial Management of Smes

Cited by 18 publications

References 93 publications

Model of Sustainability of Smes in V4 Countries

Model of Sustainability of Smes in V4 Countries

SMEs sustainability: The role of human resource management, corporate social responsibility and financial management

The impact of corporate reputation and social media engagement on the sustainability of SMEs: Perceptions of top managers and the owners

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