Differences in the Concept of Risk Management in V4 Countries

Open access


Risk management is one of the entrepreneurial knowledge to reduce business risks. The aim of the article is to compare the access to risk management in SMEs in the Visegrad countries (V4). The attention is focused on the differences in a perception of the importance of various risks, the choice of the person responsible for risk management and the frequency of discussion on the current risks in the company. The article deals with the partial results of the empirical questionnaire survey which was completed in 2018 at the Tomas Bata University in Zlín in the Czech Republic. The survey was made among SMEs in the Czech Republic (408 respondents), Slovakia (487), Poland (489) and Hungary (388). The questionnaire included questions about the importance of risks and the concept of risk management in the company. Three research questions were set. To test the formulated research questions, the following statistical tools, such as pivot table, relative and absolute frequency, the Chi-Square calculator for 5 x 5 Contingency Table and Z-score, were used. Finally, the result indicates a different perception of the key risks in Hungary (in comparison with other V4 countries). There are also statistically significant differences in the frequency of discussion on the current risks in relation to the size of the company among V4 countries. The differences among the companies from V4 countries in the choice of the person responsible for risk management were proved as well. The article concludes with a discussion on the comparison of the previous international researches.

Belás, J., Vojtovič, S., & Ključnikov, A. (2016). Microenterprises and Significant Risk Factors in Loan Process. Economics and Sociology, 9(1), 43-59. https://10.14254/2071-789X.2016/9-1/3

Belanová, K. (2014). Komparácia kvality podnikateľského prostredia v krajinách Vyšehradskej štvorky s osobitným akcentom na dostupnosť finančných zdrojov. Biatec. 22(1). 12-17.

Cepel, M., Stasiukynas, A., Kotaskova, A., & Dvorsky, J. (2018). BUSINESS ENVIRONMENT QUALITY INDEX IN THE SME SEGMENT. Journal of Competitiveness, 10 (2), 21-40. https://doi.org/10.7441/joc.2018.02.02

Christensen, B. J., Nielsen, M., & Zhu, J. (2015), The impact of financial crisis on the risk-return tradeoff and the leverage effect, Economic Modelling, 49(1), 407-418. https://doi.org/10.1016/j.econmod.2015.03.006

Čunderlík, D., & Rybárová, D. (2002). Podnikatelské riziko. Bratislava: Ekonóm.

Deloach, J. W. (2000), Enterprise-Wide Risk Management, London.

De Oliveira, U.R., Marins, F.A.S., Rocha, H.M., & Salomon, V.A.P. (2017). The ISO 31000 standard in supply chain risk management. Journal of Cleaner Production, 151 (1),616-633. https://doi.org/10.1016/j.jclepro.2017.03.054

Dobeš K., Kot S., Kramoliš J., Sopková G. (2017). The Perception of Governmental Support in The Context of Competitiveness of SMEs in the Czech Republic. Journal of Competitiveness, 9 (3), 34-50. https://doi.org/10.7441/joc.2017.03.03

European Risk and Insurance Report (2016). Executive Summary of the FERMA, Risk Management Benchmarking survey. Retrieved November 11, 2018, from http://www.ferma.eu/riskmanagement/

Fetisovova, E., Hucova, E., Nagy, L., & Vlachynsky, K. (2012). Aktualne problemy financii malych a strednych podnikov. Bratislava : Ekonom, 2012.

Gavurova, B., Packova, M., Misankova, M., & Smrcka, L. (2017). Predictive Potential and Risks of Selected Bankruptcy Prediction Models in the Slovak Business Environment. Journal of Business Economics and Management, 18(6), 1156-1173. https://doi.org/10.3846/16111699.2017.1400461

Global Management Accountant - Global State of Enterprise Risk Oversight 2nd edition (2015). Retrieved October 18, 2018, from: http://erm.ncsu.edu/library/research-report/cgma-report-ontheglobal-state-of-enterprise-risk-oversight

Henderson, J., & Weiler, S. (2010). Entrepreneurs and job growth: probing the boundaries of time and space, Economic Development Quarterly, 24(1), 23 - 32.

Hernández-Cánovas, G., Koëter-Kant, J. (2013). SME financing in Europe: Cross-country determinants of bank loan maturity. International Small Business Journal. 29(5), 489-507. https://doi.org/10.1177/0266242611402569

Hopkin, P. (2013). Risk Management. London.

Hudáková, M., Buganová, K., & Lusková, M. (2014). Small and Medium-Sized Enterprises Business Risks in Slovakia. Paper presented at the Proceeding of the 18th World Multi-Conference on Systemics, Cybernetics and Informatics (WMSCI 2014), 240-245.

Hussain, J., Ismail K., & Akhtar, Ch. S. (2015). Linking Entrepreneurial Orientation with Organizational Performance of Small and Medium Sized Enterprises: A Conceptual Approach. Asian Social Science, 11(7): 1-10. https://doi.org/10.5539/ass.v11n7p1

Ključnikov, A., & Sobeková Majková, M. (2016). Impact of Gender in the Perception of Administrative Burdens among Young Entrepreneurs - Evidence from Slovakia. Journal of Competitiveness, 8(2), 17- 30. https://doi.org/10.7441/joc.2016.02.02

Ključnikov, A. & Belás, J. (2016). Approaches of Czech Entrepreneurs to Debt Financing and Management of Credit Risk. Equilibrium. Quarterly Journal of Economics and Economic Policy, 11(2), 343-365. https://doi.org/10.12775/EQUIL.2016.016

Ključnikov, A., & Junger, R. (2013). Barriers for foreign direct investments in Belarus: Case of business logistics. In Proceedings of the Carpathian Logistics Congress.

Kot, S. (2018). Sustainable Supply Chain Management in Small and Medium Enterprises. Sustainability, 10 (4), art. no. 1143.

Kozubíková, L., Belás, J., Bilan, Y., & Bartoš, P. (2015). Personal characteristics of entrepreneurs in the context of perception and management of business risk in the SME segment. Economics & Sociology, 8(1), 41-54. https://doi.org/10.14254/2071-789X.2015/8-1/4

Kral, P., & Kliestik, T. (2015), Estimation of the level of risk based on the selected theoretical probability distributions, Proceedings of the 10th International Scientific Conference on Financial Management of Firms and Financial Institutions Location, Ostrava, Czech Republic, 603-610.

Kramoliš, J. (2014). Product placement and product life cycle - czech SME study. Paper presented at the Proceedings of the 24th International Business Information Management Association Conference - Crafting Global Competitive Economies: 2020 Vision Strategic Planning and Smart Implementation, 1074-1084.

Krištofík, P. (2010). Poučenia z krízového vývoja. Finančný manažment. Retrieved November 11, 2018, from: http://www.financnymanazment.sk/2010-1/6-2010/Poucenia-z-krizoveho-vyvoja

Oláh, J., Zéman, Z., Balogh, I., & Popp, J. (2018). Future challenges and areas of development for supply chain management. LogForum, 14 (1), 127-138. https://doi.org/10.17270/J.LOG.2018.238

Paulík, J., Kombo, F., & Ključnikov, A. (2015). CSR as a driver of satisfaction and loyalty in commercial banks in the Czech Republic. Journal of International Studies, 8(3), 111-126. https://doi.org/10.14254/2071-8330.2015/8-3/9

Popp, J., Oláh, J., Machova, V., & Jachowicz, A. (2018). Private equity market of the Visegrad group. Ekonomicko-manazerske spektrum, 12 (1), 1-15. https://doi.org/10.26552/ems.2018.1.1-15

Report on the Current State of Enterprise Risk Oversight: Update on Trends and Opportunities (2015). Retrieved October 17, 2018, from http://erm.ncsu.edu/library/article/current-state-erm-2015

Taraba, P., Heinzová, R., Pitrová, K., Hart, M., & Trojan, J. (2015). Project risks in enterprises in the Czech Republic. Paper presented at the Proceedings of the 25th International Business Information Management Association Conference - Innovation Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2015, 814-821.

Urbancová H., & Hudáková M. (2015), Employee Development in Small and Medium Enterprise in the Light of Demographic Evolution, Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 63(3), 1043-1050. https://doi.org/10.11118/actaun201563031043

Varcholová, T., & Dubovická, L. (2008). Nový manažment rizika. Bratislava: Iura Edition.

Vodak, J., Soviar, J., & Lendel, V. (2014). Cooperation management in Slovak enterprises. Procedia Social and Behavioral Sciences. Proceedings of 2nd world conference on business, economics and management, Istanbul, Turkey, 1147-1151. https://doi.org/10.1016/j.sbspro.2013.12.602

Journal Information


All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 41 41 9
PDF Downloads 32 32 8