Abstract
The economic crisis triggered by the COVID-19 pandemic suggests that enterprises should manage their business in the wider system of public, social and environmental relations. Sustainable socially responsible business is becoming a lifeline for enterprises, they need to make the most effective decisions about the future direction. This can be achieved by interconnection of sustainable socially responsible business and controlling. Following the empirical survey research carried out using 151 Slovak enterprises the maturity of enterprises concerning the use of controlling and its financial, investment, cost, quality and personnel controlling subsystems was defined. Fisher’s f-test was used for Three-factor analysis of variance questions. The results achieved in the research showing significant differences between analyzed categories of enterprises in terms of size and their subject of business. Based on the analyses of the secondary sources and on results of the research, a framework concept of the structure of corporate controlling for Slovak enterprises was proposed which represents an innovative sustainable business model in practice, the application of which in practice will be a prerequisite for the growth of performance and financial health of enterprises.
Highlights
At the time of the global pandemic, the business sector is currently facing a crisis
Partial or complete restrictions of business operation imposed by the state directly jeopardized their existence. The objective of these state measures was to slow down the spread of the new coronavirus COVID-19, which reflected in the reduction of revenues, profits and cash flow of the enterprises
The aim of the paper is based on the analyses of the secondary sources and based on mapping the state of controlling use in the practice of Slovak enterprises, a framework concept of the structure of corporate controlling for Slovak enterprises was proposed which represents an innovative sustainable business model in practice, the application of which in practice will be a prerequisite for the growth of performance and financial health of enterprises
Summary
At the time of the global pandemic, the business sector is currently facing a crisis. Partial or complete restrictions of business operation imposed by the state directly jeopardized their existence The objective of these state measures was to slow down the spread of the new coronavirus COVID-19, which reflected in the reduction of revenues, profits and cash flow of the enterprises. In view of the above, new ways how to “startup” their business activities are being sought Important for maintaining their business is to analyze the external environment, or rely on the state aid, but to look for and reveal internal reserves. Enterprises can influence their internal environment and immediately implement the measures. Identifying the expectations of stakeholders and taking them into account in business decisions is a prerequisite for sustainable positive business results with a positive environmental and social impact on society (Malá et al, 2017; Alshammari, 2015; Štrukelj et al, 2020; Belas et al, 2020; Matten & Moon, 2008; Ashrafi et al, 2020)
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