Abstract
Risks are a very important part of the business environment. If risks are managed well, they can provide a higher level of competitiveness and sustainability advantages for a company. The first step towards successful risk management is an identification of risks. The aim of this article is to create a risk profile for (small and medium-sized enterprises) SMEs in V4 countries (Czech Republic, Slovakia, Poland, Hungary), compare them to each other and then compare the results with those for Serbia. The data were collected during an extensive research project organized by Tomas Bata University in Zlín in 2017 and 2018. In total 2110 answers of SMEs were analyzed. For the verification of hypotheses, a 5-point Likert scale, Multiple Correspondence Analysis (MCA) and Multiple Factors Analysis (MFA) and ANOVA were used. The level of legal, security, personnel and operational risks is statistically higher in Serbia than in V4 countries, and the lowest level is in Slovakia. Some significant differences among the exposure to risk according to economic sectors were identified.
Highlights
Risks are an integral part of the operations of every business
For the Czech Republic the most important type of risk is personal risk, while in Slovakia all risks are considered to be below average importance
Hypothesis 5 (H5) can be confirmed, as we found some significant differences between economic sectors regarding the exposure to specific risk sources
Summary
Risks are an integral part of the operations of every business. The most important impacts of the risks are felt in small and medium-sized businesses (SMEs), which are considered to be the most important part of the world economy and an engine of economic growth [1,2,3,4]. SMEs grow faster than larger companies and are often confronted with major challenges which bring many risks [12,13,14,15] These types of companies are more sensitive to economic development, but on the other hand they are more flexible and adaptable to changes [16]. In order to preserve and promote cultural cohesion, the Visegrad Group intends to promote cooperation, the sharing of values in the fields of culture, education, and science, and the exchange of information These countries are members of the V4, their historical development, which provided the roots of industry, was not entirely consistent [21]. Serbia as a part of the Balkan area has a different historic development and economic and social environment in comparison with the V4 countries. The part features the main results, while the last part focuses on a discussion of the result and main conclusion
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