Risk Management In SMEs Research Articles

Risk Management Towards the Recovery and Sustainability of the SMEs Business in the Post COVID-19 Era

Purpose: The objective of this study was to identify risk management supporting the recovery and sustainability of SME businesses in Indonesia after the COVID-19 pandemic crisis. Theoretical Framework: Recent literature, Lima et al (2020) researched risk management in SMEs, using a literature review approach, create a concept of risk management in SMEs, which so far have not been widely studied. The result state that financial risk management and enterprise risk management, are among the most studied in the literature. Design/Methodology/Approach: This research method uses a literature review approach to systematically analyze risk management that has and has not been carried out by SMEs in Indonesia. In addition, it also provides insight and understanding related to risk management needed by SMEs in the recovery period, as well as strategies for adapting sustainable business concepts. Findings: The results of this study explain that SMEs in Indonesia experience many risks in running their business and are too vulnerable to face economic shocks. To adopt the concept of a sustainable business and business recovery after the COVID-19 pandemic, SMEs in Indonesia must carry out comprehensive risk management. Research, Practical & Social Implications: We suggest a future research agenda and highlight the contributions made to executive and management education. Originality/Value: The results indicate that the number of publications is growing, and the management and business area is the one that contributes the most, with the countries that produce in co-authorship also providing the most publications.

The Role of Enterprise Risk Management on SMEs Performance: A Review Paper

SMEs have proved their ability to contribute to economic growth and become Malaysia's most prominent business economy. As a result, many Malaysians, particularly the younger generation, are involved in this field because they believe that entrepreneurship will help them improve their living standards and income level. Furthermore, government support is one of the reasons why young Malaysians want to be entrepreneurs. However, many Malaysian entrepreneurs have struggled to survive in the first five years of business operation due to the risks and challenges. As a result, using comprehensive literature review, this paper aim to review some of the previous papers on the importance of risk management in SMEs and find gaps from these papers. This review paper can help grasp new research opportunities that can be conducted in the future. Thus, this paper suggested implementing an enterprise risk management index to help entrepreneurs measure their readiness before entering the entrepreneur field.

Cyber risk management in SMEs: insights from industry surveys

PurposeThis article aims to gain insights on the current state of small- and medium-sized enterprises’ (SMEs’) cyber risk management process and to derive future research directions.Design/methodology/approachThis is done by collecting market insights from 37 recent industry surveys and structuring them based on the steps of the risk management process. From this analysis, major challenges are derived and future fields of research identified.FindingsThe results indicate that deficiencies in risk culture as well as the strained market for IT experts are the major obstacles with respect to the implementation of cyber risk management in SMEs, and that these challenges are similar across countries. The findings suggest that especially the relationship between cyber security culture and cyber risk management should be investigated further, and that a stronger link between the research streams on enterprise risk management and cyber risk management would be desirable.Originality/valueThis paper contributes to the literature by providing a systematic overview on the current state of SMEs' cyber risk management from a market perspective. The findings provide support for the existing academic literature by emphasizing the central role of cyber security culture (perception, knowledge, attitude) for a successful cyber risk management, which however should be addressed in more depth in future (empirical) research.

Towards adequate cybersecurity risk management in SMEs

Towards adequate cybersecurity risk management in SMEs

Supply Risk Management in Small and Medium-Size Enterprises: A Systematic Literature Review

This paper reviews the extant literature relating to supply risk and its mitigation strategies in the context of SMEs. A systematic literature review approach using keyword search in the various academic databases was employed to capture, classify and summarise the main body of knowledge on supply risk management in SMEs. The findings reveal that literature of supply risk management focusing on SMEs is very limited at present. The findings also reveal that leveraging network resources is predominantly advocated by the scholars as a measure of mitigating supply risks in SMEs. Based on the findings of the existing literature, the paper also offers recommendations for future research, which can contribute to the literature on supply risk management in SMEs.

DIFFERENCES IN THE CONCEPT OF RISK MANAGEMENT IN V4 COUNTRIES

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.

Differences in the Concept of Risk Management in V4 Countries

Abstract 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.

LEADING MARKERS OF RISK CULTURE IN ORGANIZATION

Among the many assumptions about taking-risk widely embraced but rarely tested is the notion that large companies risk culture are less averse to risk than risk culture in the SMEs sector. Taking a multivariate markers of organizational culture, this study seeks to identify and to explain differences between theoretical and empirical aspects of risk culture. The concept of risk culture pertains to perceptions risks and promote risk-taking in organizations. I accept the assumption that organizational culture markers (indicated mainly based on research and opinion large companies) depends on the company size. Using questionnaire data from a variety of SMEs organizations, I find that there is considerable variance in theoretical and practical risk culture markers. I postulate that culture influences corporate risk-taking according organizational size. The primary purpose of this research is to contribute to the understanding of the risk culture markers in micro small and medium size enterprises. The research questions explore the differentiation between risk culture markers indicates in academic literature and markers indicates in empirical research. Theoretical considerations is supplemented by a results of the study in 269 Polish SMEs. Additional aim of this study is, at least partially, fill a gap on the organizational culture and risk management in SMEs.

On the Effectiveness of Gamified Risk Management Workshops: Evidence from German SMEs

This study analyzes the potential benefits gamification can offer to SMEs in the area of risk management. A structured review of the topic of risk management in SMEs and previous studies of the application of gamification to risk management forms a theoretical framework. A gamified risk management workshop is devised which is used as a treatment for three German SMEs. This article contains a description of the developed workshop, the applied methodology and the respective results. While following a quasi-experimental action research approach, it becomes evident that the gamified workshop has the potential to motivate the participants, increase their knowledge on risk management and foster cognitive and group de-biasing. The findings suggest that gamification can be a valuable tool for SMEs to enhance their risk management process.

Influence of selected factors on financial risk management in SMEs in the Czech Republic

Influence of selected factors on financial risk management in SMEs in the Czech Republic