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2, XX, 2017
Business Adminis a ion and Managemen
DOI: 10.15240/ ul/001/2017-2-007
In oduc ion
The business ac i i y o small and midsize
en e p ises plays an impo an ole in he
indi idual economies o he Eu opean Union.
In his ega d, Cumming, Johan, and Zhang
(2014) and Gawel (2010) indica e ha
en ep eneu ship has a signi i can ly posi i e
impac on GDP/capi a, expo s/GDP, and
pa en s pe popula ion, and a nega i e impac
on unemploymen .
SMEs a e a key ac o in main aining
and c ea ing a unc ioning ma ke economy,
pa icula ly as he means o s imula ing
compe i ion, c ea ing jobs, and p omo ing
economic boos (Kessle , 2007).
Acco ding o he exis ing li e a u e,
inc easing he compe i i e posi ion o
businesses, pa icula ly small and medium-
sized en e p ises (SMEs), is an impo an d i e
o he de elopmen and enewal o na ional
economies (Dúb a ská e al., 2015; Vi gle o á
e al., 2016; Belás & Sopko á, 2016; Adamowicz
& Machla, 2016; Belás e al., 2015; Kozubíko á
e al., 2015; Wes e al., 2008; Ba be o e al.,
2011; Wol e al., 2012).
Fo SMEs, he en i onmen in which
hey ope a e is ano he impo an ac o . The
en i onmen has o be moni o ed, analysed,
and new oppo uni ies and h ea s need o be
e alua ed. Some s udies poin owa ds he
necessi y o analyze he business en i onmen
especially o newly es ablished companies
o o new CEOs. New CEOs ha e o gain
knowledge abou he o ganiza ion and he
en i onmen in which he i m ope a es
(Richa d, Wu, & Chadwick, 2009), a e mo e
likely o conside se e al al e na i es, ha e
a mo e ex e nal ocus, and a e mo e open o
esh ideas, change and expe imen a ion han
long inu ed CEOs (Hamb ick, Gele kancyz,
& F ed ickson, 1993).
The aim o his a icle is o c ea e a model o
he quali y o business en i onmen , de i ne he
key de e minan s o his model, and quan i y he
co ela ions among he indi idual de e minan s
in he a ea o small and medium-sized
en e p ises (SMEs) in he Czech Republic.
In he heo e ical pa , he segmen o small
and midsize en e p ises is desc ibed, oge he
wi h i s bene i s o he economy. Fu he mo e,
business en i onmen and i s main de e minan s
a e de i ned, namely he s a e, socie y, i nancial
ma ke s and banks, and business isk. In he
nex sec ion, he e a e p esen ed he objec i es,
me hodology and esou ces o in o ma ion used
in he p esen s udy. Finally, he mos impo an
ecommenda ions o he heo e ical a ea and
he economic p ac ice a e s a ed.
1. Theo e ical Backg ound
In line wi h Hende son and Weile (2010) who
s a e ha SMEs could be cha ac e ized as he
mos impo an ca alys o economic g ow h,
he ac is ha 99% o all companies a e om he
SME segmen in he Eu opean Union and he
USA (Bhai d, 2010). Wha is mo e, acco ding o
he SBA Fac Shee SMEs o m he backbone
o he EU28 economy, by gene a ing 3.9 illion
EUR alue added in a yea and employing 90
million people (Eu opean Union, 2016).
SMEs include he as majo i y o p i a e
sec o en e p ises and ensu e mo e han 50%
o employmen and manage economic g ow h.
On he o he hand, due o hei size, hey o en
ace bo h in e nal (lack o managemen skills)
and ex e nal (un a o able ma ke condi ions and
ins i u ional se ings) obs acles ha may hinde
hei u he g ow h (Hessels & Pa ke , 2013).
KEY DETERMINANTS OF THE QUALITY
OF BUSINESS ENVIRONMENT OF SMES
IN THE CZECH REPUBLIC
Zuzana Vi gle o á, Lubo Homolka, Luboš Sm čka,
Ko nélia Lazányi, Tomáš Klieš ik
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88 2017, XX, 2
Ekonomika a managemen
SMEs a e also qui e impo an o he
quali y o li e o he socie y. As Ma hu (2011)
s a es, SMEs play essen ial ole in i nancing
wel a e o local communi ies as well as he
cul u al and spo s li e in he egions. The loss
o an SME as a sponso o pa on due o i s
c isis makes a subs an ial e ec on he exis ing
social s uc u es.
Howe e , he s a e emains one o he
mos impo an de e minan s o he business
en i onmen , being he one who se s he
ules o business and he one who suppo s
o hinde s he de elopmen in his a ea
(Ga u o a e al., 2016). One o he ba ie s
o SMEs’ su i al and de elopmen seems
o be he lack o ins i u ional suppo , along
wi h inadequa e legisla ion and excessi e
egula ions. Many SME manage s complain
abou he bu eauc a ic p ocesses ha come
along wi h hese hind ances; u he mo e,
hey i nd many se ices inadequa e. Gallup
O ganiza ion (2007) emphasizes ha nea ly
hal o SMEs in EU conside hemsel es as
ope a ing in an o e - egula ed en i onmen and
de ec adminis a i e egula ions as he mos
impo an business cons ain . Wha agg a a es
his si ua ion is he sca ce awa eness, absence
o in o ma ion and ime o ake ad an age
o exis ing suppo . In addi ion, Ghobadian
and Galle (1996) poin ou ha SMEs a e
usually skep ical o ou side help. Acco ding o
Kuzmišin (2009), he imp o emen o business
condi ions, suppo o en ep eneu ial spi i ,
l exible labou ma ke s, company and wo ke
adap abili y, in es men s in o educa ion and
science, esea ch, and inno a ions, ma ke
access, and secu e supply o ene gy – a e
pe manen challenges o all playe s in he
business en i onmen .
SMEs, al hough being a signi i can
economic o ce as a g oup a e ex emely
ulne able as single en i ies. To ealize he
ex en o hei suscep ibili y i has o be
comp ehended ha he as majo i y o SMEs
(92.8% o all en u es) a e mic o en e p ises
wi h less han 10 employees. They a e usually
unde i nanced and a e ex emely suscep ible
o he su ounding social, legal and business
en i onmen (Eu opean Commission, 2016).
Acco ding o he SBA Fac Shee (Eu opean
Union, 2016) he g ea es weaknesses o SMEs
a e ‘Skills & inno a ion’ and ‘S a e & public
p ocu emen ’, while he lack o su i cien
en ep eneu ship, he p e ailing single ma ke
app oach, and he s ill p oblema ic access
o i nance a e also majo con ibu o s when i
comes o business ailu es (Eu opean Union,
2016).
The global i nancial and economic
c isis wo sened he condi ions o SMEs
business, which was e l ec ed in he ac ha
he p o i abili y o companies dec eased,
comme cial banks igh ened lending p ac ices
and ha is why he access o deb i nance
wo sened, oo (Ključniko & Belás, 2016; Belás
e al., 2014). None heless, he nega i e end
seems o be b eaking. 2014 was he i s yea
since he ecession, when SMEs we e able o
inc ease hei employmen (by 1.1%) and he
endency was unb oken wi h an inc ease o
1.5% in 2015. The same posi i e endency is
displayed by he inc ease in alues added in
2014 and 2015, 3.8% and 5.7% espec i ely
(Mulle e al., 2016). Owing o hese posi i e
esul s acco ding o he SAFE Su ey esul s
o 2016, a e long yea s he SMEs ega d no
i nding access as a compa a i ely less p essing
p oblem (Van de G aa e al., 2016).
SMEs which possess s ong social ies wi h
go e nmen o i cials a e likely o gain access o
unpublished ma ke in elligence con olled by
go e nmen agencies. Such in elligence can
be le e aged o acili a e a i m’s ma ke ing
capabili y (i.e. implemen ing key ma ke ing
ac i i ies) o achie e high le el o cus ome
sa is ac ion and us (Luo e al., 2008). K amoliš
(2015) s a es ha while he annual GDP g ow h
l uc ua es a ound ze o, companies a e likely o
wo k ha d o make a p o i and y o cu cos s
while su i ing on he ma ke . The e o e all o he
ac i i ies (such as measu ing he economic
e ec s o design) a e conside ed o be mino .
A e ido e al. (2009), Demi güç-Kun e
al. (2006), Lae en and Wood u (2007), and
Lo e (2003) all indica e ha i ms ace ewe
obs acles in coun ies wi h be e in es men
clima es.
Be e ins i u ional en i onmen can
signi i can ly imp o e SMEs’ access o i nancing.
I is no necessa ily ue ha he en y o o eign
banks will help domes ic i ms i nd access o
c edi . The e o e, go e nmen s in eme ging
ma ke s may need o be mo e cau ious when
encou aging o eign in es men in he banking
indus y. G ea e ins i u ional and economic
de elopmen can subs an ially alle ia e he
di i cul ies SMEs ace wi h espec o i nancing
(Dong e al., 2014; Šol és & Ga u o á, 2014).
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Business Adminis a ion and Managemen
Rega ding he se ing o he business
en i onmen by he s a e, we mus no omi he
access o SMEs o sou ces o i nance p o ided
especially by banks. In his con ex Belás and
Polách (2011) s a e ha he banking sys em
is in l uenced by many economic and non-
economic ac o s and banks ha e o apply s ic
s anda ds o hei isk managemen . This ac
signi i can ly de e mines he access o SMEs o
bank loans.
Beck e al. (2006; 2008) sugges ha small
i ms and i ms in coun ies wi h poo ly wo king
ins i u ions use less ex e nal sou ces o i nance,
especially om banks.
Bank loans a e a key sou ce o i nance o
SMEs (Howo h & Mo o, 2012) and in o ma ional
opaci y o en hinde s SMEs om ob aining such
loans (Van Caneghem & Van Campenhou ,
2012; O iz-Molina & Penas, 2008; He nández-
Cáno as & Ma ínez-Solano, 2007).
SMEs, being mo e opaque and, he e o e,
mo e bound o hei main bank, do no need
as s ong incen i es as la ge i ms o s ay in
he ela ionship. Banks, being awa e o he
di i cul ies encoun e ed by SMEs in a ac ing
new i nancial esou ces, will no be incen i ized
o o e hem be e c edi e ms (Sha pe, 1990).
Consis en wi h his in e p e a ion, Gopalan
e al. (2007) ound ha he likelihood o no
discon inuing ( hus main aining) a banking
ela ionship is highe o e y opaque i ms
con i ming he idea o in o ma ion en being
accumula ed by he bank.
A numbe o pape s i nd ha SMEs a e mo e
i nancially cons ained han la ge i ms and,
impo an ly, lack o access o ex e nal i nance
is a key obs acle o i m g ow h, especially o
SMEs (Schi e e al., 2001; C essy, 2002; IADB,
2004). Amendola e al. (2014) ound ou ha he
isk o going bank up is highe o small i ms,
while he isk o being liquida ed and inac i e is
lowe o midsize i ms. Mo eo e , young i ms
ha e a highe p obabili y o going bank up o
becoming inac i e. On he con a y, old i ms
ha e a lowe p obabili y o being liquida ed and
becoming inac i e.
New SMEs and hose in hei ea ly s ages
a e acing mo e i nancing p oblems om he
banks han hei mo e es ablished coun e pa s.
No h e al. (2010) ound ou ha young SMEs
a e wice as likely c edi cons ained han
es ablished i ms and, mo e impo an ly, 17.1%
o young i ms did no ecei e any o m o
i nancing om he banks.
F om an in o ma ion asymme y pe spec i e,
SMEs a e gene ally iewed as iskie bo owe s
han la ge companies (Be ge & Udell, 2005).
Haneda e al. (2013) ound ou ha me ely
he size and loca ion o he i m nega i ely
a ec he deg ee o colla e al in banks. La ge
i ms loca ed in la ge ci ies seem o ha e he
con ac ual powe o mi iga e he deg ee o
colla e al equi ed. The loca ion e ec , on he
o he hand, is consis en o all i m sizes.
The s udy o Deakins e al. (2010) shows
ha SMEs we e u ned down o access unds
om he banks due o poo p esen a ion o he
loan p oposal by he SME owne , al hough he
business was sol en and sound o be able o
epay he loans. Las ly, he in o ma ion gap
be ween SMEs and banks can be educed
h ough good banking ela ionships and when
he owne o he SME p o ides all necessa y
in o ma ion o he bank manage s. I inc eases
he us o he bank manage s and i can help
i ms o access unds om he bank.
S udies ha e iden i i ed se e al ypes o
in o ma ion ha a e equi ed when assessing
SME loan applica ions (Deakins & Hussain,
1994; Be y e al., 2004; Be y & Robe son, 2006;
B uns & Fle che , 2008; Deakins e al., 2010; Rad
e al., 2013). One impo an ype o in o ma ion
is he colla e al ha signals he bo owe ’s abili y
and commi men o epay he loan. Thus, a loan
secu ed by colla e al educes he bank’s c edi
isk (Be ge & Udell, 2006; Beck e al., 2009).
Wellalage and S ua (2012), Sousa (2013)
and Hauschild e al. (2006) emphasize ha he
speci i cs o SMEs c isis also de i es om he
limi ed i nancial esou ces.
In o de o educe isks and po en ial c isis
in business, he companies hemsel es should
ac i ely use isk managemen , hey should
iden i y business isks in ime and elimina e
hem e ec i ely.
Risk managemen is de i ned as he p ocess
in ended o sa egua d he asse s o he company
agains losses ha may hi i in he exe cise o
i s ac i i ies, h ough he use o ins umen s o
a ious kinds (p e en ion, e en ion, insu ance,
e c.) and in he bes cos condi ions (U ciuoli
& C enca, 1989). Ano he de i ni ion is ha RM
e e s o he p ocess o planning, o ganizing,
di ec ing, and con olling esou ces o achie e
gi en objec i es when unexpec ed good o bad
e en s a e possible (Head, 2009).
All en e p ises need o adop a isk
managemen (RM) s a egy and me hodology
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90 2017, XX, 2
Ekonomika a managemen
o iden i y, assess and ea isks (Ve bano &
Ven u ini, 2013). SMEs need o p ac ice RM
much mo e han la ge o ganisa ions because
hey su e om esou ce limi a ions o espond
p omp ly o bo h in e nal and ex e nal haza ds
which ha e he po en ial o cause eno mous
losses and e en insol ency o he o ganiza ion
(Ragha an, 2005). Howe e , in o de o achie e
a compe i i e edge and enhance he a e o
success o hei business, SMEs need o make
isky decisions and engage in isky ac i i ies
so ha hey can p o ec he inno a i eness
o deli e ing p ojec s (Va gas-He nández,
2011). Mo eo e , due o he p e alence o
de egula ions and ma ke libe aliza ion, SMEs
encoun e mo e unce ain ies and challenges
which make he SMEs’ owne s-manage s
conside RM as an in eg al pa o he business
managemen in o de o keep he i ms iable
and p oduc i e (Yeo & Lai, 2004). Acco ding
o Ta aba e al. (2015), i is also possible o
ans e i nancial isk o supplie s by way o
es ablishing con ac ual p ices and in oducing
a penaliza ion sys em in case ha con ac
condi ions a e iola ed. I he isk occu s, i
is possible (e.g. in e ms o non-compliance)
ha he incu ed cos s will be e unded by he
supplie .
The size o an o ganiza ion in l uences
he implemen a ion and p ac ice o isk
managemen . The i ndings highligh ed ha
he implemen a ion o isk managemen wi hin
SMEs is in l uenced by wo main in eg a ed
di i cul ies which a e di ec ly de e mined by
he o ganiza ional cha ac e is ics. These
di i cul ies include: scaling isk managemen ,
and ools and echniques adop ion (Wa d e al.,
1991; Spa ow & Ben ley, 2000; Simu, 2006;
Henschel, 2007).
2. Objec i es, Me hodology and
Resou ces
The aim o his a icle is o c ea e a model o
he quali y o business en i onmen , de i ne
he key de e minan s o his model, and
quan i y he co ela ions among he indi idual
de e minan s in he a ea o small and medium-
sized en e p ises (SMEs) in he Czech
Republic. This aim was chosen because o
scien i i c discussion abou he mos impo an
de e minan o business en i onmen and
hei impac on small and medium en e p ises
in Czech Republic. These en e p ises a e no
as esis an o he su oundings as bigge
companies and he impac o he ac o s o
business en i onmen can be c ucial o hem.
The e o e is e y impo an o unde s and hese
ac o s o se ing mo e sui able condi ions o
businesses in Czech Republic o inc easing
hei compe i i eness on he in e na ional
ma ke .
The aim was eached by ques ionnai e
su ey. In compliance wi h he esul s o his
su ey, he de e minan s which in l uence he
quali y o business en i onmen in he Czech
Republic we e adjus ed. Ques ionnai es we e
collec ed du ing he yea 2015 ia he on-line
ques ionnai e. The esea ch was ca ied ou
as ollows. In o al 1,650 companies had been
chosen andomly om he Albe ina da abase
(only SMEs) and hey we e add essed di ec ly
by e-mail o comple e he ques ionnai e in
elec onic o m. I hey did no comple e he
ques ionnai e, hey we e asked again o
comple e he ques ionnai e by phone. This
p ocess was epea ed wice. Ques ionnai es
we e comple ed only by owne s o manage s
o he companies. Finally, we ecei ed 1,171
esponds. Al hough all he egions in he Czech
Republic we e co e ed, 323 companies we e
asked in he Zlín egion. This bias is caused by
he loca ion o he uni e si y which ca ied ou
he esea ch.
The majo i y o business owne s we e
males (75.4%). The e we e 740 mic o (<10
employees), 306 small (<50), and 95 medium
(<95) companies. Mos o he companies (705)
we e es ablished be o e 2005. 191 companies
we e ounded be ween 2005 and 2010, and
245 companies a e younge han 2005.
Acco ding o he heo e ical backg ound,
a model o he quali y o business en i onmen
was c ea ed. Fou a iables we e se (S a e,
Public pe cep ion, Financial ma ke s and
banks, Business isks).
Fo desc ibing he causal ela ions be ween
he ou a iables, he S uc u al Equa ion
Modelling (SEM) was used. This esea ch deals
wi h indi ec ly obse able a iables (la en
cons uc s). The ques ionnai e was designed
so as o cap u e he business owne s’ opinions
by de eloping a se o ques ions co e ing
he impo an dimension o unde lying la en
a iable. Ten impo an dimensions ela ed
o he quali y o business en i onmen we e
pos ula ed in he beginning o he esea ch.
Fou ques ions (indica o s) on he Like scale
o 5 le els we e designed o each cons uc . In
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Business Adminis a ion and Managemen
o de o ensu e ha all ac o s a e iden i i able,
Explo a o y Fac o Analysis (EFA) using
minimal esiduals es ima ion echnique was
selec ed. A e he co ela ion ma ix was ound,
Ve y Simple S uc u e (VSS) was employed
o iden i y op imal numbe o ac o s. Maximal
alue o VSS complexi y 1 was achie ed wi h
5 ac o s, VSS wi h complexi y 2 was i ually
equal in he ange o 3–10 ac o s. Bayesian
in o ma ion c i e ion sugges s ex ac ing 5
ac o s. These i ndings do no mee he ini ial
expec a ions.
Comp omise solu ion was used and
EFA wi h 5 ac o s was made. O hogonal
o a ion ( a imax) echnique was selec ed.
Du ing he i e a i e p ocess, indica o s wi h
low communali y, high c oss-loadings (>|0.4|)
and small single- ac o loadings (>|0.2|)
we e emo ed. The mos con enien solu ion
which would mee he equi emen o he ace
alidi y is p esen ed in Tab. 2. All ac o s we e
gi en a new name based on he composi ion
indica o s. The ques ions which we e used in
he co ela ion ma ix a e explained in Tab. 1.
3. Resul s
On he basis o a model c ea ed in compliance
wi h ou heo e ical backg ound, ques ions we e
de i ned and asked o SME owne s in he Czech
Republic. The ques ions we e di ided in o ou
ca ego ies, as he ollowing Fig. 1 indica es.
The s uc u al model in Fig. 1 p esen s
he es ima es o hypo hesized ela ions
(hypo hesis). The pe cep ion o i nancial isk is
a ec ed by gene al en i onmen (H1), banks’
app oach o SMEs (H2) and he business
owne s’ knowledge (H3). I is also expec ed ha
he e is a co a iance be ween he pe cep ion
o he ole o banks and he knowledge o
banking ules and p inciples. Bo h ac o s a e
closely ela ed o he banking sec o . On he
o he hand, we do no assume la ge co ela ion
o banking and s a e e ec s. In he s uc u al
model, we only assume one undi ec ed ela ion
be ween banking o ien ed ac o s (H5).
Selec ed ca ego ies o ques ions, answe ed
by SME owne s in he Czech Republic, we e
di ided in o g oups in acco dance wi h EFA
and he ollowing de e minan s o he business
en i onmen in he Czech Republic we e
cons uc ed. We composed he co ela ion ma ix
om selec ed ques ions o ques ionnai e (Tab. 1).
By ou - ac o analysis, using he
abo emen ioned indica o s, no co ela ion
ma ix was iden i i ed (Fig. 2). The ques ions
p o ided by he esponden s did no co espond
wi h hese selec ed ac o s. Di iding he
answe s om he ques ionnai e in o he ou
abo emen ioned g oups was impossible. The
selec ed ac o s which ha e an impac on
he quali y o business en i onmen had o
be changed acco ding o he esul s and he
ela ions be ween he p o ided answe s.
Tab. 2 con ains o a ed ac o loadings,
abb e ia ed names o cons uc s which a e
used in he subsequen analysis, and eliabili y
es ima es. Cons uc eliabili y was es ima ed
by C onbach’s alpha on 1,000 boo s apped
samples.
Fig. 1: O iginal s uc u al model wi h ou a iables
Sou ce: own
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92 2017, XX, 2
Ekonomika a managemen
s a 1 The s a e helps us in doing ou business.
k al2 The s a e c ea es a a ou able business en i onmen o SMEs.
s a 4 We conside he o ms o i nancial suppo p o ided by he s a e o be adequa ely se .
s a 2 I ha e a eeling ha he s a e bullies us in ou business.
k al1 I conside he business en i onmen in he Czech Republic as a ou able o s a ing a business.
spol3 Poli icians and public ealize ha business owne s a e o bene i o socie y.
k al3 The condi ions o business ha e imp o ed o e he las 5 yea s.
ba3 Banks apply oo s ic c i e ia o p o iding business loans.
ba2 Banks accep ou needs and y o mee hem.
ba4 SMEs ha e wo se access o ex e nal sou ces o i nance ( i nancial ma ke s, banks, go e nmen loans).
i i3 The impo ance o i nancial isk signi i can ly inc eased du ing he c isis.
po i2 The in ensi y o business isks has inc eased d ama ically a e he c isis.
u i1 The impo ance o c edi isk inc eased du ing he c isis.
u i2 The condi ions o p o iding bank loans o SMEs a e well known o business owne s.
u i3 The condi ions o p o iding bank loans o SMEs a e anspa en .
i i2 The business owne s a e good manage s o i nancial isks in hei own i ms.
spol2 When alking o o he people, I eel app ecia ed o unning a business.
spol1 I eel ha my amily and iends suppo my business ac i i ies.
Sou ce: own
Tab. 1: Ques ions which a e used in he co ela ion ma ix
Fig. 2: Fac o loadings which a e highe han 1.0
Sou ce: own
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Business Adminis a ion and Managemen
The ques ions making up he co ela ion
ma ix a e de i ned in Tab. 2.
Gene al S a e and Public Pe cep ion (SP)
ac o was iden i i ed as he mos impo an one.
This ac o consis s o 7 indica o s. Mo eo e ,
i eached he highes eliabili y sco e, which
migh be in l a ed by he numbe o indica o s
compa ed o o he cons uc s. O he cons uc s
exhibi only weak eliabili y sco es. These small
alues will a ec pa h es ima es in he SEM
model. The s eng h o he di ec ional pa h will
be lowe ed in o de o p e en achie ing oo
op imis ic esul s.
S a e and Public Pe cep ion (SP) con ains
ques ions ela ed o bo h o mal and in o mal
suppo o business owne s. Responden s who
eel posi i e e ec s o go e nmen policies on
hei business as well as a posi i e pe cep ion
om he wide public achie e high alues o
his cons uc . This ac o is mos ly composed
o ques ions which con ained ei he he wo d
“s a e” o “poli icians”.
The second cons uc conce ns Banks
and hei app oach o business (BA). These
ques ions aim o unde s and whe he banks
gi e enough suppo o companies in ha d
SP BA FR KP
Fac o 5
Communali y
s a 1 0.69 0.12 0.51
k al2 0.67 0.11 0.11 0.52
s a 4 0.56 0.15 0.66
s a 2 0.54 0.19 0.11 0.65
k al1 0.47 0.16 0.26 0.67
spol3 0.47 0.12 0.18 0.74
k al3 0.44 0.10 0.16 0.23 0.72
ba3 0.10 0.73 0.16 0.43
ba2 0.18 0.55 0.28 0.16 0.56
ba4 0.15 0.45 0.18 0.73
i i3 0.63 0.60
po i2 0.10 0.60 0.62
u i1 0.13 0.56 0.66
u i2 0.12 0.66 0.54
u i3 0.15 0.29 0.46 0.68
i i2 0.40 0.82
spol2 0.56 0.68
spol1 0.18 0.48 0.74
Cumula i e
Va iance 0.13 0.20 0.26 0.32 0.36
Reliabili y 0.7677 0.6245 0.6256 0.5197 0.46
Sou ce: own
Tab. 2: Fac o loadings which a e highe han 1.0 a e epo ed. Las column con ains
communali y alues
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94 2017, XX, 2
Ekonomika a managemen
imes and whe he SMEs expe ience inc eased
di i cul ies du ing he c edi app o al p ocess.
The hi d ac o measu es he impo ance o
i nancial isks and hei inc ease in pos -c isis
imes (FR).
The ou h ac o conce ns knowledge
o ules and p inciples (KP) which can help
business owne s in achie ing a be e posi ion
in nego ia ing wi h he banks o e ex e nal
i nance. The li e acy o business owne s in he
i eld o isk quan i i ca ion and managemen is
conside ed as well.
The las ac o consis s only o wo
indica o s. Because o he low eliabili y and
only wo indica o s, his ac o will no be used
in he subsequen analysis.
Finally, a i e- ac o solu ion was used. I
explains 35.9% o all a iance ( om his ac o
SP explains 13%, BA 7%, FR 6%, KP 6%
and ac o 5 explains 4% – Tab. 2). Oblique
ac o o a ion (oblimin) changes he alues o
loadings sligh ly.
The s onges in l uence on he pe cep ion
o i nancial isks can be a ibu ed o he
Fig. 3: S uc u al model wi h s anda dised pa h es ima es.
Fac o s’ a iances we e i xed o alue 1
Sou ce: own
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Business Adminis a ion and Managemen
banking sec o (H2, pa h coe i cien = 0.43,
p- alue < 0.01). Subjec s who conside banks
o ha e a posi i e e ec end o exhibi a mo e
posi i e pe cep ion o isk ( hey claim ha
isks a e no inc easing and a e manageable).
The e ec o KP was ound nega i e (H3,
pa h = -0.142, p- al = 0.05). This indica es ha
subjec s wi h be e knowledge o p ocesses
and ules pe cei e i nancial isks wo se han
o he s. The ac o o gene al en i onmen (H1)
has he same o ien a ion as he banking sec o
e ec , bu i u ned ou ha i is less impo an
(pa h = 0.109, p- alue = 0.014). Las ly, he
expec a ion o an exis ing co ela ion be ween
banking-o ien ed ac o s (H5) was con i med
(0.524, p- alue < 0.01).
O e all i cha ac e is ics a e summa ized
in Tab. 3. The alue o Chi-squa e s a is ics
sugges s ha he obse ed co a iance ma ix
is di e en om he model co a iance ma ix.
This can be, howe e , a esul o a la ge
sample size. Compa a i e Fi Index indica es
only mode a e i quali y. Absolu e i indica o s
RMSEA and SRMR each sa is ac o y esul s
gi en he sample size.
4. Discussion
The su ey ca ied ou con i med a s ong
co ela ion be ween he ac o s “Banks and hei
app oach o business” and “Knowledge o ules
and p inciples”. Business owne s who know he
p inciples o p o iding banking se ices and
a e good manage s o i nancial isks pe cei e
posi i ely he a i ude o banks and he way
banking se ices a e p o ided. A mo e di i cul
access o SMEs o ex e nal sou ces o i nance
was con i med by 45% o esponden s. The
esul s o he su ey can be unde s ood as
a con i ma ion o he s a emen by Shi e e al.
(2001), C essy (2002), and IADB (2004) who
ound ou ha he lack o ex e nal sou ces o
i nance is he main obs acle o company g ow h.
A signi i can posi i e co ela ion was
also con i med be ween „Banks and hei
app oach o business“ and „Financial isks and
hei inc ease in pos -c isis imes“. Business
owne s who ha e a posi i e pe cep ion o he
banks’ app oach and o he access o ex e nal
sou ces o i nance a e also mo e awa e o
he impo ance o isks and hei inc ease
du ing c isis and pos -c isis ime. Mo e han
60% o esponden s ag ee ha he in ensi y o
business isks has inc eased d ama ically a e
he c isis. The inc eased impo ance o i nancial
isk is e en mo e in ensely pe cei ed du ing
he c isis: mo e han 66% o business owne s
ag ee wi h his s a emen . Mo eo e , 61% o
esponden s also ag ee ha he impo ance o
c edi isk inc eased in he ime o c isis. The
conclusion o his dependence may be he ac
ha i business owne s pe cei e he in l uence
o isks mo e in ensely, hey end o apply
isk managemen in hei ope a ions. The eby
hey encou age a mo e o hcoming a i ude
o he banks, because as long as a sys em o
educing isks exis s in such en e p ises, hey
a e less isky o he banks.
Con a iwise, a nega i e e ec was ound
be ween he ac o s „Knowledge o ules
and p inciples“ and „Financial isks and hei
inc ease in pos -c isis imes“. Business owne s
who hink ha hey know he condi ions o
p o iding bank loans and who hink ha hose
condi ions a e anspa en , do no pe cei e
i nancial isks o ha e inc eased du ing and
a e he c isis. In o he wo ds, hey do no
pe cei e he impo ance o isks as in ensely
as he esponden s who admi ha hey
do no know he condi ions o p o iding bank
loans and who hink he condi ions a e no
anspa en . The pe cep ion o isk can be
he e o e in l uenced by misunde s anding he
condi ions o a i nancial sys em in a gi en s a e.
As soon as he en ep eneu s ge a g asp o
Chi-squa ed es 538.605 (d = 100, p- alue < 0.01)
Compa a i e Fi Index (CFI) 0.864
RMSEA 0.062
SRMR 0.091
Sou ce: own
Tab. 3: Summa y o cha ac e is ics
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