Key determinants of the quality of business environment of SMEs in the Czech Republic

87 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 EM_2_2017.indd 87EM_2_2017.indd 87 14.6.2017 9:29:3014.6.2017 9:29:30 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). EM_2_2017.indd 88EM_2_2017.indd 88 14.6.2017 9:29:3014.6.2017 9:29:30 89 2, XX, 2017 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 EM_2_2017.indd 89EM_2_2017.indd 89 14.6.2017 9:29:3014.6.2017 9:29:30 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 EM_2_2017.indd 90EM_2_2017.indd 90 14.6.2017 9:29:3014.6.2017 9:29:30 91 2, XX, 2017 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 EM_2_2017.indd 91EM_2_2017.indd 91 14.6.2017 9:29:3114.6.2017 9:29:31 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 EM_2_2017.indd 92EM_2_2017.indd 92 14.6.2017 9:29:3114.6.2017 9:29:31 93 2, XX, 2017 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 EM_2_2017.indd 93EM_2_2017.indd 93 14.6.2017 9:29:3114.6.2017 9:29:31 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 EM_2_2017.indd 94EM_2_2017.indd 94 14.6.2017 9:29:3114.6.2017 9:29:31 95 2, XX, 2017 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 EM_2_2017.indd 95EM_2_2017.indd 95 14.6.2017 9:29:3114.6.2017 9:29:31