Financial performance and bankruptcy concerns of SMEs in their export decision

OeconomiA cope nicana Volume 13 Issue 3 Sep embe 2022 p-ISSN 2083-1277, e-ISSN 2353-1827 www.oeconomia.pl Copy igh © Ins y u Badań Gospoda czych / Ins i u e o Economic Resea ch (Poland) This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which pe mi s un es ic ed use, dis ibu ion, and ep o- duc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. ORIGINAL ARTICLE Ci a ion: Ključniko , A., Ci elek, M., K ajčík, V., No ák, P., & Če inka, M. (2022). Financial pe o mance and bank up cy conce ns o SMEs in hei expo decision. Oeconomia Cope nicana, 13(3), 867–890. doi: 10.24136/oc.2022.025 Con ac o co esponding au ho : Vladimí K ajčík, k ajcik@ so-p aha.eu A icle his o y: Recei ed: 25.01.2022; Accep ed: 10.08.2022; Published online: 25.09.2022 Aleksand Ključniko Pan-Eu opean Uni e si y, Czechia o cid.o g/0000-0003-0350-2658 Mehme Ci elek Pan-Eu opean Uni e si y, Czechia o cid.o g/0000-0002-1247-5308 Vladimí K ajčík Pan-Eu opean Uni e si y, Czechia o cid.o g/0000-0003-2234-3939 Pe No ák Tomas Ba a Uni esi y in Zlín, Czechia o cid.o g/0000-0003-4701-5755 Michal Če inka Pan-Eu opean Uni e si y, Czechia o cid.o g/0000-0003-2226-4501 Financial pe o mance and bank up cy conce ns o SMEs in hei expo decision JEL Classi ica ion: F18; L25; L26 Keywo ds: inancial pe o mance; bank up cy; SMEs; expo obs acles; Viseg ad coun ies Abs ac Resea ch backg ound: Due o ha ing lack o inancial powe and low amoun o e enues, mos o SMEs’ majo conce ns a e bank up cy and low inancial pe o mance. Those issues a e isky Oeconomia Cope nicana, 13(3), 867–890 868 si ua ions o SMEs when making o hei expo ing ac i i ies. The e o e, depending on hei pe o mance and bank up cy isk, hey migh mo e in ensi ely pe cei e expo ba ie s and his ac migh de e mine hei expo decisions. Pu pose o he a icle: This pape examines whe he inancial pe o mance and bank up cy conce ns o SMEs a ec hei pe cep ions o expo obs acles o no . Me hods: This esea ch pe o ms andom sampling me hod and di ec s an in e ne -media ed ques ionnai e o he selec ed esponden s who a e he execu i es o 408 Czech, Slo akian and Hunga ian SMEs. To examine he in luences o i m pe o mance and bank up cy on he pe cep- ions o expo impedimen s by SMEs, his pape employs O dinal Logis ic Reg ession Tes . Findings & alue added: The esul s show ha SMEs ha ing less heal hy inancial condi ions less in ensi ely pe cei e cul u al-linguis ic expo ba ie s in compa ison wi h SMEs ha ing be e inancial pe o mance. Mo eo e , i m pe o mance is no a p edic o a iable in he pe - cep ions o expo cos s, legisla i e and ax- ela ed ba ie s by SMEs. On he o he hand, while SMEs ha ing mo e bank up cy conce ns mo e in ensi ely pe cei e ax- ela ed and cul u al- linguis ic ba ie s, bank up cy conce ns o SMEs do no in luence hei pe cep ions o expo cos s and legisla i e di e ences. Al hough many s udies ha e in es iga ed he impac s o inan- cial condi ions o SMEs on hei in e na ionaliza ion and expo ing decisions, hey a e isola ed wi h only a ma ke o only wi h a inancial issue. The limi ed ex en s o hose s udies cause a pa ial in es iga ion o expo and inancial issues o SMEs and make eade s ha ing a na ow pe spec i e in his speci ic a ea. By ocusing on a ious expo obs acles and inancial issues ha SMEs ace in di e en ma ke s, his esea ch o e s a de ailed unde s anding o SMEs’ pe cep- ions ega ding hei inancial condi ions and expo ba ie s, om a comp ehensi e pe spec i e. In his ega d, his is he esea ch gap ha his pape aims o ill. In oduc ion SMEs ha e place in he de elopmen o economies and in he inc eases o expo olumes, bu p oblems ega ding hei bank up cy and inancial pe o mance a e some o hei main conce ns in hei su i al. The easons o hei conce ns migh be ela ed wi h ha ing lack o inancial esou ces (Ci elek e al., 2020a; Me zke e al., 2021a) and acing wi h cos s and a ious cul u al, legisla i e and axa ional issues. Bu SMEs can di e en ly pe cei e expo obs acles depending on hei p edic ions o hei inancial pe o mance and bank up cy. This is because i ms p edic ing be e inan- cial pe o mance and less bank up cy possibili ies migh be mo e op imis ic and his ac migh make hem pe cei ing expo obs acles less in ensi ely. In his ega d, his pape pu poses o indica e i inancial pe o mance and bank up cy p edic ions o SMEs ha e e ec s on hei pe cep ions o expo obs acles. In line wi h his selec ed aim, his pape employs andom sam- pling me hod and c ea e he esea ch sample om C ibis da abase. Then, he esea che s send he links o a ques ionnai e su ey o he andomly selec ed esponden s by e-mails. 408 Czech, Slo akian and Hunga ian SMEs a e in es iga ed in consis en wi h he esea ch aim. To in es iga e he speci ied ela ionship, he esea che s un O dinal Logis ic Reg ession analyses. Oeconomia Cope nicana, 13(3), 867–890 869 Ex e nal expo obs acles a e ela ed wi h economic, legal and cul u al ac o s such as expo cos s, di e en legal ules and cul u al alues o coun ies (Ci elek e al., 2020a). Conce ning expo cos , i has been pe - cei ed as an expo ba ie by SMEs (Köksal & Ke aneh, 2011) because hese i ms ha e lowe amoun o p o i o a o d ixed and sunk cos s e- ga ding expo ing (Pie o i o & Pozzolo, 2021). Mo eo e , ope a ing in in e na ional ma ke s equi es SMEs o inc ease hei p oduc ion (Ključni- ko e al., 2021). Since ha ing la ge p oduc ion capaci y c ea es mo e expenses o SMEs, hey can also ace highe p oduc ion cos s. Fu he - mo e, D o ský e al. (2021) s a e he ac ha SMEs in Viseg ad coun ies ace wi h many changes ega ding legisla i e condi ions. Co esponding o ax ela ed expo ba ie s, a i s and non- a i implemen a ions o a ious go e nmen s ha e been o he ex e nal expo obs acles o SMEs (Köksal & Ke aneh, 2011). On he o he hand, Pa lák (2018) e i y he ac ha linguis ic and cul u al di e ences is ano he majo expo ba ie o SMEs. Compa ing wi h la ge en e p ises, bank up cy migh be a mo e h ea - ening issue o he su i al o SMEs (Me zke e al., 2021b; D o ský e al., 2021) and hey can abs ain om expo ing since hey migh mo e in ensi e- ly pe cei e expo obs acles. Mo eo e , ha ing issues wi h wo king capi al and inancial asse s (Pe ei a-Moline e al., 2021) a e also some c ucial inancial p oblems o SMEs o su i e (Ci elek e al., 2020b). The e o e, he pe cep ions o i m execu i es ega ding i m esou ces ca y i al im- po ance o SMEs when making expo ing decision (Bianchi e al., 2018). Thus, i ms expec ing bank up cy issues in he long e m and acing wi h inancial pe o mance p oblems migh be less p one o pe o m expo ing ac i i ies and migh mo e in ensi ely pe cei e he expo obs acles (Bilan e al., 2017; Sinicako a & Ga u o a, 2017). Since hose coun ies ha e simila his o ical and economic backg ounds (Kolko á & Ključniko , 2021), analysing he expo , bank up cy and pe - o mance pe cep ions o SMEs om hese Eu opean coun ies migh be no ewo hy. On he o he hand, since decisions can be aken by emo ions (Sedliaciko a e al., 2021; Ga u o a e al., 2017) analysing he expo ob- s acle, bank up cy and pe o mance p edic ions and pe cep ions o SMEs makes his pape o ha e a comp ehensi e pe spec i e ega ding expo decisions. Focusing on hese issues make his pape ha ing insigh s on he examina ion o mos ly aced expo ing and inancial issues by SMEs ope - a ing in a ious Eu opean ma ke s. Al hough many s udies ha e analyzed he expo ing obs acles and inancial issues in expo ing sepa a ely, he e is a lack o s udies ha emphasize he ela i e impo ance o inancial obs a- cles on he pe cep ion o hose expo ba ie s. Mo eo e , he s udies in he li e a u e lack o c ea e ela ionship be ween inancial and expo conce ns Oeconomia Cope nicana, 13(3), 867–890 870 o SMEs ha belong o Resou ce-based and Ins i u ional Based iew. This esea ch se es as an impo an guide o new s udies ha ocuses on he sel -e alua ion o SMEs conce ning hei inancial condi ions and p ospec- i e expo obs acles ha hose en e p ises migh encoun e in a ious ma - ke s. Go e nmen s can also use he esul s o his s udy o iden i y he im- pac s o SMEs’ inancial condi ions on hei expo ing decisions. By being awa e o he cu en si ua ions o SMEs, go e nmen s can gi e e icien and imely suppo s o hose businesses. These ac s enable his esea ch o be unique in he ela ed academic li e a u e. The emaining pa s o his pape a e s uc u ed in he ollowing se- quence: Sec ion 1 decla es he heo e ical back g ound o he esea ch and exp esses he hypo heses de elopmen . While Sec ion 2 sheds ligh on he me hodological app oaches and esea ch da a, Sec ion 3 p esen s he esul s o his esea ch. The esea che s discuss he main esul s and p o ide policy implica ions in Sec ion 4. Mo eo e , he esea che s summa ize he key issues and limi a ions o his pape in he Conclusion sec ion. Li e a u e e iew Al hough he e a e a ious classi ica ions ega ding expo ba ie s (A e- aga‐O iz & Fe nández‐O iz, 2010), many esea che s such as Na ayanan (2015), Al‐Hya i e al., 2012 and Sil a e al. (2016) ha e ecognized he ca ego iza ion o Leonidou (2004) who de ines hose ba ie s in o wo di - e en ca ego ies, namely, in e nal and ex e nal (Leonidou, 2004). Bo h in e nal and ex e nal expo ba ie s ha e nega i e impac s on expo pe - o mance o companies (Sinko ics e al., 2018; Al‐Hya i e al., 2012; Adu- Gyam i & Ko neliussen, 2013). While in e nal ba ie s s em om i ms’ insu icien o ganiza ional esou ce and capabili ies (Sinko ics e al., 2018; Al‐Hya i e al., 2012; Leonidou, 2004), ex e nal ba ie s a e based on ac- o s ha i ms canno ha e impac s on and come om ou side o su ound- ings o he companies (Leonidou, 2004; Fo e & Salomé Mo ei a, 2018; Adu-Gyam i & Ko neliussen, 2013). Mo eo e , Leonidou (2004) classi ies in e nal expo a ious in o di - e en ca ego ies while unc ional ba ie s a e one o hem. Fi ms ha ing ine iciencies in expo ing conce ning hei inancial condi ions, wo king capi al, expendi u es ace wi h unc ional ba ie s o expo ing. A eaga‐ O iz and Fe nández‐O iz (2010) ca ego ize his ba ie as esou ce ba i- e s because i is based on he limi ed inancial esou ces ha i ms ha e. Since his pape conside s inancial pe o mance and bank up cy issues when analyzing inancial condi ions o SMEs, hose ac o s belong o unc- Oeconomia Cope nicana, 13(3), 867–890 871 ional ba ie s ha a e unde he ca ego y o in e nal expo ba ie s as i is de ined by Leonidou (2004). On he o he hand, bo h a iables inancial pe o mance and bank up cy ha his pape analyzes ega ding unc ional expo ba ie s o i ms a e based on Resou ce-based iew. This is because Resou ce-based iew de- cla es ha i ms ha ing lack o inancial esou ces ace wi h p oblems e- ga ding inancial pe o mance and bank up cy (Wes head e al., 2004) and he exis ence o hose issues depend on inancial esou ces ha companies ha e. Resou ce-based iew also posi s ha i ms’ esou ces and capabili ies a e c ucial in pe o mance o en e p ises (Haddoud e al., 2018), hei com- pe i i eness and hei success in expo ing p ocesses (Lee e al., 2012; Wes head e al., 2001). Fo hese easons, his pape also in es iga es i- nancial conce ns o SMEs s emming om he exis ence o inancial e- sou ces ha is ela ed o Resou ce-based iew. When i comes o ex e nal ba ie s, Leonidou (2004) also classi ies i in- o he a ious ca ego ies. In his ega d, en i onmen al ac o s ha s em om go e nmen al ba ie s including en y es ic ions, ax- ela ed, cus- oms, a i , non- a i ba ie s (Adu-Gyam i & Ko neliussen, 2013; Le- onidou, 2004) and o he egula o y amewo ks, cul u al-linguis ic obs a- cles, expo cos s (C ick, 2004) a e ano he c ucial ac o ha c ea e obs a- cles o SMEs (Hu chinson e al., 2009). Since his pape conside s expo cos , legisla i e, ax- ela ed and cul u al-linguis ic obs acles ha belong o ex e nal expo ba ie s, his pape ocuses on he impac s o sel -e alua ion o in e nal ba ie s by SMEs on hei pe cep ion o ex e nal expo ba ie s. On he o he hand, Peng (2009) s a es he exis ence o wo iews when de e mining he success o companies a ound he wo ld. While Ins i u ion Based View conside s he o mal and in o mal egula ions ha can a ec pe o mance o expo ing businesses, Resou ce-Based View is ela ed wi h i ms’ esou ces and capabili ies ha ha e in luences on hei expo pe - o mance. Regula ions, laws, ax- ela ed ac o s, go e nmen s’ implemen- a ions, cul u al-linguis ic di e ences ha a e ex e nal expo obs acles, belong o Ins i u ion Based View since o mal ins i u ions such as go e n- men s, o he s a e o ganiza ions and in o mal ins i u ions such as di e en alues, no ms, and cul u es c ea e impedimen s when businesses expo ing (Peng, 2009). In his ega d, his pape also in es iga es he impac s o he pe cep ions o Resou ce Based ac o s by SMEs on hei pe cep ions o Ins i u ion Based View ac o s. Conce ning he pe cep ion o inancial pe o mance and expo obs a- cles by SMEs, he de ails will be p o ided in his pa ag aph also wi h he ollowing wo pa ag aphs. When SMEs commi mo e inancial esou ces in o expo ing ac i i ies hei pe cep ions o expo ba ie s dec eases (Ibeh, Oeconomia Cope nicana, 13(3), 867–890 872 2004). This is because i ms ha ing mo e esou ce commi men s do mo e ma ke esea ch, look o mo e inancing op ions, o e come bu eauc acies wi h go e nmen s and can a o d he cos o logis ics and anspo a ion (Adu-Gyam i & Ko neliussen, 2013). Howe e , mos o SMEs ha e lim- i ed esou ces, ha e lack o manage ial and expo expe iences, and ha e high le el o in e nal expo ba ie s. The e o e, ha ing less heal hy inan- cial condi ions has been a majo cons ain o SMEs o do expo ing ac i i- ies, since i nega i ely in luences hei expo decisions and p obabili y o expo (Rashid e al., 2021). Since expo includes many expenses o SMEs, including sunk cos (Pascucci e al., 2021), ixed cos s (Pie o i o & Pozzolo, 2021), and anspo cos (Bianchi e al., 2018), i ms ha ing low- e pe o mance le els migh pe cei e he expo cos mo e in ensi ely compa ing o businesses ha ing heal hie inancial condi ions. Fo ins ance, by analyzing B azilian i ms, Da Sil a and da Rocha (2001) exp ess ha ex e nal obs acles o expo ing such as anspo a ion and insu ance cos s a e mo e in ensi ely pe cei ed by hose i ms. Acco ding o Lejá aga and Obe ho e (2015), ixed cos s o expo ing ac i i ies and he cos s o se ing new in e na ional ade ela ionships a e also impo an ba ie s o F ench i ms. Adu-Gyam i and Ko neliussen (2013) examine some SMEs om Ghana and obse e he ac ha when in e nal expo ba ie s such as inan- cial conce ns o SMEs inc eases, hei pe cep ions o expo cos s inc ease. Simila ly, Panga ka (2008) in es iga es SMEs in Singapo e and con i ms he ac ha when SMEs nega i ely e alua e hei pe o mance, hey mo e in ensi ely pe cei e expo cos s including coo dina ion and communica- ion cos s. Pascucci e al. (2021) examine 1,132 I alian SMEs and decla e he ac ha SMEs ha ing be e inancial pe o mance lowe expo ba i- e s including sunk cos s. On he o he hand, high ax bu dens (Bianchi e al., 2018), such as a - i /non- a i ba ie s imposed by o eign go e nmen s (Köksal & Ke aneh, 2011) and o he legisla i e p ocesses o in e na ional ma ke s, can also c ea e mo e cos s o SMEs. In his case, SMEs wi h lowe pe o mance may ace wi h mo e obs acles (Tsukano a, 2019) and his ac can cause SMEs o pe cei e hose legisla i e and axa ional issues mo e in ensi ely han hei be e pe o med coun e pa s. In his ega d, Panga ka (2008) also p o esses he ac ha when SMEs ha e nega i e pe cep ions ega ding hei inancial pe o mance, hey also mo e in ensi ely pe cei e legisla i e and ax- ela ed obs acles since hey ope a e in a pa icula ma ke . Sinko ics e al (2018) also analyze SMEs om he UK and decla e he ac ha highe pe cei ed in e nal ex e nal ba ie s such as lack o inancial powe cause i ms ha ing lowe expo pe o mance, hus, mo e in ensi e pe cep ion o ax- ela ed expo obs acles. Oeconomia Cope nicana, 13(3), 867–890 873 Cul u al-linguis ic di e ences can also be cos ly o SMEs, since he di e ences in no ms and alues o a ious coun ies migh equi e SMEs o make changes in hei p oduc s and se ices o in hei ma ke ing s a egies. Al hough SMEs ha ing be e inancial condi ions migh a o d hose ex- penses, SMEs ha ing p oblems wi h inancial issues mo e in ensi ely pe - cei e hose expo obs acles (Ga u o a e al., 2020). In his ega d, Wes head e al. (2001) examine some small i ms in UK and e eal he posi i e associa ion be ween he Resou ce-based a iables, such as be e inancial condi ions o i ms and hei less in ensi e pe cep ions o expo obs acles including cul u al di e ences. Panga ka (2008) also s a es ha when small i ms ha e conce ns ega ding hei in e nal cons ain s, such as hei inancial condi ions, hey become conce ned abou hei abili ies o o e come expo obs acles. This esea che also decla es ha when pe o - mance o i ms inc eases, hey educe hei conce ns ega ding cul u al di e ences. By examining 106 SMEs om he UK, Sinko ics e al. (2018) p o e he nega i e associa ion be ween he pe o mance o SMEs and he mo e in ensi e pe cep ion o cul u al, legisla i e, ax- ela ed expo ba ie s (Sinko ics e al., 2018). This nega i e associa ion has also been con i med by some o he esea che s, who analyze i ms in he US and Nige ian ma - ke s, espec i ely (Sil e man e al., 2006; Wilkinson & B ou he s, 2006). Fo hese easons, he ollowing esea ch hypo heses migh be se : H1a: Pe o mance o SMEs nega i ely a ec s he in ensi y in he pe cep ion o expo cos s (a), legisla i e di e ences (b), ax- ela ed di e ences (c) and cul u al-linguis ic di e ences (d) by SMEs. Co esponding o he bank up cy p edic ions and he pe cep ions o ex- po obs acles by SMEs, he de ails will be p esen ed in his pa ag aph wi h also he ollowing wo pa ag aphs. The pe cep ion o bank up cy isk by SMEs is also highly c ucial in expo ing decision (Caggese & Cuña , 2013) since i h ea ens hei pe cep ions o expo ba ie s (Sinko ics e al., 2018). Ga cía-Vega e al. (2012) also examine 23,674 UK i ms and cla i y he ac ha i ms’ p edic ions ega ding hei su i al also de e mines hei expo decisions. Panga ka (2008) s a es ha i ms ha ing esou ce disad- an ages eel conce ned abou hei bank up cy, hus, hey mo e in ensi ely pe cei e expo obs acles. Those i ms a e mo e conce ned abou hei isk o ailu e, hus, hey mo e in ensi ely pe cei e expo obs acles including he cos s o expo ing (Sleuwaegen & Onkelinx, 2014; Ca e al., 2010) and go e nmen egula ions, documen a ions, ax- ela ed issues, c oss- cul u al ma ke ing ac i i ies as an obs acle (Ga cía-Vega e al., 2012). Oeconomia Cope nicana, 13(3), 867–890 874 Some expo ing i m ha e also expe ienced dec eases in hei e enues, hus, hei willingness o con inue hei expo ing ac i i ies also become educed since hey a e a aid o acing wi h bank up cy issues (Le & Sha - e , 2017; Lukason & Lai inen, 2016). Fo ins ance, by in es iga ing Ko e- an i ms, Kim (2016) ema ks ha when i ms eel ha hey migh ace bank up cy issues, hey migh mo e in ensi ely pe cei e expo obs acles and migh be isk a e se o implemen expo ing s a egies and ac i i ies in hei ope a ions. Sleuwaegen and Onkelinx (2014) also analyze Belgian i ms and decla e he ac ha SMEs ha ing bank up cy p essu es mo e in ensi ely pe cei e he cos o expo s. Mo eo e , Lee e al. (2012) ob- se e 1612 Ko ean SMEs and shed ligh s on he posi i e associa ion be- ween less in ensi e bank up cy pe cep ions by SMEs and hei less in en- si e pe cep ions o legisla i e, ax ela ed and cul u al expo obs acles. Some o he s udies also con ess his ela ionship (E angelis a, 2005; Mudambi & Zah a 2007). Fo hese easons o he esea ch hypo heses migh be se as ollows: H2: Bank up cy isk o SMEs posi i ely a ec s he in ensi y in hei pe cep- ion o expo cos (a), legisla i e di e ences (b), ax- ela ed di e ences (c) and cul u al-linguis ic di e ences (d) by SMEs. As al eady s a ed in he p e ious pa ag aphs, he amoun o inancial e- sou ces o asse s and inancial condi ions ha SMEs ha e, ca y i al im- po ance in hei own bank up cy and inancial pe o mance e alua ion. Depending on hei sel -e alua ion o bank up cy and inancial pe o - mance, SMEs can ha e di e en pe cep ions ega ding hose expo ba i- e s. Since his esea ch ocuses on his issue as a esea ch aim, i aims o cla i y and ind ou his issue by applying he me hods ha will be elucida - ed in he Da a and Resea ch me hodology sec ion. Da a and esea ch me hods The goal o his pape is o analyze whe he he pe o mance and bank up - cy p edic ions o SMEs a ec hei pe cep ions o expo ba ie s o no . To accomplish his a ge , his esea ch uses andom sampling me hod o c ea e he esea ch sample om C ibis da abase. The sample consis s o SMEs ha ha e been ope a ing in he Czech Republic, Slo akia and Hunga y. The esea ch eam has also c ea ed an on-line su ey ha is sha ed by e-mails o he andomly selec ed esponden s. Finally, 176 SMEs om he Czech Republic, 123 SMEs om Slo akia and 109 SMEs om Hunga y ha e Oeconomia Cope nicana, 13(3), 867–890 875 ul illed his in e ne -media ed ques ionnai e. The esponden s a e manag- e s and owne s o 408 SMEs. Mo eo e , 181 i ms a e ca ego ized unde he segmen o mic oen e p ises, while121 i ms a e small en e p ises and 106 i ms a e medium-sized en e p ises. 305 SMEs ha e been ope a ing o mo e han en yea s, while he leng h o doing business o o he businesses is up o 10 yea s. Fi ms also ope a e in a ious indus ies, mos ly in manu- ac u ing, se ice and e aling. On he o he hand, he s a emen s ha a e w i en in Table 1 ha e been di ec ed o he su ey esponden s o measu e hei pe cep ions and p edic- ions ega ding he expo impedimen s, pe o mance and bank up cy. The esea che s ha e applied he Th ee Poin s Like Scale as “1 — disag ee”, “2 — neu al”, “3 — ag ee” o scale he eplies o he su ey pa icipan s o he s a emen s ha a e shown in Table 1. The e o e, lowe alues ha he esponden s selec in he ques ionnai e indica e he ac ha SMEs mo e in ensi ely pe cei e expo ba ie s, ha e no heal hy inancial pe o mance and expec bank up cy in he long e m ice e sa. Since he dependen a iables a e scaled by h ee-poin Like scale and hey all include anked and ca ego ical da a, he esea ch eam employs O dinal Logis ic Reg es- sion Analyses wi h he logi unc ion in SPSS S a is ics. Logis ic eg ession analyses ha e been used by many schola s when analysing bank up cy p oblems (Lukason & Vissak, 2016), and ba ie s aced by SMEs when expo ing (Köksal & Ke aneh, 2011). Fou logi O dinal Logis ic Reg ession models a e c ea ed o his e- sea ch as ollows: Logi (P(Y ≤ j)) = β  + β  X  + β  X  (1) whe e: Y O dinal ou come, dependen a iable (Y 1 : expo cos o Model 1, Y 2 : legis la i e di e ences, Y 3 : ax policy di e ences, Y 4 : cul u al-linguis ic di e ences); J ca ego ies; X 1 Independen a iable (X 1 :pe o mance, same o all esea ch models); X 2 Independen a iable (X 2 : bank up cy, same o all esea ch models); Β 1 Reg ession coe icien s; β 0 Cons an o in e cep e m; P p edic o . The sample p o ile is p esen ed in Table 2. The olumes om Model Fi ing, Goodness o Fi and Tes o Pa allel Lines a e used o es he as- sump ions o O dinal Logis ic Reg ession. In his con ex , Table 3 shows he alues om hese examina ions. Acco ding o he able, he olumes Oeconomia Cope nicana, 13(3), 867–890 882 men s can s imula e inancing o ganiza ions o p o ide low c edi in e es a es o SMEs ha will s a o make expo . Thus, SMEs migh ge oppo - uni ies o educe hei expo cos s. Since mos o SMEs lack inancial oppo uni ies, hey also lack expo ing ac i i ies and necessa y knowledge ega din hose ope a ions. The e o e, e en hough hey ha e execu i es who ha e long yea s o sec o al expe ience, i does no mean ha hose execu i es know he equi ed in o ma ion o expo . In his ega d, compe- encies o execu i es who ha ing lack o expo expe ince need o be im- p o ed. Thus, educa ional cou ses, wo kshops ha inc ease expo ing abili- ies o execu i es can be p o ided by s a e o ganiza ions. By ha ing such oppo unies, execu i es migh become awa e o inancial oppo unies, ex- po subsidies, consul ing ac i i ies, p omo ional suppo s, echnical expo - ing s anda s, legisla ion in a iuous ma ke s. Uni e si ies can also implemen some cou ses such as expo manage- men , cus om egula ions and p ac ice o s imula e en ep eneu ial abili ies o uni e si ies. Uni e si ies can also collabo a e wi h businesses o enable ield ips o s uden s. Fi ms can also ha e alliances wi h o he companies o educe he expo ba ie s and bank up cy conce ns. Fo ins ance, when en e ing he US ma ke small i ms om some Eu opean coun ies can ha e a pa ne om he US, hus, hey migh bene i om he knowledge o he pa ne US i m ega ding i s local ma ke and educe he issues ega ding he liabili y o newness in his speci ic ma ke . Alliances migh enable g ea e inancial access oppo uni ies and R&D ac i i ies ha s imula e inno a i e abili ies o SMEs and educe hei p obabili ies o be bank up . As al eady s a ed, he examina ion o he pe cep ions o SMEs ega ding hei inancial and expo condi ions p o ide clea unde s anding o p o- spec i e eade s. This pape is also c ucial because i ocuses on he im- pac s o inancial issues on expo ing issues ha a e based on in e nal and ex e nal obs acles o i ms when doing expo . Since he exis ing s udies also ail o ind ou he in luences o en ep eneu s’ sel -e alua ion o hei i ms’ inancial condi ions on he pe cep ions o expo obs acles, his pape also di e s om hem. The examina ion o hose a ec s and c ea ions o hose ela ionship among he a iables ha a e belong o a ious ca ego ies o expo obs acles and di e en iews (Resou ce-Based and Ins i u ion- Based iews) make a alue addi ion o he li e a u e. Al hough his pape highligh s he impac s o i ms’ pe o mance and bank up cy e alua ions on he pe cep ions o expo obs acles by SMEs in de ail, hese e alua ions o SMEs a e no based on any pe o mance indica- o s in inancial s a emen s. The eason o ha is di icul y in collec ing such in o ma ion. As al eady men ioned, he pe o mance and bank up cy p edic ions a e based on i ms own e alua ions. Fo hese easons, u he Oeconomia Cope nicana, 13(3), 867–890 883 s udies can e alua e he bank upc y isk and inancial pe o mance by o- cusing on inancial indica o s o inancial s a emen s. On he o he hand, e en he esea che s analyze SMEs om h ee a ious Viseg ad coun ies, mo e SMEs can be included in o he analyses o u he s udies o ha e mo e ex ensi e esea ch sample. Re e ences Adu-Gyam i, N., & Ko neliussen, T. (2013). An eceden s o expo pe o mance: he case o an eme ging ma ke . In e na ional Jou nal o Eme ging Ma ke s. 8(4), 354–372. doi: 10.1108/IJoEM-Jun-2011-0056. Al‐Hya i, K., Al‐Weshah, G., & Alnsou , M. (2012). Ba ie s o in e na ionalisa- ion in SMEs: e idence om Jo dan. Ma ke ing In elligence & Planning, 30(2), 188–211. doi: 10.1108/02634501211211975. A eaga‐O iz, J., & Fe nández‐O iz, R. (2010). Why don' we use he same expo ba ie measu emen scale? An empi ical analysis in small and medium‐sized en e p ises. Jou nal o Small Business Managemen , 48(3), 395–420. doi: 10.1111/j.1540-627X.2010.00300.x. Bianchi, C., Ca nei o, J., & Wick amaseke a, R. (2018). In e na ionalisa ion com- mi men o eme ging ma ke i ms. Jou nal o Small Business and En e p ise De elopmen , 25(3), 1462–6004. doi: 10.1108/JSBED-07-2017-0221. Bilan, Y., Ga u o a, B., S anislaw, G., & Tkaco a, A. (2017). The composi e coinciden indica o (CCI) o business cycles. Ac a Poly echnica Hunga ica, 14(7), 71–90. doi: 10.12700/aph.14.7.2017.7.5. Caggese, A., & Cuña , V. (2013). Financing cons ain s, i m dynamics, expo decisions, and agg ega e p oduc i i y. Re iew o Economic Dynamics, 16(1), 177–193. doi: 10.1016/j. ed.2012.10.004. Ca , J. C., Hagga d, K. S., Hmieleski, K. M., & Zah a, S. A. (2010). A s udy o he mode a ing e ec s o i m age a in e na ionaliza ion on i m su i al and sho ‐ e m g ow h. S a egic En ep eneu ship Jou nal, 4(2), 183–192. doi: 10.1002/sej.90. Ci elek, M., Gajdka, K., S ě lík, J., & Va ečka, V. (2020a). Di e ences in he usage o online ma ke ing and social media ools: e idence om Czech, Slo- akian and Hunga ian SMEs. Equilib ium. Qua e ly Jou nal o Economics and Economic Policy, 15(3), 537–563. doi: 10.24136/eq.2020.024. Ci elek, M., Ključniko , A., Va ečka, V., & Gajdka, K. (2020b). The usage o echnology enabled ma ke ing ools by SMEs and hei bank up cy conce ns: e idence om Viseg ad coun ies. Ac a Mon anis ica Slo aca, 25(3), 263–273. doi: 10.46544/AMS. 25i3.01. Ci elek, M., Ključniko , A., Fialo a, V., Fol a čná, A., & S och, M. (2021). How inno a i eness o amily-owned SMEs di e depending on hei cha ac e is- ics? Equilib ium. Qua e ly Jou nal o Economics and Economic Policy, 16(2), 413–428. doi: 10.24136/eq.2021 .015. Oeconomia Cope nicana, 13(3), 867–890 884 C ick, D. (2004). UK SMEs' decision o discon inue expo ing: an explo a o y in es iga ion in o p ac ices wi hin he clo hing indus y. Jou nal o Business Ven u ing, 19(4), 561–587. doi: 10.1016/S0883-9026(03)00032-6. Da Sil a, P. A., & da Rocha, A. (2001). Pe cep ion o expo ba ie s o Me cosu by B azilian i ms. In e na ional Ma ke ing Re iew, 18(6), 589–611. doi: 10.11 08/EUM0000000006296. D o ský, J., Čepel, M., Ko ásko á, A., & Bugáno á, K. (2021). Di e ences in business isk e ec s on he u u e o SMEs due o Co id-19 pandemic. In e na ional Jou nal o En ep eneu ial Knowledge, 9(2), 14–31. doi: 10.3733 5/ijek. 9i2.144. E angelis a, F. (2005). Quali a i e insigh s in o he in e na ional new en u e c ea- ion p ocess. Jou nal o In e na ional En ep eneu ship, 3(3), 179–198. doi: 10.1007/s10843-005-4204. Fo e, R., & Salomé Mo ei a, A. (2018). Financial cons ain s and small and medi- um-sized i ms’ expo p opensi y: e idence om Po uguese manu ac u ing i ms. In e na ional Jou nal o he Economics o Business, 25(2), 223–241. doi: 10.1080/13571516.2018.1437011. Ga cía-Vega, M., Gua iglia, A., & Spalia a, M.E. (2012). Vola ili y, inancial con- s ain s, and ade. In e na ional Re iew o Economics and Finance, 21(1), 57– 76. doi: 10.1016/j.i e .2011.05.003. Ga u o a, B., Janke, F., Packo a, M., & P ida ok, M. (2017). Analysis o impac o using he end a iables on bank up cy p edic ion models pe o mance. Ekonomicky casopis, 65(4), 370–383. Ga u o a, B., I anko a, V., Rigelsky, M., & P i a o a, M. (2020). Rela ions be- ween ou ism spending and global compe i i eness: an empi ical s udy in de- eloped OECD coun ies. Jou nal o Tou ism and Se ices, 11(21), 38–54. doi: 10.29036/jo s. 11i21.175. Haddoud, M. Y., Onjewu, A.-K., Jones, P., & Newbe y, R. (2018). In es iga ing he mode a ing ole o expo p omo ion p og ammes. C i ical Pe spec i es on In e na ional Business, 14(2/3), 282–308. doi: 10.1108/cpoib-11-2016-0059. Ha ell, F. E. (2015). Reg ession modeling s a egies: wi h applica ions o linea models, logis ic and o dinal eg ession, and su i al analysis. New Yo k: Sp inge . Ho s ede (2021). Ho s ede insigh , coun y compa ison. Re ie ed om h ps://www.ho s ede-insigh s.com/coun y-compa ison/czech- epublic,hunga y ,slo akia/ (13.01.2022). Hu chinson, K., Fleck, E., & Lloyd‐Reason, L. (2009). An in es iga ion in o he ini ial ba ie s o in e na ionaliza ion: e idence om small UK e aile s. Jou nal o Small Business and En e p ise De elopmen , 16(4), 544–568 doi: 10.1108/14626000911000910. Ibeh, K. I. (2004). Fu he ing expo pa icipa ion in less pe o ming de eloping coun ies: he e ec s o en ep eneu ial o ien a ion and manage ial capaci y ac o s. In e na ional Jou nal o Social Economics, 3(1/2), 94–110. doi: 10.1108/03068290410515448. Oeconomia Cope nicana, 13(3), 867–890 885 Kim, H. S. (2016). Di e en ial impac o unce ain y on expo ing decision in isk- a e se and isk- aking i ms. Seoul Jou nal o Economics, 29(3), 379–409. Ključniko , A., Ci elek, M., Vozňáko á, I., & K ajčík, V. (2020a). Can discoun s expand local and digi al cu ency awa eness o indi iduals depending on hei cha ac e is ics? Oeconomia Cope nicana, 11(2), 239–266. doi: 10.24136/oc.20 20.010. Ključniko , A., Ci elek, M., Polách, J., Mikoláš, Z., & Bano , M. (2020b). How do secu i y and bene i s ins ill us wo hiness o a digi al local cu ency? Oeconomia Cope nicana, 11(3), 433–465. doi: 10.24136/oc.2020.018. Ključniko , A., Ci elek, M., Fialo a, V., & Fol a čná, A. (2021). O ganiza ional, local, and global inno a i eness o amily-owned SMEs depending on i m- indi idual le el cha ac e is ics: e idence om he Czech Republic. Equilib ium. Qua e ly Jou nal o Economics and Economic Policy, 16(1), 169–184. doi: 10.24136/eq.2021.006. Kolko á, A., & Ključniko , A. (2021). Demand o ecas ing: an al e na i e ap- p oach based on echnical indica o Pbands. Oeconomia Cope nicana, 12(4), 863–894. doi: 10.24136/oc.2021.028. Köksal, M. H., & Ke aneh, T. (2011). Expo p oblems expe ienced by high‐and low‐pe o ming manu ac u ing companies. Jou nal o Ma ke ing and Logis ics, 23(1), 108–126. doi: 10.1108/13555851111100021. Le, T. D., & Sha e , P. (2017). Assessing he e iciency cos s o Vie nam's ‘miss- ing’small and medium sized en e p ises. Asia & he Paci ic Policy S udies, 4(1), 50–69. doi: 10.1002/app5.165. Lee, H., Kelley, D., Lee, J., & Lee, S. (2012). SME Su i al: he impac o in e na- ionaliza ion, echnology esou ces, and alliances. Jou nal o Small Business Managemen , 50(1), 1–19, doi: 10.1111/j.1540-627X.2011.00341.x. Lejá aga, I., & Obe ho e , H. (2015). Pe o mance o small-and medium-sized en e p ises in se ices ade: e idence om F ench i ms. Small Business Economics, 45(3), 673–702. doi: 10.1007/s11187-015-9647-z. Leonidou, L. C. (2004). An analysis o he ba ie s hinde ing small business expo de elopmen . Jou nal o Small Business Managemen , 42(3), 279–302. doi: 10.1111/j.1540-627X.2004.00112.x. Lukason, O. X, & Lai inen, E. K. (2016). Failu e p ocesses o old manu ac u ing i ms in di e en Eu opean coun ies. In es men Managemen and Financial Inno a ions, 13(2), 310–321. doi: 10.21511/im i.13(2-2).2016.06. Me zke , Z., Ma ousek, J., Hlawiczka, R., Belas, J. J ., & Khan, K. A. (2021a). The pe cep ion o he ma ke and ope a ional a ea o business by se ice sec o and ou ism companies in e ms o cs implemen a ion. Jou nal o Tou ism and Se ices, 23(12), 217–236. doi: 10.29036/jo s. 12i23.328. Me zke , Z., Ma ousek, J., Z a iko a, K., Hlawiczka, R. (2021b). The pe cep ion o SMEs bank up cy conce ning CSR implemen a ion. In e na ional Jou nal o En ep eneu ial Knowledge, 9(2), 85–95. doi: 10.37335/ijek. 9i2.133. Mudambi, R., & Zah a, S. A. (2007). The su i al o in e na ional new en u es. Jou nal o In e na ional Business S udies, 38, 333–352. doi: 10.29123/12i2 3.426. Oeconomia Cope nicana, 13(3), 867–890 886 Na ayanan, V. (2015). Expo ba ie s o small and medium-sized en e p ises: a li e a u e e iew based on Leonidou’s Model. En ep eneu ial Business and Economics Re iew, 3(2), 105–123. doi: 10.15678/EBER.2015.030208. Panga ka , N. (2008). In e na ionaliza ion and pe o mance o small-and medium- sized en e p ises. Jou nal o Wo ld Business, 43(4), 475–485. doi: 10.1016/j.jw b.2007.11.009. Pascucci, F., Domenichelli, O., Pe u o, E., & G ego i, G. L. (2021). Family own- e ship and he expo pe o mance o SMEs: he mode a ing ole o inancial cons ain s and lexibili y. Jou nal o Small Business and En e p ise De elopmen , 29(4), 602–626. doi:10.1108/JSBED-03-2021-0113. Pa lák, M. (2018). Ba ie s o he in e na ionaliza ion o Czech SMEs. Eu opean Resea ch S udies Jou nal, 21(2), 453–462. Peng, M. (2009). Global business. Mason: Sou h-Wes e n Cengage Lea ning. Peng, M., Y.-P., & Shao, L. (2021). How do he de e minan s o new p oduc de- elopmen ma e in he in e na ional con ex ? Jou nal o Compe i i eness, 13(3), 129–146. doi: 10.7441/joc.2021.03.08. Pe ei a-Moline , J., López-Game o, M. D., Fon , X., Molina-Azo ín, J. F., Ta í, J. J., & Pe usa-O ega, E. M. (2021). Sus ainabili y, compe i i e ad an ages and pe o mance in he ho el indus y. Jou nal o Tou ism and Se ices, 23(12), doi: 10.29036/jo s. 12i23.282. Pie o i o, F., & Pozzolo, A. F. (2021). C edi cons ain s and expo s o SMEs in eme ging and de eloping coun ies. Small Business Economics, 56, 311–332. doi: 10.1007/s11187-019-00225-x. Rashid, A., Hassan, M. K., & Ka ama , H. (2021). Fi m size and he in e linkages be ween sales ola ili y, expo s, and inancial s abili y o Pakis ani manu ac- u ing i ms. Eu asian Business Re iew, 11, 111–134. doi:10.1007/s40821-020- 00162-w. Sedliaciko a, M., Mo eso a, M., Alac, P., & D abek, J. (2021). How do beha io al aspec s a ec he inancial decisions o manage s and he compe i i eness o en e p ises? Jou nal o Compe i i eness, 13(2), 99–116. doi: 10.7441/joc.2021. 02.06. Sil a, J. R., F anco, M., & Mag inho, A. (2016). Empi ical in es iga ion o he e ec s o indus y ype and i m size on expo ba ie s. Jou nal o Business Economics and Managemen , 17(6), 1052–1065. doi: 10.3846/16111699.201 6.1143874. Sil e man, M., Sengup a, S., & Cas aldi, R. M. (2004). Imp o ing expo pe o - mance; he case o he U.S. Wine indus y. Jou nal o Global Ma ke ing, 17(1), 45–65. doi: 10.1300/J042 17n01_04. Sinicako a, M., & Ga u o a, B. (2017). Single mone a y policy e sus mac oeco- nomic undamen als in Slo akia. Ekonomicky casopis, 65(2), 158–172. Sinko ics, R. R., Ku , Y., & Sinko ics, N. (2018). The e ec o ma ching on pe - cei ed expo ba ie s and pe o mance in an e a o globaliza ion discon en s: Empi ical e idence om UK SMEs. In e na ional Business Re iew, 27(5), 1065–1079. doi: 10.1016/j.ibus e .2018.03.007. Oeconomia Cope nicana, 13(3), 867–890 887 Sleuwaegen, L., & Onkelinx, J. (2014). In e na ional commi men , pos -en y g ow h and su i al o in e na ional new en u es. Jou nal o Business Ven u ing, 29(1), 106–120. doi: 10.1016/j.jbus en .2013.01.001. Tousek, Z., Hinke, J., Malinska, B., & P okop, M. (2021). The pe o mance de e - minan s o ading companies. Jou nal o Compe i i eness, 13(2), 152–170. doi: 10.7441/ joc.2021.02.09. Tsukano a, T. (2019). Home coun y ins i u ions and expo beha iou o SMEs om ansi ion economies. Eu opean Jou nal o In e na ional Managemen , 13(6), 811–842. Vu, H., & Lim, S. (2013). Expo s and i m su i al: he i s e idence om Vi- e nam p i a e manu ac u ing SMEs. Economics Bulle in, 33(2), 1259–1268. Wes head, P., W igh , M., & Ucbasa an, D. (2001). The in e na ionaliza ion o new and small i ms: a esou ce-based iew. Jou nal o Business Ven u ing, 16(4), 333–358. doi: 10.1016/S0883-9026(99)00063-4. Wes head, P., W igh , M., & Ucbasa an, D. (2004). In e na ionaliza ion o p i a e i ms: en i onmen al u bulence and o ganiza ional s a egies and esou ces. En ep eneu ship & Regional De elopmen , 16(6), 501–522. doi: 10.1080/089 8562042000231929. Wilkinson, T., & B ou he s, L. E. (2006). T ade p omo ion and SME expo pe - o mance. In e na ional Business Re iew, 15(3), 233–252. doi: 10.1016/j.ibus e .2006.03.001. Acknowledgmen s The pape is an ou pu o he p ojec NFP313010BWN6 „The implemen a ion amewo k and business model o he In e ne o Things, Indus y 4.0 and sma anspo “. Annex Table 1. Measu emen s in he ques ionnai e Expo ba ie s Measu emen s Expo cos “Highe expo cos s a e no obs acle o he expo o ou p oduc s” Legisla i e di e ences “Legisla i e di e ences a e no an obs acle o he expo o ou p oduc s” Tax policy di e ences “The di e ences in ax policy a e no an obs acle o he expo o ou p oduc s” Linguis ic-cul u al di e ences “Linguis ic and cul u al di e ences a e no an obs acle o he expo o ou p oduc s” Pe o mance “I e alua e he inancial pe o mance o ou (my) company posi i ely” Bank up cy “The e is no isk o bank up cy o ou (my) company wi hin 5 yea s” Table 2. Sample P o ile I ems Ca ego ies n Sha e Coun y Czechia 176 43.14% Slo akia 123 30.15% Hunga y 109 26.71% To al 408 100% Fi m size Mic o 181 44.36% small 121 29.66% medium 106 25.98% To al 408 100% Fi m age up o 5yea s 50 12.25% 6 o 10 yea s 53 12.99% mo e han 10 yea s 305 74.76% To al 408 100% Fi m sec o manu ac u ing 140 34.31% e ailing 67 16.42% se ice 103 25.25% o he s 98 24.02% To al 408 100% Table 3. Model i ing, Pseudo R-squa e, Tes o pa allel lines Assump ions Model i ing Goodness o i Pseudo R-squa e Tes o pa allel lines Models -2 Log likelihood Chi- Squa e d Sig. Cox & Snell Nagelke ke -2 Log likelihood Chi- Squa e d Sig. Model 1 79.904 13.778 4 0.008 0.033 0.038 71.254 2.650 4 0.618 Model 2 88.069 7.949 4 0.043 0.019 0.022 76.936 11.134 4 0.125 Model 3 93.657 18.968 4 0.001 0.045 0.053 83.214 10.444 4 0.134 Model 4 84.514 24.917 4 0.000 0.059 0.074 69.950 14.564 4 0.056 No e: Sig.: signi icance. Table 4. The esul s ega ding 1 s and 2 nd esea ch models Va iable Es ima e S.E. Wald d Sig. 95% CI [Lowe Uppe ] MODEL-1 Expo cos = 1 -0.008 0.327 0.001 1 0.980 [-0.650 0.633] Expo cos = 2 1.139 0.333 11.725 1 0.001 [0.487 1.791] Pe o mance = 1 -0.399 0.320 1.549 1 0.213 [-1.026 0.229] Pe o mance = 2 0.121 0.351 0.119 1 0.730 [-0.566 0.809] Bank up cy = 1 0.468 0.288 2.636 1 0.104 [-0.097 1.033] Bank up cy = 2 0.423 0.224 3.569 1 0.059 [-0.016 0.862] MODEL-2 Legisla i e = 1 -0.005 0.329 0.000 1 0.988 [-0.649 0.639] Legisla i e = 2 0.959 0.332 8.329 1 0.004 [0.308 1.610] Pe o mance = 1 -0.384 0.321 1.427 1 0.232 [-1.013 0.349] Pe o mance = 2 -0.263 0.354 0.552 1 0.458 [-0.957 0.431] Bank up cy = 1 0.505 0.289 3.050 1 0.081 [-0.062 1.072] Bank up cy = 2 0.355 0.226 2.467 1 0.116 [-0.088 0.797] No e: S.E.: S anda d E o , d : Deg ee o eedom, CI: Con idence in e als. Table 5. The esul s ega ding 3 d , and 4 h esea ch models Va iable Es ima e S.E. Wald d Sig. 95% CI [Lowe Uppe ] MODEL-3 Tax- ela ed = 1 0.277 0.332 0.699 1 0.403 [-0.373 0.928] Tax- ela ed = 2 1.353 0.339 15.943 1 0.000 [0.689 2.017] Pe o mance = 1 -0.385 0.324 1.419 1 0.234 [-1.020 0.249] Pe o mance = 2 -0.226 0.357 0.401 1 0.414 [-0.927 0.474] Bank up cy = 1 0.984 0.291 11.441 1 0.001 [0.414 1.555] Bank up cy = 2 0.546 0.230 5.622 1 0.018 [0.095 0.997] MODEL - 4 Cul u al = 1 0.383 0.344 1.235 1 0.266 [-0.292 1.058] Cul u al = 2 1.605 0.356 20.282 1 0.000 [0.906 2.303] Pe o mance = 1 -0.985 0.336 8.565 1 0.003 [-1.644 -0.325] Pe o mance = 2 -0.344 0.365 0.887 1 0.041 [-1.059 -0.371] Bank up cy = 1 0.581 0.318 3.342 1 0.016 [0.042 1.204] Bank up cy = 2 0.562 0.252 4.973 1 0.026 [0.068 1.056] No e: S.E.: S anda d E o , d : Deg ee o eedom, CI: Con idence in e als.