OeconomiA
cope nicana
Volume 13 Issue 3 Sep embe 2022
p-ISSN 2083-1277, e-ISSN 2353-1827
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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.
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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.