Du ana, Pa ol; Ko alo a, E ika; Blazek, Roman; Bicano ska, Klaudia
A icle
Business e iciency: Insigh s om Viseg ad Fou be o e,
du ing, and a e he COVID-19 pandemic
Economies
P o ided in Coope a ion wi h:
MDPI – Mul idisciplina y Digi al Publishing Ins i u e, Basel
Sugges ed Ci a ion: Du ana, Pa ol; Ko alo a, E ika; Blazek, Roman; Bicano ska, Klaudia (2025) :
Business e iciency: Insigh s om Viseg ad Fou be o e, du ing, and a e he COVID-19 pandemic,
Economies, ISSN 2227-7099, MDPI, Basel, Vol. 13, Iss. 2, pp. 1-36,
h ps://doi.o g/10.3390/economies13020026
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/329306
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Academic Edi o : Angeliki
N. Menegaki
Recei ed: 13 Decembe 2024
Re ised: 12 Janua y 2025
Accep ed: 16 Janua y 2025
Published: 22 Janua y 2025
Ci a ion: Du ana, P., Ko alo a, E.,
Blazek, R., & Bicano ska, K. (2025).
Business E iciency: Insigh s om
Viseg ad Fou Be o e, Du ing, and
A e he COVID-19 Pandemic.
Economies,13(2), 26. h ps://doi.o g/
10.3390/economies13020026
Copy igh : © 2025 by he au ho s.
Licensee MDPI, Basel, Swi ze land.
This a icle is an open access a icle
dis ibu ed unde he e ms and
condi ions o he C ea i e Commons
A ibu ion (CC BY) license
(h ps://c ea i ecommons.o g/
licenses/by/4.0/).
A icle
Business E iciency: Insigh s om Viseg ad Fou Be o e, Du ing,
and A e he COVID-19 Pandemic
Pa ol Du ana 1,* , E ika Ko alo a 1, Roman Blazek 1and Klaudia Bicano ska 2
1
Depa men o Economics, Facul y o Ope a ion and Economics o T anspo and Communica ions, Uni e si y
o Zilina, Uni e zi na 1, 010 26 Zilina, Slo akia; [email p o ec ed] (E.K.); [email p o ec ed] (R.B.)
2Sungwoo Hi ech Slo akia s. .o., Ces a ska 1, 010 01 Zilina, Slo akia
*Co espondence: [email p o ec ed]
Abs ac : E iciency is one o he ene s in assessing he inancial heal h o an en e p ise.
Ul ima ely, he o m o asse managemen has a majo impac on g ow h bu also on he
decline o p o i . I also e eals how he en e p ises a e posi ioned wi hin he compe i i e
ma ke en i onmen . Fo his eason, he aim o his a icle is o de ine he le el o business
ac i i y in he Viseg ad Fou in he p e-c isis, du ing-c isis and pos -c isis pe iods o he
COVID-19 pandemic. The in es iga ion included 48,650 en e p ises om Slo akia, Czechia,
Poland, and Hunga y o e he pe iod 2017–2023. We de e mined he median alues o
ele en business e iciency indica o s sepa a ely o each coun y and sec o . The F iedman
es and K uskal–Wallis es con i med signi ican di e ences be ween yea s and coun ies.
Fu he mo e, mul iple pai wise compa isons e ealed analogies be ween he p e-c isis
and pos -c isis pe iods, as well as simila i ies be ween he wo pandemic yea s o he
es ed a ios. One can obse e ha he esul s se e as he ounda ion o egional and
in e na ional benchma ks, pa icula ly o en e p ises om o me Eas e n Bloc coun ies.
Keywo ds: ac i i y a ios; asse s; COVID-19; e iciency; Viseg ad Fou
1. In oduc ion
Changes in he global ma ke ha e posed c i ical challenges o indus ial and se ices
indus ies (Capes o e al.,2024). Especially, he COVID-19 pandemic, which s a ed in
he i s qua e o 2020, igge ed unp eceden ed economic challenges, p omp ing go e n-
men s wo ldwide o implemen in e en ion measu es o mi iga e i s impac s on business
and employmen (S abo a e al.,2024). Du ing nega i e pandemic yea s, 2020 and 2021,
se e al companies ha e come o belie e in he impo ance o con inuous analysis o he
inancial si ua ion (A ayah e al.,2022;De co,2022). Business con inui y and sus ainabili y
o business ope a ions, especially o managing any u bulen si ua ion like he COVID-19
pandemic, a e necessa y (Cha e jee e al.,2024). Iden i ica ion o h ea s and business
weaknesses, bu also p epa a ion o unexpec ed and c isis si ua ions (Lukac e al.,2022),
we e he mos impo an a eas o in e es o he company’s managemen (Gajdosiko a
e al.,2022;Adamowicz,2022). Despi e he pa ial imp o emen in he si ua ion, global
s abiliza ion has no ye aken place. The ongoing ene gy c isis also co esponds o he
cu en de elopmen (Ha an o a e al.,2022). Pa icula ly, conside ing he men ioned
a ionale, i is c ucial o pe sis in moni o ing he inancial well-being o he company
h ough he use o app op ia e ools (Ba os e al.,2022). E ec i e moni o ing o inancial
heal h is essen ial in he inancial managemen o en e p ises (Valasko a e al.,2023a).
Financial manage s mus implemen a mechanism o analysing he inancial si ua ion ha
Economies 2025,13, 26 h ps://doi.o g/10.3390/economies13020026
Economies 2025,13, 26 2 o 36
will e ec i ely espond o all s imuli h ea ening he e y exis ence o he company and i s
u he ope a ion in he ma ke (Mijoc,2024;Bizjak e al.,2024).
One o he mos impo an s eps in inancial analysis, apa om he p epa a ion o
inancial s a emen s and he collec ion o da a om a ound he company (Chambos &
P aquin,2021), is he p ocess o choosing an app op ia e me hod (Michalko a e al.,2022).
Businesses use a ious p ocedu es and echniques ha b ing ele an esul s. Cu en ly,
a ious s a is ical analysis me hods a e gaining p ominence, while, a he same ime,
“ adi ional” me hods like a io analysis con inue o ecei e cons an applica ion (Ko alchuk
& Ve hun,2019). The analysis includes se e al g oups o indica o s ha ep esen he basic
elemen s o a ious p o essional s udies, due o hei simple applicabili y in business
p ac ice (Goncha ,2016). This pape p ima ily ocuses on one o hese indica o g oups,
e ealing he e ec i eness o indi idual p ope y componen s in he ope a ional p ocess
(Goldmann,2020).
Ac i i y indica o s, oge he wi h ecommenda ions esul ing om he achie ed e-
sul s, ep esen an impo an pa o analysing he inancial heal h o he company (Hi-
adlo sky e al.,2016). Ul ima ely, he o m o asse managemen has a majo impac on
g ow h bu also on he decline o p o i (Amoa-Gya eng,2021). I also indica es he po-
si ion o he company in he en i onmen o ma ke compe i ion (K is o & Vi ag,2022).
Thus, he aim o his a icle is o de ine he le el o business ac i i y in he Viseg ad Fou in
he p e-c isis, du ing-c isis, and pos -c isis pe iods o he COVID-19 pandemic.
In addi ion, he bibliome ic analysis was ealised by VOS iewe e sion 1.6.20 o
p o e he signi icance o he sol ed issue. The me hod is used o p o ide quan i a i e
analysis o published documen s (Ege & Žižka,2024). This sea ch que y was used in
Web o Science: “business e iciency” (Topic) o “business ac i i y” (Topic) o “ac i i y
a io” (Topic) and Economics (Web o Science Ca ego ies) o Business (Web o Science
Ca ego ies) o Managemen (Web o Science Ca ego ies) o Business Finance (Web o
Science Ca ego ies) and A icle (Documen Types). The a ge ed issue yielded 1385 ela ed
a icles. Figu e 1 ep esen s a bibliome ic map o 32 dominan coun ies in ol ed in his
issue (each coun y published a leas 15 a icles). This led o he c ea ion o ou clus e s o
coope a ing coun ies wi hin business e iciency. Hunga y, as a pa o he Viseg ad Fou , is
no included, bu Slo akia, Czechia, and Poland a e included. The ed clus e domina es
he map, connec ing he USA, China, Aus alia, Ge many, Canada, B azil, Po ugal, Sou h
Ko ea, Swi ze land, Finland, Japan, and Russia. The g een clus e includes he emaining
de eloped Eu opean coun ies ha a e his o ically o economically connec ed o hemsel es
o wi h o he s om he clus e , including England, F ance, I aly, Spain, Sco land, New
Zealand, India, and Pakis an. Malaysia, Indonesia, Vie nam, and Taiwan ep esen close
Asian coope a ion in he yellow clus e . Slo akia, Czechia, and Poland, along wi h Uk aine,
Li huania, C oa ia, Se bia, and Bosnia and He zego ina, o m a blue clus e o pos -So ie
coope a ion.
VOS iewe also c ea ed he bibliome ic map o keywo d occu ence (Figu e 2). Each
keywo d mus be ma ked a leas 20 imes in used a icles. Fou clus e s we e de ec ed. The
ed clus e concen a es on he o e all managemen and pe o mance o business e iciency,
encompassing aspec s such as e u ns, go e nance, models, isk, and ma ke . The blue
one illus a es he inancial aspec o business e iciency, encompassing ac o s such as
p o i abili y, inancial pe o mance, capi al s uc u e, and p oduc i i y. Business po en ial
is de ined by a yellow clus e ha includes s a egy, inno a ion, knowledge, sus ainabili y,
echnology, e c. The las clus e is he g een one ha is ela ed o his a icle and maps
business ac i i y h ough en ep eneu ship, he e ec o economic g ow h, o eign di ec
in es men s, and c isis pe iods, as well as COVID-19 consequences.
Economies 2025,13, 26 3 o 36
Economies 2025, 13, x FOR PEER REVIEW 3 o 40
Figu e 1. Bibliome ic map o coope a ing coun ies. Own p ocessing.
VOS iewe also c ea ed he bibliome ic map o keywo d occu ence (Figu e 2). Each
keywo d mus be ma ked a leas 20 imes in used a icles. Fou clus e s we e de ec ed. The
ed clus e concen a es on he o e all managemen and pe o mance o business e iciency,
encompassing aspec s such as e u ns, go e nance, models, isk, and ma ke . The blue one
illus a es he inancial aspec o business e iciency, encompassing ac o s such as p o i a-
bili y, inancial pe o mance, capi al s uc u e, and p oduc i i y. Business po en ial is de-
ined by a yellow clus e ha includes s a egy, inno a ion, knowledge, sus ainabili y, ech-
nology, e c. The las clus e is he g een one ha is ela ed o his a icle and maps business
ac i i y h ough en ep eneu ship, he e ec o economic g ow h, o eign di ec in es -
men s, and c isis pe iods, as well as COVID-19 consequences.
Figu e 1. Bibliome ic map o coope a ing coun ies. Own p ocessing.
Economies 2025, 13, x FOR PEER REVIEW 4 o 40
Figu e 2. Bibliome ic map o co-occu ence o keywo ds. Own p ocessing.
The a icle is o ganised as ollows: A li e a u e e iew co e s he heo e ical back-
g ound o business e iciency. The pape hen p oceeds o explain he c ea ion o he sample
om V4, calcula e ac i i y a ios, and iden i y he p e e ed es s. The esul s illus a e he
median alues o ele en a ios and es he se hypo heses. The discussion compa es he
esul s. The conclusions ou line po en ial ocuses o u u e esea ch and iden i y he limi-
a ions o he cu en s udy.
2. Li e a u e e iew
S abo a e al. (2022); K amolis and Dobes (2020) de ine se en ini ial goals, which a e
as ollows: e alua ion o he impac o in e nal and ex e nal ac o s on he exis ence o he
company, assessmen o changes in he managemen o he business en i y, sec o al com-
pa ison o inancial indica o s, moni o ing o mu ual ela ionships be ween he analysed
indica o s, c ea ion o a ele an in o ma ion sou ce o he needs o manage ial decision-
making, p edic ion o he u u e inancial si ua ion o he en e p ise in a ious a ia ions,
and de ining ecommenda ions o planning and managemen (Rahman & Sha ma, 2020).
Mi za e al. (2020) conside in o ma ion a ailable om inancial s a emen s o be he
p ima y elemen o inancial analysis. This s a emen is u he supplemen ed by Pech e al.
(2020), who desc ibe he inancial s a emen as a sou ce o in o ma ion abou he business
ac i i y o he accoun ing uni . Sace e al. (2018); Demi han and Anwa (2014) s a e ha
each inancial s a emen con ains speci ic da a. In he case o he p o i and loss s a emen ,
Figu e 2. Bibliome ic map o co-occu ence o keywo ds. Own p ocessing.
The a icle is o ganised as ollows: A li e a u e e iew co e s he heo e ical back-
g ound o business e iciency. The pape hen p oceeds o explain he c ea ion o he sample
om V4, calcula e ac i i y a ios, and iden i y he p e e ed es s. The esul s illus a e
he median alues o ele en a ios and es he se hypo heses. The discussion compa es
Economies 2025,13, 26 4 o 36
he esul s. The conclusions ou line po en ial ocuses o u u e esea ch and iden i y he
limi a ions o he cu en s udy.
2. Li e a u e Re iew
S abo a e al. (2022); K amolis and Dobes (2020) de ine se en ini ial goals, which a e
as ollows: e alua ion o he impac o in e nal and ex e nal ac o s on he exis ence o he
company, assessmen o changes in he managemen o he business en i y, sec o al com-
pa ison o inancial indica o s, moni o ing o mu ual ela ionships be ween he analysed
indica o s, c ea ion o a ele an in o ma ion sou ce o he needs o manage ial decision-
making, p edic ion o he u u e inancial si ua ion o he en e p ise in a ious a ia ions,
and de ining ecommenda ions o planning and managemen (Rahman & Sha ma,2020).
Mi za e al. (2020) conside in o ma ion a ailable om inancial s a emen s o be he
p ima y elemen o inancial analysis. This s a emen is u he supplemen ed by Pech
e al. (2020), who desc ibe he inancial s a emen as a sou ce o in o ma ion abou he
business ac i i y o he accoun ing uni . Sace e al. (2018); Demi han and Anwa (2014)
s a e ha each inancial s a emen con ains speci ic da a. In he case o he p o i and loss
s a emen , i is mainly a display o he achie ed pe o mance o he business en i y du ing
a de ined pe iod. On he o he hand, he balance shee cap u es he s a e o he company’s
inancial si ua ion as o a speci ied da e. No es a e also an impo an pa . The las pa
o he inancial s a emen s is supplemen a y o he p e ious s a emen s. I also p esen s
changes in cash lows, which a e ound in he cash low s a emen (Makoji e al.,2021).
Welc (2016) and Fi iani (2023) conside he me hod o a io analysis, which is based
on he quan i ica ion o a ios o selec ed da a om accoun ing s a emen s, o be he
main me hod o assessing he inancial heal h o a company. This me hod consis s o
indica o s aimed a assessing he p o i abili y, liquidi y, indeb edness, ac i i y, and ma ke
alue o he company (P iya & Sha ma,2023). Acco ding o Hunj a e al. (2011), a io
indica o s a e conside ed impo an me ics o de e mining he pe o mance bu also he
g ow h o he company. Jones and Godday (2015) u he highligh he impo ance o
a io indica o s in in es men decision making bu also in aking measu es o imp o e he
inancial pe o mance o he company (Ba ancea,2021).
Ac i i y indica o s moni o he company’s abili y o use asse s (i s asse s)— hey
indica e how e icien ly he company uses i s indi idual asse s, i.e., whe he he company
has enough p oduc i e asse s o no (Hy slo a e al.,2017). I is impo an o a business o
ind a easonable a io be ween he asse s he business has acqui ed o achie e i s sales and
he sales o he business. I he company has high asse s compa ed o sales, i can be said
ha he company is using i s asse s economically (Yousa e al.,2021). I , on he o he hand,
i has a lack o asse s, i p epa es i sel o he e enues ha would a ise om po en ial
o de s. In o he wo ds, he accele a ion o asse u no e is a posi i e end because i
means highe sales o businesses. Howe e , excessi e accele a ion o u no e can h ea en
he low o p oduc ion and sales (Tian & He,2016).
Susellawa i e al. (2022) cha ac e ise he meaning o he quan i ica ion o ac i i y
indica o s as he abili y o de ine he le el o asse e iciency in he ope a ional p ocess. The
con ibu ion o selec ed asse i ems in he p ocess o e enue gene a ion is also assessed,
as is he numbe o in es men s in cu en and non-cu en asse s. To de e mine he
compe i i eness o he analysed en i y, he ac i i y indica o s a e also used o compa e
companies wi hin he espec i e indus ies. As indi idual b anches o he na ional economy
a e cha ac e ised by a di e en s uc u e o asse s and, consequen ly, u no e , Ko alchuk
and Ve hun (2019) d aw a en ion o he di e si y o he esul s o ac i i y indica o s
depending on he cha ac e is ics o he b anch.
Economies 2025,13, 26 5 o 36
Fo his eason, hey conside i impo an o adequa ely adap and imp o e he
applied me hods and p ocedu es o inancial analysis in iew o he speci ic ci cums ances
o he business ac i i y o he analysed en i y (Rep,2021). The au ho s subsequen ly s a e
in hei a icle ha e ec i e managemen o co po a e asse s will be e lec ed in he g ow h
o u no e indica o s bu also in he g ow h o he company’s compe i i eness (Belas e al.,
2022). Acco ding o Mia e al. (2014), among he mos used ac i i y indica o s ha we can
include a e accoun s ecei able u no e , asse u no e , and in en o y u no e .
In o ma ion on he collec ion o ecei ables om co po a e cus ome s can be de e -
mined using he ecei ables u no e indica o . To e alua e he p opo ionali y o asse s in
ela ion o sales p oduc ion, on he o he hand, he u no e o o al asse s is used, which,
acco ding o Pu wan o and Bina (2016), is conside ed one o he mos impo an indica o s
o company e alua ion. The las indica o o ac i i y is in en o y u no e , which Fa ooq
(2018) pe cei es as a ool o de e mining he numbe o con e sions o in en o y sales
du ing he yea . Zisoudis e al. (2020) claim ha a high in en o y u no e will ensu e
a as e p ocess o e enue gene a ion bu also a lowe p obabili y o dep ecia ion o he
company’s in en o y.
In se e al s udies, we eco d he analysis o ac i i y indica o s in connec ion wi h
he assessmen o he impac o p ope y i ems on he p o i abili y o he company (Gazi
e al.,2022;Hunj a e al.,2011). While Pham e al. (2020) concluded ha he e is a
posi i e ela ionship be ween ecei ables u no e ime, in en o y u no e ime, liabili y
ma u i y pe iod, and p o i abili y, Rezai and Pou ali (2015), on he con a y, iden i ied he
in e se na u e o he mu ual connec ion be ween he men ioned ac i i y indica o s and
p o i abili y. Di e en esul s we e also achie ed by Tahi and Anua (2016), who, based
on he e alua ion o 127 companies in he ex ile indus y, con i med he exis ence o a
nega i e ela ionship be ween ecei ables u no e ime and p o i abili y.
On he o he hand, hey es ablished a posi i e ela ionship be ween p o i abili y and
he u no e pe iod o liabili ies and he u no e pe iod o ecei ables. Ac i i y indica o s
a e also included in he analysis o bank up cy models as a iables in ol ed in p edic ing
he u u e inancial si ua ion o he company. One o he s udies ocused on he issue was
also published by Klies ik e al. (2020), who deal wi h p edic ion models o ansi i e
economies. The esul o he in es iga ion was he iden i ica ion o inancial indica o s wi h
he g ea es equency o occu ence in he gi en models. Ou o a se o 917 indica o s,
asse u no e anked hi d. A simila s udy was ca ied ou by Ko aco a e al. (2019), in
which hey used cons uc ed bank up cy p edic ion models in he e i o y o he Viseg ad
Fou coun ies. F om he g oup o ac i i y indica o s, he a io o sales o o al asse s was
also mos o en used, bu i was pa o only he Czech and Polish p edic ion models. In he
case o he Slo ak Republic and Hunga y, he occu ence o he indica o is ze o (Gundo a
& Med edo a,2016;Valasko a e al.,2021).
We can also iden i y he use o ac i i y indica o s when assessing he inancial pe -
o mance o selec ed business en i ies (Valasko a e al.,2019). Fo example, Shukla and
Roopa (2017) deal wi h he men ioned issue, whose aim was o de e mine he inancial
pe o mance o Indian elecommunica ion se ice p o ide s. Podho ska and Siekelo a
(2020) compa ed he inancial si ua ion o companies om he IT sec o . Selec ed ac i i y
indica o s can also be ound in he a icle by Ra aqa and Ra aqa (2020), who analysed he
impac o me ge s and acquisi ions on he inancial pe o mance o echnology companies.
In hei conclusions, hey s a ed ha i was based on ac i i y indica o s ha hey iden i ied
he signi ican e ec s o he men ioned o ms o di ec o eign in es men on he inancial
pe o mance o business en i ies. In he company’s managemen sys em, he e alua ion o
he company’s e iciency occupies a p ominen place, since he adop ion o s a egically
impo an manage ial decisions depends on i s esul s.
Economies 2025,13, 26 6 o 36
Since business e iciency is a mul idimensional phenomenon, i s e alua ion in ol es
he use o many indica o s, which complica es managemen (Klies ik e al.,2020). The
in eg a ed app oach as a mode n, p og essi e, me hodical appa a us makes i possible
o sys ema ise indica o s in o sub-indices and hus ob ain one in eg a ed indica o o he
business e iciency o en e p ises (Balaniuk e al.,2020).
Ac i i y indica o s, oge he wi h ecommenda ions a ising om he achie ed esul s,
ep esen an impo an pa o he analysis o he company’s inancial heal h. Ul ima ely,
he o m o asse managemen has a majo impac on g ow h, bu also on p o i decline
(Is ok & Kande o a,2019;Pu wan o & Bina,2016). I also indica es he company’s posi ion
in he en i onmen o ma ke compe i ion. Business e iciency o a business is he mos
impo an sign o i s iabili y. Business e iciency is p ima ily he abili y o a business o
gene a e income and p o i e en unde he mos ad e se ex e nal and in e nal condi ions.
In his case, he e a e also ex e nal condi ions ha do no di ec ly depend on he
company’s ac ions, especially ma ke demand, business condi ions, he o e all s a e o he
company, and he s a e o he inancial and c edi sys em (Valasko a e al.,2021). The e a e
also in e nal condi ions ha a e c ea ed because o he en e p ise, especially alue-added
p oduc ion, esou ce po en ial, p oduc ion capaci y, inno a ion, e c. In his ega d, he
assessmen o he business e iciency o he en e p ise is a mul i ace ed componen o
managemen , which includes a signi ican numbe o absolu e o mone a y indica o s and
indica o s, hei dynamics, and c i e ia (Gajdosiko a e al.,2022).
The esul s om he Viseg ad Fou egion assessing e iciency a e as ollows: Klies ik
e al. (2020) emphasised ha s uc u al economic ac o s hea ily in luence asse e iciency
and inancial heal h. Simila ly, Gajdosiko a and Pa ic K ama ic (2023) highligh ed he ole
o di e gen na ional policies in shaping inancial heal h indica o s ac oss indus ies.
Analysing he e iciency o co po a e asse s and ixed asse s u iliza ion highligh s
no able egional di e ences among Viseg ad G oup coun ies. Indica o s analysing asse
e iciency eco ded he bes esul s in Polish and Czech companies. Howe e , S abo a
e al. (2020), who analysed inancial da a om 400 Slo ak i ms, a gue ha insu icien
ein es men in capi al asse s signi ican ly con ibu es o ine iciency in Slo ak companies.
Despi e hese sho comings, Slo ak i ms demons a e excep ional pe o mance in man-
aging wa ehouse s ocks. This inding aligns wi h Va ek e al. (2021), who analysed 469
Slo ak ag icul u al en e p ises and emphasised he impo ance o in en o y managemen
in mi iga ing inancial ins abili y. Mazanec (2022) no es ha success in op imiza ion in col-
lec ion pe iod a io can be gained h ough he implemen a ion o s ic c edi managemen
policies.
Jenco a e al. (2024) add ha hey applied mul ic i e ia e alua ion me hods (MCEM)
and nonme ic mul idimensional scaling (NMDS) o assess hospi al pe o mance in Slo-
akia du ing p e-c isis, c isis, and pos -c isis pe iods. Thei esea ch demons a es how
empo al changes in pe o mance ankings can highligh s eng hs and weaknesses in
ope a ional and inancial s a egies.
Papiko a and Papik (2022) u he expand he scope by examining he ole o in ellec-
ual capi al in de e mining p o i abili y. Thei analysis o 24,351 Slo ak SMEs highligh s
he posi i e ela ionship be ween in ellec ual capi al and p o i abili y be o e he pandemic,
as well as he challenges aced du ing he c isis. Res ic ions p ima ily a ec ed sec o s like
ou ism and gas onomy, whe e s uc u al capi al and capi al-employed e iciencies had a
nega i e impac on p o i abili y. This sec o -speci ic ulne abili y highligh s he b oade
heme o he pandemic’s disp opo iona e impac on indus ies wi h limi ed adap abili y.
Valasko a e al. (2023b) con ibu e o he unde s anding o how co po a e deb
in luences inancial heal h and esilience. Using he F iedman es o analyse Slo ak i ms
om 2018 o 2021, hey iden i ied signi ican shi s in inancial indica o s, pa icula ly in
Economies 2025,13, 26 7 o 36
sel - inancing and equi y le e age a ios. Thei indings unde sco e he pandemic’s ad e se
e ec s on co po a e indeb edness while emphasizing he need o obus deb policies o
ensu e long- e m inancial s abili y.
In he se ice sec o , Bacik e al. (2020) examined 585 ho el businesses ac oss he V4
egion o in es iga e he impac o indus y cha ac e is ics on inancial s abili y and ac i i y
indica o s. Thei s udy e ealed ha Polish i ms ou pe o med hei Slo ak coun e pa s
in gene a ing consis en e u ns om ixed asse s, a ibu ed o be e capi al u iliza ion
s a egies. Simila ly, Vi éz-Du gula e al. (2023) analysed heal hca e SMEs ac oss he V4
coun ies and no ed ha Polish and Czech i ms showcased supe io asse managemen
e iciency compa ed o Slo ak en e p ises, which ace challenges in ein es men .
Be ween 2020 and 2021, ac i i y indica o s ac oss he V4 coun ies demons a ed a
p edominan ly nega i e end. Simionescu e al. (2021) obse e ha he adop ion o digi al
ools du ing he COVID-19 pandemic imp o ed inancial pe o mance in key sec o s ac oss
he V4 egion, pa icula ly in Poland and Hunga y.
3. Ma e ials and Me hods
The o igin da a we e gained om Da abase O bis, p o ided by Moody’s (Moody’s,
2024). The sample a e emo ing missing alues consis ed o 48,650 en e p ises om
he Viseg ad G oup. This g oup o coun ies ep esen s he poli ical g ouping o Cen al
Eu opean s a es, speci ically he egional coope a ion o Slo akia (SK), he Czech Republic
(CZ), Hunga y (HU), and Poland (PL). The la ges numbe o assessed business en i ies
ha e Polish na ionali y. In o al, he sample comp ises 20,479 Polish en e p ises, accoun ing
o a 42.09% sha e. Fu he mo e, 16,901 business en i ies, holding a 34.74% sha e, ep esen
he Slo ak Republic. The sample also includes 5,354 en e p ises om he Czech Repub-
lic and 5,916 en e p ises om Hunga y ha a e analysed. I was e alua ed o e se en
yea s (
2017–2023
), co e ing he pe iod be o e (2017–2019), du ing (2020–2021), and a e
(2022–2023) he COVID-19 pandemic.
Table 1shows he s uc u e o he inal sample acco ding o he NACE (s a is ical
classi ica ion o economic ac i i ies in he Eu opean communi y).
Table 1. S uc u e o he sample acco ding o NACE.
Sec o NACE Desc ip ion Numbe o En e p ises Sha e
A Ag icul u e, o es y, and ishing 2411 4.96%
B Mining and qua ying 240 0.49%
C Manu ac u ing 11,110 22.84%
DElec ici y, gas, s eam, and ai
condi ioning supply 1042 2.14%
EWa e supply, sewe age, was e managemen ,
and emedia ion ac i i ies 1150 2.36%
F Cons uc ion 3558 7.31%
GWholesale and e ail ade; epai o mo o
ehicles and mo o cycles 12,614 25.93%
H T anspo ing and s o age 2424 4.98%
I Accommoda ion and ood se ice ac i i ies 821 1.69%
J In o ma ion and communica ion 1608 3.31%
K Financial and insu ance ac i i ies 675 1.39%
L Real es a e ac i i ies 4454 9.16%
MP o essional, scien i ic, and
echnical ac i i ies 3086 6.34%
N
Adminis a i e and suppo se ice ac i i ies
1709 3.51%
OPublic adminis a ion and de ence,
compulso y social secu i y 29 0.06%
P Educa ion 245 0.50%
Q Human heal h and social wo k ac i i ies 777 1.60%
R A s, en e ainmen , and ec ea ion 441 0.91%
S O he se ice ac i i ies 256 0.53%
Sou ce: own p ocessing.
Economies 2025,13, 26 8 o 36
The e a e h ee g oups in o which he ac i i y a ios all. Tu no e a ios (
Equa ions (1)–(3)
de e mine he numbe o con e sions o a pa icula asse o e he yea . Then, he in e ed
alues o hese a ios exp ess he le el o commi men (Equa ions (4)–(6). Finally, he u no e
pe iod a ios (Equa ions (7)–(11) ep esen he du a ion o a single con e sion in days (Zagi a
e al.,2024). The coe icien s o commi men a e based on he same p inciple as o he u no e
pe iod a ios, bu he di e ence is in he use o a ime in e al (Ba oso a & K al,2016). The
calcula ion o a ios is as ollows, and i is based on Aqil e al. (2019); Bă bu
,
ă-Mi
s
,
u e al. (2019);
Kwak (2019); Lian e al. (2021); Yousa e al. (2021).
Asse u no e =
sales
a e age o al asse s (1)
Fixed asse u no e =
sales
a e age ixed asse s (2)
In en o y u no e =
sales
a e age in en o y (3)
Asse o sales a io =
a e age o al asse s
sales (4)
Fixed asse o sales a io =
a e age ixed asse s
sales (5)
In en o y u no e pe iod =
a e age in en o y
sales (6)
In en o y o sales a io =
a e age o al asse s
sales (7)
Fixed asse u no e pe iod =
a e age ixed asse s
sales ·365 (8)
In en o y u no e pe iod =
a e age in en o y
sales ·365 (9)
Collec ion pe iod a io =
a e age cu en ade ecei ables
sales ·365 (10)
C edi pe iod a io =
a e age cu en ade liabili ies
sales ·365 (11)
Ve i ica ion o a no mal dis ibu ion is he basic p emise o he applica ion o se e al
s a is ical me hods. I in ol es es ing he no mal dis ibu ion o he analysed se . I he
sample o he da a se includes a leas 50 measu emen s, he Kolmogo o –Smi no es is
p e e ed (Lina es-Mus a os e al.,2022). Based on p e-p ocessing, he inal sample o all
calcula ed a ios o each yea in his esea ch canno con i m he no mal dis ibu ion o
da a.
Tha is why non-pa ame ic es s we e applied o es ing. The F iedman es , he i s
men ioned s a is ical p ocedu e, iden i ies di e ences be ween dependen samples. The
ejec ion o he null hypo hesis indica es signi ican di e ences be ween he dis ibu ions.
In addi ion, i was necessa y o un pai wise compa isons (Liu & Xu,2022). The ollowing
hypo heses we e es ed:
H
0a
.The dis ibu ions o ac i i y a ios (asse u no e , ixed asse u no e , in en o y u no e ,
asse o sales a io, ixed asse o sales a io, in en o y o sales a io, asse u no e pe iod, ixed
asse u no e pe iod, in en o y u no e pe iod, collec ion pe iod a io) a e no in luenced by he
speci ic yea .
H
1a
.The dis ibu ions o ac i i y a io (asse u no e , ixed asse u no e , in en o y u no e ,
asse o sales a io, ixed asse o sales a io, in en o y o sales a io, asse u no e pe iod, ixed asse
Economies 2025,13, 26 15 o 36
Table 8. Pai wise compa ison o coun ies o ac i i y a ios.
Ra io p-Value
2017 2018 2019 2020 2021 2022 2023
Asse u no e CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-HU
0.179
CZ-HU
0.328
CZ-HU
0.183
- - - - CZ-HU
0.115
CZ-HU
0.272
Fixed asse
u no e CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.663
CZ-HU
0.200
- - CZ-HU
0.059
CZ-HU
0.158
In en o y
u no e CZ-HU
0.717
CZ-HU
0.951
CZ-HU
0.334
CZ-HU
0.312
CZ-HU
0.068
CZ-HU
0.263
CZ-HU
0.294
Asse o sales
a io
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-HU
0.126
CZ-HU
0.279
CZ-HU
0.153
- - - - CZ-HU
0.102
CZ-HU
0.196
Fixed asse
o sales a io
CZ-PL
0.921
CZ-PL
0.410
CZ-PL
0.451
CZ-PL
0.525
- - CZ-PL
0.776
CZ-PL
0.792
CZ-HU
0.126
CZ-HU
0.162
CZ-HU
0.070
- - - - CZ-HU
0.074
CZ-HU
0.108
In en o y
o sales a io
CZ-PL
0.444
CZ-PL
0.103
- - - - - - CZ-PL
0.139
CZ-PL
0.217
- - - - - - HU-PL
0.230
HU-PL
0.786
- - - -
CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.999
Asse u no e
pe iod CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-HU
0.126
CZ-HU
0.279
CZ-HU
0.153
- - - - CZ-HU
0.102
CZ-HU
0.196
Fixed asse
u no e pe iod CZ-PL
0.921
CZ-PL
0.410
CZ-PL
0.451
CZ-PL
0.525
- - CZ-PL
0.776
CZ-PL
0.792
CZ-HU
0.126
CZ-HU
0.162
CZ-HU
0.070
- - - - CZ-HU
0.074
CZ-HU
0.108
In en o y
u no e pe iod
CZ-PL
0.444
CZ-PL
0.103
- - - - - - CZ-PL
0.139
CZ-PL
0.217
- - - - - - HU-PL
0.230
HU-PL
0.786
- - - -
CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.999
CZ-HU
0.999
Collec ion
pe iod a io CZ-PL
0.060
CZ-PL
0.999
CZ-PL
0.093
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
CZ-PL
0.999
C edi
pe iod a io - - - - - - SK-PL
0.753
SK-PL
0.999
- - - -
Sou ce: own p ocessing.
The Czech Republic and Hunga y ha e he same alues du ing each yea (2017–2023)
analysed o in en o y u no e , in en o y o sales a io and in en o y u no e pe iod.
The e a e no di e ences in he ixed asse u no e a io alues be ween he Czech
Republic and Hunga y, excep o in he yea 2021.
The Czech Republic and Hunga y also ha e simila de elopmen s in asse u no e ,
asse o sales a io, ixed asse o sales a io, asse u no e pe iod, and ixed asse u no e
pe iod, excep o he pandemic yea s 2020 and 2021.
The alues o he in en o y o sales a io and in en o y u no e pe iod do no di e
in he pandemic yea s o Poland and Hunga y.
The c edi pe iod a io does no di e in he pandemic yea s o Poland and Slo akia.
In all o he pai wise compa isons o coun ies, signi ican di e ences ha e occu ed.
6. Conclusions
The aim o his a icle was o de ine he le el o business ac i i y in he Viseg ad Fou
in he p e-c isis, du ing-c isis, and pos -c isis pe iods o he COVID-19 pandemic. The
analysis co e ed he pe iod om 2017 o 2023. Ele en ac i i y a ios (asse u no e , ixed
asse u no e , in en o y u no e , asse o sales a io, ixed asse o sales a io, in en o y
o sales a io, asse u no e pe iod, ixed asse u no e pe iod, in en o y u no e pe iod,
collec ion pe iod a io, c edi pe iod a io) we e compu ed o 48,650 en e p ises.
Median alues o all ac i i y a ios acco ding o coun ies we e se . All V4 coun ies
expe ienced a decline in asse u no e , ixed asse u no e , and in en o y u no e and an
inc ease in asse o sales a io, ixed asse o sales a io, and in en o y o sales a io du ing
he pandemic, e lec ing a lowe abili y o gene a e e enue om asse s due o es ic ions
and he economic down u n. Slo akia and he Czech Republic had a pa ial eco e y in
2021 in inc easing asse u no e , ixed asse u no e , and in en o y u no e , which hey
a ibu ed o g owing sales o asse op imiza ion. Poland no ed an upwa d end in asse
u no e and ixed asse u no e . In con as , Hunga y showed s agna ion, indica ing mo e
pe sis en di icul ies in inc easing asse u no e , ixed asse u no e , and a downwa d
Economies 2025,13, 26 16 o 36
end in asse o sales a io, ixed asse o sales a io, and in en o y o sales a io. Asse
o sales a io and ixed asse a io inc eased in all coun ies in 2020, e lec ing lowe sales
and lowe asse u iliza ion e iciency. The e was an imp o emen in 2021, al hough some
coun ies (e.g., Hunga y) s ill showed weake esul s. The asse u no e pe iod and ixed
asse u no e pe iod inc eased in all V4 coun ies du ing he pandemic. Du ing he asse
u no e pe iod, Slo akia and Hunga y expe ienced he mos signi ican luc ua ions, while
he Czech Republic and Poland showed a smalle de e io a ion. In he pos -pandemic
pe iod, he si ua ion in Slo akia, Czechia, and Poland imp o ed, while Hunga y s agna ed.
A e he pandemic subsided, he Czech Republic and Poland eco e ed quickly, while
Hunga y showed a slowe e u n and Slo akia e u ned o he p e-c isis le el. In he Czech
Republic and Slo akia, he in en o y u no e pe iod inc eased du ing he pandemic.
On he o he hand, Poland and Hunga y main ained s abili y, while Hunga y showed
a sligh imp o emen . Du ing he second yea o he pandemic and he pos -pandemic
pe iod, Hunga y and Poland expe ienced s abili y in hei alues, whe eas Slo akia and
Czechia expe ienced u he de e io a ion, wi h an inc ease in hese alues du ing he
pos -pandemic pe iod. The collec ion pe iod a io emained ela i ely s able in all coun ies
du ing he pandemic. Slo akia, he Czech Republic, and Poland showed only minimal
changes, while Hunga y main ained he mos e icien ecei ables managemen . Hunga y
main ained he bes esul s in he V4. The c edi pe iod a io emained la gely s able du ing
he pandemic, wi h a sligh dec ease in Poland and Hunga y, indica ing igh e c edi
condi ions. The alues o c edi pe iod a io emained s able, wi h no signi ican changes
in Slo akia and Czechia.
The F iedman es p o ed he signi ican di e ences in de elopmen o e he pe iod
o all a ios, bu in addi ion, pai wise compa ison de ec ed simila i ies be ween p e-
c isis and pos -c isis pe iods wi hin in en o y u no e , in en o y o sales a io, and
in en o y u no e pe iod. The c edi pe iod a io did no show di e ences be ween he
wo pandemic yea s. The K uskal–Wallis es de ec ed signi ican di e ences be ween all
a ios h oughou all in ol ed coun ies.
Theo e ical implica ions o he esea ch may be de i ed as ollows. We con i med
ha he pandemic signi ican ly impac ed business e iciency. The COVID-19 pandemic
signi ican ly impac ed business ac i i y ac oss se e al coun ies. The a icle de elops
knowledge abou economic c ises and hei impac on business ac i i y indica o s, he eby
imp o ing he unde s anding o he dynamics o business ac i i y in imes o c isis. We also
iden i ied di e ences be ween economically and poli ically ela ed coun ies. The analysis
e eals ha he impac o he pandemic a ied among he V4 coun ies (Slo akia, he Czech
Republic, Poland, and Hunga y), po en ially se ing as a ounda ion o u u e esea ch on
he di e se esponses o economies and sec o s o he c isis. Se e al pe o mance- ela ed
indica o s ha e demons a ed sensi i i y o economic shi s, making hem aluable ools o
e alua ing he c isis esilience o en e p ises. Fu u e esea ch could also ocus on disclosu e
o speci ic business ools ha caused simila i ies be ween 2017, 2018, 2019, 2022, and 2023
wi hin in en o y u no e , in en o y o sales a io, and in en o y u no e pe iod and
simila i ies be ween c edi pe iod a io in 2020 and 2021 in gene al.
P ac ical implica ions o he esea ch may be se as ollows. Findings on di e ences
be ween coun ies and sec o s can be use ul o go e nmen s and policymake s in design-
ing suppo o businesses du ing u u e c ises o suppo economic policy. Businesses can
use his knowledge o be e p epa e o c ises. Findings on he impo ance o in en o y
op imiza ion and e icien asse u iliza ion can se e as a guide o manage s o imp o e
inancial s abili y and pe o mance. Businesses can use he indica o s as ools o moni o -
ing hei own inancial pe o mance and benchma king. Businesses can use he alues as
e e ence poin s o compa e hei own de elopmen s and pinpoin a eas o enhancing hei
Economies 2025,13, 26 17 o 36
business e iciency. The nex in es iga ion could analyse he sizes o en e p ises, expanding
he scope om he V4 egion o he Bucha es Nine (B9) and inco po a ing all a ios ela ed
o liquidi y, p o i abili y, and indeb edness.
We add ess he limi a ions by using no-balance samples based on coun ies and NACE
and include a ios wi h ze o alues o main ain he obus ness o he samples. We calcula e
he a ios annually, bu moni o ing da a qua e ly o mon hly could po en ially cap u e
de elopmen , ends, and seasonali y mo e sys ema ically. This app oach could ha e led
o a smalle sample size, bu i would ha e yielded mo e accu a e esul s. This pa es he
way o u u e collabo a ions be ween go e nmen s, municipali ies, business agencies, and
en e p ises o comp ehensi ely moni o business ac i i y, he eby enhancing he e iciency
o policymake s and ecipien s o hese decisions.
Au ho Con ibu ions: Concep ualiza ion, P.D. and K.B.; me hodology, P.D.; so wa e, K.B.; ali-
da ion, R.B. and E.K.; o mal analysis, R.B. and E.K.; in es iga ion, R.B. and E.K.; esou ces, R.B.
and K.B.; da a cu a ion, P.D.; w i ing—o iginal d a p epa a ion, E.K.; w i ing— e iew and edi ing,
R.B.; isualiza ion, E.K.; supe ision, P.D.; p ojec adminis a ion, P.D.; unding acquisi ion, P.D. All
au ho s ha e ead and ag eed o he published e sion o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : The da a p esen ed in his s udy a e a ailable upon eques om he
co esponding au ho .
Acknowledgmen s: This esea ch was inancially suppo ed by he Slo ak Resea ch and De elop-
men Agency—G an VEGA 1/0677/22: Quo Vadis, Bank up cy Models? P ospec i e Longi udinal
Coho S udy wi h Emphasis on Changes De e mined by COVID 19.
Con lic s o In e es : Au ho Klaudia Bicano ska was employed by he company Sungwoo Hi ech
Slo akia s. .o. The emaining au ho s decla e ha he esea ch was conduc ed in he absence o any
comme cial o inancial ela ionships ha could be cons ued as a po en ial con lic o in e es .
Appendix A
Table A1. Median alues o asse u no e acco ding o NACE.
Asse Tu no e [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
A
SK 0.65 0.65 0.65 0.64 0.71 0.70 0.68
CZ 0.62 0.62 0.60 0.60 0.61 0.61 0.62
PL 0.58 0.58 0.57 0.59 0.62 0.61 0.61
HU 0.82 0.80 0.82 0.78 0.80 0.80 0.81
B
SK 0.94 1.50 0.82 0.80 0.80 0.84 0.87
CZ 0.78 0.79 0.74 0.73 0.79 0.79 0.77
PL 1.20 0.97 1.4 0.97 0.94 1.00 1.02
HU 0.92 1.1 1.3 0.79 0.92 0.92 0.96
C
SK 1.33 1.31 1.3 1.19 1.23 1.31 1.33
CZ 1.55 1.49 1.47 1.40 1.46 1.49 1.53
PL 1.50 1.49 1.48 1.37 1.46 1.44 1.49
HU 1.39 1.39 1.35 1.22 1.25 1.26 1.31
D
SK 0.41 0.40 0.40 0.42 0.46 0.45 0.43
CZ 0.55 0.55 0.57 0.58 0.63 0.60 0.58
PL 0.68 0.68 0.73 0.70 0.77 0.74 0.72
HU 0.91 0.87 0.97 0.86 0.96 0.92 0.90
Economies 2025,13, 26 18 o 36
Table A1. Con .
Asse Tu no e [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
E
SK 0.79 0.83 0.82 0.76 0.86 0.82 0.82
CZ 1.19 1.28 1.25 1.29 1.18 1.20 1.18
PL 0.57 0.60 0.62 0.63 0.68 0.64 0.62
HU 1.19 1.14 1.15 1.18 1.21 1.17 1.18
F
SK 1.12 1.13 1.1 0.98 0.96 0.99 1.01
CZ 1.50 1.54 1.45 1.43 1.44 1.46 1.51
PL 1.33 1.43 1.39 1.21 1.25 1.28 1.31
HU 1.21 1.39 1.41 1.25 1.24 1.21 1.23
G
SK 1.25 1.26 1.2 1.13 1.15 1.18 1.21
CZ 1.96 1.93 1.93 1.81 1.93 1.91 1.91
PL 2.13 2.13 2.10 1.94 2.70 2.03 2.07
HU 1.97 1.98 2.00 1.90 1.86 1.91 1.99
H
SK 1.38 1.41 1.33 1.31 1.31 1.36 1.34
CZ 1.88 1.85 1.84 1.73 1.67 1.78 1.81
PL 1.93 1.90 1.84 1.69 1.77 1.81 1.88
HU 1.31 1.36 1.34 1.25 1.32 1.33 1.33
I
SK 0.39 0.39 0.42 0.32 0.31 0.33 0.34
CZ 0.45 0.47 0.49 0.32 0.33 0.34 0.36
PL 0.74 0.75 0.76 0.46 0.59 0.62 0.72
HU 0.77 0.74 0.69 0.48 0.59 0.63 0.71
J
SK 1.50 1.50 1.00 0.94 0.94 1.04 1.05
CZ 1.47 1.51 1.67 1.49 1.49 1.46 1.51
PL 1.31 1.31 1.33 1.24 1.32 1.31 1.31
HU 1.33 1.29 1.25 1.22 1.17 1.20 1.23
K
SK 0.71 0.74 0.78 0.88 0.87 0.84 0.78
CZ 1.11 1.16 1.20 1.15 1.21 1.18 1.17
PL 0.86 0.91 1.50 0.93 0.98 0.94 0.92
HU 0.63 0.60 0.69 0.63 0.64 0.63 0.63
L
SK 0.15 0.15 0.15 0.14 0.15 0.15 0.15
CZ 0.12 0.12 0.13 0.12 0.13 0.13 0.13
PL 0.27 0.28 0.28 0.29 0.32 0.31 0.30
HU 0.18 0.19 0.19 0.20 0.18 0.18 0.18
M
SK 0.43 0.42 0.43 0.42 0.43 0.42 0.43
CZ 1.25 1.17 1.20 1.11 1.16 1.20 1.23
PL 1.25 1.30 1.30 1.22 1.18 1.18 1.23
HU 0.97 0.97 1.00 0.91 0.95 0.97 0.98
N
SK 0.55 0.54 0.56 0.50 0.54 0.54 0.55
CZ 1.74 1.77 1.71 1.53 1.49 1.60 1.69
PL 1.83 1.89 1.82 1.52 1.51 1.69 1.78
HU 1.47 1.48 1.70 1.38 1.24 1.42 1.49
O
SK 1.39 1.45 1.70 1.75 1.32 1.42 1.44
CZ 1.70 0.83 0.50 0.59 0.31 0.52 0.80
PL 0.90 0.86 0.84 0.87 0.79 0.79 0.93
HU 0.79 0.57 0.76 0.52 0.59 0.60 0.63
P
SK 0.41 0.48 0.45 0.32 0.31 0.36 0.40
CZ 0.83 0.77 0.85 0.85 0.80 0.84 0.82
PL 0.66 0.67 0.68 0.64 0.64 0.65 0.66
HU 1.41 0.52 0.66 0.52 1.50 1.46 1.26
Q
SK 1.80 1.12 1.50 1.50 1.14 1.12 1.14
CZ 1.21 1.50 1.37 1.40 1.53 1.49 1.46
PL 1.16 1.14 1.23 1.17 1.33 1.28 1.26
HU 1.62 1.55 1.37 1.34 1.36 1.49 1.58
R
SK 0.46 0.42 0.41 0.35 0.34 0.40 0.43
CZ 0.92 0.97 1.70 0.91 1.30 1.05 1.02
PL 0.68 0.67 0.66 0.57 0.53 0.62 0.66
HU 1.11 0.95 1.00 0.78 0.77 0.80 0.84
S
SK 0.72 0.69 0.69 0.58 0.73 0.72 0.72
CZ 1.27 1.80 1.21 1.13 1.10 0.99 1.01
PL 1.40 0.98 1.50 0.97 0.94 0.96 1.02
HU 0.82 0.89 1.30 0.74 0.81 0.83 0.87
Sou ce: own p ocessing.
Economies 2025,13, 26 19 o 36
Table A2. Median alues o ixed asse u no e acco ding o NACE.
Fixed Asse Tu no e [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
A
SK 1.80 1.14 1.12 1.10 1.27 1.31 1.26
CZ 1.00 1.10 0.94 0.96 0.97 1.01 1.03
PL 0.75 0.73 0.72 0.80 0.91 0.88 0.85
HU 1.39 1.37 1.35 1.31 1.34 1.36 1.38
B
SK 1.59 1.82 1.38 1.44 1.46 1.49 1.53
CZ 1.39 1.59 1.37 1.30 1.49 1.51 1.58
PL 1.74 2.20 1.95 1.76 1.98 2.03 1.91
HU 1.96 2.19 1.97 1.79 1.94 1.95 1.95
C
SK 3.60 3.59 3.59 3.31 3.70 3.69 3.69
CZ 3.60 3.51 3.52 3.32 3.71 3.55 3.69
PL 3.98 3.88 3.90 3.72 4.13 3.98 3.83
HU 3.10 3.20 2.90 2.70 2.89 3.02 3.11
D
SK 0.49 0.51 0.58 0.66 0.69 0.71 0.70
CZ 0.61 0.64 0.63 0.63 0.74 0.79 0.77
PL 0.82 0.82 0.86 0.84 0.93 0.90 0.89
HU 1.26 1.15 1.23 1.16 1.48 1.44 1.36
E
SK 1.81 1.83 1.99 1.97 2.55 2.43 2.26
CZ 2.79 2.53 2.70 2.43 2.65 2.62 2.84
PL 0.61 0.62 0.64 0.68 0.71 0.69 0.69
HU 2.28 2.53 2.63 2.75 2.82 2.62 2.55
F
SK 5.92 5.74 5.55 5.12 4.77 5.85 6.22
CZ 6.47 7.15 6.91 6.24 6.70 7.11 7.11
PL 7.33 7.74 7.39 6.82 6.90 7.11 7.65
HU 6.55 6.58 6.80 5.69 6.15 6.63 7.11
G
SK 7.27 7.30 7.19 6.52 6.96 8.29 8.29
CZ 10.87 10.87 10.53 10.71 11.56 12.44 12.44
PL 12.58 12.90 12.67 11.99 13.16 14.21 12.44
HU 11.84 11.84 12.8 11.35 11.79 12.44 12.44
H
SK 3.39 3.60 3.55 3.73 4.10 4.33 4.15
CZ 4.63 4.60 4.80 4.51 4.16 4.74 5.24
PL 5.22 5.28 5.18 4.92 5.43 5.85 5.53
HU 2.42 2.54 2.65 2.81 2.86 2.69 2.76
I
SK 0.44 0.44 0.47 0.34 0.34 0.40 0.43
CZ 0.59 0.64 0.73 0.58 0.69 0.74 0.72
PL 0.69 0.74 0.75 0.45 0.61 0.64 0.73
HU 0.63 0.56 0.63 0.44 0.52 0.60 0.61
J
SK 6.45 5.56 5.62 5.16 4.73 6.63 7.65
CZ 12.20 13.68 11.45 12.31 13.68 14.21 14.21
PL 7.52 8.27 7.78 7.58 7.40 8.29 7.65
HU 7.68 7.68 6.72 5.97 5.89 6.63 7.65
K
SK 4.44 3.76 3.46 2.88 2.52 5.24 6.63
CZ 1.22 3.24 2.37 1.69 2.10 2.21 2.62
PL 3.30 3.81 3.70 2.95 3.14 3.98 3.98
HU 2.11 1.52 2.60 1.59 1.70 2.21 2.26
L
SK 0.18 0.18 0.19 0.18 0.18 0.19 0.19
CZ 0.13 0.14 0.15 0.14 0.15 0.15 0.15
PL 0.25 0.27 0.27 0.27 0.31 0.32 0.33
HU 0.20 0.21 0.21 0.21 0.20 0.22 0.22
M
SK 1.27 1.20 1.13 1.14 1.16 1.66 1.69
CZ 7.20 6.63 7.30 5.88 6.11 7.11 8.29
PL 6.24 6.44 6.40 6.14 6.76 7.11 6.63
HU 4.90 3.89 3.98 4.24 4.16 4.52 4.33
N
SK 1.55 1.35 1.37 1.23 1.25 2.12 2.12
CZ 6.72 5.80 6.37 5.76 4.81 8.29 7.65
PL 11.53 11.44 11.30 10.69 10.23 12.44 12.44
HU 4.68 5.11 5.17 3.96 3.73 4.74 5.24
O
SK 9.73 9.46 12.97 10.22 5.42 8.29 9.05
CZ 2.81 1.36 1.65 1.80 0.53 0.80 1.02
PL 2.59 2.45 2.58 2.79 2.63 2.76 2.76
HU 1.99 2.20 2.23 1.44 2.00 1.88 2.03
P
SK 0.76 0.72 1.11 0.92 0.91 1.00 1.09
CZ 2.60 1.46 1.26 1.20 1.23 1.18 1.28
PL 0.69 0.75 0.70 0.77 0.81 0.75 0.72
HU 8.77 8.48 8.95 6.4 12.37 9.95 8.29
Q
SK 3.61 3.91 3.77 3.82 4.39 3.98 4.33
CZ 2.38 2.67 2.85 2.96 3.33 3.32 3.02
PL 2.67 2.75 2.86 2.68 3.28 2.69 2.84
HU 2.68 2.42 2.90 3.13 3.51 3.32 3.11
Economies 2025,13, 26 20 o 36
Table A2. Con .
Fixed Asse Tu no e [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
R
SK 0.61 0.51 0.47 0.37 0.44 0.48 0.56
CZ 2.17 2.10 3.9 3.53 3.43 3.43 3.69
PL 0.57 0.58 0.62 0.52 0.54 0.56 0.63
HU 1.77 1.84 2.13 1.54 1.76 2.07 2.26
S
SK 2.71 2.54 3.28 2.23 2.34 2.49 2.84
CZ 6.54 7.12 5.42 7.42 6.98 6.63 7.11
PL 1.85 1.96 1.94 1.69 1.88 1.84 1.91
HU 0.64 1.40 0.78 0.60 0.54 0.60 0.65
Sou ce: own p ocessing.
Table A3. Median alues o in en o y u no e acco ding o NACE.
In en o y Tu no e [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
A
SK 3.75 3.79 3.53 3.58 3.99 4.09 4.12
CZ 3.53 3.72 3.55 3.46 3.62 3.65 3.70
PL 3.33 3.28 3.27 3.36 3.31 3.33 3.38
HU 4.18 3.98 4.20 4.58 4.21 4.26 4.30
B
SK 15.20 15.76 15.63 18.18 14.42 14.59 14.98
CZ 14.24 17.30 13.94 12.54 13.29 14.05 14.33
PL 14.48 14.72 12.85 12.28 12.49 13.02 14.07
HU 9.51 10.57 10.70 7.93 9.10 9.45 10.15
C
SK 9.50 9.10 9.26 8.66 7.76 8.10 8.86
CZ 7.83 7.77 7.76 7.25 6.47 6.74 7.12
PL 8.75 8.72 8.8 8.32 7.46 7.89 8.11
HU 7.76 7.53 7.56 7.36 6.70 7.12 7.62
D
SK 10.87 11.99 12.63 11.32 14.31 13.15 12.66
CZ 26.59 23.87 20.92 23.33 33.18 28.17 27.54
PL 13.85 11.90 11.70 13.84 15.57 14.96 13.59
HU 24.43 24.30 24.15 31.49 26.17 25.53 24.93
E
SK 42.05 42.78 42.05 39.29 44.50 43.08 44.20
CZ 44.53 52.74 51.37 45.61 47.82 48.86 49.77
PL 75.42 76.27 72.67 75.29 73.97 74.62 74.98
HU 44.81 45.28 47.79 50.8 53.53 50.13 49.11
F
SK 16.00 16.94 17.78 15.35 12.18 13.13 14.87
CZ 15.50 18.20 19.28 19.46 15.17 16.25 17.84
PL 12.83 13.70 14.00 12.41 10.77 11.27 12.98
HU 14.25 14.72 16.47 22.25 21.66 18.22 20.14
G
SK 7.66 7.56 7.51 6.98 7.21 7.26 7.54
CZ 7.84 7.66 7.50 7.33 7.80 7.80 7.76
PL 8.89 8.85 8.74 8.70 8.58 8.81 8.85
HU 8.91 8.80 9.90 8.86 8.81 8.87 9.03
H
SK 59.14 66.49 74.76 64.84 66.32 66.87 64.15
CZ 56.03 57.56 62.45 60.73 57.04 57.19 59.81
PL 42.02 44.36 45.20 43.02 42.30 44.77 45.38
HU 98.14 94.74 91.76 100.61 99.04 100.93 100.04
I
SK 39.03 36.85 42.02 34.73 32.52 34.55 36.89
CZ 49.44 73.44 74.60 60.42 52.98 56.48 58.93
PL 71.89 77.51 79.14 66.52 66.31 69.11 72.57
HU 73.61 76.72 71.13 52.60 68.15 72.24 74.63
J
SK 11.56 11.70 9.92 9.22 7.68 8.44 10.17
CZ 17.00 15.53 17.15 18.73 19.45 18.14 18.99
PL 17.19 19.16 15.42 16.11 14.42 16.42 18.31
HU 11.40 5.75 6.66 7.51 5.60 5.74 6.22
K
SK0000000
CZ0000000
PL0000000
HU0000000
L
SK0000000
CZ0000000
PL0000000
HU0000000
M
SK 0 0 0.04 0.12 0.19 0.17 0.13
CZ 7.54 6.60 6.69 6.71 6.72 6.76 6.69
PL 3.34 3.37 2.82 1.67 2.97 3.36 3.32
HU 3.51 4.16 3.86 2.35 2.49 2.67 3.11
Economies 2025,13, 26 21 o 36
Table A3. Con .
In en o y Tu no e [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
N
SK 0.52 0.85 1.23 0.92 1.13 0.96 1.05
CZ 10.40 22.20 14.59 12.20 15.47 16.13 14.65
PL 11.90 13.57 12.40 14.10 12.41 13.52 14.03
HU 20.98 23.60 20.63 17.33 17.13 19.48 20.36
O
SK 103.09 46.67 295.46 391.47 180.77 195.45 130.11
CZ 2.56 4.67 5.12 2.32 1.62 2.94 4.06
PL 0.18 0 0.05 0 0.48 0 0
HU 11.49 11.52 12.26 10.67 13.44 12.68 11.97
P
SK 7.10 7.60 8.58 5.66 6.54 7.16 7.90
CZ 44.82 18.53 9.69 2.83 10.26 19.67 13.52
PL 84.78 84.24 67.88 76.7 85.54 86.88 84.29
HU 36.61 87.19 71.31 95.06 35.82 36.51 74.10
Q
SK 50.78 49.43 50.10 34.31 41.51 45.13 50.23
CZ 59.53 60.13 62.83 52.61 60.25 60.54 61.57
PL 80.16 84.63 89.25 54.86 68.38 77.16 80.97
HU 93.93 99.05 90.09 58.75 56.75 90.35 93.20
R
SK 41.76 67.01 65.46 52.09 26.50 41.86 54.46
CZ 133.97 119.33 102.77 77.88 89.94 90.96 102.37
PL 103.51 102.28 98.93 75.57 70.17 84.27 97.21
HU 102.56 90.03 114.53 69.37 88.47 91.40 98.67
S
SK 20.61 16.60 18.18 13.11 18.91 19.12 18.30
CZ 18.94 25.20 14.20 20.72 19.96 20.04 22.57
PL 22.98 21.55 18.15 19.46 17.84 19.46 21.07
HU 63.71 61.65 59.56 51.78 71.16 62.49 61.23
Sou ce: own p ocessing.
Table A4. Median alues o asse o sales a io acco ding o NACE.
Asse o Sales Ra io [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
A
SK 1.53 1.53 1.53 1.55 1.42 1.43 1.46
CZ 1.60 1.63 1.67 1.66 1.64 1.64 1.61
PL 1.71 1.73 1.75 1.69 1.60 1.63 1.64
HU 1.22 1.24 1.22 1.29 1.25 1.24 1.23
B
SK 1.70 0.96 1.22 1.26 1.25 1.19 1.15
CZ 1.29 1.26 1.35 1.36 1.26 1.26 1.29
PL 0.98 1.30 0.96 1.30 1.70 1.00 0.98
HU 1.90 0.99 0.97 1.26 1.80 1.08 1.04
C
SK 0.75 0.77 0.77 0.84 0.81 0.76 0.75
CZ 0.65 0.67 0.68 0.71 0.68 0.67 0.65
PL 0.67 0.67 0.68 0.73 0.69 0.69 0.67
HU 0.72 0.72 0.74 0.82 0.80 0.79 0.76
D
SK 2.44 2.52 2.48 2.38 2.17 2.21 2.34
CZ 1.83 1.83 1.77 1.73 1.58 1.66 1.71
PL 1.47 1.48 1.37 1.42 1.31 1.34 1.38
HU 1.10 1.15 1.30 1.16 1.40 1.08 1.10
E
SK 1.27 1.21 1.23 1.32 1.17 1.21 1.22
CZ 0.84 0.78 0.80 0.78 0.85 0.83 0.84
PL 1.74 1.68 1.62 1.58 1.48 1.55 1.60
HU 0.84 0.88 0.87 0.85 0.83 0.85 0.84
F
SK 0.89 0.88 0.91 1.20 1.50 1.01 0.99
CZ 0.66 0.65 0.69 0.70 0.69 0.68 0.66
PL 0.75 0.70 0.72 0.82 0.80 0.78 0.76
HU 0.83 0.72 0.71 0.80 0.80 0.82 0.81
G
SK 0.80 0.80 0.84 0.88 0.87 0.84 0.82
CZ 0.51 0.52 0.52 0.55 0.52 0.52 0.52
PL 0.47 0.47 0.48 0.51 0.48 0.49 0.48
HU 0.51 0.51 0.5 0.53 0.54 0.52 0.50
H
SK 0.72 0.71 0.75 0.76 0.76 0.73 0.74
CZ 0.53 0.54 0.54 0.58 0.60 0.56 0.55
PL 0.52 0.53 0.54 0.59 0.56 0.55 0.53
HU 0.76 0.73 0.74 0.80 0.76 0.75 0.75
I
SK 2.59 2.55 2.37 3.15 3.18 3.03 2.89
CZ 2.23 2.13 2.60 3.13 3.20 2.91 2.73
PL 1.35 1.33 1.32 2.17 1.69 1.60 1.38
HU 1.29 1.35 1.44 2.70 1.69 1.57 1.41
Economies 2025,13, 26 22 o 36
Table A4. Con .
Asse o Sales Ra io [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
J
SK 0.95 0.95 1.00 1.60 1.60 0.96 0.95
CZ 0.68 0.66 0.60 0.67 0.67 0.68 0.66
PL 0.76 0.76 0.75 0.81 0.76 0.76 0.76
HU 0.75 0.78 0.80 0.82 0.85 0.83 0.81
K
SK 1.41 1.24 1.27 1.14 1.14 1.19 1.27
CZ 0.90 0.87 0.83 0.87 0.83 0.84 0.85
PL 1.16 1.80 0.94 1.70 1.10 1.06 1.08
HU 1.58 1.67 1.44 1.58 1.57 1.57 1.58
L
SK 6.47 6.57 6.56 6.99 6.84 6.72 6.57
CZ 8.11 8.2 7.49 7.94 7.52 7.67 7.74
PL 3.69 3.59 3.52 3.41 3.13 3.24 3.29
HU 5.56 5.13 5.33 5.70 5.47 5.48 5.47
M
SK 2.34 2.36 2.34 2.35 2.35 2.36 2.33
CZ 0.80 0.85 0.83 0.90 0.86 0.83 0.81
PL 0.80 0.77 0.77 0.82 0.85 0.84 0.81
HU 1.30 1.30 1.00 1.10 1.60 1.03 1.02
N
SK 1.83 1.87 1.77 2.10 1.83 1.83 1.81
CZ 0.58 0.56 0.58 0.65 0.67 0.62 0.59
PL 0.55 0.53 0.55 0.66 0.66 0.59 0.56
HU 0.68 0.68 0.59 0.72 0.81 0.70 0.67
O
SK 0.72 0.69 0.59 0.57 0.76 0.70 0.69
CZ 0.93 1.21 2.00 1.70 3.21 1.93 1.25
PL 1.80 1.10 0.96 1.15 1.27 1.26 1.07
HU 1.54 2.45 2.92 2.40 1.82 1.66 1.57
P
SK 2.42 2.70 2.21 3.80 3.20 2.76 2.48
CZ 1.23 1.30 1.18 1.18 1.25 1.18 1.22
PL 1.51 1.48 1.47 1.57 1.55 1.54 1.51
HU 0.71 1.93 1.51 1.93 0.67 0.68 0.79
Q
SK 0.93 0.89 0.95 0.95 0.87 0.89 0.87
CZ 0.83 0.67 0.73 0.71 0.65 0.67 0.68
PL 0.86 0.88 0.81 0.85 0.75 0.78 0.79
HU 0.62 0.64 0.73 0.75 0.73 0.67 0.63
R
SK 2.16 2.39 2.42 2.87 2.92 2.48 2.33
CZ 1.80 0.99 0.90 1.30 0.92 0.95 0.98
PL 1.46 1.50 1.53 1.76 1.88 1.61 1.50
HU 0.90 1.50 1.00 1.28 1.31 1.24 1.18
S
SK 1.39 1.46 1.44 1.75 1.39 1.39 1.38
CZ 0.80 1.20 0.83 0.92 1.00 1.01 0.99
PL 0.96 1.20 0.95 1.30 1.70 1.04 0.98
HU 1.22 1.13 0.97 1.36 1.24 1.20 1.15
Sou ce: own p ocessing.
Table A5. Median alues o ixed asse o sales a io acco ding o NACE.
Fixed Asse o Sales Ra io [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
A
SK 0.90 0.87 0.88 0.90 0.78 0.76 0.79
CZ 1.00 0.98 1.60 1.50 1.40 0.99 0.97
PL 1.33 1.36 1.38 1.24 1.10 1.13 1.17
HU 0.72 0.73 0.74 0.76 0.74 0.73 0.72
B
SK 0.63 0.55 0.72 0.69 0.69 0.67 0.65
CZ 0.72 0.63 0.73 0.77 0.67 0.66 0.63
PL 0.58 0.5 0.51 0.56 0.49 0.49 0.52
HU 0.51 0.46 0.51 0.56 0.52 0.51 0.51
C
SK 0.27 0.27 0.27 0.29 0.26 0.27 0.27
CZ 0.27 0.28 0.28 0.3 0.27 0.28 0.27
PL 0.25 0.26 0.26 0.27 0.24 0.25 0.26
HU 0.32 0.33 0.34 0.37 0.34 0.33 0.32
D
SK 2.4 1.96 1.70 1.49 1.41 1.40 1.43
CZ 1.51 1.45 1.53 1.51 1.25 1.26 1.29
PL 1.21 1.21 1.16 1.17 1.70 1.10 1.12
HU 0.79 0.87 0.81 0.86 0.64 0.69 0.73
E
SK 0.52 0.54 0.48 0.5 0.39 0.41 0.44
CZ 0.34 0.38 0.36 0.41 0.37 0.38 0.35
PL 1.65 1.6 1.57 1.47 1.4 1.45 1.44
HU 0.43 0.4 0.38 0.36 0.35 0.38 0.39
Economies 2025,13, 26 23 o 36
Table A5. Con .
Fixed Asse o Sales Ra io [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
F
SK 0.16 0.16 0.17 0.18 0.19 0.17 0.16
CZ 0.15 0.14 0.14 0.15 0.15 0.14 0.14
PL 0.13 0.13 0.13 0.14 0.14 0.14 0.13
HU 0.15 0.14 0.14 0.17 0.16 0.15 0.14
G
SK 0.12 0.12 0.12 0.13 0.12 0.12 0.12
CZ 0.08 0.08 0.09 0.09 0.08 0.08 0.08
PL 0.08 0.08 0.08 0.08 0.07 0.07 0.08
HU 0.08 0.08 0.08 0.08 0.08 0.08 0.08
H
SK 0.27 0.26 0.27 0.26 0.23 0.23 0.24
CZ 0.19 0.21 0.19 0.19 0.22 0.21 0.19
PL 0.19 0.18 0.19 0.19 0.17 0.17 0.18
HU 0.41 0.39 0.38 0.36 0.35 0.37 0.36
I
SK 2.23 2.22 1.99 2.8 2.84 2.50 2.34
CZ 1.68 1.57 1.37 1.71 1.39 1.34 1.38
PL 1.44 1.35 1.33 2.22 1.59 1.56 1.36
HU 1.57 1.61 1.47 2.19 1.88 1.66 1.64
J
SK 0.12 0.14 0.15 0.15 0.16 0.15 0.13
CZ 0.08 0.07 0.08 0.07 0.07 0.07 0.07
PL 0.13 0.12 0.13 0.13 0.12 0.12 0.13
HU 0.13 0.13 0.14 0.16 0.16 0.15 0.13
K
SK 0.12 0.11 0.17 0.17 0.22 0.19 0.15
CZ 0.30 0.31 0.42 0.41 0.5 0.45 0.38
PL 0.27 0.23 0.23 0.25 0.26 0.25 0.25
HU 0.46 0.59 0.45 0.54 0.46 0.45 0.44
L
SK 5.34 5.38 5.5 5.44 5.24 5.21 5.27
CZ 7.57 7.23 6.80 6.90 6.53 6.49 6.73
PL 3.86 3.68 3.60 3.62 3.14 3.08 3.02
HU 5.30 4.76 4.72 4.46 4.54 4.49 4.60
M
SK 0.60 0.66 0.63 0.70 0.62 0.60 0.59
CZ 0.12 0.12 0.14 0.14 0.14 0.14 0.12
PL 0.16 0.15 0.15 0.15 0.13 0.14 0.15
HU 0.24 0.24 0.23 0.22 0.20 0.22 0.23
N
SK 0.44 0.52 0.49 0.47 0.45 0.47 0.47
CZ 0.13 0.13 0.11 0.13 0.14 0.12 0.13
PL 0.08 0.08 0.09 0.09 0.09 0.08 0.08
HU 0.18 0.18 0.18 0.24 0.23 0.21 0.19
O
SK 0.10 0.11 0.08 0.10 0.18 0.12 0.11
CZ 0.36 0.73 0.60 0.56 1.89 1.25 0.98
PL 0.37 0.36 0.38 0.36 0.38 0.36 0.36
HU 0.54 0.59 0.48 0.72 0.51 0.53 0.49
P
SK 0.92 0.89 0.89 0.82 1.10 1.00 0.91
CZ 0.49 0.73 0.83 0.83 0.81 0.84 0.78
PL 1.45 1.32 1.42 1.29 1.24 1.33 1.38
HU 0.11 0.12 0.11 0.16 0.08 0.10 0.12
Q
SK 0.27 0.25 0.27 0.26 0.23 0.25 0.23
CZ 0.42 0.37 0.35 0.34 0.30 0.30 0.33
PL 0.37 0.36 0.35 0.37 0.30 0.37 0.35
HU 0.37 0.41 0.35 0.32 0.29 0.30 0.32
R
SK 1.56 1.88 1.98 2.55 2.22 2.08 1.79
CZ 0.43 0.46 0.29 0.27 0.26 0.29 0.27
PL 1.76 1.72 1.62 1.93 1.86 1.79 1.59
HU 0.45 0.53 0.44 0.56 0.53 0.48 0.44
S
SK 0.37 0.33 0.29 0.39 0.38 0.40 0.35
CZ 0.15 0.14 0.19 0.14 0.14 0.15 0.14
PL 0.54 0.51 0.51 0.59 0.53 0.54 0.52
HU 1.56 0.97 1.29 1.67 1.85 1.65 1.54
Sou ce: own p ocessing.
Table A6. Median alues o in en o y o sales a io acco ding o NACE.
In en o y o Sales Ra io [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
A
SK 0.23 0.24 0.25 0.25 0.23 0.23 0.24
CZ 0.26 0.25 0.26 0.26 0.25 0.25 0.25
PL 0.28 0.27 0.27 0.25 0.27 0.27 0.27
HU 0.24 0.25 0.24 0.22 0.23 0.23 0.24
Economies 2025,13, 26 24 o 36
Table A6. Con .
In en o y o Sales Ra io [Coe icien ]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
B
SK 0.06 0.06 0.06 0.05 0.06 0.06 0.06
CZ 0.07 0.06 0.07 0.08 0.08 0.07 0.07
PL 0.05 0.04 0.04 0.05 0.04 0.04 0.05
HU 0.08 0.09 0.08 0.08 0.08 0.08 0.09
C
SK 0.08 0.09 0.09 0.09 0.10 0.10 0.09
CZ 0.12 0.12 0.12 0.13 0.15 0.12 0.13
PL 0.11 0.11 0.11 0.11 0.12 0.11 0.12
HU 0.12 0.13 0.12 0.13 0.14 0.13 0.13
D
SK 0 0 0 0 0 0 0
CZ 0 0 0 0 0 0 0
PL 0.05 0.07 0.06 0.06 0.05 0.05 0.05
HU 0.01 0.01 0.01 0.01 0.01 0.01 0.01
E
SK 0.01 0.01 0.01 0.01 0.01 0.01 0.01
CZ 0.02 0.02 0.02 0.02 0.02 0.02 0.02
PL 0.01 0.01 0.01 0.01 0.01 0.01 0.01
HU 0.02 0.02 0.02 0.02 0.02 0.02 0.02
F
SK 0.01 0.01 0.01 0.02 0.02 0.01 0.01
CZ 0.04 0.04 0.04 0.04 0.05 0.04 0.04
PL 0.04 0.03 0.03 0.04 0.05 0.04 0.03
HU 0.04 0.04 0.04 0.02 0.02 0.04 0.04
G
SK 0.08 0.08 0.09 0.09 0.09 0.08 0.08
CZ 0.10 0.10 0.10 0.10 0.10 0.10 0.10
PL 0.10 0.10 0.10 0.10 0.10 0.10 0.10
HU 0.10 0.10 0.10 0.10 0.10 0.10 0.10
H
SK 0 0 0 0 0 0 0
CZ 0 0 0 0 0 0 0
PL 0 0 0 0 0 0 0
HU 0 0 0 0 0.01 0.01 0.01
I
SK 0.02 0.02 0.01 0.01 0.02 0.02 0.02
CZ 0.01 0.01 0.01 0.01 0.01 0.01 0.01
PL 0.01 0.01 0.01 0.01 0.01 0.01 0.01
HU 0.01 0.01 0.01 0.01 0.01 0.01 0.01
J
SK 0 0 0 0 0 0 0
CZ 0 0 0 0 0 0 0
PL 0 0 0 0 0 0 0
HU 0 0 0 0 0 0 0
K
SK 0 0 0 0 0 0 0
CZ 0 0 0 0 0 0 0
PL 0 0 0 0 0 0 0
HU 0 0 0 0 0 0 0
L
SK 0 0 0 0 0 0 0
CZ 0 0 0 0 0 0 0
PL 0 0 0 0 0 0 0
HU 0 0 0 0 0 0 0
M
SK 0 0 0 0 0 0 0
CZ 0.01 0 0 0 0 0 0.01
PL 0 0 0 0 0 0 0
HU 0 0 0 0 0 0 0
N
SK 0 0 0 0 0 0 0
CZ 0 0 0 0 0 0 0
PL 0 0 0 0 0 0 0
HU 0 0 0 0 0 0 0
Economies 2025,13, 26 31 o 36
Table A10. Con .
Collec ion Pe iod Ra io [Day]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
J
SK 69 62 63 58 56 59 63
CZ 54 55 51 48 48 50 50
PL 69 66 62 60 59 62 66
HU 36 40 40 33 36 40 40
K
SK 39 39 38 40 37 39 39
CZ 41 37 40 37 31 35 37
PL 50 47 50 49 46 50 49
HU 11 10 10 16 18 16 16
L
SK 38 36 36 39 41 38 39
CZ 30 29 26 32 27 29 31
PL 32 30 29 28 27 27 30
HU 14 14 11 10 9 11 14
M
SK 64 62 61 60 60 60 60
CZ 59 62 58 53 55 58 60
PL 73 72 72 71 69 74 71
HU 39 39 36 32 29 35 29
N
SK 51 51 51 53 48 50 51
CZ 44 47 48 45 43 46 46
PL 60 58 54 55 55 57 55
HU 32 31 28 27 30 30 32
O
SK 62 72 66 63 89 75 77
CZ 25 42 43 59 72 66 60
PL 31 31 34 36 39 36 35
HU 13 13 18 6 7 10 14
P
SK 44 37 33 33 32 35 35
CZ 23 22 18 24 18 20 22
PL 11 11 11 12 11 11 11
HU 23 23 38 24 27 23 24
Q
SK 41 36 32 42 41 40 41
CZ 30 28 28 28 26 28 28
PL 34 34 33 35 36 33 34
HU 40 34 36 33 21 29 30
R
SK 25 24 28 30 26 25 25
CZ 19 14 12 16 12 16 14
PL 17 16 15 17 18 17 17
HU 5 6 4 2 4 5 4
S
SK 50 57 57 42 39 45 50
CZ 27 30 34 37 28 30 29
PL 24 26 25 27 28 28 25
HU 21 16 14 7 12 13 19
Sou ce: own p ocessing.
Table A11. Median alues o c edi pe iod a io acco ding o NACE.
C edi Pe iod Ra io [Day]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
A
SK 46 46 49 48 44 46 46
CZ 25 27 28 26 29 27 28
PL 21 20 21 16 19 20 21
HU 19 22 23 20 18 20 20
Economies 2025,13, 26 32 o 36
Table A11. Con .
C edi Pe iod Ra io [Day]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
B
SK 30 27 24 18 23 25 24
CZ 34 28 29 27 27 27 30
PL 27 24 21 22 21 21 22
HU 12 24 20 15 19 20 18
C
SK 39 38 35 35 37 35 38
CZ 30 29 27 27 31 30 30
PL 32 31 29 28 31 30 31
HU 25 25 23 24 26 25 25
D
SK 29 33 32 32 32 33 32
CZ 16 15 17 14 13 15 15
PL 30 29 31 26 30 29 30
HU 19 21 17 17 15 15 17
E
SK 34 31 28 29 26 29 30
CZ 24 24 22 22 23 24 24
PL 18 17 17 17 18 18 18
HU 29 33 32 28 29 30 32
F
SK 53 52 51 46 48 50 50
CZ 41 39 36 36 36 36 36
PL 41 35 35 33 35 35 35
HU 47 47 40 38 39 40 38
G
SK 41 39 36 35 36 35 36
CZ 31 31 28 28 29 30 31
PL 32 31 30 27 28 28 31
HU 20 20 17 16 16 20 20
H
SK 32 32 30 29 29 30 29
CZ 51 51 48 51 49 51 51
PL 28 29 26 25 27 27 28
HU 22 23 20 19 22 23 22
I
SK 31 30 28 30 30 30 30
CZ 13 14 13 8 12 13 13
PL 17 15 14 16 17 15 16
HU 18 16 16 18 19 18 16
J
SK 34 35 34 31 30 33 34
CZ 22 22 21 19 21 20 20
PL 28 26 24 24 24 24 26
HU 21 18 20 17 18 17 20
K
SK 33 25 25 21 20 25 22
CZ 23 17 17 15 16 17 17
PL 20 20 17 17 18 17 18
HU 9 8 9 7 10 10 10
L
SK 40 36 35 36 32 35 37
CZ 16 16 13 13 15 16 16
PL 26 26 24 23 24 26 24
HU 11 12 11 9 10 11 11
M
SK 40 39 35 35 32 33 35
CZ 21 22 21 19 23 20 22
PL 24 24 23 21 21 21 23
HU 18 15 14 15 15 15 15
N
SK 31 30 28 31 29 30 30
CZ 20 22 20 19 16 17 16
PL 15 14 13 13 14 14 14
HU 14 12 11 11 12 11 11
Economies 2025,13, 26 33 o 36
Table A11. Con .
C edi Pe iod Ra io [Day]
Sec o Coun y 2017 2018 2019 2020 2021 2022 2023
O
SK 12 12 11 7 6 10 12
CZ 35 27 17 57 40 35 32
PL 14 13 18 32 27 24 26
HU 18 17 22 27 30 25 24
P
SK 27 20 24 23 18 20 19
CZ 14 16 13 13 9 11 15
PL 7 7 6 6 7 6 7
HU 11 18 20 19 17 18 20
Q
SK 18 17 16 15 13 16 16
CZ 17 15 15 13 14 15 13
PL 17 17 17 17 17 17 17
HU 13 13 15 11 10 14 12
R
SK 27 32 27 29 34 30 28
CZ 15 14 17 16 19 18 16
PL 11 11 10 8 10 11 10
HU 11 11 9 8 13 10 11
S
SK 26 21 21 21 25 26 24
CZ 15 17 18 18 17 15 15
PL 8 6 6 5 8 6 6
HU 16 21 23 23 25 22 23
Sou ce: own p ocessing.
Re e ences
Adamowicz, M. (2022). COVID-19 pandemic as a change ac o in he labou ma ke in Poland. Sus ainabili y,14(15), 9197. [C ossRe ]
Amoa-Gya eng, K. (2021). Co po a e inancial dis ess: The impac o p o i abili y, liquidi y, asse p oduc i i y, ac i i y and sol ency.
Jou nal o Accoun ing, Business and Managemen (JABM),28(2), 104–115. [C ossRe ]
Aqil, M., Ahmed, R. R., V einha d , J., & S eimikiene, D. (2019). Fac o s in luencing he p o i abili y o hea y ehicle indus y: A case
o Pakis an. Mon eneg in Jou nal o Economics,15(1), 61–72. [C ossRe ]
A ayah, O. F., Dhia , M. M., Naja , K., & F ede ico, G. F. (2022). Impac o COVID-19 on inancial pe o mance o logis ics i ms:
E idence om G–20 coun ies. Jou nal o Global Ope a ions and S a egic Sou cing,15(2), 172–196. [C ossRe ]
Bacik, R., Fedo ko, R., Ga u o a, B., I anko a, V., & Rigelsky, M. (2020). Di e ences in inancial pe o mance be ween a ious
ca ego ies o ho els in he Viseg ad G oup coun ies. Jou nal o In e na ional S udies,13(2), 279–290. [C ossRe ]
Balaniuk, I. F., Shelenko, D. I., Biloshku skyi, M. V., Po o ozniuk, I. M., & Sla inska, L. A. (2020). An in eg a ed app oach o he
en e p ises’ business e iciency assessmen . Managemen Theo y and S udies o Ru al Business and In as uc u e De elopmen ,42(4),
486–495. [C ossRe ]
Bă bu
,
ă-Mi
s
,
u, N., Madaleno, M., & Ilie, V. (2019). Analysis o isk ac o s a ec ing i ms’ inancial pe o mance—Suppo o
manage ial decision-making. Sus ainabili y,11(18), 4838. [C ossRe ]
Ba os, V., Vochozka, M., & Skopko a, K. (2022). Assessmen o inancial heal h o se ice sec o companies in he Cen al Eu opean
egion. En ep eneu ship and Sus ainabili y Issues,10(2), 375–393. [C ossRe ] [PubMed]
Ba oso a, V., & K al, P. (2016, Sep embe 21–23). A me hodological amewo k o inancial analysis esul s objec i ica ion in he Slo ak Republic.
BE-ci 2016: 3 d In e na ional Con e ence on Business and Economics (pp. 189–197), Ma a, Malaysia. [C ossRe ]
Ba ancea, L. (2021). The in luence o liquidi y and sol ency on pe o mance wi hin he heal hca e indus y: E idence om publicly
lis ed companies. Ma hema ics,9(18), 2231. [C ossRe ]
Belas, J., Ga u o a, B., D o sky, J., Cepel, M., & Du ana, P. (2022). The impac o he COVID-19 pandemic on selec ed a eas o a
managemen sys em in SMEs. Economic Resea ch-Ekonomska Is azi anja,35(1), 3754–3777. [C ossRe ]
Bizjak, J. M., Kalpa hy, S. L., Miho , V. T., & Ren, J. (2024). COVID-19 accina ions, business ac i i y, and i m alue. Jou nal o Financial
and Quan i a i e Analysis, 1–29. [C ossRe ]
Capes o, M., Rizzo, C., Klies ik, T., Peluso, A. M., & Pino, G. (2024). Enabling digi al echnologies adop ion in indus ial dis ic s: The
key ole o us and knowledge sha ing. Technological Fo ecas ing and Social Change,198, 123003. [C ossRe ]
Chambos , I., & P aquin, N. (2021). Spo ligh s and shadows o inancial analysis: His o y o he making o one o i s de ices: The
unds- low s a emen . Comp abli e Con ole Audi ,27(3), 41–69. [C ossRe ]
Economies 2025,13, 26 34 o 36
Cha e jee, S., Chaudha i, R., & Shams, R. (2024). Applica ions o Indus y 4.0 o pandemic esponses and business con inui y: A
TOE-DCV in eg a ed app oach. IEEE T ansac ions on Enginee ing Managemen ,71, 13240–13250. [C ossRe ]
Demi han, H. G., & Anwa , W. (2014). Fac o s a ec ing he inancial pe o mance o he i ms du ing he inancial c isis: E idence om
Tu key. Ege S a egic Resea ch Jou nal,5(2), 65–80. [C ossRe ]
De co, J. (2022). The impac s o he COVID-19 pandemic on he ou ope a o ma ke : The case o Slo akia. Jou nal o Risk and Financial
Managemen ,15(10), 466. [C ossRe ]
Ege , L., & Žižka, M. (2024). Indus y 4.0, digi al ans o ma ion and human esou ce managemen : Eme ging hemes and esea ch
ends in he con ex o he Viseg ad coun ies. Oeconomia Cope nicana,15(3), 1021–1065. [C ossRe ]
Fa ooq, U. (2018). Impac o in en o y u no e on he p o i abili y o non- inancial sec o i ms in Pakis an. Jou nal o Finance and
Accoun ing Resea ch,1(1), 34–51. [C ossRe ]
Fi iani, F. (2023). Analysis o he e ec o inancial a ios on i m alue in pha maceu ical sec o companies lis ed on he Indonesia
S ock Exchange 2016–2021. Jou nals o Economics and Business,3(1), 43–52. [C ossRe ]
Gajdosiko a, D., & Pa ic K ama ic, T. (2023). Deb s uc u e and i s impac on inancial pe o mance: An empi ical s udy on he
en e p ises ope a ing in he Viseg ad G oup coun ies. Ekonomicko-manaze ske spek um,17(2), 107–124.
Gajdosiko a, D., Valasko a, K., Klies ik, T., & Macho a, V. (2022). COVID-19 pandemic and i s impac on challenges in he cons uc ion
sec o : A case s udy o Slo ak en e p ises. Ma hema ics,10(7), 3130. [C ossRe ]
Gazi, M. A. I., Nahiduzzaman, M., Ha ymawan, I., Masud, A. A., & Dha , B. K. (2022). Impac o COVID-19 on inancial pe o mance
and p o i abili y o banking sec o in special e e ence o p i a e comme cial banks: Empi ical e idence om Bangladesh.
Sus ainabili y,14(10), 6260. [C ossRe ]
Goldmann, K. (2020). Use o inancial analysis in ope a ional and s a egic managemen in p ac ise o Polish business. Eu asian Business
Pe spec i es,12(2), 115–125. [C ossRe ]
Goncha , O. I. (2016). Inc easing o business ac i i y in managemen o inno a i e and in es men po en ial o he company. Scien i ic
Bulle in o Polissia,4(8), 262–267. A ailable online: h p://i .s u.cn.ua/123456789/15092 (accessed on 11 No embe 2024).
Gundo a, P., & Med edo a, M. (2016, May 17). Me hods o inancial analysis in Slo ak companies as a ool o inc easing o compe i i eness.
8 h Annual In e na ional Scien i ic Con e ence on Compe i ion 2016 (pp. 130–143), Jihla a, Czech Republic.
Ha an o a, V., Kalaso a, A., Sk i anek Kubiko a, S., Mazanec, J., & Jo do a, R. (2022). The impac o mobili y on shopping p e e ences
du ing he COVID-19 Pandemic: The e idence om he Slo ak Republic. Ma hema ics,10(9), 1394. [C ossRe ]
Hiadlo sky, V., Rybo ico a, I., & Vinczeo a, M. (2016). Impo ance o liquidi y analysis in he p ocess o inancial managemen o
companies ope a ing in he ou ism sec o in Slo akia: An empi ical s udy. In e na ional Jou nal o Quali y Resea ch,10(4), 799–812.
[C ossRe ]
Hunj a, A. I., Niazi, G. S. K., Majid, N. R., Akba , S. W., & Akh a , M. N. (2011). P ac ices o wo king capi al policy and pe o mance
assessmen inancial a ios and hei ela ionship wi h o ganiza ion pe o mance. Wo ld Applied Sciences Jou nal,12(10), 1967–1973.
Hy slo a, J., Becko a, H., & Be ano a, K. (2017, Sep embe 14–16). Financial analysis o u ban anspo companies. 11 h In e na ional
Days o S a is ics and Economics 2017 (pp. 548–556), P ague, Czech Republic.
Is ok, M., & Kande o a, M. (2019). Deb /asse a io as e idence o p o i -shi ing beha iou in he Slo ak Republic. Technological and
Economic De elopmen o Economy,25(6), 1293–1308. [C ossRe ]
Jenco a, S., Vasanico a, P., & Misku o a, M. (2024). Comp ehensi e assessmen o Slo akian hospi als using inancial and non- inancial
c i e ia in he COVID-19 con ex . Economies,12(9), 255. [C ossRe ]
Jones, A. S., & Godday, O. O. (2015). Accoun ing a ios as a e i able ool o co po a e In es men decisions: A s udy o selec ed
o ganiza ions in Del a S a e. Jou nal o Policy and De elopmen S udies,9(5), 38–49. [C ossRe ]
Klies ik, T., Valasko a, K., Laza oiu, G., Ko aco a, M., & V bka, J. (2020). Remaining inancially heal hy and compe i i e: The ole o
inancial p edic o s. Jou nal o Compe i i eness,12(1), 74–92. [C ossRe ]
Ko aco a, M., Klies ik, T., Valasko a, K., Du ana, P., & Juhaszo a, Z. (2019). Sys ema ic e iew o a iables applied in bank up cy
p edic ion models o Viseg ad g oup coun ies. Oeconomia Cope nicana,10(4), 743–772. [C ossRe ]
Ko alchuk, T., & Ve hun, A. (2019). Imp o emen o he me hod o analysis o asse managemen e iciency. Bal ic Jou nal o Economic
S udies,5(5), 61–66. [C ossRe ]
K amolis, J., & Dobes, K. (2020). Deb as a inancial isk ac o in SMEs in he Czech Republic. Equilib ium. Qua e ly Jou nal o Economics
and Economic Policy,15(1), 87–105. [C ossRe ]
K is o , T., & Vi ag, M. (2022). Wha d i es inancial compe i i eness o indus ial sec o s in Viseg ad Fou coun ies? E idence by use
o machine lea ning echniques. Jou nal o Compe i i eness,14(4), 117–136. [C ossRe ]
Kwak, J. K. (2019). Analysis o in en o y u no e as a pe o mance measu e in manu ac u ing indus y. P ocesses,7(10), 760. [C ossRe ]
Lian, Z., Su, Z., & Zheng, T. (2021, Decembe 3–5). Analysis and esea ch on c edi isk ac o s o lis ed companies in China based on CVM-MLP.
3 d In e na ional Con e ence on Machine Lea ning, Big Da a and Business In elligence (MLBDBI) (pp. 542–547), Taiyuan, China.
[C ossRe ]
Economies 2025,13, 26 35 o 36
Lina es-Mus a os, S., Fa e as-Nogue , M. A., A imany-Se a , N., & Coende s, G. (2022). New inancial a ios based on he composi-
ional da a me hodology. Axioms,11(12), 694. [C ossRe ]
Liu, J., & Xu, Y. B. (2022). T-F iedman es : A new s a is ical es o mul iple compa ison wi h an adjus able conse a i eness measu e.
In e na ional Jou nal o Compu a ional In elligence Sys ems,15, 29. [C ossRe ]
Lukac, J., Oleo a, C., & Kudlo a, Z. (2022). Fac o s p edic ing companies’ c isis in he enginee ing indus y om he poin o iew o
inancial analysis. Plos One,17(2), e0264016. [C ossRe ] [PubMed]
Makoji, E. E., O ugun, F. I., & Adelakun, A. (2021). Explo a ion o cash low managemen o en e p ise’s business pe o mance. Asian
Jou nal o Economics Business and Accoun ing,21(10), 97–105. [C ossRe ]
Mazanec, J. (2022). Wo king capi al managemen as a c ucial ool o co po a e pe o mance in he anspo sec o : A case s udy o
Slo akia and he Czech Republic. Ma hema ics,10(15), 2584. [C ossRe ]
Mia, M. A., Uddin, M. S., & Chowdhu y, M. A. I. (2014). E alua ion o ope a ional pe o mance-A case s udy on Summi Powe
Limi ed (SPL). IOSR Jou nal o Business and Managemen ,16(9), 45–51. [C ossRe ]
Michalko a, L., Ko aco a, M., Cepel, M., & Belas, J. (2022). Insol ency p edic ion and co po a e bank up cy model in Viseg ad g oup
coun ies. T ans o ma ions in Business & Economics,21(2A), 529–548.
Mijoc, I. (2024). De e minan s o p o i abili y o he IT indus y in C oa ia. Ekonomski Vjesnik,37(1), 45–62. [C ossRe ]
Moody’s. (2024). O bis. A ailable online: h ps://www.moodys.com/web/en/us/capabili ies/company- e e ence-da a/o bis.h ml
(accessed on 1 Oc obe 2022).
Mi za, N., Raha , B., Naq i, B., & Riz i, S. K. A. (2020). Impac o COVID-19 on co po a e sol ency and possible policy esponses in he
EU. Qua e ly Re iew o Economics and Finance,87, 181–190. [C ossRe ] [PubMed]
Papiko a, L., & Papik, M. (2022). In ellec ual capi al and i s impac s on SMEs p o i abili y du ing COVID-19 Pandemic. Jou nal o
Eas e n Eu opean and Cen al Asian Resea ch,9(3), 521–531. [C ossRe ]
Pech, M., P azako a, J., & Pecho a, L. (2020). The e alua ion o he success a e o co po a e ailu e p edic ion in a i e-yea pe iod.
Jou nal o Compe i i eness,12(1), 108–124. [C ossRe ]
Pham, K. X., Nguyen, Q. N., & Nguyen, C. V. (2020). E ec o wo king capi al managemen on he p o i abili y o s eel companies on
Vie nam S ock Exchanges. The Jou nal o Asian Finance, Economics and Business,7(10), 741–750. [C ossRe ]
Podho ska, I., & Siekelo a, A. (2020). En e p ises inancial pe o mance in a globalized wo ld. SHS Web o Con e ences,74, 05018.
[C ossRe ]
P iya, P., & Sha ma, C. (2023). COVID-19 ela ed s ingencies and inancial ma ke ola ili y: Sec o al e idence om India. Jou nal o
Financial Economic Policy,15(1), 16–34. [C ossRe ]
Pu wan o, A., & Bina, C. R. (2016). Analysis o Financial a io owa ds ea ning g ow h in mining companies. Uni e sal Jou nal o
Indus ial and Business Managemen ,4(3), 81–87. [C ossRe ]
Ra aqa , S., & Ra aqa , S. (2020). The impac o me ge and acquisi ion on he inancial pe o mance o he NASDAQ lis ed small size
echnology company. Economics and Finance Le e s,7(2), 200–217. [C ossRe ]
Rahman, A., & Sha ma, R. B. (2020). Cash lows and inancial pe o mance in he indus ial sec o o Saudi A abia: Wi h special
e e ence o Insu ance and Manu ac u ing Sec o s. In es men Managemen & Financial Inno a ions,17(4), 76. [C ossRe ]
Rep, A. (2021). No es o he inancial s a emen s: Cu en s a e and imp o emen . Business Sys ems Resea ch Jou nal,12(2), 60–78.
[C ossRe ]
Rezai, M., & Pou ali, M. R. (2015). The ela ionship be ween wo king capi al managemen componen s and p o i abili y: E idence
om I an. Eu opean Online Jou nal o Na u al and Social Sciences,4(1), 342–351. A ailable online: h ps://eu opean-science.com/
eojnss_p oc/a icle/ iew/4237/1959 (accessed on 11 No embe 2024).
Sace , I. M., Deccan, N., & Rep, A. (2018, May 24–26). P ac ical p oblems in unde s anding accoun ing e minology used in he p epa a ion
o gene al pu pose inancial s a emen s—E idence om C oa ia. 7 h In e na ional Scien i ic Symposium on Economy o Eas e n
C oa ia—Vision And G ow h (pp. 1077–1085), Osijek, C oa ia.
Shukla, S., & Roopa, T. N. (2017). Financial beha iou o selec ed elecom companies in India: A compa a i e analysis. In e na ional
Jou nal o Indian Cul u e and Business Managemen ,14(2), 141–161. [C ossRe ]
Simionescu, M., Wojciechowski, A., Tomczyk, A., & Rabe, M. (2021). Re ised en i onmen al Kuzne s cu e o V4 coun ies and Bal ic
s a es. Ene gies,14(11), 3302. [C ossRe ]
Susellawa i, Sa i, D. P., Nabella, S. D., & Fadlilah, A. H. (2022). The e ec o p o i abili y, liquidi y, le e age, and ac i i y a ios on
di idend policy in manu ac u ing companies in he ood and be e age indus y sec o lis ed on he Indonesia S ock Exchange in
he 2016–2020 pe iod. Ju nal Man ik,6(2), 1365–1375.
S abo a, L., Valasko a, K., Du ana, P., & Klies ik, T. (2020). Dependency analysis be ween a ious p o i measu es and co po a e o al
asse s o Viseg ad g oup’s business en i ies. O ganizacija,53(1), 80–90. [C ossRe ]
S abo a, L., K ama o a, K., & Chabado a, D. (2022). Impac o he COVID-19 pandemic on he business en i onmen in Slo akia.
Economies,10(10), 244. [C ossRe ]
Economies 2025,13, 26 36 o 36
S abo a, L., S e uno a, D., K ama o a, K., Du ica, M., & Gab iko a, B. (2024). Would i ha e been cheape o le hem become
unemployed? Cos s and bene i s o Fi s Aid in e en ion o companies in Slo akia du ing he COVID-19 pandemic. Equilib ium.
Qua e ly Jou nal o Economics and Economic Policy,19(1), 139–169. [C ossRe ]
Tahi , M., & Anua , M. B. A. (2016). The de e minan s o wo king capi al managemen and i ms pe o mance o ex ile sec o in
Pakis an. Quali y & Quan i y,50(2), 605–618. [C ossRe ]
Tian, J. Y., & He, S. J. (2016, Augus 27–28). Financial analysis: Cu en si ua ion and de elopmen end- e iew and e alua ion o co po a e
inancial analysis. In e na ional Con e ence on Educa ion, E-lea ning and Managemen Technology (EEMT) 2016 (pp. 77–81),
Xi’an, China. [C ossRe ]
Valasko a, K., Laza oiu, G., Olah, J., Siekelo a, A., & Lanco a, B. (2019). How capi al a ec s business alua ion: A case s udy o
Slo akia. Cen al Eu opean Business Re iew,8(3), 1–17. [C ossRe ]
Valasko a, K., Klies ik, T., & Gajdosiko a, D. (2021). Dis inc i e de e minan s o inancial indeb edness: E idence om Slo ak and
Czech en e p ises. Equilib ium. Qua e ly Jou nal o Economics and Economic Policy,16(3), 639–659. [C ossRe ]
Valasko a, K., Gajdosiko a, D., & Belas, J. (2023a). Bank up cy p edic ion in he pos -pandemic pe iod: A case s udy o Viseg ad
G oup coun ies. Oeconomia Cope nicana,14(1), 253–293. [C ossRe ]
Valasko a, K., Gajdosiko a, D., & Laza oiu, G. (2023b). Has he COVID-19 pandemic a ec ed he co po a e inancial pe o mance? A
case s udy o Slo ak en e p ises. Equilib ium. Qua e ly Jou nal o Economics and Economic Policy,18(4), 1133–1178. [C ossRe ]
Va ek, R., K a cako a Voza o a, I., & Ko ulic, R. (2021). E alua ing he inancial heal h o ag icul u al en e p ises in he condi ions o
he Slo ak Republic using bank up cy models. Ag icul u e,11(3), 242. [C ossRe ]
Vi éz-Du gula, J., Dunay, A., Thalmeine , G., Vajai, B., & Pa aki, L. (2023). Financial analysis and su i al esea ch o he Viseg ad
coun ies’ heal h indus ies. Sus ainabili y,15(16), 12360. [C ossRe ]
Welc, J. (2016). Empi ical sa e y h esholds o liquidi y and indeb edness a ios on he Polish capi al ma ke . Eu opean Financial
and Accoun ing Jou nal,11(3), 37–50. A ailable online: h ps://ss n.com/abs ac =2876477 (accessed on 11 No embe 2024).
[C ossRe ]
Yousa , M., B is, P., & Haide , I. (2021). Wo king capi al managemen and i m’s p o i abili y: E idence om Czech ce i ied i ms om
he EFQM excellence model. Cogen Economics & Finance,9(1), 1–16. [C ossRe ]
Zagi a, T., No alia, N., & Suhada, S. (2024). Analysis o sol ency a io and ac i i y a io in he inancial pe o mance o P Buki Asam
Tbk. Jemasi: Ju nal Ekonomi Manajemen Dan Akun ansi,20(1), 28–38. [C ossRe ]
Zisoudis, N., Ka elakis, C., Theodossiou, C., & Loizou, E. (2020). Financial analysis o majo e ail chains wi hin a u bulen economic
en i onmen . S udies in Business and Economics,15(3), 208–222. [C ossRe ]
Disclaime /Publishe ’s No e: The s a emen s, opinions and da a con ained in all publica ions a e solely hose o he indi idual
au ho (s) and con ibu o (s) and no o MDPI and/o he edi o (s). MDPI and/o he edi o (s) disclaim esponsibili y o any inju y o
people o p ope y esul ing om any ideas, me hods, ins uc ions o p oduc s e e ed o in he con en .
