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Actual Problems Of Business Risk In Sme Segment. Case Study From Slovakia


  • Jaroslav BELAS

    () (Department of Enterprise Economics, Faculty of Management and Economics, Tomas Bata University in Zlin, Mostní 5139, 760 01 Zlin, Czech Republic)

  • Yuriy BILAN

    () (University of Szczecin, Faculty of Economics Science and Management, Microeconomics Department)

  • Aleksandr Kljucnikov

    () (Vysoka skola podnikani, Ostrava, Czech Republic)

  • Zuzana Vincurova

    () (Faculty of Economics and Business, Pan-European University)

  • Jiri Machacek

    () (Department of Regional Development, Public Sector Administration and Law, Faculty of Management and Economics, Tomas Bata University in Zlin, Mostní 5139, 760 01 Zlin, Czech Republic)


The aim of this article was to define, quantify and compare the significant attributes of business risk for small and medium-sized enterprises (SMEs) in the selected regions of Slovakia. The data was collected through a questionnaire. The whole research was conducted in the Bratislava region on a sample of 102 SMEs, in the region of Trencin on a sample of 105 SMEs and in the Zilina region on a sample of 168 SMEs. Thus we compared important factors of business risk in the most economically developed region of the Slovak capital to the average regions of Trencin and Zilina. On the basis of the results of our research, we can conclude that the most important business risk is market risk in all regions. The average value of perceived market risk was higher than 50%. For this reason entrepreneurs have indicated the existence of negative trends in performance and profitability of their companies.

Suggested Citation

  • Jaroslav BELAS & Yuriy BILAN & Aleksandr Kljucnikov & Zuzana Vincurova & Jiri Machacek, 2015. "Actual Problems Of Business Risk In Sme Segment. Case Study From Slovakia," International Journal of Entrepreneurial Knowledge, Center for International Scientific Research of VSO and VSPP, vol. 3(1), pages 46-56, June.
  • Handle: RePEc:jek:journl:v:3:y:2015:i:1:p:46-56

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    References listed on IDEAS

    1. Psillaki, Maria & Tsolas, Ioannis E. & Margaritis, Dimitris, 2010. "Evaluation of credit risk based on firm performance," European Journal of Operational Research, Elsevier, vol. 201(3), pages 873-881, March.
    2. Fidrmuc, Jarko & Hainz, Christa, 2010. "Default rates in the loan market for SMEs: Evidence from Slovakia," Economic Systems, Elsevier, vol. 34(2), pages 133-147, June.
    3. Doris Neuberger & Solvig Räthke, 2009. "Microenterprises and multiple bank relationships: The case of professionals," Small Business Economics, Springer, vol. 32(2), pages 207-229, February.
    4. Jason Henderson & Stephan Weiler, 2010. "Entrepreneurs and Job Growth: Probing the Boundaries of Time and Space," Economic Development Quarterly, , vol. 24(1), pages 23-32, February.
    5. Erik Canton & Isabel Grilo & Josefa Monteagudo & Peter Zwan, 2013. "Perceived credit constraints in the European Union," Small Business Economics, Springer, vol. 41(3), pages 701-715, October.
    6. Karpak, Birsen & Topcu, Ilker, 2010. "Small medium manufacturing enterprises in Turkey: An analytic network process framework for prioritizing factors affecting success," International Journal of Production Economics, Elsevier, vol. 125(1), pages 60-70, May.
    7. Karolin Kirschenmann & Lars Norden, 2012. "The Relationship between Borrower Risk and Loan Maturity in Small Business Lending," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 39(5-6), pages 730-757, June.
    8. Di Giuli, Alberta & Caselli, Stefano & Gatti, Stefano, 2011. "Are small family firms financially sophisticated?," Journal of Banking & Finance, Elsevier, vol. 35(11), pages 2931-2944, November.
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    Cited by:

    1. Premysl Bartos & Aleksandr Kljucnikov & Boris Popesko & Jiri Machacek, 2015. "Are Men More Innovative And Aggressive In Business? Case Study From The Czech Republic," International Journal of Entrepreneurial Knowledge, Center for International Scientific Research of VSO and VSPP, vol. 3(2), pages 29-39, December.
    2. Michal ?indelá? & Barbora Janasová, 2020. "Are accounting services threatened by moving to shared service centers? - An empirical evidence of czech companies," International Journal of Economic Sciences, International Institute of Social and Economic Sciences, vol. 9(2), pages 111-127, December.

    More about this item


    Small and medium-sized enterprises; regional differences; business risk; market risk;

    JEL classification:

    • G - Financial Economics
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes


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