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How Important Is the Business Environment for The Performance of Enterprises? Case Study of Selected European Countries

Author

Listed:
  • Katarina Valaskova
  • Dominika Gajdosikova
  • Tomislava Pavic Kramaric

Abstract

The business environment, its quality, and its development are important indicators of the global competitiveness of individual economies. The situation is enhanced in the European area, where the open community brings specific opportunities to expand and grow in new markets. However, it is not that easy to find the proper place to start a business, considering the financial performance and cost-effectiveness. Thus, the paper focuses on the comparative analysis of selected European countries (Slovakia, Czech Republic, Hungary, Poland, Croatia, Latvia, Lithuania, Estonia, Germany, and France) in the context of their macroeconomic and inner-markets factors in the 8-year horizon (2013-2020). The quality of the business environment is evaluated using a multi-criteria decision-making method TOPSIS and global multi-level indices such as the Global Competitiveness Index, Corruption Perception Index, and Doing Business Index. Their mutual dependence is tested by correlation coefficients. To find the statistically significant differences among the countries, the one-way analysis of variance (ANOVA) and Scheffé´s post hoc tests were used. The results reveal the subsets of countries with similar business environments, which may be beneficial in increasing the global competitiveness of enterprises.Implications for Central European audience: The comparative analysis is focused on the selected (mostly) Central European countries. This selection enables comparing the business environments with similar features and grouping them into subsets based on their economic, political, and social peculiarities. The analysis of variance proved that the business environments in Slovakia, Hungary, and Croatia are very similar, which may simplify the way of doing business in these countries. Thus, the implications of this study are crucial for better evaluation of the factors influencing the business environment, grouping attractiveness from the perspective of national enterprises, and understanding the indicators that increase the international competitiveness of enterprises.

Suggested Citation

  • Katarina Valaskova & Dominika Gajdosikova & Tomislava Pavic Kramaric, 2022. "How Important Is the Business Environment for The Performance of Enterprises? Case Study of Selected European Countries," Central European Business Review, Prague University of Economics and Business, vol. 2022(4), pages 85-110.
  • Handle: RePEc:prg:jnlcbr:v:2022:y:2022:i:4:id:300:p:85-110
    DOI: 10.18267/j.cebr.300
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    Citations

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    Cited by:

    1. Nagy Marek & Valaskova Katarina, 2023. "An Analysis of the Financial Health of Companies Concerning the Business Environment of the V4 Countries," Folia Oeconomica Stetinensia, Sciendo, vol. 23(1), pages 170-193, June.
    2. Dominika Gajdosikova & Katarina Valaskova & Tomas Kliestik & Veronika Machova, 2022. "COVID-19 Pandemic and Its Impact on Challenges in the Construction Sector: A Case Study of Slovak Enterprises," Mathematics, MDPI, vol. 10(17), pages 1-20, September.

    More about this item

    Keywords

    business environment; corporate performance; TOPSIS; GCI; CPI; DBI;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth

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