IDEAS home Printed from
   My bibliography  Save this book chapter

SMEs are Facing with Recession Trends


  • Miroljub Hadžić

    (Singidunum University)

  • Petar Pavlović

    (Public Policy Secretariat of the Republic of Serbia)


In 2014, in spite of some signals of recovery in the previous year, the recession trends in SME development prevailed again. It was outcome of severe water flood, low external demand related to EU recession, low domestic demand, imposed by measures of fiscal consolidation program and general, not favorable business environment. Decreasing number of new established companies and at the same time increasing number of those closed one continued. As small and opened economy, Serbia is oriented toward foreign trade, but SMEs are still not very competitive abroad, considering their share in overall volume of export and import, lower than ½ of total. As positive trend one can see increase in volume of export, faster than increase in import. Several investigations of quality of business environment proved not favorable position of SMEs with important limits of development, regarding financial problem, like collecting of claims and access to financial sources, and complicated and expensive administration. Those findings are very similar to opinion collected by interviewing of entrepreneurs, which pointed limits for investments and development of business. Difficult measures of fiscal consolidation, which are introduced in order to put public debt under control, are combined with introduction of the strategy for SME support. So, one can expect that those measures would result in more friendly business environment for SMEs, but need time to be materialized in greater number of new companies and increasing competitiveness on the international market.

Suggested Citation

  • Miroljub Hadžić & Petar Pavlović, 2015. "SMEs are Facing with Recession Trends," Proceedings- 11th International Conference on Mangement, Enterprise and Benchmarking (MEB 2015),, Óbuda University, Keleti Faculty of Business and Management.
  • Handle: RePEc:pkk:meb015:9-20

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Zoltán J. Ács & László Szerb & Erkko Autio, 2013. "Global Entrepreneurship and Development Index 2013," Books, Edward Elgar Publishing, number 14236, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nguyen Thi Thu Ha & Lam Ba Hoa, 2018. "Evaluating Entrepreneurship Performance In Vietnam Through The Global Entrepreneurship Development Index Approach," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., vol. 23(01), pages 1-19, March.
    2. Hadia Fakhreldin, 2018. "Examining the Effect of Cultural Intelligence on the Internationalization of Swiss Small and Medium Enterprises," International Business Research, Canadian Center of Science and Education, vol. 11(6), pages 89-101, June.
    3. Ana-Maria Grigore & Irina-Maria Dragan, 2015. "Entrepreneurship and its Economical Value in a very Dynamic Business Environment," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 17(38), pages 120-120, February.
    4. José Fernández-Serrano & Vanessa Berbegal & Francisco Velasco & Alfonso Expósito, 2018. "Efficient entrepreneurial culture: a cross-country analysis of developed countries," International Entrepreneurship and Management Journal, Springer, vol. 14(1), pages 105-127, March.
    5. Shirokova, Galina & Morris, Michael H. & Laskovaia, Anastasiia & Micelotta, Evelyn, 2021. "Effectuation and causation, firm performance, and the impact of institutions: A multi-country moderation analysis," Journal of Business Research, Elsevier, vol. 129(C), pages 169-182.
    6. DeLancey, Rebecca Mbuh, 2015. "Gendering Entrepreneurship and Technology: A Mixed Methods Study of Retailers in a Developing Economy," MPRA Paper 68839, University Library of Munich, Germany.
    7. Margaret E. Blume-Kohout, 2016. "Why are some foreign-born workers more entrepreneurial than others?," The Journal of Technology Transfer, Springer, vol. 41(6), pages 1327-1353, December.
    8. László Szerb & William Trumbull, 2015. "Entrepreneurship and transition in the European transition countries," ERSA conference papers ersa15p669, European Regional Science Association.
    9. Elena Druica & Ana-Maria Grigore, 2017. "Fixed effects models to assess the effectiveness of entrepreneurial diversification strategy in SMEs," Romanian Statistical Review, Romanian Statistical Review, vol. 65(1), pages 39-55, March.
    10. Aytuğ SÖZÜER, 2018. "Ulusal Kültür ve Girişimcilik İlişkisinde Kurumların Rolü," Istanbul Management Journal, Istanbul University Business School, vol. 29(85), pages 59-72, December.
    11. Yue Bao & Qi Miao & Ying Liu & Daniel Garst, 2016. "Human Capital, Perceived Domestic Institutional Quality And Entrepreneurship Among Highly Skilled Chinese Returnees," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., vol. 21(01), pages 1-21, March.
    12. David B. Audretsch & Maksim Belitski, 2017. "Entrepreneurial ecosystems in cities: establishing the framework conditions," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1030-1051, October.


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pkk:meb015:9-20. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alexandra Vécsey The email address of this maintainer does not seem to be valid anymore. Please ask Alexandra Vécsey to update the entry or send us the correct address (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.