The SMEs' perception of financial risks in the context of cluster cooperation

Katarína Havierniková; Marcel Kordoš; Katarína Havierniková; Marcel Kordoš

doi:10.3934/QFE.2019.3.586

Quantitative Finance and Economics

2019, Volume 3, Issue 3: 586-607. doi: 10.3934/QFE.2019.3.586

Previous Article Next Article

Research article Special Issues

The SMEs' perception of financial risks in the context of cluster cooperation

Katarína Havierniková ^{1
,
,},
Marcel Kordoš ²

1.
Department of Economy and Economics, Faculty of Social and Economic Relations, Alexander Dubček University of Trenčín, Študentská 3, 91150 Trenčín, Slovakia
2.
Department of Public Administration and Regional Economy, Faculty of Social and Economic Relations, Alexander Dubček University of Trenčín, Študentská 3, 91150 Trenčín, Slovakia

Received: 01 August 2019 Accepted: 16 September 2019 Published: 19 September 2019
JEL Codes: L14, L25, L26, P13, G32

Although, the Small and Medium-sized enterprises are the most numerous members in clusters, many of their representatives do not know benefits from this type of cooperation and they perceive it as a risky in general. Whereby, the clusters present one form of sustainable development of SMEs business. The focus of this paper is to provide an analytical framework in which the SMEs' perception of selected risk indicators is investigated by characterizing the financial risks related to cluster cooperation. While risk indicators are presented through five main categories of financial risks. To gain the main aim of this paper following research methods were used:Chi square test to compare statistical significant differences between the stated groups of respondents, Z-score to investigate the statistically significant differences in individual responses, Pareto analysis to determine the most important risk indicators and Key risk matrix to assess the level of risk indicators. The results have showed, that most important risk indicators are from category of business risks and they related with main issues of cluster cooperation:human factor failure, legal risk and risk related to lose of own reputation. These results highlighted the importance of financial risks that may be necessary for SMEs, other stakeholders and policy makers to overcome the barriers in development of cluster cooperation. The added value of this paper is the comparison of SMEs' perception of risk indicators from several points of view and final evaluation is connected and compared with the perception of those SMEs that have or had experience with cluster cooperation.
- small and medium enterprises,
- cluster,
- cluster cooperation,
- financial risks,
- risk indicator
Citation: Katarína Havierniková, Marcel Kordoš. The SMEs' perception of financial risks in the context of cluster cooperation[J]. Quantitative Finance and Economics, 2019, 3(3): 586-607. doi: 10.3934/QFE.2019.3.586

Related Papers:

Abstract

Although, the Small and Medium-sized enterprises are the most numerous members in clusters, many of their representatives do not know benefits from this type of cooperation and they perceive it as a risky in general. Whereby, the clusters present one form of sustainable development of SMEs business. The focus of this paper is to provide an analytical framework in which the SMEs' perception of selected risk indicators is investigated by characterizing the financial risks related to cluster cooperation. While risk indicators are presented through five main categories of financial risks. To gain the main aim of this paper following research methods were used:Chi square test to compare statistical significant differences between the stated groups of respondents, Z-score to investigate the statistically significant differences in individual responses, Pareto analysis to determine the most important risk indicators and Key risk matrix to assess the level of risk indicators. The results have showed, that most important risk indicators are from category of business risks and they related with main issues of cluster cooperation:human factor failure, legal risk and risk related to lose of own reputation. These results highlighted the importance of financial risks that may be necessary for SMEs, other stakeholders and policy makers to overcome the barriers in development of cluster cooperation. The added value of this paper is the comparison of SMEs' perception of risk indicators from several points of view and final evaluation is connected and compared with the perception of those SMEs that have or had experience with cluster cooperation.

References

[1]	Abrhám J (2017) Project management and funding in the Euroregions. Pol J Manage Stud 16:7-20.
[2]	Abrhám J, Lžičař P (2018) Risk management in the sustainable development:Analysis of a selected key industry. J Secur Sustainability Issues 8:171-180.
[3]	Belás J, Macháček J, Bartoš P, et al. (2014) Business risks and the level of entrepreneurial optimism of SME in the Czech and Slovak Republic. J Competitiveness 6:30-41.
[4]	Belás J, Bilan Y, Demjan V, et al. (2015) Entrepreneurship in SME Segment:Case Study from the Czech Republic and Slovakia. Amfiteatru Econ 17:308-326.
[5]	Belás J, Vojtovič S, Ključnikov A (2016) Microenterprises and Significant Risk Factors in Loan Process. Econ Sociol 9:43-59.
[6]	Bhunia A, Mukhuti S (2012) Financial risk measurement of small and medium-sized companies listed in Bombay stock exchange. Int J Adv Manage Econ 1:27-34.
[7]	Borrego M, Douglas P, Amelink CT (2009) Quantitative, qualitative, and mixed research methods in engineering education. J Eng Educ 98:53-66.
[8]	Cejkova V, Fabus M (2015) Management of Insurance Mediation for Small and Medium Enterprises. In European Financial Systems 2015: Proceedings og the 12^th International Scientific Conference. Edt. Kajurova, V., Krajicek J., Brno: Masaryk Unversity, 73-78.
[9]	Chen X, Wang X, Wu DD (2010) Credit risk measurement and early warning of SMEs:An empirical study of listed SMEs in China. Decis Support Syst 49:301-310.
[10]	Chráska M (2016) Metody pedagogického výzkumu, Praha: Grada Publishing, a.s.
[11]	Drabik P, Zamecnik P (2016) Key Aspects of Logistics for Online Store and Multi-channel Distribution, In: Proceedings of 16th International Joint Conference: Central and Eastern Europe in the Changing Business Environment, 97-111.
[12]	Fojtikova L, Stanickova M (2017) The EU member states export competitiveness and productivity. Politicka Ekonomie 65:669-689.
[13]	Gorzeń-Mitka I, Okręglicka M (2015) Managing complexity:a discussion of current strategies and approaches. Proc Econ Financ 27:438-444.
[14]	Hanulakova E, Dano F (2018) Circular Economy as a New Managerial Approach. AD ALTA-J Interdiscip Res 8:95-98.
[15]	Helisek M (2015) Perspectives of the Accession of the Czech Republic to the Euro Area in terms of the Price Level Convergence. Econ Sociol 8:28-35.
[16]	Helisek M (2016) Prospects for the Participation of the Czech Koruna in ERM Ⅱ, In Proceedings of 14th International Scientific Conference: Economic Policy in the European Union Member Countries, 212-222.
[17]	Hudakova M, Masar M, Buganova K (2018) Assesssment of the financial risks of the small and medium-sized enterprises in Slovakia, In 34^th International Scientific Conference on Economic and Social Development 18^th International Social Congress (ISC), Moscow, Russia, 505-513.
[18]	Jílek J (2009) Finanční trhy a investování, Praha: GRADA.
[19]	Jirankova M, Hnat P (2012) Balance of payments adjustment mechanisms in the Euro area. Eastern J Eur Stud 3:67-86.
[20]	Jirankova M, Hnat P, Antal J, et al. (2015) Euro Area Imbalances-Macroeconomic Competitiveness as a Balancing Factor?, In Small States-Big Challenges: The Experience of the EU and Visegrad Region, 9-25.
[21]	Jiroudkova A, Rovna LA (2015) EU Accession, Transition and Further Integration for the Countries of Central and Eastern Europe. Econ Sociol 8:11-14.
[22]	Ključnikov A, Mura L, Sklenár D (2019) Information security management in SMEs:factors of success. Entrepreneurship Sustainability Issues 6:2081-2094.
[23]	Klučka J (2017) Risks of regulation in network industry-case of the Slovak Republic. CBU Conf Pro 5:228-231.
[24]	Krajnakova E, Navikaite A, Navickas V (2015) Paradigm Shift of Small and Medium-Sized Enterprises Competitive Advantage to Management of Customer Satisfaction. Inzinerine Ekonomika-Eng Econ 26:327-332.
[25]	Kubíčková L, Toulová M (2013) Risk factors in the internationalization process of SMEs. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61:2385-2392.
[26]	Kunitsyna N, Britchenko I, Kunitsyn I (2018) Reputational risks, value of losses and financial sustainability of commercial banks. Entrepreneurship Sustainability Issues 5:943-955.
[27]	Lipkova L, Gress M, Poncarova A (2017) Tax systems in the Czech Republic and the Slovak Republic:Comparison with an emphasis on income tax. Econ Annals-XXI 165:47-51.
[28]	Muller K (2006) Innovation performance of new EU member countries-Situation in the Czech Republic. Politicka Ekonomie 54:778-801.
[29]	Mura L, Kljucnikov A (2018) Small Businesses in Rural Tourism and Agrotourism:Study from Slovakia. Econ Sociol 11:286-300.
[30]	Mynarzova M, Stverkova H (2015) Public Support as an Important Factor for Competitiveness of SMEs in the European Union, In: Aktualne Problemy Podnikovej Sfery, 452-461.
[31]	Navickas V, Malakauskaite A (2009) Stimulating regional economy competitiveness through the formation of clusters, In Liberec Economic Forum, Edt. Kocourek, A., 253-259.
[32]	Obadi SM, Korcek M (2016) The "Revealed" Comparative Advantage and Competitiveness of the EU's International Trade visa vis the USA. Ekon Cas 64:397-422.
[33]	Okręglicka M, Gorzeń-Mitka I, Ogrean C (2015) Management challenges in the context of a complex view-SMEs perspective. Proc Econ Financ 34:445-452.
[34]	Pavelková D, Friedel L, Jirčíková E, et al. (2009) Klastry a jejich vliv na výkonnost firem, Grada: Praha.
[35]	Rojík S, Pilař L, Kauerová L, et al. (2016) Regional Product Labelling System Znojemsko Regionální Produkt From The Point Of Consumer Behaviourxs View, In Marketing Identity. Trnava: Faculty of Mass Media Communication, University of Ss. Cyril and Methodius in Trnava, 403-413.
[36]	Sejkora J, Sankot O (2017) Comparative advantage, economic structure and growth: The case of Senegal. South African J Econ Manage Sci 20.
[37]	Taušer J, Arltová M, Žamberský P (2015) Czech exports and German GDP:A closer look. Prague Econ Pap 24:17-37.
[38]	Taušer J, Čajka R (2014) Hedging techniques in commodity risk management. Agric Econ 60:174-182.
[39]	Verbano C, Venturini K (2013) Managing risks in SMEs:A literature review and research agenda. J Technol Manage Innovation 8:186-197.
[40]	Virglerová Z, Kozubíková L, Vojtovič S (2016) Influence of selected factors on financial risk management in SMEs in the Czech Republic. Montenegrin J Econ 12:21-33
[41]	Zak S (2012) International Marketing:Theory, Practices and New Trends. Prague Econ Pap 21:251-254.
[42]	Zemanova S, Drulakova R (2016) Making Global Goals Local Business in V4 Countries: V4 Entrepreneurs and the UN Global Compact, In: Globalization and its Socio-Economic Consequences, 16th International Scientific Conference Proceedings, PTS Ⅰ-Ⅴ: 2490-2497.
[43]	Ziegler K, Žalman L, Špersl J, et al. (2006) Finanční řízení bank, Praha: Bankovní institute vysoká škola a.s.

Reader Comments

Your name:*

Email:*
© 2019 the Author(s), licensee AIMS Press. This is an open access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0)