SMEs sustainability: The role of human resource management, corporate social responsibility and financial management

• Authors: Jaroslav Belas , Jan Dvorsky , Roman Hlawiczka , Lubos Smrcka , Khurram Ajaz Khan

Abstracts

EN

Research background: The sustainability of small- and medium-sized enterprises (SMEs) represents a significant scientific and professional problem in the current turbulent period because these enterprises play an important role in any country’s economic and social systems. Purpose of the article: This paper aimed to define the significant sustainability factors of small and medium-sized enterprises and to quantify their impact and importance on the sustainability of SMEs. The areas of Human Resource Management, Corporate Social Responsibility, and financial management were defined as significant sustainability factors. Methods: Empirical research, on which the scientific hypotheses were formulated and evaluated, was conducted in June 2022 in V4 countries (Czech Republic, Slovak Republic, Poland, and Hungary) using a structured questionnaire. The study accumulated a sample of 1398 respondents. Data collection was conducted through an external agency, MN FORCE, operating in Central European countries. The Computer Assisted Web Interview (CAWI) method was used to record respondents’ perceptions. Descriptive statistics, correlation analysis, and linear regression analysis were used to evaluate the hypotheses. Findings & value added: The research showed that all defined factors in the areas of Human resource management (HRM), Corporate social responsibility (CSR), and financial management of the firm had an impact on defined sustainability attributes. The greatest impact was found on the firm’s financial management, followed by CSR and HRM. The empirical results confirm that the intensity of the independent variables varies across the V4 countries. These results also show that the intensity of the selected HRM, CSR, and financial management factors of a firm is higher in the integrated models than in the models for individual V4 countries. The research results have shown that a range of factors determine the right attitude towards the sustainability of companies. In this context, economic policymakers and entrepreneurs must perceive sustainable growth as complex and apply a systemic approach to its design and implementation.

Keywords

EN

financial management; human resource management; corporate social responsibility; SMEs; sustainability

• Publisher: Instytut Badań Gospodarczych
• Journal: Oeconomia Copernicana
• Year: 2024
• Volume: 15
• Issue: 1
• Pages: 307-342

Dates

published

2024

Contributors

author

Jaroslav Belas

• A. Dubček University of Trenčín

• https://orcid.org/000000025900997X

author

Jan Dvorsky

• University of Zilina

• https://orcid.org/0000000260782636

author

Roman Hlawiczka

• Silesian University in Opava

• https://orcid.org/0000000264292095

author

Lubos Smrcka

• University of Economics and Business

• https://orcid.org/0000000349662171

author

Khurram Ajaz Khan

• Westminster International University in Tashkent

• https://orcid.org/0000000157288955

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Identifiers

DOI

10.24136/oc.2937

Biblioteka Nauki

39833487