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1

THE PRICE OF SMALL AND MEDIUM ENTERPRISES WITHIN THE SUSTAINABLE DEVELOPMENT FRAMEWORK

100%
Purcarea I.
Contemporary Economics
|
2008
|
issue 3(7)
65-69
EN
Small enterprises make up for at least 95% of the enterprises in the European Community, and constitute an important source of employment. Sustainable development, on the other hand, involves each of us, individual or organization. It is a concept that should be embraced by each of us, by each enterprise no matter its size. Each company should clearly understand the concept and undertake the specific actions considering the fact that their impact will have certain effects that will echo in the future, therefore affecting future generations. The present research intends to gain an insight into the approach adopted by small and medium enterprises as concerning the sustainable development framework, with a focus on corporate social responsibility initiatives undertaken by SMEs.
2

STUDIES OF ENTREPRENEURSHIP IN WESTERN COUNTRIES: A NEW FIELD IN ECONOMICS

100%
Isakova I.
Nauka ta naukoznavstvo (Science and Science of Science)
|
2008
|
issue 2
49-62
EN
Studies of entrepreneurship established as a scientific discipline quite recently, although its phenomenon has been investigated since XVII-XVIII centuries in Europe (R. Cantillon, A.Smith, J.B.Say), and since early XX century in the USA (F.Walker, F.Knight). The fundamental work by J.Schumpeter 'The Theory of Economic Development' appeared when it had been commonly recognized that the new phase of economic development meant the end of small firms. This theme was further elaborated in works of behaviorists (D.McClelland). A new impulse for the establishment of this research area came from management science. The discussion on the economic role of business flared up in economic literature in the latest decades of XX century, because, as followed from advocates of small business, small firms had a significant contribution in technological change and innovation, and they created market turbulence and competitive environment. Small enterprises (the term used in western academic circles and official documents) now make up a major part of enterprises in all countries. They still have no standard definition, which is also true with respect to entrepreneurship, although western researchers agree that the essence of entrepreneurship is a launch of change through creation and exploitation of innovations. Studies of small business and entrepreneurship allowed to elaborate new approaches (Low and McMillan, J.Wiklund). The prevailed approach to studies of entrepreneurship involved microlevel, but in 90s researchers shifted to contextual aspects of entrepreneurship. In this context, the entrepreneurship is actively used by politicians as a factor promoting regional development. The latest studies of entrepreneurship use institutional theory, resource theory of firms and relational approach.
3

IMPORTANCE OF STRATEGIC MANAGEMENT OF SMES IN E-COMMERCE

75%
Svatošová V.
Ekonomický časopis (Journal of Economics)
|
2019
|
vol. 67
|
issue 10
1090 – 1110
EN
With the development of e-commerce, the area of interest of entrepreneurs and academics is focused on opportunities and strategic approaches to enhancing the competitiveness of enterprises that primarily trade electronically. This paper focuses on evaluating the importance of determinants of strategy and strategic management in the long-term development of small and medium-sized enterprises that primarily trade electronically and then to evaluate the importance of these determinants into the whole process of strategic management of enterprises primarily focused on e-commerce. The main aim of the paper is fulfilled through research carried out in several phases between a selected sample of small and medium enterprises oriented primarily on e-commerce. The collection and analysis of data from the research is realized by using the method of personal interviewing and the methods of statistical induction and descriptive statistics for the verification of the formulated main and partial hypotheses. The contribution of the paper is based on the identification of the importance of strategic management evaluated by SMEs focusing primarily on e-commerce, influencing their strategic position and the possibility of further development.
4

IS THE INCREASE ON SMES’ ACCESS TO FINANCE IN THE CAPITAL MARKETS UNION CONTEXT REAL? AN EMPIRICAL INVESTIGATION

75%
Barbu T. C., Bacur R. C., Cepoi C. O., Strǎchinaru A. I.
Ekonomický časopis (Journal of Economics)
|
2019
|
vol. 67
|
issue 3
245 – 263
EN
The aim of this paper is to identify whether small and medium enterprises, i.e. SMEs’ access to finance can increase given the context of Capital Markets Union (CMU) project. For this purpose, identifying the main drivers of SMEs’ access to different types of financing having the SMAF index as proxy is a matter of great importance. Based on a panel of sixteen European countries we have performed a threshold analysis via PSTR methodology that reveals some very interesting facts. First of all, we have found strong empirical evidence of a threshold effect with stock market capitalization as threshold variable when studying the dynamics of the SMAF index. When the capitalization is lower than 35.34%, a large series of macroeconomic variables like interest rate spreads, GDP per capita, inflation rate, unemployment or cost/revenues ratio generate a powerful influence when it comes to finance a SME. When stock market capitalization exceeds the threshold, a different story is narrated and the existence of other directions of influence is visible. Hence, our results suggest that the CMU project with all its initiatives and impact measures will not facilitate SMEs’ access to finance in developed capital markets with stock market capitalization below the threshold level of 35.34%.
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