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EN
In this paper we investigate the evidence of credit rationing in Italy during the period 2010-2016 characterized by evere distress in the banking system. The role of banks in the Italian economic system is crucial, since the Italian financial system can be classified as a bank oriented one. In addition, Italian economy is characterized by a very large share of small and medium sized enterprises (SMEs). This aspect adds value to our analysis given that literature usually assumes that the smaller the firms size the larger they suffer from credit rationing. By using a unique data set, provided by Bank of Italy, we get a twofold result. First, in Italy, the last economic and financial crisis has reduced the access to banking loans for SMEs, since there is a clear hump-shaped pattern in the time series of our measures of credit rationing. Differently, for large firms, it seems to have caused a larger volatility rather than a veritable credit rationing. Second, and this is our main result, matching micro and macro data, we do find support to the intuition that different banking crises exert different effects on firms’ financing conditions.
EN
The paper presents the influence of mergers and acquisitions in the banking sector on the development of small and medium-sized enterprises (SMEs). The author discusses existing studies of banking sector consolidation and its influence on the development of SMEs. The article considers the influence of the relocation of bank headquarters after a merger or acquisition on lending to SMEs. It also examines the effects of consolidation on the bank’s credit portfolio and the cost of credit for SMEs. The work sums up analyses of how changes in banks’ organizational structures affect lending to SMEs. In his research, the author uses studies of consolidation processes in the American banking sector. Various American economists have reached conflicting conclusions with regard to the relationship between banking sector consolidation and lending to SMEs. These contradictions result from different research methods adopted by individual economists.
EN
The article examines the evolution of business support systems in Britain in 1973-2006, looking at the strengths and weaknesses of individual measures and suggesting how the British experience could be used in Poland. The analysis covers a period from the launch of Britain’s first government agency tasked with coordinating assistance to small and medium-sized enterprises (SMEs) to a time when the government delegated responsibility for helping businesses to regional authorities. Gancarczyk quotes interviews with British civil servants and employees at the University of Cambridge Centre for Business Research (CBR), an independent private research center specialized in evaluating business support policies. Gancarczyk also uses CBR research reports, scientific papers and reports issued by public institutions. The British system for providing support to businesses is based on regional assistance, Gancarczyk says. Efforts to modify the system have included the launch of moderately decentralized structures coordinated by regional authorities and focused on financing specific services rather than institutions. This has been accompanied by a tendency to rely on well-reputed organizations and efforts to avoid an excessive number of service providers and keep red tape to a minimum. According to the author, a similar policy should be followed by those responsible for developing Poland’s business support system. In particular, regional authorities should be encouraged to combine support for existing SMEs with assistance to business startups, Gancarczyk says. This would ensure the complementariness of central and regional measures, in addition to an effective monitoring and evaluation of these projects, Gancarczyk concludes.
EN
The article evaluates public and private information and consulting services provided to small and medium-sized enterprises in Poland. The author uses methods furnished by new institutional economics and the theory of market inefficiency. Gancarczyk compares an experimental group covered by public assistance against a control group made up of companies with similar features and using commercial information and consulting services. The comparison was made according to criteria such as accuracy, efficiency, usefulness, reliability and effectiveness. The study reveals that public authorities should continue providing free information and consulting services, the author says, because there are continued market inefficiencies, including an insufficient supply of consulting services and a strong asymmetry in access to information. The market inefficiencies in question call for further public assistance in this area, Gancarczyk adds. The analysis of the criteria of accuracy, efficiency, usefulness, reliability and effectiveness from the perspective of alternative costs confirms that free public services are more reliable than comparable services offered by private service providers, while the evaluation of effectiveness and usefulness for both groups was similar. On the other hand, public service providers displayed lower efficiency, Gancarczyk says.
EN
The paper is concerned with research into the relationship between human capital and innovation in small and medium-sized enterprises (SMEs) in Poland. The authors describe the results of surveys conducted on a random sample of SMEs, 1,308 in 2007 and 1,346 in 2009. The surveys showed that human capital has a direct influence on innovation in small and medium-sized enterprises. The greater the human capital stock, the more often companies become involved in innovative projects by introducing new products and services, making major modifications to the existing range of products and services, changing the way in which they are organized, introducing new methods for providing services to customers, modifying technology, entering new markets and changing the ways of distributing products. An increase in human capital leads to an increase in internet usage and the popularity of online banking services, in addition to a higher percentage of companies with patents, licenses, registered trademarks and quality certificates, the authors say. They conclude by stating that the results of their research can be applied in economic policy and the management of human resources in small and medium-sized enterprises.
EN
Research background: The risk management process is a key element in running a business. Moreover, it is basically one of the basic and most important internal processes in any company, regardless of its size. However, due to the extremely important role played by small and medium-sized enterprises in the economy, the problem of proper management of endogenous and exogenous risks becomes particularly important. Purpose of the article: The article aims to show the importance of risk management in the operations of modern enterprises in the SMEs sector and the attitudes of entrepreneurs towards key business risks. Methods: The research was based on data on 332 enterprises from the SMEs sector operating in Poland. The data was collected using the CSAQ method in the period from 12 of November 2019 to 9 of March 2020. The distribution of risk assessment in the studies was analysed using Tau Kendall statistics, while the risk management index was created by examining the attitudes of entrepreneurs towards individual risk factors. Findings & Value added: The results of the survey showed that three-quarters of enterprises did not manage risk in a formalized way and that decision-makers in enterprises often paid too little attention to the issues related to managing different types of risk. The article should, therefore, draw the attention of managers to the need to build appropriate procedures to enable effective risk management that creates opportunities for the safe operation of the enterprise. The added value of the work is a detailed analysis of the management of individual types of endogenous and exogenous risks, as well as an indication of what features of enterprises affect the effectiveness of actions taken in the field of controlling these risks. Research is valuable because of the small amount of studies that links managers' approaches to risk management with actual risk management effectiveness.
EN
The paper is concerned with the “early internationalization” of firms and shows the state of research into this issue in Poland. The author reviews the body of research to date. The review covers leading Polish and international economic and business journals that have dealt with issues such as “born globals,” “international new ventures” and “early internationalization.” In all, the author reviews almost 30 scientific studies. Of these only one referred to a company that had ties to Poland. On the basis of the review, the author discusses concepts applied in research into early internationalization, in particular definitions of enterprises that follow this strategy. Among the criteria for distinguishing various types of “early internationalizing firms,” geographical factors are seen as the most important. The author found that the tendency to undergo early internationalization and the effects of this process were related to the competitive strategies employed by firms. The paper’s findings referring to early internationalization indicate that the process should also occur in the Polish economy. However, for the time being, there is no scientific evidence of early internationalization in Poland. International literature on the subject shows that further scientific research into early internationalization in Poland should primarily focus on the motives for early internationalization, the author concludes. Researchers should also turn the searchlight on the relationship between early internationalization, on the one hand, and industrial factors, business strategies and company resources, on the other.
EN
Industry 4.0 is the result of the development of cyber-physical generation systems as a part of the fourth industrial revolution. Industry 4.0 sets new areas for change in the sphere of production and management but also influences various aspects of society. Industry 4.0 is focused on continuous im-provement of production processes. This is a turnaround in the production control methodology, as the growing expectations of customers in the modern market cause, along with the increase in production efficiency, customisation of the product. In this trend, the customer decides about the product, person-alising it as much as possible and in the best possible way. These are new challenges in the field of inventory management. The article aims to present a method of calculating the optimal amount of the cost of a rotating stock in a production enterprise with an unevenly distributed demand, which is the case with personalised orders
EN
Research background: Small and medium-sized enterprises (SMEs) play a fundamental role in countries’ economies. Currently, entrepreneurs are struggling not only with the uncertainty of the business environment, but also with high expectations for businesses to be run in a sustainable way. Therefore, the impact of corporate reputation and social media on sustainability is an area of interest for entrepreneurs. In this context, little research has been conducted on their perception of the linkage between these issues. Furthermore, there has been no direct explanation of the effects of SMEs’ reputation and social media usage on their sustainable development, especially in the V4 countries. Purpose of the article: This article defines, quantifies, and verifies the effects of corporate reputation and social media on sustainable development as perceived by SMEs’ owners and top managers in the V4 countries. Methods: Data were gathered in December 2022 and January 2023 using the computer-assisted web interviewing (CAWI) method. The survey was designed based on a literature review and experts’ opinions. Respondents (top managers of SMEs, n = 1090) were asked questions on their firms’ characteristics, reputation, social media usage and sustainable development. The linear regression modelling (LRM) was utilised to evaluate the hypothesis. Findings & value added: The study revealed a strong relationship between owners’ and top managers’ perceptions of the importance of both corporate reputation and sustainable development in SMEs. The belief that social media supports the growth of companies’ performance is related to the understanding of the concept of sustainable business development. Surprisingly, for the owners and top managers of SMEs in V4 countries, there was no relationship between the awareness of social media usage to share information with customers and partners and the understanding of sustainable business growth.
EN
PURPOSE: The purpose of the present research note is to give an overview of research in the field of risk management in leasing SMEs as well as to present fields for future research. It intends to encourage other researchers to fill the current gap in research on risk management in general and on risk management in (German leasing) SMEs in particular. DESIGN/METHOD: The research note is based on interviews with 40 German leasing firms, thereof 35 SMEs. Qualitative research was chosen due to the nascent knowledge area and to explore cause-effect-relationships as well as to gain a deeper understanding of the practical requirements on risk management. RESULTS/FINDINGS: A research framework was presented based on the findings of the literature review. Based on the interviews, the framework could be drilled down into more operative, leasing-specific topics. Amongst others, it could be found that the risk management organisation is greatly shaped by the underlying risk strategy, the motivation for risk management, as well as the essential risks. These three elements form the basis for the operative and strategic risk management practice. Furthermore, it was differentiated in the different lifecycle phases of risk management. ORIGINALITY/VALUE: The presented research note is based on the first known research in the field of risk management for German leasing SMEs with a comparable number of interviews. Therefore, this research note includes a high degree of novelty. Adapting the findings in practice as well as combining it with other research questions might add significant value to risk management research as well as practice not only limited to the German leasing industry.
EN
The article deals with the determinants of the process of internationalization among small and medium-sized enterprises in Poland. In particular, Nowiński and Nowara set out to determine the relationship between the intensity of exports and the geographical diversification of exports, on the one hand, and variables such as the experience of companies on foreign markets, their size and the use of niche strategies, on the other. The analysis is based on empirical data obtained through a survey. Research methods used by the authors include non-parametric Spearman correlation analysis, Mann-Whitney U test, and multiple regression analysis. The results obtained show that the level of internationalization is related to factors such as company resources and skills as well as experience gained abroad-including both the experience of a company on export markets and experience brought to the company by international executives. The authors found a significant relationship between imports of intermediate goods and the level of internationalization of enterprises. On the other hand, there is no significant relationship between the level of internationalization and the size of a company, the authors say. Nowiński and Nowara conclude that the intensity of exports depends on factors such as a company’s export experience and the level of global integration in a sector, while the number of foreign markets targeted is less significant. Generally, the analyzed variables better reflect the intensity rather than geographical diversification of exports, the authors say.
PL
Rynek partnerstwa publiczno-prywatnego nieustannie się rozwija. Coraz większe korzyści, które wobec brakuwłasnych środków budżetowych może dać współdziałanie z sektorem prywatnym sprawiają, że samorządy coraz szybciej i chętniej decydują się na wykorzystanie formuły PPP w obszarze inwestycji komunalnych. Cały czas dużą popularnością cieszą się inwestycje w infrastrukturę sportowo-rekreacyjną. Sektor publiczny dostrzegł w PPP poważny potencjał, który daje możliwość budowania nowoczesnej bazy sportowej, wzrostu jakości życia lokalnych społeczności, oraz rozwój sportu profesjonalnego i poszerzenie oferty turystycznej. W artykule wskazano na potrzebę inwestycji w formule PPP przez tworzenie nowych obiektów sportowych, rekreacyjnych i turystycznych a także na problematykę braku wiedzy dotyczącej współpracy na szczeblu partner publiczny - partner prywatny.
EN
The market of public-private partnership is constantly evolving. Increasing benefits from the cooperation with a private sector, taking into account the lack of own budgets resources, make governments quickly and more likely to decide to use the PPP formula in the area of municipal investments. Still there are popular investments in sports and recreation facilities. The public sector noticed in PPP a serious potential, which gives the opportunity to build a modern sports facilities, increase the quality of life of local communities, and helps to develop the professional sport and enrich the touristic offer. The article pointed out the need to invest in PPP by creating new sports, recreation and touristic complexes, as well as stressed the lack of knowledge on issues concerning cooperation between public and private partners.
EN
Objective: The paper examines whether the COVID-19 pandemic has influenced SMEs to take socially responsible actions in their HR management. Research Design & Methods: The paper reviews the literature with regard to human resources management in SMEs and corporate social responsibility. Empirical research was carried out with a survey, with respondents filling out an online questionnaire. The research covered 241 small and medium-sized enterprises (SMEs) operating in south-eastern Poland. Findings: The main research problem was the analysis of the impact of the COVID-19 pandemic on the continuation of socially responsible activities in HR management at SMEs. The first hypothesis – that there is a correlation between the application of social responsibility before the COVID-19 pandemic and the implementation of socially responsible human resources management activities during the pandemic – was verified. The second hypothesis – that the implementation of socially responsible activities does not depend on the location of SMEs – was not confirmed. Implications / Recommendations: The results of the research show that during the COVID-19 pandemic companies continued to combine employee performance assessments with CSR activities, rewarding socially responsible activities undertaken by employees, providing employees with favourable working conditions, and supporting them in training and professional development. Contribution: The research and analysis both enrich the current scientific knowledge base on social responsibility with data on the social commitment of employers to employees in a crisis situation.
PL
Cel: Celem artykułu jest ustalenie, czy pandemia COVID-19 wpłynęła na podejmowanie działań społecznie odpowiedzialnych w obszarze zarządzania zasobami ludzkimi przez małe i średnie przedsiębiorstwa (MŚP). Metodyka badań: W artykule dokonano przeglądu literatury w odniesieniu do zarządzania zasobami ludzkimi w MŚP oraz społecznej odpowiedzialności biznesu. Badania empiryczne przeprowadzono na podstawie metody badań ankietowych. Zastosowano technikę badań internetowych z wykorzystaniem kwestionariusza ankiety. Badaniami objęto 241 małych i średnich przedsiębiorstw działających na terenie Polski Południowo-Wschodniej. Wyniki badań: Głównym problemem badawczym była analiza wpływu pandemii COVID-19 na kontynuowanie przez MŚP społecznie odpowiedzialnych działań w obszarze zarządzania zasobami ludzkimi. W wyniku przeprowadzonych badań hipoteza 1 (istnienie zależności pomiędzy stosowaniem społecznej odpowiedzialności przed pandemią COVID-19 a realizacją działań społecznie odpowiedzialnych w obszarze zarządzania zasobami ludzkimi w czasie pandemii) została zweryfikowana pozytywnie, natomiast hipoteza 2 (realizacja działań społecznie odpowiedzialnych nie zależy od lokalizacji MŚP) nie została potwierdzona. Wnioski: Wyniki badań wskazują, że w czasie pandemii COVID-19 przedsiębiorcy nadal uwzględniali w ocenie pracowników działania na rzecz CSR, nagradzali je oraz zapewniali pracownikom korzystne warunki pracy, a także wspierali ich w szkoleniach i rozwoju zawodowym. Wkład w rozwój dyscypliny: Przeprowadzone przez autorki pracy badania i ich analiza wzbogacają dotychczasowy dorobek naukowy w obszarze społecznej odpowiedzialności o dane dotyczące społecznego zaangażowania pracodawców na rzecz pracowników w sytuacji kryzysowej.
EN
Purpose: The paper’s main objective is to structure the knowledge of the existing regula-tory frameworks, projects and actions that support sustainable performance management (SPM) in small and medium-sized enterprises (SMEs) against the backdrop of the growing significance of the circular economy. The paper will also evidence how strategic manage-ment accounting (SMA) assists this process, what individual metrics, dashboards or score-card concepts have been proposed and how their use may be assessed. Methodology/approach: The research methods include (1) a descriptive systematic analysis of the policies established by the policymakers and regulators in the EU, (2) a comparative analysis of various organisations’ initiatives, actions, delivered toolkits and their outputs, and (3) a literature review of the essential works and research studies on sustainable busi-ness models (SBMs), circular business models (CBMs) and SPM in the context of SMEs. Findings: The policies established in the EU support SPM by encouraging SMEs to be involved in sustainable business practices and indicating how to embark on a green transi-tion. Recently, multiple initiatives have been aimed at indicating the opportunities the closed-loop economy system offers SMEs. Many toolkits have also been developed to help SMEs measure their sustainable performance. Although this measurement is vital for SMEs, the business practice falls behind the regulatory framework. Therefore, internal initiatives from the SME sector are needed to popularise the sustainability concept. Research limitations/implications: SMEs show lower levels of compliance with envi-ronmental requirements and are unaware of how their activities affect the environment. A limitation of the research is that, in many cases, SMEs are not ready to respond properly to the ESG requirements imposed by regulators. The reason may be a lack of knowledge, experience and limited funds. Therefore, future research should focus on recognizing the gaps in this area and identifying what may be impeding the development of sustainability performance management in SMEs. Originality/value: The work presents the evolution path from the traditional business models (TBMs) through the SBMs to innovative CBMs and addresses their distinctive features. It contributes to the existing knowledge about SMA in SMEs by analysing its links with SPM.
PL
Cel: Głównym celem artykułu jest uporządkowanie wiedzy na temat istniejących ram regulacyjnych, projektów i działań wspierających zrównoważone zarządzanie dokonaniami w małych i średnich przedsiębiorstwach (MŚP) w kontekście rosnącego znaczenia gospo-darki o obiegu zamkniętym, a także wykazanie, w jaki sposób strategiczna rachunkowość zarządcza wspomaga ten proces oraz jakie indywidualne wskaźniki, kokpity lub koncepcje kart wyników zostały zaproponowane i jak można ocenić ich przydatność. Metodyka/podejście badawcze: Metody badawcze obejmują: (1) opisową systematyczną analizę polityk ustanowionych przez decydentów i organy regulacyjne w UE, (2) analizę porównawczą inicjatyw i działań różnych organizacji w celu omówienia dostarczonych przez nie narzędzi i ich rezultatów oraz (3) przegląd literatury w zakresie istotnych prac i badań dotyczących zrównoważonych modeli biznesowych (SBM), cyrkularnych modeli biznesowych (CBM) i zrównoważonego zarządzania dokonaniami w kontekście MŚP. Wyniki: Polityki ustanowione w UE wspierają zrównoważone zarządzanie dokonaniami zachęcając MŚP do angażowania się w zrównoważone praktyki biznesowe i sugerując, jak rozpocząć zieloną transformację. Ostatnio wiele inicjatyw miało na celu wskazanie możli-wości, jakie system gospodarki o obiegu zamkniętym oferuje MŚP. Opracowano również wiele zestawów narzędzi, które pomagają MŚP mierzyć ich zrównoważone dokonania. Chociaż pomiar ten ma kluczowe znaczenie dla MŚP, praktyka biznesowa pozostaje w tyle za ramami regulacyjnymi. Dlatego też potrzebne są wewnętrzne inicjatywy sektora MŚP, aby spopularyzować koncepcję zrównoważonego rozwoju. Ograniczenia/implikacje badawcze: MŚP wykazują niższy poziom przestrzegania wy-mogów środowiskowych i nie są świadome tego, jak ich działalność wpływa na otoczenie. Ograniczeniem badań jest to, że w wielu przypadkach MŚP nie są gotowe, aby właściwie odpowiedzieć na wymogi ESG nałożone przez organy regulacyjne. Powodem może być brak wiedzy, doświadczenia oraz ograniczone fundusze. Dlatego przyszłe badania powinny sku-pić się na rozpoznaniu luk w tym zakresie i wskazaniu, co może hamować rozwój zarzą-dzania dokonaniami w obszarze zrównoważonego rozwoju w MŚP. Oryginalność/wartość: Artykuł przedstawia ścieżkę ewolucji od tradycyjnych modeli biznesowych poprzez zrównoważone modele biznesowe w kierunku innowacyjnych cyrku-larnych modeli biznesowych oraz odnosi się do ich charakterystycznych cech. Praca wnosi również wkład w istniejącą wiedzę na temat strategicznej rachunkowości zarządczej w MŚP, analizując jej powiązania ze zrównoważonym zarządzaniem dokonaniami.
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