PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2022 | 13 | nr 3 | 867--890
Tytuł artykułu

Financial Performance and Bankruptcy Concerns of SMEs in their Export Decision

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
Research background: Due to having lack of financial power and low amount of revenues, most of SMEs' major concerns are bankruptcy and low financial performance. Those issues are risky situations for SMEs when making for their exporting activities. Therefore, depending on their performance and bankruptcy risk, they might more intensively perceive export barriers and this fact might determine their export decisions.
Purpose of the article: This paper examines whether financial performance and bankruptcy concerns of SMEs affect their perceptions of export obstacles or not.
Methods: This research performs random sampling method and directs an internet-mediated questionnaire to the selected respondents who are the executives of 408 Czech, Slovakian and Hungarian SMEs. To examine the influences of firm performance and bankruptcy on the perceptions of export impediments by SMEs, this paper employs Ordinal Logistic Regression Test.
Findings & value added: The results show that SMEs having less healthy financial conditions less intensively perceive cultural-linguistic export barriers in comparison with SMEs having better financial performance. Moreover, firm performance is not a predictor variable in the perceptions of export costs, legislative and tax-related barriers by SMEs. On the other hand, while SMEs having more bankruptcy concerns more intensively perceive tax-related and cultural linguistic barriers, bankruptcy concerns of SMEs do not influence their perceptions of export costs and legislative differences. Although many studies have investigated the impacts of financial conditions of SMEs on their internationalization and exporting decisions, they are isolated with only a market or only with a financial issue. The limited extents of those studies cause a partial investigation of export and financial issues of SMEs and make readers having a narrow perspective in this specific area. By focusing on various export obstacles and financial issues that SMEs face in different markets, this research offers a detailed understanding of SMEs' perceptions regarding their financial conditions and export barriers, from a comprehensive perspective. In this regard, this is the research gap that this paper aims to fill. (original abstract)
Rocznik
Tom
13
Numer
Strony
867--890
Opis fizyczny
Twórcy
  • Pan-European University, Czechia
  • Pan-European University, Czechia
  • Pan-European University, Czechia
autor
  • Tomas Bata University in Zlín, Czech Republic
  • Pan-European University, Czechia
Bibliografia
  • Adu-Gyamfi, N., & Korneliussen, T. (2013). Antecedents of export performance: the case of an emerging market. International Journal of Emerging Markets. 8(4), 354-372. doi: 10.1108/IJoEM-Jun-2011-0056.
  • Al-Hyari, K., Al-Weshah, G., & Alnsour, M. (2012). Barriers to internationalisation in SMEs: evidence from Jordan. Marketing Intelligence & Planning, 30(2), 188-211. doi: 10.1108/02634501211211975.
  • Arteaga-Ortiz, J., & Fernández-Ortiz, R. (2010). Why don't we use the same export barrier measurement scale? An empirical analysis in small and medium-sized enterprises. Journal of Small Business Management, 48(3), 395-420. doi: 10.1111/j.1540-627X.2010.00300.x.
  • Bianchi, C., Carneiro, J., & Wickramasekera, R. (2018). Internationalisation commitment of emerging market firms. Journal of Small Business and Enterprise Development, 25(3), 1462-6004. doi: 10.1108/JSBED-07-2017-0221.
  • Bilan, Y., Gavurova, B., Stanislaw, G., & Tkacova, A. (2017). The composite coincident indicator (CCI) for business cycles. Acta Polytechnica Hungarica, 14(7), 71-90. doi: 10.12700/aph.14.7.2017.7.5.
  • Caggese, A., & Cuñat, V. (2013). Financing constraints, firm dynamics, export decisions, and aggregate productivity. Review of Economic Dynamics, 16(1), 177-193. doi: 10.1016/j.red.2012.10.004.
  • Carr, J. C., Haggard, K. S., Hmieleski, K. M., & Zahra, S. A. (2010). A study of the moderating effects of firm age at internationalization on firm survival and short-term growth. Strategic Entrepreneurship Journal, 4(2), 183-192. doi: 10.1002/sej.90.
  • Civelek, M., Gajdka, K., Světlík, J., & Vavrečka, V. (2020a). Differences in the usage of online marketing and social media tools: evidence from Czech, Slovakian and Hungarian SMEs. Equilibrium. Quarterly Journal of Economics and Economic Policy, 15(3), 537-563. doi: 10.24136/eq.2020.024.
  • Civelek, M., Ključnikov, A., Vavrečka, V., & Gajdka, K. (2020b). The usage of technology enabled marketing tools by SMEs and their bankruptcy concerns: evidence from Visegrad countries. Acta Montanistica Slovaca, 25(3), 263-273. doi: 10.46544/AMS.v25i3.01.
  • Civelek, M., Ključnikov, A., Fialova, V., Folvarčná, A., & Stoch, M. (2021). How innovativeness of family-owned SMEs differ depending on their characteristics? Equilibrium. Quarterly Journal of Economics and Economic Policy, 16(2), 413-428. doi: 10.24136/eq.2021.015.
  • Crick, D. (2004). UK SMEs' decision to discontinue exporting: an exploratory investigation into practices within the clothing industry. Journal of Business Venturing, 19(4), 561-587. doi: 10.1016/S0883-9026(03)00032-6.
  • Da Silva, P. A., & da Rocha, A. (2001). Perception of export barriers to Mercosur by Brazilian firms. International Marketing Review, 18(6), 589-611. doi: 10.1108/EUM0000000006296.
  • Dvorský, J., Čepel, M., Kotásková, A., & Bugánová, K. (2021). Differences in business risk effects on the future of SMEs due to Covid-19 pandemic. International Journal of Entrepreneurial Knowledge, 9(2), 14-31. doi: 10.37335/ijek.v9i2.144.
  • Evangelista, F. (2005). Qualitative insights into the international new venture creation process. Journal of International Entrepreneurship, 3(3), 179-198. doi: 10.1007/s10843-005-4204.
  • Forte, R., & Salomé Moreira, A. (2018). Financial constraints and small and medium-sized firms' export propensity: evidence from Portuguese manufacturing firms. International Journal of the Economics of Business, 25(2), 223-241. doi: 10.1080/13571516.2018.1437011.
  • García-Vega, M., Guariglia, A., & Spaliara, M.E. (2012). Volatility, financial constraints, and trade. International Review of Economics and Finance, 21(1), 57-76. doi: 10.1016/j.iref.2011.05.003.
  • Gavurova, B., Janke, F., Packova, M., & Pridavok, M. (2017). Analysis of impact of using the trend variables on bankruptcy prediction models performance. Ekonomicky casopis, 65(4), 370-383.
  • Gavurova, B., Ivankova, V., Rigelsky, M., & Privarova, M. (2020). Relations between tourism spending and global competitiveness: an empirical study in developed OECD countries. Journal of Tourism and Services, 11(21), 38-54. doi: 10.29036/jots.v11i21.175.
  • Haddoud, M. Y., Onjewu, A.-K., Jones, P., & Newbery, R. (2018). Investigating the moderating role of export promotion programmes. Critical Perspectives on International Business, 14(2/3), 282-308. doi: 10.1108/cpoib-11-2016-0059.
  • Harrell, F. E. (2015). Regression modeling strategies: with applications to linear models, logistic and ordinal regression, and survival analysis. New York: Springer.
  • Hofstede (2021). Hofstede insight, country comparison. Retrieved from https://www.hofstede-insights.com/country-comparison/czech-republic,hungary,slovakia/ (13.01.2022).
  • Hutchinson, K., Fleck, E., & Lloyd-Reason, L. (2009). An investigation into the initial barriers to internationalization: evidence from small UK retailers. Journal of Small Business and Enterprise Development, 16(4), 544-568 doi: 10.1108/14626000911000910.
  • Ibeh, K. I. (2004). Furthering export participation in less performing developing countries: the effects of entrepreneurial orientation and managerial capacity factors. International Journal of Social Economics, 3(1/2), 94-110. doi: 10.1108/03068290410515448.
  • Kim, H. S. (2016). Differential impact of uncertainty on exporting decision in riskaverse and risk-taking firms. Seoul Journal of Economics, 29(3), 379-409.
  • Ključnikov, A., Civelek, M., Vozňáková, I., & Krajčík, V. (2020a). Can discounts expand local and digital currency awareness of individuals depending on their characteristics? Oeconomia Copernicana, 11(2), 239-266. doi: 10.24136/oc.2020.010.
  • Ključnikov, A., Civelek, M., Polách, J., Mikoláš, Z., & Banot, M. (2020b). How do security and benefits instill trustworthiness of a digital local currency? Oeconomia Copernicana, 11(3), 433-465. doi: 10.24136/oc.2020.018.
  • Ključnikov, A., Civelek, M., Fialova, V., & Folvarčná, A. (2021). Organizational, local, and global innovativeness of family-owned SMEs depending on firm individual level characteristics: evidence from the Czech Republic. Equilibrium. Quarterly Journal of Economics and Economic Policy, 16(1), 169-184. doi: 10.24136/eq.2021.006.
  • Kolková, A., & Ključnikov, A. (2021). Demand forecasting: an alternative approach based on technical indicator Pbands. Oeconomia Copernicana, 12(4), 863-894. doi: 10.24136/oc.2021.028.
  • Köksal, M. H., & Kettaneh, T. (2011). Export problems experienced by high-and low-performing manufacturing companies. Journal of Marketing and Logistics, 23(1), 108-126. doi: 10.1108/13555851111100021.
  • Le, T. D., & Shaffer, P. (2017). Assessing the efficiency costs of Vietnam's 'missing'small and medium sized enterprises. Asia & the Pacific Policy Studies, 4(1), 50-69. doi: 10.1002/app5.165.
  • Lee, H., Kelley, D., Lee, J., & Lee, S. (2012). SME Survival: the impact of internationalization, technology resources, and alliances. Journal of Small Business Management, 50(1), 1-19, doi: 10.1111/j.1540-627X.2011.00341.x.
  • Lejárraga, I., & Oberhofer, H. (2015). Performance of small-and medium-sized enterprises in services trade: evidence from French firms. Small Business Economics, 45(3), 673-702. doi: 10.1007/s11187-015-9647-z.
  • Leonidou, L. C. (2004). An analysis of the barriers hindering small business export development. Journal of Small Business Management, 42(3), 279-302. doi: 10.1111/j.1540-627X.2004.00112.x.
  • Lukason, O. X, & Laitinen, E. K. (2016). Failure processes of old manufacturing firms in different European countries. Investment Management and Financial Innovations, 13(2), 310-321. doi: 10.21511/imfi.13(2-2).2016.06.
  • Metzker, Z., Marousek, J., Hlawiczka, R., Belas, J. Jr., & Khan, K. A. (2021a). The perception of the market and operational area of business by service sector and tourism companies in terms of csr implementation. Journal of Tourism and Services, 23(12), 217-236. doi: 10.29036/jots.v12i23.328.
  • Metzker, Z., Marousek, J., Zvarikova, K., Hlawiczka, R. (2021b). The perception of SMEs bankruptcy concerning CSR implementation. International Journal of Entrepreneurial Knowledge, 9(2), 85-95. doi: 10.37335/ijek.v9i2.133.
  • Mudambi, R., & Zahra, S. A. (2007). The survival of international new ventures. Journal of International Business Studies, 38, 333-352. doi: 10.29123/12i23.426.
  • Narayanan, V. (2015). Export barriers for small and medium-sized enterprises: a literature review based on Leonidou's Model. Entrepreneurial Business and Economics Review, 3(2), 105-123. doi: 10.15678/EBER.2015.030208.
  • Pangarkar, N. (2008). Internationalization and performance of small-and mediumsized enterprises. Journal of World Business, 43(4), 475-485. doi: 10.1016/j.jwb.2007.11.009.
  • Pascucci, F., Domenichelli, O., Peruffo, E., & Gregori, G. L. (2021). Family ownership and the export performance of SMEs: the moderating role of financial constraints and flexibility. Journal of Small Business and Enterprise Development, 29(4), 602-626. doi:10.1108/JSBED-03-2021-0113.
  • Pavlák, M. (2018). Barriers to the internationalization of Czech SMEs. European Research Studies Journal, 21(2), 453-462.
  • Peng, M. (2009). Global business. Mason: South-Western Cengage Learning.
  • Peng, M., Y.-P., & Shao, L. (2021). How do the determinants of new product development matter in the international context? Journal of Competitiveness, 13(3), 129-146. doi: 10.7441/joc.2021.03.08.
  • Pereira-Moliner, J., López-Gamero, M. D., Font, X., Molina-Azorín, J. F., Tarí, J. J., & Pertusa-Ortega, E. M. (2021). Sustainability, competitive advantages and performance in the hotel industry. Journal of Tourism and Services, 23(12), doi: 10.29036/jots.v12i23.282.
  • Pietrovito, F., & Pozzolo, A. F. (2021). Credit constraints and exports of SMEs in emerging and developing countries. Small Business Economics, 56, 311-332. doi: 10.1007/s11187-019-00225-x.
  • Rashid, A., Hassan, M. K., & Karamat, H. (2021). Firm size and the interlinkages between sales volatility, exports, and financial stability of Pakistani manufacturing firms. Eurasian Business Review, 11, 111-134. doi:10.1007/s40821-020-00162-w.
  • Sedliacikova, M., Moresova, M., Alac, P., & Drabek, J. (2021). How do behavioral aspects affect the financial decisions of managers and the competitiveness of enterprises? Journal of Competitiveness, 13(2), 99-116. doi: 10.7441/joc.2021.02.06.
  • Silva, J. R., Franco, M., & Magrinho, A. (2016). Empirical investigation of the effects of industry type and firm size on export barriers. Journal of Business Economics and Management, 17(6), 1052-1065. doi: 10.3846/16111699.2016.1143874.
  • Silverman, M., Sengupta, S., & Castaldi, R. M. (2004). Improving export performance; the case of the U.S. Wine industry. Journal of Global Marketing, 17(1), 45-65. doi: 10.1300/J042v17n01_04.
  • Sinicakova, M., & Gavurova, B. (2017). Single monetary policy versus macroeconomic fundamentals in Slovakia. Ekonomicky casopis, 65(2), 158-172.
  • Sinkovics, R. R., Kurt, Y., & Sinkovics, N. (2018). The effect of matching on perceived export barriers and performance in an era of globalization discontents: Empirical evidence from UK SMEs. International Business Review, 27(5), 1065-1079. doi: 10.1016/j.ibusrev.2018.03.007.
  • Sleuwaegen, L., & Onkelinx, J. (2014). International commitment, post-entry growth and survival of international new ventures. Journal of Business Venturing, 29(1), 106-120. doi: 10.1016/j.jbusvent.2013.01.001.
  • Tousek, Z., Hinke, J., Malinska, B., & Prokop, M. (2021). The performance determinants of trading companies. Journal of Competitiveness, 13(2), 152-170. doi: 10.7441/ joc.2021.02.09.
  • Tsukanova, T. (2019). Home country institutions and export behaviour of SMEs from transition economies. European Journal of International Management, 13(6), 811-842.
  • Vu, H., & Lim, S. (2013). Exports and firm survival: the first evidence from Vietnam private manufacturing SMEs. Economics Bulletin, 33(2), 1259-1268.
  • Westhead, P., Wright, M., & Ucbasaran, D. (2001). The internationalization of new and small firms: a resource-based view. Journal of Business Venturing, 16(4), 333-358. doi: 10.1016/S0883-9026(99)00063-4.
  • Westhead, P., Wright, M., & Ucbasaran, D. (2004). Internationalization of private firms: environmental turbulence and organizational strategies and resources. Entrepreneurship & Regional Development, 16(6), 501-522. doi: 10.1080/0898562042000231929.
  • Wilkinson, T., & Brouthers, L. E. (2006). Trade promotion and SME export performance. International Business Review, 15(3), 233-252. doi: 10.1016/j.ibusrev.2006.03.001.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171655464

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.