Effect of CSR implementation and crisis events in business on the financial management of SMEs
The financial management of a business is an integral part of strategic management. Small and medium-sized enterprises (SMEs) are vulnerable to the presence of crisis events in the business environment. In this context, senior managers and owners need to react promptly to emerging changes in a give...
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| Format: | Article |
| Language: | English |
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Vilnius Gediminas Technical University
2023-09-01
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| Series: | Technological and Economic Development of Economy |
| Subjects: | |
| Online Access: | https://mla.vgtu.lt/index.php/TEDE/article/view/19821 |
| _version_ | 1827814230176301056 |
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| author | Ján Dvorský Ilona Švihlíková Ľudmila Kozubíková Katarína Frajtova Michalíková Adam P. Balcerzak |
| author_facet | Ján Dvorský Ilona Švihlíková Ľudmila Kozubíková Katarína Frajtova Michalíková Adam P. Balcerzak |
| author_sort | Ján Dvorský |
| collection | DOAJ |
| description |
The financial management of a business is an integral part of strategic management. Small and medium-sized enterprises (SMEs) are vulnerable to the presence of crisis events in the business environment. In this context, senior managers and owners need to react promptly to emerging changes in a given business segment. The aim of the article is to quantify the effect of crisis events in business and firm’s CSR implementation in business on the financial performance in the SMEs. The empirical research incorporated 1,090 SMEs in the business environment of four Central European countries. The research hypotheses were evaluated using structural equation modelling. The empirical findings confirmed the positive impact of CSR implementation in the enterprise on its financial management. The research results did not confirm the negative effects of crisis events in business on the financial management. Crisis phenomena have direct effects on the sustainability of the enterprise; the organizational activities of the enterprise; the functioning of the enterprise in the market and the management of the enterprise. The findings are used as a basis for the preparation of strategic projects of national and international policies helping to cope with crisis phenomena in the business environment of the SME segment.
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| first_indexed | 2024-03-11T23:43:31Z |
| format | Article |
| id | doaj.art-f8e5c929f07d42cc92003c1dec770cc8 |
| institution | Directory Open Access Journal |
| issn | 2029-4913 2029-4921 |
| language | English |
| last_indexed | 2024-03-11T23:43:31Z |
| publishDate | 2023-09-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | Technological and Economic Development of Economy |
| spelling | doaj.art-f8e5c929f07d42cc92003c1dec770cc82023-09-19T15:20:57ZengVilnius Gediminas Technical UniversityTechnological and Economic Development of Economy2029-49132029-49212023-09-0129510.3846/tede.2023.19821Effect of CSR implementation and crisis events in business on the financial management of SMEsJán Dvorský0Ilona Švihlíková1Ľudmila Kozubíková2Katarína Frajtova Michalíková3Adam P. Balcerzak4Department of Economics, Faculty of Operation and Economics of Transport and Communications, University of Zilina, Zilina, SlovakiaFaculty of Business, Pan-European University, Prague, Czech RepublicDepartment of Business Administration, Faculty of Management and Economics, Tomas Bata University in Zlín, Zlín, Czech RepublicDepartment of Economics, Faculty of Operation and Economics of Transport and Communications, University of Zilina, Zilina, SlovakiaDepartment of Market of Consumption, Faculty of Economic Sciences, University of Warmia and Mazury in Olsztyn, Olsztyn, Poland; Brno University of Technology, Brno, Czech Republic The financial management of a business is an integral part of strategic management. Small and medium-sized enterprises (SMEs) are vulnerable to the presence of crisis events in the business environment. In this context, senior managers and owners need to react promptly to emerging changes in a given business segment. The aim of the article is to quantify the effect of crisis events in business and firm’s CSR implementation in business on the financial performance in the SMEs. The empirical research incorporated 1,090 SMEs in the business environment of four Central European countries. The research hypotheses were evaluated using structural equation modelling. The empirical findings confirmed the positive impact of CSR implementation in the enterprise on its financial management. The research results did not confirm the negative effects of crisis events in business on the financial management. Crisis phenomena have direct effects on the sustainability of the enterprise; the organizational activities of the enterprise; the functioning of the enterprise in the market and the management of the enterprise. The findings are used as a basis for the preparation of strategic projects of national and international policies helping to cope with crisis phenomena in the business environment of the SME segment. https://mla.vgtu.lt/index.php/TEDE/article/view/19821financial managementSMEscrisis eventscorporate social responsibilitysustainabilitybusiness environment |
| spellingShingle | Ján Dvorský Ilona Švihlíková Ľudmila Kozubíková Katarína Frajtova Michalíková Adam P. Balcerzak Effect of CSR implementation and crisis events in business on the financial management of SMEs Technological and Economic Development of Economy financial management SMEs crisis events corporate social responsibility sustainability business environment |
| title | Effect of CSR implementation and crisis events in business on the financial management of SMEs |
| title_full | Effect of CSR implementation and crisis events in business on the financial management of SMEs |
| title_fullStr | Effect of CSR implementation and crisis events in business on the financial management of SMEs |
| title_full_unstemmed | Effect of CSR implementation and crisis events in business on the financial management of SMEs |
| title_short | Effect of CSR implementation and crisis events in business on the financial management of SMEs |
| title_sort | effect of csr implementation and crisis events in business on the financial management of smes |
| topic | financial management SMEs crisis events corporate social responsibility sustainability business environment |
| url | https://mla.vgtu.lt/index.php/TEDE/article/view/19821 |
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