Macro-economic development of the EU countries in the context of performance and competitiveness of SMEs
Abstract
Purpose – The paper focuses on the identification of disparities in the development of the macroeconomic environment across the member states of the European Union and problematic factors impacting the business environment’s level.
Research methodology – To find the disparities in the development of the EU countries, the TOPSIS method was used. Based on this analysis, the crucial factors influencing the development of the macroeconomic environment were determined. The discriminant analysis was then used to form a model, which could help assess and examine the relationship between the business environment and significant determinants of development.
Findings – Based on the methods applied, the determinants influencing the development of the macroeconomic environment and key factors and aspects affecting the rate of development of the economic and business environment were identified and the analysis of the economic and business environment was performed through selected statistical techniques.
Practical implications – The analysis confirmed that some countries have certain gaps in its assessment of the dynamics of economic development in EU countries in terms of the sustainability and competitiveness of small and medium-sized businesses, and that the business climate is not entirely conducive to these businesses.
Originality/Value – The additional value of the paper is the formation of the model, which helps identify the countries with appropriate business environment and those where the economic development is not sufficiently developed which may be useful for enterprises, investors, and creditors.
Keyword : competitiveness, small and medium-sized enterprises, TOPSIS analysis, discriminant analysis, business environment
How to Cite
Valaskova, K., & Nagy, M. (2023). Macro-economic development of the EU countries in the context of performance and competitiveness of SMEs. Business, Management and Economics Engineering, 21(1), 124–139. https://doi.org/10.3846/bmee.2023.18958
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Altomonte, C., & Ottaviano, G. I. P. (2011). The role of international production sharing in EU productivity and competitiveness. EIB Papers, 16(1), 62–88.
Abdul-Rashid, S. H., Sakundarini, N., Ghazilla, R. A. R., & Thurasamy, R. (2017). The impact of sustainable manufacturing practices on sustainability performance Empirical evidence from Malaysia. International Journal of Operations & Production Management, 37(2), 182–204. https://doi.org/10.1108/IJOPM-04-2015-0223
Belas, J., Çera, G., Dvorsky, J., & Cepel, M. (2021). Corporate social responsibility and sustainability issues of small- and medium-sized enterprises. Corporate Social Responsibility and Environmental Management, 28(2), 721–730. https://doi.org/10.1002/csr.2083
Benítez-Márquez, M. D., Sánchez-Teba, E. M., & Coronado-Maldonado, I. (2022). An alternative index to the global competitiveness index. PLoS ONE, 17(3), e0265045. https://doi.org/10.1371/journal.pone.0265045
Boikova, T., Zeverte-Rovza, S., Rivza, P., & Rivza, B. (2021). The determinants and effects of competitiveness: The role of digitalization in the European economies. Sustainability, 13(21), 11689. https://doi.org/10.3390/su132111689
Brieger, S. A., Anderer, S., Fröhlich, A., Baro, A., & Meynhardt, T. (2020). Too much of a good thing? On the relationship between CSR and employee work addiction. Journal of Business Ethics, 166(2), 311–329. https://doi.org/10.1007/s10551-019-04141-8
Buyukozkan, G., & Karabulut, Y. (2018). Sustainability performance evaluation: Literature review and future directions. Journal of Environmental Management, 217, 253–267. https://doi.org/10.1016/j.jenvman.2018.03.064
Cantele, S., & Cassia, F. (2020). Sustainability implementation in restaurants: A comprehensive model of drivers, barriers, and competitiveness-mediated effects on firm performance. International Journal of Hospitality Management, 87, 102510. https://doi.org/10.1016/j.ijhm.2020.102510
Cheng, Y. H., Chang, K. C., Cheng, Y. S., & Hsiao, C. J. (2022). How green marketing influences customers’ green behavioral intentions in the context of hot-spring hotels. Journal of Tourism and Services, 24(13), 190–208. https://doi.org/10.29036/jots.v13i24.352
Cieslik, A., & Michalek, J. (2018). Firm-level determinants of direct and indirect exports: empirical evidence for C.E.E. and M.E.N.A. countries. Economic Research-Ekonomska Istraživanja, 31(1), 982–996. https://doi.org/10.1080/1331677X.2018.1436452
Dima, A. M., Begu, L., Vasilescu, M. D., & Maassen, M. A. (2018). The relationship between the knowledge economy and global competitiveness in the European Union. Sustainability, 10(6), 1706. https://doi.org/10.3390/su10061706
Du, S., Yu, K., Bhattacharya, C. B., & Sen, S. (2017). The business case for sustainability reporting: Evidence from stock market reactions. Journal of Public Policy & Marketing, 36(2), 313–330. https://doi.org/10.1509/jppm.16.112
Elkington, J. (1994). Towards the sustainable corporation: Win-win-win business strategies for sustainable development. California Management Review, 36(2), 90–100. https://doi.org/10.2307/41165746
Evangelista, R., Guerrieri, P., & Melicani, V. (2014). The economic impact of digital technologies in Europe. Economics of Innovation and New Technology, 23(8), 802–824. https://doi.org/10.1080/10438599.2014.918438
Gajanova, L., Nadanyiova, M., Musat, M., & Bogdan, A. (2020). The social recruitment as a new opportunity in the Czech Republic and Slovakia. Ekonomicko-manazerske spektrum, 14(1), 65–76. https://doi.org/10.26552/ems.2020.1.65-76
Gavurova, B., & Megyesiova, S. (2022). Sustainable health and wellbeing in the European Union. Frontiers in Public Health, 10, 851061. https://doi.org/10.3389/fpubh.2022.851061
Grewal, J., Hauptmann, C., & Serafeim, G. (2021). Material sustainability information and stock price informativeness. Journal of Business Ethics, 171, 513–544. https://doi.org/10.1007/s10551-020-04451-2
Guerrero, M., & Espinoza-Benavides, J. (2021). Does entrepreneurship ecosystem influence business re-entries after failure? International Entrepreneurship and Managerial Journal, 17, 211–227. https://doi.org/10.1007/s11365-020-00694-7
Gugler, P., & Brunner, S. (2007). FDI effects on national competitiveness: A cluster approach. International Advances in Economic Research, 13(3), 268–284. https://doi.org/10.1007/s11294-007-9091-1
Hajduova, Z., Hurajova, J., Smorada, M., & Srenkel, L. (2021). Competitiveness of the selected countries of the EU with a focus on the quality of the business environment. Journal of Competitiveness, 13(4), 43–59. https://doi.org/10.7441/joc.2021.04.03
Hakhverdyan, D., & Shahinyan, M. (2022). Competitiveness, innovation and productivity of the country. Marketing and Management of Innovations, 1, 108–123. https://doi.org/10.21272/mmi.2022.1-08
Horobet, A., Popovici, O. C., & Belascu, L. (2021). Shaping competitiveness for driving FDI in CEE countries. Romanian Journal of European Affairs, 21(2), 48–68.
International Institute for Management Development. (2022). IMD World Digital Competitiveness Ranking 2022. Switzerland.
Isensee, C., Teuteberg, F., Griese, K. M., & Topi, C. (2020). The relationship between organizational culture, sustainability, and digitalization in SMEs: A systematic review. Journal of Cleaner Production, 275, 122944. https://doi.org/10.1016/j.jclepro.2020.122944
Jayarathna, C. P., Agdas, D., Les, D., & Miska, M. (2022). Exploring sector-specific sustainability indicators: A content analysis of sustainability reports in the logistics sector. European Business Review, 34(3), 321–343. https://doi.org/10.1108/EBR-02-2021-0047
Khazei, M., Azizi, M., & Zali, M. (2021). How performance of top companies are related on Global Competitiveness Index? Journal of Global Entrepreneurship Research, 11, 129–139. https://doi.org/10.1007/s40497-021-00276-z
Kiselakova, D., Sofrankova, B., Cabinova, V., Onuferova, E., & Soltesova, J. (2018). The impact of R&D expenditure on the development of global competitiveness within the CEE EU countries. Journal of Competitiveness, 10(3), 34–50. https://doi.org/10.7441/joc.2018.03.03
Kiselakova, D., Sofrankova, B., Gombor, M., Cabinova, V., & Onuferova, E. (2019). Competitiveness and its impact on sustainability, business environment, and human development of EU (28) countries in terms of global multi-criteria indices. Sustainability, 11, 3365. https://doi.org/10.3390/su11123365
Kliestik, T., Belas, J., Valaskova, K., Nica, E., & Durana, P. (2020). Earnings management in V4 countries: The evidence of earnings smoothing and inflating. Economic Research-Ekonomska Istrazivanja, 34(1), 1452–1470. https://doi.org/10.1080/1331677X.2020.1831944
Lu, J., Rodenburg, K., Foti, L., & Pegoraro, A. (2022). Are firms with better sustainability performance more resilient during crises? Business Strategy and the Environment, 31(7), 3354–3370. https://doi.org/10.1002/bse.3088
Majeed, A., Jiang, P., Ahmad, M., Khan, M. A., & Olah, J. (2021). The impact of foreign direct investment on financial development: New evidence from panel cointegration and causality analysis. Journal of Competitiveness, 13(1), 95–112. https://doi.org/10.7441/joc.2021.01.06
Markova, I., Kubas, J., Buganova, K., & Ristvej, J. (2022). Usage of sorbents for diminishing the negative impact of substances leaking into the environment in car accidents. Frontiers in Public Health, 10, 957090. https://doi.org/10.3389/fpubh.2022.957090
Moktadir, A., Ahmadi, H. B., Sultana, R., Zohra, F. T., Liou, J. J. H., & Rezaei, J. (2020). Circular economy practices in the leather industry: A practical step towards sustainable development. Journal of Cleaner Production, 251, 119737. https://doi.org/10.1016/j.jclepro.2019.119737
Nagypal, C. N. (2014). Corporate social responsibility of Hungarian SMEs with good environmental practices. Journal of East European Management Studies, 19(3), 327–347. https://doi.org/10.5771/0949-6181-2014-3-327
Nogueira, M. C., & Madaleno, M. (2021). New evidence of competitiveness based on the global competitiveness index. Economic Bulletin, 41(2), 788–797.
Olczyk, M., Kuc-Czarnecka, M., & Saltelli, A. (2022). Changes in the Global Competitiveness Index 4.0 methodology: The improved approach of competitiveness benchmarking. Journal of Competitiveness, 14(1), 118–135. https://doi.org/10.7441/joc.2022.01.07
Petricevic, O., & Teece, D. J. (2019). The structural reshaping of globalization: Implications for strategic sectors, profiting from innovation, and the multinational enterprise. Journal of International Business Studies, 50(9), 1487–1512. https://doi.org/10.1057/s41267-019-00269-x
Porter, M. E. (1998). Clusters and the new economics of competition. Harvard Business Review.
Pourghasemi, H. R., Pradhan, B., & Gokceoglu, C. (2012). Application of fuzzy logic and analytical hierarchy process (AHP) to landslide susceptibility mapping at Haraz watershed, Iran, Nat. Hazards, 63(2), 965–996. https://doi.org/10.1007/s11069-012-0217-2
Rajnoha, R., & Lesnikova, P. (2022). Sustainable competitiveness: How does global competitiveness index relate to economic performance accompanied by the sustainable development? Journal of Competitiveness, 14(1), 136–154. https://doi.org/10.7441/joc.2022.01.08
Roszko-Wójtowicz, E., & Grzelak, M. M. (2020). Macroeconomic stability and the level of competitiveness in EU member states: A comparative dynamic approach. Oeconomia Copernicana, 11(4), 657–688. https://doi.org/10.24136/oc.2020.027
Saaty, R. W. (1987). The analytical hierarchy process – what it is and how it is used. Mathematical Modelling, 9(3–5), 161–176. https://doi.org/10.1016/0270-0255(87)90473-8
Safar, L., Sopko, J., Bednar, S., & Poklemba, R. (2018). Concept of SME business model for industry 4.0 environment. TEM Journal, 7(3), 626–637. https://doi.org/10.18421/TEM73-20
Simionescu M., Lazányi K., Sopkova G., Dobes, K., & Balcerzak A. P. (2017). Determinants of economic growth in V4 countries and Romania. Journal of Competitiveness, 9(1), 103–116. https://doi.org/10.7441/joc.2017.01.07
Simionescu, M., Pelinescu, E., Khouri, S., & Bilan, S. (2021). The main drivers of competitiveness in the EU-28 countries. Journal of Competitiveness, 13(1), 129–145. https://doi.org/10.7441/joc.2021.01.08
Stam, E., & van de Ven, A. (2021). Entrepreneurial ecosystem elements. Small Business Economics, 56, 809–832. https://doi.org/10.1007/s11187-019-00270-6
Su, D. T., Nguyen, P. C., & Christophe, S. (2019). Impact of foreign direct investment, trade openness and economic institutions on growth in emerging countries: The case of Vietnam. Journal of International Studies, 12(3), 243– 264. https://doi.org/10.14254/2071-8330.2019/12-3/20
Teece, D. (2007). Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319–1350. https://doi.org/10.1002/smj.640
Valaskova, K., Androniceanu, A.-M., Zvarikova, K., & Olah, J. (2021a). Bonds between earnings management and corporate financial stability in the context of the competitive ability of enterprises. Journal of Competitiveness, 13(4), 167–184. https://doi.org/10.7441/joc.2021.04
Valaskova, K., Gajdosikova, D., & Pavic Kramaric, T. (2022). How important is the business environment for the performance of enterprises? Case study of selected European Countries. Central European Business Review, 11(4), 85–110. https://doi.org/10.18267/j.cebr.300
Valaskova, K., Kliestik, T., & Gajdosikova, D. (2021b). Distinctive determinants of financial indebtedness: Evidence from Slovak and Czech enterprises. Equilibrium. Quarterly Journal of Economics and Economic Policy, 16(3), 639–659. https://doi.org/10.24136/eq.2021.023
Vatamanescu, E. M., Dabija, D. C., Gazzola, P., Cegarra-Navarro, J. G., & Buzzi, T. (2021). Before and after the outbreak of Covid-19: Linking fashion companies’ corporate social responsibility approach to consumers’ demand for sustainable products. Journal of Cleaner Production, 327, 129465. https://doi.org/10.1016/j.jclepro.2021.128945
Virglerova, Z., Homolka, L., Smrcka, L., Lazanyi, K., & Kliestik, T. (2017). Key determinants of the quality of business environment of Smes in The Czech Republic. E & M Ekonomie a Management, 20(2), 87–101. https://doi.org/10.15240/tul/001/2017-2-007
Wong, D. T. W., & Ngai, E. W. T. (2021). Economic, organizational, and environmental capabilities for business sustainability competence: Findings from case studies in the fashion business. Journal of Business Research, 126, 440–471. https://doi.org/10.1016/j.jbusres.2020.12.060
Yumei, H., Iqbal, W., Nurunnabi, M., Abbas, M., Jingde, W., & Chaudhry, I. S. (2021). Nexus between corporate social responsibility and firm’s perceived performance: evidence from SME sector of developing economies. Environmental Science and Pollution Research International, 28(2), 2132–2145. https://doi.org/10.1007/s11356-020-10415-w
Zahorskyi, V., Lipentsev, A., Mazii, N., Bashtannyk, V., & Akimov, O. (2020). Strategic directions of state assistance to enterprises development in Ukraine: Managerial and financial aspects. Financial and Credit Activity-Problems of Theory and Practice, 2(33), 452–462. https://doi.org/10.18371/fcaptp.v2i33.207230
Zhang, G., & Browne, M. W. (2012). Dynamic factor analysis with ordinal manifest variables. In Statistical methods for modelling human dynamics: An interdisciplinary dialogue (pp. 241–264). Routledge. https://doi.org/10.4324/9780203864746
Abdul-Rashid, S. H., Sakundarini, N., Ghazilla, R. A. R., & Thurasamy, R. (2017). The impact of sustainable manufacturing practices on sustainability performance Empirical evidence from Malaysia. International Journal of Operations & Production Management, 37(2), 182–204. https://doi.org/10.1108/IJOPM-04-2015-0223
Belas, J., Çera, G., Dvorsky, J., & Cepel, M. (2021). Corporate social responsibility and sustainability issues of small- and medium-sized enterprises. Corporate Social Responsibility and Environmental Management, 28(2), 721–730. https://doi.org/10.1002/csr.2083
Benítez-Márquez, M. D., Sánchez-Teba, E. M., & Coronado-Maldonado, I. (2022). An alternative index to the global competitiveness index. PLoS ONE, 17(3), e0265045. https://doi.org/10.1371/journal.pone.0265045
Boikova, T., Zeverte-Rovza, S., Rivza, P., & Rivza, B. (2021). The determinants and effects of competitiveness: The role of digitalization in the European economies. Sustainability, 13(21), 11689. https://doi.org/10.3390/su132111689
Brieger, S. A., Anderer, S., Fröhlich, A., Baro, A., & Meynhardt, T. (2020). Too much of a good thing? On the relationship between CSR and employee work addiction. Journal of Business Ethics, 166(2), 311–329. https://doi.org/10.1007/s10551-019-04141-8
Buyukozkan, G., & Karabulut, Y. (2018). Sustainability performance evaluation: Literature review and future directions. Journal of Environmental Management, 217, 253–267. https://doi.org/10.1016/j.jenvman.2018.03.064
Cantele, S., & Cassia, F. (2020). Sustainability implementation in restaurants: A comprehensive model of drivers, barriers, and competitiveness-mediated effects on firm performance. International Journal of Hospitality Management, 87, 102510. https://doi.org/10.1016/j.ijhm.2020.102510
Cheng, Y. H., Chang, K. C., Cheng, Y. S., & Hsiao, C. J. (2022). How green marketing influences customers’ green behavioral intentions in the context of hot-spring hotels. Journal of Tourism and Services, 24(13), 190–208. https://doi.org/10.29036/jots.v13i24.352
Cieslik, A., & Michalek, J. (2018). Firm-level determinants of direct and indirect exports: empirical evidence for C.E.E. and M.E.N.A. countries. Economic Research-Ekonomska Istraživanja, 31(1), 982–996. https://doi.org/10.1080/1331677X.2018.1436452
Dima, A. M., Begu, L., Vasilescu, M. D., & Maassen, M. A. (2018). The relationship between the knowledge economy and global competitiveness in the European Union. Sustainability, 10(6), 1706. https://doi.org/10.3390/su10061706
Du, S., Yu, K., Bhattacharya, C. B., & Sen, S. (2017). The business case for sustainability reporting: Evidence from stock market reactions. Journal of Public Policy & Marketing, 36(2), 313–330. https://doi.org/10.1509/jppm.16.112
Elkington, J. (1994). Towards the sustainable corporation: Win-win-win business strategies for sustainable development. California Management Review, 36(2), 90–100. https://doi.org/10.2307/41165746
Evangelista, R., Guerrieri, P., & Melicani, V. (2014). The economic impact of digital technologies in Europe. Economics of Innovation and New Technology, 23(8), 802–824. https://doi.org/10.1080/10438599.2014.918438
Gajanova, L., Nadanyiova, M., Musat, M., & Bogdan, A. (2020). The social recruitment as a new opportunity in the Czech Republic and Slovakia. Ekonomicko-manazerske spektrum, 14(1), 65–76. https://doi.org/10.26552/ems.2020.1.65-76
Gavurova, B., & Megyesiova, S. (2022). Sustainable health and wellbeing in the European Union. Frontiers in Public Health, 10, 851061. https://doi.org/10.3389/fpubh.2022.851061
Grewal, J., Hauptmann, C., & Serafeim, G. (2021). Material sustainability information and stock price informativeness. Journal of Business Ethics, 171, 513–544. https://doi.org/10.1007/s10551-020-04451-2
Guerrero, M., & Espinoza-Benavides, J. (2021). Does entrepreneurship ecosystem influence business re-entries after failure? International Entrepreneurship and Managerial Journal, 17, 211–227. https://doi.org/10.1007/s11365-020-00694-7
Gugler, P., & Brunner, S. (2007). FDI effects on national competitiveness: A cluster approach. International Advances in Economic Research, 13(3), 268–284. https://doi.org/10.1007/s11294-007-9091-1
Hajduova, Z., Hurajova, J., Smorada, M., & Srenkel, L. (2021). Competitiveness of the selected countries of the EU with a focus on the quality of the business environment. Journal of Competitiveness, 13(4), 43–59. https://doi.org/10.7441/joc.2021.04.03
Hakhverdyan, D., & Shahinyan, M. (2022). Competitiveness, innovation and productivity of the country. Marketing and Management of Innovations, 1, 108–123. https://doi.org/10.21272/mmi.2022.1-08
Horobet, A., Popovici, O. C., & Belascu, L. (2021). Shaping competitiveness for driving FDI in CEE countries. Romanian Journal of European Affairs, 21(2), 48–68.
International Institute for Management Development. (2022). IMD World Digital Competitiveness Ranking 2022. Switzerland.
Isensee, C., Teuteberg, F., Griese, K. M., & Topi, C. (2020). The relationship between organizational culture, sustainability, and digitalization in SMEs: A systematic review. Journal of Cleaner Production, 275, 122944. https://doi.org/10.1016/j.jclepro.2020.122944
Jayarathna, C. P., Agdas, D., Les, D., & Miska, M. (2022). Exploring sector-specific sustainability indicators: A content analysis of sustainability reports in the logistics sector. European Business Review, 34(3), 321–343. https://doi.org/10.1108/EBR-02-2021-0047
Khazei, M., Azizi, M., & Zali, M. (2021). How performance of top companies are related on Global Competitiveness Index? Journal of Global Entrepreneurship Research, 11, 129–139. https://doi.org/10.1007/s40497-021-00276-z
Kiselakova, D., Sofrankova, B., Cabinova, V., Onuferova, E., & Soltesova, J. (2018). The impact of R&D expenditure on the development of global competitiveness within the CEE EU countries. Journal of Competitiveness, 10(3), 34–50. https://doi.org/10.7441/joc.2018.03.03
Kiselakova, D., Sofrankova, B., Gombor, M., Cabinova, V., & Onuferova, E. (2019). Competitiveness and its impact on sustainability, business environment, and human development of EU (28) countries in terms of global multi-criteria indices. Sustainability, 11, 3365. https://doi.org/10.3390/su11123365
Kliestik, T., Belas, J., Valaskova, K., Nica, E., & Durana, P. (2020). Earnings management in V4 countries: The evidence of earnings smoothing and inflating. Economic Research-Ekonomska Istrazivanja, 34(1), 1452–1470. https://doi.org/10.1080/1331677X.2020.1831944
Lu, J., Rodenburg, K., Foti, L., & Pegoraro, A. (2022). Are firms with better sustainability performance more resilient during crises? Business Strategy and the Environment, 31(7), 3354–3370. https://doi.org/10.1002/bse.3088
Majeed, A., Jiang, P., Ahmad, M., Khan, M. A., & Olah, J. (2021). The impact of foreign direct investment on financial development: New evidence from panel cointegration and causality analysis. Journal of Competitiveness, 13(1), 95–112. https://doi.org/10.7441/joc.2021.01.06
Markova, I., Kubas, J., Buganova, K., & Ristvej, J. (2022). Usage of sorbents for diminishing the negative impact of substances leaking into the environment in car accidents. Frontiers in Public Health, 10, 957090. https://doi.org/10.3389/fpubh.2022.957090
Moktadir, A., Ahmadi, H. B., Sultana, R., Zohra, F. T., Liou, J. J. H., & Rezaei, J. (2020). Circular economy practices in the leather industry: A practical step towards sustainable development. Journal of Cleaner Production, 251, 119737. https://doi.org/10.1016/j.jclepro.2019.119737
Nagypal, C. N. (2014). Corporate social responsibility of Hungarian SMEs with good environmental practices. Journal of East European Management Studies, 19(3), 327–347. https://doi.org/10.5771/0949-6181-2014-3-327
Nogueira, M. C., & Madaleno, M. (2021). New evidence of competitiveness based on the global competitiveness index. Economic Bulletin, 41(2), 788–797.
Olczyk, M., Kuc-Czarnecka, M., & Saltelli, A. (2022). Changes in the Global Competitiveness Index 4.0 methodology: The improved approach of competitiveness benchmarking. Journal of Competitiveness, 14(1), 118–135. https://doi.org/10.7441/joc.2022.01.07
Petricevic, O., & Teece, D. J. (2019). The structural reshaping of globalization: Implications for strategic sectors, profiting from innovation, and the multinational enterprise. Journal of International Business Studies, 50(9), 1487–1512. https://doi.org/10.1057/s41267-019-00269-x
Porter, M. E. (1998). Clusters and the new economics of competition. Harvard Business Review.
Pourghasemi, H. R., Pradhan, B., & Gokceoglu, C. (2012). Application of fuzzy logic and analytical hierarchy process (AHP) to landslide susceptibility mapping at Haraz watershed, Iran, Nat. Hazards, 63(2), 965–996. https://doi.org/10.1007/s11069-012-0217-2
Rajnoha, R., & Lesnikova, P. (2022). Sustainable competitiveness: How does global competitiveness index relate to economic performance accompanied by the sustainable development? Journal of Competitiveness, 14(1), 136–154. https://doi.org/10.7441/joc.2022.01.08
Roszko-Wójtowicz, E., & Grzelak, M. M. (2020). Macroeconomic stability and the level of competitiveness in EU member states: A comparative dynamic approach. Oeconomia Copernicana, 11(4), 657–688. https://doi.org/10.24136/oc.2020.027
Saaty, R. W. (1987). The analytical hierarchy process – what it is and how it is used. Mathematical Modelling, 9(3–5), 161–176. https://doi.org/10.1016/0270-0255(87)90473-8
Safar, L., Sopko, J., Bednar, S., & Poklemba, R. (2018). Concept of SME business model for industry 4.0 environment. TEM Journal, 7(3), 626–637. https://doi.org/10.18421/TEM73-20
Simionescu M., Lazányi K., Sopkova G., Dobes, K., & Balcerzak A. P. (2017). Determinants of economic growth in V4 countries and Romania. Journal of Competitiveness, 9(1), 103–116. https://doi.org/10.7441/joc.2017.01.07
Simionescu, M., Pelinescu, E., Khouri, S., & Bilan, S. (2021). The main drivers of competitiveness in the EU-28 countries. Journal of Competitiveness, 13(1), 129–145. https://doi.org/10.7441/joc.2021.01.08
Stam, E., & van de Ven, A. (2021). Entrepreneurial ecosystem elements. Small Business Economics, 56, 809–832. https://doi.org/10.1007/s11187-019-00270-6
Su, D. T., Nguyen, P. C., & Christophe, S. (2019). Impact of foreign direct investment, trade openness and economic institutions on growth in emerging countries: The case of Vietnam. Journal of International Studies, 12(3), 243– 264. https://doi.org/10.14254/2071-8330.2019/12-3/20
Teece, D. (2007). Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319–1350. https://doi.org/10.1002/smj.640
Valaskova, K., Androniceanu, A.-M., Zvarikova, K., & Olah, J. (2021a). Bonds between earnings management and corporate financial stability in the context of the competitive ability of enterprises. Journal of Competitiveness, 13(4), 167–184. https://doi.org/10.7441/joc.2021.04
Valaskova, K., Gajdosikova, D., & Pavic Kramaric, T. (2022). How important is the business environment for the performance of enterprises? Case study of selected European Countries. Central European Business Review, 11(4), 85–110. https://doi.org/10.18267/j.cebr.300
Valaskova, K., Kliestik, T., & Gajdosikova, D. (2021b). Distinctive determinants of financial indebtedness: Evidence from Slovak and Czech enterprises. Equilibrium. Quarterly Journal of Economics and Economic Policy, 16(3), 639–659. https://doi.org/10.24136/eq.2021.023
Vatamanescu, E. M., Dabija, D. C., Gazzola, P., Cegarra-Navarro, J. G., & Buzzi, T. (2021). Before and after the outbreak of Covid-19: Linking fashion companies’ corporate social responsibility approach to consumers’ demand for sustainable products. Journal of Cleaner Production, 327, 129465. https://doi.org/10.1016/j.jclepro.2021.128945
Virglerova, Z., Homolka, L., Smrcka, L., Lazanyi, K., & Kliestik, T. (2017). Key determinants of the quality of business environment of Smes in The Czech Republic. E & M Ekonomie a Management, 20(2), 87–101. https://doi.org/10.15240/tul/001/2017-2-007
Wong, D. T. W., & Ngai, E. W. T. (2021). Economic, organizational, and environmental capabilities for business sustainability competence: Findings from case studies in the fashion business. Journal of Business Research, 126, 440–471. https://doi.org/10.1016/j.jbusres.2020.12.060
Yumei, H., Iqbal, W., Nurunnabi, M., Abbas, M., Jingde, W., & Chaudhry, I. S. (2021). Nexus between corporate social responsibility and firm’s perceived performance: evidence from SME sector of developing economies. Environmental Science and Pollution Research International, 28(2), 2132–2145. https://doi.org/10.1007/s11356-020-10415-w
Zahorskyi, V., Lipentsev, A., Mazii, N., Bashtannyk, V., & Akimov, O. (2020). Strategic directions of state assistance to enterprises development in Ukraine: Managerial and financial aspects. Financial and Credit Activity-Problems of Theory and Practice, 2(33), 452–462. https://doi.org/10.18371/fcaptp.v2i33.207230
Zhang, G., & Browne, M. W. (2012). Dynamic factor analysis with ordinal manifest variables. In Statistical methods for modelling human dynamics: An interdisciplinary dialogue (pp. 241–264). Routledge. https://doi.org/10.4324/9780203864746