Monika Sobeková Majková’s research while affiliated with Pan-European University and other places

Small and medium-sized enterprises are facing many types of business risks, almost unknown or unimportant for the large companies, where the funding risk plays an essential role due to the importance of the need of the external financial sources for their growth. This paper investigates the impact of a size of the company and an age of the owner on the perception of the funding risk in the segment of small and medium-sized enterprises in Slovakia in response to the restraints in their access to credit finance. The results of the research specify the importance of these factors in determining the scope of the funding risk exposure on Slovak SMEs. The paper is based on the data from the scientific research carried out in 2016 in Slovakia among 438 companies. The data were analyzed by Pearson´s chi-square statistics, which allowed to confirm the existence of the statistically significant dependencies between the chosen factors and the perception of the funding risk. The presented statistical evidence confirms that the size of the company and the age of the owner are significant in relation to the funding risk of a company from the segment of SMEs. Smaller companies do perceive the funding risk more intensively than larger ones. The statistically significant impact of the selected factors on the frequency of bank loans rejection was confirmed only in case of the age of the owner, but not in case of the size of the company, when the entrepreneurs of the age between 36 and 45 declared the highest rejection rate of the loan applications. A surprising finding is that younger entrepreneurs are significantly more self-confident in case of the potentially negative influence of the funding risk on their companies than their older colleagues. The results of the research also confirm the existence of the statistically significant dependence between the selected factors and the reasons for the rejection of bank loans applications. We can declare that a credit rejection is most common in case of younger business owners but is not typical for the smaller companies. In the group of entrepreneurs aged between 36 and 45 years the most frequent reason was related to the negative values of the financial indicators, and in case of the oldest entrepreneurs the most often reasons of the rejection of the loan application were the lack of collateral, poor business plan and negative values of the financial indicators.

Credit standards have a strong impact on GDP and the average size of provided loans within the economy. The aim of this paper is to investigate whether such factors as the age of entrepreneurs and the size of their companies are relevant, and have a significant impact on the perception of credit standards. The research is focused on the impact of the selected factors and comparison of the perception of strictness of credit conditions before and after the crisis on the basis of the data from two surveys carried out among 756 Slovak companies back in 2008 and then in 2016. Basing on the Pearson´s chi-square analysis of the results we may present the statistical evidence that the age of an owner and the size of a company have significant impact on the perception of loan criteria, while the impact of company's size has higher intensity.

Worldwide scientific researches present the entrepreneurs have to declare specific character traits to be successful in the business. This paper is focused on the comparison of the specific character traits between potential young entrepreneurs and other young people. The aim is to compare the three chosen character traits differences between these two focus groups by using the statistical method of Pearson´s chi-square and bring the answers on the questions why some people incline to become the entrepreneurs more intensively than others, and what are the differences between them in relation to the character traits and their personality characteristics. The research was conducted among 1233 young people in all regions of Slovakia in 2012. The results show, that young people who plan to become an entrepreneur, are more creative, willing to face the risk, more confident in the solvation of complicated problems and difficult tasks with the opposite group of respondents.

Worldwide scientific researches present the entrepreneurs have to declare specific characteristic traits to be successful in the business. This paper is focused on the comparison of the specific character traits between potential young entrepreneurs and other young people. The aim is to compare the three chosen character traits differences between these two focus groups by using the statistical method of Pearson's chi-square and bring the answers on the questions why some people incline to becoming the entrepreneurs more intensively than others, and what are the differences between them in relation to the character traits and their personality characteristics. The research was conducted among 1233 young people in all regions of Slovakia in 2012. The results show, that young people who plan to become an entrepreneur, are more creative, willing to face the risk, more confident in the solvation of complicated problems and difficult tasks with the opposite group of respondents.

SMEs are frequently experiencing problems with obtaining capital for the expansion and cross-border activities due to their specific characteristics. Smaller enterprises owned or managed by younger entrepreneurs belong to the most vulnerable segment. The aim of this paper is to bring the statistical evidence whether the age of an entrepreneur is a significant factor with the relevant impact on export activities financing in case of SMEs in Slovakia. The presented results are based on the research carried out among Slovak SMEs in 2016 in comparison with the data from the international survey called TwinEnterpreneurs Regional Study that was performed by the Young Entrepreneurs Association of Slovakia and Vienna Business Agency in 2013. Application of Pearson's chi square statistical analysis of the results brings clear statistical evidence that while the age of the owner is not a significant factor in the export decision making process, it becomes a significant factor in case of the export financing.

European surveys declare the problems with defaulters are one of the most intensive of barriers of small and medium-sized enterprises (SMEs), including Slovakia. More than third of the companies state the insolvency risk and problems with receivables payments have strong impact on their growth and employing. The aim of this paper is to bring the statistical evidence that such factors as the age, the gender, the firm’s size and the region where the company is located have a significant impact on the problems with receivables payments, defaulters and insolvency risk. The research uses the results of two studies, that involved 762 of traditional Slovak SMEs and young entrepreneurs in years 2012-2016. The data were analysed by method of Pearson´s chi-square statistics, which allows confirm statistically significant dependencies between the chosen factors and the existence of the insolvency risk. The basic findings of the research team confirm statement the firm size and the gender are the factors with statistically significant impact on the problems with paying receivables. In the case of the age and the region the research team didn´t find relevant evidence.

Financial and credit risk has become a widely discussed topic in relation to the recent financial and economic crisis. The aim of this chapter is to bring statistical evidence about the impact of the selected factors (gender, level of education and business experience) on the perception of financial and credit risks by the entrepreneurs in Slovakia and the Czech Republic and to identify whether the entrepreneurship in these regions is influenced by identical or different factors. The research data were obtained through the surveys carried out in 1579 small- and medium-sized enterprises (SMEs) in these countries in 2016. Pearson´s chi-square analysis was applied to confirm statistically significant dependencies. Our results show that while the gender and the level of business experience of the entrepreneur could be considered as factors with the substantial impact on the perception of financial risk in both countries, the level of education (university degree) does not have a significant impact in the researched data sample. In relation to the perception of the intensity of financial risk it was identified, that factors such as the length of the business experience and gender have the significant impact on the Slovak entrepreneurs. Slovak male entrepreneurs more intensively perceive the increasing intensity of the financial risk during the crisis than female. This is one of the empirical contributions of the study that indicates that young and female entrepreneurs perceive the financial risk less intensively than 10+ and male entrepreneurs. This fact could indicate that state should not focus its attention on young and female entrepreneurs because their perception of financial risk is probably insufficient and they can be considered as the least vulnerable groups of SMEs in both countries. For comparison, in the Czech Republic the length of the business experience was the only significant factor. In the field of theoretical studies these results correspond with the relevant studies [5–8, 44, 49, 50, 52, 53, 55] that declare that gender has a significant impact on the financial risk, but it should be taken into consideration that several authors present the opposite results, presenting gender to have no significant impact on SME finance [10, 11, 51].

Financial crises and worsening economic and business conditions reduce the number of enterprises in Slovakia. Many relevant institutions declare that barriers for doing business are increasing and many small companies have problems with financing. We decided to compare several scientific research studies from Slovakia and provide an answer to the question: Do SMEs in Slovakia really have problems with obtaining financial resources or is it just an overused assumption? Do companies face this type of financial risk? The aim of this article is to bring an answer to this question on the basis of the results of two scientific research studies conducted in Slovakia and focused on business and finance. The first was conducted in cooperation with the Association of Young Entrepreneurs and the second was part of international research at the Pan-european University in Bratislava and The University of Tomáš Baťa in Zlín. Both were realized in 2011-2013.The paper compares the obtained evidence with the statistical data from the EU. The comparison of Slovak and EU results concerning the situation with SMEs access to financing in Slovakia allowed to identify the differences and similarities regarding the stated hypotheses. This comparison offers a wider view on the situation in Slovakia and other EU countries. The results of our study provide interesting conclusions. Slovak research studies explain that problems with access to financing of SMEs are in some way more pressing than according to the EU statistical data, but all research studies provide clear evidence about the difficulties SMEs face in obtaining finance in Slovakia.

Young entrepreneurs and start-up founders are considered to be a drivers of innovation which is an important element of knowledge economy and competitiveness of each country. But their early age could be perceived as a factor causing the increasing impact of the credit risk because young entrepreneurs usually have a short company history, weak capital power and a lack of the guarantees. The main objective of this paper is to bring scientific evidence that the age of the entrepreneur should be considered as a factor with the significant impact on one part of the credit risk of a company– the risk of a change of the interest rate. The research was carried out among 438 Slovak companies in 2016. Based on Pearson´s chi-square analysis of the results of our research, we bring statistical evidence that age has a significant impact on the ability of the company to protect the firm against the change of the interest rate. We also found out that there is dependence between the age of the owner and the opinion that SMEs in the other EU countries have better loan conditions, especially lower interest rates, than Slovak SMEs. Research findings indicate that young entrepreneurs have problems with obtaining capital and increasing interest rates and collaterals because of their higher risk profile. But effective state support of young and innovative companies through venture financing can lead to increasing global competitiveness of the Slovak Republic.

Excessive bureaucracy, administration, and frequent legislative changes belong among the common factors that discourage people from entering the world of business. The main objective of this paper is to introduce scientific evidence that gender is one of the factors with a significant impact on the management of a company’s administrative activities and on the perception of such administrative burdens as bureaucracy and, often, tax and legislative changes as one of the barriers to young entrepreneurs in the Slovak business environment. On the basis of the research data that was obtained, we wish to confirm that gender has a statistically significant impact on the amount of time spent fulfilling the administrative and bureaucratic requirements among young entrepreneurs in Slovakia. We consider the findings of the research on administrative burdens to be important because of the assumption that excessive bureaucracy could have a negative impact on the competitiveness of every economy. The paper uses data from research carried out in Slovakia in cooperation with the Association of Young Entrepreneurs of Slovakia. Verification or rejection of alternative working hypothesis was realized through the statistical method of Pearson’s chi-square test. Our results bring the following findings: young men and women consider different areas of the bureaucracy to be excessive; female entrepreneurs spend more time watching the changes in legislation affecting the business environment, and females spend almost twice as much time on administrative activities related to business in comparison to their male counterparts. These findings are confirmed by the statistical evidence.