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Start-Ups Survival in a Transition Economy

Author(s): Justyna Zygmunt / Language(s): English Publication Year: 0

Purpose:With an existing literature widely focusing on market economies, still little is known what determines start-ups survival in a transition economy. Hence, the aim of the paper is to investigate what factors appeal to new ventures survival in Poland. Design/methodology/approach:Hypotheses development was based on the literature review. Survival rates of Polish three-and five-year old start-ups were considered for periods 2008-2015, and 2009-2015 respectively. The Ordinary Least Squared regressions with robust standard errors were used for hypotheses testing. F-test was employed to examine the statistical significance of the results. To control for the autocorrelation, Durbin-Watson test was used. Findings:The main finding is that survival rates of three-and five-year old start-ups in Poland are determined relevantly by R&D intensity. However, with regard to economic activity of these start-ups, this influence is divergent. Evidence has been provided that R&D enhances survival of new ventures in the servicesector, whereas in the industry sector, together with R&D intensity survival rates decline. Research/practical implications: By emphasising that R&D intensity does matter significantly for start-ups survival in a transition economy, the findings may attract attention of policymakers. R&D intensity, being beneficial to survival rates in the service sector, need to be taken into consideration while establishing policy supporting new ventures growth. Originality/value:While the link between firms age, size, industry entry rate, scale economies, R&D intensity, and survival rates has been increasingly studied for developed countries, the factors determining new ventures performance in transition economies are still not entirely recognised. This paper extends the previous research by focusing on survival dimensions of start-ups in an economy which faces transition to a market economy.

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Lean Innovation Capability: the Concept and its Measurement

Author(s): Pelin Bicen,William H.A. Johnson,Zhen Zhu / Language(s): English Publication Year: 0

Purpose: The current study explores how firms can achieve high innovation performance with limited resources. Our qualitative inquiry with ten startup companies and an extensive literature review on resource limitation led us to a concept called, Lean Innovation Capability (LIC). Drawing on the resources and capabilities literature, we conceptualize LIC as a higher order distinct firm capability. We aim to develop a new LIC scale and test its moderating role in a resource-limited innovation model in a multi-industry context. Research design:In the LIC scale development process, we completed the item generation and reduction stages and are currently at the scale validation stage. In resource limited innovation model testing, unit of analysis is firm and sampling frame is high growth technology intensive industries. We are using both survey data and secondary data (e.g., Compustat) in model testing. To capture the ephemeral nature of resources, we use George’s (2005) transient negative slack measure for resource limitation; and, for innovation outcomes we use growth related measures as performance measures. Findings: We conceptualize LIC as second order reflective construct with four first order dimensions. The dimensions are: (1) Focus on product-market fit; (2) experimentation culture; (3) mission-oriented leadership; and (4) network learning capability. Our research generated 73 items for a total of four dimensions but this was too lengthy to be usable in practice. We had to reduce the initial item pool to an acceptable number of items using expert judgments (Churchill 1979), and then the statistical purification process with a larger sample size. This reduced the item pool to 37 items. Research/practical implications: Our contribution from this research is the elucidation of the LIC construct. We propose that LIC acts like a catalyst that helps companies both overcome the seemingly negative and extenuate the positive aspects of having limited resources. The picture that emerges suggests a substantially positive role of resource constraints for innovation performance. Early findings show that though the penurious resource environment and context of innovation create certain tensions in terms of resource limitations, the development and enactment of LIC can overcome that tension and lead towards successful innovation outcomes.

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Bulgaria's Progress on the Europe 2020 Strategy on Poverty

Author(s): Cornelia Philipova / Language(s): English Publication Year: 0

Purpose: One of the key policy components of the Europe 2020 strategy is poverty alleviation. The aim of the paper is to analyse and systematize the current state of the indicator "population at risk of poverty and social exclusion after social transfers (without retirement payments)" as well as the relative share of vulnerable persons in the Republic of Bulgaria by type of household with a view to the country’s progress on the Europe 2020 strategy. Design/methodology/approach: Objectives are achieved with yearly comparison of indicator “people at risk of poverty and social exclusion after social transfers” in Bulgaria with its average value at EU28 and EU27, and social groups. Considering the fact that the National Statistics Institute (NSI) has started to evaluate the macroeconomic poverty indicators since the membership of Bulgaria in the European Union the analysed period in this paper is 2006-2016. Findings: The results of the conducted analyses highlight a problem with the optimization of the social spending in Bulgaria. Research/practical implications: The paper represents an important social problem affecting the modern society. Despite the growing number of papers and literature related to social spending this publication provides an empirical evidence for the relationship between poverty alleviation and social spending. Originality/value:Social dimensions to Bulgaria's statistics indicate a high degree of income differentiation. Despite the priority targets set for the Europe 2020 strategy and the impact of social policy, public social transfers are failing to reduce poverty.

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Impact of Personal Characteristics of Human Resources Managers on Implementation of Diversity Management Practices in Egypt

Author(s): Ayman Alshaabani / Language(s): English Publication Year: 0

Purpose: This study aimed to determine which leadership style is more associated with implementing diversity management and which leadership style has more influence on it. Moreover, the study purposed to determine whether there are any differences in the levels of implementing diversity management practices related to the HR managers. Design/methodology/approach: A questionnaire was designed and distributed to the Human resource managers and middle-level managers in the big Egyptian companies the data collected in 2018. The questionnaire was sent online to 150 HR managers, 103 questionnaires were returned with response rate 68.6% the companies' list was taken from the Egyptian exchange market. After collecting data, a face validity, normality test for metric variables, and reliability test were done to check the data validation. One-way ANOVA, hierarchal regression analysis and correlations were applied to fulfill the research aims. Findings: The results showed that implementing diversity management can be determined from the leadership styles, but the age, work experience, and gender couldn't determine this. On the other hand, the age of leaders, their work experience did have an effect on the relationship between leadership style and diversity management, also, it was found that most of the men are transactional leaders, most of the women are transformational leaders. Research/practical implications: The study provides observations from the perspective of an Egyptian emerging economy. Originality/value: This study provided an attempt to figure out the types of leaders prevailing in the Egyptian companies and what the relationship between the leaders’ characteristics and their implementation of diversity management which could be considered a new study in this research area.

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Business Development Patterns of Small Knowledge Intensive Enterprises from Czech Republic

Author(s): Veronika Bumberová,František Milichovský / Language(s): English Publication Year: 0

Purpose: Generally, there is agreement about the economic benefits of knowledge-intensivebusiness services (KIBS) in the contemporary empirical literature. Therefore, drawing ona survey-based firm-level dataset, identify whether different service-market scenarios areassociated with different innovation and change activities, evaluating the explanatory power oftraditional classifications of the service sector, as well as the heterogeneity is driven by a firm. Design/methodology/approach: The empirical evidence is based on quantitative data throughan email questionnaire from July to September 2017. The basic population gathered fromuniversity database Amadeus after selected selection criteria included 1214 companies,operating in the knowledge-intensive business service sector. The total return rate from thesurvey was 128 valid answers in completely and correctly filled form (return 10.5%). Theanalysis is based on exploratory factor analyze, hierarchical cluster analysis and validationtechniques such as one-way ANOVA and Duncan multiple range test to the original variablesand testing for homogeneity within and differences between clusters. Findings: The analyses indicate four patterns of business development activities. Besidesa conservative category of KIBS in cluster 1, that do not carry out any relevant developmentactivity, we found cluster 2, characterized by market penetration through service modificationof existing services, cluster 3 is represented by new service development and finally, a cluster4 includes service repositioning strategy to the new markets. Research/practical implications: The research contributions of this study are twofold. First,the results have implications for owners and managers involved in business development in theservices industry and second, results could be useful for government efforts to support thedevelopment activities of KIBS as a heterogeneous category.

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Litigate or Not to Litigate? Similarities between Visegrad Countries

Author(s): Csilla Kohlhoffer-Mizser / Language(s): English Publication Year: 0

Purpose: This study is focused on the actual status of the Hungarian society in connection withtrials and conflict management. The paper aims to show the possible directions persons candecide in case of conflict. This article aims to summarize the position of mediation, providedthe question litigate or not to litigate? Design/methodology/approach: The approach to the topic is on the basis of statistical datacollected from national statistical office of Hungary, from Ministry of Justice Hungary aboutdisputes and resolutions, the subject scope of the paper is litigation and mediation. Findings: The increase or stagnation of court cases shows a clear representation of society'sattitude to conflict. Results in different contexts do not represent significant differences in theselection of alternative dispute resolution or litigation as conflict management strategies. Thefindings point to a general increase in alternative dispute resolution, while litigation seems tobe on the rise as well at a slower pace. Research/practical implications: It is implicated to have a progressive thinking about conflictresolution. It can be a change in societies to look at conflicts with another aspect. Persons canpractice the “win-win situation” from the beginning of life, it can be implied in education. Forfuture research there is an aim to show every possible level where alternative dispute resolutionis able to effect, practicing nonviolent communication for the success of conflict management.Scholars and entrepreneurs can make use of this research to apply, use and train mediation toolswhen conflicts arise. Originality/value: It is supported by literature that leadership styles are in relationship withconflict management styles. In trust based relationships liability has a significant role, to beliable for our decisions we may recognized as a profit in society, and look at alternative disputeresolution approach as a progress. Conflict can be found in human interactions as well asbusiness interactions. Companies involved in formal conflict, search for lawyers and leadersthat resolve conflict in an efficient way.

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Differences between Companies by Size in Access to Financing

Author(s): Simona Činčalová,Jaroslav Jánský / Language(s): English Publication Year: 0

Purpose: The aim of this paper is to examine whether approaches to financing based on selectedindicators differ from various size entities in the Czech construction industry in the differentphases of the economic cycle (during economic recession and after). Design/methodology/approach: The statistical data were drawn from two random years 2010and crisis 2014 from all construction companies listed in the Albertina database. In 2010, therewere 9583 businesses in the construction industry and 6846 businesses in 2014. From thedatabase, different indicators were used for two years in construction companies. The paperdeals with indicators working capital and total indebtedness. For all enterprises in the field ofConstruction in the two years 2010 and 2014, the basic statistical characteristics wereprocessed, and the results are based methodologically on paired t-test. Findings: Despite the economic recession, there have been no significant changes in thefunding structure of construction companies. The results of the paired t-tests have not foundany statistically significant differences for the variables Working Capital and Indebtednessthrough the different companies and in selected years (differences over time). Based on t-testsit was found that micro, small and medium enterprises have similar approaches to financing,while the large companies differ. Research/practical implications: The paper contributes to the field from the perspective ofthe Czech construction industry and it explores the differences in financing across the size ofthe companies operating in the industry. This topic clearly deserves further attention whenexamining the construction industry and its approaches to financing through other indicators orother statistical testing. Originality/value: The value of this study is to provide a first step in a detection of differentapproaches to financing in various size of Czech construction companies.

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Innovation, Competition & Contingent Work

Author(s): Matthijs den Besten,Issam Laguir / Language(s): English Publication Year: 0

Purpose: The benefits of a flexible workforce are widely recognized. Yet, studies of particularworkforce arrangements such as reliance on freelancers show that these arrangements are notadopted in equal measure by all firms. This study looks at the use of non-permanent contractsmore in general. Its aim is to corroborate the supposition that the need for innovativeness andcompetitiveness is what creates a demand for flexibility among firms. Design/methodology/approach: For our analysis, we rely on self-reports with respect toinnovation, competition and the use of alternative labour contracts from a cohort of firms overa period of five years. On the basis of logistic regressions, we assess the impact of a firm’soutlook at the beginning of the period on its propensity to engage flexible labour later on. Oursample comprises some 50,000 small and medium-sized enterprises that were created in Francein 2002. Findings: The results of our analysis confirm the idea that firms facing challengingenvironments are more likely to look for alternative workforce arrangements. In addition to thefirm’s initial assessment of its situation, we found that firms that rely on alternative labourcontracts in the creation phase are more likely to employ such contracts later too. Research/practical implications: Our findings reinforce the association of workforceflexibility with innovation orientation. Considering the impact of early experience andassuming the benefits of flexibility, the findings suggests that instruments should be developedto expose firms in innovative and dynamic environments to alternative work forms right aftercreation. Originality/value: This paper establishes innovation and competition outlook as antecedentsto the employment of contingent work. Thus, it provides a crucial contribution towardsaddressing the wider question how contingent work helps transform initial ambitions into actualoutcomes with respect to innovation and competitiveness.

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The Awareness of Digitisation in Strategic Sustainabilty Reporting in Banking

Author(s): Florian Diener,Miroslav Špaček / Language(s): English Publication Year: 0

Purpose: Today’s financial services industry is making a digital transition, especially when itcomes to banking. Due to changing market conditions and stricter legal requirements forinformation duties to stakeholders, this paper focuses on the analysis of mandatory sustainablereporting with a specific focus on strategy. In particular, the perception of a changing marketenvironment through digitisation in the banking sector will be analysed and interpreted. Theframework of the Sustainability Code forms the basis of the analysis. Design/methodology/approach: Firstly, quantitative content analysis of n = 114 sustainabilityreports and, secondly, regression analysis of a total of 1410 codes related to digitisation werechosen as appropriate research methods. Keyword analysis deals with the analysis ofsustainability reports of the German Sustainability Code and its four strategic criteria. Theseare searched and coded for the keyword 'digital'. Based on this, a regression analysis will becarried out following the respective coded sustainability reports. Findings: The findings revealed that, within the legally mandated sustainable reportingrequirements, banks are partially, and not fully, concerned with reporting on digitisation. Itturns out that the focus is on three out of four strategy criteria of the Sustainability Code.Strategical analysis methods are neglected, whereas Materiality, Objectives the Depth of theValue Chain issues receive increased attention. Research/practical implications: With regards to digitisation, the paper identifies a thematicimbalance within strategic sustainable reporting. It turns out that topics are not fully consideredand addressed in a reporting approach prescribed by law, and that there is a high degree offreedom in the information duty to stakeholders. Originality/value: Since sustainable reporting has only recently become mandatory and it isa comparably new reporting approach, this paper focuses on precisely these and makesa contribution to the analysis and further development of the German Sustainability Code andthe associated legal approaches.

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Statistical Approach to the Determination of Numerical Values of Risk-Benefit Ratio in Investment Processes

Author(s): Margarita Doroshenko / Language(s): English Publication Year: 0

Purpose: The purpose of this study was to provide an investor with practical tools to assessprobabilities and numerical values of the risk-benefit ratio in the investment process based ona statistical approach. Design/methodology/approach: Methods of probability theory and mathematical statistics areused to describe the investment process. The components of this mathematical apparatus areadapted to represent the investment project. The developed practical approach to determiningprobabilities and the risk-benefit ratio based on the analysis of statistical materials reflectingthe progress of capital investment projects over a five-year period should be considered as themethodological basis of a project management. Findings: The main result is the approach to calculating the costs of an investor in theimplementation of the investment project, taking into account probabilities of the risk-benefitratio, which is appropriate to use in determining running costs of investing in projects. Research/practical implications: The results of the study were piloted and put into practice ina number of organizations. This approach made it possible to assess statistic probabilities ofoverriding of running project costs over the planned initially by 1, 1.5 and 2 times. It ensurescost savings at all stages of the investment project by eliminating unjustified averaging of thedesign ratio that does not take into account the risk index depending on the type of objects. Itis appropriate to use the described method of determining the risk-benefit ratio of the project inthe practice of projects investing. Originality/value: The study presented uses a unique set of calculated values and contributesto the expertise of investment management in an investor's decision-making. On the basis ofthe developed methodology an investor is offered a model project management schemeallowing for risk, a successfully operating software package has been developed in the object-oriented programming environment Delphi.

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Forecast of Investment Financing in Russia in Terms of Funding Sources

Author(s): Valentina Edronova,Daria Maslakova / Language(s): English Publication Year: 0

Purpose: the aim of the study is to develop recommendations for assessing the state ofinvestments financing into fixed assets at the regional levels on the basis of differentiation ofsources of funds. Design/methodology/approach: a general scientific system approach to the study of thephenomenon, econometric and statistical methods for leveling time series, their analyticalsmoothing, as well as an extrapolation method were used as the methodological base of thestudy. The empirical base of the study was the official statistics and calculated data obtained bythe authors. Taken together, these research methods ensured the reliability of economic analysisand the validity of the conclusions formulated in the paper. Findings: the proposed methods for analyzing trends and forecasting the volume of investmentsbased on structured approach to investment financing sources allow analyzing the role of eachsource in the dynamics of investment financing, identifying sources with growth potential andnegative dynamics, and evaluating the role of a particular source. Analysis of the quality offorecasts for the federal districts indicates sufficient forecast accuracy and the possibility of itsuse in strategic planning of the socio-economic development of the region. Research/practical implications: the authors proposed a new approach to forecastinginvestment financing, based on differentiating sources of funds. Originality/value: in contrast to the approaches adopted in the Russian practice of forecasting,focused on the integrated forecasting of investments by types of financing (own, state, loan),the author's approach ensures the formation of the forecast in the context of sources of differenttypes of financing for each region. The results can be used by experts and specialists ininvestment strategic planning, in the development of strategic and current investment plans inthe region.

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Social Innovations in the Cultural Field: an Essay

Author(s): Daniel Ericsson / Language(s): English Publication Year: 0

Purpose: This study seeks to shed light on how social innovations are constructed in the culturalfield by probing the phenomenon in relation to the enactment of an opera company in theSmåland region in southern Sweden. Design/methodology/approach: The study is based on an ethnographically inspired study, andis written in the form of an essay to capitalize on the genre’s tentative and reflectiveepistemology. Findings: The study illustrates how a specific social innovation in the cultural field is botha product and producer of social innovations, and how social innovation processes could beunderstood as assemblages of social innovations enacted using organizing contexts andidealistic infrastructures. In opposition to the idea that social innovations are solutions to socialproblems, it is proposed that solutions to social problems might represent the unintendedconsequence of deploying various social innovations. It is also suggested that social innovationprocesses in the cultural field is non-linear and irrational in character. Research/practical implications: The discourse on social innovation is largely based ona calculative engineering logic. This logic stands in sharp contrast to creative and artistic logics,and could hamper social innovation initiatives in the cultural sector. There is therefore a needfor a differentiated understanding of social innovation in both theory and practice – anunderstanding that acknowledges social innovation as a construction dependent on specificcontexts, processes, and people. Originality/value: The essay allows the reader to reflect on how social innovations areconstructed in different contexts.

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Digital Payments – How New Technologies Disrupt Money Transfer Systems in Africa

Author(s): Kenzie K. Ferguson,Michael Neubert / Language(s): English Publication Year: 0

Purpose: The purpose of this qualitative exploratory multiple case study research is to exploresubject-matter experts’ (SMEs) perceptions of how technology and framework conditionsinfluence and impact the success of digital payment business models in sub-Saharan Africa. Toaddress this purpose, and to be consistent with the qualitative paradigm, a multiple case studymethodology is used to collect data from multiple sources of evidence. Design/methodology/approach: This study uses an open-ended survey to collect data onSMEs perceptions. Data collection happened through semi-structured, qualitative, in-depthinterviews with senior managers and entrepreneurs / owners in the financial technology sector.Data collection took place in Paris in November 2018. The interviews took between 32-46minutes. The answers of the SMEs were imported, coded, and analyzed using NVivo for Mac. Findings: The findings suggest that growth of digital payment systems in sub-Saharan Africamight be driven by network effects and incentives, and a reduction Gourville’s endowmenteffect or status quo bias. The results of this study suggest that infrastructure might key to thesuccess of digital payment services and supportive regulation might be necessary to allow forentrepreneurs to drive innovation and to protect their customers against fraud. Research/practical implications: The FinTech environment is changing rapidly and requiresreview of the changes within the ecosystem of financial technology innovations. This study willhelp FinTech innovators, academics, and policymakers to understand how technology andframework conditions impact payment business models in sub-Saharan Africa. Originality/value: This paper builds on FinTech research and takes a more in-depth look atdigital payment systems in sub-Saharan Africa using Gourville’s (2006) theoretical frameworkon the psychology of new-product adoption. The added value of this study might be suggestionsfor quantitative research and recommendations for providers of digital payment systems insub-Saharan Africa.

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Nascent Entrepreneurs’ Business Proposals Qualities and Their Relationship to Financial Indicators when Applying for Angel Investment

Author(s): Robert Hanák / Language(s): English Publication Year: 0

Purpose: In our paper we investigate angels investors’ decision outcomes about selectionprocesses when evaluating business proposals. Specifically, we examined the relationshipbetween previous entrepreneurial performance measured by financial indicators and: a) abilityto write sound business proposal, b) acceptance by group of business angels investors. Design/methodology/approach: 322 nascent entrepreneurs asked Slovak Business AngelsNetwork for investment by sending their business proposals, 102 of them already had pastfinancial performance. By correlation design we tested if the quality of the business proposal(measured by Canvas business model and human capital) is in the relationship with specificfinancial indicators (profit, sales, ROA, liabilities to assets, growth indicators) and acceptance. Findings: Entrepreneurial competence and professionalism measured by previous financialperformance such as sales, profit, debt, liabilities of assets were not related with the quality ofthe business model (measured by Canvas total score) described in the business proposal.Gatekeeper’s decision to accept or reject a business proposal in the first round of evaluationwas also not related to financial performance indicators. Research/practical implications: Gatekeeper, his team and investors should change theirdecision process. Entrepreneurial competence in generating positive requested financialindicators is different from competence in writing and describing sound business proposal. Originality/value: Entrepreneurial performance and competence measured by summaryfinancial indicators does not leads to the ability to write a high-quality business proposal withwell-crafted business model. Investors’ decision process is suboptimal in the first round.

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Fuzziness Versus Randomness in Managerial Project Evaluation

Author(s): Simona Hašková / Language(s): English Publication Year: 0

Purpose: Identification of analogy and differences between the probability and fuzzy approachis performed in order to determine which procedure is more beneficial for decision-makers inthe field of strategic management and to assess whether the expected present value criterion isa strong guide to the manager's decision. Design/methodology/approach: The methodology provides tools for dealing with uncertaintyin managerial problems in the sense of randomness by means of the probability approach andvagueness through the fuzzy approach. Findings: Information advantages of the fuzzy approach are stated in comparison to theprobabilistic solution. They are exhibited in the application part within the project economicvaluation of the construction and sale of apartment units. The theoretical superstructure rests inthe description of the differences and analogy between the probabilistic and the fuzzy approachto the economic assessment. Research/practical implications: Expected present value is a weighted average whosecalculation deletes the values of the project scenarios; this result carries less information thaninformation from individual scenarios. The fuzzy approach produces limits of possible valueswhose centre value is a subjectively expected value not burdened by managers ́ excessiveoptimism or pessimism in terms of probability occurrence of cash flows in individual scenarios.Knowledge of these limits is useful for investors with different attitudes towards risk and assuch can be beneficial in terms of managerial decision-making. Originality/value: Identification of the interval limits of possible expected value enables toidentify maximum investment expenditure for a lossless project.

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Principles of Data Definition for the Use of Measuring Governance

Author(s): Christian Hitz,Milomir Vojvodic,Greyson Wicki / Language(s): English Publication Year: 0

Purpose: This study addresses the principles of data definition for the use of measuringgovernance. The study of data definition principles in the context of the measurement ofgovernance is driven by the exponential growth of data sources accelerated by digitization. Thestudy had two objectives: The identification of the data definition principles (1) and theexamination of indicators of these principles by means of a survey (2). Design/methodology/approach: It was a qualitative research approach for the identification ofthe data definition principles (objective 1). In addition to the scientific findings, interviews werecarried out with Subject Matter Experts (SME). In addition, a quantitative approach was chosento verify the indicators of the principles identified (objective 2). For data collection, >500 endusers of data systems were contacted with a viral invitation. This invitation resulted in 75completed questionnaires, of which a sample size of n=42 could be validated. Findings: The qualitative study identified 17 elementary principles of data definition. TheSME’s ranked these principles. One third of the indicators describes the existence of datagovernance, which is essential for measuring governance. The quantitative study showed thatthe principles for the definition of content play a much greater role than the semantics andsyntax of the Data. The perceived Data Quality is positively correlated with the principles ofdata definition of the Content of Information. Research/practical implications: As data sources continue to grow exponentially, it becomesincreasingly difficult to aggregate them into information and make them comparable. Sincethese sources are not known to each other in advance, the creation of a common denominatorcan only be achieved by establishing principles of data definition. The findings of this studyhelp to define this minimum requirement of information content via principles of datadefinition. Originality/value: This study is based on the research gap of non-uniform data management inthe field of governance risk and compliance literature.

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How Enterprising Are Non-Business Students?

Author(s): Marian Holienka,Jana Holienkova,Péter Gál / Language(s): English Publication Year: 0

Purpose: Nowadays, majority of attention in entrepreneurship education is still devoted tobusiness students. However, they are quite far from being the most enterprising, showinggreatest business appetite or having the domain substance to build their businesses upon. Thus,we call for a shift of this paradigm. In this paper, we support this suggestion by analysing howenterprising are students in selected non-business fields and what are the factors behind. Design/methodology/approach: We investigate for differences between students in selectednon-business disciplines in enterprising tendency and entrepreneurial characteristics,entrepreneurial propensity and its potential drivers. Our sample, obtained through own datacollection in years 2017 and 2018, comprises of 288 university students from four disciplines(engineering, sports, arts, and pedagogy) studying at four universities in Slovakia. Findings: Our analysis yielded findings on entrepreneurial propensity, enterprising tendencyand personality and entrepreneurship education background of students of sports, arts,engineering and pedagogy. We constructed the hypothetical profiles of the analysed groups ofstudents with respect to the above-mentioned attributes. We suggest that entrepreneurship is anintegral phenomenon in non-business student populations. Research/practical implications: Entrepreneurship is an integral phenomenon in non-businessstudent populations. We suggest further elaboration building on the presented work, includingmore extensive examination, comparisons with business students, extending the scope ofanalysis to other disciplines, or employing more sophisticated statistical methods. Originality/value: Research on entrepreneurship among non-business students is still ratherscarce, especially in case of Slovakia. More importantly, there is a clear lack of systematicattention to entrepreneurship education, training and support in non-business fields. We call forshifting the cliché that entrepreneurship education and support is meant for business students.

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Comparison of Portfolios Using Markowitz and Downside Risk Theories on the Czech Stock Market

Author(s): Zuzana Janková / Language(s): English Publication Year: 0

Purpose: The paper deals with the comparison of Markowitz and downside risk portfoliotheories and the practical application of both approaches on the Czech stock market. Twoinvestment portfolios of stocks of companies included in the PX index of the Prague StockExchange have been constructed and their results are comparison. Design/methodology/approach: For the purposes of this paper, the secondary research methodhas been chosen based on structured data collection in order to clarify the scientific knowledgeof the modern and post-modern portfolio theory issues. The research part of the paper dealswith eight stocks, which were included in the PX index in the period from 1/2013 to 8/2018.Empirical data are obtained from the official website of the Prague Stock Exchange. Findings: The added value of the paper can be seen in the empirical testing and comparison ofmodern and post-modern portfolio theory in a small capital market with low market liquidity,such as the Czech stock market, since not many of them have been performed yet. Research/practical implications: The comparison of both approaches suggests that riskmeasurement using standard deviation is considered inappropriate in modern portfolio theory.Furthermore, it is evident that the more the instrument departs from the normal distribution, thegreater the differences in the risk assessment will be. Shortcomings of the Markowitz approachare remedied by post-modern portfolio theory that measures risk through downside risk, whichadequately responds to the asymmetry in returns. Originality/value: According to research, it is possible to state that modern theory allocatesstocks to the portfolio stocks with a high return-to-risk ratio. Furthermore, lower ability ofmodern theory to diversify the portfolio has been demonstrated. The post-modern portfolioachieves lower risk rate and greater diversification and seems to be more suitable for creatinga portfolio even in a small and less effective market.

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7799Innovative Activity of Enterprises in the Health Care Sector in Cooperation with Other Entities Based on the Example of the Lodz Province

Author(s): Jadwiga Kaczmarska-Krawczak / Language(s): English Publication Year: 0

Purpose: Innovative processes of enterprises do not only depend on the innovative potential oforganisations building their potential individually, but on the cooperation of enterprises withother entities which allow the activity economization. It is a result of scale of action and sharingthe costs and risk of undertakings. Cooperation between enterprises contributes to constantsearch, as well as to the use of the R&D results, new projects, concepts and innovations inpractice. Design/methodology/approach: Empirical research was held within the period of June – July2018 using the survey methodology. Surveys covered the cooperation of enterprises from thehealth care sector within the innovative activity with other entities. Findings: Enterprises from the health care sector pay close attention to scientific research andcooperation in creating innovations with universities and scientific research institutes.Cooperation provides them with a broader access to knowledge and other resources. It allowsthe entry on new markets or the increase of market share. What is more, it allows to achievesynergy and other benefits which an enterprise focused only on itself cannot reach. Research/practical implications: Enterprises from the health care sector pay close attentionto cooperation in the creation of innovations with other entities. Those aspects link to activeinvolvement in innovative processes and the undertaking of actions in this regard, but also toan active attitude in acquiring necessary resources. Originality/value: The article presents new results of research concerning the cooperation ofenterprises from the health care sector within the innovative activity with other entities in LodzProvince, Poland. The author’s contribution to scientific achievements in the economics comesdown to designation of specific directions. Those concern the cooperation of enterprises fromthe health care sector, summary of the cooperation areas of enterprises together with theverification of innovations developed in particular areas of cooperation, and recommendationsin the scope of shaping further cooperation for the fields of science and business.

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Digital Entrepreneurship: Reskilling and Upskilling with Mobile Massive Open Online Courses

Author(s): Ladislava Knihová,Štěpánka Hronová / Language(s): English Publication Year: 0

Purpose: Sophisticated technological solutions and digital transformation representa challenge not only for entrepreneurs and governments but they have considerable implicationsfor education and learning as well. The objective of the research is to particularise the conceptof digital entrepreneurship within Industry 4.0 with regard to the availability of the relevantmobile massive open online courses focused on topics particularly useful for (digital)entrepreneurs and entrepreneurship per se. Design/methodology/approach: In harmony with the research objectives, sequential mixedmethods research, specifically multi-phase research design, has been applied. The researchdesign included the following research methods: quantitative content analysis, exploratoryanalysis, comparative analysis as well as descripto-explanatory study. The scope has beenlimited to two main platforms (iOS and Android) providing current mobile courses in Englishfor (digital) entrepreneurs. Monetization strategies have not been considered. Findings: The authors obtained comprehensive results and identified 242 multimedia mobileeducational courses on (digital) entrepreneurship evidencing a direct connection between thedigital skills for entrepreneurs and the courses' content. The research indicated importantinterrelations of the identified variables evidencing a trend towards higher rating of courses. Research/practical implications: The most remarkable implications are: (a) update on digitalentrepreneurship and related digital skills, (b) survey of mobile educational courses forentrepreneurs by world's most reputable universities, (c) current trends' observation, and (d)suggestions for specific areas of closer collaboration between universities and entrepreneurs. Originality/value: Out of numerous research projects on massive open online courses, severalanalyse entrepreneurship education; however, the presented study fills a research gap focusingon mobile apps as a new platform within massive open online courses. Thus, the in-depthanalysis of data on the above topics has the potential to contribute to the development of digitalentrepreneurship in the Czech Republic and serve academia as a benchmarking tool.

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