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Developing Entrepreneurial Skills under the Current Conditions of the Educational System

Author(s): Filip Ježek,Zdeněk Vavrečka / Language(s): English Publication Year: 0

Purpose: The key role of the educational system is to prepare individuals for their future work life. Sooner or later the pupils or students have to choose between employment and running their own business. The aim of the paper is to provide an insight into how the current primary educational system participates in developing the entrepreneurial skills which are needed, especially under conditions of regional disparities and unemployment problems. Design/methodology/approach: The research is based on an analysis of primary school documents and questioning pupils based on standard psychometrics. The most indispensable part of the research is the analysis of the relationship between the competence and skills declared in the school documentation to be developed and the true personal characteristics of the pupils. The sample contains pupils of the final classes in the selected primary schools.Findings: The research leads to the conclusion that the current primary educational system seems to be unsatisfactory with respect to developing the entrepreneurial skills of the individuals.Research/practical implications: The paper includes implications for school management. Developing entrepreneurial skills may be enhanced through adjusting teaching methods and the curriculum.Originality/value: The paper contains the specific research which contributes to the discussion of how primary schools should be adjusted to the requirements and options emanated from the real world.

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Do Management Innovations Yield in Higher Employees’ Satisfaction?

Author(s): Kateřina Jiřinová,Lucie Vrbová / Language(s): English Publication Year: 0

Purpose: Aim of the paper is to answer the question in the title – Do management innovations yield in higher employees´ satisfaction? Innovations are highly encouraged on the national level with government programmes as well as by EU through Operational Programmes. Management innovations are also called organisational or administrative. Management innovations are an implementation of new or significant changes in firm structure or management methods and they affect employees. Current management discussions stress the importance of employee satisfaction. Literature lacks empirical research of Design/methodology/approach: Research is focused on the Czech Republic. Data were obtained from the Community Innovation Survey (CIS) which is harmonised survey of innovation activities in enterprises in EU. The survey is distributed by Czech Statistical Office. The response rate is 85%. The survey is longitudinal with two years´ frequencies. Questions from 2004 and 2006 are the most appropriate to answer the research question. Effects of organisational innovation on employee satisfaction are tested using Kruskal-Wallis test with control on the size of enterprises. Findings: Perceived effects of management (organisational) innovation on employee satisfaction are higher compared to the effects of marketing innovation. The effects are stronger with a combination of more types of innovation. The weakness of the findings is that the effects of innovations are only perceived effects based on self-evaluation of enterprises and the questionnaire does not allow indicating negative effects of innovations. But even so, these finding shed a light on the effects of management innovations perceived by enterprises. Research/practical implications: The effects of management innovation are discussed in publications about management. But the relationship between management innovation and its effects lacks strong empirical evidence. The CIS brings great opportunity to investigate the relationship quantitatively. Findings are useful for managers that need to know the expected effects of their actions.Originality/value: The main value of the paper is the range of data. It consists of surveys from two periods and the number of analysed enterprises that introduced an innovation is more than 5.5 thousand. It reveals effects of management innovations perceived by enterprises. Research of effects of management innovation is rare.

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Category Management Implementation in The Retail Market of Fast-moving Consumer Goods

Author(s): Larisa Mikhailovna Kapustina,Andrei Drevalev,Karolina Ilyenkova / Language(s): English Publication Year: 0

Purpose: The paper aims to evaluate the impact of the transition from the traditional model of assortment management to category management on the growth of turnover and profit of the retail chain. It proposes empirical assessment of the effects of the category management in a regional retail chain and testing the implementation of eight stages recommended by the European Customer Response System. The study aims to identify the stages of category management implementation in terms of the best satisfaction of customer needs. Design/methodology/approach: The paper reflects the results of consulting project about category management implementation performed by the authors for a regional retail chain, comprised of 30 stores, 15 categories and 24,000 items of fast-moving consumer goods. The authors have tested the role analysis method for determining the composition, roles and strategies of product categories based on internal statistics of the retail chain “Plus” on sales volumes per month and retail markup for each product category for the years of 2015-2017. The analysis of category management implementation is based on the findings and the data collected from the interviews with the category managers.Findings: The case study showed that the category management implementation resulted in the increase of profit. The implementation process was accompanied by restructuring of the company's organizational structure. It turned out that the most difficult part was the process of determining the composition of goods within a category based on the customers’ preferences. The method of role analysis of categories proved its effectiveness in optimizing the roles of categories during the analyzed period. Future research studies are aimed at finding a methodology for selecting Category Captains in cooperation with manufacturers.Research/practical implications: The implementation of category management relied on the stages suggested by the European Customer Response System. Six stages out of eight were carried out. It is required further elaboration of each stage. The results of the study and the suggested methodology can be applied to retail chains of various sizes and in different commodity markets.Originality/value: The authors suggest strengthening the client-oriented approach to the developing the product categories. Thus, an additional stage is added to the classical scheme – developing a marketing plan in cooperation with the supplier on the basis of the 4P concept.

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Risk in the Internationalisation of Small and Medium-Sized Enterprises – Selected Aspects

Author(s): Witold Kasperkowiak,Joanna Małecka,Teresa Łuczka / Language(s): English Publication Year: 0

Purpose: Risk is an ambiguous and complex term relating to material and immaterial things. The process of internationalisation of enterprises affects their competitiveness by enhancing their development potential. Nevertheless, this process is associated with numerous types of risk that are not present in the domestic market. The purpose of this paper is to present the views of active and potential entrepreneurs on the risks related to SME internationalisation processes, their preferences with regard to the forms, inclination to take a risk and select specific models of internationalisation, including taxonomy of risk types.Design/methodology/approach: The presented findings are based on an analysis of responses received in a group administered questionnaire from 317 respondents who represent various industries in Wielkopolska – the third region in Poland in terms of entrepreneurship – and showed willingness to enhance their economic education. The respondents pursued their activity abroad based on various forms of internationalisation. The survey covered risk and its perception by the respondents in the aspect of internationalisation. Findings: Despite the prevalence of risk associated with the internationalisation of small and medium-sized enterprises, the majority of the respondents note the need to get involved in this process and perceive it as an opportunity as well as the right direction for enterprise development. The stage model of internationalisation and cooperation-based forms are preferred. Representatives of born globals are less likely to consider pursuing activity abroad as risky, indicating a relationship between risk and the size of the company. In the opinion of the respondents, entrepreneurs operating in external markets are more open to take a risk than those who pursue their activities in the internal market. Research: Studies have shown high awareness of the risks associated with the internationalisation processes among the respondents. Favouring cooperation-based forms of internationalisation, the respondents pointed out the lack of suitable business partners abroad as one of the threats and indicated the need to strengthen programs supporting SMEs in Poland, including the association of business partners.Originality: This paper analyses the risks associated with the internationalisation of small and medium-sized enterprises. The perception of the complexity of this issue and of correlations between the barriers in the internationalisation process and the size of the enterprise is reflected in the findings of the authors’ own research presented in the paper. The impact of risks on the SME internationalisation process is a recognised issue, but not fully analysed in the related literature.

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State Support System of Innovations in Slovakia

Author(s): Ladislav Klement / Language(s): English Publication Year: 0

Purpose: Small and medium sized enterprises in Slovakia are facing various barriers where the system of state support in field of innovations is one of the most important. The Slovak government has started to pay attention to support of innovations relatively late. The aim of the paper is to evaluate the development of the Slovak innovation support system with an accent to tools of innovation strategies and compare the current conditions to the best practise of EU countries. Design/methodology/approach: The paper analyses the history and implementation of innovation strategies in Slovakia and critically evaluates the current system of innovation support with respect to the best practise cases in European Union. Empirical data about the barriers to innovations were gained by the survey in 2014 realized at the sample of 150 small and medium sized enterprises. The respondents were randomly selected with no preference to industry sectors. The secondary data were collected from Eurostat and other relevant institutions. The author used documentary analysis, comparison, statistical and mathematical methods. Findings: The first comprehensive innovation strategy in Slovakia was created only in 2007. There were a lot of government’s measures oriented on support of innovation activities and development of pro-innovative environment for SMEs, but only several were implemented in full range. Even today the objectives of the Slovak Innovation strategy are relatively unambitious. There are various areas in Slovakia where the system of innovation support is far away from the European best practice examples (e.g. volume of enterprises’ expenditures into innovations, missing public procurement for innovative solutions, high administrative burden and vulnerability of support system without EU structural funds).Research/practical implications: The paper includes implications for innovations’ support system in Slovakia. The paper brings recommendations for innovation performance growth in Slovakia aimed at government’s support tools.Originality/value: The paper comprehensively presents the development of government’s support system for innovations in Slovakia. It critically evaluates the existing infrastructure and applied tools and identifies possible government’s measures for future development of innovations in Slovakia.

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Design Thinking: The Case of Banking Services

Author(s): Cyril Klepek / Language(s): English Publication Year: 0

Purpose: The banking industry has experienced an enormous amount of pressure to rebuild its own services. Mostly, because banking markets are extremely competitive and have many new competitors from other industries. Seeking competitive advantage in such an environment is, thus, a crucial activity. The way out seems to be in breaking barriers for company innovations. Design/methodology/approach: This paper reviews five examples of successful implementation of design thinking (DT) in the banking industry. While some of them are well-known, others represent an original contribution to the design thinking research based on personal interviews with managers in ANZ bank, New Zealand. All samples were discussed and chosen with regard to financial a non-financial contribution of DT. Examples listed in this paper provide an answer to the question: could DT be the life ring for the banking industry? Findings: The paper provides insights that the highest payoff from adopting a design thinking approach is not in coming up with superb product every week, but rather in innovating how people work together and how firms can adopt innovations as a part of company culture. The stories gathered in the article show us that despite many limitations design thinking has the potential to be a game changer. It could change the culture in the whole banking industry and decrease the widening gap between banks and its customers. Research/practical implications: Findings have several keys managerial implications for bank managers while cantered on possible usefulness of DT applications. Originality/value: This paper fulfils an identified need to study how banks could foster innovation processes. Focusing mainly on the banking industry, the paper is unique in its value.

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Entrepreneurship on the Financial Markets Based on the Selected Indicator Technical Analysis

Author(s): Andrea Kolková / Language(s): English Publication Year: 0

Purpose: Entrepreneurship on the financial markets is currently associated with a lot of innovations. Financial managers are not limited in cash flow planning only by traditional instruments such as stocks or bonds. For effective use of modern tools, it is necessary instruments to predict courses. Possibility is a technical analysis. The aim of this paper is the application of the Parabolic Stop and Reversal indicator on today's FOREX and detection whether prediction of growth or decline of the currency pair according to this indicator is effective, so it could be used for more efficient planning of entrepreneurial finance.Design/methodology/approach: EUR/USD currency pair has been chosen for the analysis. The currency pair will be tested at the selected time frame form. The effectiveness of selected technical Parabolic Stop and Reversal indicator will be tested with the use of digital options.Findings: Paper evaluates the effectiveness of selected technical indicator. It applies theoretical knowledge about the Parabolic SAR indicator on the FOREX market and in particular on the EUR/USD currency pair. The result is, whether the number of profitable trades made under the impetus of the trading system based on this indicator is greater than the number of losing trades in a given time frame.Research/practical implications: In the case of confirmation of the effectiveness of this indicator it is suitable for practical applications in trading FOREX. In subsequent research, it is possible to verify whether this indicator is also usable on other contemporary markets, such as equity markets, futures. Entrepreneurs and the traders can use this tool to manage their available funds. Originality/value: Researches focus primarily on well-known indicators as weighted averages or MACD. Parabolic SAR indicator is in theory generally poorly described and defined. Today, it is increasingly difficult to store the available funds efficiently and therefore may benefit from any new tools for the structure of entrepreneurial finance.

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Innovation and Quality as the Tools for Managing for the Sustained Success

Author(s): Marcela Kovaľová / Language(s): English Publication Year: 0

Purpose: The paper is aimed at the proposition of simple balanced framework for managing for the sustained success of selected organisation (faculty). The audit of innovation system was elaborated to examine the current situation and to set the base for further proposal of innovation-quality map, strategic map, and quality framework for managing for sustained success over the long term. Design/methodology/approach: The innovation audit, using the standardised set of questions, was performed to examine the current situation in the innovation system at the faculty. The gap analysis of the results helped to review and summarise the needs and requirements of the faculty to implement them into innovation-quality map. Current process map and the recommendations from ISO 9004:2009 were critically assessed; the innovation and quality indicators were elaborated so that the innovation and quality performance management can be joined. Based on the previous, the total balanced quality framework was proposed, helping the faculty to manage the sustained success in a systematic way. Findings: The faculty has the capability of managing the innovation but still lacks the systematic and integrated approach. The elaboration of innovation-quality map, by setting the innovation and quality indicators and initiatives, helped to join these two preconditions for the sustained success. The map was further integrated into the strategic map as a part of innovative processes in the internal perspective of balanced scorecard conception. As no similar tool exists, the total balanced quality framework was proposed. The paper is practically oriented and can help the faculty to maintain its quality management system and manage it in connection with the innovations.Research/practical implications: The research evidence came mostly from the secondary literature review, structured interviews with the quality managers together with the brainstorming method, author´s own experience and standardised set of questions used in the innovation audit. The main practical implication of this practitioner paper lies in the proposition of the innovation-quality map, strategic map, and the total balanced quality framework as the base for further building of quality management system in the organisation with the link to innovation. The other outcome of the paper is the proposition of key steps (framework) for implementing the total quality principles in the organisation.Originality/value: The main added value of the paper is the proposition of the innovation-quality map and the strategic map of the organisation as the precondition for further building of total quality management system. No other similar study exists in this field of interest.

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The Influence of Diversity on Organizational Effectiveness

Author(s): Laurencia Krismadewi / Language(s): English Publication Year: 0

Purpose: The study is conducted to investigate the diversity of personality’s effect on organizational effectiveness and why diversity is important to business results. It, moreover, examines how they deal with challenges that appeared with employees from myriads of personality for adding value, creating the competitive advantages for organizations, and finding the bottom-line impact of diversity in the organization.Design/methodology/approach: We relied on a variety of methods to obtain understanding through the sources that we encountered from qualitative and quantitative data of 80 respondents from Czech and Indonesia. The research applied snowball sampling method which data was gathered from 5 interviews of top management level. The prevalent complementary data sources included organizational records and journals.Findings: The result indicated that workplace diversity played an effective role in some companies. The ability to innovate for managing diversity is vital to the survival of modern organizations in building a potent internal capital foundation towards the business challenges. There must be a regular improvement in ways to effectively manage a diverse workforce as the world keeps advancing through to adequate mentoring and guidance. Small-scale companies perceived it as a prudent and evitable alternative when they experienced it an impediment or unsuccessfully manage it.Research/practical implications: The significance of teams in the successful functioning of the modern organization becomes a prominent capital for an organization to strive for the drawback of maintaining an impregnable competitive position in the business market. Originality/value: The paper fulfils an identified utility to study how the diversity of personalities in team composition contributes to innovation at the project level in the organization.

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Barriers of Using Corporate Social Networks in the Czech Republic

Author(s): Markéta Kubálková / Language(s): English Publication Year: 0

Purpose: An enterprise social network can carry fast and efficient communication across the company, quick and easy sharing of information and knowledge. The main question is what are the barriers preventing greater expansion of ESN in the Czech Republic. The aim of the research is to identify the barriers that prevent the use of corporate social networks.Design/methodology/approach: The research builds on two previous surveys conducted in 2015. They are followed by a questionnaire survey (2017). The aim of this survey was to determine what communication tools companies currently use. On the basis of the information obtained, qualitative research was conducted by the method of semi-structured interviews. Interviews were carried out with representatives of companies using corporate social network and representatives of the companies, which are engaged in deploying networks in companies.Findings: Paper identifies barriers hindering the wider use of ESN in companies. Barriers that we can find in the implementation phase, launching phase, and utilization phase - on both the staff and management side. And present advantages of ESN as reduction of the number of e-mails etc., and presents disadvantages – although the use of ESN is simple, ESN deployment is complex and not always successful. Management support and the company's readiness to innovate is essential. It is necessary to create a communication and collaboration strategy, editing plan and establish rules of ESN use.Research/practical implications: Results are relevant for the companies that want to use ESN effectively and realize the possibilities it offers – fast and simple communication and effective collaboration. Also, results are relevant for companies that want to deploy ESN.Originality/value: The main added value of this article is to compile an overview of barriers of using ESN on the management and staff side and to compile an overview of recommendations based on expert interviews.

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Research and Development Performance Management and Managerial Tools

Author(s): Marie Kubáňková,Jaroslava Hyršlová,Jan Nedělník / Language(s): English Publication Year: 0

Purpose: Economic competitiveness is becoming increasingly linked to rapid technological changes. New technologies are crucial for long term competitive advantages. R&D is a key strategic issue that must be aligned with the corporate strategy, therefore there have been considerable changes in the way that R&D has been managed over recent years and measuring R&D performance has become a key issue that has been extensively debated in innovation and R&D management literature. This paper provides current and up to date knowledge in the field of R&D management and strategic management accounting.Design/methodology/approach: The purpose of the paper is to identify management tools used in R&D performance management in a selected sample of companies, and to compare them with the findings in the literature and identify the practical impact of the R&D outputs. Therefore, a questionnaire survey will be used to demonstrate this. SMEs members of Association of Research Organizations (AVO) were selected to answer research questions. Telephone interviews were provided by the agency STEM/MARKT. The data was then entered in electronic form into the program ENGRAFES 1.0 and statistically processed. Findings: The survey shows that the selected sample of the Czech companies uses similar indicators comparable with indicators of foreign companies for managing the performance of research. The most problematic areas of R&D management are clearly indicated as the consistency of the long-term targets of R&D projects with the strategic and financial objectives of the company, and improperly set types of R&D management, poor organizational structure, and a division of competences.Research/practical implications: R&D generates knowledge that is crucial for the long-term competitiveness of the companies. Thus, huge financial amounts are invested in R&D activities. The R&D performance management and managerial tools have become a challenge for both managers and the research community. The paper focuses on the management of R&D. This paper also responds to the challenges of strategic management accounting, and its minor impact on the practice and the lack of literature on the use of specific tools.Originality/value: The added value of this paper is to extend the existing knowledge concerning the strategic management accounting tools used in the management of R&D performance in selected Czech companies, and how it compares with foreign samples.

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Employment of Foreigners in Poland from the Point of View of Entrepreneurs - Opole Voivodeship Study

Author(s): Sabina Kubiciel-Lodzińska / Language(s): English Publication Year: 0

Purpose: The subject of the studies presented in the article was an assessment of the demand for employment of foreigners in companies based in Opole Voivodship. They aim was to establish the reasons which have made, or could make, them employ foreign workforce; to obtain information on the benefits and difficulties connected with using foreign workforce. They are focused on getting a regional preferences map of employers when it comes to employment of foreigners.Design/methodology/approach: The study involved managers, i.e. owners, directors, managers or people responsible for personnel policy in enterprise. Combining qualitative and quantitative research methods were used. In the research was used a structured questionnaire interview. The study included 263 employers and were carried out in late 2014 and in early 2015.Findings: It was established that the lack of native workers is the main reason why foreign workforce is more and more widely used. The most valuable advantage obtained thanks to employing a foreigner is acquisition of a worker who holds skills that are in demand. Most difficulties by hiring foreigner have the entrepreneurs with complicated law regulations. Research/practical implications: The research showed the need for developing services connected with job placement of foreign workforce. This can be acknowledged to be a chance for the appearance of a demand for specialist services rendered to immigrants, such as translation of documents, accommodation agency, tax agency. Wage earning immigration can thus become a significant factor stimulating development of entrepreneurship.Originality/value: The studies proved that there exist differences in determiners, barriers and advantages which come from employment of foreigners depending on the size of the company. This is a significant methodological establishment in the context of realization of studies of migration in enterprises, which points to the necessity of introducing a division of the examined firms according to the number of the employed workers.

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The Value Orientation of the Czech Companies in the Frame of Sustainable Corporate Responsibility

Author(s): Dušan Kučera,Jana Müllerová / Language(s): English Publication Year: 0

Purpose: The authors are interested in the relations between the value orientation and performance of the Czech companies in the frame of the sustainable corporate responsibility (SCR) concept. The purpose of study is to analyse the current perception of companies and their managers/owners in the environment of transformational economies in CEE influenced by neoliberal concept of business mainly for profit. In this paper, the results of pilot research will be described. Design/methodology/approach: The methodology of research was adopted from the research ny Torugsa et al (2012), we extended their methodology with new questions about ethical values. We did the survey from the January till March 2017, in specific cases the interviews were done. The pilot research sample is 53 questionnaires addressed to the top management of selected companies we use of quota system; the respondents were asked randomly. Statistical analysis was conducted based on crosstabs and Chi square test. Results were interpreted in the cultural context and environment of the transformation economy - the Czech Republic. Findings: The pilot research findings identify the value position of the selected Czech companies regarding SCR. The philosophy of SCR is based on the holistic responsibility of management including the economic, environmental and social area of company. The findings reveal especially the personal ethical position of management based on a developed specific value orientation. As an important accent of management is the responsibility for future generations. The research reflects also the intensity and time scope of selected measures. The questionnaire will be modified according the results to the feedback of respondents with personal clarifications. Research/practical implications: Implications of research are based on the identification of value preferences which are important for practical decision making and managerial measures in specific company activities. The personal value orientation of managers has practical implication in master and executive education or consulting, because the identified value preferences are surpassing the classical economic rational and speculative frame of thinking reflecting actually the empiric situation. For this new value basis will be necessary to develop new educational approach for management development. The results of pilot research confirm the starting idea and can be enlarged for the next and significant research sample. Originality/value: The research is unique in the Czech Republic because of the SCR orientation as a deep shift from CSR to SCR concept in company management. The authors used three dimensional approaches: declared values combining economic, environmental, social and future oriented sustainability concept and performance. Originality of the study is based on identification and description of philosophical assumption of managerial thinking as (in comparison with neoliberal economy) a new basis for decision process of management in companies. The pilot research offers fundamental sample set making possible to deduce the consequences for one-sided profit orientation.

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Corporate Sustainability Reporting

Author(s): Vilém Kunz,Štěpánka Hronová / Language(s): English Publication Year: 0

Purpose: Close monitoring of sustainable corporate behavior by companies’ existing or potential customers and other stakeholders represents a current trend. Therefore, sustainability reporting is gaining on its importance. Topicality of the issue brings the authors to the objectives of fostering the depths of knowledge and building awareness of corporate sustainability and its reporting in the Czech Republic.Design/methodology/approach: The paper analyses primary data about sustainability reporting and reveals results of a pilot sample-based survey conducted via self-administered electronic questionnaires completed and returned by 46 respondents (micro businesses, SMEs, large businesses in CR) as a requisite initial step to a larger scale research within the project called Sustainable Corporate Responsibility - IP 304026. For the given variables, graphical representations are worked out and calculations of medians, averages and modus figures are provided as well as the Chi-square statistic. Finally, as a method for data analysis of the 2017 collection and the 2016 figures of similarly sized samples, comparative analysis is used. Findings: The paper brings and examines findings on the following areas: the extent to which a company reveals information on its CSR activities to its external and internal stakeholders; forms of sustainability reporting (within annual general reports, online press releases, or ad hoc CSR/ sustainability reports); membership in non-governmental organizations’ (NGOs) networks and platforms, and/or close collaboration with non-profit organizations focused on CSR/ sustainability.Research/practical implications: Newly, based on the mandatory EU directive, social and environmental activities of companies will have to be reported by companies with over 500 employees starting 2017. As a result of this research more companies not legally obliged to report might start to do so in order to improve their public image as well as to boost the competitive edge of their business entity. Many respondents from micro or small businesses actually got acquainted with the concept thanks to the research. The authors further suggest to research the field of particular reporting standards used. Internationalizing the research may also be possible.Originality/value: This pilot research contributes to the visibility of transparent corporate communication focusing on the information about ecological and social repercussions caused by economic activities of a company as well as releases about the impacts’ prevention and community support. The paper brings news about the reporting duty and up-to-date standards.

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Causal Alternate Pathways for High Performance. A Study of University Spin-offs from Poland

Author(s): Anna Kwiotkowska / Language(s): English Publication Year: 0

Purpose: The purpose of this paper is to explore causal alternate pathways for high performance among university spin-offs from Poland.Design/methodology/approach: The traditional configuration approach suggests using the strategy, structure, and environment domains to identify configurations. In response to calls to improve causal linkages, and drawing on work on start-ups’ configurations, entrepreneurial orientation is used with these domains to identify configurations. Fuzzy-set qualitative comparative analysis (fsQCA) is used to analyze data collected via questionnaires from 53 university spin-offs from Poland. Findings: The study of the configuration of attributes was done using Boolean algebra - a notation system enabling the algebraic processing of logic statements. This allowed the assessment and selection of five alternative combinations of elements making up the organizational configurations of spin-off companies, leading to the high performance of the companies studied in Polish conditions. In all five identified configurations, firms adopt high external integration, and employ development strategies, exhibit high internal integration, or do not operate in a highly competitive industry. These firms carve out niches, and enjoy strong linkages with supply chain partners. Research/practical implications: The degree of development of academic entrepreneurship, as seen from the perspective of spin-off companies, is negligible in Poland. What is more, the understanding of so complex phenomenon that spin-off companies are, remains limited and, as such, requires in-depth research. It seems interesting to determine the type represented by Polish spin-off companies, the factors determining the success of these companies. The response to such questions will be provided by taking a holistic look at the problem under study from the configurational perspective and making an attempt to define the causal alternate pathways for high performance among these firms. Originality/value: The performed research contributes to the understanding of the core of functioning and growth of spin-off companies in Poland. The paper highlights differences across configurations, and that founders devise alternate pathways to achieve high performance. It also notes changes in relationships among variables across configurations.

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Women on Boards: Does Gender Composition Affect Financial Results of Companies?

Author(s): Jolanta Maj / Language(s): English Publication Year: 0

Purpose: The paper aims to answer the question on the number of women in the highest organizational bodies in Polish enterprises and whether there is a relationship between the compositions of boards due to gender of their members and financial results achieved by the companies and therefore to tell whether gender and/ or gender composition through inter alia a different management style or openness to risk influences the financial condition of organizations.Design/methodology/approach: For the analysis 281 companies listed on the Warsaw Stock Exchange were analysed. Basic financial indicators disclosed in the annual financial reports for 2015 were chosen. The reports for 2015 were analysed from 1 till 10 February 2017. Using statistical analysis the financial indicators were juxtaposed with the number of women on boards. Also the number of women serving as chairman of the board was included into the analysis. Furthermore a regression analyses using dummy explanatory variables (women president of the board, women in management boards and women in supervisory boards) and three different dependent variables (ROA, ROS, ROIC) have been conducted.Findings: The paper provides insight into the composition of boards in Polish companies listed on the Warsaw Stock Exchange due to gender. It shows that boards of these companies are highly masculine. The attempt to show relations between the gender composition and organizations financial performance were not entirely conclusive and need further analysis. Research/practical implications: The paper includes implications for decision – makers. It can be used as a reference by regulatory bodies to further investigate on the means as to how board composition can influence the firm performance. It may also be used for SME's in a very crucial recruitment or succession process, which, due to SMEs limited capability needs to take all the important factors, like gender of the people in question into consideration.Originality/value: The research contributes to the literature on the relationship between women participation on corporate boards and firms’ performance. This paper fulfils a gap in the analysis of Polish enterprises with regards to board composition due to gender and the linkage of this composition with the firm’s financial performance.

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Newconnect as a Source of Financing for Small and Medium-sized Enterprises

Author(s): Joanna Małecka / Language(s): English Publication Year: 0

Purpose: Given that it concentrates market demand for financial instruments offered by issuers, the stock exchange is an ideal source of raising capital on favourable terms. Public issuance allows more reliable access to potential investors, with potentially higher issue prices. Skilful seizure of such opportunities can provide companies with development funds and improve their market position in line with their stated objective. Why then do so few companies use the main tool of the capital market in Poland? The article presents NewConnect as an alternative financing source for SMEs, collating it with the awareness of Polish entrepreneurs in this respect.Design/methodology/approach: Findings are based on source data from various publications by financial market institutions. The volume and structure of Europe’s selected alternative markets are outlined by means of analyses, figures and comparisons. The focus is on commercial companies allowed to cooperate with stock exchanges. To calculate and visualise the findings, mathematical analysis tools were employed to determine quantitative and percentage shares illustrating the examined structures and to outline a trend analysis based on linear regression. 200 respondents were interviewed for recognisability of capital market instruments in Poland and their knowledge and ability to raise development capital in this way.Findings: The capital market development and increasing competition are posing new challenges for SMEs, whose changing way of thinking should be transformed into actual changes in their business activities. The data show that this change, although very slow, is nonetheless underway and SMEs’ interest in capital market solutions is increasing year by year.Research/practical implications: The author’s research results have revealed a correlation between respondents’ education and their knowledge and ability to differentiate the capital market from the money market. The better educated a respondent was at the time of the research, the more broadly he/she assessed the range of capital market solutions and opportunities for raising development capital through the stock exchange and NewConnect. This is, however, not combined with the maturity in respect of correct estimation of risks or opportunities for raising capital for development of one’s own entrepreneurship in this way.Originality/value: Small enterprises whose owners consider raising capital through the stock exchange as part of strategic management and business philosophy will be offered an additional opportunity for relatively easy access to capital, enabling companies to develop and increase their prestige. The author’s own research results have shown that it seems necessary to modify the traditional paradigm of SME management in the aspect of SME owners’ leading role.

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Reflection of Ethical Principles in Czech Codes of Ethics

Author(s): Radim Maňák,Martina Nikolskaja,Tomáš Tykva,Monika Jones / Language(s): English Publication Year: 0

Purpose: The paper deals with the code of ethics as a significant tool of business ethics. Its objective is to evaluate a chosen set of Czech codes of ethics from different points of view and to find typical characteristics and specifics of these documents. The attention focuses on form and content criteria.Design/methodology/approach: A basic analysis of form, content and structure of a set of codes of ethics used in the praxis was carried out in this paper. The first phase of the research formulates the theoretical base and identifies the criteria for the empirical research. The research is carried out on a chosen set of 20 codes of ethics of individual companies in the Czech language available online. These codes are evaluated from the point of view of their form and content on the basis of discourse and genre analyses. The main characteristic features of the chosen set of codes of ethics are identified. Findings: The gained results help to show the profile of a typical company Czech code of ethics. It is typically not longer than 6 standard pages and has an entry part that could be understood as a preamble. The code is mostly classified by problem areas and offers personal text style. The majority of the codes do not have explicitly defined values, but almost all of them accentuate the observance of law.Research/practical implications: The results of the paper, as described in findings, can be used by the management of companies that should respect specific content and form aspects when creating their codes of ethics. For the science, it is important that the principles of business ethics find their application in the Czech business environment and in the available tools of business ethics although often in coexistence with law principles which are not the key topic of business ethics.Originality/value: The paper studies a real and present-day set of documents and brings original results in this field of study.

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The Effect of Gender, Age and Education on Entrepreneurial Curiosity

Author(s): Miha Marič,Ivan Todorović,Mladen Cudanov,Gašper Jordan / Language(s): English Publication Year: 0

Purpose: Entrepreneurial mind-set has been a topic of various research. Entrepreneurial curiosity has been related to some other constructs in entrepreneurial research, whereas the antecedents or the relation to the entrepreneur’s demographics has yet not been investigated. We therefore test how gender, age and the level of education affect entrepreneurial curiosity.Design/methodology/approach: Since there is no previous research on which we could build hypotheses, we use three research questions; and explore if there is a difference in entrepreneurial curiosity depending on the gender, and the possible curvilinear relationships among age and entrepreneurial curiosity, and the level of education and entrepreneurial curiosity. Participants in this study were entrepreneurs from Serbia, from which we gathered data through the interviews, by using a survey in which they were questioned about their gender, age, level of education and on the variables composing entrepreneurial curiosity. Findings: The results show a difference in entrepreneurial curiosity based on gender, indicating that entrepreneurial curiosity was greater for women than men. Potential curvilinearity between age and entrepreneurial curiosity and the level of education and entrepreneurial curiosity was not confirmed due to the lack of statistical significance.Research/practical implications: The results of this study give better insights into the basic demographics’ effect on entrepreneurial curiosity. The implications are foremost for the policy makers, investors and entrepreneurship researchers, so they can have better insights on whom the entrepreneurially curious ones are. Suggestions for further research are to continue investigating the antecedents of entrepreneurial curiosity and also its consequences. Originality/value: The proposed research has not yet been done, so that this will contribute to entrepreneurship theory and practice.

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Interrelation between Corporate Social Responsibility and Company Performance

Author(s): Maria Markhaichuk / Language(s): English Publication Year: 0

Purpose: The paper is focused on the identification of relation between corporate social responsibility (CSR) and company performance in the Russian Federation. The aim of study is an empirical search for the answer to the question: Are socially responsible activities of the companies linked to their results?Design/methodology/approach: Data on the large Russian companies belonging to different branches were taken as a basis for the research. The sample includes data on the CSR level of fully and partially rated by CSRHub Russian companies for the 2012-2017 years. These data were supplemented by information about the companies performance from the Moscow Exchange, the RBC Information Systems and the official financial statements of the companies. Panel regressions with fixed effects were employed and econometric models with dependent variables such as Market Capitalization, Net Profit, Revenue, Return On Assets (ROA), Return On Equity (ROE) were estimated to fulfil research aim. Findings: The regression analysis confirmed the existence of the positive impact of CSR level on the companies performance. In particular, it showed the existence of positive impact of CSR level on the market capitalization of companies and their revenue. No negative impact of socially oriented activities of companies on companies performance has been detected.Research/practical implications: The research results can be used by the heads of the companies while formulating CSR policy, by the state bodies in the process of regulating and developing CSR Institute.Originality/value: The study empirically proved the positive impact of CSR level on companies performance and refuted the assumption that CSR costs do not pay off in economic conditions of Russian Federation.

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