Financial risk management in the V4 Countries’ SMEs segment

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The paper examines entrepreneurs’ attitudes towards chosen problems of managing financial risk in the V4 countries’ small and medium-sized enterprises. Financial risk has a significant effect on SMEs’ operations and their sustainability in the market. Entrepreneurs’ attitudes were quantified in terms of the defined aim, and a comparison of the differences in the intensity of these perceptions was made. An empirical investigation was accomplished in the V4 countries via an online questionnaire in 2020 (before the onset of the corona-crisis). A total of 1,585 valid questionnaires were obtained. The results were compared using Chi-squared and Z-score. Entrepreneurs in all V4 countries perceive financial risk correctly as an everyday part of their business activities. Their perceptions are very similar in all V4 countries. SMEs in the V4 countries evaluated the financial performance of their companies quite positively. Entrepreneurs in this research have a relatively high opinion of their financial risk management knowledge, which they presented accordingly. The research also revealed that Hungarian entrepreneurs, instead of those from the other three V4 countries, have a higher opinion of their financial risk capabilities. They highly evaluated their financial risk management knowledge and showed a higher self-confidence in managing financial risk.

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    • Table 1. Evaluation of financial risk in the V4 countries
    • Table 2. Evaluation of own company’s financial performance in the V4 countries
    • Table 3. Evaluation of financial risk management knowledge in the V4 countries
    • Table 4. Evaluation of own financial risk management skills in the V4 countries
    • Conceptualization
      Anna Kotaskova, Jaroslav Belás
    • Data curation
      Anna Kotaskova
    • Investigation
      Anna Kotaskova, Kornelia Lazanyi
    • Project administration
      Anna Kotaskova
    • Resources
      Anna Kotaskova, Kornelia Lazanyi, John Amoah, Jaroslav Belás
    • Visualization
      Anna Kotaskova, Kornelia Lazanyi, John Amoah, Jaroslav Belás
    • Writing – original draft
      Anna Kotaskova, Kornelia Lazanyi, John Amoah, Jaroslav Belás
    • Writing – review & editing
      Anna Kotaskova, Kornelia Lazanyi, John Amoah, Jaroslav Belás
    • Methodology
      Kornelia Lazanyi, John Amoah
    • Formal Analysis
      John Amoah
    • Supervision
      John Amoah