Transformations  in
Business & Economics

THE SIGNIFICANT FACTORS OF SUSTAINABILITY OF SME IN THE V4 COUNTRIES[1] ²
Ludmila Kozubikova, Jan Kubalek, Zuzana Rowland, Lubomir Palcak

ABSTRACT: The aim of the paper was to define, quantify and compare the significant attributes of sustainability of SMEs in V4 countries. Within the empirical research, which analysed a sample of 1.398 respondents and took place in V4 countries, we examined the significant attributes of sustainability of SMEs that had been defined by a statement and the SMEs had taken their attitude to them. The validity of statistical hypotheses was proved by chi-square and Z-score. The outcomes of the research confirmed that SMEs quite intensely perceive the social significance of permanently sustainable business activities in this region. Not only do SMEs in V4 countries understand the concept of permanently sustainable growth in business activities, but they also intensely demonstrate their positive attitude to prefer more than the economic interests of their own companies, they feel the need to positively influence the social system and the environment as well. The importance of the impacts of business activities on the environment was confirmed by more than 80% of SMEs in V4 countries. SMEs had a positive perception of the permanent sustainability of their own companies with regard to a difficult period the research took place in (the impacts of the COVID-19 pandemic, war in Ukraine, tense international relationships, and high inflation). The average degree of business optimism measured by the ST5 statement was at the level of 80% in V4 countries, which may be valuated as a positive economic phenomenon. An interesting finding is the fact that the highest degree of positive perceiving the significant determinants of permanently sustainable growth in business activities was clearly shown by Hungarian SMEs, on the contrary, the lowest degree of it was shown by Czech SMEs.

KEYWORDS:  small and middle-sized enterprises, permanently sustainable growth, economic factors, social impacts, the factors of environment, business optimism.

JEL classification:  L26, Q56.

²Acknowledgments:  The paper is an output of the project NFP313011BWN6 "The implementation framework and business model of the Internet of Things, Industry 4.0 and smart transport".