Financial management in the segment of SMEs

Abstract

This study examines the important factors of financial and credit risks of SMEs, including such important areas as payment behavior of business partners (counterparty default risk), field of export financing and differences in approach to financial risk management by groups of the entrepreneurs defined by the selected factors (gender, level of education and age). The main objective of the study is to present new theoretical insights and define the relevant factors for the financial risk management in the SMEs segment. The Habilitation Thesis brings new scientific knowledge based on a comprehensive analysis of the attitudes of entrepreneurs in defined areas and according to defined criteria. Quantification of the relationships of the various constructs in the researched areas of financial risk were also a part of the results. This scientific study has defined significant attitudes of the entrepreneurs in the field of financial risk, quantified their impact on the business environment, and explored the interconnections between the defined structures. A significant finding is the fact that poor access to external finance for SMEs can be improved by the modification of several major barriers in the field of financial risk. Despite of the significance of the need of credit sources for SME enterprises the level of knowledge about the loan terms and conditions is relatively low. Another partial scientific knowledge may be the fact that the assessment of the attitudes of entrepreneurs in the segment of SMEs in terms of gender loses its significance in terms of the modern society. An important theoretical finding in the context of its quantification is a relatively low intensity of the export potential of these firms in the context of the low knowledge of the offered forms of minimizing of the financial risk on the part of the state. Another significant theoretical knowledge is a finding that, despite the significant degree of ignorance of the principles or rules for the activities of the relevant institutions, the measure of the optimism of entrepreneurs in relation to their knowledge and capabilities in the field of financial risk management is quite high.