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Determinants of Functioning and Sustainable Growth of Small and Medium-Sized Enterprises from the Regional and International Perspectives

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A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (31 May 2021) | Viewed by 50603

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Special Issue Editor

Prof. Dr. Danuta Zawadzka

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Guest Editor

Faculty of Economics, Department of Finance, Koszalin University of Technology, Kwiatkowskiego 6e, 75-343 Koszalin, Poland
Interests: corporate finances
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Small and medium-sized enterprises play a very important role in the economy [1]. They represent about 99% of all enterprises in the OECD area [2]. They have a positive effect, among others, on the dynamics of economic development [3] and creating new jobs [4]. These companies complement the market in the production of goods and services and stimulate the local economy [5]. Entities from the SME sector are characterized by a specific potential (demographic, capital, infrastructural, and social), which comprises a set of resources determining their financial and investment decisions. Financial and economic results achieved by this group of entities depend on the effectiveness of using this potential. The development of enterprises from the SME sector is determined by many factors; however, access to financing sources is considered one of the most crucial ones. [6] [7].

The purpose of this Special Issue is to present the results of research on the functioning and sustainable development of micro, small, and medium-sized enterprises, with particular emphasis on the folllowing: sources of financing, processes, and directions of innovation and the effectiveness of utilizing production factors in micro, small, and medium-sized enterprises. The thematic scope of this Special Issue will primarily cover the following issues:

Instruments to support the SME sector
Financial market in the financial and investment policy of the SME sector
Macroeconomic determinants of the development of the SME sector
Strategies for creating and developing SMEs
Information and evaluation systems in the SME sector
Risk management in enterprises from the SME sector
Cross-border cooperation in the SME sector
Innovation management in enterprises from the SME sector
Craftsman and farm owner as micro-entrepreneurs
Economics of agricultural enterprises
SMEs in the concept of smart specialization in regional development
Logistics systems in the SME sector
The effects of the pandemic on the development of SMEs

The topicality and importance of the indicated research issues mean that research results presented in the Special Issue will be able to constitute, among others, an important source of information for institutions interested in supporting the development of micro, small, and medium-sized enterprises from both the regional and international perspectives.

References:

[1] Neagu, C. (2016), The importance and role of small and medium-sized businesses. Theoretical and Applied Economics, 331-338.

[2] OECD (2019), OECD SME and Entrepreneurship Outlook 2019, OECD Publishing, Paris.

[3] Obi, J., Ibidunni, A.S., Tolulope, A., Olokundun, M.A., Amaihian, A.S., Borishade, T.T. and Fred, P. (2018), Contribution of small and medium enterprises to economic development: evidence from a transiting economy. Data Brief 18, 835–839.

[4] Elkhalek, D.A. (2019), SMEs ' Contribution to Sustainable Development ; an Applied Study Focusing on OECD Countries. IOSR Journal of Economics and Finance, 10(1), 69-78.

[5] Dominak, P. (2005), Sektor MSP we współczesnej gospodarce, WN PWN, Warsaw.

[6] Bakhtiari, S., Breunig, R.V., Magnani, L. and Zhang, J., Financial Constraints and Small and Medium Enterprises: A Review. IZA Discussion Paper, 12936.

[7] Peci, F., and Shabani, H. (2020), Determinants Of Sme Finance: Lessons From Kosovo. Knowledge International Journal, 36(1), 37 - 42.

Prof. Dr. Danuta Zawadzka
Guest Editor

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Keywords

SME
sources of financing
financial market
instruments to support the SME sector
risk management
determinants of sustainable growth
innovation
creating and developing SMEs
craftsman
farm owner
agricultural enterprises
information and evaluation systems
cross-border cooperation
effects of the pandemic on SMEs sector
logistic systems
smart specialization

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Published Papers (9 papers)

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Research

19 pages, 332 KiB

Open AccessArticle

Social Involvement of Polish Family Businesses

by Aurelia Bielawska

Sustainability 2021, 13(17), 9484; https://doi.org/10.3390/su13179484 - 24 Aug 2021

Cited by 3 | Viewed by 2577

Abstract

Social involvement of enterprises, i.e., sharing wealth with those in need, can be spoken of only in the case of owner-managed family firms (FB). These companies account for two-thirds of all enterprises in the global economy; they contribute to the stability, development, and continuity of the existence of the economies of many countries. However, the sustainability of the existence of individual FBs is often threatened. Social engagement of owners and preparation of successors are the appropriate retort as they affect the transgenerational sustainability of these enterprises. The purpose of this study is to identify the causes, scope, forms, and beneficiaries of social engagement of Polish FBs. The study uses the Delphi method implemented in three stages: (1) selection of experts; (2) collection of information; and (3) development and interpretation of research results in the context of adopted research questions, research objective, and research hypothesis. The results of the study confirm that FBs make an important contribution to sustainable social development at the micro level. The social engagement of FBs brings benefits to both beneficiaries and donors, responds to genuinely existing needs, and supports the cross-generational sustainability of companies. Full article

(This article belongs to the Special Issue Determinants of Functioning and Sustainable Growth of Small and Medium-Sized Enterprises from the Regional and International Perspectives)

17 pages, 1462 KiB

Open AccessArticle

IoT Technologies as Instruments for SMEs’ Innovation and Sustainable Growth

by Andreea-Diana Suciu (Vodă), Andra Ioana Maria Tudor, Ioana Bianca Chițu, Lavinia Dovleac and Gabriel Brătucu

Sustainability 2021, 13(11), 6357; https://doi.org/10.3390/su13116357 - 3 Jun 2021

Cited by 25 | Viewed by 5219

Abstract

This paper studies specific aspects related to the adoption of Internet of Things (IoT) technologies and the impact they have on the sustainable growth of Small and Medium Enterprises (SMEs) in the Romanian IT industry. It was considered that digital marketing in general, and IoT in particular, have enormous potential for the aforementioned entities, and the acceptance and adoption of IoTs by companies in different sectors can significantly influence the way they operate, leading to sustainable growth. Primary data obtained from quantitative marketing research based on a questionnaire were analyzed. The results showed that although a large proportion of the Romanian IT industry SMEs use advanced marketing technologies, relatively few of those have integrated IoT solutions to date, mainly due to specific cost challenges. Nevertheless, the outcomes highlight that these companies are aware of the IoT’s benefits and place the adoption of such solutions among their priorities in order to achieve sustainable growth of their businesses. Based on the research results, the main proposal for the business environment is to design viable marketing programs for these companies, as well as to allocate resources for business development aimed at educating human resources to effectively address specific internal and external activities through IoT for sustainable development. Full article

(This article belongs to the Special Issue Determinants of Functioning and Sustainable Growth of Small and Medium-Sized Enterprises from the Regional and International Perspectives)

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18 pages, 875 KiB

Open AccessArticle

Environmental Corporate Social Responsibility (ECSR) on the Example of Polish Champion Oil, Gas and Mining Companies

by Magdalena Suska

Sustainability 2021, 13(11), 6179; https://doi.org/10.3390/su13116179 - 31 May 2021

Cited by 11 | Viewed by 4420

Abstract

The author uses empirical research to assess the environmental practices of the Polish champion oil, gas and mining companies to show that they are involved in Environmental Corporate Social Responsibility (ECSR). This paper investigates the tools such companies apply to implement the ECSR and the actions they undertake to reduce their environmental footprint. The community and environmental impact are inherent in the business activities of such companies. The author analyses the annual integrated reports published by Polish leading oil, gas and mining companies—PKN ORLEN, PGNiG and KGHM Polska Miedź—published in 2014–2019 in terms of environmental and climate responsibility. The ECSR initiatives undertaken by these companies are analyzed with regard to four categories: (1) water and wastewater management, (2) air emissions, (3) waste management and circular economy concept, and (4) energy management. All analyzed companies identify, supervise and monitor environmental issues, apply environmentally friendly technologies and techniques to reduce emissions to the environment and the amount of waste and wastewater, enable the effective use of natural resources in order to meet the new environmental challenges in the circular economy, and participate in R & D projects regarding new technologies. Full article

(This article belongs to the Special Issue Determinants of Functioning and Sustainable Growth of Small and Medium-Sized Enterprises from the Regional and International Perspectives)

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19 pages, 622 KiB

Open AccessArticle

Growth of Firms in a Fragmented Cultural Industry: Italian Commercial Art Galleries’ Competitive Strategies

by Donatella Depperu, Giacomo Magnani, Lisa Crosato and Caterina Liberati

Sustainability 2021, 13(9), 5057; https://doi.org/10.3390/su13095057 - 30 Apr 2021

Cited by 4 | Viewed by 3480

Abstract

The growth of cultural firms is important in developing local economies, enhancing employment, and improving urban sustainability, but it is difficult to achieve in fragmented industries that are populated by the smallest firms and offer a particularly unfavorable context for growth. The study takes a contingency perspective and contributes to both the literature on business strategy in fragmented industries and that on the growth of small and medium-sized enterprises (SMEs) by identifying the strategies implemented in a fragmented cultural industry, determining which of them are associated with a firm’s expected growth, and finding the few firm-specific factors that are associated with growth. It also complements the extant literature on art galleries by looking at them from the understudied strategic perspective. Suggestions for practitioners and policy makers are included. Full article

(This article belongs to the Special Issue Determinants of Functioning and Sustainable Growth of Small and Medium-Sized Enterprises from the Regional and International Perspectives)

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16 pages, 2621 KiB

Open AccessFeature PaperArticle

VAT Efficiency—A Discussion on the VAT System in the European Union

by Anna Kowal and Grzegorz Przekota

Sustainability 2021, 13(9), 4768; https://doi.org/10.3390/su13094768 - 23 Apr 2021

Cited by 14 | Viewed by 6345

Abstract

The effectiveness of the tax system can be analysed in various ways. According to the authors one of manifestations of such effectiveness is resistance to tax evasion. This phenomenon is influenced by multiple factors, with few being the level of VAT rates and the number of rates in force in the country concerned. The aim of the considerations is therefore to analyse how the standard VAT rate as well as the number of rates affect the effectiveness of this tax. The research was based on a literature query in the field of value added tax in the European Union. In addition, the problem of tax evasion was indicated and the aggregated data on the size of the tax gap in the Member States were presented. Then, there are the results of the research for 27 European Union countries for 2011–2019. The efficiency of VAT collection was modelled using square function, determining the significance of the parameters of this function, as well as the value of abscissa, which made it possible to group the countries based on how they maintained the efficiency of VAT collection over the analysed period of time. The final part of the study concentrates on the relationship between the efficiency of tax collection and the amount of both the basic rate and the number of rates. The conclusions of the research are as follows: a tax system with a small number of reduced rates, and preferably with one relatively low standard rate, is the system least susceptible to tax fraud. The research also shows a positive correlation between the value of the basic VAT rate along with the number of preferential rates and the scale of the tax gap, i.e., in countries with a higher standard VAT rate and a greater number of preferential rates, the tax gap is greater. The study will enable further investigation into the strategy of determining the optimal VAT rate and the process of its unification. Proposed changes may contribute to increasing the efficiency of VAT administration in EU countries, reducing the shadow economy, tax fraud and positively influencing economic growth. Full article

(This article belongs to the Special Issue Determinants of Functioning and Sustainable Growth of Small and Medium-Sized Enterprises from the Regional and International Perspectives)

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15 pages, 295 KiB

Open AccessArticle

What Best Explains Reporting Delays? A SME Population Level Study of Different Factors

by Oliver Lukason and María-del-Mar Camacho-Miñano

Sustainability 2021, 13(9), 4663; https://doi.org/10.3390/su13094663 - 22 Apr 2021

Cited by 9 | Viewed by 2443

Abstract

The objective of this paper is to find out which factors best explain why SMEs delay their annual reports (DAR). Relying on various theoretical streams, we use three types of variables to explain DAR: past DAR behaviour of managers, corporate governance characteristics and occurrence of financial distress. The study is based on the whole population data from Estonia, with a total 59,294 unique firms. Two types of DAR, i.e., short- and long-term delays, are used as dependent variables in the logistic regression analysis. The paper indicates that both types of today’s DAR are best explained by the previous DAR behaviour of managers, especially in the nearest past. Financial distress has a lower, but still acceptable explanatory power, while it remains weak for the corporate governance characteristics. Firm size and age have an impact on the results. As the paper indicates the prominence of recurrent violation behaviour in explaining DAR, the legal framework and its implementation could be adjusted to take account of this fact. The linkage of DAR and financial distress suggests the inclusion of the former into credit scoring models. Full article

(This article belongs to the Special Issue Determinants of Functioning and Sustainable Growth of Small and Medium-Sized Enterprises from the Regional and International Perspectives)

17 pages, 1500 KiB

Open AccessArticle

Banks’ Capital Requirements in Terms of Implementation of the Concept of Sustainable Finance

by Irena Pyka and Aleksandra Nocoń

Sustainability 2021, 13(6), 3499; https://doi.org/10.3390/su13063499 - 22 Mar 2021

Cited by 17 | Viewed by 4433

Abstract

In 2015, the governments of 193 United Nations member states adopted the 2030 Agenda for Sustainable Development, followed by the Paris Agreement. Their detailed solutions assume the inclusion of the concept of sustainable finance into investment decision-making processes, including directing capital towards sustainable investments and stopping climate change. The main subject of the study is sustainable finance, which is one of the pillars of the sustainable development of the global economy, which has also become an important objective of the European Union, enshrined in the Treaty of Lisbon. The main aim of the paper is an extrapolation of risks appearing in the unstable environment of credit institutions, which are increasingly boldly directing their expectations on their inclusion in the sustainable finance concept implementation. The empirical research included in the first stage a questionnaire survey, while in the second one, a quantitative comparative analysis. The research was aimed at verifying the research hypothesis stating that after the global financial crisis, banks meet the new prudential capital regulations, however by their inclusion in the concept of green finance, they will increase a share of mitigation in the bank risk management strategy. The research, carried out in the Polish banking sector, has shown that domestic banks meet all prudential requirements resulting from the new capital norms. However, investment strategies, based on the composition of the portfolio in accordance with the principles of sustainable finance and on high rates of return in the long term, will change banks’ resilience to key risks from the perspective of sustainable development. Full article

(This article belongs to the Special Issue Determinants of Functioning and Sustainable Growth of Small and Medium-Sized Enterprises from the Regional and International Perspectives)

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16 pages, 1987 KiB

Open AccessArticle

Digital Transformation and Marketing Activities in Small and Medium-Sized Enterprises

by Marta Joanna Ziółkowska

Sustainability 2021, 13(5), 2512; https://doi.org/10.3390/su13052512 - 26 Feb 2021

Cited by 63 | Viewed by 17834

Abstract

Digital transformation which impacts business operations is one of the most fundamental social and economic occurrences of our times. The paper seeks to find out how digital transformation impacts marketing activities in small and medium-sized enterprises (SMEs) and to examine overall changes triggered by digital technology in the marketing concept, its instruments, and activities in SMEs in Poland. The main research question focuses on the direction in which marketing activities performed by organisations evolve nowadays. Analyses and considerations are based on logical inference, examination of results of empirical studies, critical literature review, and author’s market observations. Conducted analyses have demonstrated that, in enterprises covered by the study, digital technologies are deployed in marketing rather widely, although in many instances these technologies belong to the category of traditional tools. IT technologies and digital tools also impact marketing, helping to build relationships with clients and creating the value of each organisation. Full article

(This article belongs to the Special Issue Determinants of Functioning and Sustainable Growth of Small and Medium-Sized Enterprises from the Regional and International Perspectives)

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15 pages, 1405 KiB

Open AccessArticle

Spatial Conditions Supporting Sustainable Development of Enterprises on Local Level

by Aneta Ptak-Chmielewska and Agnieszka Chłoń-Domińczak

Sustainability 2021, 13(4), 2292; https://doi.org/10.3390/su13042292 - 20 Feb 2021

Cited by 3 | Viewed by 1873

Abstract

Micro, small and medium enterprises (MSMEs) represent more than 99% of enterprises in Europe. Therefore, knowledge about this sector, also in the spatial context is important to understand the patterns of economic and social development. The main goal of this article is an analysis of spatial conditions and the situation of MSMEs on a local level using combined sources of information. This includes data collected in the Social Insurance Institution and Tax registers in Poland, which provides information on the employment, wages, revenues and taxes paid by the MSMEs on a local level as well as contextual statistical information. The data is used for a diagnosis of spatial circumstances and discussion of conditions influencing the status of the MSMEs sector in a selected region (voivodeship) in Poland. Taxonomy methods including factor analysis and clustering methods based on k-means and SOM Kohonen were used for selecting significant information and grouping of the local units according to the situation of the MSMEs. There are eight factors revealed in principal component analysis and five clusters of local units distinguished using these factors. These include two clusters with a high share of rural local units and two clusters with a high share of rural-urban and urban local units. Additionally, there was an outstanding cluster with only two dominant urban local units. Factors show differences between clusters in the situation of MSMEs sector and infrastructure. Different spatial conditions in different regions influence the situation of MSMEs. Full article

(This article belongs to the Special Issue Determinants of Functioning and Sustainable Growth of Small and Medium-Sized Enterprises from the Regional and International Perspectives)

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