L25 - Firm Performance: Size, Diversification, and ScopeReturn

The financial decision-making processes in family-owned enterprises have become a prominent subject due to the notable influence these businesses exert on national economies. This article seeks to identify and compare the standard budgeting practices of family and non-family firms within the Czech Republic, addressing a considerable gap in research and empirical confirmation concerning family businesses. While no significant differences were found in most financial management tools, the study identified differences in budgeting instruments, particularly in preparing income statements and the frequency of budget monitoring and control. Family businesses tend to involve owners in budget preparation, whereas non-family firms delegate this task to financial departments. Despite the lack of statistical significance in many areas, the study suggests that family businesses may face unique challenges in financial management due to factors like family dynamics and succession planning. Traditional budgeting methods remain dominant, with minimal adoption of modern approaches such as activity-based or flexible budgeting. The study employs statistical analysis to identify potential familial impacts on different budgeting facets to accomplish this objective. The empirical research has been conducted through a questionnaire survey. Overall, the study provides valuable insights into the budgeting principles employed by Czech family businesses, encompassing the influence of family involvement, traditional budgeting criticism, ownership structure, financial decision-making, and business stability.  

The current study examines the most modern approach of the marketing concept, the so-called holistic marketing concept in small and medium-sized Hungarian enterprises in the food industry. The study attempts to match the holistic marketing concept to the construction of market orientation. The most widely accepted approaches of market orientation (behavioural and cultural) derive from the marketing concept, and they identify how the organisation tries to adopt the marketing concept during its operation. The research is based on a questionnaire survey of 150 companies. To examine the validity of the scale, the following calculations were performed:  Cronbach’s alpha, the composite reliability index, McDonald’s omega, the Fornell-Larcker criterion and the CFA analysis. After the validation process, the authors found four dimensions. They are as follows: Internal Marketing, Integrated Marketing, Relationship Marketing and Societal Marketing. According to the authors, the holistic marketing concept can be a new approach of market orientation which can model, in a more suitable way, the modern and changed market conditions to measure and examine the adopted level of market orientation.

The company, at any time of its existence, finds itself in a situation in which it is needed to react to sudden changes in the company's environment, whether caused by the political situation, economic crisis or a change in market environment of the company. Each adaptation in business is an impulse to change and may cause unexpected behavior inside or outside the company. This article aims to present innovative thinking bond, investment success in overcoming the crisis, based on the results of a carried out research. Using knowledge of current methods of management and business management services in general it can be inferred that the enterprise can develop an open system that is capable of rapid adaptation to the external positive and negative influences.

The purpose of this paper is to examine the impact of ownership concentration and other firm specific factors on company financial performance of 102 listed companies at Colombo Stock Exchange (CSE) over a two-year period from 2008 to 2009. The data are gathered through annual reports of respective companies. Both pooled and ordinary least square (OLS) regressions are used to analyze the data. Using ROA as the dependent variable, it is revealed that ownership concentration does not have a significant positive relationship with ROA. However, firm size, quick ratio and inventory having positive impact on ROA. But the debt ratio negatively relate with financial performance. The overall explanatory power of the model is below average and further research is necessary to increase the statistical power of the model.

The topic of this paper is the efficiency of different types of cooperatives in the period of economic crisis in Czech Republic. This efficiency is analyzed on the principle of financial (quantitative) data, that was derived from financial statements of cooperatives. The aim of this paper is to analyze efficiency of different types of cooperatives in Czech Republic in years 2006 - 2008. Partial aim of this paper is a comparison of developed efficiency of different types of cooperatives with industrial enterprises, analyze of developed deviations and examination of beginning economic crisis impacts to cooperatives.