A lot depends on their interpretations and beliefs. Since its identification, management, and control vested in the hands of the entrepreneurs and managers. The Originality of the paper deals with the entrepreneur's perception, behaviour, and attitude towards bankruptcy risk in SMEs.īankruptcy risk is always a constant threat to the SMEs, which determines how long the firms will survive. From the policymakers' viewpoint, it is imperative to understand the attitude of SMEs' owners and entrepreneurs to design effective policies aiming to improve entrepreneurs with adequate skills, ability, and state support. This study contributes to the literature by offering insights over the attitude of SMEs' owners and entrepreneurs about bankruptcy risk in the context of the Czech Republic and the Slovak republic. An important conclusion is that the experience of bankruptcy for entrepreneurs of both countries is assessed as a vital experience gained, which, however, negatively affects the self-esteem of an entrepreneur. Slovak entrepreneurs are more likely to regard bankruptcy as a natural part of the business, and they are less likely to identify an entrepreneur's mistake as the cause of bankruptcy. Chi-square and z-score test methods were used to test for the existence of a statistically significant difference between bankruptcy attitudes among Czech and Slovak entrepreneurs. The study was conducted among 822 small and medium-sized companies from the Czech Republic and Slovakia. Therefore, to investigate this phenomenon, the present study aimed to investigate the attitude of the managers and entrepreneurs towards bankruptcy risk and to draw the conclusion on how the entrepreneurs' attitude differs among the Czech Republic and Slovak republic entrepreneurs as well. The typology enables researchers and practioners to emphasise and more thoroughly analyse the variety and complexity of risk managers’ work, and can help regulators to broaden and fine-tune their strategies to improve connections with the various roles of risk managers.īankruptcy risk is always a constant threat to the SMEs, which determines how long the firms will survive. Each type subsequently describes how risk managers employ different strategies in their attempt to connect the risk regulation regime and the company, ie translating policies to practices, tailoring policies to practices, explaining and framing policies and practices, and (re)interpreting policies and practices together with regulators. Based on this review, we propose a typology that distinguishes four roles of risk managers: risk managers as supporting staff risk managers as professionals risk managers as boundary spanners and risk managers as agents in regulatory communities. To better understand this ambivalence and identify the means, motives and strategies that risk managers employ in response to this ambivalence, this article conducts a concise review of (classic) organisation and regulatory literature. This makes the role of risk managers ambivalent. They manage the connection between the risk regulation regime, which stresses public values, and the company, which pursues a broader array of organisational goals. Inside companies that produce significant risks, risk managers play a key role.
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