Central European Business Review 2022, 11(4):85-110 | DOI: 10.18267/j.cebr.300

How Important Is the Business Environment for The Performance of Enterprises? Case Study of Selected European Countries

Katarina Valaskova ORCID...1, Dominika Gajdosikova ORCID...2, Tomislava Pavic Kramaric ORCID...3
1 University of Zilina, Faculty of Operation and Economics of Transport and Communications, Department of Economics, Zilina, Slovakia, katarina.valaskova@fpedas.uniza.sk
2 University of Zilina, Faculty of Operation and Economics of Transport and Communications, Department of Economics, Zilina, Slovakia, dominika.gajdosikova@stud.uniza.sk
3 University of Split, University Department of Forensic Sciences, Split, Croatia, tpkramaric@unist.hr

The business environment, its quality, and its development are important indicators of the global competitiveness of individual economies. The situation is enhanced in the European area, where the open community brings specific opportunities to expand and grow in new markets. However, it is not that easy to find the proper place to start a business, considering the financial performance and cost-effectiveness. Thus, the paper focuses on the comparative analysis of selected European countries (Slovakia, Czech Republic, Hungary, Poland, Croatia, Latvia, Lithuania, Estonia, Germany, and France) in the context of their macroeconomic and inner-markets factors in the 8-year horizon (2013-2020). The quality of the business environment is evaluated using a multi-criteria decision-making method TOPSIS and global multi-level indices such as the Global Competitiveness Index, Corruption Perception Index, and Doing Business Index. Their mutual dependence is tested by correlation coefficients. To find the statistically significant differences among the countries, the one-way analysis of variance (ANOVA) and Scheffé´s post hoc tests were used. The results reveal the subsets of countries with similar business environments, which may be beneficial in increasing the global competitiveness of enterprises.
Implications for Central European audience: The comparative analysis is focused on the selected (mostly) Central European countries. This selection enables comparing the business environments with similar features and grouping them into subsets based on their economic, political, and social peculiarities. The analysis of variance proved that the business environments in Slovakia, Hungary, and Croatia are very similar, which may simplify the way of doing business in these countries. Thus, the implications of this study are crucial for better evaluation of the factors influencing the business environment, grouping attractiveness from the perspective of national enterprises, and understanding the indicators that increase the international competitiveness of enterprises.

Keywords: business environment; corporate performance; TOPSIS; GCI; CPI; DBI
JEL classification: F23, L25, O44

Received: September 23, 2021; Revised: November 28, 2021; Accepted: November 30, 2021; Prepublished online: January 23, 2022; Published: September 19, 2022  Show citation

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Valaskova, K., Gajdosikova, D., & Pavic Kramaric, T. (2022). How Important Is the Business Environment for The Performance of Enterprises? Case Study of Selected European Countries. Central European Business Review, 11(4), 85-110. doi: 10.18267/j.cebr.300
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