Andrea Tomášková

Bio: Andrea Tomášková is an academic researcher from University of Finance and Administration. The author has contributed to research in topics: Business operations & Market segmentation. The author has an hindex of 2, co-authored 4 publications receiving 26 citations.

Comparison of Marketing Vitality of Family and Non Family Companies doing Business in the Czech Republic

Abstract: Family businesses were founded in the Czech Republic mostly after 1989, and they are now undergoing the first generational change. Throughout their existence, they have become major employers in the regions, bringing about innovation, progress and social responsibility. If they are to develop further, if they are to be competitive against non-family companies that are managed by professional management, the successors must also use modern marketing and management tools. The issue of family business becomes a big challenge for the Czech academic environment. This is a very topical issue, but not yet studied, bringing new scientific knowledge in the field of realities of marketing management of family businesses in the Czech Republic. The survey period of marketing vitality was between 2016, 2017. Literature review has been prepared by desk-research. Its elaboration was based mainly on foreign monographic sources, scientific articles in the Web of Science, Proquest, Scopus and others. The scientific method was primary quantitative research – a questionnaire survey – which aimed to compare the marketing vitality of family and non-family businesses, and to compare the use of defined marketing tools in family and non-family businesses. Survey data on 264 enterprises were analyzed using descriptive static, graphically processed, evaluated through correlation analysis. The results of this paper confirmed the hypothesis that family businesses as well as non-family small-sized businesses have their success based on so-called “value marketing” (and in the opinion of the authors intuitively) on building long-term customer loyalty by constantly increasing the value offered.

Diversification of export territories of family businesses as a tool of their further development

Abstract: Family business is the largest global source of jobs in the private sector, whose multigenerational nature strengthens the stability of individual economies. A competitive small and medium-sized enterprise (SME) sector into which family businesses are classified is an essential prerequisite for the full-fledged integration of any economy into the global economic space. For the Czech economy, the importance of foreign trade is increasing, and is dependent on the capabilities of companies to expand to foreign markets. The goal of this article is to identify involvement of the generation of successors to export activities of family business, focusing on diversifying export territories in relation to structure of the industry A secondary goal is to discuss the demand mechanisms for SMEs/family business oriented toward export. The scientific hypotheses defined are focused on demonstrating a dependency between the diversification of export territories, the involvement of the generation of successors in the management of the company and structure of industry. Authors have demonstrated that family businesses managed by the first generation of founders export primarily to the territories of Slovakia, Germany, and the EU. Companies where the next generation contributes to management diversify territorial risk and also export outside the EU countries. A significant correlation was demonstrated between automotive industry and Germany, Slovakia and country outside the EU and mechanical engineering and country outside the EU. The uniqueness of this article lies in the topicality of the real transition of Czech family businesses to the next generation, which carries out foreign trade to promote the further development and sustainability of the family business for future generations.

The importance of social networks for the SME’s innovation potential in Industry 4.0

Abstract: Social networks usage is prerequisite for the functioning of companies and their competitiveness. Important is the level, focus of their usage and link with company process. This research will focus on SMEs, how they use social networks and how it affects their innovation potential. The aim of this research is to determine the importance of social networks for SME´s competitiveness and long-term stability. For achieving this goal, 359 European SMEs were researched (2017-2019), 2 main research questions and 7 hypotheses were formed. Pearson´s correlation, Stepwise regression were used and the reached results were verified by experimental testing. The research results showed that companies, which are using social media, main as a component of their business are active at using modern technologies and are declaring the importance of social networks for the development of innovation potential. Fastness and reliability of communication are crucial for business operations in the company. Social networks offer many opportunities and connections between strategic planning, controlling management and performance level. All SMEs mostly use Facebook, and this does not depend on size, age or industry. The research results lead to the understanding, that social networks together with controlling oriented management are supporting SME business activities and their innovation potential and long-term stability in hyper-competitive environment.

The preferred usage of equity and debt financing in family businesses: evidence from Czech Republic

Abstract: ARTICLE INFO Naděžda Petrů and Andrea Tomášková (2020). The preferred usage of equity and debt financing in family businesses: evidence from Czech Republic. Investment Management and Financial Innovations, 17(3), 27-39. doi:10.21511/imfi.17(3).2020.03 DOI http://dx.doi.org/10.21511/imfi.17(3).2020.03 RELEASED ON Friday, 07 August 2020 RECEIVED ON Thursday, 28 November 2019 ACCEPTED ON Tuesday, 14 July 2020

Socially responsible activities and the economic performance of family businesses

Abstract: Promoting the idea of socially responsible business is an undeniably important topic that resonates in both theory and practice. Its influence on business performance has been theoretically substantiated and has been confirmed in many empirical studies, though this has been based on research conducted in large companies. It is only recently that studies connecting the principles of CSR and the business activities of SMEs or family businesses that make up a decisive proportion of SMEs have appeared. This article is devoted to research into the implementation of the principles of CSR in family businesses and their economic performance. The research was conducted on the basis of data obtained both from a questionnaire survey among owners of family businesses and from accounting data. The attitudes of owners of family businesses towards activities typical of CSR were proven to be reflected in the economic results of the companies in a sample of Czech family MSMEs. Our research proved that family businesses that support work-life balance and good relations with employees achieve better performance, namely higher profitability and lower indebtedness. These results confirm the positive impact of CSR principles on long-term sustainability of family businesses and their importance to the country’s overall economy.

The influence of family goals, governance, and resources on firm outcomes : some further advances

Abstract: We briefly reflect on the theoretical contributions of the ongoing series of special issues on theories of family enterprise and discuss the contributions of each article and commentary in the current special issue. We observe that the meta-themes—the unique goals, governance, and resources of family firms—are not only primary sources of heterogeneity but key determinants of outcomes such as the continuation of family involvement, firm survival and renewal, and financial performance. We conclude that the importance and interrelationships of goals, governance, and resources suggest that a configuration approach to studying their interactions in family firms might be useful.

Brand Management & Στρατηγική

Abstract: Brand management as one of the marketing functions has been around for as long as we have known professional marketing. But, it has been a part of the traditional marketing approach in which many functions of today’s brand management were performed in a spread out fashion by the marketing manager and a combination of his team members like the sales manager, the advertising and communications manager, and the marketing administration manager to name a few. The terminology of brand management was not used. Brand management, in its present integrated form, has come into limelight and focus over the last 20 years. The functional execution has undergone transformation in terms of its description as a substantive job under one head. This implies that the overall functions of brand management are full of substance and therefore are described specifically under the head brand management and not as disparate parts of the overall marketing functions. In other words, brand management has not lost its primary roots that are well-entrenched in marketing; it only has acquired explicitly defined dimensions within which the function operates. To further elucidate the point, there have been functional adjustments within the overall marketing functions only to bring into clear and sharp focus the specific functions and job of brand management. Brand management now presents itself as a distinct part of an integrated marketing approach in which it connects with all the touch points within and outside of the marketing department. The whole concept can be exemplified by seeking your attention toward two fruit baskets; one full of mixed fruits and the other having compartments carrying different fruits of each type in each compartment. Each type comes into a sharper focus! So do the touch points. This course is going to give you a clear understanding of what a brand is, why and how it is managed, and what are the dynamics involved in managing brands in the present day competitive market.

Controlling as a Tool for SME Management with an Emphasis on Innovations in the Context of Industry 4.0

Abstract: Research background: Small and medium-sized businesses are significant economic power and employer in the European Union. The modern globalized world, new technologies, and advanced connectivity bring SMEs a wide range of opportunities, but also threats. Increasing the stability and competitiveness of SMEs is one of the main goals of national governments and the EU. The research is based on personal research in SMEs, its experiences and backward testing of reached results. Purpose of the article: The aim of the paper is to analyze the possibilities the potential of using controlling as a managing tool of SMEs for increased competitiveness in the context of Industry 4.0 with an emphasis on innovations. Methods: The study is based on a detailed analysis of 341 SMEs from the Czech Republic obtained in the years 2017?2019. The data were analyzed using statistical methods such Pearson correlation, stepwise regression for the purpose of determining the relationship between the controlling management system of a company, its innovation potential, level of process maturity, number of employees, internal audit, financial stability and strategic plan. Statistical analysis confirmed the close relationship of the analyzed variables and backwards experimental testing of the statistical analysis conclusions defined critical factors in the area of people in an organization, usage of advanced information systems and Industry 4.0 technologies implementation. Findings & Value added: Those important areas were determined as essential for the successful development of SMEs, as well as the most significant threats in the Industry 4.0 environment. The information obtained is useful in practice and can be applied to a more in-depth analysis of the issues. The research findings are showing possible opportunities and treads for SMEs long term stability and development as well as ways to increase enterprise performance based on controlling management system.

The application of Kohonen networks for identification of leaders in the trade sector in Czechia

Abstract: Research background: The trade sector is considered to be the power of economy, in developing countries in particular. With regard to the Czech Republic, this field of the national economy constitutes the second most significant employer and, at the same time, the second most significant contributor to GNP. Apart from traditional methods of business analyzing and identifying leaders, artificial neural networks are widely used. These networks have become more popular in the field of economy, although their potential has yet to be fully exploited. Purpose of the article: The aim of this article is to analyze the trade sector in the Czech Republic using Kohonen networks and to identify the leaders in this field. Methods: The data set consists of complete financial statements of 11,604 enterprises that engaged in trade activities in the Czech Republic in 2016. The data set is subjected to cluster analysis using Kohonen networks. Individual clusters are subjected to the analysis of absolute indicators and return on equity which, apart from other, shows a special attraction of individual clusters to potential investors. Average and absolute quantities of individual clusters are also analyzed, which means that the most successful clusters of enterprises in the trade sector are indicated. Findings & Value added: The results show that a relatively small group of enter-prises enormously influences the development of the trade sector, including the whole economy. The results of analyzing 319 enterprises showed that it is possible to predict the future development of the trade sector. Nevertheless, it is also evident that the trade sector did not go well in 2016, which means that investments of owners are minimal.

Innovative controlling and audit – opportunities for SMEs

Abstract: This research is oriented to SME’s innovation activities, its management system and competitiveness based on innovations. Research is focused on causalities between innovative controlling, audit, enterprise innovation activities and the results put in context with ROA, ROE, turnover. Data for this research were collected in 317 European SMEs by researches by using questionnaire and analyzed by advanced statistical methods. The aim of this research is to identify key factors for successful innovation enterprise activities, to define weaknesses and common mistakes. Secondary aim is to design controlling process for SME’s innovation activities. The findings of this research are opening up topics for further research.