Share:


Model of sustainability of SMEs in V4 countries

    Katarina Zvarikova Affiliation
    ; Jan Dvorsky Affiliation
    ; Jaroslav Jr. Belas Affiliation
    ; Zdenko Metzker Affiliation

Abstract

The research’s objective was to develop a thorough model of the viability of SMEs in the V4 countries based on predetermined variables. The following factors were defined: human resources management, business ethics, corporate social responsibility, company digitalisation, environmental considerations, financial management, and sustainability of SMEs. The model was developed on the solid empirical research carried out in the Visegrad Four countries in June 2022 by the renowned external agency MNFORCE using a sample of 1,398 respondents and the “Computer Assisted Web Interviewing” technique. According to the research, the developed complex model of SMEs’ sustainability depending on the listed criteria is statistically significant. Each investigated factor has a favourable impact on SMEs’ sustainability. The study’s findings supported the notion that the environmental aspects of the business have the strongest positive impact on the long-term sustainability of SMEs. The study’s findings indicate that the management of human resources, finances, and the degree of digitalisation of SMEs significantly influence the viability of businesses. The findings provide an important platform for managers responsible for the sustainability of the SME segment at the worldwide level (International council for small business), national level (particularly for V4 nations), as well as institutions supporting SMEs and SME owners.

Keyword : small and medium enterprises, SME sustainability model, human resources management, ethics in business, CSR, digitisation of companies, environmental aspects, financial management

How to Cite
Zvarikova, K., Dvorsky, J., Belas, J. J., & Metzker, Z. (2024). Model of sustainability of SMEs in V4 countries. Journal of Business Economics and Management, 25(2), 226–245. https://doi.org/10.3846/jbem.2024.20729
Published in Issue
Mar 26, 2024
Abstract Views
365
PDF Downloads
401
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

References

Abdul-Rashid, S. H., Sakundarini, N., Ghazilla, R. A. R., & Thurasamy, R. (2017). The impact of sustainable manufacturing practices on sustainability performance: Empirical evidence from Malaysia. International Journal of Operations & Production Management, 37(2), 182–204. https://doi.org/10.1108/IJOPM-04-2015-0223

Adda, G., Bosco Azigwe, J., & Awuni, A. R. (2016). Business ethics and corporate social responsibility for business success and growth. European Journal of Business and Innovation Research, 4(6), 26–42.

Ahmad, N., Ullah, Z., AlDhaen, E., Han, H., & Scholz, M. (2022). A CSR perspective to foster employee creativity in the banking sector: The role of work engagement and psychological safety. Journal of Retailing and Consumer Services, 67, Article 102968. https://doi.org/10.1016/j.jretconser.2022.102968

Ahmed, R. R., Streimikiene, D., & Zheng, X. (2021). The impact of proactive environmental strategy on competitive and sustainable development of organizations. Journal of Competitiveness, 13(4), 5–24. https://doi.org/10.7441/joc.2021.04.01

Alhouti, S., Wright, S. A., & Baker, T. L. (2021). Customers need to relate: The conditional warm glow effect of CSR on negative customer experiences. Journal of Business Research, 124, 240–253. https://doi.org/10.1016/j.jbusres.2020.11.047

Alonso-Almeida, M. D., Bagur-Femenias, L., Llach, J., & Perramon, J. (2018). Sustainability in small tourist businesses: The link between initiatives and performance. Current Issues Tourism, 21(1), 1–20. https://doi.org/10.1080/13683500.2015.1066764

Amoah, J., Jibril, A. B., Luki, B. N., Odei, M. A., & Yawson, C. (2021). Barriers of SMEs’ sustainability in Sub-Saharan Africa: A PLS-SEM approach. International Journal of Entrepreneurial Knowledge, 9(1), 10–24. https://doi.org/10.37335/ijek.v9i1.129

Avelar, S., Borges-Tiago, T., Almeida, A., & Tiago, F. (2024). Confluence of sustainable entrepreneurship, innovation, and digitalization in SMEs. Journal of Business Research, 170, Article 114346. https://doi.org/10.1016/j.jbusres.2023.114346

Belas, J., & Rahman, A. (2023). Financial management of the company. Are there differences of opinion between owners and managers in the SME segment? Journal of Business Sectors, 1(1), 1–9. https://doi.org/10.62222/UQAH6943

Belas, J., Çera, G., Dvorsky, J., & Cepel, M. (2021). Corporate social responsibility and sustainability issues of small- and medium-sized enterprises. Corporate Social Responsibility and Environmental Management, 28(2), 721–730. https://doi.org/10.1002/csr.2083

Belas, J. Jr., Zvarikova, K., Marousek, J., & Metzker, Z. (2021). The perception of significant aspects of personnel risk in the management of SMEs. Ekonomicko-manazerske spektrum, 15(2), 1–12. https://doi.org/10.26552/ems.2021.2.1-12

Betakova, J., Pietrzak, M. B., & Iglinski, B. (2023). Effect of demographic characteristics of enterprises on the implementation of corporate social responsibility in SMEs context. Journal of Business Sectors, 1(1), 53–62. https://doi.org/10.62222/XQKO8567

Borisov, I., & Vinogradov, S. (2022). Inclusiveness as a key determinant of work engagement: Evidence from V4 countries. Equilibrium. Quarterly Journal of Economics and Economic Policy, 17(4), 1015–1050. https://doi.org/10.24136/eq.2022.034

Brieger, S. A., Anderer, S., Fröhlich, A., Baro, A., & Meynhardt, T. (2020). Too much of a good thing? On the relationship between CSR and employee work addiction. Journal of Business Ethics, 166(2), 311–329. https://doi.org/10.1007/s10551-019-04141-8

Broccardo, L., Truant, E., & Dana, L.-P. (2023). The interlink between digitalization, sustainability, and performance: An Italian context. Journal of Business Research, 158, Article 113621. https://doi.org/10.1016/j.jbusres.2022.113621

Buyukozkan, G., & Karabulut, Y. (2018). Sustainability performance evaluation: Literature review and future directions. Journal of Environmental Management, 217, 253–267. https://doi.org/10.1016/j.jenvman.2018.03.064

Carroll, A. B. (2016). Carroll’s pyramid of CSR: Taking another look. International Journal of Corporate Social Responsibility, 1(1), 1–8. https://doi.org/10.1186/s40991-016-0004-6

Carvajal, M., & Nadeem, M. (2022). Financially material sustainability reporting and firm performance in New Zealand. Meditari Accountancy Research. https://doi.org/10.1108/MEDAR-06-2021-1346

Cepel, M. (2019). Social and cultural factors and their impact on the quality of business environment in the SME segment. International Journal of Entrepreneurial Knowledge, 7(1), 65–73. https://doi.org/10.2478/ijek-2019-0005

Chatzistamoulou, N., & Tyllianakis, E. (2022). Green growth & sustainability transition through information. Are the greener better informed? Evidence from European SMEs. Journal of Environmental Management, 306, Article 114457. https://doi.org/10.1016/j.jenvman.2022.114457

Cheng, Y. H., Chang, K. C., Cheng, Y. S., & Hsiao, C. J. (2022). How green marketing influences customers’ green behavioral intentions in the context of hot-spring hotels. Journal of Tourism and Services, 13(24), 190–208. https://doi.org/10.29036/jots.v13i24.352

Dabija, D. C., Câmpian, V., Pop, A.-R., & Băbuț, R. (2022). Generating loyalty towards fast fashion stores: A cross-generational approach based on store attributes and socio-environmental responsibility. Oeconomia Copernicana, 13(3), 891–934. https://doi.org/10.24136/oc.2022.026

Dadhich, M., & Kant Hiran, K. (2022). Empirical investigation of extended TOE model on Corporate Environment Sustainability and dimensions of operating performance of SMEs: A high order PLS-ANN approach. Journal of Cleaner Production, 363, Article 132309. https://doi.org/10.1016/j.jclepro.2022.132309

Didenko, I., Valaskova, K., Artyukhov, A., Lyeonov, S., & Vasa, L. (2022). Quality of scientific activity as a determinant of socio-economic development. Economics and Sociology, 15(3), 301–318. https://doi.org/10.14254/2071-789X.2022/15-3/17

Du, S., Yu, K., Bhattacharya, C. B., & Sen, S. (2017). The business case for sustainability reporting: Evidence from stock market reactions. Journal of Public Policy & Marketing, 36(2), 313–330. https://doi.org/10.1509/jppm.16.112

Dvorský, J., Švihlíková, I., Kozubíková, L., Frajtova Michalíková, K., & Balcerzak, A. P. (2023a). Effect of CSR implementation and crisis events in business on the financial management of SMEs. Technological and Economic Development of Economy, 29(5), 1496–1519. https://doi.org/10.3846/tede.2023.19821

Dvorský, J., Bednarz, J., & Blajer-Gołębiewska, A. (2023b). The impact of corporate reputation and social media engagement on the sustainability of SMEs: Perceptions of top managers and the owners. Equilibrium. Quarterly Journal of Economics and Economic Policy, 18(3), 779–811. https://doi.org/10.24136/eq.2023.025

El-Kassar, A. N., & Singh, S. K. (2019). Green innovation and organizational performance: The influence of big data and the moderating role of management commitment and HR practices. Technological Forecasting and Social Change, 144, 483–498. https://doi.org/10.1016/j.techfore.2017.12.016

Elkington, J. (1994). Towards the sustainable corporation: Win-win-win business strategies for sustainable development. California Management Review, 36(2), 90–100. https://doi.org/10.2307/41165746

Federal Ministry for Economic Affairs and Energy. (2018). DIGITAL Economy – Monitoring Report 2018. https://www.bmwk.de/Redaktion/EN/Publikationen/monitoring-report-digital-economy-2018.pdf?__blob=publicationFile&v=2

Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), 2549–2568. https://doi.org/10.1287/mnsc.2014.2038

Flammer, C., & Luo, J. (2017). Corporate social responsibility as an employee governance tool: Evidence from a quasi-experiment. Strategic Management Journal, 38(2), 163–183. https://doi.org/10.1002/smj.2492

Franco, M., & Rodrigues, M. (2022). Role of human resources for SME sustainability: What the literature says and what we can expect for the future. The importance of sustainability practices is SMEs. Revista de Administraçao de Empresas, 62(5), 1–7. https://doi.org/10.1590/s0034-759020220512x

Gaio, C., Goncalves, T., & Sousa, M. V. (2022). Does corporate social responsibility mitigate earnings management? Management Decision, 60(11), 2972–2989. https://doi.org/10.1108/MD-05-2021-0719

Grewal, J., Hauptmann, C., & Serafeim, G. (2021). Material sustainability information and stock price informativeness. Journal of Business Ethics, 171, 513–544. https://doi.org/10.1007/s10551-020-04451-2

Habek, P. (2017). CSR reporting practices in Visegrad Group countries and the quality of disclosure. Sustainability, 9(12), Article 2322. https://doi.org/10.3390/su9122322

Hair, J. F., Sarstedt, M., Pieper, T. M., & Ringle, C. M. (2012). The use of partial least squares structural equation modeling in strategic management research: A review of past practices and recommendations for future applications. Long Range Planning, 45(5–6), 320–340. https://doi.org/10.1016/j.lrp.2012.09.008

Hockerts K., & Searcy, C. (2023). How to sharpen our discourse on corporate sustainability and business ethics – a view from the section editors. Journal of Business Ethics, 187(2), 225–235. https://doi.org/10.1007/s10551-023-05386-0

Huang, X., Chau, K. Y, Tang, Y. M., & Igbal, W. (2022): Business ethics and irrationality in SME during COVID-19: Does it impact on sustainable business resilience? Frontiers in Environmental Science, 10, Article 870476. https://doi.org/10.3389/fenvs.2022.870476

Isensee, C., Teuteberg, F., Griese, K. M., & Topi, C. (2020). The relationship between organizational culture, sustainability, and digitalization in SMEs: A systematic review. Journal of Cleaner Production, 275, Article 122944. https://doi.org/10.1016/j.jclepro.2020.122944

Jann, B. (2014). Plotting regression coefficients and other estimates. Stata Journal, 14(4), 708–737. https://doi.org/10.1177/1536867X1401400402

Jansson, J., Nilsson, J., Modig, F., & Hed Vall, G. (2017). Commitment to sustainability in small and medium sized enterprises: The influence of strategic. Business Strategy and the Environment, 26(1), 69–83. https://doi.org/10.1002/bse.1901

Jayarathna, C. P., Agdas, D., Dawes, L., & Miska, M. (2022). Exploring sector-specific sustainability indicators: A content analysis of sustainability reports in the logistics sector. European Business Review, 34(3), 321–343. https://doi.org/10.1108/EBR-02-2021-0047

Kalinova, E., & Kosteckova, D. (2022). Effectiveness of just-in-time principle in today´s circular economy and its negative effect. Socialno-Ekonomicka Revue, 1, 35–42.

Khan, K. A., Akhtar, M. A., Vishwakarma, R., K., & Hoang, H. C. (2023). A sectoral perspective on the sustainable growth of SMEs. Empirical research in the V4 countries. Journal of Business Sectors, 1(1), 10–19. https://doi.org/10.62222/CVFW6962

Khattak, M. S., Wu, Q., & Ahmad, M. Q. (2023). Influence of financial resources on sustainability performance of SMEs in emerging economy: The role of managerial and firm level attributes. Business Strategy and Development, 6(4), 669–683. https://doi.org/10.1002/bsd2.270

Kiba-Janiak, M., Cheba, K., Mucowska, M., & de Oliveira, L. K. (2022). Segmentation of e-customers in terms of sustainable last-mile delivery. Oeconomia Copernicana, 13(4), 1117–1142. https://doi.org/10.24136/oc.2022.032

Kliestik, T., Nagy, M., & Valaskova, K. (2023). Global value chains and Industry 4.0 in the context of lean workplaces for enhancing company performance and its comprehension via the digital readiness and expertise of workforce in the V4 nations. Mathematics, 11(3), Article 601. https://doi.org/10.3390/math11030601

Kozubikova, L., Belas, J., Kljucnikov, A., & Virglerova, Z. (2015). Differences in approach to selected constructs of entrepreneurail orientation in SME segment regarding the selected socio-demographic factors. Transformation in Business and Economic, 14(3C-36C), 333–355.

Lashley, C. (2016). Business ethics and sustainability. Research in Hospitality Management, 6(1), 1–7. https://doi.org/10.2989/RHM.2016.6.1.1.1289

León-Gómez, A., Santos-Jaén, J. M., Ruiz-Palomo, D., & Palacios-Manzano, M. (2022). Disentangling the impact of ICT adoption on SMEs performance: The mediating roles of corporate social responsibility and innovation. Oeconomia Copernicana, 13(3), 831–866. https://doi.org/10.24136/oc.2022.024

Lopez-Torres, G. C. (2022). The impact of SMEs’ sustainability on competitiveness. Measuring Business Excellence, 27(1), 107–120. https://doi.org/10.1108/MBE-12-2021-0144

Lu, J., Rodenburg, K., Foti, L., & Pegoraro, A. (2022). Are firms with better sustainability performance more resilient during crises? Business Strategy and the Environment, 31(7), 3354–3370. https://doi.org/10.1002/bse.3088

Maslak, O., Yakovenko, Y., Pirogov, D., Grishko, N., & Pochtoviuk, K. (2022). Digitalization of the social sphere of Ukraine: Use of specialized software based on systems thinking. Auspicia, 2022(2), 34-41. https://doi.org/10.36682/a_2022_2_3

Magrizos, S., Apospori, E., Carrigan, M., & Jones, R. (2021). Is CSR the panacea for SMEs? A study of socially responsible SMEs during economic crisis. European Management Journal, 39(2), 291–303. https://doi.org/10.1016/j.emj.2020.06.002

Metzker, Z., & Zvarikova, K. (2021). The perception of company employees by SMEs with CSR concept implementation. International Journal of Entrepreneurial Knowledge, 9(1), 81–96. https://doi.org/10.37335/ijek.v9i1.128

Metzker, Z., Marousek, J., Zvarikova, K., & Hlawiczka, R. (2021). The perception of SMEs bankruptcy concerning CSR implementation. International Journal of Entrepreneurial Knowledge, 9(2), 85–95. https://doi.org/10.37335/ijek.v9i2.146

Michalkova, L., Kovacova, M., Cepel, M., & Belas, J. (2022). Insolvency prediction and corporate bankrutpcy model in Visegrad group countries. Transformations in Business & Economics, 21(2A), 529–548.

Mitchell, I. K., & Walinga, J. (2017). The creative imperative: The role of creativity, creative problem solving and insight as key drivers for sustainability. Journal of Cleaner Production, 140(Part 3), 1872–1884. https://doi.org/10.1016/j.jclepro.2016.09.162

Moisescu, O.-I., & Gica, O.-A. (2020). The impact of environmental and social responsibility on customer loyality: A multigroup analysis among generations X and Y. International Journal of Environmental Research and Public Health, 17(18), Article 6466. https://doi.org/10.3390/ijerph17186466

Nagypal, N. C. (2014). Corporate social responsibility of Hungarian SMEs with good environmental practices. Journal of East European Management Studies, 19(3), 327–347. https://doi.org/10.5771/0949-6181-2014-3-327

Nevels, K. (1986). A direct solution for pairwise rotations in Kaiser’s varimax method. Psychometrika, 51(2), 327–329. https://doi.org/10.1007/BF02293988

Okręglicka, K., & Pichugina, M. (2021). Selected elements of change management and business performance of microenterprises. Socialno-Ekonomicka Revue, 19(1), 38–45. https://doi.org/10.52665/ser20210104

Orrensalo, T., Brush, C., & Nikou, S. (2022). Entrepreneurs’ information-seeking behaviors in the digital age – A systematic literature review. Journal of Small Business Management. https://doi.org/10.1080/00472778.2022.2100896

Ortiz-Martinez, E., Marín-Hernández, S., & Santos-Jaén, J. (2023). Sustainability, corporate social responsibility, non-financial reporting and company performance: Relationships and mediating effects in Spanish small and medium sized enterprises. Sustainable Production and Consumption, 35, 349–364. https://doi.org/10.1016/j.spc.2022.11.015

Palacios-Manzano, M., Gras-Gil, E., & Santos-Jaen, J. M. (2021). Corporate social responsibility and its effect on earnings management: An empirical research on Spanish firms. Total Quality Management and Business Excellence, 32(7–8), 921–937. https://doi.org/10.1080/14783363.2019.1652586

Pfister, P., & Lehmann, C. (2022). Digital value creation in German SMEs – a return-on-investment analysis. Journal of Small Business and Entrepreneurship. https://doi.org/10.1080/08276331.2022.2037065

Pizzi, S., Caputo, F., & Venturelli, A. (2020). Does it pay to be an honest entrepreneur? Addressing the relationship between sustainable development and bankruptcy risk. Corporate Social Responsibility and Environmental Management, 27(3), 1478–1486. https://doi.org/10.1002/csr.1901

Privarova, M., Martincova, M., Trnovsky, K., & Hacar, D. (2022). Labour migration and tourism flows: The case of the EU. Journal of Tourism and Services, 13(24), 271–289. https://doi.org/10.29036/jots.v13i24.374

Prochazkova, K., & Micak, P. (2023). CEO gender and its effect on corporate social responsibility and the perception of business ethics. Ekonomicko-manazerske spektrum, 17(1), 29–38. https://doi.org/10.26552/ems.2023.1.29-38

Przychodzen, W., Przychodzen, J., & Lerner, D. A. (2016). Critical factors for transforming creativity into sustainability. Journal of Cleaner Production, 135, 1514–1523. https://doi.org/10.1016/j.jclepro.2016.04.102

Rose, V. S., Wood, J., & Macfie, H. J. H. (1991). Single class discrimination using principal component analysis (SCD‐PCA). Quantitative Structure‐Activity Relationships, 10(4), 359–368. https://doi.org/10.1002/qsar.19910100408

Rozsa, Z., Tupa, M., Belas Jr, J., Metzker, Z., & Suler, P. (2022). CSR conception and its prospective implementation in the SMEs business of Visegrad countries. Transformations in Business and Economics, 21(1), 274–289.

Sarstedt, M., Hair, J. F., Pick, M., Liengaard, B. D., Radomir, L., & Ringle, C. M. (2022). Progress in partial least squares structural equation modeling use in marketing research in the last decade. Psychology and Marketing, 39(5), 1035–1064. https://doi.org/10.1002/mar.21640

Schroder, S., Wiek, A., Farny, S, & Luthardt, P. (2022) Toward holistic corporate sustainability –Developing employees’ action competence for sustainability in small and medium-sized enterprises through training. Business Strategy and the Environment. https://doi.org/10.1002/bse.3210

Shafiq, A., Johnson, F., Klassen, R. D., & Awaysheh, A. (2017). Exploring the implications of supply risk on sustainability performance. International Journal of Operations & Production Management, 37(10), 1386–1407. https://doi.org/10.1108/IJOPM-01-2016-0029

Silvestre, W. J., Antunes, P., & Leal, W. F. (2018). The corporate sustainability typology: Analysing sustainability drivers and fostering sustainability at enterprises. Technological and Economic Development of Economy, 24(2), 1–21. https://doi.org/10.3846/20294913.2016.1213199

Silvestre, W. J., Fonseca, A., & Morioka, S. N. (2022). Strategic sustainability integration: Merging management tools to support business model decisions. Business Strategy and the Environment, 31(5), 2052–2067. https://doi.org/10.1002/bse.3007

Skypalova, R., Kozakova, J., Urbanova, M., & Di Sabato, V. (2023). Corporate social responsibility in business practices of multinational companies: Study of differences between Czech and Slovak. Business Management and Economics Engineering, 21(1), 106–123. https://doi.org/10.3846/bmee.2023.18942

Skypalova, R., Kucerova, R., & Blaskova, V. (2016). Development of the corporate social responsibility concept in small and medium-sized enterprises. Prague Economic Papers, 25(3), 287–303. https://doi.org/10.18267/j.pep.558

Sorribes, J., Celma, D., & Martínez-Garcia, E. (2021). Sustainable human resources management in crisis contexts: Interaction of socially responsible labour practices for the wellbeing of employees. Corporate Social Responsibility and Environmental Management, 28(2), 936–952. https://doi.org/10.1002/csr.2111

Souto, J. E. (2022). Organizational creativity and sustainability-oriented innovation as drivers of sustainable development: Overcoming firms’ economic, environmental, and social sustainability challenges. Journal of Manufacturing Technology Management, 33(4), 805–826. https://doi.org/10.1108/JMTM-01-2021-0018

Trunina, I., Bilyk, M., Yakovenko, Y., & Lomonos, A. (2022). Research on digitalization processes in Ukraine in the context of post-war reconstruction. Auspicia, 2022(2), 42-52. https://doi.org/10.36682/a_2022_2_5

Valls Martínez, M. del C., Soriano Román, R., & Martín-Cervantes, P. A. (2022). Should risk-averse investors target the portfolios of socially responsible companies? Oeconomia Copernicana, 13(2), 439–474. https://doi.org/10.24136/oc.2022.014

Van Buren III, H. J. (2022). The value of including employees: a pluralist perspective on sustainable HRM. Employee Relations, 44(3), 686–701. https://doi.org/10.1108/ER-01-2019-0041

van der Velden, M. (2018). Digitalisation and the UN Sustainable Development Goals: What role for design. Interaction Design and Architecture(S), 37, 160–174. https://doi.org/10.55612/s-5002-037-008

Vivier, E. (2013). A tough line to work through’: Ethical ambiguities in a South African SME. African Journal of Business Ethics, 7(2), 68–78. https://doi.org/10.15249/7-2-42

Wijethilake, C., & Lama, T. (2019). Sustainability core values and sustainability risk management: Moderating effects of top management commitment and stakeholder pressure. Business Strategy and the Environment, 28(1), 143–154. https://doi.org/10.1002/bse.2245

Wong, D. T. W., & Ngai, E. W. T. (2021). Economic, organizational, and environmental capabilities for business sustainability competence: Findings from case studies in the fashion business. Journal of Business Research, 126, 440–471. https://doi.org/10.1016/j.jbusres.2020.12.060

Yasin, R., Huseynova, A., & Atif, M. (2022). Green human resource management, a gateway to employer branding: Mediating role of corporate environmental sustainability and corporate social sustainability. Corporate Social Responsibility and Environmental Management, 1–15. https://doi.org/10.1002/csr.2360

Yumei, H., Iqbal, W., Nurunnabi, M., Abbas, M., Jingde, W., & Chaudhry, I. S. (2021). Nexus between corporate social responsibility and firm’s perceived performance: Evidence from SME sector of developing economies. Environmental Science and Pollution Research International, 28(2), 2132–2145. https://doi.org/10.1007/s11356-020-10415-w

Zhang, G., & Browne, M. W. (2009). Dynamic factor analysis with ordinal manifest variables. In Statistical methods for modeling human dynamics: An interdisciplinary dialogue (pp. 241–264). Routledge. https://doi.org/10.4324/9780203864746

Zhang, Z. X. (2008). Asian energy and environmental policy: Promoting growth while preserving the environment. Energy Policy, 36(10), 3905–3924. https://doi.org/10.1016/j.enpol.2008.07.015

Zvarikova, K., Barinova, D., Belas, J., & Palcak, L. (2023). Empirical research on business ethics of SMEs in the V4 countries. Ethics & Bioethics, 13(1–2), 51–53. https://doi.org/10.2478/ebce-2023-0007