Sustainability of SMEs and their determinants. Comparative analysis from V4 countries

Research background: The sustainability of SMEs in the Visegrad Group countries has gained increasing attention due to their critical role in economic growth, employment, and innovation, yet their capacity to adopt sustainable practices is often constrained by limited resources and institutional support. Empirical studies on the determinants of sustainability in SMEs within this region highlight factors such as access to finance, regulatory frameworks, and the influence of stakeholder pressure, alongside internal drivers like leadership commitment and innovation capacity. Purpose of the article: The aim of the article is to verify differences in the perception of selected factors of sustainability among small and medium-sized enterprises (SMEs) in Central Europe. The subjects of analysis are factors such as business risk sources (market risk sources, financial risk sources, personnel risk sources, and operational risk sources), national support and social changes, and sustainability of SMEs. Methods: The questionnaire was completed by 1,090 SMEs from the business environments of Visegrad Group countries. Statistical hypotheses were verified using Z-scores for two population properties. Findings & Value added: The empirical results indicate that there are significant differences in the perception of selected business risks, such as market risk, financial risk, personnel risk, legislative framework, operational risk, and the sustainability of SMEs. Hungarian entrepreneurs perceive the negative effects of market stagnation, strong competition, and low consumer purchasing levels. Hungarian entrepreneurs, compared to those in other countries, perceive the negative impact of personnel risk, such as employee turnover and error rates to a lesser extent. On the other hand, the intensity of operational risk in business is perceived to the least extent by Polish and Czech SMEs. Debt levels, the ability to meet obligations, and lack of profit are attributes of financial risk that Czech entrepreneurs perceive to the least extent in their businesses.