Assessment of Behavioural Characteristics of Owners’ and Managers’ Decision-Making in the SME Segment of V4 Countries
Volume 03 Issue 2
Authors
Maria Hudakova, Marie Gabryśova, Alzbeta Zerebakova
Keywords
risk aversion, owners or manager, V4 countries, decision-making, SME, questionnaire
Citation in APA style
Hudakova, M., Gabryśova, M. & Zerebakova, A. (2025). Assessment of Behavioural Characteristics of Owners’ and Managers’ Decision-Making in the SME Segment of V4 Countries. Journal of Business Sectors, 3(2), 103–112. https://doi.org/10.62222/WUDU1009
DOI
Abstract
Research background:
Small and medium-sized enterprises (SMEs) in the Visegrad Four (V4) countries represent a crucial component of regional economic growth, innovation, and employment. The decision-making behavior of owners and managers in these enterprises is strongly influenced by their individual personality traits, cognitive biases, and attitudes toward risk and uncertainty. Understanding these behavioral characteristics provides valuable insights into how managerial psychology affects strategic choices, firm performance, and resilience in the dynamic and often volatile Central European business environment.
Purpose of the article:
The aim of the article was to identify disparities in the perceptions of the four specific behavioral characteristics of decision-makers in the SME segment across the V4 countries. These characteristics include tendency toward analytical decision-making, impulsive decision-making, reliance on personal judgment against group opinion, and self-perceived readiness to the risks. The subject of the analysis was the attitudes of owners and top managers from the small and medium-sized enterprise (SME) segment.
Methods:
The questionnaire was completed by 1,126 SMEs from the V4 countries. The research sample suitable for statistical processing included 1,090 responses from managers or owners of SMEs. Data collection was carried out using Computer Assisted Web Interview. Statistical hypotheses were supported by parametric tests.
Findings & Value added:
The findings reveal significant cross-country variations in managerial behavioral profiles. Hungarian managers demonstrate the highest risk readiness (73.6%) and analytical tendency (94.0%), suggesting a profile characterized by deliberative risk-taking (systematic analysis combined with uncertainty acceptance). Polish managers show moderate-to-high risk readiness (63.8%) with comparatively lower analytical orientation. Czech managers exhibit significantly lower risk readiness (50.4%) and judgment independence (38.7%) compared to Polish counterparts, indicating risk-averse analytical orientation. In general, among owners and managers operating in the Czech and Slovak SME business environment, there are no statistically significant differences in the assessment of the behavioral characteristics of decision-makers. Owners and top managers from the Hungarian SME segment show the strongest tendency to agree with the statements related to the behavioral characteristics of decision-makers.