Behavioral finance is an area or sub-discipline of behavioral economics that examines the real financial behavior and decision-making of people, including the knowledge of psychology and sociology. The objective of this paper was to identify and investigate the impact of significant cognitive, psychological and emotional factors affecting the financial decision-making of the shareholders of woodworking and furniture manufacturing and trading enterprises. This could lead to the design of decision-making concepts which take into account not only cognitive but also psychological and emotional factors and their influences on decision-making process, which could positively affect the sustainable development of the aforementioned types of enterprises. The mapping of the addressed issue was carried out by means of an empirical survey in the practice of the Slovak woodworking and furniture manufacturing and trading enterprises in the form of a questionnaire. The results of the survey were evaluated by descriptive, graphical and mathematical-statistical methods. Conclusions and recommendations were formulated based on the identification of key behavioral aspects (knowledge, security, freedom and sadness), the implementation of which could contribute to eliminating negative deviations and errors in the financial decision-making process of shareholders of woodworking and furniture manufacturing and trading enterprises.

Decisions of financial managers can improve the competitiveness of the enterprise. Decisions are affected not only by knowledge and experience but also by emotional and cognitive deviations in behavior. Considering the role of competitiveness, this paper investigated whether an effect of behavioral factors on the financial decision-making of managers can be shown, and if so, to what degree. The aim of the paper is to propose a concept, the essence of which is to determine the key systematically-occurring errors in the financial decision-making process of managers rising from the effect of the human factor as a basis of prevention of incorrect financial decisions. The issue was mapped in the territory of the Visegrad Four (V4) by means of an empirical survey by the method of a questionnaire. By evaluating the research, the methodology of statistical hypotheses testing by measures of association was used (contingency coefficients - Cramer’s contingency coefficient V and Pearson’s contingency coefficient C) and Pearson’s chi-square test. The results of the research allow the formulation of conclusions that expand current knowledge in the field of research. The main results of the conducted research are that the key behavioral aspects (cognitive, psychological and emotional) that influence the financial decision-making process of business managers in the V4 countries are love, sadness and hate. A concept was created from the achieved results, the application of which in the enterprises of the V4 countries can help managers avoid making improper financial decisions which could have a negative impact on the financial health and competitiveness of an enterprise.

This paper proposes a multi-criteria decision-making model, for the selection and evaluation of the most valuable wooden input—resonant wood. Application of a given model can improve the process of input valuation as well as impact and improve particular economic indicators for the resonant wood manufacturer. We have tried to describe and evaluate the supply chain of resonant wood manufacturing and production of musical instruments. Particular value-added and non-value-added activities have been chosen according to the logical sequence of technology. Then, concrete criteria were specified and their significance weightings. Another important part of our paper is the description of resonant wood, specifications, and demands on log and wood species. There are some important physical and mechanical properties which should be taken into account and evaluated during the production of musical instruments. By the application of this model, a particular enterprise can reach an enhanced tool for the continuous evaluation of the product flowing through the supply chain. Visibility of particular operations and their logical sequence, presented by Petri nets, can lead to easier detection of possible defects in these operations and their origin. So, the main purpose of the paper lies in the suggestion of an objective and quantified managerial tool for the decision making.

We can say that planning is the first and one of the most important managerial function because of its specification the business goals and description of relevant tasks to meet those goals. Within the all managerial functions but mainly in planning, there is also necessary to deal with the decision making process and its elements. We have done an investigation of decision making and planning processes in particular wood processing company in Slovakia. We have found that this company doesńt use appropriate decision making methods what results in complications in other related processes and finally in complaints from the customers. Production can be characterised as a system with inputs and outputs. Transformation process is the most effective when it runs under optimal costs, under optimal amount of consumed inputs and by spending optimal time. It must be chosen suitable decision making, monitoring and calculating methods which allow to quantify and to compare particular alternatives and to choose the best one. All these above mentioned is very topical just now, in the time of financial and economic crisis.

Relevant indicators and measurement methods should be assessed in order to contribute to optimize management of an enterprise. Business performance can be measured by various indicators and various business results could be assessed. Analyses of value chains should be focused on specification of so called bottle necks which mention those activities that disable to increase business margin. At the same time, these analyses show the inefficiency caused by oversized of some activities regarding to lower level of assurance or safety and lower performance of other business activities. Importance of multi criteria decision-making methods for evaluation of alternatives doesn´t lie in definite increasing of results objectivity although it should lead to that. Priority of this method lies mainly in simplification of manager´s decision making. It allows managers to arrange alternatives according to extensive file of criteria, it describes particular steps of solution and its logical sequence, this methodology also requires from managers to express their understanding of various criteria importance. All this process of solution is transparent, repeatable and there are evident starting assumptions and also how these assumptions, situations, criteria and incidents affect reached results.