Owners and managers of small and medium-sized enterprises (SMEs) have changed their perspective on risk management due to the current global negative threats in the business environment. If they want to be successful and ensure the financial performance of their business, they must adopt a proactive approach to reducing strategic risks in connection with operational risks. The aim of the article is to identify and quantify the differences in operational risk management and its effect on the financial management of SMEs between four Central European countries. The statistical sample of SMEs consisted of 1090 owners and top managers. Data collection was carried out through a questionnaire in the period December 2022–January 2023. Statistical hypotheses were evaluated with the application of correlation analysis and linear regression modelling. Empirical findings have confirmed that operational risk management has a significant positive impact on improving the profitability of the enterprise and on reducing the enterprise’s indebtedness, as well as in the context of reducing the enterprise’s inability to pay its obligations. However, there are disparities in the perception of this influence between owners/managers with regard to the country in which they carry out their business activities. The findings are important for both national and multinational organizations and entities dealing with risk management in the business environment of small and medium-sized enterprises.

This article investigates the validity of the Phillips curve in the current economic conditions of the Slovak Republic. The Phillips curve, which suggests an inverse relationship between inflation and unemployment, has been one of the most important concepts in macroeconomics since its creation. However, its role and relevance in modern economies have been questioned, primarily due to various factors such as monetary policies, globalization, and structural changes in labor markets. The analysis focuses on the Slovak economy. Examined was the relationship between inflation and unemployment after the country joined the European Union and adopted the euro. By utilizing multiple correlation analysis, the study assesses the strength, direction, and statistical significance of the relationship in recent years. The results suggest that, while the Phillips curve remains valid in the Slovak economy, the strength of the correlation has diminished compared to the period when the theory was first introduced. This decline in the relationship can be attributed to various factors, including the centralization of monetary policy under the European Central Bank, changes in labor market dynamics, and external economic shocks. These findings imply that policymakers should reconsider relying solely on traditional inflation-unemployment trade-offs when formulating monetary and labor market policies. Overall, the findings of this study provide valuable insights into the evolving nature of the Phillips curve and its relevance in today's economy. This research contributes to the limited empirical literature on small open economies within the euro area, providing updated evidence on the dynamics of the Phillips curve in the Slovak context.

Owners and managers of small and medium-sized enterprises (SMEs) have changed their perspective on risk management due to the current global negative threats in the business environment. If they want to be successful and ensure the financial performance of their business, they must accept a proactive approach to reducing strategic risks in connection with operational risks. The aim of the article is to identify and quantify the differences in operational risk management and its effect on the financial management of SMEs between four Central European countries. The statistical sample of SMEs consisted of 1,090 owners and top managers. Data collection was carried out through a questionnaire in the period December 2022-January 2023. Statistical hypotheses were evaluated with the application of correlation analysis and linear regression modelling. Empirical findings have confirmed that operational risk management has a significant positive impact on improving the profitability of the enterprise; on reducing the enterprise's indebtedness as well as in the context of reducing the enterprise's inability to pay its obligations. However, there are disparities in the perception of this influence between owners/managers with regard to the country in which they carry out their business activities. The findings are important for both national and multinational organizations and entities dealing with risk management in the business environment of small and medium-sized enterprises.

Financial performance has been the beckon of growth of most SMEs worldwide as such there is a growing need to improve small and medium-sized enterprises’ (SMEs) reputation to gain more financially and to be highly competitive. For this reason, this study reviewed 25 articles referenced in Web of Science and Scopus journals using a systematic literature review to explain the impacts of reputation on SME firms’ financial performance. The author identified differences in theoretical models in the articles and conceptualize them summarily based on the outcome. Articles were selected from 2018 to 2022. The resultant effect of this review asserts that business reputation significantly influences SMEs’ financial performance, and it is mediated by leadership. However, profitability reduces if SME leaders concentrate more on investment in reputation as acclaimed by some CEOs. This research will leverage more studies in the field of SME performance and reputational management factors. It will give guidance to future researchers thematically. Keywords: Corporate reputation, financial performance, SMEs, leadership, Corporate social responsibility, intangible Asset Management, management, and systematic review