Implementation of regional policy has a long tradition in the European economic space. Since the beginning of European integration in the mid-20th century, a common regional policy based on cohesion, solidarity, and redistribution began to take shape. This paper is focused on the examination of the development of regional disparities in EU27 (27 European Union member states). This phenomenon is characterized by its 'inertial' nature, despite the implementation of a relatively generous system of instruments, particularly financial ones, in less developed countries and regions. However, it cannot be unequivocally proven that this is caused by inefficient, inappropriate, or misdirected redistribution within the EU27. The neoclassical concept of (3-convergence and sigma-convergence enables the identification of the RD's (Regional Disparities) tendency within more than 20 years. To prove the results as accurately as possible and compare the development of interregional disparities, the analysis was conducted on the crucial macroeconomic indicator "GDP" (Gross Domestic Product) expressed in PPP (Purchasing Power Parity), not only at the level of EU (European Union) member states, but also at the regional levels. The results of this research reveal that despite the long-term implementation of the common cohesion policy there is a continuous deepening of interregional disparities at all examined NUTS (Nomenclature of territorial units for statistics) levels.

This paper is focused on the examination of the development of interregional disparities in all EU member states and their regions. The aim is to confirm or refute the formulated hypothesis about the divergence of individual EU member states and their NUTS 2 and NUTS 3 level regions. The motivation for this research is the relatively extensive redistribution of financial resources of the EU 27 countries in an effort to reduce excessive and unjustified interregional differences from the aspect of the key macroeconomic aggregate – GDP. In the research we have applied the neoclassical concept of β-convergence and σ-convergence that allows identification of the convergence/divergence tendency over a long-term horizon of more than 20 years. Since the GDP is a key macroeconomic aggregate that indicates the allocation of resources to individual member states and their regions, we have conducted a long-term quantitative comparative analysis, which will allow us to fulfill the set objective and confirm or refute the formulated hypothesis. As the NUTS 2 and NUTS 3 regions are the object of interest of ESIF (European Structural and Investment Funds), it is not sufficient to carry out any analysis or comparison only at a country level, but also at a lower, regional level. Statistical data from EUROSTAT allowed us to do this for a period of 21 years, which we consider long enough to draw conclusions. The results of the beta and sigma analysis of interregional differences showed a clear, long-term, continuous divergence at all three examined levels – the level of the country, as well as at the level of NUTS 2 and NUTS 3 regions.

Evaluation of state support, its fairness and eligibility of criteria are quite common topics frequently investigated and discussed. Slovakia and similar after-transition countries use more or less direct aid to businesses in order to attract the attention of foreign investors or to support domestic ones. Following study focuses on effects of such aid in Slovakia, uses median values of financial indicators for description of the sample of supported businesses, indexes for analysis of dynamics in results and sources and Pearson’s correlation coefficients for expressing common relations between the size of aid and generated effects. Analysis revealed that companies benefiting from aid experienced initial growth in assets, sales, and profitability but these effects later faded. The correlation between the size of aid and financial ratios was rather insignificant, only in the case of sales, share of personnel cost and depreciation on added value confirmed positive and statistically significant correlation. Regional distribution of aid proved that the least developed regions received significantly less financial contribution, and incentives are not fully motivational in order to transfer investments to such regions.

Small and medium-sized enterprises are seen as a source of growth, new ideas, and the competitiveness of the economy, as they can flexibly respond to changing conditions through their rapid launch and activities; on the other hand, these entities are associated with a relatively high failure rate. The purpose of the paper is to analyse the overall dynamics in the construction industry in Slovakia with the focus on the failure rate of companies due to bankruptcy, and to identify the reasons for and specifics of bankruptcy in the construction sector in Slovakia. A Slovak dataset of critical events, used for the identification of bankrupt companies, was paired with a dataset containing the financial statements of 162 companies which went bankrupt in the Slovak construction sector during the period of 2016-2020 and whose bankruptcy proceedings have been completed. Data from the Statistical Office of the Slovak Republic were presented to provide a deeper understanding of the size of the industry and its development over time. Selected reasons for bankruptcy (overindebtedness, insolvency, age of the company, and region) were analysed by means of descriptive statistics and correlations to the duration of bankruptcies. The research confirmed that simple signals indicating potential financial problems could be captured well in advance of bankruptcy. The majority of bankrupt entities reacted to such signals and prepared for bankruptcy, while the regional aspect was insignificant. The results of the research constitute a contribution to the identification of the specific reasons that lead to bankruptcy among companies in the construction industry in Slovakia.

This paper aims to quantify the impact of direct equity ownership links between Slovak companies and tax havens. We distinguish between three types of tax haven: onshore, midshore and offshore. The financial impacts are measured by indicators of profitability (ROA); activity (total asset turnover); liquidity (current ratio); and bankruptcy (IN05). To measure the impacts, we link the Bisnode and Finstat databases. The first database lists those Slovak companies that had links with tax havens during 2005–2015. The second provides financial statements for all Slovak companies. It was found that: 1) There are statistically significant differences in all investigated indicators between Slovak companies with and without links to tax havens. Those with links to tax havens generally reported worse economic situations and levels of performance compared to those without such links. We conclude that having a parent company resident in a tax haven had a negative effect on financial performance. 2) There are statistically significant differences between the selected indicators of company performance, across the different categories of tax haven, and for companies with no links to tax havens. 3) Those with no such links show statistically significant correlations between all their examined performance indicators. But for those companies with links to tax havens, the only statistically significant correlation was between profitability and the remaining indicators. 4) Companies with ownership links to tax havens are clearly engaged in profit-shifting activities. The results suggest opportunities for follow-up projects, especially focusing on different industries and company size that could specify their heterogeneous approaches and variability in objectives.

The article analyzes selected success factors of crowdfunding campaigns in Slovakia and the Czech Republic. As these countries are small in size with limited absorption capacity of crowdfunding markets, we assume that regional projects might be different as to the type, budget and area of implementation than those on international portals. The basic hypotheses are proposed, coming out from existing theories and previous results of research, tested by parametric tests. The methodology combines utilization of several methods - term frequency, trend analysis, quantitative and causal analysis. The results indicate that many projects are not providing important information about their idea (also in form of video spot, connection with social networks and own website), however, still quite large part of them is successful. The analysis also testifies that the most successful crowdfunding campaigns are those oriented on the blogs, travel, community, education and science.

Critical situations in the operations of companies, both evitable and inevitable, usually have a certain pattern and development trend but are different as to the duration, sector or region. Many of them ask for some legal procedure, the most critical ones lead to a bankruptcy process. The purpose of the research is the rapid increase in number of bankruptcies in Slovakia in recent years. The main aim of this paper is to analyse the evolution of the bankruptcy as a type of critical situation in Slovak companies and specify it according to the regional and sectoral perspective, including economic conditions prior to a bankruptcy. The paper utilizes secondary data obtained from available databases. The initial analysis is focused on the group of all companies entering the bankruptcy process in the period from 2009 until 2019. Firstly, the full sample is considered, regardless of the legal form and data and the outcome of the analysis is used for mapping of industrial and regional intensity of bankruptcies. The second stage of the research is focused on research sample after the irrelevant subjects were ousted from it. As irrelevant subjects we consider sole traders without business data and companies with doubtful data or unclear bankruptcy start. Through the available indicators are identified the early warning signals from the financial perspective. Indicators are split into two categories – absolute and relative ones and they are investigated three, two and one years before the start of bankruptcy. Four hypotheses were formulated before the research, the length of bankruptcy process was quantified and specified for SK NACE sectors and regions. The paper presents the results of empirical analysis, which showed that the dynamic change in number of bankruptcies was brought with significant amending of bankruptcy legislation. The longest bankruptcy process is found in accommodation and food services (4 years), while IT companies generally went bankrupt within a year. The economic situation in bankrupting companies significantly worsen in case of sales and equity (the number of companies with negative equity doubled), development of profit/loss fluctuate a bit due to the sale of assets which helped in later stages. There is no statistically significant difference in the length of bankruptcy among the industries and regions. In case of legislative rules the lower cash ratio seems to be the dominant reason while companies enter the bankruptcy. The research results can be useful for further and more detailed analysis, mostly in connection with bankruptcy development (what happen when bankruptcy started) and liabilities compensation and through non-financial bankruptcy factors in individual industries.

Clusters became an integral part of regional policies intended to build and strengthen competitive advantages within specifically identified geographical areas. They are still considered crucial for economic development and employment, although their orientation has slightly changed as the distance and geographical boundaries lost their importance. This article analyses crucial regional data that indicates potentially beneficial economic concentrations as an assumption for the preparation of prospective clusters in Slovakia. Potential clusters were identified based on significant employment concentrations of particular regional industries that appear extraordinary when compared with national employment and the dynamic development within the selected time frame. Prospective clusters were identified, and opportunities of their development were described, including the harmonisation with the current regional and urban strategy. Analysing absolute and relative quantities in employment, sections and divisions of SK NACE were used for the proper identification of industries. The location quotient served as a tool for the spatial concentration of employment in the Banská Bystrica region, the threshold value for the selection of cluster candidates was set to 2. The shift–share analysis was used for the identification of long-term changes in employment, and 10% of the most dynamic industries were presented at the level of divisions once and then, at the level of sections of SK NACE. Forestry and logging, the manufacture of wood products and the manufacture of basic metals were confirmed by both methods as significant concentrations. The result partially corresponded with the previously active and currently inactive cluster in Banská Bystrica, which was focused on mechanical engineering, still significant when considering numbers of companies and employees as well as sales. Forestry was the most concentrated industry, while the wholesale and retail trades were the most dynamic. Forestry, logging and manufacture of wood products might be strongly interlinked with the current entrepreneurial and social strategy of self-governing regions that is still at the stage of potential cluster identification and fitting to its priorities. The article assumed basic quantitative methods utilised for the identification of prospective clusters. It confirmed the practicality of their application, the gravity of data processing and also certain possible limitations due to the extraordinary focus on the employment concentration. According to the analysis and gained results, the former cluster in the Banská Bystrica region was confirmed as the potentially significant actor in the regional policy (although, currently, having no industrial or public interest) and the new cluster candidates were identified. Outcomes indicated the need to continue the research with a more detailed examination of qualitative aspects that could complete the effort by focusing on clusters not only having higher employment statistics but also the support from regional institutions, also reflecting the preferences of businesses.

The main aim of this paper is to provide empirical evidence about profit-shifting to selected tax havens by Slovak companies. This contribution focused on the very rare evidence of use of tax havens by Slovak companies not only in the field of corporate income tax, but also in selected areas of profitability. Two sources of data were used. Lists of Slovak companies with tax haven links were provided by the company, Bisnode, and financial statements of investigated companies were gained from the Finstat database. Based on the available data, the investigated period was between 2008 and 2016. We statistically tested selected indicators (ETR, taxes per assets, ROE, ROA, and ROS) of Slovak companies with direct ownership links to tax havens compared to their counterparts. Our findings suggest that Slovak companies with an ownership link to tax havens pay significantly lower taxes compared to companies without ownership links to tax havens during the period monitored. The aggressive tax planning was not only confirmed by the significantly lower reported values of ETR and taxes per assets, but also by the lower values of ROA. On the one side, Slovak companies with ownership links to midshore tax havens had the highest values of ROE, ROA, and ROS, but on the other side, these Slovak companies reported the highest ETR among the appointed categories (onshore, midshore, and offshore). The lowest taxes paid per unit of total assets were found in Slovak companies with ownership links to onshore tax havens. The analysis was supplemented by the changes of the selected indicators before and after obtaining an ownership link to a tax haven.

Competitiveness of tourism destination is associated with the ability to provide goods and services designed to meet the needs of visitors better than other destinations. The support of business activities in tourism can improve destination product and lead to better meeting of visitor needs. The aim of the paper is to examine whether the support of business activities in tourism has led to growth in performance and competitiveness of tourism in Slovakia. This paper focuses on the relationship between the performance of tourism and the financial amount of European development funds from the operational program Competitiveness and economic growth and Rural development program in the years 2007 - 2013. It examines the location of the support in tourism regions. By correlation analysis it identifies the relationship between competitiveness and supported 812 business activities. The result of the investigation lies in findings that there is a strong direct correlation between the amount of European development funds and the number of visitors and the number of accommodation facilities in 72 districts of Slovakia and that majority of activities were supported in the regions with international significance.

Cluster concept is considered to be a very important development factor in the structure of national economies in all EU countries. It is believed that dynamic clusters enhance the competition and regional innovation. The aim of the article is to present the results of own empirical research devoted to the analysis and evaluation of present state in technological clustering in Slovakia. The stress will be given to finding out what are the main factors affecting the activities of technological clusters in Slovakia and to identify main problems and barriers in their operation. On the basis of research results will be formulated the basic presumptions for development of technological clusters in Slovakia. For the research purposes we will utilize results of own empirical research as well as evaluation of relevant secondary data. Keywords: Technological clusters, activities of technological clusters, barriers of clusters development, the Slovak Republic, presumptions for development of technological clusters;

The paper focuses on the identification of perspective clusters in BanskáBystrica region. It uses national and regional data about the employment and anal-yses the regional and industrial share of businesses on the total employment (both in Slovakia and in the industry as a whole). It utilizes the static location quotient to identify the most concentrated employment in Banská Bystrica region in 2013 and 2014 and static shift-share analysis in order to quantify changes in the period from 2009 to 2014. The perspective clusters are identified through the share of indus-try’s employment that is extraordinary in comparison to the national employment, or through the most dynamic regional contribution towards the change in employment.

The paper introduces an existing system of innovation performance mea-surement in European Union. The paper aims to analyse the innovation performance and to present the position of the Slovak Republic in European Union. It points out the most significant barriers in innovative performance growth among Slovak SMEs. The analysis is carried on data retrieved from Eurostat and the Statistical Office of the Slovak Republic, as well as from empirical research. Consequently the paper presents conclusions and recommendations for stimulating the innovation perfor-mance growth in the Slovak Republic

The paper presents actual situation in cluster initiatives in the Slovak Republic with emphasis on technological clusters. The aim of the paper is to analyse experience with an operation of technological clusters in the Slovak Republic and to present best practises on selected clusters. The paper brings selected findings from the research in Slovak technological clusters realized during the year 2014 and 2015. A qualitative research was conducted by interviewing all existing technological clusters in Slovakia. The paper describes opportunities and problems of Slovak clusters, analyses forms of cooperation within clusters among enterprises, universities and self-government institutions and evaluates the support system for clusters initiatives in the Slovak Republic. It describes the best excellence of selected clusters with the goal to give examples of best practice for operating the existing or potential cluster in the Slovak Republic. The paper was created as a part of international project NBS 57/2013 "International platform for research and communication of clusters", which is supervised by Opole University of Technology in Poland.

The aim of the paper is to present experiences with a creation of technological clusters in the Slovak Republic. The paper brings selected findings from the research in all Slovak clusters realized during the year 2014 and 2015. It describes opportunities and problems of Slovak clusters, analyses forms of cooperation within clusters and evaluates the support system for clusters initiatives in Slovakia. The paper was created as a part of international project NBS 57/2013 "International platform for research and communication of clusters", which is supervised by Opole University of Technology in Poland.

Submitted article focuses on verification of basic theoretical knowledge from the field of corporate planning process on the sample of small and medium sized enterprises in Banska Bystrica region. It theoretically specifies basic terms, advantages and disadvantages of planning, describes general planning process and structure of planning, including methods utilized in planning activities. Analytical part is oriented on description of methodology and presentation of results gained within primary research. Interpretation of results is made in order to confirm or reject three main research questions that were put at the beginning of our research. The interpretation was made according to selected sorting criterion and with focus to characterize planning process in practice, incentives for planning, planning methods and control mechanism used in planning process evaluation. Research's results confirmed two assumptions, while the last one was rejected. Questionnaire was the main method of data acquisition, descriptive statistical methods we used in order to summarize results.

The research of clusters becomes an important field of scientific research in the Slovak Republic. The article presents partial results of the research project “International platform for research and communication of clusters” that was conducted in the years 2014-2015. One of the aims of the project was to analyse and to evaluate the present state in technological clusters in Slovakia. The aim of the article is to present the main results of the project, especially to find out what are the main factors affecting the activities of technological clusters, to identify main problems and barriers in their op-eration and to formulate basic presumptions for successful creation (forma-tion) and operation of clusters in Slovakia. The paper was created as a part of international project NBS 57/2013 ”International platform for research and communication of clusters”.

The main aim of the article is to identify the main burdens of doing business perceived by Slovak family owned hospitality businesses as well as to assess their view on the prospects for family businesses in Slovakia. The article analyzes primary data gained from an opinion survey conducted by means of a questionnaire in 2013. The business environment perception is evaluated according to the perception of certain external business environment indicators (conditions of doing business) depicted on the basis of the results of the pilot survey conducted in 2009 and the research carried out in 2010/2011. The results allowed us to identify the most discussed topics and burdens of doing business in tourism and hospitality in Slovakia.