Verification of Prediction Models in Conditions of Slovak Family Businesses operating in the Global Environment

Abstract

Research background: Every business today is facing the greatest challenge in generations, as the pandemic forces owners to drastically rethink business models, supply chains and working practices. Family-owned businesses’ long-term perspective, entrepreneurial spirit, agility and guiding sense of purpose, together with the resilience of their leadership teams make them especially well prepared to fight a such crisis, especially as their multi-generation perspective allows them to meet their customers’ changing circumstances through economic cycles. The covid-19 crisis has produced some great examples of family businesses displaying their experience as innovators to support their governments and communities in need. Purpose of the article: The aim of the paper is to verify and analyse the prediction credit models applied on the Slovak family businesses belonging to the Creative Industries and operating in the global environment. Methods: In order to achieve the aim, namely the verification of existing 3 prediction models, universal methods were used, such as the analysis of available theoretical knowledge obtained by studying the literature and the subsequent synthesis of the acquired knowledge, the comparison of the issue addressed on the basis of the criteria set by the Commercial Code and the results of the observed prediction models, the methods of induction, deduction, description and excerpting. Findings & Value added: The essence of the analysis is the comparison of the results achieved using three prediction credit models with the prosperity criteria that considers the current valid legislation and the economic and financial aspects in order to verify the Slovak prediction models designed for the family businesses.

Keywords

• creative industries
• family-owned business
• prediction models