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LACINA LUBOR, VAVŘINA JAN: The impact of fi nancial and economic crisis on SME’s in Greece and Ireland. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2013, LXI, No. 4, pp. 1005– 1016 The impact of fi nancial and economic crisis infl uencing economic development in EU countries is analysed predominately on macroeconomic level. Major part of economic studies analyse the eff ect of crisis on both real and potential economic growth, unemployment, infl ation and debt dynamic. However the eff ects of the crisis are visible also at microeconomic level. The economic results of businesses are signifi cantly infl uenced by the negative macroeconomic development at both national and international level. Both decrease in potential growth and purchasing power due to economic recession and more restrictive fi scal policy have a direct impact on aggregate demand and thus the microeconomic sector as whole. Additional source of problems is connected with banking sector crisis and the access to fi nancing mainly for small and medium-sized enterprises (SME’s). The aim of the paper is to fi ll the gap in economic research and to analyse the impact of the ongoing crisis on business entities in selected eurozone member countries. Authors selected two eurozone member countries from EU periphery (Greece and Ireland). Both countries are severely hit by economic crisis and authors suppose that also their business sector will be signifi cantly infl uenced. However author believes that the structural diff erences will lead over the time in faster recovery of Irish businesses in contrast to the Greek one. We create dataset using Amadeus database which contains the harmonized data about statistically signifi cant set of business in selected countries. Authors then sorting the data according selected variables such as size of the company, NACE categorization and comparative indicators of individual business economic performance, namely representatives of indicators groups profi tability, solvency, liquidity and indebtedness/fi nancial structure of business entities. For the purpose of analysis authors analyse the data series three years before the crisis (2005, 2006 and 2007) and the three years of crisis (2008, 2009 and 2010). The dataset consists of 3,567 business entities in both observed countries. In the study we use the cluster analysis to detect some basic patterns and trends in business sector in terms of homogeneity within dataset. Based on the results of microeconomic environment analysis (impact of crisis and national economic policies) authors assess the optimal reaction of economic policy (both national and EU) to improve the condition of businesses which authors believe are the source of future economic recovery. economic crisis, fi nancial analysis, eurozone, quantitative research, SME’s, economic policy

The impact of financial and economic crisis on SME's in Greece and Ireland