**3. Methodology**

#### **3.1. Sample and design of the analysis**

The research focused on the strategic decision making of small corporations was carried out on a sample of 210 companies. The subjects have been chosen on the basis of meeting criteria of a small company with regard to the number of employees (from 0 to 49) as well as on the basis of their willingness to offer information about the company and themselves in personal interviews. Primary and secondary data were put together. Primary data have been gathered according to a structured questionnaire and supplemented by managers and company owners' talks. A struc‐ tured questionnaire has been created from more types of questions for research needs. Except from closed questions with the possibility of one correct answer, it contained open questions to be able to look deeper at problems. By offering possibilities to respondents, we could influence them while they are filling out the questionnaire. We put the main emphasis on the following fields:


Secondary data have been used to complete analysis by marketing materials, information bul‐ letins, and Internet pages of individual companies.

**Chart 1** illustrates the survey of inspected corporations that had taken part in a survey of classification for micro‐corporations (the number of employees from 0 to 9 and small corpora‐ tions, the number of employees from 10 to 49).1 **Chart 1** shows that 83% of enterprises from the studied sample are micro‐corporations out of 85% active in the field of service.

On the basis of information about the length of a corporation's activity in the Slovak market, we classified chosen enterprises into three time intervals: less than 5 years, 5–10 years, and 10 and more years. The major groups of respondents were enterprises that have been running businesses for less than 5 years. There were 61% of businesses like that. The next two groups of enterprises are those that have been running business from 5 to 10 years (21%) and compa‐ nies that have been on the market for more than 10 years (18%).

Small corporations, mainly micro‐corporations, are vulnerable. Many of them cannot survive longer than 5 years. The research has pointed to the fact that strategic making decisions could be the key to survival and have the success of small and very small corporations.

<sup>1</sup> Classification based on Commission Recommendation 2003/361/EC effective from January 1, 2005.


**Chart 1.** The structure of investigated sample of small corporations. Source: Own processing.

Small corporations in our studied sample run business mainly on regional (37%) and local levels (36%): companies running their business within SR 20% and companies throughout EU 7%.

#### **3.2. Research goals and research questions**

**3. Methodology**

**3.1. Sample and design of the analysis**

92 Corporate Governance and Strategic Decision Making

• Strategic fields with strategic decisions in small corporations

analytic and intuitive decision processes

• The way of concluding and making decisions

letins, and Internet pages of individual companies.

• Emotional, cognitive, and social managers' tendencies.

nies that have been on the market for more than 10 years (18%).

1

The research focused on the strategic decision making of small corporations was carried out on a sample of 210 companies. The subjects have been chosen on the basis of meeting criteria of a small company with regard to the number of employees (from 0 to 49) as well as on the basis of their willingness to offer information about the company and themselves in personal interviews. Primary and secondary data were put together. Primary data have been gathered according to a structured questionnaire and supplemented by managers and company owners' talks. A struc‐ tured questionnaire has been created from more types of questions for research needs. Except from closed questions with the possibility of one correct answer, it contained open questions to be able to look deeper at problems. By offering possibilities to respondents, we could influence them while they are filling out the questionnaire. We put the main emphasis on the following fields:

• Factors that are triggers of strategic decision‐making processes in small corporations

• Extent of rationality and intuition at strategic decisions—searching for relevant informa‐ tion while strategic decisions are created, analysis of information, the meaning of quantita‐ tive technique, effectiveness of subject decision making in data processing, and using of

Secondary data have been used to complete analysis by marketing materials, information bul‐

**Chart 1** illustrates the survey of inspected corporations that had taken part in a survey of classification for micro‐corporations (the number of employees from 0 to 9 and small corpora‐ tions, the number of employees from 10 to 49).1 **Chart 1** shows that 83% of enterprises from the

On the basis of information about the length of a corporation's activity in the Slovak market, we classified chosen enterprises into three time intervals: less than 5 years, 5–10 years, and 10 and more years. The major groups of respondents were enterprises that have been running businesses for less than 5 years. There were 61% of businesses like that. The next two groups of enterprises are those that have been running business from 5 to 10 years (21%) and compa‐

Small corporations, mainly micro‐corporations, are vulnerable. Many of them cannot survive longer than 5 years. The research has pointed to the fact that strategic making decisions could

studied sample are micro‐corporations out of 85% active in the field of service.

be the key to survival and have the success of small and very small corporations.

Classification based on Commission Recommendation 2003/361/EC effective from January 1, 2005.

The main goal of the research was to analyze the process of strategic making decisions in a theoretical and practical level and to outline the theoretical model of strategic making deci‐ sion processes of small corporations. Being patterned on theoretical foundations and set goals of research, the following research questions have been formed whose answer will enable us to understand and identify the process of strategical making decision in small corporations.

*Research question 1:* Does the process of strategic decision making in small corporations lean toward an intuitive model of decision making?

*Research question 2:* Is the process of strategical decision making in small corporations mainly formed by external environmental factors?

*Research question 3:* Has emotional, cognitive, and social tendencies of their managers the major influence on strategic decision making in small corporations?
