Ludmila Kasperovica, Natalja Lace, Guna Ciemleja

Proceedings of the 15th International Multi-Conference on Complexity, Informatics and Cybernetics: IMCIC 2024, pp. 192-199 (2024); https://doi.org/10.54808/IMCIC2024.01.192

Ludmila Kasperovica
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Natalja Lace
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Guna Ciemleja
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Cite this paper as:
Kasperovica, L., Lace, N., Ciemleja, G. (2024). Factors Influencing Positive Financial Performance: The Assessment Given by Latvian Companies. In N. Callaos, S. Hashimoto, N. Lace, B. Sánchez, M. Savoie (Eds.), Proceedings of the 15th International Multi-Conference on Complexity, Informatics and Cybernetics: IMCIC 2024, pp. 192-199. International Institute of Informatics and Cybernetics. https://doi.org/10.54808/IMCIC2024.01.192

The paper summarises the factors influencing positive financial performance (profit) in the digital age and the dynamic business environment. Based on the qualitative and quantitative literature analysis, 33 dominating financial and non-financial factors were selected, which the authors emphasize as important for sustainable and profitable business development. Web of Science-indexed research papers and a bibliometric analysis were used to assess them. The selected factors were approved and extended. A survey among Latvian businessmen was carried out to assess the practical influence of the specified factors on small and medium-sized companies. The survey involved 77 companies of various sectors and sizes. Turnover is taken as a unit to measure a company's size. In general, the businessmen evaluated the essential influence of the selected factors on the positive financial performance of small and medium-sized companies (profit). However, in additional comments, they specified risks or deeper views of the influence of the factors.