Purpose: This article aims to review critical thinking (CT) as a future skill in business.

Design/methodology/approach – The study employed two research methods: science mapping analysis based on bibliometric keyword co-occurrence data and systematic literature review following PRISMA guidelines. The application of two distinctive research methods meant that we could obtain a broad picture thematic overview as well as a detailed, fine-grained insight into the content of CT business research.

Findings – Research in CT in business studies is dominated by themes related to education, university and learning that far outweigh CT business application, which focuses on three research axes. These are specific business functions (e.g. accounting, marketing, human resources and identifying business opportunities), certain skills used in business (e.g. decision-making and creativity) and other business-related topics (including ethics, stakeholder relations and individual employee performance).

Practical implications – The article identifies new research gaps related to the link between CT and business performance, a firm’s ability to innovate and company characteristics. Moreover, the article highlights that CT positively influences business decision-making under the influence of cognitive biases and heuristics.

Originality/value – The article provides the first literature review on CT in business research. It uses a novel method of science mapping analysis to show unbiased algorithmic-based insight into the structure of the research, followed by a systematic literature review.

Purpose: The article presents research on enterprises from various economic environments, namely the mature Finnish market and the Polish post-transformation one. Thus, our study examined how the external (international) environment affected the internationalization and business opportunities of Polish and Finnish SMEs.

Methodology: Data for the Polish sub-sample was collected from January to February 2021 using the mixed CATI/CAWI method. We used multigroup confirmatory factor analysis (MGCFA) to check for measurement invariance, and chi-square independence test and logistic regression to verify the hypothesis.

Findings: Perceiving the environment as hostile hinders internationalization for Poland only and not for Finland. According to theoretical premises and earlier studies, entrepreneurial marketing orientation (EMO) increases the probability of internationalization in both countries. However, countries differ in terms of which EMO dimensions – and to what extent – influence internationalization.

Implications: In turbulent times, such as a pandemic, respondents might take the worst moment of turbulence as a reference point while assessing environmental hostility and appraising it as favorable. Perceiving the environment as hostile hinders internationalization in some sets only. In a mature economy, resources such as human capital, managerial experience, and access to finance may help to mitigate the negative influence of environmental hostility on internationalization. Respondents in both countries perceived the EMO dimensions in a similar way, so the EMO scale proved to be invariant and useful in a different country setting. Nevertheless, the EMO dimensions that are the main drivers of internationalization were country specific.

Originality: The article presents a study on the influence of environment characteristics on the internationalization of enterprises from various economic environments, i.e. the mature Finnish market and the Polish post-transition one. Thus, the article fills the literature gap regarding comparative studies of small and medium-sized enterprises (SMEs) acting in different country sets.

Purpose: Because of the growing interest in the literature in education and political skill as facilitators of firm performance, this article aims to reveal whether there is a moderating role of women entrepreneurs’ political skill on the relationship between their education level and firm performance when firm- and entrepreneur-level characteristics remain under control.

Methodology: The study was conducted in Istanbul, Kocaeli, and Bursa, cities with the lowest gender gap in Turkey. The participants of the questionnaires were 291 entrepreneurs who are members of the Women Entrepreneurs Association of Turkey (KAGIDER), the Women Entrepreneur Members of Endeavor Turkey, and the TOBB Women Entrepreneurs. Hierarchical regression analysis was performed to analyze the dataset.

Findings: When firm- and the entrepreneur-level characteristics remain under control, women entrepreneurs’ political skill shows a moderator role in the relationship between women entrepreneurs’ education level and firm performance.

Practical Implications: A bachelor’s degree or higher, along with political skill, allow women
entrepreneurs to increase their firm performance. Furthermore, the higher the political skill, the higher the effect of education level on firm performance.

Originality/Value: This is the first study to investigate the moderating role of political skill of women entrepreneurs in the relationship between education level and firm performance. Moreover, political influence and human capital theories are jointly applied to the theoretical model.

Purpose: Grounded in agency and entrenchment theories, this study assumes that CEOs’ propensity to entrench themselves can affect firm performance. The purpose of this article is to investigate the relationship between dimensions and mechanisms through which managers entrench themselves and influence firm performance.
Design/methodology/approach: The article uses OLS regression to explain the assumed relationships between managerial entrenchment and firm performance. The study is based on a sample of 55 Moroccan listed companies over the period 2010–2015.
Findings: Taken together, the findings contribute to a better understanding of the effect of several entrenchment pathways on firm performance. These findings imply that managerial entrenchment is not necessarily detrimental, as suggested by some governance theories. On the contrary, it can have a beneficial effect on wealth creation.
Research limitations/implications: This study faces several limitations. The first appears in the sample size of its quantitative element. The second is related to the variables used to measure managerial entrenchment. The current research explores the effects of the most commonly used measures and some non-retained measures could be pertinent in verifying the assumed relationships.
Originality/value: This analysis is one of the few studies conducted in the African countries that scrutinize the impact of managers’ entrenchment determinants (ownership, duality, age, and tenure) on firm performance.

Purpose: This study investigates the determinants of audit committee (AC) formation in a semi-mandatory setting of a European economy, in which ownership and control are predominantly in the hands of families and business groups, and the voluntary practice of forming an AC has not been widely accepted.

Methodology: This research uses a sample of Polish nonfinancial firms listed on the Warsaw Stock Exchange (WSE) in 2008–2015. The study implemented logistic regression to test the role of the supervisory board (SB) and companies’ compositional characteristics in AC creation.

Findings: Primary analysis provided evidence of an inverted association between commonly accepted determinants of AC formation – such as the number of independent members on the supervisory board (SB) – and accounting and finance expertise of the SB members. The study also revealed that companies with foreign ownership are more likely to have an AC.

Originality: This study indicates an important relationship between the existence of other SB committees as a meaningful determinant of AC formation. This article is valuable for supervisory bodies and regulators as they provide insights into factors that influence audit committee formation.

Purpose: Knowing the factors that might affect board structure is an important step in understanding
boards and their role in corporate governance. This research aims to examine the effect of firm
characteristics closely related to corporate governance mechanisms, such as the model of corporate
governance, shareholder capital concentration, and stock exchange listing on board structure variables (size, independence, and gender diversity).

Methodology: The sample of this study stems from large Macedonian joint-stock companies. We run
a hierarchical linear regression of board characteristics on common demographic firm characteristics
as control variables and contextual firm characteristics related to corporate governance mechanisms
as independent variables.

Findings: Joint-stock companies in the Republic of North Macedonia have relatively small boards,
which provide no positive effects that would originate from the larger number of board members.
Moreover, the number of outside independent members is small, insufficient to influence the boards
with greater objectivity, independence, and quality. Larger companies with a one-tier model have
statistically significant larger corporate boards and a larger number of independent directors.

Implications: The best corporate governance practices worldwide must be used as a basis for future
improvements of corporate governance in joint-stock companies in developing economies.

Purpose: The aim of the paper is to present and assess professional development opportunities for
older employees in SME.

Methodology: In the process of desk research, the author has discerned a number of characteristics
of training activities conducted by SMEs. The management of older employees’ professional development
is discussed on the basis of selected research findings, i.a. CATI and CAPI surveys conducted
in the framework of the “Comprehensive program of activation of people aged 50+” project carried
out by the Department of Human Resource Management at Kozminski University in 2010–2012.

Findings: The first part of the paper discusses the specificity of training measures undertaken in
SMEs. According to a large body research results available, these include: informality, reactivity,
short-term perspective, focus on solving current problems, “learning by doing”, focus on the development
of specific skills and organizational knowledge, lack of professional organization of trainings.
The core part of the paper focuses on the management of professional development of older
employees in SMEs. The majority of surveyed firms have declared providing their older and younger
employees with the same access to training. However, it does not always mean training is organised,
or that employees aged 50+ participate in it. Moreover, the survey has proven the existence of
significant differences in assessments and opinions among entrepreneurs and employees.

Originality/value: This paper discusses professional development of older SME employees, which
is a relatively new problem; it is based on an extensive body of research. Managing professional
development of older workers is one of the most important challenges faced by SMEs in the twentyfirst
century and it shall require extensive and thorough research in the future.

Purpose: The paper discusses the validity of the thesis according to which Polish budgetary framework
in place in 2011 required only minor adjustments in order to be consistent with the principles
set forth in the EU Council Directive on requirements for budgetary frameworks of Member States
adopted in November 2011. Basic elements of the budgetary framework laid down in the Directive
had already been provided for in Polish law.

Methodology: A comparative analysis of the provisions of the Directive with relevant acts of Polish
legislation, including the Public Finance Act, was carried out. The author outlines the Polish
budgetary framework before 2011 and the most important adjustments introduced by the end of
2013 on the basis of the budgetary framework structure set forth in the Directive.

Findings: The assessment of the convergence of provisions encompassed definitions, accounting,
statistics, forecasts, numerical fiscal rules, medium-term budgetary frameworks, transparency and
consistency. Its results demonstrate that Polish regulations complied with the provisions of the
Directive. In order to confirm their correctness, an assessment of the practical application of recent
adjustments, which entered into force in 2014, must be carried out.

Constraints to research: The analysis addresses the main concepts and their most important
characteristics, and therefore a synthetic approach to the subject required omitting a number of
specific issues.

Originality: The paper analyses the convergence of the Polish budgetary framework in 2011 and
its subsequent adjustments to the provisions of the Directive of the EU Council requiring Member
States to amend their legislation by the end of 2013.