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This year, E+M Ekonomie a Management/E&M Economics and Management journal will celebrate its 25th anniversary. On this occasion, we have prepared an analysis that maps the development of the journal over the past years and highlights the main milestones. Let us briefly reminisce about the history of the journal. The journal was founded in the second half of 1998 on the initiative of the first dean of the Faculty of Economics (Technical University of Liberec). Associate Professor Jaroslav Jágr approached other deans of faculties of Economics and management in the Czech Republic with the idea of establishing a new journal. These were the faculties in Hradec Králové, Pardubice, Plzeň, Ústí nad Labem and Zlín. The Faculty of Economics, the Technical University of Liberec became the coordinator and the editorial office seat. The journal was originally intended mainly for young researchers. In 1998, there was published the first and the only issue. From the next year onwards, the periodicity of publication was fixed at four issues per year. In some years special issues were also published. However, these were later withdrawn.

After the 24th of January 1980, the Turkish economy had undergone a significant transformation by which inward-oriented and protective import substitution policies had been replaced by outward-oriented and export-based industrialisation and growth strategies (Töngür & Taymaz, 2017). The main characteristics of this transformation composed of liberalisation of the financial sector, opening to foreign markets and integration into international economy (Yeldan, 2016). The government engaged in contractionary fiscal and monetary policies to suppress domestic demand and real wages and kept their priority to increase exports by implementing various incentive and subsidy tools (Doğruel & Doğruel, 2017; Orhangazi, 2020; Soydan, 2018; Yeldan, 2016). As a result of the experienced transformation, Turkey suffered from economic instability and fragility in the post-1980 period (Soydan, 2018). The average annual growth rate decreased from 5.65% in the 1960s to 4.10% in the 1980s (Taymaz & Voyvoda, 2017; World Bank, 2021).

Population ageing currently represents a phenomenon that is occurring around the world. It can also be defined as a consequence of the fertility rate decline and the increasing life expectancy, resulting in an increasing number and a proportion of the population in the post-productive age. For the first time, the elderly population will be predominant over the younger people (World Health Organization, 2020). The ongoing demographic changes are going to characterise the upcoming decades. This process will affect the different areas from the population’s health status through the health systems, the conditions in the labour market, the changing consumption patterns, and the need to provide the system reforms related to higher demand for public resources and finance. Ageing creates deep pressure on fiscal sustainability. It will put unprecedented stress on public finance to fund the pension system, the health system and the long-term care expenditures (Organisation for Economic Co-operation and Development, 2019).

One of the most critical phenomena in modern economics is the potential impact of startups on innovation, economic growth, and employment rates at the regional, national and industrial levels (Sedláček & Sterk, 2017). While startups’ collective contributions are critical, the high-risk strategies they pursue lead to startups’ high failure rates, up to 90% in some industries (Arora et al., 2018; Cantamessa et al., 2018; Marmer et al., 2011), so improving organizational performance is vital to these businesses.- This study examines one critical organizational phenomenon – organizational silence – in Iranian startups. Organizational silence, first introduced in 2000 by Morrison and Milliken, is one of the most significant barriers to performance, growth, and innovation in organizations, where employees become silent consciously, refusing to express ideas, critiques, suggestions, and opinions about organizational operations to influential persons in the organization (Morrison & Milliken, 2000).

Today’s business environment requires leaders to be able to react quickly to the changes that are constantly emerging. Agile techniques help leaders face such challenges and engage the organization in an environment where it can respond flexibly to emerging changes (Fincke et al. 2020; Hitka et al., 2018). Agile people leadership is based on motivating team members while allowing them to communicate with each other and set goals, with each of them involved in decisionmaking and capable of self-management (Salajová, 2020). In the past, people leadership has mainly focused on the individual and his or her relationship with subordinates or successors. The field of leadership has primarily focused on the behavior, thinking, and actions of the leader in a team or organization (Blštáková et al., 2020; Jankelová et al., 2021; Salajová 2020). This paradigm has dominated the field of organizational behavior for decades.

The paper’s aim is, in a broader sense, human resource management in the context of change management. Different groups of individuals manage change differently. Therefore, it is essential, appropriate and expedient to examine the perception of change in the 21st century. Changes are happening more and more frequently due to scientific and technical progress. Changes are part of the life of every single member of society or every organisation. Therefore, a study of this issue must be considered justified. This paper presents the results of research focused on small and medium-sized enterprises. Employees of small and mediumsized enterprises in the study evaluated the effects of possible changes in enterprises from their work and organisation. The article examined in more depth personal perceptions, especially those who have not yet undergone a change. The second group surveyed are- employees who have already passed through the ground in their professional lives.

Entrepreneurship is a source of innovation, employment, growth and economic development (Penaluna, 2018). Therefore, promoting entrepreneurship education is one of the most important policy objectives in the European Union and in the Member States (Kuratko et al., 2021). Raising the level of entrepreneurial knowledge is seen as essential in shaping mindsets as well as providing the necessary competences to develop an entrepreneurial culture. Therefore, it becomes important that efforts in the field of entrepreneurship education are directed towards providing society with an opportunity to acquire the aforementioned competences with the highest degree of educational efficiency (Valerio et al., 2014). Therefore, academics are increasingly calling for more determined action aimed at developing theories of entrepreneurship education (Davidsson et al., 2001; Haase & Lautenschlager 2011; Low & MacMillan 1988). The validity of this appeal is still relevant in 2022 and, although evidence for a well-articulated theory is still limited, the historical foundations of entrepreneurship education theory already exist.

Companies are constantly on the lookout for methods to boost their performance (Bouwman et al., 2019; Jabbour et al., 2020; Taouab & Issor, 2019). The company will always work, earn, and maintain the constantly changing performance, including in the new normal era of the coronavirus disease 2019 (COVID-19) pandemic (Dora et al., 2021; Irawan, 2020; Jesus et al., 2020). The corporate world is not immune to the ripple effects of the COVID-19 pandemic. Companies need to understand that rivalry is for physical and intangible assets, such as intellectual capital, when they want to thrive and succeed in the market. The higher the level of intellectual capital, the better the company will develop its intellectual capital to increase investor and stakeholder confidence in the company. Better use of intellectual capital will improve the company’s firm performance. Intellectual capital (IC) if we use the resourcebased theory (RBV) reference, then we can state that IC is a unique resource that can be used in the preparation and implementation of corporate strategies to create competitive advantage and corporate value, which in turn can increase company performance.

Utilisation of the balanced capital structure creates the base for the stable development of any company. Having optimal capital structure is a key strategic task for financial management. Currently, there is a myriad of theories describing the current state and recommending the optimal state of enterprises’ capital structure. Fundamental ones are the Modigliani-Miller theorem (Modigliani & Miller, 1958, 1963), the trade-off theory (Kraus & Litzenberger, 1973), the pecking order theory of capital structure (Fisher & Donaldson, 1962), and dynamic trade-off models (Brealey & Myers, 2014). Verifying the statement: “The behaviour of Czech companies confirms the preference for debt financing over equity. This behaviour is the same across sectors.” is the first goal of this contribution. Based on the result, we can reveal fundamental capital structure theory for Czech companies and we can set the recommendations valid for the Czech environment in general. This will help financial managers to lead their enterprises into balanced capital structures.

In the last few years, the bank lending channel has attracted enormous interest among researchers (Albertazzi et al., 2021; Cantero-Saiz et al., 2014, 2022; Jiménez et al., 2020). This channel proposes that monetary policy decisions alter the supply of loans by affecting the financial conditions of banks (Bernanke & Blinder, 1988; Disyatat, 2011). However, the reaction of banks to monetary shocks depends on their financial strength. In this regard, the credit supply of weaker banks, such as those that are smaller, less liquid or more poorly capitalised, is more sensitive to monetary impulses because these banks have more difficulties in obtaining loanable funds (Kashyap & Stein, 2000; Kishan & Opiela, 2000). Another important factor that can also affect the financial conditions of banks and the bank lending channel, which has received scant exploration, is the implementation of sustainable business models, which are becoming a key element in the strategies and practices of many banks.