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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had undergone a significant transformation by which inward-oriented and protective import substitution policies had been replaced by outward-oriented and export-based industrialisation and growth strategies (Töngür & Taymaz, 2017).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).

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.

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).

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.