Financial Performance and Cultural Differences in E-Commerce: A Comparative Analysis of Czech and Slovak Firms

Research purpose. The study compares the financial performance of Czech and Slovak e-commerce firms and examines cross-country differences in profitability, liquidity, efficiency and value-creation proxies (gross margin, added value and labour productivity). The purpose is to identify statistically detectable differences in key indicators and to discuss them through the lens of cultural economics and institutional context as an interpretative framework, while acknowledging that financial-statement data do not allow direct measurement of firm-level culture or ownership nationality.

Design / Methodology / Approach. The analysis is based on firm-level financial data extracted from the ORBIS database for companies classified under NACE 4791. The normality of the data is verified using the Shapiro–Wilk test. Since most indicators did not show a normal distribution, non-parametric procedures were chosen for comparisons between countries, in particular the Mann–Whitney U test and Spearman rank-order correlations to examine internal financial relationships. Multiple-testing corrections were performed using the Holm–Bonferroni and Benjamini–Hochberg methods to ensure robustness. A total of 483 firms were included in the analysis.

Findings. The results reveal marked cross-country differences. Slovak firms tend to demonstrate a more performance-oriented profile, with profitability more closely associated with labour productivity, margin optimisation and value-creation proxies (gross margin and added value). In contrast, Czech firms tend to exhibit a more stability-oriented profile, where profitability is more strongly linked to liquidity, solvency and working-capital management. Slovakia shows higher levels of profitability and value-creation proxies, while the Czech Republic shows significantly higher levels of liquidity and financial stability. These patterns may be interpreted as broadly consistent with cross-country differences in uncertainty avoidance, risk perception and business adaptability discussed in the economic-culture literature; however, cultural factors are not directly observed at the firm level in the dataset.

Originality / Value / Practical implications. The study provides original evidence on how financial strategies in the e-commerce sector differ between two closely related Central European economies and discusses these differences using cultural and institutional context as an interpretative framework. By integrating financial analysis with cultural-economic theory, the results can be interpreted as suggesting that national context may be associated with profitability- and stability-oriented profiles in digital industries. The findings offer practical implications for managers and policymakers: Slovak firms may strengthen liquidity planning to reduce vulnerability to shocks, while Czech firms could enhance competitiveness by improving productivity and operational margins. The results also contribute to the theoretical debate on the role of culture in financial behaviour in the digital age, while acknowledging that culture is not directly measured in firm-level financial statements.