Theoretical background: Intellectual capital is often considered a critical resource, especially for micro, small, and medium-sized, as well as service companies. Human, structural, and relational ...capital are often listed as the main components of intellectual capital. This study complements the studies on the impact of intellectual capital and its components on the financial performance of hotel companies in developing economies. Purpose of the article: The study aims to examine the impact of the efficiency of intellectual capital and its components on the financial performance of micro, small, and medium-sized hotel companies in Serbia. The results of the study can be of importance for hotel managers in their efforts to make adequate business decisions and improve the financial performance of hotel companies. Research methods: The sample includes 100 micro, small, and medium-sized hotel companies from Serbia with the highest operating revenues in 2019. The efficiency of the intellectual capital and its components is measured by using the modified value-added intellectual coefficient (MVAIC). Financial performance is measured by using the natural logarithm of earnings before interest, taxes, depreciation, and amortization (EBITDA), EBITDA margin, return on assets (ROA) and return on equity (ROE). Ordinary least squares regression is used to examine the impact of intellectual capital and its components on the financial performance of sample hotel companies from 2015 to 2019. Main findings: The results of the study show that intellectual capital efficiency has a positive impact on all four measures of financial performance. They also show that structural capital has the greatest impact on financial performance and that only this component of intellectual capital has a positive impact on all four measures of financial performance. Capital employed has a positive impact on the natural logarithm of EBITDA and ROE, while human capital has a positive impact on the EBITDA margin and a negative on the natural logarithm of EBITDA. Relational capital has a positive impact only on ROA.
The article examines hotel companies' Website management in Cúcuta, Colombia. The methodology is quantitative with descriptive design. A survey of sixty-two items is applied to the managers of five ...hotels, to know their opinion on aspects such as: Website, Prices, Reservation, Products, Navigability, Customer Relationship Management Variables, Privacy and Security. The results indicate that hotels manage their websites well. However, weaknesses are evident in the visualization of room services, information on city attractions, interaction via chat and access for the visually impaired. We conclude with the need to constantly review the changing trends in web pages and clients' demands, in order to offer information that provides optimum visibility on the national and international market.
Este estudio tiene como objetivo investigar el impacto de la percepción de capacitación, experiencia personal e igualdad en el clima organizacional de empresas hoteleras localizadas en Cancún, Los ...Cabos, Nuevo Vallarta y Tecate por medio de escalas diseñadas a partir de la revisión de literatura y el conocimiento del contexto. Se aplicó la encuesta a 718 empleados de empresas hoteleras. Se confirmó la validez convergente y discriminante de las variables latentes. Las relaciones se probaron utilizando modelos de mínimos cuadrados parciales (PLS). Los resultados indican que la capacitación, experiencia e igualdad afectan positivamente el clima organizacional en el contexto de México. En específico, muestra que igualdad tiene el efecto moderado (0.328) en clima organizacional, seguido de experiencia (0.297) y capacitación (0.288). Estos tres constructos explican el 51.5 % (es decir, el valor R2) de la varianza del constructo endógeno clima organizacional. Asimismo, se muestra que la capacitación tiene un efecto moderado (0.359) en experiencia, la cual explica en un 12.9%. Por último, la capacitación también tiene un efecto, de tipo sustancial en igualdad, explicándola en un 33.4%. El estudio contribuye al conocimiento de las relaciones entre clima organizacional, capacitación, experiencia e igualdad. Los resultados amplían la comprensión del clima organizacional en el sector hotelero, además, señalan algunas oportunidades para futuras investigaciones. El estudio es original al investigar nuevos factores que influyen en el clima organizacional de empresas hoteleras en México. Es un primer intento de probar la influencia de las variables, capacitación, experiencia personal e igualdad en el clima organizacional.
Hotel groups listed on various security exchanges have the tendency to be representative for their respective country and/or to be emblematic worldwide. They expand and evolved from an owner-operator ...business model, still dominant in the 1980s, toward a sophisticated combination of the owner-operator model and asset-light business model. In the case of Romania, the owner-operator business model is dominant and is the common ground for the hotel companies listed at Bucharest Stock Exchange. The present paper has the following objectives: a) to investigate which of the former hotel companies listed on Rasdaq were chosen to be transferred on the new alternative trading system; b) if new hotel companies were willing to become publicly traded on BVB or in AeRO; c) to identify the portfolio of hotels for the listed companies, and d) to investigated the trading frequency, volume and value, and extract potential patterns. The period under scrutiny is May 2015 – May 2023. Based on the findings of the present paper the Romanian listed hotel companies do not attract the investors’ attention since they do not offer too much. Some of the problems might be generated by the low free-float and controlling shareholders/groups. Though, the main problems seem to be related to the companies’ lack of proper transparency regarding their activities (and profit centers), hotel/lodging portfolios, and the absence of (at least) domestic known brand.
Besides obvious negative consequences for people's health, the COVID-19 pandemic placed significant negative consequences on the economy as well. Since pandemic made tourism and travel almost ...impossible, these industries of tourism and hospitality suffered the most. The aim of this paper is to assess whether the onset of the COVID-19 pandemic has caused a change in the level of profitability of companies from hotel industry in the Republic of Serbia. The research sample consisted of 100 companies from hotel industry in the Republic of Serbia, where their operations in 2019 and 2020 were observed. The Operating Profit Margin, Net Profit Margin, Return on Assets and Return on Equity were used for the purposes of measuring profitability. The research determined that in the largest number of observed hotel companies in 2020, there was a decrease in profitability considering all four used indicators. By applying the Wilcoxon rank test and the t-test of paired samples, it was determined that the mentioned reductions in the used profitability indicators are statistically significant.
Cash conversion cycle (CCC) is one of the most widely used measurements to evaluate the risks and returns associated with liquidity management. Each company is highly concerned with how profitability ...can be maintained and strengthened, so they have to keep an eye on the factors that influence profitability. Therefore, the main purpose of this study is to identify the impact of cash conversion cycle on profitability of selected listed hotel companies in Colombo Stock Exchange (CSE), Sri Lanka. The present study is concerned about evaluating how CCC affects the profitability of listed hotel companies within the consumer service sector in CSE. In terms, profitability was calculated using return on assets (ROA) and return on equity (ROE). CCC measured using the inventory turnover period (ITP), receivable turnover period (RTP) and payable turnover period (PTP). The sample covered the 30 listed hotel companies and took the period as twelve years starting from 2011/12 to 2022/23. In this study, regression and correlation statistical techniques were used to estimate the impact and the relationship between CCC and profitability. According to regression analysis, ITP has a negative relationship with ROA and a positive relationship with ROE. Further, the study found that PTP and RTP are negatively affected by ROA and ROE. The study reveals that CCC positively correlated with profitability and has a significant impact on profitability. There was a significant impact of CCC on profitability in listed hotel companies of the consumer service sector in CSE. These results of the study suggest and recommend that managers can create value for their shareholders by maintaining effective and efficient CCC.
Purpose – This study aims to examine the current state-of-the-art foundation, organization, role, processes, and functioning of internal audit (IA) within Croatian hotel companies in order to suggest ...improvements.
Design/Methodology –qualitative research was conducted using a questionnaire distributed to Croatian hotel companies that quote their stocks on the capital markets, noted destinations, and internationally renowned hotel companies that operate in Croatia from March to May 2023. Based on the responses received, semi-structured interviews were conducted with internal auditors who are or have been employed by hotel companies in order to obtain more detailed information about the organization and performance of the internal audit function (IAF).
Findings – The results showed that not many hotel companies in Croatia have organized IAF because it is not a legal obligation for the hospitality industry. The current stage of IAF in these companies is infrastructural or integrated, which shows possibilities for its improvement. The role of internal audit is not recognized because it is seen as a time-consuming activity and an additional expense for the hotel company, without awareness of its real purpose, opportunities to improve the efficiency and effectiveness of hotel operations, and other benefits of this function.
Research limitations – the small sample of hotel companies that have IAF organized within and also a limited number of internal auditors that have experience, knowledge, and qualifications to work in the hospitality industry.
The originality of the research – the first study regarding the organization of IAF in the hospitality industry.
There are many responsible business and investment initiatives in the field of environmental performance, and among these, certification is a targeted mechanism. In this work, we intend to study the ...determinants of environmental certification of hotel companies, analysing the Portuguese case. The empirical study considers hotel companies established in Portugal that may operate one or more hotel units. The information retrieved from the Portuguese National Tourism Registry and Iberian Balance Sheet Analysis System database was coded, and a database was built in the SAS software. Variable and data analysis was conducted using descriptive statistics, variable correlations, and the Tobit regression model. The results indicate that affiliation to a brand, hotel classification and hotel size are factors that explain environmental certification, but the return on sales was not statistically significant in this study. These results are important to understanding the determinants of environmental certification in hotel companies since, as a topic of research, it has had little attention prior to the study for the Portuguese case, thus reinforcing the importance of this research. The study also reveals the restricted sample of hotel companies with environmental certification in Portugal, which did not allow computing other study variables that would improve the empirical work.
The aim of this paper is to consider the practice of subsequent measurement of property, plant and equipment in hotel companies in the Republic of Serbia and the Republic of Croatia, i.e., to ...determine whether the preparers of financial statements make greater use of the historical cost model or the model based on fair value. The sample consists of 220 hotel companies in the Republic of Serbia and the Republic of Croatia, observing their financial reports for 2019. The research reveals that most hotel companies in both countries subsequently measure owner-occupied property and plant and equipment according to the historical cost model. Hotel companies in Serbia most often apply the fair value model for subsequent measurement of investment property, while hotel companies in Croatia most often apply the historical cost model in the same context. We also find that a large number of hotel companies in the observed countries do not disclose the basis for subsequent measurement of property (including investment), plant and equipment in the notes to their financial statements, which means that the quality of financial reporting on those assets in the hotel companies should be improved.
The article focuses on the study of performance factors of Slovenian hotel companies through Data Envelopment Analysis between 2001 and 2018. For this purpose, we introduced a balanced panel data of ...20 hotel companies which differ by their size, type, the number of hotels within the company, and location. To determine efficiency factors, we used the Malmquist index, which can be broken down into a change in efficiency and technological change. The change in efficiency was further broken down into a change in pure technical efficiency and a change in scalar efficiency. Between 2001 and 2018, hotel companies recorded decline in total factor productivity index which was mainly due to the inability to implement new production technologies. One of the key reasons for deterioration in technological change was the 2008 economic crisis.
