LIMITING FACTORS FOR THE DEVELOPMENT OF THE SERBIAN HOSPITALITY INDUSTRY
Journal Title: UTMS Journal of Economics - Year 2016, Vol 7, Issue 2
Abstract
Heterogeneity and complexity determine multidisciplinary approach to the hospitality research. Identification and analysis of limited hospitality development factors imply very complex scientific approach. Case study methodology is applied on Republic of Serbia, which is transition country and candidate for EU accession. Research results identified key factors which had impact on lag, stagnation and contemporary level of hospitality development. Firstly, way of executed privatization process of hospitality companies in Serbia i.e. only ownership transformation, as part of business transformation, was done (organizational, management, technological, financial and human resources parts of business transformation didn’t implement). Secondly, non-acceptable terms and conditions of credit lines for financing privatization and future business of privatized hospitality companies. Furthermore, buyers of privatized hospitality companies didn’t prepared adequate projections of cash flow and sources of financing (owned and borrowed). Finally, technological development and human resources were result of the first mentioned limited factor. In order to improve business in hospitality industry in transition economies, all stakeholders should be involved. State should improve business environment. Educational institutions should create applicable programs on market. Investors should be ready to invest in technological and human resource development. Banks should implement the best financing practice from headquarters in EU.
Authors and Affiliations
Nikolina Kosar, Sasa Masic, Lidija Barjaktarovic, Mihaela Lazovic
Keywords
Related Articles
- EP ID EP274278
- DOI -
- Views 106
- Downloads 0
FINANCIAL ANALYSIS FUNDAMENT FOR ASSESSMENT THE VALUE OF THE COMPANY
Lack of capital market development cause that calculating the value of companies in the small markets, such as the Croatian market, is carried out primarily from the analysis of financial statements. Lack of market devel...
CAUSES AND EFFECTS OF THE GLOBAL DECREASE IN DEMAND
The current economic crisis has been lasting too long, and particular examples of economic growth and unemployment reduction in some countries have not been the accelerator sufficient for the global recovery. The general...
YIELD CURVE IN BOSNIA AND HERZEGOVINA: FINANCIAL AND MACROECONOMIC FRAMEWORK
Finance and macroeconomics have different perspectives on the yield curve. In the case of Bosnia and Herzegovina, specific context, data issue and financial market that is in its developing phase, do not allow us to have...
VALUE-ADDED TAX AND ITS EFFICIENCY: EU–28 AND TURKEY
This paper analyses value-added tax (VAT), with special emphasis on efficiency in the EU-28 Member States and Turkey, over the period from 2009 to 2013. From the results of the analysis, we concluded that, the highest ef...
IMPROVING THE DISTRIBUTION OF BULGARIAN SEASIDE HOLIDAY HOTELS
This report aims at viewing and analysing the trends and changes in the channels for distribution of tourist products. The specific features of modern hotel management together with the tasks in the process of distributi...