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Financial analysis as a measure of risk management in Croatia's hotel industry (CROSBI ID 670283)

Prilog sa skupa u časopisu | izvorni znanstveni rad | međunarodna recenzija

Karanović, Goran ; Karanović, Bisera ; Štambuk, Ana Financial analysis as a measure of risk management in Croatia's hotel industry // KnE social sciences, 4 / Polychronidou, Persefoni ; Karasavvoglou, Anastasios (ur.). 2018. str. 88-106 doi: 10.18502/kss.v3i10.3532

Podaci o odgovornosti

Karanović, Goran ; Karanović, Bisera ; Štambuk, Ana

engleski

Financial analysis as a measure of risk management in Croatia's hotel industry

The purpose of this article is to examine the relative financial performance of the Croatian hotel industry and identify recent trends by combining fundamental financial analysis, descriptive statistics and trend analysis as measures of risk management. Based on the data aggregated from the Croatian Financial Agency (FINA) for the period of 2007-2017, cumulative financial statements are generated for the entire hotel industry. The findings of ratio analysis reveal that although hotel companies have experienced strong growth in real estate investments and capital reserves accumulation during the period, the overall hotel industry in Croatia is nevertheless highly leveraged, operationally inefficient, unprofitable and plagued with liquidity problems. Most of these issues can be attributed to the unfinished transition of select hotel companies to a free market economy. The study’s results are relevant both for the scientific and the professional field, as empirical analyses of financial performance of the domestic hotel industry have been scarce to date. In that respect, this has been a first study of its sort conducted for the hotel industry in Croatia which addresses the lack of existing literature and is expected to provoke similar studies in the future.

risk management ; fundamental analysis ; ratio analysis ; hotels ; Croatia

This paper has been financially supported by the University of Rijeka, for the project ZP UNIRI 2/17.

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Podaci o prilogu

88-106.

2018.

4

objavljeno

10.18502/kss.v3i10.3532

Podaci o matičnoj publikaciji

KnE social sciences

Polychronidou, Persefoni ; Karasavvoglou, Anastasios

Varšava: Eastern Macedonia and Thrace Institute of Technology –Department of Accounting and Finance, Greece, Warsaw School of Economics, Poland, and Poznań University of Economics and Business, Poland

2518-668X

Podaci o skupu

The Economies of the Balkan and Eastern Europe Countries in the Changed World (EEBEEC 2018)

predavanje

11.05.2018-13.05.2018

Varšava, Poljska

Povezanost rada

Ekonomija

Poveznice