Naslov
THE EFFECT OF COVID-19 ON THE FINANCIAL PERFORMANCE OF THE HOSPITALITY INDUSTRY: THE CASE OF CROATIA

Autori
Šišara, Jelena ; Perišić, Ana

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
12th International Scientific Symposium “Region, Entrepreneurship, Development” / Leko Šimić, Mirna - Osijek : Sveučilište J.J. Strossmayera u Osijeku, 2023, 209-225

Skup
12th International Scientific Symposium “Region, Entrepreneurship, Development”

Mjesto i datum
Osijek, Hrvatska, 15.06.2023. - 16.06.2023

Vrsta sudjelovanja
Ostalo

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Financial performance, Tourism, Hospitality industry, Hotel companies, Covid-19.

Sažetak
Although tourism has faced numerous crises through history, the Covid-19 pandemic caused unprecedented consequences on a global scale. Governments across the world introduced protective measures such as community lockdowns, social distancing, stay-at-home orders, travel and mobility restrictions. Introduced measures led to a collapse in international and domestic travel, caused an unprecedented fall in tourism demand and a temporary closure of the hospitality businesses worldwide. Consequently, the hospitality industry faced massive financial losses and went into crisis mode which confronted this industry with tremendous challenges. This research is focused on the hospitality industry in Croatia where tourism has a significant direct impact on GDP growth and a significant contribution to national exports. Prior to the pandemic, tourism in Croatia had been steadily rising. The number of tourist arrivals and overnight stays reached the highest levels in 2019, followed by a steep decline in 2020 due to the pandemic. The main goal of this study is to analyse the effect of the Covid-19 pandemic on the hospitality industry in Croatia where we focus on the analysis of financial indicators. Financial indicators selected for the analysis cover several categories: current liquidity ratio, solvency ratios, activity ratio – total turnover ratio, and profitability ratios – return on assets and profit margin i.e. return on sales. Moreover, return on assets will be measured by the Du Pont system of indicators in order to gain a clearer insight into the business performance. Selected financial indicators related to the hospitality industry in Croatia are evaluated for the 2019-2021 period, before and during the Covid-19 pandemic. The analysis encompasses hotel companies that are categorized into “Accommodation and food service activities”, class I 55.10 – “Hotels and similar accommodation” by the National Classification of Activities.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA