Naslov
Financial Literacy of Hotel Managers in Croatia: An Insight into Personal Characteristics

Autori
Kundid Novokmet, Ana ; Žalić, Žana

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

Izvornik
Book of Proceedings „Economic and Social Development“ 26th International Scientific Conference on Economic and Social Development – "Building Resilient Society" / Potočan, Vojko ; Kalinić, Pavle ; Vuletić, Ante - Zagreb : Varaždin Development and Entrepreneurship Agency, Varaždin, Croatia, Faculty of Management University of Warsaw, Warsaw, Poland, University North, Koprivnica, Croatia, 2017, 533-543

Skup
„Economic and Social Development“ 26th International Scientific Conference on Economic and Social Development – "Building Resilient Society"

Mjesto i datum
Zagreb, Hrvatska, 08.12.2017. - 09.12.2017

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
corporate finance, financial literacy, hotel managers, personal characteristics, questionnaire

Sažetak
A widespread appearance of insufficient understanding of financial products’ key attributes, and generally lack of financial knowledge and literacy, poor consumer protection, deregulation and fierce competition in the financial-services industry were a fruitful ground for origination and distribution of predatory, destructive and usually very complex financial instruments, what altogether led to the global financial crisis. Therefore, one of the focal points towards which policymakers direct public attention nowadays is raising the level of financial literacy of financial consumers as a necessary prerequisite for making more informed financial decisions. Bearing that in mind, with this empirical survey we aim to explore personal factors which might explain disparities in the level of financial literacy, rather than investigating the effects of financial literacy on financial decisions and their successfulness. Furthermore, while personal finance and individuals or households are at the center of the most of studies, we pay attention to corporate finance, to be more precise, hotel managers, since tourism, hospitality and hotel industry are continuously increasing their importance in the Croatian economy. Besides examination of other personal characteristics, an assumption is made that hotel managers’ financial literacy is driven by the level of formal education, continuous professional specialization and consulting as well as work experience in comparable job positions. A questionnaire research encompassed 120 hotels (3, 4 and 5 star hotels) in the Split-Dalmatia County. The response rate was approximately 27% i.e. managers from 32 hotels filled out the questionnaire. The most of them had intermediate and higher level of financial literacy, while disparities in the level of financial literacy are explained with a presence or absence of professional specialization and consulting services. Thus, with an overall promotion of financial literacy importance, the concept of lifelong learning and using financial experts’ service in the corporate sector need to be emphasized in order to potentially boost the performance of this industry.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA