Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/174159
Authors: 
Kosar, Nikolina
Masic, Sasa
Barjaktarovic, Lidija
Lazovic, Mihaela
Year of Publication: 
2016
Citation: 
[Journal:] UTMS Journal of Economics [ISSN:] 1857-6982 [Volume:] 7 [Year:] 2016 [Issue:] 2 [Pages:] 235-248
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.
Subjects: 
privatization
investment
finance
human resources
JEL: 
L83
P31
Z32
G32
Document Type: 
Article
Appears in Collections:

Files in This Item:
File
Size
462.71 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.