FINANCIAL RISK MANAGEMENT CHALLENGES IN CROATIA’S HOSPITALITY INDUSTRY
The main aim of this paper is to investigate the implementation of risk management in Croatia’s hospitality industry. By using a structured questionnaire, quantitative methodology was implemented for collection of primary data. The authors analyze data collected from hospitality industry professiona...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Business School PAR
2017-12-01
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| Series: | Journal of Business Paradigms |
| Subjects: | |
| Online Access: | http://journal.par.hr/archives/send/6-vol-2-no-2/29-financial-risk-management-challenges-in-croatia-s-hospitality-industry |
| Summary: | The main aim of this paper is to investigate the implementation of risk management in Croatia’s hospitality industry. By using a structured questionnaire, quantitative methodology was implemented for collection of primary data. The authors analyze data collected from hospitality industry professionals. The paper examines the implementation of financial and business risk management in companies and the application of methods for managing business and financial risks. Additionally, it provides an experience of practitioners on usage of financial billing instruments. The paper’s findings confirm that more developed and financially powerful companies such as hotels and tourist resorts systematically manage risks, as opposed to smaller businesses where no function is assigned to cover risk management, or it is performed by the person in charge, usually the owner/director. This study provides valuable information on previous research findings on business and financial risk management in hospitality industry as well as an interpretation of the present research. The paper provides an original perspective on business and financial risk management in the hospitality industry of Croatia. The limitation of this paper emerges from the fact that this is a first-of-its-kind analysis in the Croatian hospitality industry and it necessitates the collection of additional data. The paper provides academics and business practitioners with new outlook of the financial and business risk management in the Croatian hospitality industry. |
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| ISSN: | 2459-5004 2584-6612 |