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Limiting Factors For The Development Of The Serbian Hospitality Industry

Author

Listed:
  • Kosar, Nikolina

    (The College of Tourism, Beograd)

  • Masic, Sasa

    (The College of Tourism, Beograd, Serbia)

  • Barjaktarovic, Lidija

    (The College of Tourism, Beograd, Serbia)

  • Lazovic, Mihaela

    (The College of Tourism, Beograd, Serbia)

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.

Suggested Citation

  • Kosar, Nikolina & Masic, Sasa & Barjaktarovic, Lidija & Lazovic, Mihaela, 2016. "Limiting Factors For The Development Of The Serbian Hospitality Industry," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 7(2), pages 235-248.
    • Handle: RePEc:ris:utmsje:0189
    as

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    References listed on IDEAS

    as
    1. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
    2. Valerie Mercer-Blackman & Anna Unigovskaya, 2004. "Compliance with IMF Program Indicators and Growth in Transition Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 40(3), pages 55-83, May.
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    More about this item

    Keywords

    privatization; investment; finance; human resources;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
    • Z32 - Other Special Topics - - Tourism Economics - - - Tourism and Development

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