IDEAS home Printed from https://ideas.repec.org/a/cbu/jrnlec/y2025v2p15-33.html

Unveiling Financial Crisis Drivers And Proposing A Sustainability Model In The Hotel Industry

Author

Listed:
  • FATEMEH DEKAMINI

    (DEPARTMENT OF BUSINESS MANAGEMENT, MAHAN BUSINESS SCHOOL, TEHRAN, IRAN)

  • ABBAS DASTANPOUR HOSSEIN ABADI

    (DEPARTMENT OF ACCOUNTING, FACULTY OF ADMINISTRATIVE SCIENCES AND ECONOMICS, ISFAHAN UNIVERSITY, ISFAHAN, IRAN)

  • SHIMA SAFAR MOHAMMADLUO

    (FACULTY OF MANAGEMENT AND ECONOMICS, RESEARCH AND SCIENCES BRANCH, ISLAMIC AZAD UNIVERSITY, TEHRAN, IRAN)

  • REZVAN POURMANSOURI

    (DEPARTMENT OF FINANCIAL MANAGEMENT, SCIENCE AND RESEARCH BRANCH, ISLAMIC AZAD UNIVERSITY, TEHRAN, IRAN)

  • RAMONA BIRAU

    (UNIVERSITY OF CRAIOVA, "EUGENIU CARADA" DOCTORAL SCHOOL OF ECONOMIC SCIENCES, CRAIOVA, ROMANIA & CONSTANTIN BRÂNCUȘI” UNIVERSITY OF TARGU JIU, FACULTY OF ECONOMIC SCIENCE, TG-JIU, ROMANIA)

  • ROBERT DORIN FILIP

    (UNIVERSITY OF CRAIOVA, "EUGENIU CARADA" DOCTORAL SCHOOL OF ECONOMIC SCIENCES, CRAIOVA, ROMANIA)

  • STEFAN MARGARITESCU

    (UNIVERSITY OF CRAIOVA, "EUGENIU CARADA" DOCTORAL SCHOOL OF ECONOMIC SCIENCES, CRAIOVA, ROMANIA)

Abstract

This study aims to classify the factors contributing to financial crises in the hotel industry, structured according to the stages of crisis management. It seeks to identify and explore the fundamental causes of financial issues, addressing the gap in comprehensive frameworks for managing financial crises in this sector.The study employs a grounded theory approach with an applied, descriptive-correlational design. Data collection involved field and library methods, utilizing in-depth interviews and questionnaires. Theoretical saturation was achieved after 18 interviews, out of 22 conducted, and 180 questionnaires were distributed across five-star hotels during the first half of 2024. Commonality calculations indicated that all factors had values above 50%, affirming their capacity to explain variability.The findings reveal that the revenue phase, facilitation conditions, and supportive policies are among the critical factors influencing financial crises in the hotel industry during times of crisis. Variability among variables highlights the complexity of these relationships.This research addresses the lack of a comprehensive classification system for financial crisis management in the hotel industry. By employing a systematic approach to factor identification and categorization, it provides valuable insights for improving crisis management strategies and enhancing the industry's resilience.

Suggested Citation

  • Fatemeh Dekamini & Abbas Dastanpour Hossein Abadi & Shima Safar Mohammadluo & Rezvan Pourmansouri & Ramona Birau & Robert Dorin Filip & Stefan Margaritescu, 2025. "Unveiling Financial Crisis Drivers And Proposing A Sustainability Model In The Hotel Industry," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 2, pages 15-33, April.
    • Handle: RePEc:cbu:jrnlec:y:2025:v:2:p:15-33
    as

    Download full text from publisher

    File URL: https://www.utgjiu.ro/revista/ec/pdf/2025-02/02_Fatemeh.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Qi Zhang & Lawrence Loh & Weiwei Wu, 2020. "How do Environmental, Social and Governance Initiatives Affect Innovative Performance for Corporate Sustainability?," Sustainability, MDPI, vol. 12(8), pages 1-18, April.
    2. Eleonora Santos, 2023. "From Neglect to Progress: Assessing Social Sustainability and Decent Work in the Tourism Sector," Sustainability, MDPI, vol. 15(13), pages 1-25, June.
    3. Ernestina Rubio-Mozos & Fernando E. García-Muiña & Laura Fuentes-Moraleda, 2020. "Sustainable Strategic Management Model for Hotel Companies: A Multi-Stakeholder Proposal to “Walk the Talk” toward SDGs," Sustainability, MDPI, vol. 12(20), pages 1-25, October.
    4. Mahmoud Dehghan Nayeri & Moein Khazaei & Dania Abdolahbeigi, 2022. "The drivers of success in new-service development: rough set theory approach," International Journal of Services and Operations Management, Inderscience Enterprises Ltd, vol. 43(4), pages 421-439.
    5. Leo-Paul Dana & Mehdi Tajpour & Aidin Salamzadeh & Elahe Hosseini & Mahnaz Zolfaghari, 2021. "The Impact of Entrepreneurial Education on Technology-Based Enterprises Development: The Mediating Role of Motivation," Administrative Sciences, MDPI, vol. 11(4), pages 1-17, September.
    6. Muhammad Farrukh & Chong Wei Ying & Nazar Omer Abdallah Ahmed, 2016. "Organizational commitment: Does religiosity matter?," Cogent Business & Management, Taylor & Francis Journals, vol. 3(1), pages 1239300-123, December.
    7. Moein Khazaei & Mohammad Ramezani & Amin Padash & Dorien DeTombe, 2021. "Creating shared value to redesigning IT-service products using SYRCS; Diagnosing and tackling complex problems," Information Systems and e-Business Management, Springer, vol. 19(3), pages 957-992, September.
    8. Atour Taghipour & Parvaneh Zeraati Foukolaei & Maryam Ghaedi & Moein Khazaei, 2023. "Sustainable Multi-Objective Models for Waste-to-Energy and Waste Separation Site Selection," Sustainability, MDPI, vol. 15(22), pages 1-18, November.
    9. Atour Taghipour & Arvin Fooladvand & Moein Khazaei & Mohammad Ramezani, 2023. "Criteria Clustering and Supplier Segmentation Based on Sustainable Shared Value Using BWM and PROMETHEE," Sustainability, MDPI, vol. 15(11), pages 1-18, May.
    10. Mahmoud Dehghan Nayeri & Moein Khazaei & Fatemeh Alinasab-Imani, 2020. "The Critical Heuristics of Iranian Banking Credit System: Analysis of the Antithetical Opinions of the Beneficiaries," Systemic Practice and Action Research, Springer, vol. 33(3), pages 363-392, June.
    11. Sadiku-Dushi, Nora & Dana, Léo-Paul & Ramadani, Veland, 2019. "Entrepreneurial marketing dimensions and SMEs performance," Journal of Business Research, Elsevier, vol. 100(C), pages 86-99.
    12. Atour Taghipour & Mohammad Ramezani & Moein Khazaei & Vahid Roohparvar & Erfan Hassannayebi, 2023. "Smart Transportation Behavior through the COVID-19 Pandemic: A Ride-Hailing System in Iran," Sustainability, MDPI, vol. 15(5), pages 1-23, February.
    13. Shani Adams & Yoshimasa Kageyama & Albert A Barreda, 2022. "Sustainability Efforts in the Hotel Industry: A Systematic Literature Review," Journal of Tourism Management Research, Conscientia Beam, vol. 9(1), pages 9-23.
    14. Mohammad Ehsanifar & Fatemeh Dekamini & Cristi Spulbar & Ramona Birau & Moein Khazaei & Iuliana Carmen Bărbăcioru, 2023. "A Sustainable Pattern of Waste Management and Energy Efficiency in Smart Homes Using the Internet of Things (IoT)," Sustainability, MDPI, vol. 15(6), pages 1-18, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mehdi Tajpour & Fatemeh Dekamini & Shima SafarMohammadluo & Moein Norouzi Movahed & Farzaneh madadpour, 2025. "The impact of innovation management on the sustainability of small and medium enterprises with the role of entrepreneurship mediation," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-19, December.
    2. Atour Taghipour & Arvin Fooladvand & Moein Khazaei & Mohammad Ramezani, 2023. "Criteria Clustering and Supplier Segmentation Based on Sustainable Shared Value Using BWM and PROMETHEE," Sustainability, MDPI, vol. 15(11), pages 1-18, May.
    3. Ramezani, Mohammad & Khazaei, Moein & Gholian-Jouybari, Fatemeh & Sandoval-Correa, Alejandro & Bonakdari, Hossein & Hajiaghaei-Keshteli, Mostafa, 2024. "Turquoise hydrogen and waste optimization: A Bi-objective closed-loop and sustainable supply chain model for a case in Mexico," Renewable and Sustainable Energy Reviews, Elsevier, vol. 195(C).
    4. Atour Taghipour & Moein Khazaei & Adel Azar & Ali Rajabzadeh Ghatari & Mostafa Hajiaghaei-Keshteli & Mohammad Ramezani, 2022. "Creating Shared Value and Strategic Corporate Social Responsibility through Outsourcing within Supply Chain Management," Sustainability, MDPI, vol. 14(4), pages 1-25, February.
    5. Bandara, KBTUK & Jayasundara, JMSB & Naradda Gamage, Sisira Kumara & Ekanayake, EMS & Rajapackshe, PSK & Abeyrathne, GAKNJ & Prasanna, RPIR, 2020. "Entrepreneurial Marketing & Performance of Small & Medium Enterprises in Developed and Developing Economies: A Conceptual Exploration," MPRA Paper 104341, University Library of Munich, Germany.
    6. Ayamga, Matthew & Annosi, Maria Carmela & Kassahun, Ayalew & Dolfsma, Wilfred & Tekinerdogan, Bedir, 2024. "Adaptive organizational responses to varied types of failures: Empirical insights from technology providers in Ghana," Technovation, Elsevier, vol. 129(C).
    7. Shiran Lin & He Zhu & Jiaming Liu & Fengjiao Li & Chenrouyu Zheng, 2025. "Why Do Tourists Visit the Food Market? A Host–Guest Sharing Model Based on the Theory of Self-Regulation," Land, MDPI, vol. 14(2), pages 1-35, February.
    8. Ramadani, Veland & Rahman, Md. Mizanur & Salamzadeh, Aidin & Rahaman, Md. Saidur & Abazi-Alili, Hyrije, 2022. "Entrepreneurship Education and Graduates' Entrepreneurial Intentions: Does Gender Matter? A Multi-Group Analysis using AMOS," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    9. Nasib Dar & Muhammad Usman & Jin Cheng & Usman Ghani, 2023. "Social Undermining at the Workplace: How Religious Faith Encourages Employees Who are Aware of Their Social Undermining Behaviors to Express More Guilt and Perform Better," Journal of Business Ethics, Springer, vol. 187(2), pages 371-383, October.
    10. Zahra Amiri & Arash Heidari & Mehdi Darbandi & Yalda Yazdani & Nima Jafari Navimipour & Mansour Esmaeilpour & Farshid Sheykhi & Mehmet Unal, 2023. "The Personal Health Applications of Machine Learning Techniques in the Internet of Behaviors," Sustainability, MDPI, vol. 15(16), pages 1-41, August.
    11. Fabio Caputo & Rossella Leopizzi, 2021. "Achieving Sustainable Development Goals (SDGs) among Walking and Talking," Sustainability, MDPI, vol. 13(5), pages 1-4, February.
    12. Matthew Hutcheson & Alec Morton & Shona Blair, 2024. "Exploring Perspectives on Agroecological Transition in Scotland with Critical Systems Heuristics," Systemic Practice and Action Research, Springer, vol. 37(4), pages 459-482, August.
    13. Konstantinos Velaoras & Angeliki N. Menegaki & Serafeim Polyzos & Katerina Gotzamani, 2025. "The Role of Environmental Certification in the Hospitality Industry: Assessing Sustainability, Consumer Preferences, and the Economic Impact," Sustainability, MDPI, vol. 17(2), pages 1-31, January.
    14. Rrezon Lajçi & Gentrit Berisha & Besnik Krasniqi, 2024. "Making of intrapreneurial managers: Investigating unethical behavior, risk-taking, and decision-making speed as antecedents," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 20(2), pages 53-74.
    15. Franco Rubino & Francesco Napoli, 2020. "What Impact Does Corporate Governance Have on Corporate Environmental Performances? An Empirical Study of Italian Listed Firms," Sustainability, MDPI, vol. 12(14), pages 1-21, July.
    16. Marisa R. Ferreira & Vítor Braga & María Isabel Sánchez-Hernández & Joana Gomes, 2024. "Framing the fourth sector – dystopia or future contours?," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 21(4), pages 887-914, December.
    17. Sarah Qaim & Nazima Ellahi, 2024. "Implications of Policies and Governance on Financial Sustainability in the Light of Earning Management: An Evidence from an Emerging Economy," SAGE Open, , vol. 14(4), pages 21582440241, October.
    18. Trespeuch Léo & Robinot Élisabeth, 2023. "Exploring the Impact of Corporate Philanthropy on Brand Authenticity in the Luxury Industry: Scale Development and Empirical Studies," Sustainability, MDPI, vol. 15(16), pages 1-21, August.
    19. Wanli Deng & Juan Wang, 2023. "The effect of entrepreneurship education on the entrepreneurial intention of different college students: Gender, household registration, school type, and poverty status," PLOS ONE, Public Library of Science, vol. 18(7), pages 1-31, July.
    20. Dana F. Kakeesh & Ghazi A. Al-Weshah & Ali A. Alalwan, 2025. "Entrepreneurial marketing and business performance in SMEs: the mediating role of competitive aggressiveness," Journal of Marketing Analytics, Palgrave Macmillan, vol. 13(4), pages 1133-1156, December.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cbu:jrnlec:y:2025:v:2:p:15-33. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ecobici Nicolae (email available below). General contact details of provider: https://edirc.repec.org/data/fetgjro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.