IDEAS home Printed from https://ideas.repec.org/a/cuc/eforum/v16y2026i3p8-19.html

The formation of innovative development strategies for Ukrainian hospitality sector corporations based on digital transformation and sustainable development

Author

Listed:
  • Alla Okhrimenko
  • Maryna Yaremova
  • Inna Senenko

Abstract

The relevance of this research topic stems from structural changes in the functioning of the hospitality sector, caused by the consequences of the COVID-19 pandemic and Russia’s full-scale war against Ukraine, which have led to the transformation of business models, changes in the structure of demand, and a reorientation of hotel corporations’ activities towards the domestic market and digital channels of interaction with consumers. The aim of this article was to justify approaches to the formation of innovative development strategies for Ukrainian hospitality corporations based on digital transformation and sustainable development, taking into account the challenges of an unstable environment. The study analysed the financial indicators of seven entities in Ukraine’s hospitality sector, representing international hotel chains and national corporate hotel groups, namely Hyatt Regency Kyiv, Hilton Kyiv, InterContinental Kyiv, Radisson Blu Resort Bukovel, Emily Resort, City Hotel and Premier Palace Hotel. The empirical basis consisted of data on revenue, profit and assets for the years 2021-2025, obtained from publicly available financial sources. Significant differences in financial performance were identified between the groups of corporations under study, attributable to varying levels of digital transformation, managerial maturity and the integration of sustainable development principles. The analysis revealed a crisis-driven transformation in the financial performance of Ukrainian hospitality corporations, caused by military and economic challenges. It was found that the pace of recovery in revenue and profitability varied depending on the type of corporation, the level of integration into international hotel chains and strategic management approaches. It was demonstrated that the key determinants of financial stability were the digitalisation of business processes and the integration of environmental, social and governance (ESG) principles of sustainable development into corporate activities. As a result of the study, a conceptual model for formulating innovative development strategies for hospitality corporations has been proposed, which has been formalised as a functional relationship between financial performance and the level of digital transformation, ESG orientation and business structure characteristics. The practical significance of the results lies in their potential use to inform strategic decisions and enhance the competitiveness of hospitality corporations in an unstable external environment

Suggested Citation

  • Alla Okhrimenko & Maryna Yaremova & Inna Senenko, 2026. "The formation of innovative development strategies for Ukrainian hospitality sector corporations based on digital transformation and sustainable development," E-Forum Working Papers, Economic Forum, vol. 16(3), pages 8-19, September.
    • Handle: RePEc:cuc:eforum:v:16:y:2026:i:3:p:8-19
    DOI: https://doi.org/10.62763/ef/3.2026.08
    as

    Download full text from publisher

    File URL: https://e-forum.com.ua/web/uploads/pdf/EF_16_3_2026_8-19.pdf
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.62763/ef/3.2026.08?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    2. David J. Teece, 2007. "Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance," Strategic Management Journal, Wiley Blackwell, vol. 28(13), pages 1319-1350, December.
    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. Tingqian Pu, 2025. "Bridging digitalization and environmental, social, and governance performance: the moderating effect of CEO duality and government linked corporations," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-19, December.
    2. Jolien Roelandt & Petra Andries & Mirjam Knockaert, 2022. "The contribution of board experience to opportunity development in high-tech ventures," Small Business Economics, Springer, vol. 58(3), pages 1627-1645, March.
    3. Dildar Hussain & Marijana Sreckovic & Josef Windsperger, 2018. "An organizational capability perspective on multi-unit franchising," Small Business Economics, Springer, vol. 50(4), pages 717-727, April.
    4. Hermano, Víctor & Martín-Cruz, Natalia, 2016. "The role of top management involvement in firms performing projects: A dynamic capabilities approach," Journal of Business Research, Elsevier, vol. 69(9), pages 3447-3458.
    5. César Camisón-Zornoza & Beatriz Forés-Julián & Alba Puig-Denia & Sergio Camisón-Haba, 0. "Effects of ownership structure and corporate and family governance on dynamic capabilities in family firms," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-34.
    6. Volker Stein & Arnd Wiedemann, 2016. "Risk governance: conceptualization, tasks, and research agenda," Journal of Business Economics, Springer, vol. 86(8), pages 813-836, November.
    7. César Camisón-Zornoza & Beatriz Forés-Julián & Alba Puig-Denia & Sergio Camisón-Haba, 2020. "Effects of ownership structure and corporate and family governance on dynamic capabilities in family firms," International Entrepreneurship and Management Journal, Springer, vol. 16(4), pages 1393-1426, December.
    8. O'Connell, Vincent & Lee, Jong-Ho & O'Sullivan, Don, 2018. "The influence of CEO equity incentives on licensing," European Management Journal, Elsevier, vol. 36(2), pages 266-277.
    9. Jaeyoung Kang, 2014. "Roles of Board of Directors in Organizational Ambidexterity," Journal of Management and Strategy, Journal of Management and Strategy, Sciedu Press, vol. 5(4), pages 99-109, November.
    10. Conan L. Hom & Daniel Samson & Peter B. Cebon & Christina Cregan, 2021. "Inside the black box: an investigation of non-executive director activity through the lens of dynamic capability," Asia Pacific Journal of Management, Springer, vol. 38(3), pages 857-895, September.
    11. Peter Baldacchino & Emily Raggio & Lauren Ellul & Norbert Tabone & Simon Grima, 2026. "Essential Governance Competences of Board Chairs in Maltese Listed Entities," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 229-254.
    12. Tim Heubeck & Reinhard Meckl, 2023. "Microfoundations of innovation: A dynamic CEO capabilities perspective," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(6), pages 3108-3126, September.
    13. Tim Heubeck, 2024. "Walking on the gender tightrope: Unlocking ESG potential through CEOs' dynamic capabilities and strategic board composition," Business Strategy and the Environment, Wiley Blackwell, vol. 33(3), pages 2020-2039, March.
    14. Akihiko Mori & Jin-ichiro Yamada & Toru Yoshikawa, 2026. "Pathways to independent governance: a fuzzy-set analysis of Post-IPO board transformations in Japanese venture firms," Asian Business & Management, Palgrave Macmillan, vol. 25(1), pages 112-139, February.
    15. Carl Åberg & Wei Shen, 2020. "Can board leadership contribute to board dynamic managerial capabilities? An empirical exploration among Norwegian firms," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(1), pages 169-197, March.
    16. Heider, Anne & Gerken, Maike & van Dinther, Nicolas & Hülsbeck, Marcel, 2021. "Business model innovation through dynamic capabilities in small and medium enterprises – Evidence from the German Mittelstand," Journal of Business Research, Elsevier, vol. 130(C), pages 635-645.
    17. Ebrahim, Ahmed & Fattah, Tarek Abdel, 2015. "Corporate governance and initial compliance with IFRS in emerging markets: The case of income tax accounting in Egypt," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 24(C), pages 46-60.
    18. Marina Dabić & Jane Maley & Leo-Paul Dana & Ivan Novak & Massimiliano M. Pellegrini & Andrea Caputo, 2020. "Pathways of SME internationalization: a bibliometric and systematic review," Small Business Economics, Springer, vol. 55(3), pages 705-725, October.
    19. Sang Cheol Lee & Mooweon Rhee & Jongchul Yoon, 2018. "Foreign Monitoring and Audit Quality: Evidence from Korea," Sustainability, MDPI, vol. 10(9), pages 1-22, September.
    20. Swen Nadkarni & Reinhard Prügl, 2021. "Digital transformation: a review, synthesis and opportunities for future research," Management Review Quarterly, Springer, vol. 71(2), pages 233-341, April.

    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:cuc:eforum:v:16:y:2026:i:3:p:8-19. 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: Economic Forum (email available below). General contact details of provider: https://e-forum.com.ua/ .

    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.