| Abstract | Rad analizira mikroekonomske odrednice hotelske industrije u Republici Hrvatskoj, kao financijski najvažniji dio turističkog sektora koji ima širok i sveobuhvatan utjecaj na ukupno gospodarstvo. Za provedbu empirijskog dijela istraživanja korišteni su financijski podaci preuzeti s financijskih računa odabranih hotelskih poduzeća iz Republike Hrvatske dostupnih u Amadeus bazi podataka. Obuhvat podataka uključuje 653 hotelska poduzeća u vremenskom razdoblju od 2010. do 2017. godine. Istraživanje je fokusirano na mikroekonomske odrednice rentabilnosti poduzeća koje su pod utjecajem poduzeća i prvenstveno ovise o kvaliteti menadžmenta i ljudskih potencijala, strukturi imovine, prihoda i troškova i organizacijskoj strukturi poduzeća. Iz uzorka od mogućih 1027 poduzeća su izostavljena poduzeća koja nemaju podatke o novčanom toku, ROA, ROE te broju zaposlenika za zadnje 4 godine, od 2013. - 2017. godine. U svrhu postizanja ciljeva istraživanja u radu se koriste grafičke i numeričke metode deskriptivne statistike, te metode panel analize. Testom jediničnog korijena utvrđena je stacionarnost podataka, nakon čega su procijenjeni sljedeći panel modeli: združeni model, panel model s fiksnim efektom i panel model sa slučajnim efektom. Nakon prikaza rezultata procijenjenih modela proveli su se Hausmanov test, Waldov test, F-test, Breusch-Paganov LM test i Lagrange multiplier test. Temeljem teorijskih spoznaja o rentabilnosti i ulozi kontrolinga u mjerenju uspješnosti poslovanja definirane su i hipoteze istraživanja koje su dokazane u sklopu provedenog istraživanja o utjecaju kontrolinga u mjerenju uspješnosti poslovanja hotelske industrije u Hrvatskoj i učinku novčanog toka na rentabilnost hotelskih poduzeća u Hrvatskoj. |
| Abstract (english) | This paper analyzes microeconomic determinants of hospitality hotel industry in Republic of Croatia, as financially most important part of the tourism sector, which has a wide and comprehensive impact on the total economy in country. The financial data were used to implement the empirical part of the research. Same data were downloaded from the financial accounts of selected hotel companies in the Republic of Croatia, which are available in the Amadeus database.The coverage of data includes 653 hotel companies, in between 2010 to 2017.The research is focused on microeconomic determinants of the profitability of companies and enterprises, which are affected by the enterprise itself. They primarily depend on the quality of management and human resources, the structure of assets, income and expenses and organizational structure of the company itself.From the reserach sample of 1027 potential companies, there were left out ones that did not have data about cash flow, ROA, ROE, and number of employees for the last 4 years, from 2013 to 2017.This paper uses the graphical and numerical methods of descriptive statistics and methods panel analysis for the purpose of achieving research goals.With the unit root test, the stationarity of the data was determined, and following panel models were estimated: a joint model, a fixed panel model and a random model panel.There were carried out Hausman's test, Wald's test, F-test, Breusch-Pagan's LM test, and Lagrange multiplier test after showing results of above estimated models. Based on theoretical knowledge of profitability and role of controlling in businesses performance measurement there are also defined proven hypothesis as a part of the research project on the influence of controlling the measurement of the success of the hotel industry in Croatia and the cash flow effect on the profitability of hotel companies in Croatia |
