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Analysis of modern methods for increasing and managing the financial prosperity of businesses in the context of performance: a case study of the tourism sector in Slovakia

Oeconomia Copernicana, 2020-03, Vol.11 (1), p.95-116 [Peer Reviewed Journal]

2020. This work is published under https://creativecommons.org/licenses/by/4.0 (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2083-1277 ;EISSN: 2353-1827 ;DOI: 10.24136/oc.2020.004

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  • Title:
    Analysis of modern methods for increasing and managing the financial prosperity of businesses in the context of performance: a case study of the tourism sector in Slovakia
  • Author: Onuferová, Erika ; Čabinová, Veronika ; Vargová, Tünde Dzurov
  • Subjects: Accounting - Business Administration ; Business Economy / Management ; Business metrics ; business performance ; Economic conditions ; Economic value added ; Financial management ; Financial performance ; Financial services ; Literature reviews ; Methodology and research technology ; modern methods ; performance benchmarking ; Performance evaluation ; principal component analysis ; Principal components analysis ; Research methodology ; Social responsibility ; Stockholders ; Studies ; Tourism ; Travel agencies
  • Is Part Of: Oeconomia Copernicana, 2020-03, Vol.11 (1), p.95-116
  • Description: Research background: In the context of constantly changing business environment, the financial sector is focusing on new trends in financial management systems. Nowadays, there is a need to achieve long-term financial growth, so financial managers try to develop new models for managing and improving the financial performance of businesses in economic practice. Purpose of the article: This article aims to determine the financial performance of travel agencies by applying modern business performance evaluation methods in order to create a performance portfolio (ranking) for the years 2013–2017, subsequently to reveal the concordance rate of order of the selected business entities by comparing applied financial methods in the context of performance benchmarking. The research question is as follows: Does the multidimensional PCA method in the form of the performance portfolio of travel agencies provide similar financial results compared to the EVA indicator? Methods: For measuring the financial performance of businesses, the method of Principal Component Analysis (PCA) and the indicator Economic Value Added (EVA) were chosen. Spearman’s rank-order correlation was applied in order to reveal the concordance rate of the analyzed travel agencies. Findings & Value added: The results indicate that by applying the PCA method, 6 key performance factors can be identified. Moreover, the findings revealed that the assessment of travel agencies using the PCA method and EVA indicator did not lead to the same financial results. Individual financial methods identified a different number of strong-performing and inefficient business entities. In this backdrop, we concluded that the business performance measurement based on the PCA method is not a suitable alternative to measuring performance using the EVA indicator.
  • Publisher: Torun: Institute of Economic Research
  • Language: English
  • Identifier: ISSN: 2083-1277
    EISSN: 2353-1827
    DOI: 10.24136/oc.2020.004
  • Source: CEEOL: Open Access
    ROAD: Directory of Open Access Scholarly Resources
    ProQuest Central
    DOAJ Directory of Open Access Journals
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