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PROFITABILITY DETERMINANTS OF HOTEL INDUSTRY IN AP VOJVODINA Branimir Kalaš Vera Mirović Nataša Pavlović Faculty of Economics in Subotica, University of Novi Sad, Segedinski put 9-11, 24000, Subotica, Serbia DOI: https://doi.org/10.31410/tmt.2019.47 4th International Thematic Monograph - Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2019, Published by: Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia; ISSN 2683-5673, ISBN 978-86-80194-29-5; Editors: Vuk Bevanda, associate professor, Faculty of Social Sciences, Belgrade, Serbia; Snežana Štetić, full time professor, The College of Tourism, Belgrade, Serbia, Printed by: SKRIPTA International, Belgrade
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Abstract: The tourism sector in Vojvodina includes 220 hotels registered in AP Vojvodina in 45 municipalities and their performances have a significant role for development of tourism in this Province. The most hotels are concentrated in Novi Sad and Subotica, where hotels in these cities consist 40% of total hotels in AP Vojvodina. The aim of this chapter is to analyze the profitability of hotels in AP Vojvodina in terms of modelling impact of internal factors. The chapter includes multivariate analysis of variance, as well as regression models which enable identifying profitability level of hotels and how liquidity, debt, financial stability, size and sale growth affect the profitability. Keywords: profitability, internal factors, hotels, AP Vojvodina. REFERENCES Agiomirgianakis, G. M., Magoutas, A., & Sfakianakis, G. (2013). Determinants of profitability in the Greek tourism sector revisited: The impact of the economic crisis. 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