EQUITY MANAGEMENT OF THE TOURISM SECTOR ENTERPRISES IN THE SLOVAK REPUBLIC
Katarína Tasáryová - University of Economics in Bratislava, Dolnozemská cesta 1, 852 35 Bratislava, Slovakia
Renáta Pakšiová - University of Economics in Bratislava, Dolnozemská cesta 1, 852 35 Bratislava, Slovakia
DOI: https://doi.org/10.31410/tmt.2020.147
5th International Thematic Monograph - Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2020, 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 978-86-80194-42-4; 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
Abstract: Since its expansion at the beginning of the 20th century, tourism has shown its strength and importance. Tourism is a link between several economic sectors, thanks to its accumulated development potential. One of the main goals of business entities from the financial point of view is to achieve profit. The second is the maximize the value of the company, which can be affected by the achievement of profit. Companies operating in the field of tourism in the Slovak Republic are no exception. The chapter deals with the analysis of their equity, including its individual items with an emphasis on the going concern. Using Pearson’s correlation coefficient, we identify the relationship between equity and its individual items. The aim of the chapter is, based on indebtedness indicators, specifically total indebtedness and the degree of self-financing to assess the adequacy of own resources needed to finance its activities in this sector in the Slovak Republic, while marginally analyzing the impact of COVID-19 on the tourism sector in Slovakia.
Keywords: Share capital, Retained earnings, Profit, Loss.
REFERENCES
Act No. 431/2002 Coll. on accounting, as amended.
Act No. 513/1991 Coll., Commercial Code, as amended.
Ashworth, J. & Thomas, B. (1999). Patterns of Seasonality in Employment in Tourism in the
UK, Applied Economics Letters, 6(11), 735-739.
Beránek, J. (2013). Tourism economy. Praha: mag CONSULTING.
Brida, G. H., Barquet, A. & Risso, A. W. (2010). Causality between economic growth and tourism
expansion: empirical evidence from Trentino-Alto Adige, Tourismos: An International
Multidisciplinary Journal of Tourism, 5(2), 87-98.
Brida, J. G., Pereyra, J. S., Such Devesa, M. J. & Zapata Aguirre, S. (2008). La contribución del
turismo al crecimiento económico. Cuadernos de Turismo, 22, 35–46.
CDB SK (2020). Map of regions in Slovakia. Retrieved from: https://www.cdb.sk/sk/Vystupy-
CDB/Mapy-cestnej-siete-SR/Mapy-krajov.alej.
Claveria, O. & Datzira, J. (2009). Tourism demand in Catalonia: detecting external economic
factors, Tourismos: An International Multidisciplinary Journal of Tourism, 4(1), 13-28.
Cvik, E., D. & MacGregor Pelikánová, R. (2015). Economy and Management of Czech Cohesion
Regions – Who is at Blame? p. 46-54 In: Jedlička, P. (Ed.) Peer-Reviewed Conference
Proceedings – International Conference Hradec Economic Days 2015, Vol. 4, 3rd-4th February,
2015, Hradec Králové, Czech Republic: Gaudeamus, 2015, 46-54.
Čačić, K. (2013). Poslovanje hotelskih preduzeća. Beograd: Univerzitet Singidunum.
Dobre, R. (2005). Počela turizma, Šibenik: Visoka škola za turistički menadžment.
European Union (2020). Member countries of the EU. Retrieved from: https://europa.eu/european-
union/about-eu/countries_en.
Fernández-Moralez, A. (2003). Decomposing seasonal concentration, Annals of Tourism Research,
30(4), 942-956.
Finstat. (2020). Dataset of financial information of companies from SR for 2014 – 2018. Available
at: www.finstat.sk.
Gligorijević, Ž. & Stefanović, V. (2012). Turizam kao društveno-ekonomski fenomen: pojmovni
i vremenski obuhvat, Ekonomske teme, 50(3), 269-282.
Goeldner, C., Ritchie, B. & McIntosh, R. (2000). Tourism: Principles, Practices, Philosophies.
New Jersey: John Wiley & Sons.
Grmelová, N. (2020). The Catholic Church as an Entrepreneur in the Czech Republic. Právo
v podnikání vybraných členských států Evropské unie – sborník příspěvků z XII. ročníku
mezinárodní vědecké konference, 1. vydání. Praha: TROAS s. r. o.
Gúčik, M. (2011). Tourism – Politics and Economics. Banská Bystrica: Dali BB.
Hendl, J. (2015). Overview of statistical methods: data and meta-analysis. Praha: Portál.
Hinkle, D. E., Wiersma, W. & Jurs S. G. (2003). Applied statistics for the behavioral sciences.
Boston: Houghton Mifflin.
Hrinková, K. & Manová, E. (2017). Sources of financing of the business assets, Journal of innovations
and applied statistics, 7(3), 19-25.
Holický, M. (2015). Applications of probability theory and mathematical statistics. Praha: České
vysoké učení technické.
Juul, M. (2015). Tourism and the European Union. Recent Trends and Policy Developments.
European Parliamentary Research Service: Brussels, Belgium.
Kučerová, J., Strašík, A. & Šebová, Ľ. (2010). Tourism Business Economy. Banská Bystrica:
Univerzita Mateja Bela.
Lundberg, D. E., Krishamoorthy, M. & Stavenga, M. H. (1995). Tourism economics. New York:
John Wiley and Sons Inc.
MacGregor Pelikánová, R. (2019). Harmonization of the protection against misleading commercial
practices: ongoing divergences in Central European countries. Oeconomia Copernicana,
10(2), 239–252. DOI: 10.24136/oc.2019.012
MacGregor Pelikánová, R. & MacGregor, R. (2017). European e-Justice Portal – Reality of
Electronic One-Stop-Shop for Publication of Financial Statements in the EU. In: Jindřichovská,
I.; Kubíčková, D. Conference: 5th International Scientific Conference on IFRS -
Global Rules and Local Use Location: Anglo Amer Univ, Prague, CZECH REPUBLIC
Date: OCT 20, 2017. IFRS: GLOBAL RULES & LOCAL USE, 98-111.
Matijová, M., Onuferová, E., Rigelský, M. & Stanko, V. (2019). Impact of Selected Indicators
of Tourism Capacity and Performance in Context of the Unemployment Rate in Slovakia,
Journal of Tourism and Services, 10(19), 1-23.
Máziková, K. et al. (2016). Business entities accounting I. Bratislava: Wolters Kluwer.
Measure of the Ministry of Finance of the Slovak Republic no. MF/23054/2002-92, which lays
down the details of the accounting procedures and the general chart of accounts for entrepreneurs
accounting in the double-entry bookkeeping system, as amended.
Meyer, D. (2004). Economía Turística en América Latina y el Caribe. Colombia: Universidad
Externado de Colombia.
Ministry of Labor, Social Affairs and Family SR (2020a). Pandemic plan of the Ministry of
Labor, Social Affairs and Family of the Slovak Republic in case of a pandemic. Retrieved
from: https://www.employment.gov.sk/sk/koronavirus-pracovna-socialna-oblast.
Ministry of Labor, Social Affairs and Family SR (2020b). “First aid and First aid plus”. Retrieved
from: https://www.pomahameludom.sk/.
Moreno, D. & Tovar, N. (2015). Reflexiones y propuestas para un turismo responsable con enfoque
de género. In ¿Equidad de Género en el Turismo? Muchas Sombras y Pocas Luces.
Madrid: Foro de Turismo Responsible, 65–104.
Neumeier, S. & Pollermann, K. (2014). Rural tourism as promoter of rural development – prospects
and limitations: Case study findings from a pilot project promoting village tourism,
European Countryside, 6(4), 270-296.
Onuferová E., Cabinová, V. & Vargová T.D. (2020). 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, 11(1), 95-116.
Petrevska, B. & Nikolovski, B. (2018). Level of seasonality in Macedonian tourism and strategies
and policies for coping with it, 3rd International Thematic Monograph: Modern
Management Tools and Economy of Tourism Sector in Present Era (pp. 17-29). Belgrade:
Association of Economists and Managers of the Balkans with Faculty of Tourism and
Hospitality, Ohrid, North Macedonia. https://doi.org/10.31410/tmt.2018.17.
Plog, S. (2001). Why destination areas rise and fall in popularity: An update of a Cornell Quarterly
classic, The Cornell Hotel and Restaurant Administration Quarterly, 42(3), 13-24.
Register FS (2020). Register of financial statements 2014 – 2018. Available at: http://www.registeruz.
sk/cruz-public.
Saarinen, J. (2006). Traditions of sustainability in tourism studies. Annals of Tourism Research,
33(4), 1121-1140.
Santos, A. & Cincera, M. (2018). Tourism demand, low-cost carriers, and European institutions:
The case of Brussels, Journal of Transport Geography, 73, 163–171.
Stanickova, M. & Melecky, L. (2018). Understanding of resilience in the context of regional
development using Composite index approach: The case of European Union NUTS-2 regions.
Regional studies regional science, 5(1), 231-254.
Stanić, M. & Vujić, T. (2016). Turizam kao faktor ekonomskog razvoja, Zbornik radova Univerzitet
Sinergija, Bijeljina, 1(2), 14-19.
Steck, B., Wood, K. & Bishop, J. (2010). Tourism: More Value for Zanzibar: value chain analysis:
Final Report, Zanzibar.
Šambronská, K. (2017). Tourist products. Prešov: BOOKMAN.
Šapić, S., Filipović, J. & Savić, J. (2018). The influence of habits and customs as elements of
culture on consumer behavior in the sector of tourism, 3rd International Thematic Monograph:
Modern Management Tools and Economy of Tourism Sector in Present Era (pp.
87-99). Belgrade: Association of Economists and Managers of the Balkans with Faculty
of Tourism and Hospitality, Ohrid, North Macedonia. https://doi.org/10.31410/tmt.2018.87.
Šenková, A. & Šambronská, K. (2014). Theoretical basis of measuring the impact of tourism
on the national economy based on tourism satellite account. In Proceedings of Scientific
Work Department of Economics and Economics, 52-64, Prešov: Prešovská univerzita.
Šlosárová, A. a kol. (2016). Accounting. Bratislava: Wolters Kluwer.
Šlosárová, A. (2018). Changes in presenting of equity items in balance sheet of entrepreneur
and their impact on financial position of accounting entity. AIESA – budovanie spoločnosti
založenej na vedomostiach: zborník: 16. medzinárodná vedecká konferencia: Bratislava,
5. - 6. november 2015, 376-386 Bratislava: Vydavateľstvo EKONÓM.
Štefko, R., Gallo, P. & Matušíková, D. (2018). Modern managerial methods and their potential
in context of regional tourism development, 3rd International Thematic Monograph:
Modern Management Tools and Economy of Tourism Sector in Present Era (pp. 101-114).
Belgrade: Association of Economists and Managers of the Balkans with Faculty of Tourism
and Hospitality, Ohrid, North Macedonia. https://doi.org/10.31410/tmt.2018.101.
Štrba, Ľ., Kolačkovská, J., Kudelas D., Kršák B. & Sidor, C. (2020). Geoheritage and Geotourism
Contribution to Tourism Development in Protected Areas of Slovakia-Theoretical Considerations,
Sustainability, 12(7), 1-20.
Statistical office of the Slovak Republic (2020). Tourism satellite account for 2018. Retrieved
from: https://slovak.statistics.sk.
Turečková, K. and Nevima, J. (2019). Smart Approach in Regional Development. In: Proceedings
of MIRDEC-12th, International Academic Conference Multidisciplinary and Interdisciplinary
Studies on Social Sciences. Rome: University of Washington Rome Center,
77-84.
Valaskova, K., Lazaroiu, G., Olah, J., Siekelova, A. & Lancova, B. (2019). How capital structure
affects business valuation: A case study of Slovakia. Central European Business Review,
8(3), 1-17.
Wallace, G. & Russel, A. (2004). Eco-cultural tourism as means for the sustainable development
of culturally marginal and environmentally sensitive regions. Tourist Studies, 4(3),
235-254.
Zarebski, P., Kwiatkowski, G., Malchrowicz-Mośko, E. & Oklevik, O. (2019). Tourism Investment
Gaps in Poland. Sustainability, 11(22), 1-19.
Keywords: Share capital, Retained earnings, Profit, Loss.
REFERENCES
Act No. 431/2002 Coll. on accounting, as amended.
Act No. 513/1991 Coll., Commercial Code, as amended.
Ashworth, J. & Thomas, B. (1999). Patterns of Seasonality in Employment in Tourism in the
UK, Applied Economics Letters, 6(11), 735-739.
Beránek, J. (2013). Tourism economy. Praha: mag CONSULTING.
Brida, G. H., Barquet, A. & Risso, A. W. (2010). Causality between economic growth and tourism
expansion: empirical evidence from Trentino-Alto Adige, Tourismos: An International
Multidisciplinary Journal of Tourism, 5(2), 87-98.
Brida, J. G., Pereyra, J. S., Such Devesa, M. J. & Zapata Aguirre, S. (2008). La contribución del
turismo al crecimiento económico. Cuadernos de Turismo, 22, 35–46.
CDB SK (2020). Map of regions in Slovakia. Retrieved from: https://www.cdb.sk/sk/Vystupy-
CDB/Mapy-cestnej-siete-SR/Mapy-krajov.alej.
Claveria, O. & Datzira, J. (2009). Tourism demand in Catalonia: detecting external economic
factors, Tourismos: An International Multidisciplinary Journal of Tourism, 4(1), 13-28.
Cvik, E., D. & MacGregor Pelikánová, R. (2015). Economy and Management of Czech Cohesion
Regions – Who is at Blame? p. 46-54 In: Jedlička, P. (Ed.) Peer-Reviewed Conference
Proceedings – International Conference Hradec Economic Days 2015, Vol. 4, 3rd-4th February,
2015, Hradec Králové, Czech Republic: Gaudeamus, 2015, 46-54.
Čačić, K. (2013). Poslovanje hotelskih preduzeća. Beograd: Univerzitet Singidunum.
Dobre, R. (2005). Počela turizma, Šibenik: Visoka škola za turistički menadžment.
European Union (2020). Member countries of the EU. Retrieved from: https://europa.eu/european-
union/about-eu/countries_en.
Fernández-Moralez, A. (2003). Decomposing seasonal concentration, Annals of Tourism Research,
30(4), 942-956.
Finstat. (2020). Dataset of financial information of companies from SR for 2014 – 2018. Available
at: www.finstat.sk.
Gligorijević, Ž. & Stefanović, V. (2012). Turizam kao društveno-ekonomski fenomen: pojmovni
i vremenski obuhvat, Ekonomske teme, 50(3), 269-282.
Goeldner, C., Ritchie, B. & McIntosh, R. (2000). Tourism: Principles, Practices, Philosophies.
New Jersey: John Wiley & Sons.
Grmelová, N. (2020). The Catholic Church as an Entrepreneur in the Czech Republic. Právo
v podnikání vybraných členských států Evropské unie – sborník příspěvků z XII. ročníku
mezinárodní vědecké konference, 1. vydání. Praha: TROAS s. r. o.
Gúčik, M. (2011). Tourism – Politics and Economics. Banská Bystrica: Dali BB.
Hendl, J. (2015). Overview of statistical methods: data and meta-analysis. Praha: Portál.
Hinkle, D. E., Wiersma, W. & Jurs S. G. (2003). Applied statistics for the behavioral sciences.
Boston: Houghton Mifflin.
Hrinková, K. & Manová, E. (2017). Sources of financing of the business assets, Journal of innovations
and applied statistics, 7(3), 19-25.
Holický, M. (2015). Applications of probability theory and mathematical statistics. Praha: České
vysoké učení technické.
Juul, M. (2015). Tourism and the European Union. Recent Trends and Policy Developments.
European Parliamentary Research Service: Brussels, Belgium.
Kučerová, J., Strašík, A. & Šebová, Ľ. (2010). Tourism Business Economy. Banská Bystrica:
Univerzita Mateja Bela.
Lundberg, D. E., Krishamoorthy, M. & Stavenga, M. H. (1995). Tourism economics. New York:
John Wiley and Sons Inc.
MacGregor Pelikánová, R. (2019). Harmonization of the protection against misleading commercial
practices: ongoing divergences in Central European countries. Oeconomia Copernicana,
10(2), 239–252. DOI: 10.24136/oc.2019.012
MacGregor Pelikánová, R. & MacGregor, R. (2017). European e-Justice Portal – Reality of
Electronic One-Stop-Shop for Publication of Financial Statements in the EU. In: Jindřichovská,
I.; Kubíčková, D. Conference: 5th International Scientific Conference on IFRS -
Global Rules and Local Use Location: Anglo Amer Univ, Prague, CZECH REPUBLIC
Date: OCT 20, 2017. IFRS: GLOBAL RULES & LOCAL USE, 98-111.
Matijová, M., Onuferová, E., Rigelský, M. & Stanko, V. (2019). Impact of Selected Indicators
of Tourism Capacity and Performance in Context of the Unemployment Rate in Slovakia,
Journal of Tourism and Services, 10(19), 1-23.
Máziková, K. et al. (2016). Business entities accounting I. Bratislava: Wolters Kluwer.
Measure of the Ministry of Finance of the Slovak Republic no. MF/23054/2002-92, which lays
down the details of the accounting procedures and the general chart of accounts for entrepreneurs
accounting in the double-entry bookkeeping system, as amended.
Meyer, D. (2004). Economía Turística en América Latina y el Caribe. Colombia: Universidad
Externado de Colombia.
Ministry of Labor, Social Affairs and Family SR (2020a). Pandemic plan of the Ministry of
Labor, Social Affairs and Family of the Slovak Republic in case of a pandemic. Retrieved
from: https://www.employment.gov.sk/sk/koronavirus-pracovna-socialna-oblast.
Ministry of Labor, Social Affairs and Family SR (2020b). “First aid and First aid plus”. Retrieved
from: https://www.pomahameludom.sk/.
Moreno, D. & Tovar, N. (2015). Reflexiones y propuestas para un turismo responsable con enfoque
de género. In ¿Equidad de Género en el Turismo? Muchas Sombras y Pocas Luces.
Madrid: Foro de Turismo Responsible, 65–104.
Neumeier, S. & Pollermann, K. (2014). Rural tourism as promoter of rural development – prospects
and limitations: Case study findings from a pilot project promoting village tourism,
European Countryside, 6(4), 270-296.
Onuferová E., Cabinová, V. & Vargová T.D. (2020). 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, 11(1), 95-116.
Petrevska, B. & Nikolovski, B. (2018). Level of seasonality in Macedonian tourism and strategies
and policies for coping with it, 3rd International Thematic Monograph: Modern
Management Tools and Economy of Tourism Sector in Present Era (pp. 17-29). Belgrade:
Association of Economists and Managers of the Balkans with Faculty of Tourism and
Hospitality, Ohrid, North Macedonia. https://doi.org/10.31410/tmt.2018.17.
Plog, S. (2001). Why destination areas rise and fall in popularity: An update of a Cornell Quarterly
classic, The Cornell Hotel and Restaurant Administration Quarterly, 42(3), 13-24.
Register FS (2020). Register of financial statements 2014 – 2018. Available at: http://www.registeruz.
sk/cruz-public.
Saarinen, J. (2006). Traditions of sustainability in tourism studies. Annals of Tourism Research,
33(4), 1121-1140.
Santos, A. & Cincera, M. (2018). Tourism demand, low-cost carriers, and European institutions:
The case of Brussels, Journal of Transport Geography, 73, 163–171.
Stanickova, M. & Melecky, L. (2018). Understanding of resilience in the context of regional
development using Composite index approach: The case of European Union NUTS-2 regions.
Regional studies regional science, 5(1), 231-254.
Stanić, M. & Vujić, T. (2016). Turizam kao faktor ekonomskog razvoja, Zbornik radova Univerzitet
Sinergija, Bijeljina, 1(2), 14-19.
Steck, B., Wood, K. & Bishop, J. (2010). Tourism: More Value for Zanzibar: value chain analysis:
Final Report, Zanzibar.
Šambronská, K. (2017). Tourist products. Prešov: BOOKMAN.
Šapić, S., Filipović, J. & Savić, J. (2018). The influence of habits and customs as elements of
culture on consumer behavior in the sector of tourism, 3rd International Thematic Monograph:
Modern Management Tools and Economy of Tourism Sector in Present Era (pp.
87-99). Belgrade: Association of Economists and Managers of the Balkans with Faculty
of Tourism and Hospitality, Ohrid, North Macedonia. https://doi.org/10.31410/tmt.2018.87.
Šenková, A. & Šambronská, K. (2014). Theoretical basis of measuring the impact of tourism
on the national economy based on tourism satellite account. In Proceedings of Scientific
Work Department of Economics and Economics, 52-64, Prešov: Prešovská univerzita.
Šlosárová, A. a kol. (2016). Accounting. Bratislava: Wolters Kluwer.
Šlosárová, A. (2018). Changes in presenting of equity items in balance sheet of entrepreneur
and their impact on financial position of accounting entity. AIESA – budovanie spoločnosti
založenej na vedomostiach: zborník: 16. medzinárodná vedecká konferencia: Bratislava,
5. - 6. november 2015, 376-386 Bratislava: Vydavateľstvo EKONÓM.
Štefko, R., Gallo, P. & Matušíková, D. (2018). Modern managerial methods and their potential
in context of regional tourism development, 3rd International Thematic Monograph:
Modern Management Tools and Economy of Tourism Sector in Present Era (pp. 101-114).
Belgrade: Association of Economists and Managers of the Balkans with Faculty of Tourism
and Hospitality, Ohrid, North Macedonia. https://doi.org/10.31410/tmt.2018.101.
Štrba, Ľ., Kolačkovská, J., Kudelas D., Kršák B. & Sidor, C. (2020). Geoheritage and Geotourism
Contribution to Tourism Development in Protected Areas of Slovakia-Theoretical Considerations,
Sustainability, 12(7), 1-20.
Statistical office of the Slovak Republic (2020). Tourism satellite account for 2018. Retrieved
from: https://slovak.statistics.sk.
Turečková, K. and Nevima, J. (2019). Smart Approach in Regional Development. In: Proceedings
of MIRDEC-12th, International Academic Conference Multidisciplinary and Interdisciplinary
Studies on Social Sciences. Rome: University of Washington Rome Center,
77-84.
Valaskova, K., Lazaroiu, G., Olah, J., Siekelova, A. & Lancova, B. (2019). How capital structure
affects business valuation: A case study of Slovakia. Central European Business Review,
8(3), 1-17.
Wallace, G. & Russel, A. (2004). Eco-cultural tourism as means for the sustainable development
of culturally marginal and environmentally sensitive regions. Tourist Studies, 4(3),
235-254.
Zarebski, P., Kwiatkowski, G., Malchrowicz-Mośko, E. & Oklevik, O. (2019). Tourism Investment
Gaps in Poland. Sustainability, 11(22), 1-19.

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