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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

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Onuferová E., Čabinová V., Dzurov Vargová T.
Oeconomia Copernicana
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2020
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vol. 11
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issue 1
95-116
EN
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.
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An analysis of the "European City of Sports" project and its impact on the development of tourist activity: The example of selected Slovakian cities

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Matušíková D., Švedová M., Dzurov Vargová T., Żegleń P.
Turyzm
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2020
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vol. 30
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issue 1
61-70
EN
The paper presents the issue of sports activity development in the context of the European City of Sports project in selected Slovakian cities: Košice, Banská Bystrica and Nitra. It is an analytical overview aiming at the development of these cities for tourism through the organisation of international sporting events. Using several methods, especially comparison, the authors analyse certain activities and other sports-related issues. The events and activities not only contributed to the development of sport but also supported tourism in the region. A review of the literature on the subject demonstrates the importance and basic assumptions of the European City of Sports as a popular project. The comparative analysis has enabled the authors to present its results in each of the three Slovakian cities.
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