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@article{59221, author = {Čabinová, Veronika and Gallo, Peter and Pártlová, Petra and Dobrovič, Ján and Stoch, Milan}, article_location = {Praha}, article_number = {22}, keywords = {Performance & Efficiency model; spa enterprises; financial ratios; indicators; EVA Momentum; Data Envelopment Analysis}, language = {eng}, issn = {1804-5650}, journal = {Journal of Tourism and Services}, title = {Evaluating Business Performance and Efficiency in the Medical Tourism: A Multi-criteria Approach}, url = {https://jots.cz/index.php/JoTS/article/view/247/104}, volume = {12}, year = {2021} }
TY - JOUR ID - 59221 AU - Čabinová, Veronika - Gallo, Peter - Pártlová, Petra - Dobrovič, Ján - Stoch, Milan PY - 2021 TI - Evaluating Business Performance and Efficiency in the Medical Tourism: A Multi-criteria Approach JF - Journal of Tourism and Services VL - 12 IS - 22 SP - 198-221 EP - 198-221 PB - Vysoká škola obchodní v Praze (Center for International Scientific Research of VŠO and VŠPP) SN - 18045650 KW - Performance & Efficiency model KW - spa enterprises KW - financial ratios KW - indicators KW - EVA Momentum KW - Data Envelopment Analysis UR - https://jots.cz/index.php/JoTS/article/view/247/104 N2 - Measuring the performance and efficiency of the tourism enterprises is essential regarding the current pandemic situation. In such a context, improving their financial situation and competitive position also depend on the use of innovative multi-criteria evaluation models. The paper's main objective is to propose the newly designed Performance & Efficiency model (P&E model) for Slovak spa enterprises. Its structure consists of three dimensions - P&E_I, P&E_II, P&E_III. The application of Confirmatory Factor Analysis validates 34 key performance ratios reflecting the financial situation of enterprises within the P&E_I. In case of P&E_II, the development of value-added dynamics is measured by using the Economic Value Added Momentum. Using the Data Envelopment Analysis, the level of enterprise efficiency is quantified (P&E_III). The partial results of the dimensions are transformed using min-max normalization to the overall score ranging from 0 to 3. Based on the results, a rating scale of all enterprises is carried out, and both their partial and overall positions are assessed through benchmarking. During the research (2013 - 2018), the best results are achieved for SE03 (Spa Bojnice, Inc.), SE21 (Specialised Spa Institute Marina, s.e.), and SE18 (Spa Horny Smokovec, Ltd.). The worst-rated spa enterprises include SE14 (Natural Iodine Spa Ciz, Inc.), SE09 (Spa Sliac, Inc.), and SE19 (Pieniny Resort, Ltd.). The proposed P&E model is easily applicable to other tourism enterprises. The research as carried out enables deepening of knowledge concerning the multi-criteria evaluation and management concepts and helps enterprises overcome current unfavorable situations. ER -
ČABINOVÁ, Veronika, Peter GALLO, Petra PÁRTLOVÁ, Ján DOBROVIČ and Milan STOCH. Evaluating Business Performance and Efficiency in the Medical Tourism: A Multi-criteria Approach. \textit{Journal of Tourism and Services}. Praha: Vysoká škola obchodní v Praze (Center for International Scientific Research of VŠO and VŠPP), vol.~12, No~22, p.~198-221. ISSN~1804-5650. 2021.
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