ČABINOVÁ, Veronika, Peter GALLO, Petra PÁRTLOVÁ, Ján DOBROVIČ and Milan STOCH. Evaluating Business Performance and Efficiency in the Medical Tourism: A Multi-criteria Approach. 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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Basic information
Original name Evaluating Business Performance and Efficiency in the Medical Tourism: A Multi-criteria Approach
Authors ČABINOVÁ, Veronika (guarantor), Peter GALLO, Petra PÁRTLOVÁ (203 Czech Republic, belonging to the institution), Ján DOBROVIČ (703 Slovakia, belonging to the institution) and Milan STOCH.
Edition Journal of Tourism and Services, Praha, Vysoká škola obchodní v Praze (Center for International Scientific Research of VŠO and VŠPP), 2021, 1804-5650.
Other information
Original language English
Type of outcome Article in a journal
Field of Study 50204 Business and management
Country of publisher Czech Republic
Confidentiality degree is not subject to a state or trade secret
WWW URL
RIV identification code RIV/75081431:_____/21:00002010
Organization unit Institute of Technology and Business in České Budějovice
UT WoS 000668639000011
Keywords in English Performance & Efficiency model; spa enterprises; financial ratios; indicators; EVA Momentum; Data Envelopment Analysis
Tags RIV21, RRP_a, WOS
Links TL02000215, research and development project.
Changed by Changed by: Mgr. Nikola Petříková, učo 28324. Changed: 18/8/2021 07:40.
Abstract
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.
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