We found a match
Your institution may have rights to this item. Sign in to continue.
- Title
Evaluating Business Performance and Efficiency in the Medical Tourism: A Multi-criteria Approach.
- Authors
Čabinová, Veronika; Gallo, Peter; Pártlová, Petra; Dobrovič, Ján; Stoch, Milan
- 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 Marína, s.e.), and SE18 (Spa Horný Smokovec, Ltd.). The worstrated spa enterprises include SE14 (Natural Iodine Spa Číž, Inc.), SE09 (Spa Sliač, 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.
- Subjects
MEDICAL tourism; ORGANIZATIONAL performance; DATA envelopment analysis; CONFIRMATORY factor analysis; HEALTH resorts
- Publication
Journal of Tourism & Services, 2021, Vol 12, Issue 22, p198
- ISSN
1804-5650
- Publication type
Article
- DOI
10.29036/jots.v12i22.247