IMPACT OF HUMAN CAPITAL ON BUSINESS PERFORMANCE OF HOTEL ENTERPRISES IN SERBIA

Marko Slavković, Jasmina Milorad Ognjanović

DOI Number
10.22190/TEME1804339S
First page
1339
Last page
1355

Abstract


In a knowledge-based economy, the success, growth and development of hotel companies relies in a large extent on knowledge, since employees are directly involved in the process of service production and consumption. The results of numerous studies demonstrate the impact of human capital on business performances, so management must invest and improve human capital in order to create differentiated products / services and ensure a stable competitive position. The main goal of the research is to analyze the interdependence of human capital components and business performance of the hotels in Serbia. The research results confirm the influence of human capital on the non-financial performance of hotel companies. In order to test the structural relationships between variables, reliability analysis, factor analysis and structural modeling equation are employed.

Keywords

human capital, financial performance, non-financial performance, hotel, Serbia.

Full Text:

PDF

References


Anastassova, L., & Purcell, K. (1995). Human resource management in the Bulgarian hotel industry: from command to empowerment? International Journal of Hospitality Management, 14(2), 171-185.

Ardichvili, A., Zavyalova, E., & Minina, V. (2012). Human capital development: comparative analysis of BRICs. European Journal of Training and Development, 36(2/3), 213 – 233.

Atkinson, H., & Brown, J. (2001). Rethinking performance measures: assessing progress in UK hotels. International Journal of Contemporary Hospitality Management, 13(3), 128 – 136.

Barrow, C., & Bosselman, R. (1999). Hospitality Management Education. New York, NY: Haworth Hospitality Press.

Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36(2), 63 – 76.

Bontis, N., Chua, W., Keow, C., & Richardson, S. (2000). Intellectual capital and business performance in Malaysian industries. Journal of Intellectual Capital, 1(1), 85 – 100.

Bontis, N., Dragonetti, N., Jacobsen, K., & Roos, G. (1999). The knowledge toolbox: A review of the tools available to measure and manage intangible resources. Eropean Management Journal, 17(4), 391-402.

Bontis, N., Janošević, S., & Dženopoljac, V. (2015). Intellectual capital in Serbia’s hotel industry. International Journal of Contemporary Hospitality Management, 27(6), 1365-1384. DOI 10.1108/JIC-07-2015-0068

Bozbura, F. T. (2004). Measurement and application of intellectual capital in Turkey. The Learning Organization, 11(4/5), 357-367.

Brown, J.B., & McDonnell, B. (1995). The balanced score-card: short-term guest or long-term resident? International Journal of Contemporary Hospitality Management, 7(2/3), 7 – 11.

Carson E., Ranzijn R., Winefiel A., & Marsden H. (2004). Intellectual capital: mapping employee and work group attributes. Journal of Intellectual Capital, 5(3), 443-461.

Chand, M., & Katou, A. (2007). The impact of HRM practices on organisational performance in the Indian hotel industry. Employee Relations, 29(6), 576 – 594.

Chen, J., Zhu, Z., & Yuan Xie, H. (2004). Measuring intellectual capital: a new model and empirical study. Journal of Intellectual Capital, 5(1), 195 – 212. DOI 10.1108/14691930410513003

Clarke, M., Seng, D., & Whiting, R. (2011). Intellectual capital and firm performance in Australia. Journal of Intellectual Capital, 12(4), 505 – 530.

Claver-Cortés, Е., Zaragoza-Sáez, P. C., Molina-Manchón, H., & Úbeda-García, М. (2015). Intellectual capital in family firms: human capital identification and measurement. Journal of Intellectual Capital, 16(1), 199 – 223. DOI 10.1108/JIC-04-2014-0046

Cleary, P., & Quinn, M. (2016). Intellectual capital and business performance An exploratory study of the impact of cloud-based accounting and finance infrastructure. Journal of Intellectual Capital, 17(2), 255 – 278. DOI 10.1108/JIC-06-2015-0058

Delery, J. E., & Roumpi, D. (2017). Strategic human resource management, human capital and competitive advantage: is the field going in circles? Human Resource Management Journal, 27(1), 1–21.

Demartini, P., & Paoloni, P. (2011). Assessing human capital in knowledge intensive business services. Measuring Business Excellence, 15(4), 16 – 26.

Dobrivojević, G., Pavlović, D., & Popesku, J. (2017). Location attractiveness for investments as a competitiveness factor in tourism. ТEME, XLI(3), 655671. DOI: 10.22190/TEME1703655D

Domínguez-Falcón, C., Martín-Santana, J., & Saá-Pérez, P. (2016). Human resources management and performance in the hotel industry The role of the commitment and satisfaction of managers versus supervisors. International Journal of Contemporary Hospitality Management, 28(3), 490 – 515. DOI 10.1108/IJCHM-08-2014-0386

Edvinsson, L., & Malone, M. (1997). Intellectual Capital: Realizing your Company’s True Value by Finding its Hidden Brainpower. New York: Harper Collins.

Engstrom, T., Westnes, P., & Westnes, S.F. (2003). Evaluating intellectual capital in the hotel industry. Journal of Intellectual Capital, 4(3), 287 – 303. DOI 10.1108/14691930310487761

Evans, N. (2005). Assessing the balanced scorecard as a management tool for hotels. International Journal of Contemporary Hospitality Management, 17(5), 376 – 390. DOI 10.1108/09596110510604805

Fitzgerald, L., Johnston, R., Brignall, S., Silvestro, R., & Voss, C. (1991). Performance Measurement in Service Businesse. London:CIMA.

Geller, A.N. (1985). Tracking the critical success factors for hotel companies. The Cornell Hоtel and Restaurant Administration Quarterly, February, 76-81.

Harris, P., & Mongiello, M. (2001). Key performance indicators in European hotel properties: general managers’ choices and company profiles. International Journal of Contemporary Hospitality Management, 13(3), 120 – 128.

Hernaus, T., Pejic Bach, M., & Bosilj Vukšic, V. (2012). Influence of strategic approach to BPM on financial and non-financial performance. Baltic Journal of Management, 7(4), 376 – 396. DOI 10.1108/17465261211272148

Hooper, D., Coughlan, J., & Mullen, M.R. (2008). Structural equation modelling: guidelines for determining model fit. Electronic Journal of Business Research Methods, 6(1), 53-60.

Inkinen, H. (2015). Review of empirical research on intellectual capital and firm performance. Journal of Intellectual Capital, 16(3), 518 – 565. DOI 10.1108/JIC-01-2015-0002

Jackson, P. (2007). A systems approach for human capital management. VINE, 37(4), 399- 403.

Khalique, М., Bontis, N., Nassir bin Shaari, Ј.А., & Hassan Md. Isa, А. (2015). Intellectual capital in small and medium enterprises in Pakistan. Journal of Intellectual Capital, 16(1), 224 – 238. DOI 10.1108/JIC-01-2014-0014

Kianto, A., Hurmelinna-Laukkanen, P., & Ritala, P. (2010). Intellectual capital in service- and productoriented companies. Journal of Intellectual Capital, 11(3), 305 – 325. DOI 10.1108/14691931011064563

Laing, G., Dunn, J, & Hughes-Lucas, S. (2010). Applying the VAIC™ model to Australian hotels. Journal of Intellectual Capital, 11(3), 269 – 283.

Lentjušenkova, O., & Lapina, I. (2016). The transformation of the organization’s intellectual capital: from resource to capital. Journal of Intellectual Capital, 17(4), 610 – 631. DOI 10.1108/JIC-03-2016-0031

Low, J., & Siesfeld, T. (1998). Measures that matter: Non-financial performance. Strategy & Leadership, 26(2), 24 – 38.

Maditinos, D., Chatzoudes, D., Tsairidis, C., & Theriou, G. (2011). The impact of intellectual capital on firms' market value and financial performance. Journal of Intellectual Capital, 12(1), 132 – 151.

Madsen, H., Neergaard, H., & Ulhøi, J. (2003). Knowledge-intensive entrepreneurship and human capital. Journal of Small Business and Enterprise Development, 10(4), 426 – 434.

Massingham, P., & Tam, L. (2015). The relationship between human capital, value creation and employee reward. Journal of Intellectual Capital, 16(2), 390 – 418.

Naidu, S., & Chand, A. (2014). A comparative analysis of best human resource management practices in the hotel sector of Samoa and Tonga. Personnel Review, 43(5), 798 – 815. DOI 10.1108/PR-02-2013-0021

Nemec Rudež, H., & Mihalič, T. (2007). Intellectual capital in the hotel industry: A case study from Slovenia. International Journal of Hospitality Management, 26(2007), 188-199. doi:10.1016/j.ijhm.2005.11.002

Nerdrum, L., & Erikson, T. (2001). Intellectual capital: a human capital perspective. Journal of Intellectual Capital, 2(2), 127 – 135.

Nunnally, J.C. (1978). Introduction to Psychological Measurement. New York: McGraw-Hill.

Ooi, C., Hooy, C., & Som, A. (2015). Diversity in human and social capital: empirical evidence from Asian tourism firms in corporate board composition. Tourism Management, 48, 139-153.

Ordóñez de Pablos, P., & Lytras, M. (2008). Competencies and human resource management: implications for organizational competitive advantage. Journal of Knowledge Management, 12(6), 48 – 55.

Pallant, J. (2011). SPSS priručnik za preživljavanje, Beograd: Mikro knjiga.

Prieto, I., & Revilla, E. (2006). Learning capability and business performance: a non-financial and financial assessment. The Learning Organization, 13(2), 166 – 185.

Rompho, B., & Siengthai, S. (2012). Integrated performance measurement system for firm's human capital building. Journal of Intellectual Capital, 13(4), 482 – 514.

Roos, G., & Roos, J. (1997). Measuring your company’s intellectual performance. Long Range Planning, 30(3), 413–426.

Said, A., HassabElnaby, H., & Wier, B. (2003). An Empirical Investigation of the Performance Consequences of Nonfinancial Measures. Journal of management accounting research, 15, 193–223.

Scafarto, V., Ricci, F., & Scafarto, F. (2016). Intellectual capital and firm performance in the global agribusiness industry: The moderating role of human capital. Journal of Intellectual Capital, 17(3), 530 – 552. DOI 10.1108/JIC-11-2015-0096

Sharma, A., & Upneja, A. (2005). Factors influencing financial performance of small hotels in Tanzania. International Journal of Contemporary Hospitality Management, 17(6), 504 – 515. DOI 10.1108/09596110510612149

Sim, K.L., & Koh, H.C. (2001). Balanced scorecard: a rising trend in strategic performance measurement. Measuring Business Excellence, 5(2), 18 – 27.

Simon, A., Bartle, C., Stockport, G., Smith, B., Klobas, J., & Sohal, A. (2015). Business leaders’ views on the importance of strategic and dynamic capabilities for successful financial and non-financial business performance. International Journal of Productivity and Performance Management, 64(7), 908 – 931. DOI 10.1108/IJPPM-05-2014-0078

STAT. YEARB. SERB. (2016) – Statistical yearbook of the Republic of Serbia, Statistical office of the Republic of Serbi, Belgrade.

Subramaniam, M., & Youndt, M. A. (2005). The influence of intellectual capital on the types of innovative capabilities. Academy of Management Journal, 48, 450–463.

Tovstiga, G., & Tulugurova, E. (2007). Intellectual capital practices and performance in Russian enterprises. Journal of Intellectual Capital, 8(4), 695 – 707.

Ubeda-García, M., Marco-Lajara, B., Sabater-Sempere, V., & García-Lillo, F. (2013). Does training influence organisational performance? Analysis of the Spanish hotel sector. European Journal of Training and Development, 37(4), 380 – 413. DOI 10.1108/03090591311319780

Wadongo, B., Odhuno, E., Kambona, O., & Othuon, L. (2010). Key performance indicators in the Kenyan hospitality industry: a managerial perspective. Benchmarking: An International Journal, 17(6), 858 – 875. DOI 10.1108/14635771011089764

Wang, W., & Chang, C. (2005). Intellectual capital and performance in causal models. Journal of Intellectual Capital, 6(2), 222 – 236. DOI 10.1108/14691930510592816




DOI: https://doi.org/10.22190/TEME1804339S

Refbacks

  • There are currently no refbacks.


© University of Niš, Serbia
Creative Commons licence CC BY-NC-ND
Print ISSN: 0353-7919
Online ISSN: 1820-7804