Prethodno priopćenje
The impact of liquidity on the operational stability of leading hotel companies in Istria County during the COVID-19 pandemic
Andrea Vareško
; Istarsko veleučilište u Puli, Pula, Hrvatska
Matea Meden
; Istarsko veleučilište u Puli, Pula, Hrvatska
Sažetak
This paper aims to determine the impact of the COVID-19 pandemic on the operations of leading
tourism companies in Istria County, as well as to examine whether companies with higher levels of
current liquidity in the pre-crisis period maintained operational stability more effectively. The research
was conducted on a sample of six leading tourism companies in Istria, which account for more than
60% of the total capacity of the Croatian tourism sector, covering the period from 2019 to 2022.
The methods used include descriptive statistics, correlation analysis, simple linear regression, and
comparative analysis.
The research results indicate that the pandemic caused a sharp decline in the operational profitability
of most observed companies in 2020, alongside deteriorating liquidity and rising financial liabilities.
However, the recovery in 2021 and 2022 confirmed the resilience of leading tourism enterprises in
Istria. Correlation and regression analyses showed no statistically significant link between current
liquidity and operational profitability. At the same time, a negative correlation was found between
liquidity and both indebtedness and financial leverage; however, a statistically significant relationship
was confirmed only for indebtedness in 2020.
This leads to the conclusion that while liquidity played a vital role in preserving financial structure
and stability, it was not a decisive factor in maintaining operational stability during the crisis. The
contribution of this paper lies in a better understanding of the financial resilience of tourism companies
under crisis conditions, suggesting that liquidity is more critical for financial stability than for operational
profitability. Future research should include a larger sample of companies and a longer time frame
to more accurately assess the role of liquidity in business recovery.
Ključne riječi
COVID-19 pandemic, Istria County, tourism sector, financial indicators, operational stability
Hrčak ID:
352240
URI
Datum izdavanja:
15.10.2026.
Posjeta: 0 *