LIQUIDITY OF ENTERPRISES AND ENTERPRENEURS OF THE SECTOR I- ACCOMMODATION AND FOOD SERVICES IN THE REPUBLIC OF SERBIA
Keywords:
liquidity, ratio indicators, enterprises, entrepreneurs, Sector I-Accommodation and Food Services, Republic of Serbia
Abstract
The aim of this paper is to determine the level and movement of liquidity of enterprises and entrepreneurs of Sector I-Accommodation and Food Services in the Republic of Serbia in the period from 2013 to 2020. For the purposes of the research, summary data on the operations of enterprises and entrepreneurs operating within the observed sector were used, which are compiled and published by the Business Registers Agency in the form of the Financial Statements Annual Bulletin. In this paper, liquidity is measured by the current ratio, the quick ratio, the cash ratio and the net working capital. It was found that, with the fluctuations present during the observed period, both enterprises and entrepreneurs are characterized by a low value of liquidity indicators, ie the values of these indicators are below the limit. Also, the research shows that the value of the used liquidity indicators is, to a large extent, at a slightly higher level among entrepreneurs compared to enterprises.
References
Agencija za privredne registre, Godišnji bilteni finansijskih izveštaja od 2014. do 2020. godine, Dostupno na: www.apr.gov.rs [datum pristupa 20.6.2021. godine]
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Chibili, N. M. (2010). Basic Management Accounting for the Hospitality Industry. 2nd edition, Houten: Noordhoff Uitgevers Groningen.
Diakomihalis, M. (2012). The accuracy of Altman’s models in predicting hotel bankruptcy. International Journal of Accounting and Financial Reporting, 2(2), 96-113. doi:10.5296/ijafr. v2i2.2367.
Helfert, E. A. (2001). Financial Analysis: Tools and Techniques - A Guide for Managers. New York: McGraw-Hill.
Heriyanto, S., Purnamasari, R., Arum, M., Suheny, E., & Nuryanto, U.W. (2021). Analysis of Financial Statements as Assessing the Financial Performance (Study at the Cement Sub-Sector Manufacturing Period 2016-2018). Ilomata International Journal of Management (IJJM), 2(2), 51-65.
Jagels, M. G. (2006). Hospitality management accounting. 9th edition, New Jersey: John Wiley & Sons Inc.
Jovanović, D., Todorović, M., & Grbić, M. (2017). Financial Indicators as Predictors of Illiquidity. Romanian Journal of Economic Forecasting, 20(1), 128-149.
Knežević, A., Mitrović, A., Vujić, M., & Grgur, A. (2019). Analiza finansijskih izveštaja. Beograd: Samostalno izdanje autora.
Knežević, P.S., & Fabris, M. (2012). Identifikovanje i analiza postupaka banke u slučaju nesolventnosti dužnika. Računovodstvo, 56(1-2), 68-78.
Liu, C. (Maggie), O’Farrell, G., Wei, K., & Yao, L.J. (2013). Ratio analysis comparability between Chinese and Japanese firms. Journal of Asia Business Studies, 7(2), 185–199. https://doi.org/10.1108/15587891311319468
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Milojević, S., Paunović, J., & Vuksanović, N. (2020). The Role of Accountants in Litigation Support and Expert Witnessing in the Republic of Serbia. In Apostolovska-Stepanoska, M. (ed.) International Academic Conference Education and Social Sciences Business and Economics, 2 March 2020, Belgrade, Republic of Serbia. Belgrade: International Academic Institute, pp. 255-260.
Mitrić, М., Stanković, A., & Lakićević, А. (2012). Forensic Accounting – the Missing Link in Education and Practice, Management - Journal for Theory and Practice Management, 65, 41-50.
Mitrović, A., Knežević, S., & Milašinović, M. (2021). Profitability analysis of hotel companies in the Republic of Serbia. Hotel and Tourism Management, 9(1), 121-134. https://doi.org/10.5937/menhottur2101121M.
Vasilev, D., Cvetković, D., & Grgur, A. (2019). Detection of fraudulent actions in the financial statements with particular emphasis on hotel companies. Hotel and Tourism Management, 7(1), 115-125. https://doi.org/10.5937/menhottur1901115V.
Walsh, C. (2006). Key management ratios: The clearest guide to the critical number that drive your business. 4th edition, Harlow: Pearson Education Limited.
Кnežević, P.S. & Fabris, M. (2010). Upravljanje obrtnim sredstvima i kratkoročnim obavezama. Računovodstvo, 54(11-12), 61-72.
Кnežević, P.S., Dmitrović, V., Jovanović, M., & Obradović, T. (2011). Upravljanje potraživanjima od kupaca u funkciji podrške uspešnosti poslovanja. Menadžment: Časopis za teoriju i praksu menadžmenta, 58, 49-57.
Al-Kassar, T.A., & Soileau, J.S. (2014). Financial performance evaluation and bankruptcy prediction (failure). Arab Economic and Business Journal, 9(2), 147–155. https://doi.org/10.1016/j.aebj.2014.05.010
Bogićević, J., Karapavlović, N., & Jovković, B. (2021a). Solvency and Fixed Assets Financing of Agriculture, Forestry and Fishing Sector in the Republic of Serbia. Economic Themes, 59(1), 95-108. https://doi.org/10.2478/ethemes-2021-0006.
Bogićević, J., Mitrović, A., & Knežević, S. (2021b). Agriculture, Forestry and Fishing Sector Liquidity in the Republic of Serbia. Fresenius Environmental Bulletin, 30(6A), 6865-6873.
Britton, A., & Waterson, C. (2006). Financial Accounting. 4th edition, Harlow: Pearson Education Limited.
Chibili, N. M. (2010). Basic Management Accounting for the Hospitality Industry. 2nd edition, Houten: Noordhoff Uitgevers Groningen.
Diakomihalis, M. (2012). The accuracy of Altman’s models in predicting hotel bankruptcy. International Journal of Accounting and Financial Reporting, 2(2), 96-113. doi:10.5296/ijafr. v2i2.2367.
Helfert, E. A. (2001). Financial Analysis: Tools and Techniques - A Guide for Managers. New York: McGraw-Hill.
Heriyanto, S., Purnamasari, R., Arum, M., Suheny, E., & Nuryanto, U.W. (2021). Analysis of Financial Statements as Assessing the Financial Performance (Study at the Cement Sub-Sector Manufacturing Period 2016-2018). Ilomata International Journal of Management (IJJM), 2(2), 51-65.
Jagels, M. G. (2006). Hospitality management accounting. 9th edition, New Jersey: John Wiley & Sons Inc.
Jovanović, D., Todorović, M., & Grbić, M. (2017). Financial Indicators as Predictors of Illiquidity. Romanian Journal of Economic Forecasting, 20(1), 128-149.
Knežević, A., Mitrović, A., Vujić, M., & Grgur, A. (2019). Analiza finansijskih izveštaja. Beograd: Samostalno izdanje autora.
Knežević, P.S., & Fabris, M. (2012). Identifikovanje i analiza postupaka banke u slučaju nesolventnosti dužnika. Računovodstvo, 56(1-2), 68-78.
Liu, C. (Maggie), O’Farrell, G., Wei, K., & Yao, L.J. (2013). Ratio analysis comparability between Chinese and Japanese firms. Journal of Asia Business Studies, 7(2), 185–199. https://doi.org/10.1108/15587891311319468
Milojević, S., & Čović, I. (2020). Manipulation Detection in Financial Statements. In Tasev, H. R. (ed.). IAI Academic Conference Proccedings, 03 July 2020, Virtual Conference, International Academic Institute, pp. 255-260.
Milojević, S., Paunović, J., & Vuksanović, N. (2020). The Role of Accountants in Litigation Support and Expert Witnessing in the Republic of Serbia. In Apostolovska-Stepanoska, M. (ed.) International Academic Conference Education and Social Sciences Business and Economics, 2 March 2020, Belgrade, Republic of Serbia. Belgrade: International Academic Institute, pp. 255-260.
Mitrić, М., Stanković, A., & Lakićević, А. (2012). Forensic Accounting – the Missing Link in Education and Practice, Management - Journal for Theory and Practice Management, 65, 41-50.
Mitrović, A., Knežević, S., & Milašinović, M. (2021). Profitability analysis of hotel companies in the Republic of Serbia. Hotel and Tourism Management, 9(1), 121-134. https://doi.org/10.5937/menhottur2101121M.
Vasilev, D., Cvetković, D., & Grgur, A. (2019). Detection of fraudulent actions in the financial statements with particular emphasis on hotel companies. Hotel and Tourism Management, 7(1), 115-125. https://doi.org/10.5937/menhottur1901115V.
Walsh, C. (2006). Key management ratios: The clearest guide to the critical number that drive your business. 4th edition, Harlow: Pearson Education Limited.
Кnežević, P.S. & Fabris, M. (2010). Upravljanje obrtnim sredstvima i kratkoročnim obavezama. Računovodstvo, 54(11-12), 61-72.
Кnežević, P.S., Dmitrović, V., Jovanović, M., & Obradović, T. (2011). Upravljanje potraživanjima od kupaca u funkciji podrške uspešnosti poslovanja. Menadžment: Časopis za teoriju i praksu menadžmenta, 58, 49-57.
