Assessment of Financial and Economic Security of Business Innovation Enterprises in Hospitality and Tourism

Abstract

Due to a number of external uncontrolled factors of negative influence, Ukrainian business entities functioning in the hospitality and tourism business have seen the most severe crisis and depression over the past three years. In order to survive in such conditions and develop the business intensively, Ukrainian business entities must clearly define internal problematic aspects to correct them promptly, as well as the potential opportunities towards which the maximum effort should be directed. The article offers and justifies an approach to assessing the financial and economic security of hospitality and tourism business entities in the complex modern conditions under which the Ukrainian economy is developing. In order to achieve the research goal, the methods of systematization, grouping, and logical generalization were applied.The article systematizes the key aspects of ensuring the financial and economic security for the company's activities that should be followed by its management, describes the structure of an enterprise's financial and economic security, and formulates the concept of financial and economic security for business entities in hospitality and tourism. The paper also specifies the sequence of stages, which would be advisable to follow when managing the financial and economic security of hospitality and tourism enterprises. The authors have summarized the approaches to assessing an enterprise's financial and economic security in modern literature and have grouped the indicators of financial and economic security for hospitality and tourism business enterprises. The study analyzes the dynamics of financial indicators which comprehensively characterize the functioning of temporary accommodation and catering enterprises, as well as economic operators of tourist activity in Ukraine and offers an approach to assessing the financial and economic security of hospitality and tourism business enterprises which base their activities on the innovation potential. The results of the study prove that differentiating and operating the components of hospitality and tourism business operators' innovation potential is expedient and improves their financial and economic security.The practical significance of the obtained results lies in increasing the financial and economic security and innovativeness of hospitality and tourism business enterprises in Ukraine by applying the proposed approach to evaluation as a monitoring tool.

Optimization of State Regulation in the Field of Safety and Security of Business: A Local Approach

“…Research by Yakushev et al (2023), focuses on the assessment of financial and economic security of innovative enterprises in the field of hospitality and tourism. The authors analyze various aspects affecting the stability and sustainability of these enterprises, including financial risks, competitiveness, and innovative activity.…”

Implementation of eco startups in the development of green territories

“…The implementation of the principles of circularity can positively affect the image of green territories and make them more attractive to residents and investors (Telnova et al, 2023). Provision of sustainable and environmentally friendly development creates a positive perception among the public and contributes to the attractiveness of places for residence, business and tourism (Stukalo et al, 2018;Yakushev et al, 2023). Entrepreneurial activities in green territories can be a key factor for their further development.…”

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“…The implementation of the principles of circularity can positively affect the image of green territories and make them more attractive to residents and investors . Provision of sustainable and environmentally friendly development creates a positive perception among the public and contributes to the attractiveness of places for residence, business and tourism (Stukalo et al, 2018;Yakushev et al, 2023). Entrepreneurial activities in green territories can be a key factor for their further development.…”