Financial distress and ownership structure: The case of Serbia

The main objective of our research is to examine the effects of financial distress on ownership structure and to elaborate on the factors that influence change of ownership in companies that have adopted a reorganisation plan in the Republic of Serbia. Of the 63 sample companies reorganised in bankruptcy proceedings between 2009 and 2015, the ownership structure remained unchanged in 49 companies, while in 35, the existing owners or their family members remained in charge of key management positions. Using binary logistic regression, we observed that two factors influenced the change in ownership structure: the length of time it takes to resolve the insolvency process and whether the owners were involved in the running of the distressed company before it filed for bankruptcy. The obtained results indicate that corporate governance mechanisms in distressed Serbian companies are not efficient

Ensuring positive feedback: Factors that influence customer satisfaction in the contemporary hospitality industry

h i g h l i g h t s We examine the extent to which certain hotel features affect customer satisfaction in the European hospitality industry. Data were collected from one of the leading online hotel reservation service's systems. After controlling for the hotel classification, we identify eight additional factors that affect customer satisfaction. Our findings provide assistance to hotel managers in determining the optimal allocation of scarce financial resources. This study provides insight into the hotel characteristics that have a significant association with customer satisfaction. Data related to a sample of 6768 hotels located in 47 capital cities in Europe are analysed by using a linear mixed model technique. The results confirm the findings of previous studies, which state that hotel star rating is the single most important factor that influences customer experience. Furthermore, the presence of air-conditioning devices in rooms, a bar located within the hotel area, access to WiFi Internet free of charge, membership in a branded hotel chain and price have significant positive associations with customer satisfaction (ceteris paribus). Variables that appear to be adversely associated with customer satisfaction are distance from the city centre, size of the hotel, and general hotel price level in the city where the hotel is located. a r t i c l e i n f

PRIVATE EQUITY INVESTING AND TOTAL QUALITY - UPDATED

Private equity funds invest money into companies and, in return, receive stakes in the companies' equity, thus becoming the partners who share the business risk. Because of that, private equity funds increase the value of their portfolio companies, by, among other things, improving their internal processes and strengthening their market positions. While doing that, private equity funds place a special emphasis on the implementation of the total quality. In order to do that, they focus on the three key elements for the successful implementation of the total quality: strategy-based organization, focus on consumers, and obsession with quality