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ADD SLIDE TITLE HEREArticle review of HospitalityFinancial ManagementJun Li 15889767

Hello everyone, My name is Jun Li, today I want to talk about five topics of hospitality financial management, and talk about what I have learned from some articles related to those topics2016/9/301

introduction

Managers of hospitality industry need different kinds of managerial approach to help them making decisions. Among those methods, Financial performance analysis, cost management, revenue management, working capital management and environmental management are the most commonly used tools to manage financial position of Hospitality industry. In this review, certain articles on the 5 mentioned topics has been chosen to reflect current trends of those topics in hospitality financial management. The purpose of this review is to discuss how each of the 5 topics affect hospitality business efficiency and profitability and explore what possible developments and changes this five topics can have in the next 5 years.

Managers of hospitality industry need different kinds of managerial approach to help them making decisions. Among those methods, Financial performance analysis, cost management, revenue management, working capital management and environmental management are the most commonly used tools to manage financial position of Hospitality industry. In this review, certain articles on the 5 mentioned topics has been chosen to reflect current trends of those topics in hospitality financial management. The purpose of this review is to discuss how each of the 5 topics affect hospitality business efficiency and profitability and explore what possible developments and changes this five topics can have in the next 5 years.

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Financial performance analysisWorking capital managementCost managementRevenue and yield management

Sustainability and environmental management accounting15

Current trends of each topic is discussed with reviewing related literatures. The focus of this review is finding out those conceptual frameworks and new ideas inside those articles, which can be used to improve business efficiency and profitability of firms in hospitality industry. 2016/9/303

Financial performance analysisHow to enhance performance of hospitality industry

The first topic of this presentation is financial performance analysis. Combined with traditional ratio analysis of financial performance, nowadays researchers add more non-financial factors that related to financial performance into this analytical system and use those factors as independent variables to evaluate financial performance as dependent variables. Furthermore, they integrate the results to analyze how to improve financial performance of hospitality industry.2016/9/304

Complex analysis of Financial performance using ratios (KRIVKA & STONKUT, 2015)

Although contemporary studies propose various of methodology for enterprise financial performance analysis (KRIVKA & STONKUT, 2015). Ratio analysis is the foundation of financial performance analysis. Gross margin ratio, ROS, ROA and ROE are the most basic data that can reflect business profitability of a firm. What is more, ratio analysis from single aspect is not enough to reflect the full picture of financial performance, there fore, composite analysis of different kinds of ratio (including profitability, liquidity, solvency and asset turnover ratios) has been widely applied for modern research (KRIVKA & STONKUT, 2015).2016/9/305

Contemporary topics of hospitality firms financial performance

Innovativeness How does hotel innovativeness enhance business performance of hotels

Social CapitalHow does social capital influence the hospitality firms financialperformance?

EMSThe Influence of Environmental Management Systemson Financial Performance

Other than complex financial ratio analysis, it is also a popular methodology nowadays to combine financial indicators together with non-financial criteria such as innovation, social capital and environmental factors and analyze how dose those non-financial factors influence financial performance of hospitality firms.2016/9/306

InnovativenessPerformance Relationships (Rubera & Kirca, 2012)

In a hospitality context, firms innovativeness refers to a firms attitude towards innovation such as new ideas, new products and new service modes (Grissemann, Plank, & Brunner-Sperdin, 2013). In recent years, due to fierce international competition, customer orientation market and rapidly changing technologies, innovativeness has been acted as a key factor when consider the success of a hospitality firm (Bigliardi, 2013). Lot of researchers nowadays try to find out the link between innovativeness and financial performance of companies. For example, Rubera and kirca (2012) build a framework to talk about potential relationships between financial performance such as profitability and different kinds of innovative concepts(innovativeness inputs, innovativeness outputs, innovativeness culture, radical innovations and incremental innovations).2016/9/307

Social capitalPerformance Relationships (Dai, Mao, Zhao, & Mattila, 2015)

Basically, social capital is about relationship, or in the other words, social ties. When applied in hospitality industry, social capital means external social capital including a firms cooperation with travel agencies of all kinds, third-party website platforms, suppliers and local tourist resources (Maggioni, Marcoz, & Mauri, 2014) and internal social capital which mainly about relationship between all empolyees of a firm. Ideally, a good exteranl social can help a firm to increase market share and enhance the hotels competitiveness (Dai, Mao, Zhao, & Mattila, 2015), and human resource of a firm can be more efficiently managed with a better internal social capital which can contribute to a better financial performance of the firm. However, based on their analysis of a sample of chinese hotels, Dai, Mao, Zhao and Mattila (2015) found out that internal social capital does not have a positive impact on the hotels financial performance. Their research indicates the relationship between social capital and financial performance is complicated, and hotels need to make modifications of their social capital to suit their own situations.2016/9/308

EMSPerformance Relationships (Feng & Wang, 2016)

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Over the past decades, environmental awareness of the public has urged company to make change and put more focus on green capital. Also firms in hospitality industry has found out that energy efficiency and other environmental protection measures can actually contribute to their business profitability. In this background, more and more companies are willing to build their own environmental management systems (EMS) and find out its influences on financial performance. Both Indirect and direct effects of EMS to a firms financial performance has been study by some researchers. For instance, Feng and Wang (2016)s research about EMS-FP relationships has important reference meaning. 2016/9/309

Future

Financial performance analysis More comprehensiveMore factorsJoint effectIndirect influence

Based on the review of related articles, it is not difficult to find out some current trends of Financial performance analysis. It can be seen in the next 5 years that researches of financial performance analysis of hospitality industry will be done in a more comprehensive way, more factors especially non-financial ones will be included in the framework of financial performance analysis, furthermore joint effect of different factors and indirect influence of those factors can have towards financial performance will be further analyzed in the near future.2016/9/3010

Cost management

Manage cost in a more strategic way

The second topic of this presentation is cost management. In todays world, profit margins of hospitality industry are under constant pressure from rising costs of doing business and increased competition (Edwards, 2016), it is extremely important to efficiently manage cost and realize the maximum of a firms profitability.2016/9/3011

Cost benefit analysis (CBA)

BenefitsCostsConsider all kinds of benefits including non-financial benefits and unquantifiable benefits that related to the cost decision.

Think about how much dose it really cost, including all kinds of direct costs and indirect costs.

CBA as a tool in the cost management(Ho, 2015)

Generally, cost benefits analysis (CBA) has been widely used by hotel managers to make cost-related decisions. This methods is simple and effective. Basically, if one cost outweighs benefit, manager should consider reduce this kind of cost unless it is a necessary cost. On the contrary, if the benefits bring by this cost outweighs cost itself, this cost is usually considered as a good cost. However, one difficulty of CBA is sometimes is hard to analyze all kinds of benefits and costs especially those non-financial costs and benefits. Ho (2015) suggested in her article that managers should consider how much dose it really cost rather than how much dose it cost or how much should it cost.2016/9/3012

Strategic cost management (SCM)

Different purposeThe main aim of SCM is to strength strategic position of an enterprise while reducing costs.

Different anglesSCM attaches great importance to the external environment and pays more attention to the supply and marketing chain.Add keywordsAdd keywordsWhat are the differences between SCM and traditional cost management methods?

Unlike traditional cost management methods which aims to cut the cost of a firm in a short time. Strategic cost management (SCM) focus more on the strategic position of an enterprise and treat cost as investment that can bring value to the enterprise in the long run (Mohan,.n.d.). Nowadays, more and more operators of hospitality industry understand cost as an strategic issue and use cost manage as a tool to develop the strategic position of their firms (Apak, Erol, Elagz, & Atmaca, 2012). Moreover, unlike traditional cost management methods which focus only on the internal environment, SCM attaches great importance to the external environment and pays more attention to value chain of their businesses.2016/9/3013

Modern Cost Management Innovation and Performance (Namnai, Ussahawanitchakit, & Janjarasjit, 2015)

Modern marketing theories believe that when customers consider to purchase one product, they are not just consider this product itself, they also consider the satisfaction this product can bring to them. So when managers of a hotel consider cost management, they should consider quality cost which is highly related to customers experience and satisfaction. Namnai, Ussahawanitchakit and Janjarasjit (2015) used the term cost utilization to describe managers awareness of quality cost and their approaches to use this awareness to improve operational effectiveness and find out how to reduce quality cost without satisficing the needs of customers.2016/9/3014

Target cost management (TCM)

The concepts of TCM has its origin in JAPAN in 1960s due to difficult situation of Japanesemarket at that time.

Origin1 Price led costing2 Value chain orientation3 Focus on customers and designs (process and product)

PrinciplesA cost management tool that can reduce the overall cost by setting the target-selling price before the design of the product (price led approach).

ConceptionTCM has been shifted from a cost reduction tool to profit management tool. Nowadays TCM is also used as a cost strategy in other countries such as Singapore and Malaysia (Baharudin & Jusoh, 2015)

Development

The concepts of TCM has its origin in JAPAN in 1960s due to difficult situation of Japanese market at that time. Unlike traditional methods of cost management, which determine costs before selling prices. Target cost management (TCM) combines market research and consider target selling price (the price customers willing to pay for a product with specific characteristics, then using this target selling price to calculate target costs (Differences, n.d.). This target cost will be used as a criterion for cost management afterwards. Nowadays TCM is also used as a cost strategy in other countries such as Singapore and Malaysia (Baharudin & Jusoh, 2015). In todays competitive hotel marketing conditions, target cost management can help firms maintain their profitability without having more risk of losing customers.2016/9/3015

modern costing approaches

1QualityQuantity the totalcost of quality-related efforts and deficiencies based on total quality management, including costs of quality control and costs of non-conformance.

2TimeJust in time production, keeping minimum stock in each phase of production and marketing process.

3ProcessProduct Life CycleBased Costing, which involves all costs from production development phase to the end of customer support.

4PerformanceBalanced score card, a mean that can record and evaluate the performance of the employees via both financial and non-financial criteria.

5CreativityThe cost of innovation includes cost of renewing products, cost of developing new products and cost of launching products on market.

(Apak, Erol, Elagz, & Atmaca, 2012)

Other than systemic management methods, there are also some modern costing approaches that can be used to assist managerial tasks. Nowadays, topicalization is common phenomenon when it comes to costing approaches. Those topicalized costing approaches which focus on quality, time, performance, process and innovation (Apak, Erol, Elagz, & Atmaca, 2012) can bring a more detailed view for managers of hospitality industry to make related decisions. Also manager should consider one or more of those modern costing approaches according their own situation and needs.2016/9/3016

More strategic

More customer-oriented

More market-oriented

More topic

Future

To sum it up, in order to face challenges of nowadays and ensure business profitability, cost management of hospitality industry need to become more strategic, more customer and market oriented based on the article review. Moreover, It can be forecasted that new costing approaches which will contain more topics and focus on more detailed business information will be proposed to further satisfy the needs of hotel managers in the near future 2016/9/3017

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Revenue and yield managementHow it will impact the bottom line of a hotel

The third topic of this presentation is revenue management and yield management. Basically, Revenue management is about how to use historical data and sales expectations to maximize revenues. Revenue management is key factor to improve the bottom line of a hotel. It has been proved a hotel can receive at least 25% incremental room revenue with the help of the proper revenue management (Landman, n.d.), needless to say abundant additional revenue received from other products such as F&B and Spa.2016/9/3018

Current trends of yield management(Vinod, 2016)

Restriction-free pricingActive monitoring and closure of selling fare at the right time is required to promote sell-up to the higher fare and maximize flight revenues.

1Code share partner-shipFlight segments that are operated by one carrier but marketed for sale by more carriers, this method can increase companys marketing reach.

2Dynamic availabilityDynamic Availability makes inventory control recommendations by origin and destination based on outbound and inbound itineraries.

3Dynamic pricingDynamic Pricing is closely related to Dynamic Availability which is used to approximate the ticketed price.

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5Selling the right productsTo the right customersAt the right priceAt the right time Total revenue managementFocus on total guest spend including non-air products.

Currently, there are mainly three topics of yield management, which is price, market and customer behaviors. First, how to organize pricing structure based on pre-sale period, clients volume commitment and market situation to maximize revenues. Second, firms of hospitality industry nowadays consider to build alliances with other firms in this industry and companies from other industries in order to maximally expend their market network, a good example of this phenomenon is code share programs of airline business (Vinod, 2016). Other than this, more and more managers in hospitality industry attach great importance to total revenue management, hotels nowadays are put more focus to consuming behaviors of their clients and use those data they collected from both market researches and their customers to adjust their product structure in order to receive more total revenues.2016/9/3019

Total revenue management

Add keywords

InformationizationUsing technologies to analyze all the data gathered from customers.

Multi-sectorss cooperationCommunication and information sharing of different departments

Multi channelsA holistic consideration of all channels that can contribute to revenue (F & B, retail, golf).Source (Freed, 2012)

Unlike traditional rooms-revenue model, total revenue focus more on optimizing the revenue from every single customer (Freed, 2012). A holistic consideration of all kinds of channels that can contribute to the firms revenue is the foundation of a hotels total revenue management. One challenge of total management is the effectiveness and timeliness of related information such as likes and dislikes of customers, which requires multi-sectors cooperation and in some circumstances, the help of modern technologies.2016/9/3020

A dynamic pricing framework of hotel revenue management

Add keywords

Contextual variablesStrategic level: the location of a hospitality service appears of paramount importance. Tactical level: A contextual variable closely linked with competition and suitable for tactical dynamic price strategies is the booking time.

Reputational variables On one hand, in fact, reputation are still strategic because based on long-term attributes. On the other hand, reputation can also be viewed in a tactical way, because online reviews update constantly and focus more on the recent experiences of consumers.

Tangible attributesPhysical objective characteristics of serves sold. Tangible attributes are strategic in nature but they can also be used in a tactical dimension when the tourism service presentsheterogeneous characteristics.

Source (Abrate& Viglia, 2016)

How to build a dynamic pricing framework that can truly reflect all kinds of variables that can bring impacts to revenues is one of the main concerns of hotel managers. More over, it is also important to consider what level of influences those variables will bring to the firms revenue. Based on thoughts like this, Abrate and Viglia (2016) build a framework that contains tangible attributes, reputational variables and contextual variables that can affect revenues and consider their influences both in strategic and tactical level. 2016/9/3021

External and internal factors of RM (Willie, Clarke, & Chandra, 2015)

In addition to put more focus to external factors such as market position and strategic advantages, managers nowadays also pay close attention to internal factors of revenue management such as human resource and technology. What is more, joint effect of external and internal factors has also been considered by researchers like Willie, Clarke and Chandra (2015).2016/9/3022

Future

Revenue and yield managementMore AlliancesMore ChannelsMore DynamicMore Factors

In current situation, investing in revenue management is considered by managers as a necessary measure to survive in the competitive marketplace (Vinod, 2016). Based on the literature review, it can be foreseen that in the next five years, more alliances will be build for companies to support each other, also a more comprehensive pricing framework that contains more factors in different level and also joint effects of different factors will be established. What is more, total revenue management that contains more channels and focus more on clients consuming behavior will be consider by more managers of hospitality industry.. 2016/9/3023

Working capital managementHow to manage cash flows

The fourth topic of this presentation is working capital management (WCM). Working capital contains two parts which is current assets and current liabilities, and what WCM needs to do is manage the daily cash flows between current assets and current liabilities. It requires managers of hotels to keep checking the financial health of their firms and adjust their working capital investment policies timely in order to acquire the biggest profit for their enterprises.2016/9/3024

Working capital management (WCM) working capital cycle in a firm (Nwankwo & Osho, 2010)

Liquidity if working capital cycle is essential when it comes to working capital management, also it can reflect the stability of a firm (Nwankwo & Osho, 2010). As for hospitality industry, liquidity is extremely important because firms in this industry usually requires a relatively short operating cycle. So if liquidity goes wrong of a hotel, for example there are too many bad debts, the managers of this hotel will find out they do not have enough current assets to maintain their business quickly.

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(Nwankwo & Osho, 2010)

Standardized and Internalized managementMaximum using of current asset

How to improve working capital management

If managers of hotel want to better manage working capital, the first thing they need to do is make a full use of all kinds of their current assets, including inventory, cash, account receivable, prepaid expenses and other kinds of current assets. In Nwankwo and Oshos (2010) article, they offered four suggestions to managers about how to better use their current asset, which is investing idle funds, reduing unnecessary inventory, speeding up receivables collections, and eliminating early payment unless a huge discount is offered by suppliers. Other that they also consider the importance of standardized and internalized management of working capital. 26

Working capital management strategy of restaurant firms (Mun & Jang, 2015)

WorkingCapital management

WorkingcapitalprofitabilityCashlevels

ExamineExamine the moderating effect of cash levels on the relationship between working capital and profitability (ROA)

IdentifyIdentify the optimal level of working capital rate for restaurant firms (4% of sales based on GMM estimators)

Investigate Investigate the impact of working capitalon profitability (ROA: return on assets)

Of course, almost all managers in hospitality industry know that how they manage working capital will have impact on their business profitability. But some of them do not know clearly that how exactly dose this system work, by direct influences or indirect influences? Many models have been built to try to answer this kinds of question, Mun and Jang (2015)s work is one of them. They investigated the impacts of working capital on profitability by mainly examining the adjustment effect of cash levels on the relationship between working capital and business profitability.2016/9/3027

how behavioral biases affect WCM decisions

(Ramiah, Zhao, Moosa, & Graham, 2016)

Unlike other aspects of financial management, which do not need involvement of managers everyday, working capital management need managers of hotels to make related decision almost everyday if they want to maintain and sometimes improve profitability of their business. So some researchers believe that how managers behave will actually affect the outcome of working capital management. Based on thoughts like that, Ramiah, Zhao, Moosa and Graham (2016) listed four behavioral biases of managers which are self-serving bias, confidence bias, representativeness bias and loss aversion bias and tried to find out what kinds of influences those behavioal biases could bring to managers decision related to wokring capital. As a result, they found out that behavioural biases examined in their study affect various areas of WCM.

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Cash conservation

More cooperation

More informative

More variables

Future

Cash is most important in the working capital cycle, without enough cash working capital cycle of a hotel will not operate properly. Some managers of hotels nowadays are so worry about liquidity of their working capital and they try to squeeze more cash out of their supply chains, speed up collection of receivables, and reduce inventory (Eden, 2012). There is no doubt that how to do cash conservation will be a big concern of managers in hospitality industry in the next five years. Other than that, based on the article review, it is not hard to find out that working capital management will become more informative by means of more cooperation inside and outside of this firm and modern financial information system. More variables of working capital management such as behavior biases of managers will also be involved into future studies.2016/9/3029

Sustainability and environmental management accounting

The last chapter of this presentation is linked together with one of contemporary topics that attract most peoples attention- sustainable development. Recently, more and more managers of hotels has turned their focus towards the importance of sustainability in hospitality industry including areas of economic, social and environmental impacts (stottler,2015). Sustainability nowadays can bring a lot of benefit to those hotels in different ways such as cost saving, better guest experience, growing reputation. Also hotels can get economic incentives form governments if they are managed more eco-friendly (stottler,2015). All those benefits can contribute to business profitability of hotels.2016/9/3030

A creativity framework for greater sustainability in hospitality

Add keywords

Creativity SustainabilityThinking in new box to offer ideas and methods of how to create and maintain a better sustainable hospitality business.

CreativityCreativity occurs when there is successful convergence in the synthesis of myriad enabling factors to problem solving.

SustainabilityA holistic consideration of all three dimension of sustainability (Economic, Social and Environmental).

Source (Lim, 2016)

Hospitality enterprises, as large units with hidden environmental problems and resource consumption such as energy and water consumption, need to think outside their box if firms in this industry want to become more sustainability. However, only think outside the box is not enough and sometimes is unrealistic because it will against the firms benefit and profitability. So, the better way is to think both inside and outside of the box and then think in a new box (Lim, 2016). 2016/9/3031

Issues of sustainability in the hospitality industry(Jones, Hillier, & Comfort, 2016)

definingsustainability within the industry

The hospitality industrys way of defining sustainability areloosely couched within more general business goals and strategies, the definition should be interpreted as being constructed around business imperatives

materiality and external assurancemateriality and external assurance are not treated comprehensively within the industry, which undermines the credibility of the sustainability reporting process

sustainable consumption and continuing economic growththe concept of sustainable consumption and its relation with economic growth are conspicuous by their absence in the both the research literature on sustainability and in sustainability reporting within the industry

Although a lot hotels nowadays declare that they are will to accept the idea of sustainability and willing to run their business in a more sustainable way. However, some researchers like Jones, Hiller and Comfort (2016) suggested that there are some issues of the on going sustainability movement in the hospitality industry. They found out three fundamental sets of issues that currently face this industry: first, the lack of a universal and explicit concept of sustainability in this industry which sometimes make sustainability just a gorgeous word for some firms and use as a tool to cover their real issues. Second, lack of external supervision that ensure those enterprises approaches towards sustainability is transparent and objective. Third, how to keep a balance between sustainable consumption and the needs of sustainable profitability of those firms will be a big challenge (Jones, Hillier, & Comfort, 2016).

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Environmental Management Accounting (EMA)

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5EMA supports companies and organizations to assess and manage their sustainability performance in fiveWays Sands & Ki-Hoon, 2015Offer businesses opportunities to gather information that identify costs and savingssupply sustainable performance measures for operational processesand reporting guidance.

Give business a chance to recognize risks and opportunities relatedto their operations.Provide supports by measuring environmental impacts and loadsProduce physical and monetary measurements thatare vital in all efficient and effective sustainability management practices

Environmental sustainability is one of the major topics of the topic-sustainable development. In order to deal with that, environmental management account (EMA) was invented for managers to better handle challenge which has been brought up by environmental sustainability. EMA contains both financial and non-financial information and use this information to support internal environmental management processes of a firm (ENVIRONMENTAL, 2015). Researchers like Sands and Ki-Hoon (2015) wanted to find out in what kinds of way does EMA support companies and organizations to assess and manage their environmental sustainability performance, they mentioned five related approaches which can be concluded as quantification of those environmental costs, guidance of related processes and offering opportunities and information to run businesses more effectively.2016/9/3033

Modern framework of EMA

Comprehensive Framework of EMA (Kamruzzaman, 2012)

Once managers of hotels decide what kinds of approaches they want EMA support their decisions, they need to think more detailed information related with environmental management. Those information include physical information such as use and flows of energy and water, and also include monetary information such as environmental related costs and saving (Kamruzzaman, 2012). Researchers like Kamruzzaman (2012) suggested that EMA should be divided into two parts and managed in a more in-depth and detailed way respectively.2016/9/3034

EMA in the hospitality industry (Jankovic, Persic, & Zanini-Gavranic, 2011)

Analyze

Gather

Organize

Measure

Analyze environmental impacts of hospitality industry using input/output analysisGather operating revenues and cost saving information Organize all units using Environmental Hotel Management System (EHMS)Using life cycle costing (LCC) and life cycle assessment (LCA) and other tools to enable measurability of EMA.

One big concern of managers in hospitality industry is how to accurately quantify all kinds of environmental impacts into accounting system, in other words, what kinds of processes can help translate the original information into quantitative information in a more accurate way. Jankovic, Persic and Zanini-Gavranic (2011)s research offered managers of hotels a way to deal with this concern. They suggested that the process of EMA should include four parts which are analyzing related impacts, gathering related data, organizing all units and using managing accounting techniques to enable measurability of EMA.2016/9/3035

Future

Sustainability and environmental management accountingMore comprehensiveMore creativeMore detailedMore digital

Under the present social circumstances, sustainability will become more and more important in most of peoples mind, what will happen in hospitality industry will be no exception. A more comprehensive and creative way to look at sustainable development of hotels is one of main challenges managers need to deal with in the near future. Also based on the literature review, EMA, which is a necessary part of modern management accounting in todays hospitality industry, will become more network-based, digital and information-based and provide more detailed information to help managers making related decisions in the next 5 years.2016/9/3036

Conclusion

Financial analysis performanceComplex analysis/Non-financial factors

1Cost management CBA/SCM/Cost Utilization/TCM/Other modern approaches

2Revenue and Yield ManagementTRM/Dynamic pricing/External and internal Factors

3Working capital managementLiquidity/Cash levels/Behavioral biases

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Creativity/Physical and Monetary Units/ QuantificationSustainability and environmental management accounting

To sum it up, in this presentation, I talked five topics related to hospitality financial management. I chose some articles that can reflect current trends of those topic and use those articles to talk about some ways that can improve business efficiency or profitability of companies in hospitality industry, also use those articles as references to predict what kind of evolvement those topic can have in the next five years.2016/9/3037

THANK YOUTHANK YOUJun Li 15889767

References

Abrate, G., & Viglia, G. (2016). Strategic and tactical price decisions in hotel revenue management. Tourism Management, 55123-132. doi:10.1016/j.tourman.2016.02.006Apak, S., Erol, M., Elagz, ., & Atmaca, M. (2012). The Use of Contemporary Developments in Cost Accounting in Strategic Cost Management. Procedia - Social And Behavioral Sciences, 41(The First International Conference on Leadership, Technology and Innovation Management), 528-534. doi:10.1016/j.sbspro.2012.04.065Baharudin, N., & Jusoh, R. (2015). Target Cost Management (TCM): A Case Study of an Automotive Company. Procedia - Social And Behavioral Sciences, 172(Contemporary Issues in Management and Social Science Research.), 525-532. doi:10.1016/j.sbspro.2015.01.398Bigliardi, B. (2013). The effect of innovation on financial performance: A research study involving SMEs. Innovation-Management Policy & Practice, 15(2), 245-256.Dai, W. (., Mao, Z. (., Zhao, X. (., & Mattila, A. S. (2015). How does social capital influence the hospitality firm's financial performance? The moderating role of entrepreneurial activities. International Journal Of Hospitality Management, 5142-55. doi:10.1016/j.ijhm.2015.08.011Differences Between Traditional Method of Costing and Target Costing. (n.d.) Retrieved from http:// accountlearning.com/differences-traditional-method-costing-target-costing/

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References

Eden, T. (2012). Current trends in working capital management. Retrieved from http://www.agprofessional. com/special-sections/business/Current-trends-in-working-capital-management-148295615.htmlEdwards, K.(2016).The Importance of F&B Cost Control. Retrieved from https://www.linkedin.com/pulse/ importance-fb-cost-control-ken-edwardsFeng, T., & Wang, D. (2016). The Influence of Environmental Management Systems on Financial Performance: A Moderated-Mediation Analysis. Journal Of Business Ethics, 135(2), 265-278. doi:10.1007/s10551-014-2486-zFreed, J, Q. (2012). Total revenue management is the future'. Retrieved from http://www.hotelnewsnow. com/Articles/15787/Total-revenue-management-is-the-futureGrissemann, U., Plank, A., & Brunner-Sperdin, A. (2013). Enhancing business performance of hotels: The role of innovation and customer orientation. International Journal Of Hospitality Management, 33347-356. doi:10.1016/j.ijhm.2012.10.005Ho, C. (2015). Strengthen Cost Management. Armed Forces Comptroller, 60(3), 25-27.Jankovi, S., Peri, M., & Zanini-Gavrani, T. (2011). FRAMEWORK FOR DEVELOPMENT OF ENVIRONMENTAL MANAGEMENT ACCOUNTING IN CROATIAN HOSPITALITY INDUSTRY. Tourism In Southern & Eastern Europe, 1121.Jones, P., Hillier, D., & Comfort, D. (2016). Sustainability in the hospitality industry. International Journal Of Contemporary Hospitality Management, 28(1), 36-67. doi:10.1108/IJCHM-11-2014-0572

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References

Kamruzzaman, M. (2012). Framework of Environmental Management Accounting: An Overview. Framework of Environmental Management Accounting: An Overview (November 5, 2012).KRIVKA, A., & STONKUT, E. (2015). COMPLEX ANALYSIS OF FINANCIAL STATE AND PERFORMANCE OF CONSTRUCTION ENTERPRISES. Business, Management & Education / Verslas, Vadyba Ir Studijos, 13(2), 220. doi:10.3846/bme.2015.300Landman, P. (n.d.). WHAT IS THE IMPORTANCE OF REVENUE MANAGEMENT IN HOTELS?. Retrieved from http://www.xotels.com/en/revenue-management/importance-of-revenue- management-in-hotelsMaggioni, I., Marcoz, E. M., & Mauri, C. (2014). Segmenting networking orientation in the hospitality industry: an empirical research on service bundling. International Journal of Hospitality Management, 42, 192-201.Mohan A.(n.d.) Strategic Cost Management: An Overview. Retrieved from http://www.accountingnotes. net/cost-accounting/strategic-cost-management/strategic-cost-management-an-overview/5704Mun, S. G., & Jang, S. (. (2015). Working capital, cash holding, and profitability of restaurant firms. International Journal Of Hospitality Management, 481-11. doi:10.1016/j.ijhm.2015.04.003Namnai, K., Ussahawanitchakit, P., & Janjarasjit, S. (2015). MODERN COST MANAGEMENT INNOVATION AND PERFORMNCE: A CONCEPTUAL MODEL. Allied Academies International Conference: Proceedings Of The Academy Of Accounting & Financial Studies (AAFS), 20(2), 107- 123.

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