In this paper, we assess the impact of the COVID-19 crisis on the bankruptcy risk of a sample of 100 hotel companies and, consequently, on the hotel industry in the Republic of Serbia. The assessment applies to the period, 2019–2026, with the use of the data on the financial indicators for 2015–2020. Five novel structural time-series models, which have the indicators derived from Altman’s EM Z”-score model as predictors, were used, and a new conceptual framework for assessing bankruptcy risk is provided. The framework expands the applicability of credit-risk-scoring models to multiyear predictions, and it takes into account the dynamism of the transitions of the firms among Altman’s risk zones. The predictions that were obtained when the Springate and Zmijewski scores were applied along with the Altman Z”-scores demonstrate the fair applicability of the scores for the models that are introduced here. The results of the models were confirmed by 270 artificial neural networks and they were compared to the results of the classical time-series models. The crisis started to have a negative effect on bankruptcy risk in 2020, and this effect is expected to rise until 2023; currently, in 2022, the highest number of hotel companies may be headed for bankruptcy. Amelioration in the position of the companies cannot be expected before 2024; however, even in 2026, the risk of bankruptcy will remain high when compared to the pre-COVID-19 period and, thus, the surviving companies will become more fragile to any further exogenous changes. These results provide a basis for the adaption of state-supported measures and business policies in order to withstand the crisis and to ensure sustainability.

Scholars have emphasised the importance of green settings in today’s business paradigms. Studies on green behaviour have produced a plethora of noteworthy discoveries, whether focused on financial success, individual capabilities, or development. However, despite significant growth in interest in green business practices, the relationship between individuals’ willingness and green competencies has received little attention. This article used the customised green competencies conceptual model to investigate how green skills influence organisational performance and their relationship with the willingness moment. This article developed an innovative human resource management approach to address these difficulties. A questionnaire was used to perform empirical statistical research with 516 respondents from Serbian universities. Different mathematical and statistical methodologies were used to analyse the results. The findings corroborate the suggested theoretical model, and they suggest that green competencies will influence people’s willingness to participate in green activities. This article gives new information on human behaviour and organisational effectiveness in a green atmosphere. It includes managerial and practical consequences and recommendations for businesses looking to improve their social responsibility and environmental sustainability.

The objective of this quantitative study was to examine the impact of selected factors on the level and state of public health in local self-government units in 2021, with the consideration of data from 2020 and 2019. This survey included 77 out of 145 local self-government units in the Republic of Serbia and examined six dimensions defined by the Law on Public Health: social care for the public health of the city/municipality in regard to the physical, mental, and social health of the population; health promotion and disease prevention; the environment and health; working environments and population health; the organization and functioning of the health system; and actions in emergency situations. The results of the Pearson correlation showed that there were statistically significant correlations between the effectiveness of the realized program budget and microbiologically defective drinking water samples from the so-called village water supply systems, defective samples of drinking water from public taps, unsatisfactory analyses of wastewater samples, the total number of air samples on an annual level for PM25s, and the number of mandated fines issued. The results of the logistic regression model showed that the local self-government units that received assistance from the Permanent Conference of Cities and Municipalities were 5.6 times more likely to perform analyses of their health status. Furthermore, we determined that the units of local self-governments that appointed a coordinator of the health council identified vulnerable groups in the analysis of the state of health four and a half times more often. In contrast, the units of local self-governments that prepared health status analyses could be used to identify vulnerable groups to a six times greater extent within the framework of the health status analysis. The results showed that in improving the state of public health at the local level, it is necessary to provide systematic institutional support to cities and municipalities in exercising their responsibilities. Based on these results, recommendations were made for the further development of support, i.e., the planning of further activities aimed at strengthening the capacity of the health councils and local self-government units in this area.

У н и в е р з и т е т " Г о ц е Д е л ч е в " -Ш т и п Ф а к у л т е т з а т у р и з а м и б и з н и с л о г и с т и к а G o c e D e l c h e v U n i v e r s i t y S h t i p F a c u l t y o f T o u r i s m a n d B u s i n e s s L o g i s t i c s

The purpose of this paper is to illustrate the use of several ratio-accounting measures to analyze the performance of the selected firm. Financial statement analysis using accounting ratios has been one of the most commonly used models of assessing business performance. Financial analysis outcomes can be used to help the owner of a small enterprise in making financial and investment decisions to maximize the wealth of the owner. These measures indicate different conditions of the firm - liquidity, profitability, solvency, efficiency and productivity.