Corporate Management in the Hotel and Restaurant Industry: Organization, Standardization, Financialization

Abstract

The article is aimed at identifying the differential features of the hotel and restaurant enterprises, which should be taken into account when organizing and choosing corporate management instruments, as well as substantiating its conceptual foundations upon this basis. The article defines tendencies in the status of the corporate environment in the hotel and restaurant industry during 2010-2018: loss of corporate potential, especially in parts of large and medium-sized companies; small enterprises are more competitive than micro-enterprises; isolated cases of doing big business; large concentration of enterprises in the restaurant industry compared to the hotel industry; more developed segment of medium-sized enterprises in the hotel industry. The principles of corporate management, which should be introduced in the hotel and restaurant industry, are summarized, based on the synthesis of such approaches: stakeholder, value-and-cost-oriented, standardization, financialization. The conceptual foundations of corporate management in the hotel and restaurant industry are justified as follows: use of a system of balanced indicators; development own corporate management codes based on international standards; formation and disclosure of the integrated reporting as part of financial statements and social responsibility reports. It is shown that ensuring transparency of corporate management will help to strengthen the competitiveness of enterprises in the market of hotel and restaurant services, increase their investment attractiveness.

Keywords

• corporate management
• hotel and restaurant industry
• organization
• standardization
• financialization