Portal de Periódicos da CAPES

Level of Accommodation Enterprises in Using Modern Financing Techniques: A Study on Managers of 4 and 5 Star Hotels Operating in Alanya

2015; Volume: 6; Issue: 3 Linguagem: Inglês

1309-2448

Mehmet Akif Öncü, İstemi Çömlekçi, Çigdem Mutlu, Emre Zengin,

Islamic Finance and Banking Studies

Abstract: The purpose of this study is to determine the levels of use of the modern financing techniques by the managers of accommodation enterprises which have a high-level financing requirement within the tourism industry. Four- and five-star accommodation enterprises which provide services in Alanya were determined to be the population of study. Survey technique was used as the data collection method. As a result of the study, it was found that the accommodation enterprises choose the financial leasing among the modern financing techniques, and the trade banks among the financial institutions. In addition, another result achieved by the study is that the economic expectations of the accommodation enterprises regarding these techniques increase, as their awareness on modern financing techniques is raised.Keywords: Accommodation enterprises, financing techniques, leasing, risk capital, factoring, forfaiting, barter.JEL Classification: L83, G221. IntroductionToday the importance of rapidly growing tourism sector is increasing both nationally and internationally. Tourism involves numerous activities simultaneously by its nature. In other words, an accommodation enterprise offers services such as food-beverage, travel agency, souvenirs, etc. as well as accommodation service. Therefore, investments will be increased in line with the number of activities offered by an accommodation enterprise. In this sense, investments made by accommodation enterprises should be large-scale investments, and this requires a strong financial support.Today, tourism enterprises are constantly renewed in order to have competitive advantages and put in an appearance at international level. Investment decisions also play an important role within this renewal process. One of the most important elements of tourism sector is accommodation service, and therefore, accommodation enterprises have a considerable amount of shares within this field of industry (Met et al., 2013). Accommodation enterprises continuously endeavor to improve their operations in order to gain competitive advantages in today`s competition environment. Therefore, enterprises are required to make investments and generate profits from investments on continuous basis. However, they would not generate the desired income, if they fail to determine the techniques to be implemented for investments.Today, the products known as modern financing techniques, which provide advantages in cash management, risk management, and receivables management. The objective of this study is to measure the level of accommodation enterprises in using modern financing techniques, since they require high level of financing. In addition, it has been set as another objective to determine which financing techniques are used and why these are used by the accommodation enterprises.2. Financing and Modern Financing techniques in Accommodation EnterprisesAccommodation enterprises are known as building blocks of the tourism sector. Accommodation enterprises grow, change, and are renewed in line with the current developments such as economic, social, technological, etc. developments. However, financing needs should be met in order to adapt all of such circumstances under challenging competitive conditions.One of the most important matters is to find the capital required for establishing an enterprise. Therefore, the individuals who intend to establish an enterprise or make a new investment should determine the amount of the required fixed capital and working capital and they should consider necessary procedures for financing this capital need (Koluk and Dilsiz, 2008).Investments of accommodation enterprises that provide services in tourism industry are known as capital intensive and fixed-assets intensive (Met et al., 2013). Tourism enterprises face with financing requirements at three stages as in other enterprises. The first one of these stages is known as investment stage. …