| Abstract [eng] |
84 pages, 18 tables, 12 pictures, 67 references. The main objective of this master's thesis is to assess the efficiency of the activities of SMEs in the accommodation and food services sector and its determining factors. The thesis consists of four main sections: analysis of the characteristics of SMEs in the accommodation and food services sector, analysis of theoretical aspects of the efficiency of SMEs and its determining factors, methodology of empirical research and research results. Conclusions and suggestions are also presented. The literature analysis discusses the importance of SMEs to the economy, the specifics of their activities and challenges in the accommodation and food services sector, and examines the concept of SME efficiency, assessment instruments and efficiency determining factors. After conducting an analysis of the scientific literature, the author determined that the efficiency of SMEs in the accommodation and food services sector depends on the internal and external macroeconomic environment of the companies. In the regression model, the dependent variable was return on assets (ROA), and its explanatory factors were liquidity, leverage, asset turnover, company size, age, GDP and inflation. The empirical study used financial and structural data of Lithuanian SMEs in the accommodation and food services sector for 2018–2024. The study sample consisted of 89 companies, and the balanced panel data set consisted of 623 observations. The study applied descriptive statistical analysis, correlation analysis and panel regression analysis. Statistical calculations were performed in the RStudio software environment. The study showed that the average SMEs ROA was positive, but was characterized by high dispersion. Applying the fixed effects model with adjusted standard errors, it was found that the company size and inflation growth rate had a statistically significant positive effect on ROA, and the company age and leverage had a statistically significant negative effect. Taking into account the results, it is recommended that SMEs in the sector pay more attention to debt management, economically justified development of activities, and increasing the efficiency of resource use. The results of the study may be useful for managers of SMEs in the sector when assessing operational efficiency and making financial and management decisions. |
