The Impact of Financial Manager Decisions on the Business Results of Micro and Small Companies in the Republic of Croatia in the Area of the City of Split

Abstract

Doing business in today’s turbulent and, above all, changing environment represents a great challenge for financial managers in achieving quality management of the organization. Financial data and financial basis are key sources of information and a basis for the financial manager to make decisions and manage well. Financial data are the basis for the effective management of a company, they enable the monitoring of business performance and making operational and strategic decisions, and they are key for future planning and communication with stakeholders. The aim of this paper is an in-depth analysis of the business operations of selected micro and small companies from the city of Split, which are registered for the preparation and serving of food and beverages, to determine whether financial data, their proper use, and management have an impact on business performance. The resource-based view (RBV) is the basis for the development of this research framework. The RBV theory enables and explains the importance of resources, and through this study, the connection with how to interpret and use financial resources (financial data, i.e., information) and what potential effects they have on the financial performance of micro and small companies in the sector registered for the activity of preparing and serving food and beverages in the tourism sector. According to the Accounting Act in the Republic of Croatia, micro companies meet two of three criteria: total assets up to EUR 350,000, revenues up to 700,000, and an average number of employees during the business year of up to 10, while small companies meet two of the following three criteria: total assets up to EUR 4,000,000, revenues up to EUR 8,000,000, and an average number of employees during the business year of up to 50. The results of the research showed the importance of financial information as a resource necessary for business management and competitive position, but also the necessity of continuous investment in the education of financial managers in order to be able to implement the prescribed acts in a way that maximizes the evaluation of the companies’ business performance.

1. Introduction

Tourism is one of the most important branches of the economy in the Republic of Croatia. According to the Croatian National Bank, the share of tourism revenue in GDP in 2024 was 17.1% (Croatian Central Bank, 2025). The stated share of tourism revenue in GDP indicates that the Republic of Croatia is one of the most dependent EU member states on tourism, which brings opportunities and risks. Thanks to tourism, state budget revenues are stable and increasing yearly. Thus, tourism revenue (direct and indirect revenue) in 2023 amounted to EUR 14.6 billion, while in 2024, it amounted to EUR 14.97 billion. However, crises such as the pandemic, climate change, or the negative consequences of rising inflation can affect the stability of revenue generation in the state budget.

According to data from the Central Bureau of Statistics (Croatian Bureau of Statistics, 2025), the average annual inflation rate in the Republic of Croatia in December 2022 was 12.7%, in December 2023, it was 5.4%, while in December 2024, it was 4.5%. If we look at the hospitality industry (hotels and restaurants) as an economic sector, then the inflation rates in the same period are higher: in December 2022, it was 17.0%, in December 2023, it was 12.7%, while in December 2024, it was 10.7%. For comparison, according to data from the European Central Bank (European Central Bank, 2025), the average annual inflation rate in the eurozone, i.e., the member states of the European Union that use the euro as their currency, in December 2023 was 2.9%, while the average annual inflation rate for 2024 in December 2024 was 2.4%. Accordingly,

Table 1. Comparative overview of inflation trends in the Republic of Croatia and the eurozone (in %).

Month/ Year	Inflation Rate in Croatia	Inflation Rate in the Eurozone	Inflation Rate— Hospitality Sector in Croatia	Inflation Rate— Hospitality Sector in the Eurozone
12/2022	12.7	9.2	17.0	8.3
12/2023	5.4	2.9	12.7	5.6
12/2024	4.5	2.4	10.7	4.6

Source: Authors’ work based on Croatian Bureau of Statistics’ data, 2025.

provides a comparative overview of inflation rate trends in the Republic of Croatia in relation to the entire eurozone.

From the above, it is clear that the average annual inflation rates in the Republic of Croatia in the months shown are higher than the average at the eurozone level. The above differences are particularly prominent in the hospitality sector. Therefore, in the tourism sector, there is a noticeable change in the behavior and consumption of guests, which results in the necessity of adjusting the entire sector. The dynamics of business have influenced the possibility of individual managers to consider changing their offer due to a possible decrease in the number of consumers, or the possible sale of their business (restaurant, hotel, bar). “For a tourism firm to be competitive, it needs a management control structure like the resource-based view (RBV), which is used to build its resources strategically. The tourism business enterprise may utilize these assets to give itself a lasting advantage in the market.” (Ogutu et al., 2023, p. 4). According to Ogutu et al. (2023), the tourism sector shows heterogeneity according to the RBV because their knowledge resources are not homogeneous. “RBV focuses on the management of the tourism company and its resources, helping them to focus on the assets, skills and competencies that can transform the business and make it more competitive” (Ogutu et al., 2023, p. 4). The RBV helps companies to identify the resources available within the organization, assessing them by considering the profit and value aspects associated with tourism companies (Tóth & Dávid, 2010). The RBV can be applied by tourism companies through the identification and use of their key resources such as location, brand, reputation, etc., but also through building and maintaining an efficient business, strong customer service, etc. (Ogutu et al., 2023). We can say that the aforementioned research mentions business efficiency, which we can connect and correlate with financial data crucial for business management. A key factor in ensuring the continuity and success of micro, small, and medium-sized companies in facing the challenges and opportunities in the competitive tourism industry is determining financial capabilities (Rukmiyati et al., 2025). “Micro, small, and medium enterprises (MSMEs) with strong financial capability are more resilient to fluctuations in tourist demand and can plan effective financial management” (Rukmiyati et al., 2025, p. 3).

Therefore, the subject of this paper is the analysis of possible decisions of a financial manager on the use of tax and accounting tools (financial data) to achieve a more favorable result of the business analysis as one of the prerequisites for a possible change in ownership of a business entity. The research was conducted on micro and small companies in the city of Split, for companies registered for the activity of preparing and serving food and beverages. Micro and small companies make up more than 95% of companies registered for the activity of preparing and serving food and beverages in the city of Split, while at the level of the city of Split, micro, small, medium, and large companies registered for the aforementioned activity make up 9% of the total number of companies in the city of Split. This paper focuses on micro and small companies because they are essentially companies usually managed by family-related persons who do not necessarily have sufficient financial knowledge to use financial data, while tourism is an extremely important economic sector for both the Republic of Croatia and the city of Split. Therefore, the aim of the paper is to point out the possibility of influencing, in accordance with accounting and tax regulations, the solvency of companies in the dynamic tourism market with the aim of increasing creditworthiness and possibly easier access to money from external sources of financing, primarily through banks.

2. Literature Background

Managing a business means reacting in a timely manner using accurate, reliable, and relevant financial data. Without a financial basis, it is impossible to respond in a timely manner, make decisions, and manage a business. It is of great importance that financial managers understand financial data and use them to adequately manage the business. Financial statements, as a source of key data on the state and operations of a company, are a source of information that financial managers have at their disposal and that allow them to review the business, but also a prerequisite for further business planning, decision-making, and management of the company. In addition to financial statements, there are groups of financial indicators that provide detailed insight into individual areas of business with the aim of comparing past results and creating future ones. In addition to the fact that financial indicators are important in determining the financial position and success of a company, the choice of indicators that will be used for measurement is also crucial, so that it is effective and efficient. Financial indicators are usually divided into six groups: “Liquidity indicators: measure the ability to meet short-term liabilities as they fall due; Leverage indicators: measure how much the company is financed from other sources; Activity indicators: measure how efficiently the company uses resources (asset turnover); Efficiency indicators: measure the relationship between income and expenses; Profitability indicators: measure the return on invested capital and return on assets; Investment indicators: measures the success of investments in common stocks” (Pušar Banović, 2024, p. 126). Financial indicators are created by comparing individual or group positions of financial statements, whereby, based on the data obtained through comparison and analysis, it is possible to make a business decision (Pušar Banović, 2024).

Kotane and Kuzmina-Merlino (2012), in their research conducted on a sample of small companies, emphasize the importance of financial indicators in the context of quality business management and their importance in assessing business performance and making financial management decisions. It is precisely the use of financial indicators that plays a significant role in the detailed business analysis of a company with the purpose of a detailed review of business operations and the identification of potential problems and risks. In his research, Iacuzzi (2022) states that the main purposes of using financial indicators in business are to ensure transparency and compliance with responsibility and to monitor the effects and performance of business, but also the possibility of assessing and overcoming crises. Calculating the financial health of a company is also an area that can be calculated by applying financial indicators, which is examined in the work of Stone et al. (2015) in order to examine the possibility of an impending financial crisis and the possibility of bankruptcy, but also the use of financial indicators to predict recessions by Levanon et al. (2015), and to determine financial health in practice (Padovani et al., 2010). The area of the banking sector has a great benefit in terms of the application of financial indicators, as they could examine their operations and obtain a broad picture of the current state of the banking sector, but also rank banks based on their financial indicators (Mastilo et al., 2024). As already mentioned, through the groups of financial indicators, it is possible to identify and define individual key areas and consider them in the context of potential risks or benefits they bring. Therefore, the research by Bunea et al. (2019) identifies and monitors factors that strongly affect the return on equity (ROE) in the Romanian energy industry, as well as to determine a competitive advantage that allows for greater profits and thus greater returns for investors.

Although there has not been much research recently linking financial indicators to the food and beverage sector, there is almost none in the last 5 years for the Republic of Croatia. As this paper focuses on companies registered for activity in the preparation and serving of food and beverages, bellowed research also shows the importance of using financial indicators precisely in the observed sector, i.e., industry.

The authors Marsha and Murtaqi (2017) prove that the use of financial indicators (ROA, Current Ratio, and Acid Test Ratio) have a significant impact on the value of the company and on a sample of 14 Indonesian companies in the food and beverage sector for the period 2010 to 2014. Furthermore, the authors Mubarok and Siregar (2022) analyze the impact of the debt to equity ratio, return on assets, free cash flow, and growth on a sample of five companies in the food and beverage sector from 2015 to 2019 with quarterly financial reports, and prove that all studied variables significantly affect the price-to-book value ratio. The authors Larasati and Purwanto (2022) examine the influence of financial indicators, i.e., the influence of financial indicators and firm size, on the profitability of the company on a sample of companies in the food industry in Indonesia, where it is shown that in the sample examined, the total asset turnover, inventory turnover, and firm size insignificantly influence the performance of the company, while the debt to equity ratio is the factor with the most significant influence. Gardijan and Lukač (2018), on a sample of 6000 companies from the food industry and more than 1000 companies from the beverage industry in selected EU countries in the period from 2011 to 2015, calculated the indicators of liquidity, debt, activity, and profitability and assessed their relative efficiency using several criteria. Based on the conducted research, they reveal which countries have the largest share of efficient companies and which are the main areas of (in)efficiency for companies within each country, while the efficiency is analyzed with respect to the size of the companies. A similar study was conducted by the authors Kedžo and Lukač (2021) that also demonstrates the importance of liquidity, efficiency, leverage, and profitability indicators, and their application among small food and drink producers from selected European Union countries identifies companies that are efficient and those that are not, with the authors emphasizing the importance of such analysis for the development of business policies with the aim of improving the strength of small food and drink producers at the country level. Interesting research that relates food and beverage service quality and the extent to which food and beverage cost systems affect financial performance indicators was conducted by Abbas et al. (2024). The authors concluded that due to the greater quality of food and beverage, financial management is able to follow international accounting systems in estimating costs, which will ultimately lead to achieving significant financial returns and high profits (Abbas et al., 2024). Research regarding factors that determine the profitability of companies in the Croatian food and beverage industry during the period from 1999 to 2009 was conducted by the authors Pervan and Mlikota (2013) and proved certain negative and positive influences, e.g., negative and significant influence of the company’s debt ratio on profitability; and a significant positive influence of company size, concentration ratio, and past performance on current profitability. The profitability ratio remains an important tool in measuring and optimizing business financial performance in the food and beverage sector in Indonesia, as confirmed by the authors Ramdhan et al. (2025). An interesting result about financial leverage is shown by the research of Estiasih et al. (2024) that shows that financial leverage has a significant effect on financial performance.

Nunkoo et al. (2020) conducted a survey of 384 owners of small and medium-sized companies in Mauritius, which are engaged in the hospitality industry. The results of the survey show that management skills have a significant positive effect on the performance of small and medium-sized companies and that business performance is influenced by the autonomy and competence of managers. The study finds a significant relationship between innovation skills and the performance of small and medium-sized companies. The aforementioned research is positively correlated with this study because it examines the importance of financial data and the necessary knowledge that financial managers must have in order to properly interpret and use financial data and thus influence business success.

By investigating food industry companies listed on the Indonesian Stock Exchange (IDX), the authors Purdiyani and Nurasik (2022) use financial investment indicators (Earnings Per Share (EPS), debt to equity ratio (DER), and Price Earning Ratio (PER)) and their impact on stock prices, thus demonstrating their significant impact on stock prices. The influence of financial indicators (debt to equity ratio (DER), Earnings Per Share (EPS), Total Asset Growth (TAG), return on equity (ROE)) on company value in food and beverage companies listed on the Indonesia Stock Exchange (IDX) was investigated in the period 2020–2023, whereby partial influences of the observed variables were determined (Sulfati & Jamali, 2025).

As already mentioned, there is no research in the Republic of Croatia that deals with this topic and this sector that is analyzed in this paper; however, certain scientists in the Republic of Croatia deal with similar topics but in other sectors, which are highlighted below. The papers are highlighted regardless of the fact that they are not in the same sector, but because they show the importance of financial data and business financing in the Republic of Croatia.

Furthermore, authors Kovsca et al. (2024) conducted a survey among 21 small and medium-sized companies from different sectors of activity in the Republic of Croatia to determine the most common forms of financing of the companies in question. The survey showed that the majority of surveyed companies, regardless of the sector of activity, use traditional financing methods such as bank loans.

Authors Kolakovic et al. (2019) conducted a survey among 50 small and medium-sized companies in the Republic of Croatia, regardless of the company’s activity, access to financing, or sources of financing. The survey showed that 58% of companies tried to access additional sources of financing, mainly bank loans (68.9% of the surveyed companies). The survey also showed that, considering the company’s life cycle, the surveyed companies were mostly growing (56%), while 20% were in a phase of consistent sales, but not growth.

The authors Cita et al. (2023) conducted a study on small and medium-sized construction companies in the Republic of Croatia with the aim of determining the effects of liquidity management on profitability during the 2008 economic crisis and the COVID-19 crisis, and provided empirical evidence on the effects of liquidity management on profitability. The results of the study showed that liquidity management and achieving adequate profitability in times of crisis are very important for small and medium-sized construction companies, because their total assets are dominated by short-term assets, while short-term liabilities are their dominant source of financing. Therefore, the authors recommend better education in the field of finance in order to understand the use of own and third-party sources of financing.

3. Supporting Theory—The Resource-Based View (RBV)

The resource-based view (RBV) is the foundation for the development of this research framework. Wernerfelt (1984) and Barney (1991) are among the pioneers of research on the importance of resources and resource theory. In his work A Resource-Based View of the Firm, Wernerfelt (1984) investigates the usefulness of analyzing companies from the resource side and aims to develop simple economic tools for analyzing the company’s resource position, while Barney (1991) in his article Firm Resources and Sustained Competitive Advantage defines the conditions (value, rarity, imitability, and substitutability) under which resources become a source of long-term advantage. Peteraf (1993) also made a significant contribution to the development of the RBV, which believes that competitive advantage is based on resources through resource heterogeneity, ex post and ex ante competition restrictions, and imperfect resource mobility. Barney (1991) is the author who defined the conditions under which internal resources can generate a sustainable competitive advantage, emphasizing that companies with valuable and rare assets possess a competitive advantage and the potential to achieve superior financial results. His research is based on the examination of internal resources through four empirical indicators for generating a sustainable competitive advantage—value, rarity, imitability, and substitutability. The RBV is a kind of management framework within which a company can identify and define the resources it needs to achieve a competitive advantage.

According to the resource-based view (RBV), a company’s long-term competitive advantage derives from its internal resources. In this research, financial data as internal resources and the ability to interpret and apply them in management are a key strategic tool in managing and making business decisions. Timely and accurate information is one of the key resources available to managers today, which are crucial for making business decisions and managing the company. The author Sampler (1998) claims the same and defines that most research on the RBV focuses on intangible assets such as business information, while Shafiee and Moqadam (2017) point out that information is one of the most valuable resources of an organization. For this reason, this framework is crucial in terms of information as a resource, while this research emphasizes financial information (data), which is insufficiently explored and connected through this theory. This research is based on the RBV because it is based on and focuses on internal resources and the ability of a company to recognize and use the resources it has in order to achieve a market advantage. We can argue that the RBV framework represents the internal ability to use financial information as a source of competitive advantage. For this reason, financial data and their use influence strategic decision-making, especially in micro and small companies.

The assumption and connection of this research is based on the relationship between the financial manager and business, i.e., financial information (data), where information (data) about a company’s business and financial performance represents a key resource that enables managers of micro and small businesses in the tourism sector to make quality strategic and operational decisions and improve business performance (liquidity, solvency, economy, profitability) in today’s turbulent market environment of the city of Split.

This research is based on research into micro and small businesses that are registered for the preparation and serving of food and beverages and are located within the tourist destination (tourism sector), which is the city of Split. As already emphasized, this work aims to examine the relationships between the financial indicators of business and their impact on the financial result of the company, but also the closely related management and decision-making ability of financial managers. The RBV theory and its background and foundation in our research enable and explain the importance and way of interpreting financial resources (financial data, i.e., information) and what potential effects they have on the financial performance of micro and small companies in the sector registered for the activity of preparing and serving food and beverages. The results of this research extend the application of the RBV to micro and small companies and show how resources such as financial information (data) can be used to improve business and financial performance.

Given the lack of research linking the RBV theory and financial data of micro and small companies, we can highlight an obvious gap in the scientific literature that connects the above, indicating the need for empirical analysis in which it is proven that financial data and their understanding and use can have an impact on the business results of micro and small companies in the sector registered for the preparation and serving of food and beverages. In addition to the fact that financial data in themselves are an important category necessary for managers to manage, their value also lies in the ability of managers to interpret the obtained data and to use them as a strategic tool in response to turbulent business environments. For this reason, the RBV framework that observes the importance of resources as a factor in achieving competitive advantage and its connection with financial data and the importance of their role in making managerial decisions is justified.

In order to give an insight into the state of current research, in

Table 2. Mapping of previous research related to RBV and financial performance, i.e., financial information (data) of micro and small companies in food and beverage industry that belong to tourism sector.

Tourism Sector
Author/Year	Title of paper	Focus of research	Methodology	Key findings and link to the RBV	Research gap
Duarte Alonso (2016)	Exploring a developing tourism industry: A resource-based view approach. Tourism Recreation Research, 42(1), 45–58.	Research on the small and medium-sized tourism industry in Uruguay	Qualitative research; unstructured interviews	Confirms the applicability of the RBV in tourism by clearly linking existing strategies to the RBV	There is no focus on micro and small companies, there is no connection between RBV and financial data
Kruesi and Bazelmans (2023)	Resources, capabilities and competencies: a review of empirical hospitality and tourism research founded on the resource-based view of the firm, Journal of Hospitality and Tourism Insights (2023) 6(2): 549–574.	A review of empirical research in the field of hospitality and tourism based on the RBV	Systematic literature review	A systematic review of qualitative and quantitative hospitality and tourism research based on the RBV	There is no focus on micro and small companies, there is no connection between RBV and financial data
Rukmiyati et al. (2023)	The influence of financial literacy on the business sustainability of SMEs in the tourism sector in Kintamani: Financial inclusion as a mediator. Jurnal Ilmiah Akuntansi Dan Bisnis, 8(1), 87–96.	Examines the sustainability of micro, small, and medium-sized enterprises (MSMEs) in the Kintamani tourism sector during the pandemic, with a particular focus on the role of financial literacy	Quantitative research	The RBV put in relation to financial literacy (considered a key internal resource for gaining competitive advantage and achieving business sustainability)	There is no connection between RBV and financial data
Risfandini et al. (2021)	Competitiveness of tourism destinations: an extended criteria of resource-based view. The Journal of Asian Finance, Economics and Business (JAFEB), 8(5), 253–263.	The aim of the research is to increase the competitiveness of the tourist destination for the city of Malang	Case study	Extended criteria of the resource-based view (RBV): VRIOLU (Valuable, Rare, Inimitable, Organization, Large Market, Unmet Need) can be used as a tool for analyzing the competitiveness of a tourist destination	There is no focus on micro and small companies, there is no connection between RBV and financial data
Iriani et al. (2024)	Harnessing competitive advantage: A resource-based perspective on sustainable business performance in tourism villages. Jurnal Siasat Bisnis, 263–274.	Analyzes the competitive advantage of tourist villages under the influence of VRIN and non-VRIN resources on the success of the business of tourist villages	Survey questionnaire (383 respondents)	VRIN resources significantly influence competitive advantage, which in turn affects business success, and emphasizes the importance of strategic development of tourist villages based on a resource-oriented approach	There is no focus on micro and small companies, there is no connection between RBV and financial data
Samad (2022)	Unravelling factors influencing firm performance: Evidence from the SMES in tourism industry. International Journal of Financial Studies, 10(3), 77.	Examining the role of internal resources and external environmental factors on the success of small and medium-sized companies (SMEs) in the tourism industry, with a special emphasis on hotels in SMEs	Survey among hotel owners or key management personnel in Saudi Arabia	The results align with the RBV theory that internal resources significantly lead to competitive advantage	The focus is on small companies while micro companies are left out of the sample, and there is no connection between the RBV and financial data
Ogutu et al. (2023)	Theoretical nexus of knowledge management and tourism business enterprise competitiveness: An integrated overview. Sustainability, 15(3), 1948.	Synthesis of the theoretical connection between knowledge management and the competitiveness of tourism companies through four microeconomic theories	Literature review	Confirms that the RBV is important in determining the competitive advantage of a tourism company	There is no focus on micro and small companies, there is no connection between RBV and financial data
Ofori and Appiah-Nimo (2022)	Relationship management, competitive advantage and performance of hotels: a resource-based view. Journal of African Business, 23(3), 712–730.	The influence of supplier and customer relationship management on the competitive advantage and performance of hotels	Survey of hotel managers	The study contributes to the literature on resources and competitive advantage and draws implications for the practice of hotel managers	There is no focus on micro and small companies, there is no connection between RBV and financial data
Panno (2020)	Performance measurement and management in small companies of the service sector; evidence from a sample of Italian hotels. Measuring business excellence, 24(2), 133–160.	It explores how small and medium-sized enterprises (SMEs) operating in the tourism industry perceive and define corporate results and how they measure and track achievements	Development of a new model based on financial, operational, and organizational dimensions and later tested through field research based on a semi-structured questionnaire on 540 respondents	The application of the RBV contributes to the understanding of the relationship between critical resources and capabilities that need to be developed and effectively managed in order to achieve top business performance	There is no focus on micro companies, only small, which emphasizes the importance of financial data
Zhang and Fang (2025)	Board vs. CEO: Investigating influences of experiences on CSR performance among tourism and hospitality firms. Current Issues in Tourism, 1–21.	Explores how cross-industry experiences of management and CEOs affect company performance	Data analysis of 89 US companies (between 2003 and 2021) in the tourism and hospitality industry	Based on the RBV and show that management experience, not CEO experience, plays a key role in influencing performance	There is no focus on micro and small companies, there is no connection between RBV and financial data
Elizabeth et al. (2025)	Harnessing Green Dynamic Capabilities for Sustainable Tourism Performance: The Mediating Role of Green Service Innovation in Bali’s Tour and Travel SMEs. Tourism and Hospitality, 6(3), 156.	Analyzes how green dynamic capacities affect business performance in small and medium-sized enterprises in the tourism sector in Bali	Survey: 387 small and medium-sized enterprises	It relies on the RBV and the theory of dynamic capacities, while the key contribution of this study lies in the extension of the RBV	There is no focus on micro companies, only small, there is no connection between RBV and financial data
Abdelsalam et al. (2025)	Sustainability Performance and Corporate Risk: Evidence From the Tourism Industry. International Journal of Finance & Economics.	The impact of sustainability scores (ESG scores) on the corporate risk of tourism companies is being investigated	Survey of a sample of 247 tourism companies from 2002 to 2018	Contribute to the services and RBV literature by highlighting the interplay between ESG, the tourism industry’s idiosyncrasies	There is no focus on micro and small companies, there is no connection between RBV and financial data
Rukmiyati et al. (2025)	Entrepreneurial Orientation and Financial Capability: A Study of Tourism MSMEs in Labuan Bajo. In SHS Web of Conferences (Vol. 217, p. 05004). EDP Sciences.	Examines the entrepreneurial orientation and financial capacity of micro, small, and medium enterprises in the tourism sector of Labuan Baja region	Descriptive quantitative approach	The RBV emphasizes that internal resources, such as entrepreneurial orientation (EO), are key to achieving competitive advantage	Partial connection of RBV with financial data
Wang and Zhang (2025)	Promoting sustainable development goals through generative artificial intelligence in the digital supply chain: Insights from Chinese tourism SMEs. Sustainable Development, 33(1), 1231–1248.	Exploring how generative artificial intelligence in digital supply chains can improve innovation, collaboration, and ultimately ESG performance	Survey of 429 international small and medium-sized enterprises	Through RBV and Dynamic Capabilities Theory, they propose a theoretical framework that emphasizes the strategic importance of generative artificial intelligence in improving ESG performance	There is no focus on micro companies, there is no connection between RBV and financial data
Crick et al. (2021)	The impact of the interaction between an entrepreneurial marketing orientation and coopetition on business performance. International Journal of Entrepreneurial Behavior & Research, 27(6), 1423–1447.	To examine whether collaboration positively affects the relationship between entrepreneurial marketing orientation and financial results	Survey of 184 small tourism and hospitality organizations in New Zealand	Based on the RBV; contributes to the existing literature on the positive relationship between entrepreneurial marketing orientation and financial performance	There is no focus on micro companies, emphasis is placed on financial data but not through the connection between RBV and financial data
Islam (2024)	Exploring key drivers of tourism sustainability practices and their impact on sustainable competitive performance in the accommodation industry. International Journal of Business Ecosystem & Strategy (2687-2293), 6(1), 28–44.	Investigate the key drivers of tourism sustainability practices and their impact on the sustainable competitive performance of the tourist accommodation industry	Qualitative research(semi-structured interviews with owners and managers of tourist accommodation companies)	The RBV offers valuable practical insights for managers and owners within the tourist accommodation industry	There is no focus on micro and small companies, there is no connection between RBV and financial data
Food and beverage industry (part of tourism sector)
Author/Year	Title of paper	Focus of research	Methodology	Key findings and link to the RBV	Research gap
Nworie and Mba (2022)	Modelling financial performance of food and beverages companies listed on Nigerian exchange group: the firm characteristics effect. Journal of Global Accounting, 8(3), 37–52.	The impact of firm characteristics (firm size, firm age, and debt) on the financial performance of listed food and beverage companies in Nigeria	Ex post facto research design; purposive sample of five (5) publicly traded food and beverage companies	Connecting the RBV with previously defined company characteristics (provide recommendations for increasing assets, changing management systems, planning capital structure)	No exact company size defined, partial emphasis on financial data
Edobor and Agbadudu (2024)	Stakeholder Value Creation And Competitive Advantage Of Food And Beverage-Based Small And Medium Scale Entereprises In Benin City. Journal Of Academic Research In Economics, 16(3).	It explores how stakeholder value creation is linked to competitive advantage of food and beverage-based SMEs operating in Benin City, Edo State	Data collection via questionnaire; 216 small and medium-sized enterprises identified from the water processing, fast food/restaurant, and bakery sectors	The study is based on the stakeholder theory of corporate social responsibility and the RBV; the implications of the study extend the stakeholder and RBV models through defined variables (diversity initiatives, environmental management, and supplier relations)	There is no focus on micro companies, there is no connection between RBV and financial data
Ngenoh and Noor (2024)	Supply Chain Innovation Strategies And Performance Of Food And Beverages Manufacturing Firms In Nairobi City County, Kenya. Journal Of Applied Social Sciences In Business And Management, 3(2), 153–169.	To examine the impact of supply chain innovation strategies on the performance of food and beverage companies in Nairobi County, Kenya	Survey research; 546 managers in 91 manufacturing companies; the sample size of the study was 231 subjects	Through the RBV, it is shown that technology strategies play a key role in driving company success	There is no defined exact size of the analyzed companies, there is no connection between RBV and financial data
Rizqi et al. (2024)	Disruption of disruption innovation: a resource-based view (RBV) theory approach. Islamic Accounting Journal, 4(2), 64–70.	To examine the impact of human capital, structural capital, and relational capital on the discovery of disruptive innovations of food and beverage companies	The research was conducted among 33 companies (132 samples), using a purposive sampling method	The work is based on the RBV; provides that human capital, structural capital, and relational capital influence the disclosure of disruptive innovation	There is no focus on micro and small companies, there is no connection between RBV and financial data
Mbah et al. (2025)	Stakeholder Management Practice And Economic Sustainability Of Food And Beverage Firms. Research Journal Of Business Administration, 13(1), 208–229.	An examination of stakeholder management practices and economic sustainability of food and beverage companies in Enugu State	Employee survey in five (5) selected food and beverage enterprises in Enugu State; sample size 336	The study is based on the RBV and concludes that regulators and investors have a significant positive relationship with customer retention and revenue generation of food and beverage companies	There is no focus on micro and small companies, there is no connection between RBV and financial data
Makinde et al. (2023)	Quality management practices and competitive advantage of selected food and beverage manufacturing firms in Lagos state, NIGERIA. European Journal of Human Resource Management Studies, 6(2).	Impact of quality management practices on competitive advantage of selected food and beverage companies in Lagos State, Nigeria	Survey questionnaire; 14,591 senior, middle, and lower management employees of selected food and beverage companies in Lagos State, Nigeria	The study is based on the RBV and concludes that quality management practices influence the competitive advantage of food and beverage companies in Lagos State, Nigeria	There is no focus on micro and small companies, there is no connection between RBV and financial data
Abdulsamad et al. (2020)	The Importance of Entrepreneurial Orientation’s Dimensions in Influencing the Organizational Performance of Food and Beverage SMEs. Advances in Social Sciences Research Journal, 7(12), 81–99.	Analyzes the impact of the components of entrepreneurial orientation (risk-taking, innovation, and proactivity) on the organizational performance of Yemeni small and medium-sized enterprises in the food and beverage industry	Research model (PLS-SEM, (IP-MA); tested on 459 owners/managers of small and medium-sized enterprises	The RBV is a basis for the strategic orientation of a company, confirming the positive impact of valuable resources on company efficiency	There is no focus on micro and small companies, there is no connection between RBV and financial data
Naila et al. (2025)	Measuring the uptake of process innovation by SMEs in food industry: a resource-based view perspective. IIMBG Journal of Sustainable Business and Innovation, 3(1), 87–108.	Develop and validate a scale for measuring the acceptance of innovations in processes by small and medium-sized enterprises in the food industry, based on the RBV	Survey questionnaire conducted on 315 small and medium-sized companies	The study defines that the adoption of innovations in food processes can be measured from a resource-based perspective, but not considering all dimensions of the RBV	There is no focus on micro companies, there is no connection between RBV and financial data
Gladson-Nwokah and Edenkwo (2024)	Social Entrepreneurship And Business Success Of Food And Beverage Firms In Rivers State. Bw Academic Journal.	The relationship between social entrepreneurship and business success of food and beverage companies in Rivers State is examined	Survey questionnaire (125 respondents, of which 5 managers from each food and beverage company in Rivers State)	The RBV is used to understand how companies gain and maintain competitive advantage	There is no focus on micro and small companies, there is no connection between RBV and financial data

Source: Authors’ research, 2025.

are presented recent studies that connect the RBV and the use of financial information (data) in the assessment of business performance. The table presents works in two areas; the first is the tourism sector, because the analyzed companies of this research are located in the city of Split, which is a well-known and important tourist destination in the Republic of Croatia, and therefore belong to the tourism sector, and the second key area is the sector according to the activity to which the analyzed companies belong, which is the preparation and serving of food and beverages in the tourism sector.

Table 2 shows that the researched literature recognizes and confirms the RBV as an important framework in explaining business performance, mostly in correlation with innovations, human capital, and entrepreneurial and strategic orientation. It is through this review of the literature that it has been proven that financial data as resources have been neglected and omitted as a research component in the function of a significant resource that companies possess. Therefore, it is important to emphasize and highlight that there is no empirical research linking the RBV and financial performance, i.e., financial data of micro and small companies in the tourism sector, i.e., companies engaged in the preparation and serving of food and beverages in the tourism sector. Furthermore, based on the research presented in Table 2, it is evident that there is a large research gap in the area of the connection between the RBV and financial data, which is a major and significant scientific contribution in this area. It is also evident that no similar research has been conducted in the Republic of Croatia, which makes it unique and the first in the Republic of Croatia.

This study provides a theoretical contribution to the literature on the importance of financial data and through this study, which is theoretically based on the RBV, offers valuable practical insights for managers and owners. The RBV can serve organizations in creating and understanding a framework based on the specific resources that an organization has and thus affects its competitiveness and business success. The RBV is used in this study because of its significance as a framework for defining competitive advantage, which a company can achieve by using its resources in the right way, which in this case are financial data, as a key and necessary resource for financial managers to manage the organization and make business decisions, which directly affects the business success of the organization. We can argue that the financial results of a company are those that reflect how effective and efficient management is in using the company’s available resources.

4. Materials and Methods

As already mentioned, this paper deals with an in-depth analysis of selected micro and small companies from the Republic of Croatia and its city of Split that are registered for the preparation and serving of food and beverages. According to the Accounting Act (Official Gazzete, 2024) in the Republic of Croatia, micro companies meet two of three criteria: total assets up to EUR 350,000, revenues up to EUR 700,000, and an average number of employees during the business year up to 10, while small companies meet two of the following three criteria: total assets up to EUR 4,000,000, revenues up to EUR 8,000,000, and an average number of employees during the business year up to 50.

In this paper, micro and small companies registered for the preparation and serving of food and beverages were selected. Based on the annual financial reports of 601 micro and small companies registered for food and beverage preparation and serving services in the area of the city of Split and which companies recorded revenues in 2024, an analysis of financial reports for the period 2022–2024 was conducted using the financial ratio method. After calculating the financial indicators, the trend was analyzed by groups of indicators. A negative moment was observed in the group of business performance indicators, i.e., a decrease in the value of the indicator. Accordingly, an in-depth analysis of financial reports was conducted on a selected sample of 36 companies. The companies were selected according to the criterion of total revenues generated in 2024. For example, an analysis of a sample of 601 companies determined that almost half of the companies generated annual revenues between EUR 500,000.01 and 1,000,000.00, as a result of which half of the companies in the sample of 36 selected companies generated revenues in that range. Furthermore, the share of depreciable fixed assets in total assets was analyzed for selected companies. Also, for 36 companies, the relationship between income and expenses was analyzed in order to possibly link the relationship between income and expenses and the share of fixed assets in total assets. Therefore, companies are divided into two groups, namely companies that use their own equipment (fixed assets) in business and companies that use equipment on rent. Then, a survey was conducted among companies that use their own equipment in order to find out whether they have implemented positive tax regulations regarding depreciation in accounting policies.

To make the analysis even more detailed and comprehensive, interviews were conducted with financial managers of the selected companies to gain a better understanding of the role of financial information in the decision-making process, strategic planning, and daily management, which is crucial for better understanding and concluding the observed in-depth analyses of the selected companies. Also, the conducted survey examined the possibility of selling the companies.

A structured interview method was used when talking to financial managers, i.e., when talking to all financial managers, identical questions were asked, such as whether they invest in additional education related to accounting and tax policies, whether they continuously monitor the company’s liquidity indicators, whether they are thinking about selling the company and at what point, etc.

5. Defining the Research Problem

According to data from the Financial Agency (Financial Agency, 2025a), in the area of the city of Split in 2024, 8.824 micro and small companies operated, of which 7.60%, or 671, were registered for the preparation and serving of food and beverages. Of the aforementioned number of companies, 604, or 90.01%, generated revenues during 2024 in the total amount of EUR 203.35 million, while the average revenue per employed person was EUR 63,698, which is an increase of 6.43% compared to 2023. Compared to 2023, total revenues increased by 14.31%. Of the aforementioned amount of revenue, micro companies generated 53.6% of revenue, or EUR 102.99 million, while the remaining amount, or 46.4% of the generated revenue, refers to small companies.

Accordingly, based on publicly published financial reports (Financial Agency, 2025b), an analysis of key financial indicators of business performance of micro and small companies registered for the service of preparing and serving food and beverages in the city of Split was carried out for the period from 2022 to 2024, as shown in

Table 3. Financial indicators of business success of micro and small companies in the period 2022–2024.

Ratio	2022	2023	2024
Liquidity indicators
Moment liquidity ratio	0.61	0.6	0.47
Quick liquidity ratio	1.26	1.28	1.24
Current liquidity ratio	1.44	1.44	1.45
Financial stability ratio	0.76	0.74	0.74
Debt indicators
Debt ratio	0.63	0.61	0.62
Own financing ratio	0.36	0.38	0.37
Financing ratio	1.72	1.6	1.68
Debt factor (in years)	2.58	2.28	2.02
Degree of coverage of long-term assets by own sources	75.42	82.81	79.62
Degree of coverage of long-term assets by long-term sources	131.95	135.23	135.37
Activity indicators
Total asset turnover	1.49	1.46	1.35
Current asset turnover	2.94	2.74	2.56
Current receivables collection period, in days	23	27	28
Customer receivables collection period, in days	13	13	12
Supplier payment days	27	33	33
Business performance indicators
Economy of the overall business	113.90%	114.83%	111.03%
Profitability of income—gross	12.20%	12.92%	9.94%
Profitability of income—gross	10.63%	10.86%	8.07%
Profitability of total assets—gross	18.22%	18.80%	13.37%
Return on total assets—net (ROA)	15.87%	15.81%	10.86%
Return on equity (ROE)	43.57%	41.57%	29.99%
EBIT margin	12.03	12.86	9.91
EBITDA margin	15.74	16.40	13.55
EBIT	17,422,365	23,675,351	20,774,036
EBITDA	22,803,177	30,191,328	28,412,613

Source: Authors’ work based on the (Financial Agency, 2025b).

.

In general, liquidity represents the ability of a company to meet its short-term obligations. The liquidity analysis of 671 micro and small companies determined that during the analyzed period, there were no significant changes in the values of the quick liquidity, current liquidity, and financial stability coefficients, based on which values it can be concluded that the analyzed companies would be able to meet their short-term obligations on average. Concerning the current liquidity coefficient, it is evident that its value in 2024 is 0.47, which is a decrease in value of 21.67% compared to 2023, while in 2023, there was no significant change in value compared to 2022. The aforementioned ratio is calculated as the ratio of cash and short-term liabilities and represents the company’s ability to immediately settle its short-term liabilities. Given that the amount of cash on hand changes frequently due to numerous payments and withdrawals on the company’s account, one should be careful in concluding. The aforementioned decrease in the value of the indicator is possible, for example, due to a higher share of card payments and changes in the way credit institutions operate, or changes in the conditions for transferring funds to the company’s account. Therefore, changes in the aforementioned indicator need to be continuously monitored over a longer period to eventually conclude that a decrease in its value would represent possible difficulties or an increased risk of non-payment of obligations.

Based on the determined values of the indebtedness coefficients, it was concluded that the analyzed micro and small trading companies finance a part of their operations from external sources, for example, loans, and that these would be loans with an average maturity of 2 to 3 years (the value of the indebtedness factor ranges from 2.58 to 2.02 years).

The value of the activity coefficients shows that the analyzed companies use their assets effectively, that is, for EUR 1.00 of invested assets, they generate revenues greater than the amount invested. For example, in 2024, for EUR 1.00 of invested total assets, the companies generated an average of EUR 1.35 of revenues.

The value of the coefficient of profitability of the total business indicates that the observed companies, on average, achieved higher revenues than expenses during the entire analyzed period. The value of the coefficient of profitability of gross turnover, i.e., the ratio of gross profit to total revenues in 2022, was 12.20% and for 2024, it amounted to 9.94%, while the value of the coefficient of profitability of net turnover decreased from 10.63% in 2022 to 8.07% in 2024, i.e., in 2024, the owners of the companies remain with 8.07% of the profit. The aforementioned indicator is key because it assesses the company’s ability to manage all aspects of the business, including depreciation costs, interest expenses, and income tax.

Accordingly, two hypotheses were set for further research:

H1. 

Companies that use their own fixed assets to provide food and beverage preparation and serving services may have a more favorable income–expense ratio

H2. 

Financial managers of companies that use their own fixed assets to provide food and beverage preparation and serving services by applying appropriate accounting and tax policies can influence the value of business performance indicators

This research is in accordance with the hypotheses and categories that are put into relation, the first of its kind in the Republic of Croatia. For this reason, the research results are of great importance for financial managers in the sector, i.e., in activities that are registered for the preparation and serving of food and beverages, in creating business policies for quality and optimal business management and in order to achieve successful results. These assumptions and results presented through the research can also serve other sectors and financial managers. Furthermore, the benefits of the research are certainly visible for the scientific community and the application of the results in further research.

6. Research Results

Based on the set hypotheses, an in-depth analysis of the financial performance indicators of 36 micro and small companies in the area of the city of Split was carried out. When analyzing the total realized revenues, the companies were divided into five groups: with total realized revenues in 2024 up to EUR 250,000.00, then with realized total income from EUR 250,000.01 to EUR 500,000.00, with income from EUR 500,000.01 to EUR 1,000,000.00, income from EUR 1,000,000.01 to EUR 1,500,000.01, and with total realized income of EUR 1,500,000.01 and more, as shown further.

Based on the analysis of total revenues, it can be concluded that 4 companies, i.e., 11.11% of the in-depth analyzed companies, generated revenues up to EUR 250,000.00, while 11 companies, i.e., 30.55% of them, generated revenues from EUR 250,000.01 to EUR 500,000.00. Half of the companies, i.e., 18 of them, achieved total revenues of EUR 500,000.01 to 1,000,000.00, while 2 companies, i.e., 5.56% of them, achieved revenues of EUR 1,000,000.01 to 1,500,000.00. One company achieved total revenues of more than EUR 1,500,000.01, which is 2.78% of the sample (Figure 1).

Furthermore, the relationship between depreciable long-term assets, i.e., intangible and tangible assets, and the total assets of the companies was analyzed, and the following results were obtained. The analysis determined that in three companies, the share of depreciable fixed assets in total assets is in the range of 10.01 to 20.00%, in one company, the said share is in the range of 20.01 to 30.00%, or 26.50%, while in nine companies, the share is between 30.01 and 40.00%. In 63.9% of the analyzed companies, or 23 of them, the share of intangible and tangible fixed assets in total assets is from 40.01 to 50.00% (Figure 2).

Based on the data provided, a comparison was made of the relationship between total revenue and the share of depreciable assets in total assets, and it was determined that four companies, which have a share of fixed assets of up to 30.00%, are companies that have generated total revenue in amounts of up to EUR 250,000.00, and that the specific fixed assets relate to means of transport such as delivery vehicles or passenger cars. Furthermore, an interview with authorized persons of the said companies determined that they use space and equipment to perform activities that are not their property. The said companies have contracted fixed rental costs and their financial performance at the end of the year depends to a significant extent on the total revenue generated. Furthermore, the interview determined that the remaining 32 companies use their own equipment to provide food and beverage preparation and serving services.

In accordance with the above, an analysis of the relationship between total income and expenses was carried out for companies that use their own equipment for the provision of activities and for companies that use rented equipment, as shown in

Table 4. The ratio of total income and expenses according to the ownership of used equipment in 2024.

Ratio of Total Income and Expenses	Companies That Use Their Own Equipment	Companies That Do Not Use Their Own Equipment
to 0.60	0	0
0.61–0.85	0	0
0.86–1.00	0	2
1.01–1.14	7	2
1.15–1.29	24	0
1.30 and above	1	0
Total	32	4

Source: Authors’ work according to the (Financial Agency, 2025b).

.

Out of a total of 32 analyzed micro and small companies that use their own equipment, 7 of them, or 21.88%, in 2024 achieved revenues higher than expenses by 1 to 14%, while 24 companies achieved total revenues that were between 15 and 29% higher than expenses, which represents 75% of the sample, and 1 company had total revenues that were more than 30% higher than total expenses. In the case of two companies that used rental equipment, a loss was realized, while two companies achieved total revenues that were 1 to 14% higher than total expenses. Furthermore, based on interviews with financial managers of 32 micro and small companies that used their own equipment, it was determined that all accounting departments apply a depreciation policy in accordance with Article 12, Paragraph 5 of the Profit Tax Act of the Republic of Croatia (Official Gazzete, 2023), which prescribes annual depreciation rates for individual groups of fixed assets. The same article of the Profit Tax Act of the Republic of Croatia, Paragraph 7, stipulates that if a taxpayer calculates depreciation in an amount lower than the tax allowable, the depreciation calculated in this way is considered a tax-deductible expense. All 32 financial managers answered negatively when asked whether they had considered the possibility of implementing a depreciation policy in accordance with Article 12, Paragraph 7 of the Profit Tax Act, i.e., making decisions to apply a lower depreciation rate than the prescribed rate for individual groups of fixed assets. Of the 32 micro and small companies that use their own equipment, three managers stated that they were considering transferring their activities to someone else, or that they were considering selling their companies at the end of the 2025 tourist season. The three financial managers stated that they did not plan to create projections of financial performance indicators to achieve more favorable conditions for the possible sale of companies. Therefore, the authors estimated the value of performance indicators by applying appropriate tax regulations. It is noted that according to the above shown in Table 3, it has been proven that in the period from 2022 to 2024, there were no significant negative changes in the values of liquidity and financial stability indicators, indebtedness, and activity.

In accordance with the above, the continuation of this paper presents a calculation of the possible achieved financial result, i.e., profit and loss account for 2024. The following parameters were determined in the assessment: instead of the prescribed depreciation rate for long-term tangible assets (equipment and means of transport other than passenger cars) of 25%, a depreciation rate of 12.5% was used, while when calculating the depreciation of real estate, a rate of 2.5% was used instead of the rate of 5%. For intangible assets, a rate of 12.5% was determined, which is 50% of the value prescribed in Article 12, Paragraph 5 of the Income Tax Act of the Republic of Croatia. Other parameters, such as total income and other expenses, are shown in the same amount as the amounts in the income statement of the aforementioned companies for 2024.

From the balance sheets of the above three companies, it was determined that on 31 December 2023, they owned intangible assets, while from fixed assets, apart from equipment and means of transport, company A also owns real estate, i.e., business premises. Therefore, the book value of the above assets on 31 December 2023, i.e., on 1 January 2024, represents the basis for calculating depreciation in 2024. It is noted that the above companies did not increase the value of long-term intangible and tangible assets during 2024, i.e., they did not acquire new assets. Therefore, the following provides an overview of the calculation of depreciation of the companies’ assets for 2024 using depreciation rates that are 50% lower than the rates prescribed by the Income Tax Act of the Republic of Croatia (

Table 5. Calculation of depreciation using reduced rates for 2024 (in EUR).

	Company A	Company B	Company C
Long-term assets	268,823	563,388	609,822
I. Intangible long-term assets	85,093	276,468	38,973
II. Tangible long-term assets	283,730	286,920	164,301
Of which amount of real estate	145,680	0	0
Of which amount of equipment and means of transport other than cars	138,050	286,920	164,301
Calculation of depreciation of intangible assets at a rate of 12.5%	10,637	34,559	4872
Calculation of depreciation of real estate at a rate of 2.5%	3642	0	0
Calculation of depreciation of remaining tangible assets at a rate of 12.5%	17,256	35,865	20,538

Source: Authors’ work, 2025.

).

Based on the calculated cost of depreciation at reduced rates, below is a comparative presentation of balance sheet positions and profit and loss accounts, as well as the calculation of business performance coefficients that were affected by the change in the depreciation calculation policy. Given that Articles 5 and 6 of the Law on Profit Tax prescribe increases or decreases in the tax base when calculating the profit tax, and which increases or decreases were not available to the authors when conducting the research, the following table shows the efficiency coefficients for the calculation of which the amount of gross profit is used (

Table 6. Gross operating performance ratio values after applying a lower depreciation rate for 2024.

	Company A		Company B		Company C
Name	Data from Published Annual Financial Reports	Projection	Data from Published Annual Financial Reports	Projection	Data from Published Annual Financial Reports	Projection
Total assets	1,087,009	1,118,544	1,376,582	1,447,276	647,904	673,313
Operating income	1,914,227	1,914,227	8,050,772	8,050,772	1,296,974	1,296,974
Operating costs	1,650,044	1,618,509	7,605,404	7,534,981	1,162,062	1,136,653
Financial income	12,583	12,583	1440	1440	501	501
Financial costs	573	573	1408	1408	1587	1587
Total income	1,926,810	1,926,810	8,052,212	8,052,212	1,297,475	1,297,475
Total costs	1,650,617	1,619,082	7,606,812	7,536,389	1,163,649	1,138,240
Profit before tax	276,193	307,728	445,400	515,824	133,826	159,235
Profitability of income—gross	14.33%	15.97%	5.53%	6.41%	10.31%	12.27%
Profitability of total assets—gross	25.46%	27.56%	32.45%	35.74%	20.90%	23.89%
EBIT	276,766	308,301	446,808	517,232	135,413	160,822
EBITDA	340,215	378,724	521,228	587,655	185,001	186,232

Source: Authors’ work according to (Financial Agency, 2025b).

).

Using the example of the annual financial statements of three companies engaged in the preparation and serving of food and beverages, which stated that they were considering a change in ownership through sale, a projection of key gross operating performance indicators was made by applying a lower depreciation rate in accordance with the permitted change in the company’s tax policy. Applying a lower depreciation rate for company A results in an increase in profit before tax (gross profit) of 11.42%, i.e., profit increased by EUR 31,535 and amounted to EUR 307,728. In the same percentage, the value of the profitability ratio of turnover in gross amounts increased, and the value of the mentioned indicator was 15.97%. After the change in the depreciation rate on the last day of 2024, for company A, an increase in the number of total assets was determined by 2.90%, that is, total assets increased by EUR 31,535 and amounted to EUR 1,118,544, from which it follows that the value of the profitability coefficient of total assets—gross after reducing the depreciation rate is 27.56%, which is an increase of 8.25%. The EBIT value increased by 11.39% and amounted to EUR 308,301, while EBITDA increased by 11.32% and amounted to EUR 378,274. In the example of company B, gross profit after applying the reduced depreciation rate is EUR 515,824, which is an increase of 15.81%. The value of the profitability indicator of total assets—gross is higher by 10.13% and amounts to 35.74%. The EBIT indicator according to the projection is higher by 15.76% and amounts to EUR 517,232, while the EBITDA value is EUR 587,655, which represents an increase of 12.74%. Of the three companies observed, company C had the lowest value of realized revenues and expenses. After reducing the depreciation rate, company C’s gross profit is higher by 18.99% and amounts to EUR 159,235. The profitability of total assets—gross increased by 14.28% and amounted to 23.89%. EBIT increased by 18.76% and amounted to 160,822, which represents an increase of EUR 25,409 in monetary amount. Considering that company C had the lowest value of total assets, the EBITDA value increased by 0.67% and amounted to EUR 186,232.

It is noted that companies can choose to reduce the depreciation rate by less than 50%. For example, if company A had chosen to reduce the depreciation rate by 25%, then the depreciation of real estate would be calculated at a rate of 3.75%, while other tangible and intangible assets would be depreciated at a rate of 18.75%. In this case, the total value of company A’s assets would be EUR 1,102,776, which is 1.45% higher than the value stated in the financial statements, while the value of the assets would be lower by the same percentage than in the case of the projection of a 50% reduction in the depreciation rate. At the same time, the company’s operating costs would amount to EUR 1,634,277, which is a decrease of EUR 15,767 compared to the amount stated in the annual financial statements and at the same time an amount that is the same amount higher than the amount shown in the projection of a 50% reduction in the depreciation rates in Table 6, which is EUR 1,618,509. In the case of a reduction in the depreciation rate by 25%, it follows that the profit of company A before taxation would amount to EUR 291,960, which is 5.71% more than the amount stated in the published annual financial statements, i.e., an amount that is 5.71% lower than the projected amount in the case of a reduction in the depreciation rate by 50%, as previously shown in Table 6. The value of the profitability ratio of turnover in gross of company A is 14.33%, and applying the reduced depreciation rate for 50%, the value of the indicated indicator is 15.97%, while applying a decrease in the depreciation rate by 25%, the value of the indicator would be 15.15%, which represents a decrease of 5.12% compared to the projection shown in Table 6. By reducing the depreciation rate by 25%, the value of the profitability indicator of total assets in gross amounts is 26.53%, which represents a decrease of 3.76% compared to the projected amount shown in Table 6. At the same time, EBIT would amount to EUR 292,533, which is an increase of 5.70% compared to the EBIT value calculated based on the annual financial statements, or a decrease of the same percentage compared to the projected amount shown in Table 6.

7. Discussion

The authors set up two hypotheses that examined the possibility that micro and small companies that use their own fixed assets to provide food and beverage preparation and serving services may have a more favorable income-to-expense ratio, as well as the possibility that financial managers of companies that use their own fixed assets to provide food and beverage preparation and serving services can influence the value of business performance indicators by applying appropriate accounting and tax policies.

The above hypotheses arise from a comprehensive analysis of the business results of all micro and small companies in the Split City area, which are engaged in the preparation and serving of food and beverages. The analysis of business operations using financial indicators determined that in the observed three-year period (2022–2024), no significant deviations were recorded in the values of liquidity and financial stability coefficients, debt, and activities, while significant deviations were recorded in the values of business performance coefficients.

Following the above, the authors, using the example of 36 selected micro and small companies, segmented them into companies that use their own equipment to perform their activities and companies that use rented equipment. By interviewing financial managers of selected micro and small companies, it was determined that 32 companies use their own equipment, while 4 companies rent equipment. An in-depth analysis based on annual financial statements determined that companies that use their own equipment have a more favorable ratio of total revenues to expenses, as shown in Table 4, which leads to the conclusion that hypothesis 1 (H1) that companies that use their own fixed assets to provide food and beverage preparation and serving services may have a more favorable ratio of revenues to expenses is confirmed. It is noted that the in-depth analysis was conducted on a limited sample of a total of 36 micro and small companies, and it is certainly recommended to conduct research on a larger sample in the future.

Furthermore, out of 32 companies that use their own equipment to perform their activities, the financial managers of 3 companies stated that they were considering selling the companies after the end of the 2025 tourist season. The aforementioned managers also stated that they had not considered changing the accounting policy for calculating depreciation with a lower rate based on the tax regulations of the Republic of Croatia, to achieve a better value for business indicators. From the above, it follows that managers do not have enough financial knowledge to be able to use financial data that they could use in managing companies, which is related to the conclusions of the authors Nunkoo et al. (2020) that managerial skills have a significant positive effect on the success of small and medium-sized companies. In this context, we can talk and put financial information and the ability to use it again in relation to the RBV because financial data as internal resources and their proper application and interpretation by financial managers create a certain competitive advantage, which was already mentioned earlier by the authors Shafiee and Moqadam (2017) that information is one of the most valuable resources of an organization.

Furthermore, the aforementioned authors Rukmiyati et al. (2025) emphasize that the financial capacity of a company influences and makes companies more resilient to fluctuations in tourism demand. The research presented in Table 2 in Section 3 confirms the importance of the RBV as a strategic tool in the tourism sector and within food and beverage companies, confirming that the RBV plays a significant role in determining the competitive advantage of the aforementioned sector. However, the research gap is evident in the lack of connection between the RBV and financial data, which is presented through this research, which complements the existing literature in the field of the RBV, and in the context of the positive correlation of the RBV and financial data as key resources in managing a company.

Therefore, the authors, using the example of the annual reports of the aforementioned three companies, projected the value of the gross value of the indicators and the EBIT and EBITDA values with the calculation of depreciation at rates that are 50% lower than the rates applied by the aforementioned companies. By applying a lower asset depreciation rate, the gross profit of the aforementioned three companies increased in the range of 11.42% to 18.99%, and in which range the profitability of total turnover—gross was also increased. The profitability coefficient of total assets—gross increased from 8.25% to 14.28%, while the values of EBIT and EBITDA increased to 18.76%. Based on the above, it can be concluded that hypothesis 2 (H2) that financial managers of companies that use their own fixed assets to provide food and beverage preparation and serving services can influence the value of business performance indicators by applying appropriate accounting and tax policies is confirmed. This is particularly important when assessing the creditworthiness of a company when potentially seeking loans from banks, given that research by Kolakovic et al. (2019) showed that 58% of small and medium-sized companies have tried to access additional sources of financing, mostly bank loans (68.9%). The results of the research by Kolakovic et al. (2019) correlate with the results of the research by Kovsca et al. (2024) that most small and medium-sized companies, regardless of the sector of activity, use traditional financing methods such as bank loans.

The scientific contribution of the work is reflected in the analysis of the connection between financial data and their impact on the business success of micro and small companies in the sector of the preparation and serving of food and beverages in the city of Split, but also in the knowledge that financial managers have when using available financial data. The theoretical framework of the work is supported and based on the RBV, according to which resources, in this case financial data, and their interpretation and use represent a strategic tool for financial managers in making business decisions, managing the company, and the related competitive advantage. This research fills a gap in previous research because micro and small companies have been poorly researched, although they are of great importance for the local economy. What is also a scientific contribution of this research is the visible filling of the gap in previous research where we supplement the existing literature with a link between the RBV and financial data as key resources in the management of micro and small companies. Furthermore, the practical contribution of the work is certainly visible in understanding the relationship between the legal regulation and financial performance of business in such a way that the proper application of prescribed acts can influence the assessment of the financial performance of a company. Also, the research results provide a basis for future research on the impact of decisions and the use of financial data by financial managers on the performance of companies within the food and beverage sector and within the tourism sector in the Republic of Croatia.

8. Limitations and Recommendations

The research conducted covers micro and small companies in the city of Split in the Republic of Croatia. The sample is limited to micro and small companies registered for the preparation and serving of food and beverages in the city of Split, which narrows the comparison to a wider sample and other sectors. A better overview of the research topic would be obtained if the sample included medium and large companies and other sectors in the Republic of Croatia, which is certainly a recommendation and goal for future research. Likewise, in the future, the research could be expanded to other cities in tourist destinations in the Republic of Croatia. An interesting comparison would be to include other tourist locations within the EU countries and neighboring countries. The case analysis was conducted on 3 companies (companies that stated that they were considering changing their ownership structure) out of a total of 36 companies, which represents an in-depth case study but limits statistical representativeness. The research focuses exclusively on financial data and their indicators, while other factors of business success (such as human resources, marketing, or market trends) are not covered. Although we can see that the work has several limitations that can be good recommendations for further research, this work certainly provides a deeper insight into the practice and challenges of micro and small companies in the context of financial data management. The results obtained can provide valuable contributions for future research in order to explore the possibilities and identify new potential resources other than financial data needed by financial managers for company management and business decision-making. The conducted research achieved certain scientific and applied goals. A critical review of the existing field of research was conducted. Based on the conducted research, a lack of research in this area was identified.

9. Conclusions

This study revealed a connection between the RBV and financial data. Through this research, there is a link between financial managers and financial information (data), where information about a company’s business and financial performance represents a key resource that enables financial managers (who need to have the necessary knowledge) of micro and small companies registered for the preparation and serving of food and beverages in the tourism sector to make quality strategic and operational decisions and improve business performance in today’s turbulent market environment in the city of Split. So far, no research has been conducted in the Republic of Croatia examining the connection of the RBV and financial data in the field of tourism, especially within companies registered for the preparation and serving of food and beverages and its importance and contribution to strengthening business efficiency and productivity.

A dynamic tourism market in times of inflation requires the adjustment of business processes. In economies that rely significantly on tourism, such as the Croatian economy, the willingness of company owners to change their business methods is occasionally not evident, and the owners decide to sell their business, or rather the company itself. Potential acquirers of the company require information on the creditworthiness of the company they wish to acquire.

The aim of this paper was to conduct an in-depth analysis of the business operations of selected micro and small companies in the city of Split, which are registered for the preparation and serving of food and beverages, to determine whether financial data, their proper use, and management have an impact on business performance. The hypotheses and research results presented in this paper show how and in what way accounting and tax policies can influence accounting information and how managers can manage it in making business decisions and managing the company, which is in positive correlation with the previously presented theoretical assumptions of the RBV. An analysis of the operations of micro and small companies in the city of Split has shown that in 3 years, there have been only significant negative changes in the values of business performance coefficients. With given parameters such as sales prices, the capacity of the equipment used by the companies, and the number of guests that the destination can accommodate, financial managers can influence the value of business performance coefficients by changing the value of fixed costs, especially depreciation costs, in accordance with positive tax regulations. If financial managers decide to apply legal provisions relating to a lower than prescribed allowable depreciation rate, the companies in which the aforementioned financial managers work, assuming other parameters such as expected revenues remain unchanged, may achieve better values of business performance indicators, which will provide existing company owners with a better negotiating position with potential acquirers of the companies. By analyzing the relevant scientific literature and by the results of the conducted research, it is possible to conclude that there is currently an insufficient connection between the RBV and financial data in the field of tourism, especially within companies registered for the preparation and serving of food and beverages. The results of this research extend the application of the RBV to micro and small companies and demonstrate how resources such as financial information (data) can be used to improve business and financial performance.

Therefore, financial managers of micro and small companies are advised to continuously invest in acquiring additional competencies with an emphasis on the application of legal acts in accounting and financial operations so that they can use financial resources, namely financial data, correctly and in a timely manner in the process of managing the company.

Finally, the scientific contribution of this paper is reflected in the analysis of the connection between the use of financial data and the business performance of micro and small companies in the field of tourism, especially within companies registered for the preparation and serving of food and beverages in the city of Split. The research fills a gap in the literature, as micro and small companies in the tourism sector are often neglected in research despite their importance for the local economy. We note that the limitation of the research in question is that out of all micro and small companies in the city of Split from the food and beverage serving sector, a total of 604 companies generated revenue during 2024, and of this number, an in-depth analysis was conducted on a sample of 36 companies, which accounts for 5.96%. Of the 36 companies mentioned, financial managers for 3 companies stated that they were considering selling the companies after the 2025 tourist season. Accordingly, a case study was conducted on the example of the three companies in question to determine the impact of applying lower contribution rates on the value of financial indicators, assuming that other variables such as the amount of liabilities, assets, and realized revenues and expenses remained unchanged. With this case study, the authors proved that a company can achieve a better assessment of business performance, i.e., more positive values of financial indicators, whose values essentially enable companies to more easily obtain external sources of financing, primarily bank loans, and which can influence managers’ decisions on the possible (non-)sale of companies due to securing external sources of financing.

Therefore, it is recommended that future research be conducted on a larger sample and in a wider area due to better comparability of the results. It is also recommended that future research, in addition to financial performance, also includes other factors such as human resources, marketing, organizational processes, etc.