THE IMPACT OF ECOLOGICAL RESPONSIBILITY ON BUSINESS EXCELLENCE OF MOUNTAIN HOTELS

Abstract Sustainable business management of companies aims to, taking into consideration all the goals of sustainable development, monitor and analyze business performance in order to be ready to react at the moment critical to the company’s financial position. Risk management in sustainable business management refers to the implementation of ecological, social, and economic factors in a company’s business. The focal point of the analysis are hotels from the mountain centers of Serbia, Bosnia and Herzegovina and Montenegro. In this paper, research will be conducted from two aspects: first, we examine and evaluate ecologically responsible business management of hotels; then, we calculate and analyze their business excellence on the basis of data obtained from the official financial reports by applying the BEX model. The aim of this paper is to observe and consider the business results of analyzed hotels to date and give recommendations for the upgrading of business management and better positioning on the regional tourist market.