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In March 2020, we witnessed enormous turbulence in the global markets caused by the escalation of problems related to the new medical phenomenon of coronavirus (COVID-19) pandemic. High fluctuations of indices were observed during the pandemic, but the crisis caused by fighting the virus was also reflected in firms’ essentials. The uncertainty provoked by the pandemic in the real economy also influenced listed companies. Some of them were forced to restrict or cease their operations temporarily. One of the impacts that this caused relatively quickly was on dividend decisions. Listed companies that had paid dividends for many years faced a difficult decision on whether they should still pay them or instead restrict or cease issuing dividends. The purpose of such actions would be to build a capital and liquidity buffer.

Since it was proposed by Satoshi Nakamoto (2008) at the end of 2008, Bitcoin, as an alternative to conventional currencies, has quickly gained wide attention from the media, investors and scholars. This attention is attributed to its transparency, simplicity, increasing popularity, decentralized peer-to-peer system and self-regulation. There is a growing interest in studying the general dynamics of Bitcoin market. For instance, diversification was measured (Brière et al., 2015; Bouri et al., 2017; Urquhart & Zhang, 2019; Chaim & Laurini, 2018; Lahmiri et al., 2018), statistical properties and market efficiency were examined (Bariviera et al., 2017; Carbone et al., 2004; Martinez et al., 2018; McCarthy, 2009; Symitsi & Chalvatzis, 2018), liquidity and microstructure were explored (Koutmos, 2018; Dyhrberg et al., 2018; Donier & Bonart, 2015), speculative bubble and risk were investigated (Osterrieder & Lorenz, 2017; Bouoiyour et al., 2015; Klein et al., 2018), regulation was studied (Dwyer, 2015; Tasca & Liu, 2018; Katsiampa, 2017) whilst optimal trading was scrutinized (Ajaz & Kumar, 2018; Li & Tourin, 2016; Yi et al., 2018).

The hotel industry has turned out to be one of the most competitive industries in the world. The competition among hotels forced them to increase the quality of services and improve the relationship with customers. Today business development is fast (Wijaya et al., 2021), and hotels require to deal with ongoing monitoring across a variety of service areas in order to improve the services at the best levels. The service quality is known as a fundamental determinant in differentiating service providers (Mey et al., 2006). It is an important element in customers’ initial decision-making, and their return intention. However, in today’s business world, hotels may face major challenges, such as frequent changes in customers’ preferences, and demands that are more complex. Therefore, there is room for this question of whether the perceived service quality is a sufficient stimulant to retain a relationship in a long term?

E-commerce is one of the modern trends that is emerging in connection with the development of information technology. Turban et al. (2015) state that e-commerce is a form of business that uses an online environment, and the Internet is just a factor that connects the seller and the buyer. The fast growth of e-commerce in the last few years in most European countries (Eurostat, 2020) brings pressure on companies and the necessity for rapid responses to increasing customer requirements. The reason is simple. Many companies face challenges, such as high competition in some segments of e-commerce, gradual market saturation due to economic growth and development. The shopping behaviour of customers in the e-commerce environment is different from customer behaviour in the traditional setting due to remote access. For e-commerce customers, personalization of services and interactivity are vital (Bucko, 2018).

The development and innovations of technology has paved the way for the expanding growth of an innovative form of commerce based on a principle of shared access of assets or resources rather than private ownership (Basukie et al., 2020). Although to date, there has been no agreement on the naming or definition of this socio-economic phenomenon (Martínez-González et al., 2021), it has quickly changed consumers’ preferences and inclinations. People around the world embark on digital interaction and temporarily Exchange their under-utilized possessions, resources, time and skills, facilitated through internet platforms (Leoni & Parker, 2019). According to the European Commission (2018), the size of this new economy relative to the total EU economy was estimated to be 26.5 billion EUR in 2016, offering about 394,000 jobs across the EU.

The interaction of two phenomena is observed in well-developed countries, i.e. the growing importance of the service sector (transition to the service economy or the post-industrial society) and the increasing importance of knowledge, manifested in the creation of innovations (knowledge-based economy). We live in an era when the skills of acquiring and processing information as well as creating innovations remain the key factor responsible for the market success of businesses. As indicated by Škare and Tomić (2014), the market position of enterprises, their further development and prosperity largely depend on their opening towards innovations (Burns & Stalker, 1961; Weerawardena & Mavondo, 2011; Baily et al., 2006; Sandvik et al., 2014). The very idea of innovation was actually born in industry, however, the transition of the economic system to the one where services play a dominant or at least an equal role, resulted in the phenomenon of innovation spreading in the service sector as well (Schumpeter, 1934; Swann, 2009; Hjalager, 2010).

Social interactions such as user discussions, reviews, and replies on websites have become a major communication channel for customers to discuss their opinions on various topics (Appel et al., 2020). Social networking sites provide real-time communication and opportunity to connect to an unlimited number of friends at no extra cost. As a result, this enables consumers to share and discuss various opportunities in the market. Getting information about products across to potential customers is critical as their purchase decisions rely heavily on other customers’ opinions from social media (Park et al., 2007). As Simon (2019) pointed out, information systems have increased information flow between opinion leaders and the general public to the point of information overload. Thus, companies are tracking the perceptions of their products from customer reviews and social media to monitor their brand image (Cruz & Lee, 2014).

Tourism is an economically important sector in the world. Demand in tourism is strongly influenced by global trends in leisure, IT technology, etc. Trends affecting the demand of tourists and visitors to tourist destinations due to changes in their preferences cause changes in the offer of tourist services. Identifying new trends, examining changes, and incorporating innovation present, therefore, an important task for tourism businesses. The introduction of new trends and innovations in the offer of accommodation and catering companies have significantly affected tourist destinations, as revenues from accommodation and catering services within the balance of payments of tourism in the Czech Republic account for more than half of its. The paper deals with the results of research, which was carried out in two phases in 2017 and 2020, within the institutional project ‘Tourism Trends in the Moravian Silesian Region’.

Cash is one of the key items in the balance sheet, since it is necessary for every transaction. Cash holdings provide the company with flexibility and the ability to meet its own needs, regardless of existing business conditions. It can be significant in terms of the company’s internal financing, thus it is crucial to maintain an optimal level of cash, given that external financing also entails certain costs. An optimal level of cash holdings represents available money to investors and should increase general business efficiency. Achieving an optimal level of cash holdings provides the company with autonomy to explore new opportunities as well as take risks. An insufficient level of cash creates the need for financing from external sources, which is reflected in reduced investments and decreased sale of available assets and securities. However, a large amount of cash enables the company to respond to market trends and take advantage of investment opportunities so as to secure the financial power of the company.

The capability theory is concerned with an individual’s ability and opportunity to act, which grants the freedom to live life as one pleases (Sen, 1993). Based upon this theory, financial capability relates to the ability and opportunity to act (Johnson & Sherraden, 2007). A more detail definition given by Brown (2020) that financial capability is classified as internally focused including knowledge, skills, and behaviour, and those that also acknowledge a person’s external context including systems and structures. Many scholars concur that the concept of financial capability is much broader than the idea of financial literacy (Johnson & Sherraden, 2007; Kempson et al., 2013; Shim et al., 2013; Taylor, 2011). Studies explain that financial capability is a broader term, and financial literacy is just a building block of financial capability. It also includes financial advice and financial inclusion (Johnson & Sherraden, 2007). According to Sen’s (1993) theory, financial capability comes from two sources: internal ability and, second, from external opportunity.