THE INFLUENCE OF SEASONAL OSCILLATIONS ON STOCK PRICE TRENDS IN THE TOURISM SECTOR

Tourism and tourism-related activities are a significant factor in the Croatian economy, with clear indications of the continuation of such trends in the future. Research shows that the share of tourism in the Croatian gross domestic product has increased, and efforts to raise the quality of the tourist offer and extend the tourist season are becoming more noticeable. Holders of such initiatives, which are expected to increase long-term returns, are currently mostly tourism companies with the highest financial potential. In this paper, the authors investigate whether the movement in the stock price of such companies is associated with increased revenues during the season, that is, whether the price movement is related to seasonal fluctuations or is related to their long-term business policy. The research has shown that seasonal changes have some influence, but not sufficient to significantly determine the price movement of securities in the financial market of observed enterprises. Despite a significant increase in revenue, the trend is downward and indications of its turnaround have not been observed in the short and medium term, which may indicate investors' lack of confidence in this form of tourism business development.