This paper studies the bankruptcy predictions for different hotel categories in Greece, aiming to determine the zone of discrimination classified as “certainty” for bankruptcy.It also calculates the differentiation degree of the bankruptcy risk that is owed to the different categorisation of the hotels. The three versions of Altman’s model have been applied to evaluate the bankruptcy prediction and its accuracy between the hotel enterprises that fall in the “distress” zone. Approximately 40 percent of the total firms in the distress zone are evaluated, having a Z 1 score below 1.8, while the percentage for the Z 2 formula is 44.5 percent and 36.3 percent for the Z 3 score. The Z 1 score formula is more precise—with an accuracy rate of 88.2 percent in 2007, one year before bankruptcy—than the Z2 model, which gives a prediction of 83.33 percent for the cutoff zone <0.7, while the Z 3 score reaches 80 percent prediction for the < 0.5 zone. Five and four star hotels show a higher bankruptcy risk than 4-star hotels, while the smaller risk is depicted in 2-star hotels.This paper fulfils the identified need to predict the certainty of bankruptcy among enterprises in the distress zone.
This paper examines the impacts of yachting on the Greek economy. The contribution of yachting to major macroeconomic values and its impact on the Greek economy in 2004 are evaluated with the use of the tourism satellite account (TSA). The method has been applied by several countries to estimate the economic impacts of the traditionally designated tourism-related industries, as well as of all industries participating in the tourist economy, but not for the economic effects of special interest tourism (such as yachting). To date, there has been no application of this method in Greece either for the total tourism industry or for a specific tourism 'sector'. The adaptation of TSA tables, maintaining harmonization with OECD directives and definitions which are approved and accepted internationally, is a precondition of the research. To achieve the research aims, both the theoretical and empirical aspects of yachting in Greece were investigated. Data from public sources have been included in the TSA tables. Since these tables require information with economic value, which is not found in the data recorded by many public services, primary research was conducted to collect this necessary information. The paper concludes by presenting the impacts of yachting on the major macroeconomic values of the Greek economy, such as tourist consumption, gross domestic product, balance of invisible resources, national income, employment, investments and public revenues (taxes).
This paper analyses coastal leisure shipping activity in Greece and estimates its economic contribution to the national economy. Even though the activity is encompassed by the shipping transport sector and is supervised by the Ministry of Merchant Marine, its product appears to be offered exclusively to tourists. The magnitude of the economic contribution of coastal leisure shipping to the Greek economy is assessed through the implementation of the Tourism Satellite Account (TSA). Although the contribution of coastal leisure shipping to the national economy is not very substantial, it is significant to the local economies of the insular and coastal regions. The tourist 'day ships' constitute a dependable means of connecting the small islands with the larger islands and the ports of continental Greece. The role of the daily sea tours for the inhabitants of small islands is purely that of a means of transportation, since for most of them the tourist boats are an alternative, or sometimes the only means of connection with the rest of the world.
Maritime tourism is a special interest tourism, showing significant demand increase worldwide. The activities of cruising, yachting and coastal tourism shipping constitute the Greek market of maritime tourism.The aim of this paper is to estimate the economic impact of the maritime tourism industry on the major macroeconomic factors of the Greek economy.The Tourism Satellite Account (TSA) has been applied by several countries to estimate the economic impacts of the traditionally designated tourism related industries, as well as all industries participating in the tourist economy (Strathclyde University,2004), but not for the economic effects of special interest tourism, as maritime tourism. Up until today there has not been any application of the method in Greece neither for the total tourism industry, nor for a specific tourism "sector". The investigation of the theoretical and empirical frames of maritime tourism in Greece as well as the adaptation of Tourism Satellite Account tables, are a preconditioned fulfilment of the research. Since the TSA tables require information with economic value, which is not found in the recorded data by many public services, primary research has been conducted in order to collect necessary data. The data obstacle became higher since maritime tourism is not an immiscible activity but a combination of other sectors that's why the overall estimation and evaluation of the sector demands data from different but related sources.The paper concludes by presenting the final results of the economic impacts of maritime tourism on the major macroeconomic values of the Greek economy.
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