@article{article_1654377, title={Measuring Financial Failure in Accommodation Companies During Financial Turbulence Periods: Altman Z, Zmijewski J and Springate S Score Models}, journal={Fiscaoeconomia}, volume={9}, pages={1831–1846}, year={2025}, DOI={10.25295/fsecon.1654377}, author={Bağcı, Haşim}, keywords={Altman Z, Financial Turbulence, Financial Failure, Altman Z, Zmijewski J, Springate S Score Models}, abstract={Financial turbulence creates an environment characterized by sudden occurrences that lead to uncertainty in both financial markets and national economies. Therefore, predicting financial failure during periods of financial turbulence is crucial for the future of firms. The measures that businesses take in the current period serve as an opportunity to prepare for potential future challenges. Otherwise, they may face the issue of financial failure. This study measures financial failure in nine accommodation companies listed on the Istanbul Stock Exchange. The time frame of the study encompasses periods identified as financial turbulence: the years 2008-2009, 2019-2020, and 2022-2023. During these years, significant events such as the global financial crisis, the COVID-19 pandemic, and the Russia-Ukraine war occurred. The aim of this study is to assess the financial failure of accommodation enterprises during periods of financial turbulence. Altman (2000), Zmijewski (1984), and Springate (1978) financial failure prediction models are used to achieve this objective. The relationships among the models were tested using Spearman’s correlation analysis. The findings indicate that accommodation companies were most affected by the global financial crisis during periods of financial turbulence. Additionally, Spearman’s correlation analysis results revealed strong relationships between the Altman and Springate models, as well as between the Altman and Zmijewski models, suggesting that these models could potentially substitute for one another.}, number={4}, publisher={Ahmet Arif EREN}