Finansal Başarısızlık Riski Firma Değeri Örüntüsü: Avrupa Konaklama İşletmelerinden Kanıtlar

Yıl 2022, Cilt: 30 Sayı: 54, 179 - 198, 25.10.2022

Erdinç Karadeniz , Ömer İskenderoğlu , Cemile Öcek

https://doi.org/10.17233/sosyoekonomi.2022.04.09

Öz

Bu araştırmanın amacı, Avrupa konaklama sektöründe faaliyet gösteren konaklama işletmelerinin finansal başarısızlık riski ile firma değeri arasındaki ilişkiyi belirlemektir. Konaklama işletmelerine ait finansal başarısızlık risklerinin firma değeri üzerindeki etkisi, araştırma doğrultusunda oluşturulan Genelleştirilmiş Momentler Yöntemi (GMM) ile test edilmiştir. Yapılan analizler sonucunda Fulmer H Skoru, Ohlson Skoru ve Springate Skoru modellerine göre konaklama işletmelerinin finansal başarısızlık riskleri azaldıkça firma değerlerinin arttığı belirlenmiştir. Finans literatüründe konaklama işletmelerinin finansal başarısızlığının finansal performans üzerindeki etkisini inceleyen sınırlı sayıda araştırma bulunmaktadır. Bu bağlamda çalışma, turizm ve finans literatürüne katkı sağlayarak konaklama işletmelerinde finansal başarısızlık riski ile firma değeri arasındaki ilişkiyi ortaya koymaya çalışmaktadır.

Anahtar Kelimeler

Finansal Başarısızlık Riski, İflas, Firma Değeri, Konaklama İşletmeleri, Avrupa

Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies

Öz

This research study aims to determine the relationship between the financial failure risk and firm value in lodging companies operating in the European lodging industry. The impact of financial failure risks on firm value in lodging companies is tested with the Generalized Method of Moments (GMM) on several econometric models established for the research study. As a result of the analysis, according to the Fulmer H Score, Ohlson Score, and Springate Score models, it is determined that the firm values increase as the financial failure risks of lodging companies decrease. There is a limited number of studies in the finance literature examining the effect of the financial failure of lodging companies on financial performance. In this context, the study tries to reveal the relationship between the risk of financial failure and firm value in lodging companies by contributing to the tourism and finance literature.

Anahtar Kelimeler

Financial Failure Risk, Bankruptcy, Firm Value, Lodging Companies, Europe

Kaynakça

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