66 research outputs found
Criteria of Optimal Portfolio Selection: Evidence From Private Investors in Greece, Turkey, Italy
No full textWhat are the criteria for private investors when they decide to invest their savings in to different investment products? Do these criteria differ between investors from different countries? We are investigating the investment portfolios determinants between private investors from Greece, Turkey and Italy. The study is grounded in the current and potential criteria and sub-criteria influencing investors in selecting financial investment products. The methodology applied in order to satisfy the research aims is the Analytic Hierarchy Process (AHP). The results show that there are considerable differences in the ranking and significance of factors that determine the selection of financial investment products in these three countries. We conclude that differences in the ranking and significance are related to country-specific rather than investor factors and they are justified by the differences of the three countries, one of which is a member of the Eurozone facing a long time of economic crisis, another a candidate EU member, with unforeseeable political system which influences the economic environment as well, and one is highly developed country which belongs to G20
The contribution of maritime tourism to total employment in Greece
No full textTourism is playing an increasingly important role in the economy of many countries, contributing to their economic growth and job creation, and
providing employment and income.
The paper examines the impact of Maritime tourism in Greece on an especially relevant dimension of tourism which is employment. The estimation is
realized with the implementation of the Tourism Satellite Account. The theoretical and the empirical framework of Maritime tourism in Greece have
been analyzed. The insufficiency or the ambiguity of certain registered data led to the conduct of primary researches which were focused on the
generation of jobs by the enterprises of each maritime activity. The paper is concluded by presenting on Table 5: “Tourism employment of
characteristic industries and other industries” of the TSA, the final results of the direct, indirect and induced employment created by each maritime
tourism activity, as well as that created by “all other industries” that participate in the supply of goods and services consumed by the Maritime tourism
purchasers
The impact of maritime tourism on the greek economy via the Tourism Satellite Account
No full textMaritime 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
Investments’ evaluating methods in shipping- a comparison study between the newbuilding versus the secondhand vessel purchase.
No full textFinancial Structure and Profitability Analysis of Greek Hotels
No full textThis study examines the financial structure and profitability of various categories of Greek hotels for the 2005-2007 period, three years following the 2004 Olympics in Athens and just before the 2008 economic crisis in Greece. The research sample consisted of 146 private two, three, four and five star hotels. Various ratios relevant to the financial structure and profitability of hotels were explored. Results revealed significant differences in the means of most financial ratios of the four Greek hotel categories, except for some ratios such as gross profit margin and net profit margin. Five star hotels in Greece recorded larger net profits and used a larger percentage of lending capital relative to hotels in other categories. While four star hotels in Greece registered significantly higher operating costs relative to hotels with two or three stars, short term financing seemed to decrease for hotels with more stars. As such, the financial attributes of hotels in Greece are better understood.(1) Category C tax books: kept by SAs, limited partnerships, general partnerships, and limited liability companie
Managerial Accounting in the greek hotel sector through viability and profitability
No full textWorking paperThis study examines the financial analysis of the hotel sector in Greece and specifically the evaluation of Viability and Efficiency of hotels belonging to all categories, which are compelled to keep tax books of C’ category.
The Viability and Efficiency of the hotels in Greece are estimated for the financial years 2005, 2006 and 2007. The study is grounded entirely on primary data collected from the financial statements of hotel enterprises, of 2, 3, 4 and 5 stars, from the entire territory of the country. The sample selected is 146 hotel enterprises allowing the procession of 438 financial statements in total, since the research included statements from three consecutive economic years.
The relation of the indices’ means for the four categories of hotels was investigated, in order to reveal whether probable differences in the results attributed to the categorization of the hotels. Besides, an examination was realized between the Means of the indices within the same categories of hotels. The statistical method of fluctuation analysis that was applied for the control in the Means’ differences is the “one way analysis of variance”, abbreviated “one way anova”.
The research reveals useful conclusions concerning the Viability and the Profitability of the Greek hotels by category in stars. The results indicated that between the Means of almost all financial indices which were examined, excluding those of Gross Profit Margin and Net Profit Margin, there is statistically a significant difference.
Additionally, a large percentage of lending capital by 5* hotels is resulted in relation to the rest of the categories for all the years under investigation, while short-term liabilities decrease as the hotel category gets higher. 5* hotels show larger Net profits than the hotels of the other categories, while 4* hotels show a higher Operational cost than hotels of 2 and 3*. With the exception of 5* hotels, the Financia
Assessment of tax revenues from maritime tourism into the greek economy
No full textWorking paperMaritime Tourism constitutes a Special Interest Tourism, with various impacts on the
national economy of the countries that have developed it. Policy makers from the government
side as well as from the enterprises of the "sector", would benefit in their decision making
significantly by assessing the kind and the magnitude of economic impacts derived from
maritime tourism operation. An important category of impacts is that of Public income, via
the taxes and the dues that are imposed by the state. The Tourism Satellite Account (TSA) has
been recognized internationally as a reliable methodology for tourism evaluation. The
methodological frame proposes the manufacture of Tables, the number of which will depend
from the aim of the research, the categories of sought estimates and the availability of data.
The Tax Receipts and other public income that is derived by Maritime Tourism in the Greek
economy are presented in the first 4 Tables of the TSA. The aim of the paper is to determine
as analytically as possible the volume of Taxes and Dues that pour into in the Public Funds,
by category of revenues and by activity. The various categories of public revenues are
presented analytically and by category in the TSA Tables 2 and 3 and for this reason are
included and analyzed in the paper. The results of the research are presented in separate
Table, assembled by category of income and per activity, along with their degree of
attendance in total Public Receipts
Insolvency prediction: Evidence from greek hotels
No full textThis study examined insolvency predictions for the hotel sector in Greece. The objective was
to realise and estimate bankruptcy predictions for different hotel categories for 2005-2007, or
the three consecutive years following the 2004 Olympics in Athens and just before the
economic crisis that began in 2008 in Greece. The sample selected included 146 hotels and
438 financial statements from the 3 years studied. This paper aimed to determine the zone
of discrimination classified as “certainty” for bankruptcy, by using three random values of the
Z score to eliminate the number of firms that went bankrupt in three different zones.
The Altman model was used to predict bankruptcy and its accuracy assessed by
comparing its results to the number of hotel enterprises that actually filed for bankruptcy.
About 40% of all firms evaluated were deemed to be in the “distress zone” for bankruptcy,
having a Z score below 1.8.
The results of this study revealed that the number of firms with Z scores below 0.8
were certain to file for bankruptcy, with an accuracy rate of 83.3% for 2005 (15 out of 18
predicted firms), 3 years before bankruptcy; 100% for 2006 (15 out of 15 firms), 2 years prior
to bankruptcy; and 88.2% for 2007 (15 out of 17 predicted firms), 1 year before bankruptcy.
Bankruptcy risk was higher for 5- and 3-star hotels than for 4- and 2-star hotels.
This paper has implications for the ascertainment of insolvency among hotels from
different categories. It also fulfils the need to predict the certainty of bankruptcy among
enterprises within the distress zone
The comparison of alternative investments in the shipping industry
No full textThis paper addresses an evaluation of alternative investments problem, faced
by shipping companies. A study of comparison of the economic values of the alternatives is
necessary for the enterprises. The methods of Alternative Investments evaluation that should
be used are the Net Present Value, the Internal Rate of Return, the Incremental analysis, the
Benefit Cost ratio and the Cost per ton of cargo ratio. These methods are presented in the
paper, after they have been analyzed and adjusted to meet the requirements and the
circumstances of the shipping industry. They are insisted to be applied for evaluating
investment proposals in shipping. The Alternative Investments’ comparison study is
indispensable, not only for the selection among several investment plans, but also for assets’
replacement. According to the specific problem, one or more of the proposed methods may be
used, to aid the final decision of the shipowner or the prospect investor
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