engleski

Internal determinants of debt of hotel companies

Indebtedness of the company is a kind of measure of the risk of investing in the company, i.e. the degree of use of other people's sources of financial resources in financing the assets of hotel companies. Companies with a high level of indebtedness are losing financial stability, which in turn leads to the decreased possibility of attracting investors, creditworthiness and loss of tourist demand for hotel services. The sample consists of 208 hotel companies that submitted annual financial reports in the observed period from 2002 to 2018. Data are taken from the Annual Financial Statements obtained from the Financial Agency (FINA). To prove the set hypothesis, a panel analysis was performed in the STATA software package. Based on the results of the panel analysis, all variables proved to be statistically significant. The economics of total operations, the current liquidity ratio and the profitability of net turnover have a negative impact on corporate indebtedness. Labor productivity and company size proved to be statistically positive, i.e. with their growth, the company's indebtedness is also growing.

annual financial reports, hotel companies, indebtedness

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