Finansal Başarısızlık Riski Firma Değeri Örüntüsü: Avrupa Konaklama İşletmelerinden Kanıtlar

Abstract

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.