Implications concerning hotel businesses’ management and specifically insolvency
forecasting should not limit their study in only one method, but extent to more analytic
approaches of all three Altman’s models, including financial data for a longer period to
completely illustrate the hotels’ financial strengths and weaknesses which may appraise future bankruptcy
Future research should be extended including data for years beyond 2008 and predict
bankruptcy in the following years with their new benchmarks in order to verify our findings
with an out-of-sample test.
Research findings can have also implications concerning the development of theory of
bankruptcy prediction in a specific sector of an economy in crisis, as it is the hotel sector in
the Greek economy for the last five years, including factors related to the economic crisis.