The role of port and refuelling costs in yachting development in Greece

The study aims at revealing the role of "port and refuelling costs" in yachting, towards a sustainable development in the islands and coastal regions of Greece. The methodology applied is the Analytic Hierarchy Process (ΑΗΡ), which is a flexible and functional tool of resolution of multi-criteria problems. The case study includes the islands of the Dodecanese, Chios, Lesvos, Kythira and Crete, as well as the coastal regions of South Peloponnese and Epirus. Research results show that yacht tourism experts have different evaluations on the cost factors in different regions of Greece. The results signify that matters related to cost are either not so crucial or the necessity for the other factors is much greater. "Refuelling cost" is considered the most important of the subcriteria, followed by "winter shelter dues", while "mooring dues" and "dues for mooring with stern fasts" do not appear to constitute particularly important sub-criteria

Managerial Accounting in the greek hotel sector through viability and profitability

Working 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

Working 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

This 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

This 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

The contribution of maritime tourism to total employment in Greece

Tourism 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

Activity performance analysis of the Greek hotels

The paper examines the activity performance of the hotel sector in Greece. The research aims to realise and estimate any variations in activity financial ratios owed to different categorization of the hotels. The financial analysis includes 146 private hotels of two, three, four and five stars, from the entire territory of Greece for 2005-2007. The five-star hotels achieve the least values in the fixed asset turnover ratio, and asset turnover ratio in 2007, while they reached the maximum value for the owner’s equity turnover ratio in 2005. The four-star hotels achieved the least value in owner’s equity turnover ratio in 2005 while the three-star hotels achieved the lowest cash turnover ratio in 2006. The four-star hotels reached the maximum asset turnover ratio and cash turnover ratio in 2006. The two-star hotels achieved their only maximum value in the fixed asset turnover ratio in 2007

A Tourism Satellite Account assessment of the impact of cruise industry on the greek economy

The cruise industry is a sub-sector of maritime tourism and it constitutes a dynamic market with substantial investments being made world-wide mainly on port facilities as well on the shipbuilding of luxurious cruisers. Cruising is a Special Interest Tourism showing robust growth rates during the last two decades worldwide. The cruise is a multi-complex concept and combines a large part of the so called “tourist chain”: transport, catering/provisioning, tourism, entertainment, and travel (Wild & Dearing 2000). Greek cruising originated already in the decade of 1930, when the first Greek cruise companies offer cruises in the Aegean and the wider area of the Mediterranean. By 2003 there were nine ships under Greek flag and almost 25 Greek owned. The Greek cruise sector operated under cabotage protection till 1999. The abolishment of cabotage was confronted in contradictory ways by Greek ship owners as well as by other Europeans. The E.U policy aimed at establishing markets free from the state’s interventionism and protectionism and at the same time at creating more competitive conditions in order to facilitate the access by all companies (Lekakou et al. 2003). Nevertheless, Greek cruising is present and follows international trends The contribution of the sector to the national economy depends on the level of expenditures realized by the “producers” and “consumers” of the cruise industry. The questions therefore that need to be answered through this research are: • What do visitors buy and which industries are most affected by these purchases? • Who are the main visitors (that is. households, businesses, government employees or non-residents)? • How many people are employed in the cruise and related tourism industries? • How much capital formation has been undertaken by the cruise industry? The paper examines the contribution of the Cruise sector to the Greek Economy and estimates the economic impacts on the major macroeconomic values for the year 2004. The aim of the analysis is to investigate the way and the degree in which the cruise activity contributes to the national economy. The research reveals a basic problem: the relevant weakness of public services and private sector in providing data, concerning specific shipping activities, such as the cruise sector. The data obstacle became higher since cruising is not an immiscible activity but a combination of other sectors (Wild & Dearing, 2000). That’s why the overall estimation and evaluation of the sector demands data from different but related sources. The breadth of data is wide and specialized. The implementation of a suitable methodological tool, such as the Tourism Satellite Account (TSA), will allow a thorough and accurate evaluation of cruising economic impact on the major macroeconomic values, and finally will reveal to useful results. Since the TSA tables require information with economic value, primary researche has been conducted in order to collect necessary data. The paper concludes by presenting the impacts of Cruising on the major macroeconomic values of the Greek economy