Open Access
Article
SciPap-921
Assessment of the Financial Health of the Czech Tour Operators
by
Veronika Hedija 1,* and Martina Kuncová 2
1 Katedra ekonomických studií, Vysoká škola polytechnická Jihlava, Tolstého 16, Jihlava 58601, Czechia
2 Fakulta informatiky a statistiky, Katedra ekonometrie, Vysoká škola ekonomická v Praze, nám.W.Churchilla 4, Praha 3 130 67, Czechia
* Authors to whom correspondence should be addressed.
Abstract: Tourism industry belongs to the relatively young and dynamically expanding sector of economy in post-communist countries. According to the Tourism Satellite Account data, tourism industry created on average 3 percent of gross domestic product in last ten years in the Czech Republic. The study is focused on travel agents whose main task is to mediate tourism services. The paper aims to assess the financial health of tour operators in the Czech Republic using different methods which are suitable for financial health evaluation and compare the results of these methods. The multiple criteria decision making methods (TOPSIS and WSA) based on selected financial ratios and bankruptcy models, specifically Altman Z´-Score, Z´´-Score models and index IN05 were applied. The data were taken from database Albertina CZ Gold Edition. The final sample covered data about 232 tour operators (group 79.12 according to the Statistical Classification of Economic Activities in the European Community Rev.2) for the years 2014. The findings of all applied methods show that not all companies are in good financial health and it is expected that the market of tour operators will evolve towards a reduction of the number of market players.
Keywords: Bancruptcy Models, Altman Z-Score, In05, Multiple Criteria Decision Making Methods, Tour Operators
JEL classification: C44 - Operations Research • Statistical Decision Theory, G33 - Bankruptcy • Liquidation, Z33 - Marketing and Finance
SciPap 2018, 26(1), 921
Received: 14 August 2017 / Accepted: 4 January 2018 / Published: 5 April 2018
