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Comparing Distress Prediction Models to the Hotel Corporate Structure: Based on Predictive Powers

  • Journal of Tourism Sciences
  • Abbr : JTS
  • 2005, 28(4), pp.9-26
  • Publisher : The Tourism Sciences Society Of Korea
  • Research Area : Social Science > Tourism

Si Joong KIm 1

1우송대학교

Accredited

ABSTRACT

This study was conducted to evaluate the predictive power of two distress prediction models. Using logit and multiple discriminant analyses, the financial ratio of 33 first-class domestic hotels was calculated and compared. The univariate test result revealed that the variables that distinguished top-level corporate structures to failing corporate structures were current ratio, total borrowings and bonds payable to total assets, financial expenses to operating income, net income to sales, net income to total assets, and operating cash flow ratio. The statistical significance of the six financial ratio variables was also confirmed by the discriminant analysis and the logit analysis. The distress prediction power was 93.9% in the discriminant analysis, and 87.9% in the logit analysis.

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