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Menadžment u hotelijerstvu i turizmu
2019, vol. 7, iss. 2, pp. 87-95
article language: English
document type: Review Paper
published on: 26/12/2019
doi: 10.5937/menhottur1902087M
Bankruptcy forecasting of hotel companies in the Republic of Serbia using Altman's Z-score model
aUniversity of Kragujevac, Faculty of Hotel Management and Tourism, Vrnjačka Banja
bUniversity of Belgrade, Faculty of Organizational Sciences



Monitoring the financial health of a company to prevent bankruptcy is not only a matter of interest to owners, management and creditors as previously thought, but also a subject of interest to the wider community due to the consequences that bankruptcy may cause. There are numerous models for predicting bankruptcy, but one of the most commonly used is Altman's Z-score model. Over time, the model has been modified so that from its initial form that was intended solely for one enterprise model, today we have a model that can be applied to manufacturing, service, public and private enterprises, as well as to businesses operating in developing markets. The paper uses Altman's Z-score model for companies operating in developing markets to assess the financial health, that is, the possibility of bankruptcy in a sample of 7 hotel companies listed on the Belgrade Stock Exchange.


bankruptcy; financial health; Altman's Z-score model; hotel companies; Belgrade Stock Exchange


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