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The empirical analysis of residual income for the Slovenian and Croatian hotel industry [Elektronski vir]
Stubelj, Igor, 1969- ...
In accordance with the fact that the tourism industry represents an important branch in the case of the Slovenian and Croatian economy the paper aims to analyze the residual income of the Slovenian ...and Croatian hotel industry for the period 2005-2008. The residual income not only looks at return on invested funds, but also implicitly compares it with the risk adjusted opportunity cost of such investment. The cost of equity capital is the minimum return investors request on their invested capital. Therefore it is used as a discount factor for the future earnings and cash flows from the new investment opportunities. The profitability on the level of the capital cost is not an added value; it is a profitability that investors demand for the risk they bear. This parameter is therefore a better performance measure than simply accounting measures. The results of the analysis prove that residual incomes of Slovenian and Croatian hotels were far from being positive in the whole period. The obtained findings demonstrate that hotel companies in aggregate did not create value for their owners and that they did not generate enough profits to cover the appropriate cost of equity capital, i.e. the cost of capital that takes into consideration the risk adjusted opportunity cost. Better results of analogue countries indicate that a comprehensive analysis of the Slovene and Croatian hotel industry has to be done in the future otherwise their owners will still lose the value of their invested capital.
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