Title: The dividend policy of tourist firms pre and during the economic crisis in Greece

Authors: Mihail Diakomihalis; Nikos Kapsiohas

Addresses: Accounting and Finance Department, Epirus University of Applied Sciences, Psathaki, Preveza, 48100, Greece ' Hellenic Open University, Aristotelous str. 18, Patras, Greece

Abstract: This paper deals with the Greek hotel companies with share capital, their way of taxation, and also the way they dispose of their profits. The analysis was based on their published financial data covering the period 2004-2014. The taxation increase, especially in 2013 and 2014 does not seem to have had a great impact on distributed dividends to stockholders. The turnover rate is low in all enterprises. The vast majority of these enterprises raised both their capital and fixed assets, appear to have overinvested funds with respect to the amount of their sales, despite the upward turnover in 2014 and throughout the years of economic crisis in general. The healthy status of Greek hotel enterprises is proven by the growth of their current assets, since 80% significantly increased their current assets, 15% maintained their current assets stable and only 0.05% experienced a decrease.

Keywords: tourist enterprises; dividends; taxation; economic crisis; hotel industry; financial analysis; EBITDA; profits; retained earnings; Greece.

DOI: 10.1504/IJFERM.2019.096646

International Journal of Financial Engineering and Risk Management, 2019 Vol.3 No.1, pp.60 - 78

Received: 04 Dec 2017
Accepted: 17 Dec 2017

Published online: 31 Oct 2018 *

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