THE IMPACT OF ECONOMIC, POLITICAL FACTORS AND COVID-19 ON FINANCIAL PERFORMANCE OF TOURISM COMPANIES

Year 2022, Issue: 29, 122 - 143, 28.02.2022

H. Yusuf Güngör İbrahim Çemberlitaş

Abstract

In the study, the financial performance of the companies was examined using the widely accepted ratios and data on this subject. In the study, the annual data of the companies listed in the Borsa Istanbul Tourism index for the years 2015-2020 were used. The study covers some economic and political cases and the time when the COVID-19 epidemic occurred and created the most devastating effect. Although the selected period was not sufficient to fully measure the impact of the epidemic, the initial impact on firms and the initial reactions in the markets were measured. Analysis was carried out using multi-criteria decision-making methods using ratios and data that indicate financial success and are widely used in the literature as criteria. The Entropy method, which is one of the objective weighting methods, was used to determine the criterion weights, and the COPRAS method was used to determine the most successful alternative. As a result of the study, it was found that firms were affected by the epidemic. It has been determined that the companies with the lowest current ratio heavily affected by the epidemic. It has been concluded that companies with sufficient working capital and dependent on strong holdings are less affected by the crisis than other companies.

EKONOMİK, SİYASİ FAKTÖRLER VE COVİD-19’UN TURİZM FİRMALARININ FİNANSAL PERFORMANSLARINA ETKİSİ

Abstract

Turizm firmalarının finansal performanslarının konu ile ilgili genel kabul gören oran ve veriler kullanılarak incelendiği bu çalışmada Borsa İstanbul Turizm endeksinde işlem gören firmaların 2015-2020 yıllarına ait verileri kullanılmıştır. Çalışma bazı ekonomik ve siyasi olaylar ile COVID-19 salgınının ortaya çıktığı ve en yıkıcı etkiyi yarattığı dönemi kapsamaktadır. Seçilen dönem salgının etkisini tam olarak ölçmemekle beraber firmalar üzerindeki ilk etkisi ve piyasalardaki ilk tepkiler ölçülmüştür. Finansal başarıyı gösteren ve literatürde yoğun kullanılan oranlar ve veriler kriter olarak kullanılarak çok kriterli karar verme yöntemleri kullanılarak analiz yapılmıştır. Kriter ağırlıklarının belirlenmesinde objektif ağırlıklandırma yöntemlerinden birisi olan Entropi yöntemi, en başarılı alternatifin belirlenmesinde ise COPRAS yöntemi kullanılmıştır. Çalışma sonucunda firmaların salgından etkilendikleri ortaya çıkmıştır. Salgından en yoğun etkilenen firmaların cari oranı düşük olan firmalar olduğu sonucu tespit edilmiştir. Yeterli çalışma sermayesine sahip olan, güçlü holdinglere bağlı olan firmaların diğer firmalara göre krizden daha düşük düzeyde etkilendikleri sonucuna varılmıştır.

Keywords

Covid-19, finansal performans, Entropi, COPRAS

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