BİST KONAKLAMA SEKTÖRÜNDE YERALAN FİRMALARIN KÂRLILIĞINI ETKİLEYEN FAKTÖRLERİN BELİRLENMESİ

Abstract

Bu araştırmanın amacı, BIST Turizm endeksi konaklama sektörü üzerinde finansal kaldıraç ve likidite oranlarının varlık kârlılığı (ROA) ve öz sermeye kârlılığı (ROE) üzerindeki etkisini karşılaştırmalı olarak analiz etmektir. Bu doğrultuda Kamuyu Aydınlatma Platformu (KAP) üzerinden 2012-2023 yıllarını kapsayan konaklama sektöründe yer alan ve kesintisiz verisine ulaşılan sekiz firmanın mali tablolarından araştırmaya konu olan değişkenlere ait yıllık veriler elde edilmiştir. Analizler kapsamında sırasıyla tanımlayıcı istatistikler, korelasyon, durağanlık testleri, regresyon modeli belirleme testleri, varsayımdan sapma testleri ve dirençli tahminci ile regresyon analizleri yapılmıştır. Elde edilen bulgular doğrultusunda firmaların kısa vadeli borç edinimlerinin sermaye kârlılığını uzun vadeli borçlanma oranından daha fazla etkilediği ve artırdığı görülmektedir. Likidite oranları firmaların dış sermaye artırımına gitmeden mevcut borç yükümlülüklerini ödeme kapasitesini göstermektedir. Araştırmanın bulgularına göre her ne kadar likidite oranlarının öz sermaye kârlılığı rasyosu üzerinde pozitif yönlü ama anlamsız bir etkisi olsa da bu durum firmaların kısa vadeli mali yükümlülüklerini karşılamak için yeterli kâr elde ettiği şeklinde yorumlanabilir.

Keywords

• Özsermaye Kârlılığı
• Aktif Kârlılığı
• Firma Performansı
• Turizm.

DETERMINATION OF FACTORS AFFECTING THE PROFITABILITY OF COMPANIES IN BIST ACCOMMODATION

Abstract

The purpose of this research is to comparatively analyze the impact of financial leverage and liquidity ratios on return on assets (ROA) and return on equity (ROE) in the accommodation sector of the BIST Tourism Index. To achieve this, annual financial data from eight accommodation sector companies with continuously accessible records were obtained from the Public Disclosure Platform (KAP) for the period 2012-2023. The analysis involved a series of statistical tests including descriptive statistics, correlation analysis, stationarity tests, regression model specification tests, assumption deviation tests, and regression analyses with robust estimators. The findings indicate that short-term borrowings of companies affect and increase the capital profitability more than long-term borrowings. Liquidity ratios, which reflect a company’s ability to meet short-term debt obligations without relying on external capital, were also examined. While liquidity ratios were found to have a positive but statistically insignificant effect on return on equity, this suggests that firms in the sector generate sufficient profit to cover their short-term financial obligations.

Keywords

• Equity Return
• Asset Return
• Firm Performance
• Tourism.

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