Financial Performance Analysis of BIST Tourism Companies with TOPSIS for 2011-2015 Period
Abstract
The main aim of this paper is to investigate of
financial performance of 13 tourism firms quoted on BIST with TOPSIS method by
exploitation of financial ratios for the 2011-2015 period. Basically, to
determine financial power of the tourism firms financial ratios have measured
and then general corporate performance scores estimated by TOPSIS method.
Algorithm of the TOPSIS method is repeated and ranking orders of firms are
calculated for each year. However, companies’ yearly performances are outlined
and an average ranking is stated for 6 years. Lastly, tourism corporations have
ranked with these scores. The result of this paper shows that financial
performance of tourism companies point instability out during the all period.
According to the results of analysis Net Turizm, Tekart Turizm, and Marmaris
Altinyunus have the best performance in 2011 respectively, but Metemtur has the
worst. On the other hand, surprisingly, Metemtur has the best financial
efficiency and Martı Otel has the worst performance in 2015. However, Net
Turizm and Marmaris Altinyunus have been continuing their financial stability
and Metemtur is very volatile company in given term.
Keywords
References
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