BİST KONAKLAMA SEKTÖRÜNDE YERALAN FİRMALARIN KÂRLILIĞINI ETKİLEYEN FAKTÖRLERİN BELİRLENMESİ

Öz

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.

Anahtar Kelimeler

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

DETERMINATION OF FACTORS AFFECTING THE PROFITABILITY OF COMPANIES IN BIST ACCOMMODATION

Öz

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.

Anahtar Kelimeler

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

Kaynakça

1. Afza, T., & Nazir, M. (2008). Working capital approaches andfirm’sreturns in Pakistan. Pakistan Journal of Commerce and Social Sciences, 1, 25-36.
2. Balaguer , L., & Cantavella-Jorda, M. (2002). Tourism as a long-run economic growth factors: the Spanish case. Applied Economics, 3(7), 877-884.
3. Belloumi, M. (2010). The relationship between tourism receipts, real effective exchange rate and economic growth in Tunisia. International Journal of Tourism Research, 12(5), 550-560.
4. Beyazgül, M., & Karadeniz, E. (2020). Konaklama İşletmelerinde Çalışma Sermayesinin Kârlılığa Etkisinin Analizi: Türkiye–Amerika Birleşik Devletleri Karşılaştırması. ournal of Tourism & Gastronomy Studies, 8(3), 2029-2049.
5. Buğdaypınarı, M. (2019). Financial analysis of Turkish hospitality and food & beverage industries at Borsa İstanbul. İstanbul: Yeditepe Üniversitesi.
6. Casanueva Rocha, C., García del Junco, J., & Caro González, F. (2000). Organización y gestión de empresas turísticas. Ediciones Pirámide.
7. Chang, A., Meiryani, Sumarwan, U., Gunawan, T., Devi, S., Samukri, & Salim, G. (2023). The influence of debt-to-equity ratio, capital intensity ratio, and profitability on effective tax rate in the tourism sector. Journal of Governance & Regulation, 12(1), 53–67.
8. Chen, M. (2010). The economy, tourism growth and corporate performance in the Taiwanese hotel industry. Tourism Management, 31(5), 665-675.

9. Claver, E., Andreu, R., & Quer, D. (2006). Growth strategies in the Spanish hotel sector: determining factors. International journal of contemporary hospitality management, 18(3), 188-205.
10. Dritsakis, N. (2004). Tourism as a long-run economic growth factor: an empirical investigation for Greece using casuality analysis. Tourism Economics, 10(3), 305-316.
11. Evans, J. (1996). Straightforward statistics for the behavioral sciences. United States: Thomson Brooks/Cole Publishing Co.
12. Gomes, C., & Oliveira, F. (2022). The tourism intermediaries' profitability in Portugal and Spain–differences and similarities. Journal of Hospitality and Tourism Insights,, 5(5), 1101-1117.
13. Gómez, J., Hernández García, d., & Ferrer, T. (2000). Contribución del tamaño y el sector en la explicación de la rentabilidad empresarial. Revista española de financiación y contabilidad, 26(106), 903-930.
14. Karadeniz,, E., Kaplan, F., & Günay , F. (2016). Sermaye yapısı kararlarının kârlılığa etkisi: Borsa İstanbul turizm şirketlerinde bir araştırma. Seyahat ve Otel İşletmeciliği Dergisi, 13(3), 38-55.
15. Karanović, G., Štambuk, A., & Jagodić, D. (2020). Profitability performance undercapital structure and other company characteristics: An Empirical study of Croatian hotel industry. Zbornik Veleučilišta u Rijeci, 8(1), 227-242.
16. Konak, F., & Türkoğlu, D. (2022). Sermaye ve sahiplik yapısının firma performansına etkisi: Borsa İstanbul Turizm Endeksi Uygulaması. Alanya Akademik Bakış, 6(1), 1571-1586.
17. Lumbantobing, I., Sulivyo, L., Sukmayuda, D., & Riski, A. (2020). The effect of Debt to Asset Ratio and Debt to Equity Ratio on Return on Assets in Hotel, restaurant, and tourism sub sectors listed on Indonesia Stock Exchange for the 2014-2018 Period. International Journal of Multicultural and Multireligious Understanding, 7(9), 176-186.
18. Menicucci, E. (2018). The influence of firm characteristics on profitability: Evidence from Italian hospitality industry. International Journal of Contemporary Hospitality Management, 30(8), 2845-2868.
19. Moaveni, G. (2014). Determinants of profitability in tourism industry: Evidence from Turkey. (D. dissertation, Dü.) Gazimağusa, North Cyprus: Eastern Mediterranean University (EMU)-Doğu Akdeniz Üniversitesi (DAÜ).
20. Mohamad, N., & Saad, N. (2010). Working capital management: The effect of market valuation and profitability in Malaysia. 5(11),. International Journal of Business and Management, 5(11), 140-147.
21. Murugesu, T. (2013). Effect of debt on corporate profitability (listed hotel companies Sri Lanka). European Journal of Business and Management, 5(30), 13-18.
22. Nazir, M., & Afza, T. (2009). Impact of agressive working capital management policy on firms’ profitability. The IUP Journal of Applied Finance, 15, 19-30.
23. Padachi, K. (2006). Trends in working capital management and its impact on firms’ performance: an analysis of Mauritian small manufacturing firms. International Review of business research papers, 2(2), 45-58.
24. Sahli, M., & Nowak, J. (2007). Does inbound tourism benefit developing countries? A trade theoretic approach. Journal of Travel Research, 45(4), 426-434.
25. Santos, L., Gomes, C., Malheiros, C., & Campos, F. (2022). Measuring the hotels' performance using profitability ratios. Academy of Accounting and Financial Studies Journal, 26(S6), 1-12.
26. Shamaileh, M., & Khanfar, S. (2014). The effect of the financial leverage on the profitability in the tourism companies (analytical study-tourism sector-Jordan). Business and Economic Research, 4(2), 251-264.
27. Sheel, A. (1994). Determinants of capital structure choice and empirics on leverage behavior: A comparative analysis of hotel and manufacturing firms. Hospitality Research Journal, 17(3), 1-16.
28. Sundas, S., & Butt, M. (2021). Impact of liquidity on profitability and Performance: A Case of Textile Sector of Pakistan. International Journal of Commerce and Finance, 7(1), 122-129.
29. Tufail, S., Bilal, S., & Khan, J. (2013). Impact of working capital management on profitability of textile sector of Pakistan. İşletme Araştırmaları Dergisi, 5(2), 32-56.
30. Wang , Y. (2002). Liquidity management, operating performance, and corporate value: evidence from Japan and Taiwan. Journal of Multinational Financial Management, 12(2), 159-169.
31. Widyakto , A., Taruna, M., & Sundoro, F. (2022). Effect Of Firm Size, Debt Equity Ratio and Current Ratio to Return on Asset (Study on Hotel, Restaurant and Tourism Companies Listed on IDX). Jurnal Riset Ekonomi dan Bisnis, 15(2), 108-117.
32. Yoon, E., & Jang, S. (2005). The effect of financial leverage on profitability and risk of restaurant firms. The Journal of Hospitality Financial Management, 13(1), 35-47.