Araştırma Makalesi
BibTex RIS Kaynak Göster
Yıl 2020, Cilt: 5 Sayı: 1, 29 - 37, 30.07.2020
https://doi.org/10.31822/jomat.742022

Öz

Kaynakça

  • Aydeniz, A. S. (2009). Makroekonomik göstergelerin firmaların finansal performans ölçütleri üzerindeki etkisinin ölçülmesine yönelik bir araştırma: İMKB’ye kote gıda ve içecek şirketleri üzerine bir uygulama, Marmara Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 27(2), 263-277.
  • Barua, S. & Saha, A. K. (2015). Traditional ratios vs. cash flow based ratios: which one is better performance indicator?, Advances in Economics and Businesses, 3(6), 232-251.
  • Başar, A. B. & Azgın, N. (2016). İşletme performansının ölçülmesinde nakit akış analizlerinin esasları ve Borsa İstanbul perakende sektöründe bir araştırma, Adıyaman Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8(23), 779-804. https://doi.org/10.14520/adyusbd.53637
  • Bierman, H. (2010). An Introduction to Accounting and Managerial Finance, A Merger of Equals, Singapore: World Scientific Publishing Co. https://doi.org/10.1142/7318
  • Carslaw, C. A. & Mills, J. A. (1991). Developing ratios for effective cash flow statement analysis, Journal of Accountancy, 172(5), 63-70.
  • Coşkun, A. (2007). Stratejik Performans Yönetimi ve Performans Karnesi, İstanbul: Literatür Yayıncılık.
  • Çavuş, G. & Başar, A.B. (2020). Finansal başarısızlık durumunun öngörülmesinde nakit akış bilgilerinin rolü, Muhasebe Bilim Dünyası Dergisi, 22(Özel Sayı), 292-318. https://doi.org/10.31460/mbdd.647542
  • Das, S. (2018). Analysis of cash flow ratios: a study on CMC, Accounting, (4), 41-52. https://doi.org/10.5267/j.ac.2017.3.001
  • Deo, P. (2016). Evaluating a cash flow statement, International Journal of Business, Accounting, and Finance, 10(1), 22-42.
  • Dereköy, F. (2020). Borç ödeme gücünün ölçülmesinde geleneksel oranlar ile nakit akış oranlarının karşılaştırılması: İmalat sektörü örneği, Uluslararası Ekonomi, İşletme ve Politika Dergisi, 4(1). 151-168. https://doi.org/10.29216/ueip.670565
  • Ecer, F. (2013). Artificial neural networks in predicting financial performance: an application for Turkey's Top 500 companies, Economic Computation and Economic Cybernetics Studies and Research, 47(2), 103-114.
  • Ecer, F. (2019). Özel sermayeli bankaların kurumsal sürdürülebilirlik performanslarının değerlendirilmesine yönelik çok kriterli bir yaklaşım: Entropi-ARAS bütünleşik modeli, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 14(2), 365-390. https://doi.org/10.17153/oguiibf.470336
  • Ecer, F. (2020). Çok Kriterli Karar Verme Geçmişten Günümüze Kapsamlı Bir Yaklaşım. Ankara: Seçkin Yayınevi.
  • Ecer, F. & Günay, F. (2014). Borsa İstanbul’da işlem gören turizm şirketlerinin finansal performanslarının gri ilişkisel analiz yöntemiyle ölçülmesi. Anatolia: Turizm Araştırmaları Dergisi, 25(1), 35-48. https://doi.org/10.17123/atad.vol25iss195016
  • Erdoğan, M. (2018). Turizm işletmelerinin finansal performanslarını etkileyen firmaya özgü, sektörel ve makroekonomik belirleyiciler, Mustafa Kemal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 15(41), 101-127.
  • FASB (1987). Financial Accounting Standards 95: Statement of Cash Flows, https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1218220128261&acceptedDisclaimer=true, (22.02.2020).
  • Fawzi, N. S., Kamaluddin, A. & Sanusi, Z. M. (2015). Monitoring distressed companies through cash flow analysis, 7th International Conference on Financial Criminology 2015, United Kingdom, Procedia Economics and Finance (28), 136-144. https://doi.org/10.1016/S2212-5671(15)01092-8
  • Furmolly, A.W. & Kırkulak-Uludağ, B. (2018). Turizmin Türkiye Ekonomisi Üzerindeki Etkisi (1963-2015), Journal of Multidisciplinary Academic Tourism, 3(1), 19-22. https://doi.org/10.31822/jomat.364321
  • Giacomino, D.E., Mielke, D.E. (1993). Cash flows: another approach to ratio analysis, Journal of Accountancy, 175(3), 55-58.
  • Gigovic, L., Pamucar, D., Bajic, Z., & Milicevic, M. (2016). The combination of expert judgment and GIS-MAIRCA analysis for the selection of sites for ammunition depots. Sustainability, 8(4), 372. https://doi.org/10.3390/su8040372
  • Güleç, Ö.F. & Bektaş, T. (2019). Cash flow ratio analysis: the case of Turkey, Muhasebe ve Finansman Dergisi (Ağustos 2019 Özel Sayı), 247-262. https://doi.org/10.25095/mufad.606022
  • Hashemkhani Zolfani, S., Ecer, F., Pamučar, D., & Raslanas, S. (2020). Neighborhood selection for a newcomer via a novel BWM-based revised MAIRCA integrated model: a case from the Coquimbo-La Serena conurbation, Chile. International Journal of Strategic Property Management, 24(2), 102-118.
  • Ibarra, V.C. (2009). Cash flow ratios: tools for financial analysis, Journal of International Business Research, 8(1), 91-107.
  • Kaplan, F. & Aktas, A. R. (2015). A causality analysis of tourism revenues and economic growth on selected Mediterranean countries, Actual Problems of Economics, 3(165), 33-42.
  • Kim, D.J. (2006). A comparative study of financial ratios between hotels and restaurants, International Journal of Tourism Sciences, 6(1), 95-106.
  • Largay, J.A. & Stickney, C. P. (1980). Cash flows, ratio analysis and the W.T. Grant company bankruptcy, Financial Analysts Journal, 36(4). 51-54.
  • Mills, J.R. & Yamamura, J.H. (1998). The power of cash flow ratios, Journal of Accountancy, 186(4), 53-61.
  • Ross, S.A., Westerfield, R.W., & Jaffe, J. (2008). Corporate Finance, (8th Edt.), McGraw-Hill/Irwin, USA.
  • Ryu, K. & Jang, S. (2004). Performance measurement through cash flow ratios and traditional ratios: A comparison of commercial and casino hotel companies, The Journal of Hospitality Financial Management, 12(1), 15-25. https://doi.org/10.1080/10913211.2004.10653783
  • Ulutagay, G., Ecer, F. & Nasibov, E. (2015). Performance evaluation of industrial enterprises via fuzzy inference system approach: a case study. Soft Computing, 19(2), 449-458. https://doi.org/10.1007/s00500-014-1263-3

Cash Flow Based Financial Performance of Borsa İstanbul Tourism Companies by Entropy-MAIRCA Integrated Model

Yıl 2020, Cilt: 5 Sayı: 1, 29 - 37, 30.07.2020
https://doi.org/10.31822/jomat.742022

Öz

The cash flow of a company is a key element for the firm value. The firm value of a company is depending largely on the ability to generate cash flows. In other words, a company’s firm value is calculated by using cash flows. Financial performance analysis helps companies in effective decision-making, planning, and auditing functions. Traditional ratio analysis uses the statement of financial position (balance sheet) and the profit and loss statement (income statement) to measure financial performance. However, the income statement of a company just shows the accounting profits. Depending on this, traditional ratios can sometimes be over or underestimated on measuring financial performances. To provide a better picture of a company’s financial strength and measure sensitive financial performance cash flow ratios were suggested instead of traditional ratios. Within this context, the aim of this study is to measure and compare the financial performance of Borsa İstanbul tourism companies with the use of cash flow based ratios. Ten tourism companies listed on BIST were evaluated by the Entropy-MAIRCA hybrid model. To achieve this, cash flow based eleven ratios were calculated within the indicators of liquidity, efficiency, profitability, and solvency (leverage). To calculate ratios a-year balance sheet, additionally, income statement and cash flow statement table gathered from Public Disclosure Platform. Findings of the Entropy method showed that the most important criteria were cash ratio, cash to sales, and cash to long term debts. According to the ranking results obtained by the MAIRCA method, the best tourism company is E. It was followed by G and D.

Kaynakça

  • Aydeniz, A. S. (2009). Makroekonomik göstergelerin firmaların finansal performans ölçütleri üzerindeki etkisinin ölçülmesine yönelik bir araştırma: İMKB’ye kote gıda ve içecek şirketleri üzerine bir uygulama, Marmara Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 27(2), 263-277.
  • Barua, S. & Saha, A. K. (2015). Traditional ratios vs. cash flow based ratios: which one is better performance indicator?, Advances in Economics and Businesses, 3(6), 232-251.
  • Başar, A. B. & Azgın, N. (2016). İşletme performansının ölçülmesinde nakit akış analizlerinin esasları ve Borsa İstanbul perakende sektöründe bir araştırma, Adıyaman Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8(23), 779-804. https://doi.org/10.14520/adyusbd.53637
  • Bierman, H. (2010). An Introduction to Accounting and Managerial Finance, A Merger of Equals, Singapore: World Scientific Publishing Co. https://doi.org/10.1142/7318
  • Carslaw, C. A. & Mills, J. A. (1991). Developing ratios for effective cash flow statement analysis, Journal of Accountancy, 172(5), 63-70.
  • Coşkun, A. (2007). Stratejik Performans Yönetimi ve Performans Karnesi, İstanbul: Literatür Yayıncılık.
  • Çavuş, G. & Başar, A.B. (2020). Finansal başarısızlık durumunun öngörülmesinde nakit akış bilgilerinin rolü, Muhasebe Bilim Dünyası Dergisi, 22(Özel Sayı), 292-318. https://doi.org/10.31460/mbdd.647542
  • Das, S. (2018). Analysis of cash flow ratios: a study on CMC, Accounting, (4), 41-52. https://doi.org/10.5267/j.ac.2017.3.001
  • Deo, P. (2016). Evaluating a cash flow statement, International Journal of Business, Accounting, and Finance, 10(1), 22-42.
  • Dereköy, F. (2020). Borç ödeme gücünün ölçülmesinde geleneksel oranlar ile nakit akış oranlarının karşılaştırılması: İmalat sektörü örneği, Uluslararası Ekonomi, İşletme ve Politika Dergisi, 4(1). 151-168. https://doi.org/10.29216/ueip.670565
  • Ecer, F. (2013). Artificial neural networks in predicting financial performance: an application for Turkey's Top 500 companies, Economic Computation and Economic Cybernetics Studies and Research, 47(2), 103-114.
  • Ecer, F. (2019). Özel sermayeli bankaların kurumsal sürdürülebilirlik performanslarının değerlendirilmesine yönelik çok kriterli bir yaklaşım: Entropi-ARAS bütünleşik modeli, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 14(2), 365-390. https://doi.org/10.17153/oguiibf.470336
  • Ecer, F. (2020). Çok Kriterli Karar Verme Geçmişten Günümüze Kapsamlı Bir Yaklaşım. Ankara: Seçkin Yayınevi.
  • Ecer, F. & Günay, F. (2014). Borsa İstanbul’da işlem gören turizm şirketlerinin finansal performanslarının gri ilişkisel analiz yöntemiyle ölçülmesi. Anatolia: Turizm Araştırmaları Dergisi, 25(1), 35-48. https://doi.org/10.17123/atad.vol25iss195016
  • Erdoğan, M. (2018). Turizm işletmelerinin finansal performanslarını etkileyen firmaya özgü, sektörel ve makroekonomik belirleyiciler, Mustafa Kemal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 15(41), 101-127.
  • FASB (1987). Financial Accounting Standards 95: Statement of Cash Flows, https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1218220128261&acceptedDisclaimer=true, (22.02.2020).
  • Fawzi, N. S., Kamaluddin, A. & Sanusi, Z. M. (2015). Monitoring distressed companies through cash flow analysis, 7th International Conference on Financial Criminology 2015, United Kingdom, Procedia Economics and Finance (28), 136-144. https://doi.org/10.1016/S2212-5671(15)01092-8
  • Furmolly, A.W. & Kırkulak-Uludağ, B. (2018). Turizmin Türkiye Ekonomisi Üzerindeki Etkisi (1963-2015), Journal of Multidisciplinary Academic Tourism, 3(1), 19-22. https://doi.org/10.31822/jomat.364321
  • Giacomino, D.E., Mielke, D.E. (1993). Cash flows: another approach to ratio analysis, Journal of Accountancy, 175(3), 55-58.
  • Gigovic, L., Pamucar, D., Bajic, Z., & Milicevic, M. (2016). The combination of expert judgment and GIS-MAIRCA analysis for the selection of sites for ammunition depots. Sustainability, 8(4), 372. https://doi.org/10.3390/su8040372
  • Güleç, Ö.F. & Bektaş, T. (2019). Cash flow ratio analysis: the case of Turkey, Muhasebe ve Finansman Dergisi (Ağustos 2019 Özel Sayı), 247-262. https://doi.org/10.25095/mufad.606022
  • Hashemkhani Zolfani, S., Ecer, F., Pamučar, D., & Raslanas, S. (2020). Neighborhood selection for a newcomer via a novel BWM-based revised MAIRCA integrated model: a case from the Coquimbo-La Serena conurbation, Chile. International Journal of Strategic Property Management, 24(2), 102-118.
  • Ibarra, V.C. (2009). Cash flow ratios: tools for financial analysis, Journal of International Business Research, 8(1), 91-107.
  • Kaplan, F. & Aktas, A. R. (2015). A causality analysis of tourism revenues and economic growth on selected Mediterranean countries, Actual Problems of Economics, 3(165), 33-42.
  • Kim, D.J. (2006). A comparative study of financial ratios between hotels and restaurants, International Journal of Tourism Sciences, 6(1), 95-106.
  • Largay, J.A. & Stickney, C. P. (1980). Cash flows, ratio analysis and the W.T. Grant company bankruptcy, Financial Analysts Journal, 36(4). 51-54.
  • Mills, J.R. & Yamamura, J.H. (1998). The power of cash flow ratios, Journal of Accountancy, 186(4), 53-61.
  • Ross, S.A., Westerfield, R.W., & Jaffe, J. (2008). Corporate Finance, (8th Edt.), McGraw-Hill/Irwin, USA.
  • Ryu, K. & Jang, S. (2004). Performance measurement through cash flow ratios and traditional ratios: A comparison of commercial and casino hotel companies, The Journal of Hospitality Financial Management, 12(1), 15-25. https://doi.org/10.1080/10913211.2004.10653783
  • Ulutagay, G., Ecer, F. & Nasibov, E. (2015). Performance evaluation of industrial enterprises via fuzzy inference system approach: a case study. Soft Computing, 19(2), 449-458. https://doi.org/10.1007/s00500-014-1263-3
Toplam 30 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Turizm (Diğer)
Bölüm Research Papers
Yazarlar

Fatih Günay 0000-0003-0892-514X

Fatih Ecer 0000-0002-6174-3241

Yayımlanma Tarihi 30 Temmuz 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 5 Sayı: 1

Kaynak Göster

APA Günay, F., & Ecer, F. (2020). Cash Flow Based Financial Performance of Borsa İstanbul Tourism Companies by Entropy-MAIRCA Integrated Model. Journal of Multidisciplinary Academic Tourism, 5(1), 29-37. https://doi.org/10.31822/jomat.742022

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