Determining the Financial Performances of ISE Tourism Companies in the Period of 2009-2020 by Data Envelope Analysis

Abstract

The tourism sector makes significant contributions to national and regional development. On the other hand, emerging political instabilities and any crisis have a significant impact on the development of the sector. In this study, it is aimed to determine the financial performance of companies within the scope of Istanbul Stock Exchange (ISE) Tourism index between 2009-2020. For this purpose, the Malmquist Total Factor Productivity index was created by using the financial ratios calculated from the financial statements of the companies. As a result of the study, it was determined that there was a significant decrease in the performances and productivity of tourism companies between 2016-2020. It has been revealed that the effects of the political crises that took place in Turkey were involved in the decrease in productivity in this period.

Azerbaijan and Turkey's Tourism Ties: The Role of Zangezur Corridor

“…This potential is further enhanced when coupled with the developing tourism flows through the Zengezur corridor. In a study by Erdem & Yel (2023), an efficiency ranking for the tourism industry was published and Turkey and Azerbaijan were identified as the leading countries in this sector. This ranking underlines that the tourism industry will expand in both countries going forward.…”