Author(s): Erdinç KARADENİZ* Levent KOŞAN** Fatih GÜNAY*** Selda DALAK
The main purpose of this study is to measure tourism sub-sectors’ financial performance using sectors financial ratios published by Central Bank of the Republic of Turkey (CBRT). Financial performances of the tourism sub-sectors were investigated in the context of liquidity, financial structure, turnover and profitability indicators. Within four indicators 32 financial ratios were used. Gray Relational Analysis (GRA) method was used to measure financial performance. The study covers between the years 2012-2014 of the six sub-sectors (Other passenger land transportation, Sea and other coastal passenger water transport, Accommodation, Food and beverage service activities, Travel agency, tour operator and other reservation service and related activities and Amusement and recreation activities). According to the findings, financial structure is the most important indicator and turnover is the most trivial indicator in the financial performance measurement of that six tourism sub-sectors. In the study also tourism sub-sectors were sorted by the performance according to the result of GRA method. The most successful sector is the travel agency, tour operator and other reservation service and related activities, (others; the second accommodation, the third food and beverage service activities, the forth other passenger land transportation, the fifth amusement and recreation activities) and the most unsuccessful sector is sea and other coastal passenger water transport. When we look at liquidity and financial structure indicators accommodation is the most successful and the sea and other coastal passenger water transfer sub-sector is the most unsuccessful. In terms of asset utilization indicator the most effective sector is travel agency, tour operator and other reservation and related activities, and the most unsuccessful sub-sector is accommodation. Finally in terms of profitability indicator the most successful sub-sector is travel agency, tour operator and other reservation and related activities, and other passenger land transport sub-sector was determined as the most unsuccessful
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