An evaluation of the reaction of borsa İstanbul tourism sector index to macroeconomic indicators: A comparative analysis on Türkiye and Jordan

In this research, it is aimed to examine the reactions of the tourism sectors of Türkiye and Jordan, specifically their stock markets, to the macroeconomic indicators announced to the public regarding these countries and to determine whether these markets are effective in semi-strong form. Jordan and Türkiye, whose tourism sector is similarly important for their economies and where it is rational and possible to make comparisons between them, have been included in the research conducted based on the efficient market hypothesis and event study methodology. In the study focusing on the period between 2014-2023, economic growth, gross domestic product, balance of payments and foreign trade data have been discussed as the macroeconomic indicators having the most significant and intense mutual relationship with the tourism sector. In the research, the tourism sector indices of Türkiye and Jordan, which include public companies operating in the tourism sector of these countries, have been found to be effective in the semi-strong form at all significance levels of 1%, 5% and 10% in the context of their reactions to quarterly economic growth and gross domestic product numbers and monthly balance of payments and foreign trade data in the period of 2014-2023. In this case, the semi-strong form effectiveness of Jordanian and Turkish markets in the tourism sector may lead existing and new investors to increase their investments in these countries' stock markets and tourism sectors, and may enable Jordan and Türkiye to reach better positions in world tourism.