Impact of 2008 global financial crisis the Turkish tourism sector: An application on tourism companies traded in BİST

In this study, the tourism sector is discussed in terms of the concept of crisis, to examine the effects of the financial crisis on the tourism sector were studied. For this purpose primarily was tried to be reflected the financial characteristics of the tourism sector. The study had aimed to determine the overall financial structure of the tourism sector through utilizing financial ratios of the tourism companies listed on the İstanbul Stock Exchange (BİST) are calculated via factor analysis method by using balance sheets tables and components of the income statement tables related to 1999-2015 years. For the tourism companies listed in İstanbul Stock Exchange Index 18 financial ratios had calculated for a period of 16 years. The factor analysis summarized these ratios of liquidity, leverage, growth and profitability are grouped under four factors. The study had aimed to measure the effects of the 2000 November-2001 February and the 2008 global financial crisis on tourism companies traded in İstanbul Stock Exchange (BİST) by examining the change financial structures of the companies in crisis and post crisis. In terms of the effects of financial structure, The Turkish tourism sector was observed that not much affected by the November 2000- February 2001 which is in the nature of local crisis and by the 2008 global financial crisis. However, in November 2000- February 2001 can be said to be relatively more affected from the crisis. The study also tourism companies traded in İstanbul Stock Exchange Index in the period of 2000 November-2001 February and 2008 global finacial crisis the beta coefficients has been studied to determine how it has changed. November 2000-February 2001 crisis period-specific beta coefficients is higher than the data calculated by the period 1999-2015 is revealed. Keywords: Financial crisis, financial ratios, BİST, factor analysis, beta coefficient