Borsa İstanbul'da (BIST) işlem gören turizm işletmelerinde finansal başarısızlık

Business failure is a very broad and complex concept from inability to pay short-term debts to bankruptcy. Every company can face failure regardless of its size and age. A huge number of stakeholders can be affected by this. Considering of all these, companies try to predict and take precautions against business failure. Researches on this subject have shown that companies don't fail suddenly or unexpectedly. Warning signals of financial failure may occur much earlier than its ultimate bankruptcy. Therefore, those signals can be useful in predicting failure before it actually appears. Financial ratios of a company are one of those warning signals. Researchers across the world have been trying to develop failure prediction models using these ratios for decades. The aim of this thesis is to develop a failure prediction model for tourism enterprises in Turkey. For this reason, the annual financial statements of 17 tourism enterprises listed on Borsa İstanbul in the period of 2012-2017 were analyzed and 32 financial ratios were determined as independent variables. The companies were divided into two categories, and the dependent variable of criterion was failure. Firstly, multiple discriminant and logistic regression analyses were applied in order to develop the model. However, both methods failed in developing a model due to the small sample size. Then, the Mann-Whitney U test was applied to determine whether the median values of failed and non-failed companies differ. As a result of the Mann-Whitney U test analyses done for each year; It was determined that the most frequent (4 of 6 years) statistically significant differences were in terms of EBIT/current liabilities, quick ratio, EBIT/total debt, interest coverage ratio and economic rantability ratio. In terms of all these ratios the mean ranks of non-failed companies were higher than the failed companies.