Systematic risks and capital structure: An aplication on the tourism sektor

The aim of this thesis is to determine the variability of the determinants of the capital structure of the tourism sector under uncertainty. In the study, the period of Covid-19 pandemic is used as the uncertainty period. Afterwards, the general structure of the tourism sector in Turkey and the world and its place in the economy are summarized. In the application part of the thesis, it is investigated how the capital structures of tourism enterprises registered on BIST in Turkey vary in the pre-pandemic period and during the pandemic period. In addition, the pandemic period is represented by a dummy variable to determine the direct impact of the pandemic. Short-term debt/total resources, total debt/total resources, long-term debt/total resources and equity/total resources were used as dependent variables. Net profit/total equity, current assets/short-term debt, net working capital, non-current assets/non-current assets, cost of goods sold/inventories, cost of goods sold/net sales, net sales/trade receivables, operating expenses/net sales and net profit/total assets were used as independent variables. The pandemic period was included in the model represented by a dummy variable. As a result of the research, it was found that net working capital was negatively correlated with the short-term debt/total resources variable in the pre-pandemic and pandemic periods. In addition, the pandemic led to a decrease in short-term debt and a decrease in long-term debt in tourism enterprises.