Çok Aşamalı ve Dinamik Etkinlik Analizi: Türkiye Turizm Şirketlerinin Finansal Değerlendirmesi (Multi-Stage and Dynamic Efficiency Analysis: Financial Evaluation of Turkish Tourism Companies)

Cemil ŞENEL

doi:10.63556/jotags.2026.1780

Authors

Cemil ŞENEL

DOI:

https://doi.org/10.63556/jotags.2026.1780

Keywords:

Tourism, Dynamic Data Envelopment Analysis (DEA), Financial performance, Efficiency, Borsa Istanbul (BIST)

Abstract

This study analyzes the financial efficiency of tourism companies listed on Borsa Istanbul (BIST) during the 2018–2024 period using the Dynamic Network Data Envelopment Analysis (DZVA) method. A two-stage model is employed to evaluate the transition from financial structure to profitability. In the first stage, inputs include current ratio, leverage ratio, and fixed assets-to-equity ratio, while outputs are return on assets (ROA) and net profit margin. These intermediate outputs are then used as inputs in the second stage, with return on equity (ROE) and operating profit margin serving as final outputs. The findings reveal significant variations in efficiency levels across firms and time periods. While some firms maintained consistent efficiency, others experienced performance declines in specific years. The study demonstrates that the DZVA method offers a robust analytical framework to assess the dynamic nature of the tourism sector over time, providing valuable insights for performance monitoring, resource allocation, and strategic decision-making.

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