Akademik Veri Yönetim Sistemi
SÜLEYMAN DEMİREL ÜNİVERSİTESİ SOSYAL BİLİMLER ENSTİTÜSÜ DERGİSİ, cilt.2, sa.43, ss.160-185, 2022 (Hakemli Dergi)
Financial failure is a very broad and complex concept from an inability
to pay short-term debts to bankruptcy. This study aims to determine whether
differences exist between the financial ratios of failed and non-failed tourism
enterprises listed on Borsa Istanbul (BIST) in terms of financial failure
prediction. For this reason, the annual financial statements of 12 tourism
enterprises under the „Restaurants and Hotels‟ sector of Borsa Istanbul (BIST) in
the period 2012-2021 are analyzed and 32 financial ratios are determined as
independent variables. The companies are divided into two categories, and the
dependent variable of the criterion is failure. As a result of the Mann-Whitney U
test analyses done for each year; It is determined that the most frequent
statistically significant differences are in terms of financial ratios related to
financial structure (solvency), profitability, and liquidity. EBIT/current
liabilities, EBIT/total liabilities, interest coverage ratio, and ROE are the most
powerful predictors of financial failure. It is also found that liquidity and
indebtedness are the most distinctive predictors of the financial failure of tourism
firms in the following year of both the political crisis between Turkey and Russia
happened in 2015 and the COVID-19 pandemic