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Abstract
The tourism sector makes significant contributions to national and regional development. On the other hand, emerging political instabilities and any crisis have a significant impact on the development of the sector. In this study, it is aimed to determine the financial performance of companies within the scope of Istanbul Stock Exchange (ISE) Tourism index between 2009-2020. For this purpose, the Malmquist Total Factor Productivity index was created by using the financial ratios calculated from the financial statements of the companies. As a result of the study, it was determined that there was a significant decrease in the performances and productivity of tourism companies between 2016-2020. It has been revealed that the effects of the political crises that took place in Turkey were involved in the decrease in productivity in this period.
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