Abstract
Bu calismada turizm sirketlerinde cesitli finansal rasyolar ile karlilik arasindaki bir iliski olup olmadigi dinamik panel yontemi ile tespit edilmesi amaclanmistir. Calismada 15 farkli ulkeden toplamda 131 turizm sirketinin 2007 ile 2016 tarihleri arasinda donem sonu finansal tablolarindan elde edilen dort farkli oran kullanilmistir. Bu baglamda kaldirac orani, Aktif devir hizi ve net isletme sermayesi (NIS) devir hizi oranlari bagimsiz degisken olarak, ozkaynak karliligi ise bagimli degisken olarak analize dâhil edilmistir. Fark GMM Dinamik panel tahmin yontemi kullanilarak gerceklestirilen analiz sonucunda kaldirac oraninin ozkaynak karliligi uzerinde anlamli ve negatif etkisi oldugu, NIS devir hizinin ise ozkaynak karliligi uzerinde anlamli ve pozitif etkisinin oldugu tespit edilmistir. Aktif devir hizinin ise oz kaynak karliligi uzerinde anlamli bir etkisinin olmadigi tespit edilmistir. Anahtar Kelimeler: Finansal Rasyo, Karlilik, Turizm Sirketleri, Dinamik Panel JEL Kodu: C33, D24, L83 -------------------------------------------------------------------------------------------------------------------------------------- The Effect of Various Financial Ratios on Profitability: An Application on Tourism Companies in OECD Countries ABSTRACT: In this study, it is aimed to determine whether there is a relationship between various financial ratios and profitability in tourism companies with dynamic panel method. In this study, four different ratios from the end-of-year financial statements of 131 tourism companies from 15 different countries were used between 2007 and 2016. In this context, leverage ratio, net working capital turnover rate and active turnover rate were included as independent variables and return on equity as the dependent variable. As a result of the analysis carried out by using differ GMM Dynamic Panel Estimation method, it was found that leverage ratio had a significant and negative effect on return on equity and net working capital turnover rate had a significant and positive effect on return on equity. It was determined that the active turnover rate had no significant effect on the return on equity. Keywords: Financial Ratio, Profitability, Tourism Companies, Dynamic Panel JEL Code: C33, D24, L83 DOI: https://doi.org/10.32479/iicd.150
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