A Comparative Analysis of the Financial Performance of Firms Listed in the BIST Tourism Index Using the CRITIC and ARAS Methods

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Baysal Y. V., Karabulut T., Akkaynak B.

Yönetim ve Ekonomi Araştırmaları Dergisi, cilt.24, sa.3, ss.291-311, 2026 (TRDizin)

Özet

The tourism sector is one of the most strategic service industries supporting economic growth through its foreign currency earnings, employment creation capacity, and strong multiplier effects. International tourism revenues are considered within the scope of service exports and therefore play a crucial role in improving foreign trade balances and financing current account deficits. Particularly in developing economies such as Türkiye, tourism revenues contribute significantly to reducing external financing needs, increasing public revenues, and supporting regional development. However, the sector is highly sensitive to geopolitical risks, global crises, and demand shocks. The sharp contraction experienced during the COVID-19 pandemic clearly revealed the financial fragility of tourism enterprises and highlighted the importance of sectoral resilience. The aim of this study is to comparatively analyse the financial performance of companies listed in the BIST Tourism Index for the pre-COVID-19 period (2017–2019) and the COVID-19 period (2020–2022) using the CRITIC and ARAS multi-criteria decision-making methods. A total of 25 financial ratios grouped under five main categories are employed in the analysis. The findings indicate that the determinants of financial performance structurally shifted during the crisis period, with liquidity management and financial stability becoming more prominent. The results provide important implications regarding the financial resilience of the tourism sector and contribute to the literature by offering a comprehensive, periodbased performance evaluation.