The relationship between tourism revenues and financial ratios of enterprises in the Bist tourism: Panel Data Analysis

  • Tanju Güdük


In today’s world, many countries that want to realize economic development use tourism as a tool. The first definition of tourism that supported this was made in 1910 by the Austrian economist Hermann Von Schullar. He defined tourism as “the whole of the activities that relate to the economic direction of the movement that comes from the arrival of strangers from another country, city or region and their temporary stay” (Kozak vd, 2009: 1). In this study, the relationship between the tourism revenues obtained from TUIK and the financial ratios of the enterprises in the Bist Tourism (XTRZM) Index are examined by panel data analysis. For this purpose, the financial ratios of the tourism revenues and the enterprises in the Bist Tourism Index were used between 2007-2016. In also, hausman test was applied to the data for panel data analysis and the results indicate that there is a random effect. The acceptance of the null hypothesis implies that there is no correlation between random effects and explanatory variables and that constant effects on unit and time dimensions are not taken into consideration.


Bahar O. ve Bozkurt K. (2010). “Tourism and Economic Growth Relationship in Developing Countries: Dynamic Panel Data Analysis,” Anatolia: Turizm Araştırmaları Dergisi, 21(2), Güz, 255-265.
Chatziantoniou, I., Filis, G., Eeckles, B. & Apostolakis, A., “Prices, Tourism Income and Economic Growth: A Structural VAR Approach for European Mediterranean Countries”, Tourism Management 36, 331-341.
PRIZREN SOCIAL SCIENCE JOURNAL / Volume 2, Issue 2; May - August 2018 / ISSN: 2616-387X
Dritsakis, N. (2004). “Tourism as a Long-run Economic Growth Factor: an Empirical Investigation for Greece using Causality Analysis”, Tourism Economics, 10, 305-316.
Fayissa, B., Nsiah C. ve Tadasse B. (2007). “The Impact of Tourism on Economic Growth and Development in Africa”, Department of Economics and Finance Working Paper Series, August, 1-22.
Khalil Samina, Mehmood Khan Kakar, and Waliullah, (2007). “Role of Tourism in Economic Growth: Empirical Evidence from Pakistan Economy”, The Pakistan Development Review, Vol. 46(4), Part II, 985–995.
Kozak, N., Kozak, M. & Kozak, M. (2008), “Genel Turizm”, Detay Yayıncılık. Ankara.
Krelling, A. P., Williams, A. T. & Turra, A. (2017), “Differences in Perception and Reaction of Tourist Groups to Beach Marine Debris that Can Influence a Loss of Tourism Revenue in Coastal Areas”, Marine Policy 85, 87-99.
Lashkarizadeh, M., Keshmir, Z., Gashti, H. P., Shahrivar, R. B. (2012). “Evaluation of the Relationship between Tourism Industry and Economic Growth in Iran”, Asian Journal of Business and Management Sciences, 1(9), 88-97.
Lee, C.C ve Chang, C.P. (2008). “Tourism Development and Economic Growth: A Closer Look at Panels”, Tourism Management, 29, 180–192.
Mervar, A. ve Payne, J. (2007). “Analysis of Foreign Tourism Demand for Croatian Destinations: Long- Run Elasticity Estimates”, Tourism Economics, 13, 407-420.
Samimi, A. J., Sadeghi, S. ve Sadeghi, S. (2011). “Tourism and Economic Growth in Developing Countries: P-VAR Approach”, Middle-East Journal of Scientific Research, 10(1), 28-32.
Sequeira, T. N. ve Campos, C. (2005).“International Tourism and Economic Growth: A Panel Data Approach”, The Fondazione Eni Enrico Mattei, Natural Resources Management, November, 1- 25.
Srinivasan, P., Santhosh P.K. ve Ganesh, L. (2012).“Tourism and Economic Growth in Sri Lanka: An ARDL Bounds Testing Approach”, The Romanian Economic Journal, Year: 15, No:45, September, 211-226.
TÜROFED, Turizm Raporu, (2017).
UNWTO, Tourism Highlights, (2017).
Ünlüönen, K. & Şahin, S. Z., “Employment in Tourism Sector”, Electronic Journal of Social Sciences, Vol. 10, Iss. 37, 01-25.
Weber, A. G. (2001), “Exchange Rate Volatility and Cointegration in Tourism Demand”,Journal of Travel Research, Sage Publications,.Vol. 39, 398-405. Accessed: 02.01.2018.
Türkiye İstatistik Kurumu (TUİK), Accessed: 02.01.2018. Accessed: 02.01.2018.
How to Cite
GÜDÜK, Tanju. The relationship between tourism revenues and financial ratios of enterprises in the Bist tourism: Panel Data Analysis. PRIZREN SOCIAL SCIENCE JOURNAL, [S.l.], v. 2, n. 2, p. 35-42, july 2018. ISSN 2616-387X. Available at: <>. Date accessed: 20 sep. 2018. doi: