Financial Performance Assessment In Tourism Sector With Gray Relational Analysis Method

The tourism sector, which has an important place in economic development, creates a wide employment area which will cover most sectors due to the positive impact on national income and the increase in foreign exchange inflows and employment opportunities. For this reason, measuring financial performance of firms in tourism sector is also important for administrators, investors and other firms in the sector. This study aims to appraise financial performances of firms in tourism sector with the help of financial ratios. In this study, the financial performances of the ten tourism firms traded on the Stock Exchange Istanbul in 2015 were evaluated using the Gray Relational Analysis (GIA) method. Findings reveal the leverage ratio (69.75%) as the most important ratio from the financial ratios used to measure financial performance of tourism firms, while G has the highest performance.