Akademik Veri Yönetim Sistemi
24.Finans Sempozyumu, Sakarya, Türkiye, 20 - 23 Ekim 2021, ss.409-418
This study aims to search whether financial leverage has an impact on the financial performance of tourism firms publicly listed in the Turkey stock exchange market or not. The well-known firm performance measures which are return on assets, return on equity, and stock return are examined using a sample of nine tourism firms between the first quarter of 2012 and the fourth quarter of 2019. While financial leverage and size (control variable) are significant explanatory factors of firm performance, the political crisis between Russia and Turkey is not. The findings suggest that the impact of leverage on both ROA and ROE is consistent with the pecking order theory. On the other hand, trade-off theory is supported by the relationship between leverage and stock return.