Research Article
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Year 2022, Volume: 4 Issue: 2, 3 - 3, 31.12.2022

Mehmet Oğuzhan İlban , Mehmet Tahsin Liceli

https://doi.org/10.48119/toleho.1173937

Abstract

References

  • Al-Najjar, B. (2014). Corporate governance, tourism growth and firm performance: Evidence from publicly listed tourism firms in five Middle Eastern countries. Tourism Management, 42, 342-351.
  • Balaguer, J., and Cantavella-Jorda, M. (2002). Tourism as a long-run economic growth factor: the Spanish case. Applied economics, 34(7), 877-884.
  • Chen, C. F. ve Chiou-Wei, S. Z. (2009). Tourism Expansion, Tourism Uncertainty and Economic Growth: New Evidence from Taiwan and Korea. Tourism Management, 30 (6), 812-818.
  • Chen, M. H. (2007). Hotel stock performance and monetary conditions. International Journal of Hospitality Management, 26(3), 588-602.
  • Chen, M. H. (2010). The economy, tourism growth and corporate performance in the Taiwanese hotel industry. Tourism Management, 31(5), 665-675.
  • Çoban, B., Firuzan, E. ve Oğuzhan, A. (2018). Farklı Varyanslık ve Yapısal Kırılmalar Altında Ekonomik Büyüme İle Turizm İlişkisinin İncelenmesi. Trakya Üniversitesi Sosyal Bilimler Dergisi, 20 (1), 319-337.
  • Dogru, T., Isik, C., & Sirakaya-Turk, E. (2019). The balance of trade and exchange rates: Theory and contemporary evidence from tourism. Tourism Management, 74, 12-23.
  • Dritsakis, N. (2004). Tourism as a long-run economic growth factor: an empirical investigation for Greece using causality analysis. Tourism Economics, 10(3), 305-316.
  • Erdil, O. ve Kalkan, A. (2005). “Kobilere Sağlanan Desteklerin Kobilerin Performanslarına Etkisi”, İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi. 4(7), 103-122.
  • Fayissa, B., Nsiah, C. ve Tadesse, B. (2011). Research Note: Tourism and Economic Growth in Latin American Countries–Further Empirical Evidence. Tourism Economics, 17 (6), 1365-1373.
  • Furmolly, A. W. ve Uludağ, B. K. (2018). Turizmin Türkiye Ekonomisi Üzerindeki Etkisi (1963-2015). Disiplinlerarası Akademik Turizm Dergisi, 3 (1), 11-22.
  • Gıda ve İçecek Sektörü Raporu (2021). T.C. Sanayi ve Teknoloji Bakanlığı.
  • Gunduz, L., and Hatemi-J, A. (2005). Is the tourism-led growth hypothesis valid for Turkey?. Applied Economics Letters, 12(8), 499-504.
  • Işık, C., Sirakaya-Turk, E., & Ongan, S. (2020). Testing the efficacy of the economic policy uncertainty index on tourism demand in USMCA: Theory and evidence. Tourism Economics, 26(8), 1344-1357.
  • Işık, C., Küçükaltan, E. G., Çelebi, S. K., Çalkın, Ö., Enser, İ., & Çelik, A. (2019). Tourism and entrepreneurship: A literature review. Journal of Ekonomi, 1(1), 1-27.
  • Işık, C., Dogru, T., & Turk, E. S. (2018). A nexus of linear and non‐linear relationships between tourism demand, renewable energy consumption, and economic growth: Theory and evidence. International Journal of Tourism Research, 20(1), 38-49.
  • Işık, C., & Radulescu, M. (2017). Investigation of the relationship between renewable energy, tourism receipts and economic growth in Europe. Statistika-Statistics and Economy Journal, 97(2), 85-94.
  • Işık, C., (2015). Foreign direct investment in tourism: Panel data analysis of D7 countries. Athens Journal of Tourism, 2(2), 93-103.
  • Kanca, O. C. (2015). Turizm Gelirleri ve Ekonomik Büyüme: Türkiye Örneği. Marmara Sosyal Araştırmalar Dergisi, 8, 1-14.
  • Kandır, S. Y., Karadeniz, E., Özmen, M., ve Önal, Y. B. (2008). Türk turizm sektöründe büyüme göstergelerinin turizm işletmelerinin finansal performansına etkisinin incelenmesi. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 10(1), 211-237.
  • Karadeniz, E., Dalak, S., Beyazgül, M. ve Günay, F. (2016),”Konaklama ve Yiyecek Hizmetleri Alt Sektöründeki Küçük, Orta ve Büyük Ölçekli İşletmelerin Finansal Performansının Karşılaştırmalı Tablolar Analiz Tekniği İle İncelenmesi”, Muhasebe Bilim Dünyası Dergisi, 18(3), ss. 631-657.
  • Karagöz, D., Işık, C., Dogru, T., & Zhang, L. (2021). Solo female travel risks, anxiety and travel intentions: Examining the moderating role of online psychological-social support. Current Issues in Tourism, 24(11), 1595-1612.
  • Kim, H. J., and Chen, M. H. (2006). Tourism expansion and economic development: The case of Taiwan. Tourism Management, 27(5), 925-933.
  • Koščak, M., Knežević, M., Binder, D., Pelaez-Verdet, A., Işik, C., Mićić, V., ... & Šegota, T. (2021). Exploring the neglected voices of children in sustainable tourism development: A comparative study in six European tourist destinations. Journal of Sustainable Tourism, 1-20.
  • Lee, C. C., and Chang, C. P. (2008). Tourism development and economic growth: A closer look at panels. Tourism Management, 29(1), 180-192.
  • Lee, C. C., ve Chien, M. S. (2008). Structural Breaks, Tourism Development and Economic Growth: Evidence from Taiwan. Mathematics and Computers in Simulation, 77( 4), 358-368.
  • León-Gómez, A., Ruiz-Palomo, D., Fernández-Gámez, M. A., & García-Revilla, M. R. (2021). Sustainable tourism development and economic growth: Bibliometric review and analysis. Sustainability, 13(4), 1-19. Loganathan, N., Yahaya, I., and Madzli, H.. (2007). Tourism development policy, strategic alliances, and impact of consumer price index on tourist arrivals: The case of Malaysia. Tourismos: An International Multidisciplinary Journal of Tourism, 3(1), 83-88.
  • Mucharreira, P. R., Antunes, M. G., Abranja, N., Justino, M. R. T., and Quirós, J. T. (2019). The relevance of tourism in financial sustainability of hotels. European Research on Management and Business Economics, 25(3), 165-174.
  • Öğün, Ş. D. (2021). Covid 19 Salgınının Yiyecek-İçecek İşletmeleri Üzerine Etkisi: Ankara’da Bulunan Yiyecek-İçecek İşletmeleri Üzerine Nitel Bir Araştırma, (Yayımlanmamış Yüksek Lisans Tezi), Başkent Üniversitesi, Sosyal Bilimler Enstitüsü, Ankara.
  • Önem, H. B. (2021). Turizm Endeks Getirileri Arasındaki Oynaklık Geçişkenliği: BIST Turizm Endeksi ve Bazı Avrupa Ülkeleri Turizm Endeksleri Uygulaması. Türk Turizm Araştırmaları Dergisi, 5(3), 2036-2048.
  • Palang, D., and Tippayawong, K. Y. (2018). Performance evaluation of tourism supply chain management: the case of Thailand. Business Process Management Journal.
  • Pervan, M., & Mlikota, M. (2013). What determines the profitability of companies: case of Croatian food and beverage industry. Economic research-Ekonomska istraživanja, 26(1), 277-286.
  • Seetanah, B. (2011). Assessing the Dynamic Economic Impact of Tourism for Island Economies. Annals of tourism research, 38 (1), 291-308.
  • Seghir, G. M., Mostéfa, B., Abbes, S. M. ve Zakarya, G. Y. (2015). Tourism Spending-Economic Growth Causality in 49 Countries: a Dynamic Panel Data Approach. Procedia Economics and Finance, 23, 1613-1623.
  • Tran, H. Q. (2015). Key success factors in full-service restaurants in Finland: A qualitative study on operation management and strategy. Bachelor’s thesis, School of Business and Service Management Degree Programme in International Business, Finland.
  • Turegun, N. (2019). Performance analysis of the restaurant and hotel industry: Evidence from Borsa Istanbul. Journal of Economics Finance and Accounting, 6(3), 115-123.
  • Türkiye İstatistik Kurumu (2022). Turizm istatistikleri. (Erişim Tarihi: 17 Temmuz 2022).
  • Uyar, A., Kilic, M., Koseoglu, M. A., Kuzey, C., and Karaman, A. S. (2020). The link among board characteristics, corporate social responsibility performance, and financial performance: Evidence from the hospitality and tourism industry. Tourism Management Perspectives, 35, 1-13.

The causal relationship of tourism development, economic growth, and firm performance: An analysis of the food and beverage industry

Year 2022, Volume: 4 Issue: 2, 3 - 3, 31.12.2022

Mehmet Oğuzhan İlban , Mehmet Tahsin Liceli

https://doi.org/10.48119/toleho.1173937

Abstract

The main purpose of the study is to determine the relationship between tourism growth, economic growth, and firm performance. Within the scope of the study, the quarterly dataset over the period 2009-2020 was used. The study was conducted for the FBI, which is the second largest sub-sector of the tourism industry. Within the scope of the study, return on assets (ROA) and return on equity (ROE) are used as firm performance indicators, gross domestic product (GDP) as the economic growth indicator, whereas the number of tourist arrivals (NTA) and tourism expenditure (TEX) variables as tourism growth indicators. In line with the purpose of the study, the Toda-Yamamoto Causality Test was performed in the analysis part. According to the analysis results, it was determined that a significant relationship existed between tourism growth and firm performance, as well as between economic growth and firm performance. Consequently, it was possible to claim that tourism growth and economic growth had a significant impact on firm performance.

Keywords

Causality Analysis Economic Growth Food and Beverage Sector Tourism Growth

References

  • Al-Najjar, B. (2014). Corporate governance, tourism growth and firm performance: Evidence from publicly listed tourism firms in five Middle Eastern countries. Tourism Management, 42, 342-351.
  • Balaguer, J., and Cantavella-Jorda, M. (2002). Tourism as a long-run economic growth factor: the Spanish case. Applied economics, 34(7), 877-884.
  • Chen, C. F. ve Chiou-Wei, S. Z. (2009). Tourism Expansion, Tourism Uncertainty and Economic Growth: New Evidence from Taiwan and Korea. Tourism Management, 30 (6), 812-818.
  • Chen, M. H. (2007). Hotel stock performance and monetary conditions. International Journal of Hospitality Management, 26(3), 588-602.
  • Chen, M. H. (2010). The economy, tourism growth and corporate performance in the Taiwanese hotel industry. Tourism Management, 31(5), 665-675.
  • Çoban, B., Firuzan, E. ve Oğuzhan, A. (2018). Farklı Varyanslık ve Yapısal Kırılmalar Altında Ekonomik Büyüme İle Turizm İlişkisinin İncelenmesi. Trakya Üniversitesi Sosyal Bilimler Dergisi, 20 (1), 319-337.
  • Dogru, T., Isik, C., & Sirakaya-Turk, E. (2019). The balance of trade and exchange rates: Theory and contemporary evidence from tourism. Tourism Management, 74, 12-23.
  • Dritsakis, N. (2004). Tourism as a long-run economic growth factor: an empirical investigation for Greece using causality analysis. Tourism Economics, 10(3), 305-316.
  • Erdil, O. ve Kalkan, A. (2005). “Kobilere Sağlanan Desteklerin Kobilerin Performanslarına Etkisi”, İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi. 4(7), 103-122.
  • Fayissa, B., Nsiah, C. ve Tadesse, B. (2011). Research Note: Tourism and Economic Growth in Latin American Countries–Further Empirical Evidence. Tourism Economics, 17 (6), 1365-1373.
  • Furmolly, A. W. ve Uludağ, B. K. (2018). Turizmin Türkiye Ekonomisi Üzerindeki Etkisi (1963-2015). Disiplinlerarası Akademik Turizm Dergisi, 3 (1), 11-22.
  • Gıda ve İçecek Sektörü Raporu (2021). T.C. Sanayi ve Teknoloji Bakanlığı.
  • Gunduz, L., and Hatemi-J, A. (2005). Is the tourism-led growth hypothesis valid for Turkey?. Applied Economics Letters, 12(8), 499-504.
  • Işık, C., Sirakaya-Turk, E., & Ongan, S. (2020). Testing the efficacy of the economic policy uncertainty index on tourism demand in USMCA: Theory and evidence. Tourism Economics, 26(8), 1344-1357.
  • Işık, C., Küçükaltan, E. G., Çelebi, S. K., Çalkın, Ö., Enser, İ., & Çelik, A. (2019). Tourism and entrepreneurship: A literature review. Journal of Ekonomi, 1(1), 1-27.
  • Işık, C., Dogru, T., & Turk, E. S. (2018). A nexus of linear and non‐linear relationships between tourism demand, renewable energy consumption, and economic growth: Theory and evidence. International Journal of Tourism Research, 20(1), 38-49.
  • Işık, C., & Radulescu, M. (2017). Investigation of the relationship between renewable energy, tourism receipts and economic growth in Europe. Statistika-Statistics and Economy Journal, 97(2), 85-94.
  • Işık, C., (2015). Foreign direct investment in tourism: Panel data analysis of D7 countries. Athens Journal of Tourism, 2(2), 93-103.
  • Kanca, O. C. (2015). Turizm Gelirleri ve Ekonomik Büyüme: Türkiye Örneği. Marmara Sosyal Araştırmalar Dergisi, 8, 1-14.
  • Kandır, S. Y., Karadeniz, E., Özmen, M., ve Önal, Y. B. (2008). Türk turizm sektöründe büyüme göstergelerinin turizm işletmelerinin finansal performansına etkisinin incelenmesi. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 10(1), 211-237.
  • Karadeniz, E., Dalak, S., Beyazgül, M. ve Günay, F. (2016),”Konaklama ve Yiyecek Hizmetleri Alt Sektöründeki Küçük, Orta ve Büyük Ölçekli İşletmelerin Finansal Performansının Karşılaştırmalı Tablolar Analiz Tekniği İle İncelenmesi”, Muhasebe Bilim Dünyası Dergisi, 18(3), ss. 631-657.
  • Karagöz, D., Işık, C., Dogru, T., & Zhang, L. (2021). Solo female travel risks, anxiety and travel intentions: Examining the moderating role of online psychological-social support. Current Issues in Tourism, 24(11), 1595-1612.
  • Kim, H. J., and Chen, M. H. (2006). Tourism expansion and economic development: The case of Taiwan. Tourism Management, 27(5), 925-933.
  • Koščak, M., Knežević, M., Binder, D., Pelaez-Verdet, A., Işik, C., Mićić, V., ... & Šegota, T. (2021). Exploring the neglected voices of children in sustainable tourism development: A comparative study in six European tourist destinations. Journal of Sustainable Tourism, 1-20.
  • Lee, C. C., and Chang, C. P. (2008). Tourism development and economic growth: A closer look at panels. Tourism Management, 29(1), 180-192.
  • Lee, C. C., ve Chien, M. S. (2008). Structural Breaks, Tourism Development and Economic Growth: Evidence from Taiwan. Mathematics and Computers in Simulation, 77( 4), 358-368.
  • León-Gómez, A., Ruiz-Palomo, D., Fernández-Gámez, M. A., & García-Revilla, M. R. (2021). Sustainable tourism development and economic growth: Bibliometric review and analysis. Sustainability, 13(4), 1-19. Loganathan, N., Yahaya, I., and Madzli, H.. (2007). Tourism development policy, strategic alliances, and impact of consumer price index on tourist arrivals: The case of Malaysia. Tourismos: An International Multidisciplinary Journal of Tourism, 3(1), 83-88.
  • Mucharreira, P. R., Antunes, M. G., Abranja, N., Justino, M. R. T., and Quirós, J. T. (2019). The relevance of tourism in financial sustainability of hotels. European Research on Management and Business Economics, 25(3), 165-174.
  • Öğün, Ş. D. (2021). Covid 19 Salgınının Yiyecek-İçecek İşletmeleri Üzerine Etkisi: Ankara’da Bulunan Yiyecek-İçecek İşletmeleri Üzerine Nitel Bir Araştırma, (Yayımlanmamış Yüksek Lisans Tezi), Başkent Üniversitesi, Sosyal Bilimler Enstitüsü, Ankara.
  • Önem, H. B. (2021). Turizm Endeks Getirileri Arasındaki Oynaklık Geçişkenliği: BIST Turizm Endeksi ve Bazı Avrupa Ülkeleri Turizm Endeksleri Uygulaması. Türk Turizm Araştırmaları Dergisi, 5(3), 2036-2048.
  • Palang, D., and Tippayawong, K. Y. (2018). Performance evaluation of tourism supply chain management: the case of Thailand. Business Process Management Journal.
  • Pervan, M., & Mlikota, M. (2013). What determines the profitability of companies: case of Croatian food and beverage industry. Economic research-Ekonomska istraživanja, 26(1), 277-286.
  • Seetanah, B. (2011). Assessing the Dynamic Economic Impact of Tourism for Island Economies. Annals of tourism research, 38 (1), 291-308.
  • Seghir, G. M., Mostéfa, B., Abbes, S. M. ve Zakarya, G. Y. (2015). Tourism Spending-Economic Growth Causality in 49 Countries: a Dynamic Panel Data Approach. Procedia Economics and Finance, 23, 1613-1623.
  • Tran, H. Q. (2015). Key success factors in full-service restaurants in Finland: A qualitative study on operation management and strategy. Bachelor’s thesis, School of Business and Service Management Degree Programme in International Business, Finland.
  • Turegun, N. (2019). Performance analysis of the restaurant and hotel industry: Evidence from Borsa Istanbul. Journal of Economics Finance and Accounting, 6(3), 115-123.
  • Türkiye İstatistik Kurumu (2022). Turizm istatistikleri. (Erişim Tarihi: 17 Temmuz 2022).
  • Uyar, A., Kilic, M., Koseoglu, M. A., Kuzey, C., and Karaman, A. S. (2020). The link among board characteristics, corporate social responsibility performance, and financial performance: Evidence from the hospitality and tourism industry. Tourism Management Perspectives, 35, 1-13.
There are 38 citations in total.

Details

Primary Language English
Subjects Tourism (Other)
Journal Section Peer-reviewed Articles
Authors

Mehmet Oğuzhan İlban 0000-0002-7557-9817

Mehmet Tahsin Liceli 0000-0001-7707-0347

Early Pub Date September 19, 2022
Publication Date December 31, 2022
Submission Date September 12, 2022
Acceptance Date September 21, 2022
Published in Issue Year 2022 Volume: 4 Issue: 2

Cite

APA İlban, M. O., & Liceli, M. T. (2022). The causal relationship of tourism development, economic growth, and firm performance: An analysis of the food and beverage industry. Journal of Tourism Leisure and Hospitality, 4(2), 3-3. https://doi.org/10.48119/toleho.1173937
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