Revista Cultura Científica - web logo
Submit Your Research
  • Research Article

Analysis of Short-Term Solvency of Hospitality Companies: The Case of Türkiye

Onur Eraslan1, İrfan Özen2, Levent Karadağ3, Aydın Ünal4, Serkan Türkmen5
1Department of Hotel-Catering and Catering Services, Halfeti Vocational School, Harran University 63950 Şanlıurfa, Türkiye
2Department of Accounting and Tax Applications, Datça Kazım Yılmaz Vocational School Muğla Sıtkı Koçman University, 48900 Muğla, Türkiye
3Department of Hotel-Catering and Catering Services Datça Kazım Yılmaz Vocational School Muğla Sıtkı Koçman University 48900 Muğla, Türkiye
4Department of Recreation Management Tourism Faculty, Sinop University 57000 Sinop, Türkiye
5Department of Travel Management and Tourism Guiding Tourism Faculty, Çanakkale 18 Mart University 17100 Çanakkale, Türkiye
DOI: https://doi.org/10.70517/revcc272513
Published: 10/09/2026
: Onur Eraslan, İrfan Özen, Levent Karadağ, Aydın Ünal, Serkan Türkmen. Analysis of Short-Term Solvency of Hospitality Companies: The Case of Türkiye. Revista Cultura Científica, 2027 Issue 25. pg. 152-162.

Abstract

In order to sustain the activities of companies without interruption, foreign resources are also used along with equity. In case of the use of foreign resources, determining the ability of companies to repay these resources will be the basis for the policies to be implemented to prevent future problems. Liquidity ratios are used to determine the short-term solvency of companies. Liquidity ratios used in determining the short-term solvency of companies reveal the relationship between current assets and short-term liabilities. The aim of the study is to determine the short-term solvency of accommodation companies operating in Turkey. Using the case study method, the study analyzed the liquidity ratios of nine companies whose shares are traded on Borsa Istanbul for the period 2017-2023 and the liquidity ratios for the period 2017-2023 calculated by the CBRT based on the balance sheet data of all companies in the sector. The analysis of the short-term solvency of accommodation companies was evaluated within the scope of sector ratios, historical ratios, ideal ratios and standard ratios. According to the findings of the study, it was determined that the current ratio, which is one of the sector average liquidity ratios, was lower than the standard ratio in all of the years examined, the acid-test ratio was higher than the standard ratio in 2022 and 2023, and the cash ratio was higher than the standard ratio in all of the years examined. In addition, it was determined that the sector averages generally tended to increase in the years analyzed. In the study, the average liquidity ratios of the companies whose stocks are traded in BIST were determined to be the highest for MAALT and the lowest for MARTI.

Keywords: short-term solvency, liquidity ratios, hospitality companies, prerequisites for financial analysis

Abstract

In order to sustain the activities of companies without interruption, foreign resources are also used along with equity. In case of the use of foreign resources, determining the ability of companies to repay these resources will be the basis for the policies to be implemented to prevent future problems. Liquidity ratios are used to determine the short-term solvency of companies. Liquidity ratios used in determining the short-term solvency of companies reveal the relationship between current assets and short-term liabilities. The aim of the study is to determine the short-term solvency of accommodation companies operating in Turkey. Using the case study method, the study analyzed the liquidity ratios of nine companies whose shares are traded on Borsa Istanbul for the period 2017-2023 and the liquidity ratios for the period 2017-2023 calculated by the CBRT based on the balance sheet data of all companies in the sector. The analysis of the short-term solvency of accommodation companies was evaluated within the scope of sector ratios, historical ratios, ideal ratios and standard ratios. According to the findings of the study, it was determined that the current ratio, which is one of the sector average liquidity ratios, was lower than the standard ratio in all of the years examined, the acid-test ratio was higher than the standard ratio in 2022 and 2023, and the cash ratio was higher than the standard ratio in all of the years examined. In addition, it was determined that the sector averages generally tended to increase in the years analyzed. In the study, the average liquidity ratios of the companies whose stocks are traded in BIST were determined to be the highest for MAALT and the lowest for MARTI.

Keywords: short-term solvency, liquidity ratios, hospitality companies, prerequisites for financial analysis

References

  1. Özen, İrfan. “Belediyelerin Borç Ödeme Gücünün Analizi: Muğla-Sakarya Belediyeleri Örneği.” OPUS Uluslararası Toplum Araştırmaları Dergisi 16, 29 Ekim Özel Sayısı, 2020: 3474–3504.

  2. Arslan, Emre. “Oteller ve Lokantalar Sektörü Finansal Analizi.” Borsa İstanbul’da Finansal Analiz Uygulamaları: Sektörler Bazında İncelemeler I (2018–2022), edited by Yunus Kılıç, Mehmet Fatih Buğan, and Ali Bayrakdaroğlu, Özgür Yayınları, 2023: 131–162.

  3. Karadeniz, Erdinç, et al. “Covid-19 Salgınının Konaklama ve Yiyecek-İçecek İşletmelerinin Finansal Performansına Etkisinin Ölçek Temelinde Analizi.” Seyahat ve Otel İşletmeciliği Dergisi 19.2, 2022: 162–177.

  4. Kılıç Karamahmutoğlu, Merve. “COVID-19’un Ulaştırma ve Turizm İşletmelerinin Finansal Performansına Etkisi: Borsa İstanbul (BİST)’da Bir Uygulama.” Muhasebe ve Denetime Bakış 21.65, 2022: 65–88. https://izlik.org/JA96JX92NA.

  5. Keleş, Dursun. “Turizm İşletmelerinde Rasyo Yöntemi ile Finansal Performans Analizi: Konaklama İşletmeleri Üzerine Bir Değerlendirme.” Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 25.4, 2021: 1485–1496.

  6. Süslü, Cemil, et al. “Türkiye’de Turizm Şirketlerinin Finansal Performansının İncelenmesi.” VIII. Ulusal IV. Uluslararası Doğu Akdeniz Turizm Sempozyumu Bildiriler Kitabı, 19–20 Apr. 2019, Mersin, Türkiye: 1006–1016.

  7. Bilici, Nilgün. “Turizm Sektörünün Finansal Performansının Oran Analizi ve TOPSIS Yöntemiyle Değerlendirilmesi.” Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 23.1, 2019: 173–194. https://dergipark.org.tr/tr/pub/ataunisosbil/article/538474.

  8. Paça, Muammer, and Miyase Tekel Karabulut. “Finansal Rasyolar ile Finansal Performans: BİST ve Turizm.” Uluslararası Global Turizm Araştırmaları Dergisi 3.1, 2019: 53–65. https://dergipark.org.tr/tr/pub/ijgtr/issue/45045/544508.

  9. Erdoğan, Mahmut, and Adilya Yamaltdınova. “Borsa İstanbul’a Kayıtlı Turizm Şirketlerinin 2011–2015 Dönemi Finansal Performanslarının TOPSIS ile Analizi.” Optimum Ekonomi ve Yönetim Bilimleri Dergisi 5.1, 2018: 19–36.

  10. Karadeniz, Erdinç, et al. “Türk Turizm Sektöründe Finansman Kararlarının Alt Sektörler Kapsamında Karşılaştırmalı Analizi.” Seyahat ve Otel İşletmeciliği Dergisi 14.2, 2017: 157–170.

  11. Özen, İrfan. Mali Tablolar Analizi. Pedagoji Yayınları, 2020.

  12. Yalkın, Yüksel Koç. İşletmelerde Mali Analiz Teknikleri. 5th ed., Ankara Üniversitesi Siyasal Bilgiler Fakültesi Yayınları 482, 1981.

  13. Mısırlı, İrfan. Seyahat Acentacılığı ve Tur Operatörlüğü. Detay Yayıncılık, 2002.

  14. Chmiliar, Linda. “Multiple-Case Designs.” Encyclopedia of Case Study Research, edited by Albert J. Mills, Gabrielle Durepos, and Elden Wiebe, SAGE Publications, 2010: 583–584.

Onur Eraslan
Department of Hotel-Catering and Catering Services, Halfeti Vocational School, Harran University 63950 Şanlıurfa, Türkiye
İrfan Özen
Department of Accounting and Tax Applications, Datça Kazım Yılmaz Vocational School Muğla Sıtkı Koçman University, 48900 Muğla, Türkiye
Levent Karadağ
Department of Hotel-Catering and Catering Services Datça Kazım Yılmaz Vocational School Muğla Sıtkı Koçman University 48900 Muğla, Türkiye
Aydın Ünal
Department of Recreation Management Tourism Faculty, Sinop University 57000 Sinop, Türkiye
Serkan Türkmen
Department of Travel Management and Tourism Guiding Tourism Faculty, Çanakkale 18 Mart University 17100 Çanakkale, Türkiye
serkanturkmen17@hotmail.com

How to cite:

Onur Eraslan, İrfan Özen, Levent Karadağ, Aydın Ünal, Serkan Türkmen. Analysis of Short-Term Solvency of Hospitality Companies: The Case of Türkiye. Revista Cultura Científica, 2027 Issue 25. pg. 152-162.

Publication History

  • Received: 14/03/2026
  • Accepted: 02/09/2026
  • Published: 10/09/2026
Copyright © 2026, Onur Eraslan, İrfan Özen, Levent Karadağ, Aydın Ünal, Serkan Türkmen. Published by Revista Cultura Científica. This article is published as open access under the Creative Commons Attribution 4.0 International (CC BY 4.0) license (http://creativecommons.org/licenses/by/4.0/).

Browse Advance Search