Türk Turizm Sektöründe Piyasa Etkinliği: Ekonomik Büyüme Üzerine Olay Çalışması
Market Efficiency in the Turkish Tourism Sector: Event Study on Economic Growth

Summary/Abstract: Purpose – In this study, it is aimed to examine the reaction of the Turkish Tourism Sector to the economic growth figures of Turkey when they are announced to the public. Design/methodology/approach – The efficient market hypothesis has been used in the research and the event study method has been employed. In this study, which is based on the years 2010-2020, when Turkey has shown uninterrupted positive economic growth annually, the announcement day of the economic growth rate (t), which is announced quarterly four times a year, is considered as the event date. The event window interval has been included as (t-5, t+5) and the estimation window interval has been taken as (t-20, t-6) in the analysis. The market model has been used as the estimation model of the research. The return of the BIST 100 Index and the return of the BIST Tourism Sector Index have been employed for measuring the market return and Turkish tourism sector return respectively. Findings – As a result of the research, the null hypothesis "H0: With the announcement of Turkey's quarterly economic growth figures, the cumulative abnormal return of the BIST Tourism Sector Index in the event window is equal to zero. (CARt1,t2= 0)" has failed to be rejected, and it has been found that when Turkey's economic growth figures are announced to the public, the Turkish Tourism Sector is able to react quickly, fully and accurately to these data. Discussion – In this study, in which the relationship between the Turkish tourism sector and economic growth is discussed with the event study approach, it has been observed that the Turkish tourism sector has semi-strong form of market efficiency according to the efficient market hypothesis, and it has been evaluated that the existence of an efficient tourism sector is an important factor for foreign investors to increase their investments in the field of tourism. In addition, it is thought that this situation may lead Turkey to grow more in economical terms and gain a bigger place in the world tourism market.

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