BİST KONAKLAMA SEKTÖRÜNDE YERALAN FİRMALARIN KÂRLILIĞINI ETKİLEYEN FAKTÖRLERİN BELİRLENMESİ

The purpose of this research is to comparatively analyze the impact of financial leverage and liquidity ratios on return on assets (ROA) and return on equity (ROE) in the accommodation sector of the BIST Tourism Index. To achieve this, annual financial data from eight accommodation sector companies with continuously accessible records were obtained from the Public Disclosure Platform (KAP) for the period 2012-2023. The analysis involved a series of statistical tests including descriptive statistics, correlation analysis, stationarity tests, regression model specification tests, assumption deviation tests, and regression analyses with robust estimators. The findings indicate that short-term borrowings of companies affect and increase the capital profitability more than long-term borrowings. Liquidity ratios, which reflect a company’s ability to meet short-term debt obligations without relying on external capital, were also examined. While liquidity ratios were found to have a positive but statistically insignificant effect on return on equity, this suggests that firms in the sector generate sufficient profit to cover their short-term financial obligations.