Özet:

In this study, it is aimed to determine whether there is a relationship between various financial ratios and profitability in tourism companies with dynamic panel method. In this study, four different ratios from the end-of-year financial statements of 131 tourism companies from 15 different countries were used between 2007 and 2016. In this context, leverage ratio, net working capital turnover rate and active turnover rate were included as independent variables and return on equity as the dependent variable. As a result of the analysis carried out by using differ GMM Dynamic Panel Estimation method, it was found that leverage ratio had a significant and negative effect on return on equity and net working capital turnover rate had a significant and positive effect on return on equity. It was determined that the active turnover rate had no significant effect on the return on equity

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