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Çalışmada, terör, politik ve askeri olaylara turizm sektörü pay yatırımcılarının tepkisinin incelenmesi amaçlanmıştır. 2016 yılı sonrasında yaşanan 15 Temmuz darbe girişimi, seçimler, Fırat Kalkanı (2016), Zeytin Dalı (2018) ve Barış Pınarı (2019) sınır ötesi harekâtları incelenen olaylardır. Olay çalışması yöntemiyle on işletmenin günlük verilerinde ortalama getiri modeliyle getiriler hesaplanmıştır. Olay gününde 15 Temmuz’un negatif, Zeytin Dalı’nın pozitif anormal getiriye sebep olduğu bulgulanmıştır. 21 günlük olay penceresinde 15 Temmuz’un negatif, sırasıyla Genel Seçim, İBB ara seçimi ile Barış Pınarı’nın en yüksek pozitif kümülatif ortalama anormal getirilere sebep olduğu saptanmıştır. Elde edilen bulgular terör ve güvenlik riskiyle, askeri olaylara turizm sektörü yatırımcı duyarlılığının politik olaylardan yüksek olduğunu göstermektedir.
The study aims to investigate the reaction of tourism sector share investors to terrorism, political and military events. The 15 July 2016 coup attempts, elections, the Euphrates Falls (2016), the Olive Valley (2018) and the Peace River (2019) are the events that are studied over the border movements. The average return model is calculated in the daily data of ten
It was aimed to investigate the tourism sector investor reactions to terrorist, political and military events. The July 15 coup attempt, three elections, Euphrates Shield (2016), Olive Branch (2018) and Peace Spring (2019) cross-border operations are the examined events experienced after 2016. By the event study method, returns were calculated with the mean-adjusted return model in the daily data of ten companies. The findings indicate that the July 15 caused significant negative and the Olive Branch caused significant positive average abnormal return on the event day. In the 21-day event window, it was determined, the July 15 was caused negative, and respectively the Presidential and Deputy General Election, the Istanbul Metropolitan Municipality Interim Election and the Peace Spring were caused the highest positive cumulative average abnormal returns. According to the findings, as expected, it can be said that in tourism sector the investor sensitivity to terrorism and security risks is higher than the political events.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Ulusal
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