THE EXCHANGE RATE RISK OF TURKISH TOURISM FIRMS

Authors

Serkan Yilmaz Kandir, Faculty of Economics and Administrative Sciences, Department of Business Administration, Cukurova University, Adana, Turkey
Erdinc Karadeniz, Faculty, Mersin University, Mersin, Turkey
Ahmet Erismis, Faculty of Business Administration, Cukurova University, Adana, Turkey

Type of Submission

Refereed Article

Abstract

In this study, exchange rate exposures of tourism firms, whose shares are traded in Borsa I˙stanbul (BIST), were investigated. In this manner, the data pertaining to eight tourism firms, whose shares are traded in BIST, were included in analyses for July 2002–June 2010. A regression model, which was developed by adding the exchange rate factor to the Fama- French three-factor model, was used in the study. Analysis results revealed that exchange rate risk is a crucial risk factor for three tourism firms. However, it was determined that the three tourism firms that are negatively affected by exchange rate risk have considerably larger open foreign currency positions than other tourism firms.

DOI

10.1080/10913211.2015.1038169

Recommended Citation

Kandir, Serkan Yilmaz; Karadeniz, Erdinc; and Erismis, Ahmet (2015) "THE EXCHANGE RATE RISK OF TURKISH TOURISM FIRMS," Journal of Hospitality Financial Management: Vol. 23: Iss. 1, Article 4.
DOI: 10.1080/10913211.2015.1038169
Available at: https://scholarworks.umass.edu/jhfm/vol23/iss1/4