This study examines how tourism companies in emerging markets respond to economic and geopolitical risks using a comprehensive panel data approach. Data from 23 tourism companies listed on the Istanbul Stock Exchange (BIST) between the first quarter of 2012 and the first quarter of 2025 were analyzed to assess their financial performance amid macroeconomic shocks and regional crises. The analysis addressed ‘multiple crisis’ scenarios such as the Russia–Turkey plane crisis, the COVID-19 pandemic, and a significant earthquake in 2023. Panel regression results reveal that financial leverage (LEV) and GDP growth have a significant and statistically meaningful impact on profitability and stock performance compared to sectoral volume indicators (number of tourists and spending). The findings emphasize that tourism companies are highly sensitive not only to sectoral demand but also to overall economic confidence and macroeconomic stability. This study highlights that adopting flexible capital structures is essential for corporate resilience in uncertain times.
Helhel et al. (Mon,) studied this question.