The comparison of the corporate governance maturity levels and financial performances of companies listed in the ISE tourism index

Abstract

The tourism sector is one of the primary drivers of economic development and employment worldwide. The multi-stakeholder structure of the industry makes the efficiency of management processes in enterprises highly significant. In this context, corporate governance practices are critical in ensuring sustainable growth and competitive advantage for companies operating in the sector. This study compares the corporate governance maturity levels and financial performance of companies listed in the BIST Tourism Index between 2018 and 2023. This study was conducted due to the lack of prior evaluations regarding the corporate governance maturity levels of the firms in question and the absence of empirical research on the relationship between these levels and financial performance. The fact that the corporate governance maturity levels of these firms had not been previously measured and their relationship with economic performance had not been examined constitutes the starting point of this research. The corporate governance maturity levels were determined using data from the Public Disclosure Platform, and financial performance rankings were measured through the TOPSIS method. The findings reveal that companies with high levels of corporate governance maturity do not necessarily exhibit high economic performance.