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The impact of economic policy uncertainty on stock returns of Turkish tourism companies

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  • Ender Demir
  • Oguz Ersan

Abstract

Economic policy uncertainty (EPU) has various implications for financial markets. This study examines the effects of EPU on stock prices of listed tourism companies in Turkey for the time period of 2002–2013. We show that EPU in Europe and Turkey has significant negative effects on tourism index returns. The finding reflects that stock returns of the Turkish tourism companies apparently depend on domestic and international economic uncertainty. Among the included macroeconomic variables, consumer confidence index is the only factor which has an impact on stock returns.

Suggested Citation

  • Ender Demir & Oguz Ersan, 2018. "The impact of economic policy uncertainty on stock returns of Turkish tourism companies," Current Issues in Tourism, Taylor & Francis Journals, vol. 21(8), pages 847-855, May.
    • Handle: RePEc:taf:rcitxx:v:21:y:2018:i:8:p:847-855
    DOI: 10.1080/13683500.2016.1217195
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    Cited by:

    1. Saffet Akdağ & İlker Kılıç & Mert Gürlek & Andrew Adewale Alola, 2023. "Does economic policy uncertainty drive outbound tourism expenditures in 20 selected destinations?," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(5), pages 4327-4337, October.
    2. Chew Ging Lee & Shi-Min How, 2023. "The impacts of domestic and global economic policy uncertainties on the hotel room demand: Evidence from Singapore," Tourism Economics, , vol. 29(4), pages 1121-1129, June.
    3. Conrado Diego García-Gómez & Ender Demir & Ming-Hsiang Chen & José María Díez-Esteban, 2022. "Understanding the effects of economic policy uncertainty on US tourism firms’ performance," Tourism Economics, , vol. 28(5), pages 1174-1192, August.
    4. Francisco Jareño & Ana Escribano & M Pilar Torres, 2022. "Analysis of stock returns of main European service and tourism companies," Tourism Economics, , vol. 28(5), pages 1280-1310, August.
    5. Asil Azimli, 2022. "Policy uncertainty sensitivity, COVID-19 and industry returns in the United States," Economics and Business Letters, Oviedo University Press, vol. 11(3), pages 107-117.
    6. Ogbuabor, Jonathan E. & Ukwueze, Ezebuilo R. & Mba, Ifeoma C. & Ojonta, Obed I. & Orji, Anthony, 2023. "The asymmetric impact of economic policy uncertainty on global retail energy markets: Are the markets responding to the fear of the unknown?," Applied Energy, Elsevier, vol. 334(C).
    7. James E Payne & Saban Nazlioglu & Andrea Mervar, 2023. "Economic policy uncertainty and international tourist arrivals: A disaggregated analysis of the Croatian Adriatic coast," Tourism Economics, , vol. 29(4), pages 986-1004, June.

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