The Examination of Financial Performance of Turkish Airports Using Cluster Analysis Method

Year 2023, Volume: 5 Issue: 2, 109 - 121, 29.12.2023

İsmail Çağrı Özcan

https://doi.org/10.56668/jefr.1308082

Abstract

The purpose of this study is to group Turkish companies through cluster analysis and implement a performance evaluation methodology based on the financial variables. In this context, using the data obtained from the financial statements and annual reports of 39 airports, which are operated by the General Directorate of State Airports Authority and not yet partially or completely privatized, (i) investment management (the ratio of annual investment amount to operating income), (ii) cost efficiency (ratio of operating costs to the amount of airport unit traffic served), (iii) profitability (ratio of operating revenues to operating costs), (iv) capital efficiency (ratio of apron capacity to operating revenues), and (v) labor capital efficiency (aerodrome unit serviced) are calculated first. In the next stage, 39 airports were divided into 4 different groups with similar characteristics with the help of cluster analysis. The results of the study reveal that cluster analysis can be a meaningful method to compare the financial performances of airports.

Keywords

Financial Performance, Profitability, Capital Efficiency, Investment Management, Cluster Analysis

Türk Havalimanlarının Finansal Performanslarının Kümeleme Analizi Yöntemiyle İncelenmesi

Abstract

Çalışmanın amacı, kümeleme analizi yoluyla Türk havalimanlarını gruplandırarak, finansal değişkenleri baz alan bir performans ölçme yöntemini hayata geçirmektir. Bu kapsamda, Devlet Hava Meydanları İşletmesi Genel Müdürlüğü tarafından işletilmekte olan ve henüz kısmen veya tamamen özelleştirilmemiş toplam 39 adet havalimanına ait finansal tablolardan ve faaliyet raporlarından elde edilen veriler kullanılarak (i) yatırım yönetimi (yıllık yatırım tutarının işletme gelirlerine oranı), (ii) maliyet verimliliği (işletme maliyetlerinin hizmet verilen havalimanı birim trafik miktarına oranı), (iii) karlılık (işletme gelirlerinin işletme maliyetlerine oranı), (iv) sermaye verimliliği (apron kapasitesinin işletme gelirlerine oranı) ve (v) iş gücü sermaye verimliliği (hizmet verilen havalimanı birim trafik miktarının çalışan sayısına oranı) için çeşitli finansal değişkenler hesaplanmıştır. Daha sonra 39 havalimanı kümeleme analizi yardımıyla benzer özelliklere sahip dört farklı gruba ayrılmıştır. Çalışmanın sonuçları, kümeleme analizinin havalimanlarının finansal performanslarını karşılaştırmak için anlamlı bir yöntem olabileceğini ortaya koymaktadır.

Keywords

Finansal Performans, Karlılık, Sermaye Verimliliği, Yatırım Yönetimi, Kümeleme Analizi

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