Yatırım getirisi ağaç modeli kullanılarak Türk havayolu şirketlerinin operasyonel performansının değerlendirilmesi

Yıl 2021, Cilt: 7 Sayı: 2, 95 - 103, 19.06.2021

Nada Sarsour , Eyad Aldalou

https://doi.org/10.30855/gjeb.2021.7.2.001

Öz

Genelde, hava taşımacılık sektöründeki çalışmalar finansal ve operasyonel performansı, arasındaki bağa bakmaksızın, ayrı ayrı değerlendirmektedir. Sürdürülebilir yüksek yatırım getirisi, var olan kaynakların etkin ve verimli bir şekilde kullanılmasıyla sağlanmaktadır. Bu amaçla, operasyonel faktörlerin, yatırım getirisinin bilişenleri olarak ele alınması şirketlerin operasyon faaliyetlerinin güçlü ve zayıf yanlarını ortaya çıkarmaktadır. Bu çalışmada, yatırım getirisi ağaç modeli geliştirmek amaçlanmıştır. Modelde, kapasite kullanımı, yolcu verimi, işgücü maliyeti, işgücü verimliliği ve yakıt maliyeti olarak operasyon faktörleri ele alınmış olup şirketin karlılığıyla ilişkisi şekillenmiştir. Çalışmada yapılan uygulama sonuçlarına göre, kapasite kullanımı ve yolcu verimindeki iyileşmeler yatırım getirisini önemli ölçüde arttırmaktadır. Yalnız, işgücü maliyeti, işgücü verimliliği ve yakıt maliyetindeki politika iyileştirmeleri fazlasıyla gerçekleştirilebilmektedir. Bu çalışma, hava taşımacılık şirketleri için operasyonel ve finansal performansı iyileştirmek için kullanışlı ve etkili bir model sunmaktadır. Önerilen model, verimlilik faktörlerinin karlılığı olumlu etkileyen bir faktör olarak bağlanmasını sağlamaktadır ve rekabet avantajı kaynaklarının değerlendirilmesine yardımcı olmaktadır.

Anahtar Kelimeler

Yatırım Getirisi, Finansal Performans, Operasyonel Performans, Hava Taşımacılığı

An operational performance assessment of Turkish airline companies based on return on invested capital tree model

Öz

Studies in the air transportation industry generally consider either financial performance or operational performance regardless of the inevitable correlation between them. Sustaining a higher return on investment is achieved through higher efficiency and effective use of available resources. Thus, the investigation of operational factors as components of ROIC can help assessing the strengths and weaknesses of operations of a company. In this study, ROIC tree model has been identified. Within the model, operational performance factors of capacity utilization, passenger yield, labor cost, labor efficiency and fuel cost are considered and their effect on the profitability of a company is revealed. The assessment of the air transportation industry shows that improvement in capacity utilization and passenger yield can dramatically boost ROIC. However, policy improvements in labor cost, labor efficiency, and fuel cost are exceedingly achievable. This study presents a convenient and effective model for the airlines companies and offers handy directions for improving operational and financial performance. The suggested model enables the linkage of efficiency factors as profitability drivers and helps assessing sources of competitive advantage.

Anahtar Kelimeler

Return On Invested Capital Tree, Financial Performance, Operational Performance, Air Transportation

Kaynakça

• Ajayi, R. A., Mehdian, S., & Guzhva, V. S. (2010). Operational efficiency in the US airline industry: An empirical investigation of post-deregulation era. Review of Economic and Business Studies, 3(2), 51-63.
• Baker, C. R., Ding, Y., & Stolowy, H. (2005). Using “statement of intermediate balances” as tool for international financial statement analysis in airline industry. Advances in International Accounting, 18, 169-198.
• Berrittella, M., La Franca, L., & Zito, P. (2009). An analytic hierarchy process for ranking operating costs of low cost and full service airlines. Journal of Air Transport Management, 15(5), 249-255.
• CAPA (2018). Turkish Airlines SWOT: More growth for the Istanbul super connector Centre for Aviation - CAPA; https://centreforaviation.com/analysis/airline-leader/turkish-airlines-swot-more-growth-for-the-istanbul-superconnector-449802 (accessed: January 2020)
• Chen, C. M., & Liu, H. M. (2017). Exploring the impact of airlines service quality on customer loyalty: Evidence from Taiwan. International Journal of Business and Management, 12(5), 36-50.
• Chen, S. J., Chen, M. H., & Wei, H. L. (2017). Financial performance of Chinese airlines: Does state ownership matter? Journal of Hospitality and Tourism Management, 33, 1-10.
• Choi, K. (2017). Multi-period efficiency and productivity changes in US domestic airlines. Journal of Air Transport Management, 59, 18-25.
• Damodaran, A. (2007). Return on capital (ROC), return on invested capital (ROIC) and return on equity (ROE): Measurement and implications (July 2007).
• Dayi, F., & Ulusoy, T. (2018). Evaluating financial performance with minimum spanning tree approach: an application in airlines companies. Electronic Turkish Studies, 13(30).
• Deveci, M., Özcan, E., John, R., & Öner, S. C. (2018). Interval type-2 hesitant fuzzy set method for improving the service quality of domestic airlines in Turkey. Journal of Air Transport Management, 69, 83-98.
• DHMI Annual Report, (2018). Annual statistics of Turkish airports. http://www.dhmi. gov.tr/dosyalar/annualreport/ (Accessed 17 Dec. 2019).
• DHMI. (2017). General directorate of state airports authority Turkey. Access: https://www.icao.int/MID/Documents/2017/Aviation%20Data%20and%20Analysis%20Seminar/PPT10%20-%20Turkish%20DHMI.pdf
• Farooq, M. S., Salam, M., Fayolle, A., Jaafar, N., & Ayupp, K. (2018). Impact of service quality on customer satisfaction in Malaysia airlines: A PLS-SEM approach. Journal of Air Transport Management, 67, 169-180.
• Feng, C. M., & Wang, R. T. (2000). Performance evaluation for airlines including the consideration of financial ratios. Journal of Air Transport Management, 6(3), 133-142.
• Gayle, P. G., & Yimga, J. O. (2018). How much do consumers really value air travel on-time performance, and to what extent are airlines motivated to improve their on-time performance? Economics of transportation, 14, 31-41.
• Gyanwali, S., & Walsh, J. C. (2020). Influencing factors of organizational performance in nepal airlines corporation. International Business Research, 13(1), 268-283.
• Hazarika, I., & Boukareva, B. (2016). Performance analysis of major airline companies in uae with reference to profitability, liquidity, efficiency, employee strength and productivity. Eurasian Journal of Business and Management, 4(4), 71-80.
• Heshmati, A., Kumbhakar, S. C., & Kim, J. (2018). Persistent and transient efficiency of international airlines. European Journal of Transport and Infrastructure Research, 18(2).
• Kiracı, K. (2019). Financial Risk & Financial Performance: The impact of the global financial crisis on airlines. Researches in Economics Econometrics & Finance, 257.
• Kiraci, K., & Yaşar, M. (2020). The determinants of airline operational performance: an empirical study on major world airlines. Sosyoekonomi, 28(43), 107-117.
• Lee, J. (2019). Effects of operational performance on financial performance. Management Science Letters, 9(1), 25-32.
• Liedtka, S. L. (2002). The information content of nonfinancial performance measures in the airline industry. Journal of Business Finance & Accounting, 29(7‐8), 1105-1121.
• Mhlanga, O. (2017). Sources of financial turbulence for private airlines in South Africa: An empirical study. African Journal of Hospitality, Tourism and Leisure, 6(2), 1-13.
• Miranda, M., Baltazar, M. E., & Silva, J. (2016). Airlines performance and efficiency evaluation using a MCDA methodology. The case for low cost carrier vs legacy carriers. Open Engineering, 6(1).
• Pegasus Official website: http://www.pegasusinvestorrelations.com/en and: https://www.flypgs.com/ (accessed November-December, 2019)
• Perçin, S. (2018). Evaluating airline service quality using a combined fuzzy decision-making approach. Journal of Air Transport Management, 68, 48-60.
• Perçin, S., & Aldalou, E. (2018). Financial performance evaluation of turkish airline companies using integrated fuzzy AHP fuzzy TOPSIS model. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 583-598.
• Schefczyk, M. (1993). Operational performance of airlines: an extension of traditional measurement paradigms. Strategic Management Journal, 14(4), 301-317.
• Sweis, R. J., Elhawa, N. A., & Sweis, N. J. (2019). Total quality management practices and their impact on performance: case study of Royal Jordanian Airlines. International Journal of Business Excellence, 17(2), 245-263.
• Teker, S., Teker, D., & Güner, A. (2016). Financial performance of top 20 airlines. Procedía-Social and behavioral sciences, 235, 603-610.
• Trisakti, U. (2018). Financial ratio and performance airlines industry with DEA and TOPSIS model. International Journal of Pure and Applied Mathematics, 119(10), 367-374.
• Tsikriktsis, N. (2007). The effect of operational performance and focus on profitability: A longitudinal study of the US airline industry. Manufacturing & Service Operations Management, 9(4), 506-517. Turkish Airlines official website: https://www.turkishairlines.com/, (accessed November-December, 2019)
• Wang, Q., Wu, C., & Sun, Y. (2015). Evaluating corporate social responsibility of airlines using entropy weight and grey relation analysis. Journal of Air Transport Management, 42, 55-62.
• Wang, W. K., Lin, F., Ting, I. W. K., Kweh, Q. L., Lu, W. M., & Chiu, T. Y. (2017). Does asset-light strategy contribute to the dynamic efficiency of global airlines? Journal of Air Transport Management, 62, 99-108.
• Zuvin, S. & Sozer, B. (2017). The aviation sector, including airport capacities, airline acquisitions and alliances and the regulation of UAVs, in 15 jurisdictions. The Strategic View – Aviation, Turkey (https://www.strategicview.co.uk/strategic-view/aviation-law/the-strategic-view-aviation-2017/turkey)