BORSA İSTANBUL’DA HAVA TAŞIMACILIĞI SEKTÖRÜNDE FAALİYET GÖSTEREN ŞİRKETLERİN FİNANSAL REKABET GÜCÜ

Yıl 2023, , 527 - 548, 20.12.2023

Hakan Altın

https://doi.org/10.54452/jrb.1325116

Öz

Bu çalışmanın temel amacı, Borsa İstanbul’da hava taşımacılığı sektöründe faaliyet gösteren şirketlerin finansal rekabet güçlerinin değerlendirilmesidir. Borsa İstanbul’da hava taşımacılığı sektöründe faaliyet gösteren üç şirket vardır. Bu şirketlerin, finansal rekabet güçlerinin belirlenmesi hususunda genel kabul görmüş finansal oranlar kullanılmıştır. Üçer aylık bilanço dönemlerinin kullanıldığı çalışmada incelenen dönem 06/2019 ve 03/2023 yılları arasıdır. Dönem sayısı on altıdır. Buna karşılık, her bir şirketin zarar açıkladığı bilanço dönemleri analiz dışında bırakılmıştır. Çalışmanın uygulama süreci üç aşamadan oluşmaktadır. Birincisi, şirketlerin finansal rekabet güçlerinin belirlenmesi için OCRA yöntemi kullanılmıştır. İkincisi, elde edilen bulgular ARAS yöntemi ile karşılaştırılmıştır. Son olarak, iki yöntemden elde edilen sonuçların istatistiksel olarak anlamlılığı spearman sıra korelasyonu ile test edilmiştir. Ağırlıklandırma sürecinde her bir kriterin hem standart sapmasını hem de diğer kriterlerle ilişkisini temel alan CRITIC yöntem kullanılmıştır. Çalışmanın sonuçları havayolu şirketlerinin likiditesi, yönetimsel tutumları, karlılık ve piyasa değerleri hakkında önemli bilgiler sağlar. Bu bilgiler, yatırım kararlarını vermelerine yardımcı olabilecek tüm piyasa katılımcılarını ilgilendirir.

Anahtar Kelimeler

Borsa İstanbul, Hava Taşımacılığı, Finansal Rekabet Gücü, OCRA, ARAS

Destekleyen Kurum

Yok

Proje Numarası

Yok

Teşekkür

Yok

FINANCIAL COMPETITIVENESS OF COMPANIES OPERATING IN THE AIR TRANSPORTATION SECTOR IN BORSA ISTANBUL

Öz

The main objective of this study is to evaluate the financial competitiveness of companies operating in the air transportation sector in Borsa, Istanbul. Three companies are operating in the air transportation sector in Borsa Istanbul. Generally accepted financial ratios were used to determine the financial competitiveness of these companies. The period analyzed in the study using quarterly balance sheet periods is between 06/2019 and 03/2023. The number of periods is sixteen. On the other hand, balance sheet periods in which each company announced a loss were excluded from the analysis. The implementation process of the study consists of three stages. First, the OCRA method is used to determine the financial competitiveness of companies. Second, the findings obtained are compared with the ARAS method. Finally, the statistical significance of the results obtained from the two methods is tested with Spearman rank correlation. The CRITIC method, which is based on the standard deviation of each criterion and its relationship with other criteria, was used in the weighting process. The study results provide important information about airlines' liquidity, managerial behavior, profitability and market capitalization. This information interests all market participants who can help them make investment decisions.

Anahtar Kelimeler

Borsa Istanbul, Air transportation, Financial Competitiveness, OCRA, ARAS

Proje Numarası

Yok

Kaynakça

• Abdi, Y., Li, X., & Càmara-Turull, X. (2020). Impact of sustainability on firm value and financial performance in the air transport industry. Sustainability, 12(23), 9957. http://doi.org/10.3390/su12239957.
• Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in the airline industry: the moderating role of size and age. Environment, Development and Sustainability, 24(4),5052-5072. https://doi.org/10.1007/s10668.021.01649-w.
• Adedoyin, F. F., Bekun, F. V., Driha, O. M., & Balsalobre-Lorente, D. (2020). The effects of air transportation, energy, ICT and FDI on economic growth in the Industry 4.0 era: Evidence from the United States. Technological Forecasting and Social Change, 160, 1-10. https://doi.org/10.1016/j.techfore.2020.120297.
• Asatryan, R., & Březinová, O. (2014). Corporate social responsibility and financial performance in the airline industry in Central and Eastern Europe. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis. 62, 633-639. http://doi.org/10.11118/actaun201.462.040633.
• Baker, D., Merkert, R., & Kamruzzaman, M. (2015). Regional aviation and economic growth: cointegration and causality analysis in Australia. Journal of Transport Geography, 43, 140-150. http://dx.doi.org/10.1016/j. jtrangeo.2015.02.001.
• Balsalobre-Lorente, D., Driha, O. M., Bekun, F. V., & Adedoyin, F. F. (2021). The asymmetric impact of air transport on economic growth in Spain: fresh evidence from the tourism-led growth hypothesis. Current Issues in Tourism, 24(4), 503-519. https://doi.org/10.1080/13683.500.2020.1720624.
• Baltaci, N., Sekmen, O., & Akbulut, G. (2015). The relationship between air transport and economic growth in Turkey: Cross-regional panel data analysis approach. Journal of Economics and Behavioral Studies, 7(1), 89-100.
• Batrancea, L. M., Nichita, A., & Cocis, A. D. (2022).: Empirical evidence from the airline business. Sustainability, 14(20), 13567. https://doi.org/10.3390/su142013567.
• Battal, Ü. (2019). Financial performance in airlines: Application of TOPSIS in four Europe-based traditional airlines. Social Sciences, 14(5), 2045-2067. Volume 14 Issue 5, 2019, p. 2045-2067.
• Behn, B. K., & Riley Jr, R. A. (1999). Using nonfinancial information to predict financial performance: The US airline industry case. Journal of Accounting, Auditing & Finance, 14(1), 29-56.
• Chatterjee, P., & Chakraborty, S. (2012). Material selection using preferential ranking methods. Materials & Design, 35, 384–393. http://doi.org/10.1016/j.matdes.2011.09.027.
• 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. http://doi.org/10.1016/j. jhtm.2017.08.001.
• Chi, J., & Baek, J. (2013). The dynamic relationship between air transport demand and economic growth in the United States: A new look. Transport Policy, 29, 257-260.
• Cocis, A. D., Batrancea, L., & Tulai, H. (2021). The link between corporate reputation, financial performance and equilibrium within the airline industry. Mathematics, 9(17), 2150. https://doi.org/10.3390/math9172150.
• Dayı, F., & Ulusoy, T. (2018). Evaluating Financial Performance with Minimum Spanning Tree Approach: An Application In Airlines Companies. Electronic Turkish Studies, 13(30). http://doi.org/10.7827/ TurkishStudies.14348.
• Ellibeş, E., & Candan, G. (2021). Financial Performance Evaluation of Airline Companies with Fuzzy AHP and Grey Relational Analysis Methods. Ekoist: Journal of Econometrics and Statistics, 34, 37-56. http://doi. org/10.26650/ekoist.2021.34.917326.
• Fardnia, P., Kaspereit, T., Walker, T., & Xu, S. (2021). Financial performance and safety in the aviation industry. International Journal of Managerial Finance, 17(1), 138-165. http://doi.org/10.1108/IJMF-03-2019-0095.
• 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.
• Flouris, T., & Walker, T. J. (2005). The financial performance of low‐cost and full‐service airlines in times of crisis. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l’Administration, 22(1), 3-20.
• Gudmundsson, S. V., Cattaneo, M., & Redondi, R. (2021). Forecasting temporal world recovery in air transport markets in the presence of large economic shocks: The case of COVID-19. Journal of Air Transport Management, 91, 1–16. https://doi.org/10.1016/j.jairtraman.2020.102007.
• Guzhva, V. S. (2008). Applying intervention analysis to financial performance data: The case of US airlines and September 11. Journal of Economics and Finance, 32, 243-259. http://doi.org/10.1007/s12197.007.9023-1.
• Hakim, M. M., & Merkert, R. (2016). The causal relationship between air transport and economic growth: Empirical evidence from South Asia. Journal of Transport Geography, 56, 120-127. http://doi. org/10.1016/j.jtrangeo.2016.09.006.
• Hakim, M. M., & Merkert, R. (2016). The causal relationship between air transport and economic growth: Empirical evidence from South Asia. Journal of Transport Geography, 56, 120-127. http://doi. org/10.1016/j.jtrangeo.2016.09.006.
• Huang, C. C. (2021). Assessing the financial performance of airlines in the Asia-Pacific region. Investment Management and Financial Innovations, 18(2), 234–244.
• IATA. (2023). IATA World Air Transport Report 2023. Montreal, Canada: IATA.
• Ishutkina, M., & Hansman, R. J. (2008). Analysis of Interaction between Air Transportation and Economic Activity. In The 26th Congress of ICAS and 8th AIAA ATIO.
• Kalemba, N., & Campa Planas, F. (2019). Safety and the economic and financial performance in the airline industry: Is there any relationship? Aviation, 23(1), 7–14. https://doi.org/10.3846/aviation.2019.9744.
• Kiracı, K., Asker, V., & Güngör, H. Y. (2022). A Review of Financial Performance of Aircraft Leasing Companies. Journal of Aviation, 6(1), 61-72. https://doi.org/10.30518/jav.1032824.
• Kuo, T. C., Chen, H. M., & Meng, H. M. (2021). Do corporate social responsibility practices improve financial performance? A case study of airline companies. Journal of Cleaner Production, 310, 1-13. https://doi. org/10.1016/j.jclepro.2021.127380.
• Law, C. C., Zhang, Y., Gow, J., & Vu, X. B. (2022). The dynamic relationship between air transport, economic growth and inbound tourism in Cambodia, Laos, Myanmar and Vietnam. Journal of Air Transport Management, 98, 1-9. https://doi.org/10.1016/j.jairtraman.2021.102161.
• Lin, W. C. (2012). Financial performance and customer service: An examination using activity-based costing of 38 international airlines. Journal of Air Transport Management, 19, 13–15. http://doi.org/10.1016/j. jairtraman.2011.12.002.
• Mahesh, R., & Prasad, D. (2012). Post-merger and acquisition financial performance analysis: A case study of select Indian airline companies. International Journal of Engineering and Management Sciences, 3(3), 362–369.
• Marazzo, M., Scherre, R., & Fernandes, E. (2010). Air transport demand and economic growth in Brazil: A time series analysis. Transportation Research Part E: Logistics and Transportation Review, 46(2), 261-269. https://doi.org/10.1016/j.tre.2009.08.008.
• Mellat-Parast, M., Golmohammadi, D., McFadden, K. L., & Miller, J. W. (2015). Linking business strategy to service failures and financial performance: Empirical evidence from the US domestic airline industry. Journal of Operations Management, 38, 14–24. http://doi.org/10.1016/j.jom.2015.06.003.
• Nguyen, Q. H. (2023). The causality between air transport and economic growth: Empirical evidence from regions in Asia. Research in Transportation Business & Management, 47, 100948. https://doi. org/10.1016/j.rtbm.2023.100948.
• Njoya, E. T., & Nikitas, A. (2020). The role of air transport in employment creation and inclusive growth in the Global South: The case of South Africa. Journal of Transport Geography, 85, 1-15. https://doi. org/10.1016/j.jtrangeo.2020.102738.
• Park, J. S., Seo, Y. J., & Ha, M. H. (2019). The role of maritime, land, and air transportation in economic growth: Panel evidence from OECD and non-OECD countries. Research in Transportation Economics, 78, 100765. https://doi.org/10.1016/j.retrec.2019.100765.
• Parkan, C. (1994). Operational competitiveness ratings of production units. Managerial and Decision Economics, 15(3), 201–221.
• Parkan, C. (1996). Measuring the performance of hotel operations. Socio-Economic Planning Sciences, 30(4), 257–292.
• 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, 2018 (18) 583-598. https://doi.org/10.18092/ulikidince.347925.
• Pineda, P. J. G., Liou, J. J., Hsu, C. C., & Chuang, Y. C. (2018). An integrated MCDM model for improving airline operational and financial performance. Journal of Air Transport Management, 68, 103–117. http://doi. org/10.1016/j.jairtraman.2017.06.003.
• Profillidis, V., & Botzoris, G. (2015). Air passenger transport and economic activity. Journal of Air Transport Management, 49, 23–27.
• Rahman, M., Faroque, A. R., Sakka, G., & Ahmed, Z. U. (2022). The impact of negative customer engagement on market-based assets and financial performance. Journal of Business Research, 138, 422-435. https:// doi.org/10.1016/j.jbusres.2021.08.023.
• Riley Jr, R. A., Pearson, T. A., & Trompeter, G. (2003). The value relevance of nonfinancial performance variables and accounting information: the airline industry case. Journal of Accounting and Public Policy, 22(3), 231–254. http://doi:10.1016/S0278-4254(03)00021-8.
• Teker, S., Teker, D., & Güner, A. (2016). Financial performance of top 20 airlines. Procedía-Social and Behavioral Sciences, 235, 603-610.
• Türkiye Sivil Havacılık Genel Müdürlüğü (SHGM). (2022). Turkey Civil Aviation Authority 2022 Statistics. Ankara, Turkey: SHGM.
• Wang, Y. J. (2008). Applying FMCDM to evaluate the financial performance of domestic airlines in Taiwan. Expert Systems with Applications, 34(3), 1837-1845.
• Wang, Y. J., & Kao, C. S. (2009). A fuzzy multi-criteria group decision-making model for the financial performance evaluation of airlines. In 2009 Sixth International Conference on Fuzzy Systems and Knowledge Discovery (3), 193-197). IEEE.
• Wong, D. W. H., Zhao, S. X. B., & Lee, H. F. (2022). Air transport, economic growth, and regional inequality across three Chinese macro‐regions. Geographical Research, 60(3), 446–462. https://doi.org/10.1111/1745-5871.12511.
• Yang, A. S., & Baasandorj, S. (2017). Exploring CSR and financial performance of full-service and low-cost air carriers. Finance Research Letters, 23, 291-299. http://doi.org/10.1016/j.frl.2017.05.005.
• Yao, S., & Yang, X. (2012). Air transport and regional economic growth in China. Asia-Pacific Journal of Accounting & Economics, 19(3), 318–329. https://doi.org/10.1080/16081.625.2012.667458.
• Zhang, F., & Graham, D. J. (2020). Air transport and economic growth: a review of the impact mechanism and causal relationships. Transport Reviews, 40(4), 506–528. https://doi.org/10.1080/01441.647.2020.1738587.