Effecting Factors of Profitability: A Panel Data Analysis on the Best Airline Companies in Europe Ranked by the SKYTRAX

Year 2018, , 219 - 224, 11.04.2018

Berk Yıldız

https://doi.org/10.18506/anemon.370473

Cited By: 2

Abstract

The aim of this study is to determine the
effecting factors on the profitability of companies rated by the SKYTRAX as the
best air transportation companies in Europe in the period of 2006-2015. Through
this aim, asset turnover, equity turnover and fixed-asset turnover factors
defined as activity ratios; leverage, debt and long-term debt to capitalization
factors which are detected as the capitalization ratios on profitability is
analyzed with panel data method. Empirical findings point out that the factors
related to capitalization ratios namely; leverage and long-term debt to
capitalization significantly affect profitability negatively; while one of the
activity factors namely equity turnover ratio has statistically a positive
effect on profitability. Additionally, asset turnover seems to have a negative
effect on profitability.   

Keywords

Profitability, Air Transportation, Return on Assets, SKYTRAX, Panel Data Method

SKYTRAX Tarafından Avrupa’nın En İyi Havayolu Olarak Derecelendirilen Şirketlerin Karlılıklarına Etki Eden Faktörler: Bir Panel Veri Uygulaması

Abstract

Bu
çalışmanın amacı, bir derecelendirme kuruluşu olan SKYTRAX tarafından
Avrupa’nın en iyi havayolu şirketleri arasında gösterilen firmaların aktif
karlılıklarına etki eden faktörlerin 2006-2015 dönemine ilişkin veriler
kullanılarak tespit edilmesidir. Bu amaçla faaliyet oranlarını temsilen; aktif
devir hızı, özsermaye devir hızı ve sabit varlık devir hızı oranları; finansal
yapıya ilişkin oranları temsilen de; uzun vadeli borçların kapitalizasyon
oranı, borçlanma oranı ile kaldıraç oranı panel veri yöntemiyle analiz
edilmiştir. Elde edilen bulgulara göre, finansal yapı oranlarını temsil eden
kaldıraç oranı ve uzun vadeli borçların kapitalizasyona oranının aktif
karlılığı üzerinde anlamlı ve negatif yönlü bir etkisi olduğu, faaliyet oranlarından
biri olan özsermaye devir hızının ise çalışmaya ilişkin şirketlerin aktif
karlılıkları üzerinde pozitif yönlü bir etkisinin olduğu tespit edilmiştir.
Bununla birlikte, diğer bir faktör olan aktif devir hızı oranının havayolu
taşımacılık şirketlerinin karlılıkları üzerinde istatistiki olarak anlamlı ve
negatif yönlü bir etkisinin bulunduğu da elde edilen bulgular arasındadır.

Keywords

Karlılık, Havayolu Taşımacılığı, Aktif Karlılığı, SKYTRAX, Panel Veri Yöntemi

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