Digitalization as the new dynamic of competition: Empirical evidence on financial performance in the turkish aviation sector

Year 2025, Volume: 15 Issue: 3, 1340 - 1363, 29.09.2025

Fatih Bıyıklı

https://doi.org/10.30783/nevsosbilen.1724429

Abstract

This study examines the impact of digitalization on financial performance using data from 2015 to 2023, based on three major Turkish airline companies listed on Borsa Istanbul (Turkish Airlines, Pegasus, and TAV Airports Holding). Grounded in strategic management theories, specifically the Resource-Based View (RBV) and Dynamic Capabilities Approach, the study tests the relationship between digitalization scores—obtained through content analysis of annual reports—and financial indicators (ROA and ROE) using panel data analysis. The findings reveal that digitalization positively and significantly affects both ROA and ROE. Additionally, the debt-to-equity ratio has a negative effect on performance, while firm size and operational age exhibit positive effects. Following the Hausman test, the fixed effects model was preferred, and the model was reinforced through econometric validity tests. Digitalization indicators were measured across seven components ranging from mobile applications to AI-supported systems, and the data were coded with high reliability. The results demonstrate that digital transformation is not only technological but also a strategically valuable element. In the context of developing countries, this analysis contributes to the literature evaluating the financial effects of digital investments and offers guiding insights for decision-makers.

Keywords

Strategic Digitalization , Financial Performance , Panel Data Analysis , Aviation Sector , Organizational Transformation

Ethical Statement

I declare that there is no unethical issue in the study and that research and publication ethics have been carefully observed.

Supporting Institution

The author has not received any financial support for the research, authorship, and/or publication of this article.

Rekabetin yeni dinamiği olarak dijitalleşme: Türk havacılık sektöründe finansal performans üzerine ampirik bulgular

Abstract

Bu çalışma, Borsa İstanbul’da işlem gören üç büyük Türk havayolu işletmesi (Türk Hava Yolları, Pegasus, TAV Havalimanları Holding) örneğinde dijitalleşmenin finansal performansa etkisini 2015–2023 verileriyle incelemektedir. Stratejik yönetim kuramlarından Kaynak Temelli Görüş (RBV) ve Dinamik Yetenekler Yaklaşımı temel alınarak yürütülen çalışmada, faaliyet raporlarından içerik analiziyle elde edilen dijitalleşme skorları ile finansal göstergeler (ROA ve ROE) arasındaki ilişkiler panel veri analiziyle test edilmiştir. Bulgular, dijitalleşme düzeyinin hem ROA hem de ROE üzerinde anlamlı ve pozitif etkiler yarattığını göstermektedir. Ayrıca borç/öz kaynak oranının performansa olumsuz; firma büyüklüğü ve faaliyet süresinin ise olumlu etkileri belirlenmiştir. Hausman testi sonucunda sabit etkiler modeli tercih edilmiş; ekonometrik geçerlilik testleriyle model sağlamlaştırılmıştır. Dijitalleşme göstergeleri, mobil uygulamalardan yapay zekâ destekli sistemlere uzanan yedi bileşen üzerinden ölçülmüş, veriler yüksek güvenirlikle kodlanmıştır. Bulgular, dijital dönüşümün sadece teknolojik değil, aynı zamanda stratejik değer taşıyan bir unsur olduğunu ortaya koymaktadır. Gelişmekte olan ülkeler bağlamında yapılan bu analiz, dijital yatırımların finansal etkilerini değerlendiren literatüre katkı sağlamakta ve karar alıcılara yol gösterici çıkarımlar sunmaktadır.

Keywords

Stratejik Djitalleşme , Finansal Performans , Panel Veri Analizi , Havacılık Sektörü , Kurumsal Dönüşüm

Ethical Statement

Çalışmada etik dışı bir husus bulunmadığını, araştırma ve yayın etiğine özenle uyulduğunu beyan ederim.

Supporting Institution

Yazar bu makalenin araştırılması, yazılması ve/veya yayınlanması için herhangi bir mali destek almamıştır.

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