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

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

Öz

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.

Anahtar Kelimeler

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

Kaynakça

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