Tam Hizmet Veren Havayolları İle Düşük Maliyetli Havayollarının Finansal Performanslarının Karşılaştırmalı Analizi: 2022-2024 Döneminden Kanıtlar

Öz

Bu çalışma, 2022-2024 döneminde tam hizmet veren havayolu şirketleri (FSC) ile düşük maliyetli havayolu şirketleri (LCC) arasındaki finansal performans farklılıklarını karşılaştırmalı olarak analiz etmeyi amaçlamaktadır. COVID-19 sonrası toparlanma sürecinde küresel havacılık sektörünün yaşadığı ekonomik dalgalanmalar, her iki iş modelinin dayanıklılık ve karlılık stratejilerinin yeniden değerlendirilmesi gerektiğini ortaya koymuştur. Bu bağlamda, dünyanın farklı bölgelerinden seçilen 13 FSC ve 13 LCC'nin finansal verileri analiz edilmiştir. Çok kriterli karar verme tekniklerinden biri olan TOPSIS (İdeal Çözüme Benzerliğe Göre Sıralama Tekniği) yöntemi kullanılarak, her havayolunun likidite, karlılık, verimlilik ve finansal istikrar göstergelerine dayalı performans puanları hesaplanmıştır. Bulgular, özellikle Avrupa'da faaliyet gösteren LCC'lerin, 2022-2024 döneminde FSC'lere kıyasla genel olarak daha iyi finansal performans sonuçları elde ettiğini ortaya koymaktadır. Devlet desteğinden yararlanmalarına rağmen, birçok FSC verimlilik ve karlılık göstergeleri açısından geride kalmıştır. Ayrıca, sonuçlar sadece finansal oranları değil, coğrafi konum, operasyonel esneklik ve pandemi sonrası toparlanma süreci gibi bağlamsal faktörleri de dikkate alan çok boyutlu bir değerlendirme yaklaşımının önemini vurgulamaktadır.

Anahtar Kelimeler

• Havayolu finansal performansı
• Tam hizmet veren havayolları
• Düşük maliyetli havayolları
• TOPSIS

A Comparative Analysis of Financial Performance Between Full-Service and Low-Cost Airlines: Evidence from the 2022-2024 Period

Öz

This study aims to comparatively analyze the financial performance differences between full-service carriers (FSC) and low-cost carriers (LCC) over the 2022-2024 period. The economic fluctuations experienced by the global aviation industry during the post-COVID-19 recovery process have revealed the need to re-evaluate the resilience and profitability strategies of both business models. In this context, financial data of 13 FSC and 13 LCC selected from different regions of the world were analyzed. Using TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) method, one of the multi-criteria decision-making techniques, performance scores were calculated based on liquidity, profitability, efficiency and financial stability indicators of each airline. The findings reveal that LCC operating in Europe, in particular, achieved generally better results in terms of financial performance compared to FSC during the 2022–2024 period. Despite benefiting from government support, many FSC fell behind in terms of efficiency and profitability indicators. Additionally, the results emphasize the importance of a multi-dimensional evaluation approach that considers not only financial ratios but also contextual factors such as geographical location, operational flexibility, and the post-pandemic recovery process.

Anahtar Kelimeler

• Airline Financial Performance
• Full Service Carrier
• Low Cost Carrier
• TOPSIS

Kaynakça

1. Abate, M., Christidis, P., & Purwanto, A. J. (2020). Government support to airlines in the aftermath of the COVID-19 pandemic. Journal of air transport management, 89, p. 101931.
2. Alsulami, F. (2025). Evaluating Financial Performance of Airline Companies Through Liquidity and Debt Ratios: An Accounting Approach. Risks, 13(4), p. 63.
3. Bitzan, J., & Peoples, J. (2016). A Comparative Analysis of Cost Change For Low-Cost, Full-Service, and Other Carriers in the US Airline Industry. Research in Transportation Economics, 56, p. 25-41.
4. Chiambaretto, P., & Combe, E. (2023). Business model hybridization but heterogeneous economic performance: Insights from low-cost and legacy carriers in Europe. Transport Policy, 136, p. 83-97.
5. Choi, K. (2017). Multi-Period Efficiency and Productivity Changes in US Domestic Airlines. Journal of Air Transport Management, 59, p. 18-25.
6. Dizkirici, A. S., Topal, B., & Yaghi, H. (2016). Analyzing the Relationship Between Profitability and Traditional Ratios: Major Airline Companies Sample. Journal of Accounting, Finance and Auditing Studies, 2(2), p. 96-114.
7. Doganis, R. (2009), Flying off course: Airline economics and marketing, 1.Ed., London: Routledge.
8. Feng, C. M., & Wang, R. T. (2000). Performance Evaluation for Airlines Including the Consideration of Financial Ratios. Journal of Air Transport Management, 6(3), p. 133-142.

9. Graham, A. (2013). Understanding the low cost carrier and airport relationship: A critical analysis of the salient issues. Tourism Management, 36, p. 66-76.
10. Kaffash, S., & Khezrimotlagh, D. (2023). US network and low-cost carriers' performance in response to COVID-19: Strictness of government policies and passengers' panic. Research in Transportation Business & Management, 46, p. 100835.
11. Kaya, G., Aydın, U., Ülengin, B., Karadayı, M. A., & Ülengin, F. (2023). How Do Airlines Survive? An Integrated Efficiency Analysis on the Survival of Airlines. Journal of Air Transport Management, 107, p. 102348.
12. Renold, M., Kuljanin, J., & Kalić, M. (2019). The Comparison of Financial Performance of Airlines with Different Business Model Operated in Long-Haul Market. Transportation Research Procedia, 43, p. 178-187.
13. Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2019). Fundamentals Of Corporate Finance. New York: McGraw-Hill.
14. Stepanyan, A. (2014) Traditional Ratio Analysis in the Airline Business: A Case Study of Leading U.S Carriers. International Journal of Advances in Management and Economics, 3, p. 175-189.
15. Suau-Sanchez, P., Voltes-Dorta, A., & Cugueró-Escofet, N. (2020). An early assessment of the impact of COVID-19 on air transport: Just another crisis or the end of aviation as we know it?. Journal of Transport Geography, 86, p. 102749.
16. Teker, S., Teker, D., & Güner, A. (2016). Financial Performance of Top 20 Airlines. Procedía-Social and behavioral sciences, 235, p. 603-610.
17. Wang, Y. J. (2008). Applying FMCDM to Evaluate Financial Performance of Domestic Airlines in Taiwan. Expert Systems With Applications, 34(3), p. 1837-1845.