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

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

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

Kaynakça

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