EVALUATING FINANCIAL PERFORMANCE WITH MINIMUM SPANNING TREE APPROACH: AN APPLICATION IN AIRLINES COMPANIES

The rapid development of technology increased aircraft production and airlines that is alternative to land, rail, sea routes and a faster means of transport have an important position in the World. Airlines companies increasing their share day by day become an important sector that has continued to grow. The purpose of the study is to evaluate success of World Airlines in terms of financial performance. In our study, 19 airlines company’s data were used for the period 2008- 2014. It is used various ratios calculating to evaluate financial performance. Data set include accessible financial statement of companies. MST approach method including ratio analysis is used. Financial performance indicators are Accounts Receivables Turnover Rate, Average Collection Period of Receivables, Inventory Turnover Average Inventory Turnover Period, Asset Turnover, Net Profit Ratio, Return on Assets Ratio and Return on Equity. After calculating ratios, given a brief topology of calculated ratios of 19 airline companies that have been analyzed for he period 2008-2014 applying MST (minimal spanning tree) and Fourier analysis. Relations between companies with ratio analysis have been analyzed using the Minimum Spanning Tree (MST) approach, which is frequently used in econophysics discipline. Verifications of the series have been tested with the Fourier distribution. The results showed that Turkish Airlines are grown in terms of profitability, total assets and annual sales every passing year.

MİNİMUM KAPSAYAN AĞAÇ YÖNTEMİ KULLANILARAK FİNANSAL PERFORMANS KARŞILAŞTIRILMASI: HAVAYOLLARI ŞİRKETLERİNDE BİR UYGULAMA

Teknolojinin hızla gelişmesiyle uçak üretimi artmış, havayolu ulaşımı, kara, demiryolu, deniz yollarından daha hızlı ulaşım sağlayarak havayolu ile ulaşımın öneminin dünyada artmasını sağladı. Havayolu şirketleri sektördeki paylarını her geçen gün arttırarak önemli bir sektör haline gelmiş ve sektörün büyümesi devam etmiştir. Çalışmanın amacı, dünyadaki havayolu şirketlerinin finansal performansları açısından başarılarını değerlendirmektir. Finansal performansı değerlendirmek için çeşitli rasyolar kullanılmıştır. Havayolu şirketlerinin 2008-2014 dönemine ait finansal tablolarından yararlanılarak rasyolar hesaplanmıştır. Uygulamada oran analizinden elde edilen veriler Minimum Spanning Tree yönteminde kullanılması çalışmaya farklılık katmaktadır. Finansal performans göstergesi olarak alacak deviz hızı, alacakların ortalama tahsil süresi, stok devir hızı, stokların devir süresi, aktif devir hızı, net kar marjı, aktif karlılık oranı ve özsermaye karlılık oranı kullanılmıştır. 19 havayolu şirketinin 2008- 2014 dönemi rasyoları, Minimum Spanning Tree (MST) yönteminde kullanılarak analiz yapılmıştır. Oran analizine sahip şirketler arasındaki ilişkiler, ekonofizik disiplinde sıklıkla kullanılan Minimum Spanning Tree (MST) yaklaşımı kullanılarak analiz edilmiştir. Serinin doğrulamaları Fourier dağılımı ile test edilmiştir. Sonuçlar, havayolu şirketlerinin finansal peformanslarını artırdıklarını ve Türk Hava Yollarının her geçen yıl karlılık, toplam varlık ve satış gelirleri açısından büyüdüğünü göstermektedir.

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