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Detay


Evaluating Financial Performance with Minimum Spanning Tree Approach: An Application in Airlines Companies

Abstract
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.

Keywords
Civil aviation; Ratio analysis; Minimum Spanning Tree