Yıl: 2018 Cilt: 0 Sayı: 18. EYİ Özel Sayısı Sayfa Aralığı: 583 - 598 Metin Dili: İngilizce DOI: 10.18092/ulikidince.347925 İndeks Tarihi: 11-03-2020

FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL

Öz:
Emerging changes in global markets and financial crisis led to increase in uncertainty and instability of thefinancial and business environments, which lead to increase in the importance of making efficient financialdecisions, along with the complexity of the financial decision making process. The aim of this study is topropose a financial performance evaluation model, based on ratio analysis of solvency, efficiency, andprofitability, utilizing the integrated Fuzzy AHP Fuzzy TOPSIS. Fuzzy AHP method is used to assign weights forthe evaluation criteria, and Fuzzy TOPSIS method is used to rank alternatives. Profitability and Solvency arethe most important criteria, the Return On Assets and Return On Sales a company can achieve are the mostimportant norms to reflect how well a company financially operates. The application of this model on airlinecompanies listed in Istanbul Stock Exchange showed that Pegasus has a better financial performance thanTurkish Airlines.
Anahtar Kelime:

Konular: İşletme İktisat

BÜTÜNLEŞİK BULANIK AHP BULANIK TOPSIS KULLANILARAK HAVACILIK SEKTÖRÜNDE ÇALIŞAN ŞİRKETLERİN FİNANSAL PERFORMANSININ DEĞERLENDİRİLMESİ

Öz:
Finansal ve ticari çevrelerde belirsizliğe ve istikrarsızlığa, küresel piyasalarda ortaya çıkan değişiklikler ve finansal krizler neden olmuştur. Bu değişiklikler finansal karar verme sürecinin karmaşıklığı ile birlikte, etkin finansal karar verme sürecinin önemini artırmıştır. Bu çalışmanın amacı bütünleşik Bulanık AHP, Bulanık TOPSIS yöntemleriyle bir finansal analiz modeli oluşturmaktır. Ödeme gücü, faaliyet ve karlılık oran analizi, kriterlerin ve alt-kriterlerin ağırlıklarını saptamak için Bulanık AHP, alternatifleri sıralamak için Bulanık TOPSIS yöntemleri kullanılmıştır. Kârlılık ve Borç Ödeme Gücü en önemli kriterler ve bir şirketin elde edebileceği Varlık Getirisi ve Satış Getirisi, bu şirketin mali açıdan ne kadar iyi çalıştığını gösteren en önemli normlardır. Bu modelin Borsa İstanbul’da işlem gören havacılık sektöründe çalışan şirketlere uygulanması, Pegasus’un Türk Havayolları'na göre daha iyi bir finansal performansa sahip olduğunu göstermiştir.
Anahtar Kelime:

Konular: İşletme İktisat
Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
  • Abdul Hamid, M. and Azmi, S. M. (2011). The Performance of Banking during 2000-2009: Bank Islam Malaysia Berhad and Conventional Banking in Malaysia. International Journal of Economics and Management Sciences, 1(1), 09-19.
  • Aliakbari Nouri, F., Khalili Esbouei, S. and Antucheviciene, J. (2015). A Hybrid MCDM Approach Based on Fuzzy ANP and Fuzzy TOPSIS for Technology Selection. INFORMATICA, 26(3), 369–388.
  • Aydogan, E. K., Demirtas, O. and Dagdeviren, M. (2015). A New Integrated Fuzzy Multi-Criteria Decision Model for Performance Evaluation. Business and Management Studies, 1(1), 38- 55.
  • Bellman, R.E. and Zadeh, L. A. (1970). Decision Making in a Fuzzy Environment. Management Science, 17(4), B141-164.
  • Calomiris, C. W. and Mason, J. R. (1994). Contagion and Bank Failures During the Great Depression: The June 1932 Chicago Banking Panic. NBER Working Paper #4934.
  • Chabotar, K. J. (1989). Financial Ratio Analysis Comes to Nonprofits. The Journal of Higher Education; 60(2), 188.
  • Chang, D-Y. (1996). Applications of the Extent Analysis Method on Fuzzy AHP. European Journal of Operational Research, 95(3), 649-655.
  • Chang, T-H. and Wang, T-C. (2009). Using the Fuzzy Multi-Criteria Decision Making Approach for Measuring the Possibility of Successful Knowledge Management. Information Sciences, 179(4), 355–370.
  • Çakır, S. and Perçin, S. (2013). R&D Performance Measurement in EU Countries Using Combined Entropy Weight-TOPSIS Method. Uludağ Journal of Economy and Society, 1, 77- 95 DHMI Official site (2017): http://www.dhmi.gov.tr/
  • Eyüboğlu, K. and Çelik, P. (2016). Financial Performance Evaluation of Turkish Energy Companies with Fuzzy AHP and Fuzzy TOPSIS Methods. Business and Economics Research Journal, 7(3), 21-37.
  • Feng, C. M. and Wang, R. T. (2000). Performance Evaluation for Airlines Including the Consideration of Financial Ratios. Journal of Air Transport Management, 6(3), 133-142.
  • Gibson, C. H. (2011). Financial Reporting and Analysis Using Financial Accounting Information, (12th ed.). South-western. International Air Transport Association (IATA), IATA annual review 2017. http://www.iata.org/publications/
  • Jahanshahloo, G.R., Hosseinzadeh Lotfi, F. and Izadikhah, M. (2006). Extension of the TOPSIS method for Decision-Making. Applied Mathematics and Computation, 181(2), 1544-1551.
  • Kahraman, C., Cebeci, U. & Ruan, D. (2004). Multi-Attribute Comparison of Catering Service Companies Using Fuzzy AHP: The Case of Turkey. Int. J. Production Economics, 87(2), 171– 184.
  • Kaya, T. (2010). Multi-attribute Evaluation of Website Quality in E-business Using an Integrated Fuzzy AHP TOPSIS Methodology, International Journal of Computational Intelligence Systems, 3(3), 301-314.
  • Kaya, T. and Kahraman, C. (2010). Multicriteria decision Making in Energy Planning Using a Modified Fuzzy TOPSIS Methodology. Expert Systems with Applications, 38(6), 6577–6585.
  • Kumar, P. and Kumar Singh, R. (2016). Solving the Vendor Selection Problem Using Fuzzy TOPSIS. International Conference in Recent Advances in Mechanical Engineering (RAME-2016).
  • Kumbirai, M. and Webb, R. (2010). A Financial Ratio Analysis of Commercial Bank Performance in South Africa. African Review of Economics and Finance, 2(1).
  • Kuo, M-S., Tzeng, G-H. and Huang, W-C. (2007). Group Decision-Making Based on Concepts of Ideal and Anti-Ideal Points in a Fuzzy Environment. Mathematical and Computer Modelling, 45(3-4), 324–339.
  • Mahendran, P. (2014). A Fuzzy AHP Approach for Selection of Measuring. Instrument for Engineering College Selection. Applied Mathematical Sciences, 8(44), 2149 – 2161.
  • Mavi, R. K. (2014). Indicators of Entrepreneurial University: Fuzzy AHP and Fuzzy TOPSIS Approach. J Knowl Econ, 5(2), 370–387.
  • Mohaghar, A., Fathi, M. R., Faghih, A. and Turkayesh, M. M. (2012). An Integrated Approach of Fuzzy ANP and Fuzzy TOPSIS for R&D Project Selection: A Case Study. Australian Journal of Basic and Applied Sciences, 6(2), 66-75.
  • Nissim, D. and Penman, S. (2001). Ratio Analysis and Equity Valuation: From Research to Practice. Review of Accounting Studies, 6, 109–154.
  • Onut, S., Efendigil, T. and Kara, S. S. (2010). A Combined Fuzzy MCDM Approach for Selecting Shopping Center Site: An Example from Istanbul, Turkey. Expert Systems with Applications, 37(3), 1973–1980.
  • Ömurbek, V. and Kinay, B. (2013). A TOPSIS-Based Financial Performance Assessment Study on Airline Industry. The Journal of Faculty of Economics and Administrative Sciences, 18(3), 343-363.
  • Özdağoğlu, A. and Güler, M. E. (2016). E-Service Quality of Internet Based Banking Using Combined Fuzzy AHP and Fuzzy TOPSIS. Tehnički vjesnik, 23(4), 1109-1116.
  • Pegasus Airlines Annual Reports, 2012-16. http://www.pegasusinvestorrelations.com/
  • Poplawska, J. (2014). Decision Support Framework for Resources Allocation to corporate Social Responsibility (CSR) Programmes (not published PDH thesis). University of Portsmouth, England.
  • Reilly, F.K. and Brown, K.C. (2003). Investment analysis and portfolio management (7th ed.). South- Western, MOc.
  • Shukla, R. K., Garg, D. and Agarwal, A. (2014). An Integrated Approach of Fuzzy AHP and Fuzzy TOPSIS in Modeling Supply Chain Coordination. Production & Manufacturing Research: An Open Access Journal, 2(1), 415-437.
  • Sun, C-C. (2010). A Performance Evaluation Model by Integrating Fuzzy AHP and Fuzzy TOPSIS Methods. Expert Systems with Applications, 37(12), 7745–7754.
  • Teker, S., Teker, D. and Guner, G. (2016). Financial Performance of Top 20 Airlines. Procedia - Social and Behavioral Sciences, 235, 603-610.
  • Turkish Airlines Annual Reports, 2012-16. http://investor.turkishairlines.com/en
  • Wood, D. A. (2016). Supplier Selection for Development of Petroleum Industry Facilities, Applying Multi-criteria Decision Making techniques including fuzzy and intuitionistic fuzzy TOPSIS with flexible entropy weighting. Journal of Natural Gas Science and Engineering, 28, 594- 612.
  • Yalcin, N., Bayrakdaroglu, A. and Kahraman, C. (2012). Application of fuzzy Multi-Criteria Decision Making Methods for Financial Performance Evaluation of Turkish Manufacturing Industries. Expert Systems with Applications, 39(1), 350–364.
  • Yavuz, M. (2016). Equipment Selection by Using Fuzzy TOPSIS Method. IOP Conf. Series: Earth and Environmental Science 44, 042040.
  • Zietlow, J. (2010). Nonprofit Financial Objectives and Financial Responses to a Tough Economy. Journal of Corporate Treasury Management, 3(3), 238–248
  • Zopounidis, C. and Doumpos, M. (2002). Multi-criteria Decision Aid in Financial Decision Making: Methodologies and Literature Review. J. Multi-Crit. Decis. Anal. 11(4-5), 167–186.
  • Zyoud, S. H., Kaufmann, L. G., Shaheen, H., Samhan, S. and Fuchs-Hanusch, D. (2016). A Framework for Water Loss Management in developing Countries Under Fuzzy Environment: Integration of Fuzzy AHP with Fuzzy TOPSIS. Expert Systems with Applications, 61(1), 86– 105.
APA PERÇİN S, ALDALOU E (2018). FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL. , 583 - 598. 10.18092/ulikidince.347925
Chicago PERÇİN Selçuk,ALDALOU Eyad FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL. (2018): 583 - 598. 10.18092/ulikidince.347925
MLA PERÇİN Selçuk,ALDALOU Eyad FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL. , 2018, ss.583 - 598. 10.18092/ulikidince.347925
AMA PERÇİN S,ALDALOU E FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL. . 2018; 583 - 598. 10.18092/ulikidince.347925
Vancouver PERÇİN S,ALDALOU E FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL. . 2018; 583 - 598. 10.18092/ulikidince.347925
IEEE PERÇİN S,ALDALOU E "FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL." , ss.583 - 598, 2018. 10.18092/ulikidince.347925
ISNAD PERÇİN, Selçuk - ALDALOU, Eyad. "FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL". (2018), 583-598. https://doi.org/10.18092/ulikidince.347925
APA PERÇİN S, ALDALOU E (2018). FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 0(18. EYİ Özel Sayısı), 583 - 598. 10.18092/ulikidince.347925
Chicago PERÇİN Selçuk,ALDALOU Eyad FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL. Uluslararası İktisadi ve İdari İncelemeler Dergisi 0, no.18. EYİ Özel Sayısı (2018): 583 - 598. 10.18092/ulikidince.347925
MLA PERÇİN Selçuk,ALDALOU Eyad FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL. Uluslararası İktisadi ve İdari İncelemeler Dergisi, vol.0, no.18. EYİ Özel Sayısı, 2018, ss.583 - 598. 10.18092/ulikidince.347925
AMA PERÇİN S,ALDALOU E FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL. Uluslararası İktisadi ve İdari İncelemeler Dergisi. 2018; 0(18. EYİ Özel Sayısı): 583 - 598. 10.18092/ulikidince.347925
Vancouver PERÇİN S,ALDALOU E FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL. Uluslararası İktisadi ve İdari İncelemeler Dergisi. 2018; 0(18. EYİ Özel Sayısı): 583 - 598. 10.18092/ulikidince.347925
IEEE PERÇİN S,ALDALOU E "FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL." Uluslararası İktisadi ve İdari İncelemeler Dergisi, 0, ss.583 - 598, 2018. 10.18092/ulikidince.347925
ISNAD PERÇİN, Selçuk - ALDALOU, Eyad. "FINANCIAL PERFORMANCE EVALUATION OF TURKISH AIRLINE COMPANIES USING INTEGRATED FUZZY AHP FUZZY TOPSIS MODEL". Uluslararası İktisadi ve İdari İncelemeler Dergisi 18. EYİ Özel Sayısı (2018), 583-598. https://doi.org/10.18092/ulikidince.347925