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Abstract


FAALİYET RASYOLARININ FİRMA DEĞERİNE ETKİSİ: AVRUPA'DA FAALİYET GÖSTEREN HAVAYOLU ŞİRKETLERİNDE BİR UYGULAMA
Firms make more sales to increase their profit. Firms should use their assets efficiently to increase their profit. There are many methods to evaluated the productivity of firms' activities. However, ratio analysis is widely used to assess operational productivity. This study is used activity ratios to assess the financial productivity of Airlines. Activity ratios are used to assess the productivity of firms' assets, receivables, payables, inventories and fixed assets. As firms use their assets productively, their profit increases. Therefore, firms' high performance can raise their stock value, which in turn, increases their value. In this study, it is aimed in efficiency in terms of activity ratios for Airlines. In addition, this study investigated the effect of activity ratios on Firm value. The 7-years (2010-2016) data of the top 10 airlines operating in Europe were used in the implementation. Asset turnover, inventory turnover, accounts receivables turnover, financial leverage ratio and stock price variables were analyzed using the method of panel data. According to analysis of results, activity ratios were positively affected by stock price, accounts receivables turnover and asset turnover, and negatively affected by inventory turnover and financial leverage ratio. As the financial productivity increases, the value of the firm increases.

Keywords
Airlines, Operating Ratios, Firm Value, Productivity, Panel Data


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