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Financial Performance Analysis of Airlines Operating in Europe: CRITIC Based MAUT and MARCOS Methods

Authors: Sevgi SUMERLİ SARIGÜL; Merve ÜNLÜ; Esra YAŞAR;

Financial Performance Analysis of Airlines Operating in Europe: CRITIC Based MAUT and MARCOS Methods

Abstract

This paper aims to measure the financial performance of 6 airline operators operating in Europe between the periods of 2019-2021. For performance measurement, 8 financial criteria were used: current ratio, cash ratio, financial leverage ratio, equity multiplier, asset turnover rate, equity turnover rate, return on equity and return on assets ratio. For the analysis of these criteria, the importance levels of the criteria related to the CRITIC method, one of the MCDM methods, were determined. At the same time, with the MAUT and MARCOS methods, the financial performance ranking of the airline enterprises was obtained according to the relevant years. According to the findings of the CRITIC method; It was determined that asset turnover rate in 2019 and financial leverage ratio criteria in 2020 and 2019 were the most important criteria. As a result of the MAUT method, it was concluded that the airline with the best financial performance in 2019, 2020 and 2021 was Air France. According to the findings of the MARCOS method, the airline with the highest financial performance in 2019 was Pegasus Airlines and in 2020 and 2021 it was determined as EasyJet.

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
9
Top 10%
Average
Top 10%
gold