Özet:

Airline companies constantly need significant amount of working capital as they provide services. Working capital is very important for businesses to carry out their activities in a good way and for companies to fulfill their short-term obligations. The firm’s inability to have the resources for keeping its activities or the business failure to fulfill its obligations will cause the firm to experience serious problems. Financial decisions are generally focused on medium and long-term decisions. Although working capital management is often considered as simple, it is vital to the firm. Especially companies operating in the service sector should pay attention to working capital management. In this study, the effect of the working capital ratios on the financial performance indicators was measured. Panel data analysis was used in the study. Primarily, the validity of the unit and time effects of the model has been analyzed, and fixed effect and random effect models have been created according to the results of that analysis. In order to determine the model to be used, it it has been decided as a result of the Haussman test and basic assumption tests have been applied on the model. The Driscoll-Kraay estimator was tested and found more suitable and used in this study. As a result of the analysis, it was concluded that there is a strong positive relationship between the net working capital ratio and firm performance in addition the firms were severely affected by the 2008 global crisis and the Covid-19 epidemic.

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