Abstract:

The aim of this research is to analyze the cash conversion cycles of airline passenger transport companies internationally. For this purpose, days inventory outstanding, days sales outstanding, trade credit payment period and cash conversion cycle for the years 2016-2021 of 64 airline passenger transportation companies whose traded on the stock exchanges in the United States of America (USA), Asia-Pacific and European countries were calculated and analyzed comparatively. In the study, the relationships between the cash conversion cycle and its components were also evaluated by correlation analysis. As a result of the research, it was determined that the average of the cash conversion cycle was not long in general. However, it has been determined that the companies in the USA sample have the longest cash conversion cycle while Asia-Pacific has the shortest cash conversion cycle. As a result of the correlation analysis, it was determined that the strongest relationship with the cash conversion cycle in the Asia-Pacific and Europe samples was with the days sales outstanding, and with the days inventory outstanding in the USA sample. The study also found that the COVID-19 outbreak negatively affected the operating efficiency and cash conversion cycle of airline companies in general.

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