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DOI: 10.5281/zenodo.17686716
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Abb e ia ed Key Ti le: Is g J Econ Bus Manag
ISSN: 2584-0916 (Online)
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Volume – III Issue - VI (No embe -Decembe ) 2025
F equency: Bimon hly
The Impac o Ope a ional Pe o mance on Financial Resul s in he S o age and
T anspo a ion Sec o
Ahme KARACA
Pamukkale Uni e si y, Depa men o In e na ional T ade and Logis ics, Denizli, Tu key
| Recei ed: 23.08.2025 | Accep ed: 27.08.2025 | Published: 23.11.2025
*Co esponding au ho : Ahme KARACA
Pamukkale Uni e si y, Depa men o In e na ional T ade and Logis ics, Denizli, Tu key
1. En ance
Nume ous ac o s in luence a company's p o i abili y in bo h he
sho and long e m. Comp ehending hese ac o s acili a es mo e
e ec i e managemen o a company's asse s. In e nal de e minan s
encompass accoun ing policies, p oduc quali y, ma ke
esponsi eness, success ul p oduc inno a ions, in es men s in
human esou ces, expendi u es on esea ch and de elopmen ,
inno a i e cus ome se ice ini ia i es, cos educ ion s a egies,
e icien managemen p ac ices, and ma ke ope a ions. Ex e nal
de e minan s include he business cycle, exchange a es, me ge s,
a o able global economic condi ions, high G oss Domes ic
P oduc (GDP) g ow h, poli ical and legal en i onmen s, social and
demog aphic ends, he company's sec o , supplie s, cus ome s,
compe i o s, he global en i onmen , economic and echnological
ac o s, social and cul u al aspec s, sha eholde s, s a egic
Abs ac
This s udy explo es how ope a ional pe o mance a ec s he inancial esul s o anspo a ion and wa ehousing companies. Da a
was ga he ed om 2012 o 2024 om he Public Disclosu e Pla o m (KAP). Using panel da a eg ession analysis, he esea ch
examined he ela ionship be ween ope a ional pe o mance indica o s and inancial ou comes. Ope a ional pe o mance was
assessed using me ics such as ecei ables u no e , in en o y u no e , payables u no e , cash con e sion cycle, ixed asse
u no e , e u n on equi y (ROE), and e u n on asse s (ROA). Financial pe o mance was measu ed by ea nings pe sha e (EPS).
The esul s show ha , a a s a is ically signi ican le el, a one-uni inc ease in ROE co esponds o a 0.8760 ise in EPS.
Con e sely, a one-uni inc ease in he cash con e sion cycle (CCC) is linked o a dec ease o 1.0106 in EPS, which is also
s a is ically signi ican . O e all, he indings e eal a nega i e ela ionship be ween EPS and CCC, and a posi i e ela ionship
be ween EPS and ROE, wi h bo h being s a is ically signi ican .
Keywo ds: Ope a ional pe o mance, Logis ics, Panel da a eg ession, Cash con e sion cycle
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alliances, labo unions, and inancial esou ces. Addi ionally,
ex e nal ac o s comp ise go e nmen egula ions, banking
ins i u ions, pu chase s, he local communi y, ma e ial esou ces,
and inancial asse s (Pa ki na & Sadowska, 2011).
E ec i e managemen o any business equi es he ca e ul use o
bo h ixed and cu en asse s. Managing wo king capi al is
especially i al because i di ec ly a ec s p o i abili y and
liquidi y. A s udy by Singh and Pandey (2008) examined he
componen s o wo king capi al and how i s managemen impac s
Hindalco's p o i abili y, along wi h he ela ionships be ween
liquidi y, p o i abili y, and P o i Be o e Tax (PBT). The
esea che s used seconda y da a om Hindalco's annual epo s
om 1990 o 2007. Thei analysis included a io analysis,
pe cen age calcula ions, and co ela ion coe icien s. They also
used mul iple eg ession analysis o iden i y key ac o s
in luencing Hindalco's p o i abili y. Addi ionally, he s udy
e alua ed mic oeconomic p o i abili y using indica o s such as he
cu en a io, liquid a io, ecei ables u no e a io, and he a io
o wo king capi al o o al asse s (Singh & Pandey, 2008). Fac o s
ha posi i ely a ec ed p o i abili y included e ec i e in en o y
managemen , op imal deb le els, inancial le e age, and capi al
e iciency. These indings also poin ou a eas whe e pe o mance
can be imp o ed. Managing business ope a ions e ec i ely
in ol es op imizing cu en asse s, which make up mos o he o al
asse s. Inc easing in en o y and ecei ables u no e a es can
boos e iciency and p o i s. Fu he mo e, s a egic alloca ion o
esou ces o inance ope a ions wi hou sac i icing inancial
independence is ad isable. Inc easing equi y u no e can c ea e
mo e alue and lead o highe p o i s. Finally, educing ope a ing
expenses has been iden i ied as ha ing he g ea es impac on
p o i abili y (Bu ja, 2011).
P o i abili y measu es a company's inancial success. To enhance
economic pe o mance, i ms mus e icien ly execu e hei
ope a ional, in es men , and inancing ac i i ies. While esea ch
indica es ha ope a ional pe o mance in luences p o i abili y in
se ice ope a ions, he p ima y emphasis has adi ionally been on
he ela ionship be ween p oduc i i y and p o i abili y, o be ween
se ice quali y and p o i abili y. Schola s in ma ke ing ha e
p edominan ly examined he link be ween quali y and p o i abili y,
as e idenced by s udies conduc ed by Nelson e al. (1992), Fo nell
(1992), Ande son e al. (1994), Rus e al. (1995), and Lo eman
(1998). Con e sely, esea che s in accoun ing and ope a ions
managemen ha e concen a ed on he impac o p oduc i i y on
p o i abili y, as discussed by Sche czyk (1993) and Smi h and
Reece (1999), among o he s.
Ou in es iga ion examines he ela ionship be ween ope a ional
pe o mance and he ea nings pe sha e a io, aiming o iden i y he
p ima y ac o s in luencing hese a iables. The s udy unde sco es
he signi icance o ope a ional ac i i ies in main aining he
compe i i eness o he anspo a ion and wa ehousing indus y
and hei in luence on p o i abili y. The cen al esea ch inqui y is:
Does ope a ional pe o mance genuinely impac p o i abili y?
Mo eo e , does enhancing ope a ional pe o mance esul in
inc eased p o i s? We employ objec i e me ics o quan i y
p o i abili y and ope a ional e iciency, e alua ing how ope a ional
e ec i eness in luences he inancial ou comes o companies
wi hin he BIST T anspo a ion and Wa ehousing sec o . To assess
ope a ional pe o mance, we analyze indica o s such as ecei ables
con e sion cycle, in en o y con e sion cycle, payables con e sion
cycle, cash con e sion cycle, ixed asse u no e , e u n on asse s,
and e u n on equi y. Concu en ly, we measu e inancial
pe o mance h ough he ea nings pe sha e a io.
2. Ope a ional Pe o mance
Ope a ional ac i i ies such as in es men and inancing necessi a e
comp ehensi e esea ch o a ain op imal inancial ou comes. In
assessing cu en asse in es men s in hese domains, cash and cash
equi alen s a e o pa amoun impo ance. Excessi e in es men in
cash and cash equi alen s can ele a e cos s and po en ially esul in
ailu es (Ceylan & Ko kmaz, 2015, p. 287). Cash managemen
encompasses o ecas ing a company's cash equi emen s and
su pluses du ing he planning pe iod, de e mining app op ia e cash
le els, de ising s a egies o accele a e cash in lows and decele a e
cash ou lows, and making in o med decisions ega ding he
alloca ion o a ailable unds be ween liquid asse s and secu i ies
(Akgüç, 1998, pp. 229-230).
Ope a ional pe o mance is assessed h ough key inancial me ics
like ixed asse u no e , e u n on asse s, e u n on equi y, and he
cash con e sion cycle. These me ics p o ide aluable insigh s in o
a company's o e all pe o mance. Asse u iliza ion a ios indica e
ope a ional e iciency, wi h he ixed asse u no e a io showing
whe he in es men s in p ope y, plan , and equipmen a e
gene a ing enough e u ns. This is calcula ed by di iding ne
income by ixed asse alue (T eadwell, 2015, p. 65). Re u n on
equi y measu es sha eholde e u ns by di iding ne income by
sha eholde s’ equi y, while e u n on asse s e alua es p o i abili y
and asse e iciency by di iding ne p o i by o al asse s (Ka aca,
2022, p. 105).
Ope a ional pe o mance is measu ed using well-es ablished
me ics based on esea ch, such as ixed asse u no e , e u n on
asse s, e u n on equi y, and cash con e sion cycle. These me ics
gi e a solid ounda ion o in o med decision-making by assessing
a company's pe o mance om mul iple angles. In essence, asse
u iliza ion a ios measu e ope a ional e iciency and o e aluable
insigh s in o how e ec i ely businesses use hei asse s and
esou ces. The ixed asse u no e a io shows whe he a
company's in es men in ixed asse s, ypically p ope y, plan , and
equipmen , is paying o . I 's calcula ed by di iding ne income by
he cu en alue o ixed asse s (T eadwell, 2015, p. 65). Re u n
on equi y is de e mined by di iding ne income by sha eholde s'
equi y, e lec ing he e u ns ea ned by sha eholde s om hei
in es men s and he a e - ax ne income gene a ed. Re u n on
asse s is calcula ed by di iding ne p o i by o al asse s o assess a
company's in es men p o i abili y and e iciency in using i s asse s
(Ka aca, 2022, p. 105). Cycle analysis in ol es examining he
di e ence be ween he ope a ing cycle and he deb paymen cycle.
The ope a ing cycle measu es how a company manages ecei ables
and in en o ies, wi h companies ha ing s ong liquidi y posi ions
able o educe inancing cos s, enhance p o i abili y, and main ain
a compe i i e ad an age. The ope a ing cycle in ol es s eps like
ecei ing aw ma e ials, semi- inished goods, and pa s in o
in en o y; p ocessing hem h ough p oduc ion; and con e ing
hem in o inished p oduc s. Inpu p ices a e paid o supplie s on
ime, deduc ed om in en o y upon sale, and p oduc p ices a e
collec ed om cus ome s (Özkan e al., 2021, p. 28).
Fo a business, o ecas ing u u e cash lows in ol es es ima ing
he cash i needs and managing exis ing cash by expedi ing in lows
and decele a ing ou lows. Fac o s such as size, managemen
app oach, ope a ional amewo k, and audi ing p ocedu es
in luence a company's cash holdings (E can & Ban, 2005, p. 288).
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To ul ill i s inancial obliga ions, enhance ope a ional e iciency,
and augmen i s alue, an o ganiza ion mus accu a ely e alua e i s
cash equi emen s and me iculously adminis e i s cash o sus ain a
heal hy balance.
Companies need o calcula e hei cash con e sion cycle o manage
liquidi y e ec i ely. This is done by sub ac ing days payable
ou s anding om he sum o in en o y ou s anding and days sales
ou s anding [CCC = (DIO + DSO) – DPO]. As he cash con e sion
cycle leng hens, an o ganiza ion's unding needs inc ease (Ceylan
& Ko kmaz, 2015, p. 287). A posi i e cash con e sion cycle means
cash ou lows happen be o e in lows, equi ing mo e unding and
d i ing up inancing cos s and educing p o i ma gins. On he
o he hand, a nega i e cycle means in lows come be o e ou lows,
allowing companies o boos p o i ma gins by gene a ing income
om su plus unds each ope a ional cycle (Özkan e al., 2021, p.
28).
3. Li e a u e
Ope a ional pe o mance e e s o he measu able aspec s o an
o ganiza ion's ou pu ha in luence key business me ics like
ma ke sha e and cus ome sa is ac ion (Voss e al., 1997, p. 3).
P o i abili y measu es a company's abili y o gene a e p o i ,
de ined as he a io o p o i ea ned du ing a speci ic pe iod o he
in es ed capi al (Şimşek & Çelik, 2023, p. 136). P o i is he
amoun emaining om e enue a e sub ac ing expenses di ec ly
ela ed o e enue gene a ion, including manu ac u ing and
ope a ional cos s. Al hough esea ch has mainly examined he
ela ionship be ween p oduc i i y and p o i abili y o pe o mance
quali y and p o i abili y, he o e all impac o ope a ional
pe o mance on p o i abili y has ecei ed limi ed a en ion
(Tsik ik sis, 2007). Pe o mance measu emen sys ems help
achie e s a egic objec i es, se o ganiza ional goals, and p o ide
con ol. They also se e as ools o assis managemen in
o ecas ing a company's economic pe o mance and de eloping
s a egies o adap o u u e changes based on hese o ecas s
(Nanni e al., 1990; O ley, 1999).
Choosing he igh pe o mance measu es is one o he bigges
challenges businesses ace (I ne & La cke , 1998). Poo ly
selec ed measu es can mislead manage s, leading o poo decisions
and nega i e ou comes (Fe guson & Leis ikow, 1998). Ope a ional
pe o mance can be e alua ed using a ious a ios, such as
ecei ables u no e , ixed asse u no e , in en o y u no e , asse
u no e , e u n on asse s, and e u n on equi y. These a ios o e
di e en insigh s in o how e ec i ely a company uses i s asse s
and esou ces, helping assess inancial pe o mance om mul iple
angles. The ecei ables u no e a io is calcula ed by di iding ne
income by a e age accoun s ecei able and shows how o en a
company collec s cash om c edi sales. The in en o y u no e
a io is de e mined by di iding he cos o sales by a e age
in en o y, indica ing how quickly in en o y is con e ed in o cash.
The ixed asse u no e a io measu es whe he he company's
spending on equipmen and acili ies—p ope y, plan , and
equipmen c ea es alue. I is calcula ed by di iding he company's
ne income by he cu en alue o i s ixed asse s.
Yücel and Ku (2002) explo ed he link be ween he cash
con e sion cycle, a key ool in wo king capi al managemen , and
measu es o p o i abili y, liquidi y, and deb s uc u e. They
analyzed da a om 167 companies lis ed on he Is anbul S ock
Exchange (ISE) om 1995 o 2000. Thei esea ch compa ed he
cash con e sion cycle, p o i abili y, liquidi y, and deb s uc u e
ac oss di e en pe iods, sec o s, and company sizes. The esul s
showed a posi i e co ela ion be ween he cash con e sion cycle
and he cu en a io, along wi h a nega i e co ela ion wi h
p o i abili y a ios.
Recen ly, schola s in ope a ions managemen ha e begun explo ing
his a ea. Zhao and colleagues (2004) s udied he ela ionship
be ween se ice quali y sys ems and business pe o mance h ough
case s udies in China. Acco ding o Zei haml and colleagues
(1996), unde s anding he complex connec ion be ween se ice
quali y and p o i abili y equi es analyzing o he ac o s a he
same ime, such as he link be ween p oduc i i y and p o i abili y.
The exis ing li e a u e on he connec ion be ween p oduc i i y and
p o i abili y in se ices is limi ed. Sche czyk (1993) examined how
p oduc i i y a ec s inancial pe o mance in he ai line indus y.
Using da a en elopmen analysis, he s udy combined mul iple
ou pu s and inpu s o 15 in e na ional ai lines, inding ha
p oduc i i y is ela ed o e u n on equi y. Smi h and Reece (1999)
in es iga ed he ela ionship among s a egy, p oduc i i y, and
inancial pe o mance h ough ield esea ch in a wholesale
dis ibu ion se ice en i onmen , disco e ing ha p oduc i i y
in luences economic pe o mance. A common heme ac oss hese
s udies is ha hey examined p oduc i i y's e ec on p o i abili y
wi hou conside ing he po en ial in luence o quali y. Acco ding o
Sche czyk (1993), e iciency alone does no ep esen o e all
pe o mance, especially when esul s a e measu ed wi hou
accoun ing o ope a ional ac o s impo an o cus ome s, such as
punc ual ligh s and undamaged baggage, which do no uly e lec
e iciency.
Shin and Soenen (1998) disco e ed a nega i e ela ionship
be ween cash con e sion cycles and p o i ma gins in ood
businesses in G eece. Ly oudi and Laza idu (2000) examined he
link be ween cash con e sion cycles and liquidi y a ios. Thei
s udy ound a posi i e ela ionship be ween liquidi y a ios and
cash con e sion cycles (Saka ya, 2008, p. 229).
In ope a ions managemen , p ac ices like To al Quali y
Managemen o Jus -in-Time Manu ac u ing a e iewed as
me hods o imp o e ope a ional and inancial pe o mance. The
li e a u e on ope a ions managemen , including bo h heo e ical
and empi ical s udies, indica es a posi i e ela ionship be ween
hese p ac ices and pe o mance. Howe e , indings om s udies,
e en wi h a sample o 1,200 companies, gene ally do no show a
clea posi i e link be ween ope a ional p ac ices and inancial
esul s such as g ow h and p o i abili y (Dua e e al., 2011). In
addi ion o inancial me ics like sales, cu en a io, deb - o-equi y
a io, and ne p o i ma gin, ac o s such as human capi al
in es men , pas pe o mance, and indus y di e si ica ion also
signi ican ly in luence p o i abili y. The wide ma ke sec o in
which a company ope a es is also a key ac o in de e mining
p o i abili y (Azim e al., 2015, p. 66).
In hei s udy, Gümüş e al. (2016) examined da a om i e ood
companies lis ed on he BIST 100 index be ween 2006 and 2015.
The s udy ound ha hese companies mainly p oduce and sell
e ail and as -mo ing consume goods, esul ing in a nega i e cash
con e sion cycle and no unding issues ela ed o hei cash
con e sion cycle.
Tsik ik sis (2007) s udied how ope a ional pe o mance a ec s
p o i abili y in he US domes ic ai line indus y and also
in es iga ed how ocus in luences p o i abili y ac oss di e en
se ice ypes. He used qua e ly da a om all majo ca ie s
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DOI: 10.5281/zenodo.17686716
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a ailable since he manda o y epo ing o se ice indica o s o he
US Depa men o T anspo a ion. The analysis showed ha while
" ocused" ai lines had a ela ionship be ween la e a i als and
p o i abili y, his link was no seen in ull-se ice ai lines.
Addi ionally, capaci y u iliza ion was a mo e impo an ac o o
p o i abili y in ull-se ice ai lines han o ocused ai lines.
Fu he mo e, he disco e ed ha ocused ai lines ou pe o med he
es o he indus y in p o i abili y.
Özkan e al. (2021) examined how cash con e sion cycles
in luence he inancial pe o mance o cemen companies lis ed on
he BIST (Is anbul S ock Exchange) by analyzing hei cash
con e sion cycles. The s udy ound ha he cash con e sion cycle
signi ican ly a ec s inancing cos s.
4. Da a and Me hod
4.1. Pu pose and impo ance o he esea ch
The esea ch aims o examine how he cash con e sion cycle, ixed
asse u no e , and p o i abili y a ios a ec ea nings pe sha e o
companies in he BIST T anspo a ion and Wa ehousing sec o and
o unde s and he na u e o hei in luence. An impo an goal o
e ec i e inancial managemen is o educe he ecei ables
collec ion pe iod and ex end he paymen pe iod. Cash
managemen gene ally depends on he cash con e sion cycle,
which is calcula ed by sub ac ing he ade payables paymen
pe iod om he sum o he in en o y con e sion pe iod and he
ecei ables con e sion pe iod (Yücel & Ku , 2002, p. 2). In a
compe i i e en i onmen , a company's abili y o su i e, g ow,
manage isks, and main ain s ong ela ionships wi h inancial
ma ke s elies on i s capaci y o mee deb obliga ions and i s
o e all ope a ional pe o mance.
4.2. O iginal alue o he esea ch
This s udy examines he ole o ope a ions in compe i ion wi hin
he anspo a ion and wa ehousing indus y and hei impac on
p o i abili y. The aim is o analyze how ope a ional pe o mance
a ec s he inancial ou comes o i ms in he BIST T anspo a ion
and Wa ehousing sec o , using objec i e measu es o p o i abili y
and e iciency. The li e a u e e iews he connec ion be ween
e iciency and p o i abili y in se ice indus ies. In ela ed
esea ch, Zhao e al. (2004) explo ed he ela ionship be ween
se ice quali y sys ems and ope a ional pe o mance h ough case
s udies in China. Zei haml e al. (1996) s udied he link be ween
se ice quali y and p o i abili y. Sche czyk (1993) assessed how
e iciency in luences inancial pe o mance in he ai line indus y
using da a en elopmen analysis. Shin and Soenen (1998)
examined e ec i e wo king capi al managemen and ope a ing
p o i abili y, in oduced he concep o he ne comme cial
con e sion cycle as an al e na i e o he cash con e sion cycle, and
analyzed i s ela ionship wi h p o i abili y. Ly oudi and Laza idu
(2000) in es iga ed he connec ion be ween he cash con e sion
cycle and liquidi y indica o s such as he cu en a io and liquidi y
a io in ood indus y companies. Dua e e al. (2011) esea ched
he ela ionship be ween ope a ional p ac ices and inancial
pe o mance, including g ow h and p o i abili y. Gümüş e al.
(2016) analyzed how he cash con e sion cycle ela es o a i m's
economic s uc u e and liquidi y posi ion. Tsik ik sis (2007)
assessed he impac o ope a ional pe o mance on p o i abili y
wi hin he U.S. domes ic ai line indus y.
Unlike o he s udies, his esea ch examined he ela ionship
be ween companies' ope a ional pe o mance, cash con e sion
cycle, e u n on equi y, e u n on asse s, ixed asse u no e , and
ea nings pe sha e using panel eg ession analysis, ocusing on he
long- e m e ec s om 2012 o 2024.
4.3. Scope and limi a ions o he esea ch
Wi hin he scope o he esea ch, he ope a ional pe o mance o
companies was assessed using he ecei ables u no e cycle,
in en o y u no e cycle, payables u no e cycle, cash con e sion
cycle, ixed asse u no e a io, e u n on asse s a io, and e u n
on equi y a io. Financial pe o mance was e alua ed wi h he
ea nings pe sha e a io. A limi a ion o he s udy was ha long-
e m da a we e only a ailable o se en companies in he BIST
T anspo a ion and S o age sec o , and ela ed s udies we e limi ed.
4.4. Resea ch me hod
The s udy examined he ela ionship be ween ope a ional
pe o mance and inancial pe o mance o en e p ises using panel
da a analysis, wi h a iables om Table 2 ac ing as dependen and
independen a iables.
Table 1
Dependen and Independen Va iables
Dependen
Va iable
HBK
Ea nings Pe Sha e
Independen
Va iables
NDS
Cash Con e sion Cycle
DVDS
Fixed Asse Con e sion
Pe iod
ROE (Re u n on Equi y)
Re u n on Equi y
ROA (Re u n on Asse s)
Re u n on Asse s
Ea nings pe Sha e (EPS) e lec a company's p o i abili y. I
indica es he po ion o he company's p o i alloca ed o each
ou s anding sha e o common s ock. EPS was calcula ed using
equa ion no. 1 (Azim e al, 2015, p. 69):
(1)
The cash con e sion cycle (CCC) measu es managemen
e iciency. I shows how well a company handles i s ecei ables,
in en o y, and payables—usually, a sho e cash cycle esul s in
be e ope a ions and highe p o i s. The CCC is calcula ed using
equa ions 2, 3, 4, and 5 (Azim e al., 2015, p. 69; Lazol, 2014).
Days In en o y Ou s anding =
(2)
Days Sales Ou s anding
𝐴𝑣𝑒𝑟𝑎𝑔𝑒 3)
Days Payable Ou s anding =
(4)
Cash Con e sion Cycle = (Days In en o y Ou s anding + Days
Sales Ou s anding – Days Payable Ou s anding) (5)
The Fixed Asse Tu no e Ra io (FATR) is calcula ed using
equa ion no. 6 as a measu e o how e icien ly a company's ixed
asse s (p ope y, plan , and equipmen ) a e used (Azim e al., 2015,
p. 69):
𝐴
(6)
Re u n on Equi y (ROE) shows a company's p o i abili y by
indica ing how much p o i i ea ns om sha eholde s' in es men s.
ROE is calcula ed as shown in equa ion 7:
Copy igh © ISRG Publishe s. All igh s Rese ed.
DOI: 10.5281/zenodo.17686716
83
(7)
Re u n on Asse s (ROA) indica es how e ec i ely and e icien ly a
company's asse s a e being used, indica ing how p o i able he
company is ela i e o i s o al asse s. ROA is calcula ed as in
Equa ion 8.
𝐴
(8)
4.5. Resea ch model and hypo heses
The ela ionship be ween ope a ional pe o mance and inancial
pe o mance, which a e a iables in he esea ch model, was
examined using panel da a eg ession.
The panel da a eg ession model is shown in equa ion 9 (Guja a i,
2006, p. 219; Das, 2019, p. 43).
(9)
In he equa ion, Y (dependen a iable), Xₖᵢₜ (independen
a iables), α is he cons an e m, βₖᵢₜ a e he slope coe icien s, and
µᵢₜ is he e o e m, wi h subsc ip i indica ing uni s and
ep esen ing ime (Al unışık e al., 2010; Ta i e al., 2009).
Consis en wi h he esea ch pu pose, he ollowing hypo heses
we e de eloped:
H1. Fixed Asse Tu no e , Re u n on Equi y, and Re u n on Asse s
signi ican ly in luence Ea nings Pe Sha e.
H2. The e is a nega i e co ela ion be ween Ea nings Pe Sha e
and Cash Con e sion Cycle.
4.6. Findings o he esea ch
Included businesses ope a ing wi hin he BIST T anspo a ion and
S o age sec o . The selec ion ocused on companies wi h a
su icien pe iod o panel da a analysis.
Table 2
BIST T anspo a ion and S o age Sec o Companies
O de
Code
Company Name
1
WHITE
WHITE FLEET AUTO RENTAL INC.
2
CLEBI
CELEBI AVIATION SERVICES INC.
3
GSDDE
GSD SHIPPING REAL ESTATE
CONSTRUCTION INDUSTRY AND
TRADE INC.
4
PGSUS
PEGASUS AIR TRANSPORTATION INC.
5
RYSAS
REYSAŞ TRANSPORTATION AND
LOGISTICS TRADE INC.
6
TLMAN
TRABZON PORT MANAGEMENT INC.
7
THYAO
TURKISH AIRLINES AO
This pa o he s udy includes da a calcula ed using a ios ela ed
o he inancial and ope a ional pe o mance o companies in he
BIST T anspo a ion and S o age Sec o .
Table 3
Ea nings pe Sha e Values o Companies in he BIST T anspo a ion and S o age Sec o
YEARS
WHITE
CLEBI
GSDDE
PGSUS
RYSAŞ
THYAO
TLMAN
MEAN
2012
0.02
0.86
0.04
1.68
0.00
0.96
-
0.51
2013
0.07
0.13
-0.19
0.90
0.25
0.49
-
0.24
2014
-0.23
2.25
-0.16
1.40
0.19
1.32
-
0.68
2015
1.17
3.42
-0.29
1.11
-0.27
2.17
-
1.04
2016
0.73
1.10
-0.54
-1.31
-0.28
-0.03
1.35
0.15
2017
0.31
3.51
-0.30
4.91
-0.13
0.46
1.51
1.47
2018
0.00
8.42
0.68
4.96
-0.61
2.93
1.81
2.60
2019
0.15
7.92
-0.11
13.03
0.05
3.29
2.48
3.83
2020
0.38
-6.96
-0.33
-19.21
-0.18
-4.05
2.79
-3.94
2021
0.38
21.95
0.93
-19.28
-0.23
5.95
2.94
1.81
2022
0.23
44.44
0.42
69.41
1.00
34.37
10.13
22.86
2023
0.78
68.63
-2.03
204.37
1.48
118.11
7.59
56.99
2024
-0.38
146.77
-0.23
26.57
0.70
82.14
5.58
37.31
AVERAGE
0.28
23.26
-0.16
22.20
0.15
19.09
2.78
9.66
MAXIMUM
1.17
146.77
0.93
204.37
1.48
118.11
10.13
69.00
MINIMUM
-0.38
-6.96
-2.03
-19.28
-0.61
-4.05
0.00
-4.76
Table 3 p esen s he companies' ea nings pe sha e s a is ics. CLEBİ anks i s wi h an a e age EPS o 23.26, PGSUS anks second wi h an
a e age EPS o 22.20, and THYAO anks hi d wi h an a e age EPS o 19.09. The companies' o e all a e age EPS pe o mance was he lowes
in 2023 a 56.99, while in 2020 i was -3.94.
Copy igh © ISRG Publishe s. All igh s Rese ed.
DOI: 10.5281/zenodo.17686716
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Figu e 1
BIST T anspo a ion and S o age En e p ises Ea nings Pe Sha e T end
Figu e 1 displays he a e age ea nings pe sha e o companies om 2012 o 2024.
Figu e 2
BIST Ea nings Pe Sha e T ends o BIST T anspo a ion and S o age Companies
Figu e 2 displays he ends in ea nings pe sha e o each company. Ea nings pe sha e eached a low in 2020-2021 and a high in 2023.
Table 4
Cash Con e sion Cycles o BIST T anspo a ion and S o age En e p ises
YEARS
WHITE
CLEBI
GSDDE
PGSUS
RYSAŞ
THYAO
TLMAN
MEAN
2012
58.64
18.05
0.00
-20.77
33.79
-1.11
-
12.66
2013
57.02
14.75
0.00
-9.32
14.86
-2.30
-
10.72
2014
18.64
6.29
0.00
2.00
-8.82
-3.65
-
2.07
2015
3.00
3.94
0.00
3.66
-20,20
-5.75
-
-2.19
2016
12.58
10.56
38.30
-2.39
-30.50
-4.33
-25.94
-0.25
2017
39.21
9.05
21.65
-12.55
-27.83
-5.96
-43.60
-2.86
2018
49.04
9.28
15.37
-13.79
-11.21
-10.26
-40.14
-0.25
2019
48.55
10.23
25.13
-15.87
-11.21
-12.45
-44.49
-0.02
2020
46.16
9.72
30.07
-21.68
-11.80
-6.88
-48.36
-0.39
2021
32.74
0.96
8.61
-35.29
2.22
1.53
-16.94
-0.88
2022
28.75
-1.36
-1.89
-23.87
4.94
-0.99
-26.72
-3.02
MEAN
-50.00
0.00
50.00
100.00
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
MEAN
-50.00
0.00
50.00
100.00
150.00
200.00
250.00
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Ea nings Pe Sha e
BEYAZ CLEBİ GSDDE PGSUS RYSAŞ THYAO TLMAN
Copy igh © ISRG Publishe s. All igh s Rese ed.
DOI: 10.5281/zenodo.17686716
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2023
25.60
1.00
-8.91
-22.81
8.96
-4.08
-14.24
-2.07
2024
15.62
-1.39
-19.21
-17.88
-3.50
-2.64
-11.89
-5.84
AVERAGE
33.50
7.01
8.39
-14.66
-4.64
-4.53
-20.95
0.59
THE BIGGEST
58.64
18.05
38.30
3.66
33.79
1.53
0.00
22.00
SMALLEST
3.00
-1.39
-19.21
-35.29
-30.50
-12.45
-48.36
-20.60
When analyzing he da a in Table 4, TLMAN has he sho es cash con e sion cycle a -20.95. In o he wo ds, TLMAN quickly con e s i s
ecei ables in o cash while delaying deb paymen s, ensu ing deb s a e paid la e . PGSUS NDS anks second, jus behind TLMAN, wi h a -
14.66 igu e, while RYSAŞ anks hi d a -4.64.
Figu e 3
Cash Con e sion Cycles o Businesses in he BIST T anspo a ion and S o age Sec o
Figu e 3 illus a es he NDS pe o mance ends o each company indi idually. As shown in he cha , TLMAN, PGSUS, and RYSAŞ ha e
lowe ed paymen - ela ed isks by main aining nega i e cash con e sion cycles. Companies wi h posi i e cycles ha e ecei ables and in en o y
u no e pe iods ha su pass hei payables u no e cycles, which inc eases liquidi y isk.
Figu e 4
A e age Cash Con e sion Cycles o BIST T anspo a ion and S o age En e p ises by Yea
Figu e 4 shows he a e age NDS alues o businesses o e he yea s. NDSs o companies peaked in 2012 and again in 2024. In o he wo ds, he
g aph indica es ha he ecei ables and in en o y u no e pe iods o businesses dec eased ela i e o hei payables u no e pe iods a e 2014,
he eby enhancing hei abili y o pay deb s.
Table 5
Fixed Asse Tu no e Pe iods o BIST T anspo a ion and S o age En e p ises
YEARS
WHITE
CLEBI
GSDDE
PGSUS
RYSAŞ
THYAO
TLMAN
MEAN
2012
0.68
1.50
0.00
1.03
0.90
0.99
-
0.73
2013
0.71
1.45
0.00
1.04
0.77
0.90
-
0.70
-60.00
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
NDS
BEYAZ CLEBİ GSDDE PGSUS RYSAŞ THYAO TLMAN
-10.00
-5.00
0.00
5.00
10.00
15.00
2010 2012 2014 2016 2018 2020 2022 2024 2026
MEAN
Copy igh © ISRG Publishe s. All igh s Rese ed.
DOI: 10.5281/zenodo.17686716
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2014
2.10
1.58
0.00
1.52
0.53
0.95
-
0.95
2015
3.08
1.75
0.00
1.54
0.43
0.75
-
1.08
2016
5.30
1.48
0.10
0.89
0.43
0.56
0.68
1.35
2017
2018
13.99
1.66
0.17
1.07
0.43
0.72
1.47
2.79
16.93
1.49
0.35
0.89
0.47
0.74
1.80
3.24
2019
85.53
1.18
0.17
0.74
0.55
0.63
1.43
12.89
2020
2021
53.39
19.36
0.84
0.72
0.16
0.33
0.20
0.27
0.42
0.37
0.30
0.34
2.14
2.25
8.21
3.38
2022
21.54
1.25
0.40
0.57
0.69
0.70
0.88
3.72
2023
39.41
1.19
0.16
0.46
0.99
0.63
0.86
6.24
2024
24.89
1.70
0.25
0.52
0.75
0.70
0.56
4.20
AVERAGE
22.07
1.37
0.16
0.83
0.59
0.69
0.93
3.80
THE BIGGEST
85.53
1.75
0.40
1.54
0.99
0.99
2.25
13.35
SMALLEST
0.68
0.72
0.00
0.20
0.37
0.30
0.00
0.32
Looking a he da a in Table 5, BEYAZ has he highes ixed asse u no e a e, a e aging 22.07. This indica es BEYAZ con e s i s ixed
asse s in o cash 22 imes a yea . Meanwhile, GSDDE eco ds he lowes a e, wi h an a e age o 0.16.
Figu e 5
A e age Fixed Asse Tu no e T ends o BIST T anspo a ion and S o age En e p ises
As shown in Figu e 5, al hough WHITE has he highes DVDH, he o he companies ha e simila alues.
Figu e 6
A e age Fixed Asse Tu no e Ra e T ends o BIST T anspo a ion and S o age Sec o En e p ises by Yea
When he DVDH o he en e p ises is e iewed annually, i is obse ed ha he highes alues occu ed in 2019, 2020, and 2023, while he
lowes alues we e be ween 2012 and 2016.
0.00
50.00
100.00
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
DVDH
BEYAZ CLEBİ GSDDE PGSUS RYSAŞ THYAO TLMAN
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
MEAN
Copy igh © ISRG Publishe s. All igh s Rese ed.
DOI: 10.5281/zenodo.17686716
87
Table 6
Re u n on Equi y Ra ios o En e p ises in he BIST T anspo a ion and S o age Sec o
YEARS
WHITE
CLEBI
GSDDE
PGSUS
RYSAŞ
THYAO
TLMAN
MEAN
2012
0.01
0.33
0.02
0.39
0.00
0.21
-
0.14
2013
0.11
0.07
-0.08
0.08
0.10
0.10
-
0.05
2014
-0.35
0.51
-0.09
0.12
0.07
0.20
-
0.07
2015
0.64
0.58
-0.15
0.08
-0.13
0.21
-
0.17
2016
0.29
0.26
-0.29
-0.09
-0.17
0.00
0.38
0.05
2017
0.13
0.51
-0.17
0.20
-0.09
0.03
0.48
0.16
2018
0.00
0.58
0.27
0.14
-1.25
0.13
0.50
0.05
2019
0.12
0.34
-0.04
0.25
0.10
0.11
0.56
0.21
2020
0.24
-0.38
-0.10
-0.36
-0.04
-0.14
0.43
-0.05
2021
0.19
0.32
0.23
-0.29
-0.05
0.09
0.44
0.13
2022
0.04
0.33
0.04
0.39
0.22
0.26
0.33
0.23
2023
0.11
0.32
-0.18
0.38
0.17
0.36
0.20
0.19
2024
-0.04
0.46
-0.02
0.18
0.14
0.17
0.09
0.14
AVERAGE
0.12
0.32
-0.04
0.11
-0.07
0.13
0.26
0.12
THE BIGGEST
0.64
0.58
0.27
0.39
0.22
0.36
0.56
0.43
SMALLEST
-0.35
-0.38
-0.29
-0.36
-1.25
-0.14
0.00
-0.40
When examining he alues in Table 6, he company wi h he highes e u n on equi y is CLEBİ, anking i s wi h an a e age o 0.32, ollowed
by TLMAN in second place wi h an a e age o 0.26, and THYAO in hi d wi h an a e age o 0.13. In o he wo ds, CLEBİ deli e s he highes
e u n on he capi al in es ed.
Figu e 7
A e age Re u n on Equi y T ends o En e p ises in he BIST T anspo a ion and S o age Sec o
Figu e 7 shows he e u n on equi y ends o each company sepa a ely.
Figu e 8
Annual A e age Re u n on Equi y T ends o En e p ises in he BIST T anspo a ion and S o age Sec o
-1.50
-1.00
-0.50
0.00
0.50
1.00
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
ROE
BEYAZ CLEBİ GSDDE PGSUS RYSAŞ THYAO TLMAN
