The examination of factors affect financial performancewith dynamic panel data analysis in the airline companies that passenger transport

The aim of this study is to present factors affect financial performance of companies which are running business on the air passenger transportation sector. The world's top 100 airlines according to their passenger revenue per kilometer are chosen as a sample in this study. Some of these airlines were left as out of analysis due to missing data and/or company merge with others, thus 59 airlines have been taken into account at this analysis. Airline passenger transportation companies are studied after classification of them by means of their business model as traditional or low cost airline. 37 traditional and 22 low cost airline companies are analysed with dynamic panel data method. It is revealed that financial performance identifiers differentiated or not by their business model. Airline passenger transportation companies' data between 2008 and 2017 years is used in this study. Passenger revenue per kilometer and return on asset are taken as financial performance indicator. It is expected that the study will make contribution to literature in terms of usage of aviation specific variables and finance related variables together.