Analysis of Working Capital Efficiency with Index Method: An Application to BIST Aviation Companies

The primary aim of this study is to measure the working capital management efficiency levels of companies listed in the Borsa Istanbul (BIST) Transportation Index. To achieve this objective, the Index Method developed by Bhattacharya (1997) was utilized. Using annual data from 2014 to 2024, utilization index, performance index, and efficiency index values were calculated for Turkish Airlines (THYAO) and Pegasus Airlines (PGSUS), both publicly traded companies. According to the findings, the average index values for THYAO and PGSUS were found to be greater than 1, indicating that investments in current assets contributed to an increase in sales revenue. Additionally, a significant divergence among the indices was observed in 2020, the year when the global COVID-19 pandemic had a profound impact.