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Journals / Ekonomi ve Finansal Araştırmalar Dergisi / 2026 / Cilt: 8 Sayı: 1

Comparison of Traditional and Cash Flow Ratios in Measuring Liquidity and Solvency Performance in Football Clubs: An International Analysis

Futbol Kulüplerinde Likidite ve Borç Ödeme Gücü Performansının Ölçülmesinde Geleneksel ve Nakit Akış Oranlarının Karşılaştırılması: Uluslararası Bir Analiz

Erdinç Karadeniz(Mersin Üniversitesi Turizm Fakültesi)0000-0003-2658-8490
Ömer İskenderoğlu(NIGDE OMER HALISDEMIR UNIVERSITY)0000-0002-3407-1259
Pages
1–27
Publication Date
2026-06-30
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The Wilcoxon signed-rank test confirmed statistically significant differences between traditional and cash flow-based ratios.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study examines the financial data of 17 football clubs from nine national leagues under the Union of European Football Associations for 2018-2024, analysing liquidity and solvency through traditional ratios and cash flow-based ratios.
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Key Findings & Data:The analysis indicates weak liquidity performance in both ratio groups, with traditional ratios presenting more optimistic outcomes than cash flow-based ratios.
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Conclusion & Impact:The Wilcoxon signed-rank test confirmed statistically significant differences between traditional and cash flow-based ratios.
🔬Design:Araştırma Makalesi
📍Scope:2018-2024 Verileri
⚙️Variables:Nakit Akış Oranları · Geleneksel Finansal Oranlar · Likidite

Abstract

This study examines the financial data of 17 football clubs from nine national leagues under the Union of European Football Associations for 2018-2024, analysing liquidity and solvency through traditional ratios and cash flow-based ratios. Descriptive statistics and the Wilcoxon signed-rank test were employed to compare findings. The analysis indicates weak liquidity performance in both ratio groups, with traditional ratios presenting more optimistic outcomes than cash flow-based ratios. For solvency, the total assets to total debt ratio showed less unfavourable results than the cash flow to debt ratio, while the cash flow-interest coverage ratio outperformed the interest coverage ratio. The Wilcoxon signed-rank test confirmed statistically significant differences between traditional and cash flow-based ratios.

Özet

Bu araştırma, Avrupa Futbol Federasyonları Birliği’ne bağlı dokuz ulusal ligden 17 futbol kulübünün 2018-2024 dönemi finansal verileriyle likidite ve borç ödeme gücünü geleneksel ve nakit akış temelli oranlar üzerinden inceleyerek farklılıkları ortaya koymayı amaçlamıştır. Araştırmada bulguların karşılaştırılmasında tanımlayıcı istatistikler ve wilcoxon işaretli sıra testi kullanılmıştır. Analiz sonucu likidite performansının her iki oran grubunda zayıf olduğunu, ancak geleneksel oranların nakit akış temelli oranlara göre daha iyimser sonuçlar verdiğini göstermiştir. Uzun vadeli borç ödeme gücü açısından ise toplam varlıklar-toplam borç oranı, nakit akış-borç oranına göre daha az başarısız, nakit akış-faiz karşılama oranı ise faiz karşılama oranına göre daha başarılı sonuçlar vermiştir. Wilcoxon işaretli sıra testi sonucunda ise geleneksel oranlar ile nakit akış temelli oranlar arasında istatistiksel olarak anlamlı farklılık olduğu saptanmıştır.

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Cite This Article

Karadeniz, E., İskenderoğlu, Ö. (2026). Comparison of Traditional and Cash Flow Ratios in Measuring Liquidity and Solvency Performance in Football Clubs: An International Analysis. Ekonomi ve Finansal Araştırmalar Dergisi, Cilt: 8 Sayı: 1, 1–27. https://doi.org/10.56668/jefr.1813465

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