Research Article
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Analysis of Operational Ratıos Affecting Stock Price in Low Cost Airline Businesses

Year 2021, Issue: 60, 1 - 23, 25.12.2021

Abdulkadir Alıcı , Güven Sevil

https://doi.org/10.18070/erciyesiibd.866967
Cited By: 1

Abstract

In the determination of the stock price, factors such as the economic situation of the country, future expectations and the performance of the enterprises are quite effective together with the supply-demand effect. In this context, it is aimed to reveal the relations between the operational indicators of airline companies and the stock price. In practice, the annual operational data of 6 low-cost airlines covering the years 2005-2017 were analyzed using panel data analysis method, and operational (RPK, CASK, LF and OKZ) factors that determine the stock price were determined. According to the panel data analysis result, it is seen that the wage passenger km (RPK) variable has a positive effect on the stock price at the 1% significance level. It has been determined that the unit cost per seat (CASK) ratio variable has a negative effect on the stock price at the level of 1%. The conclusion from the findings is that airlines should increase operational income and demand in order to increase stock value. With the increase in revenues, the decrease in unit costs increases the profitability and stock value of airlines, in line with the theory

Keywords

Airlines Stock Price Panel Data Analysis.

References

  • Assaf, A. G. and Josiassen, A. (2012) European vs. U.S. airlines: Performance comparison in a dynamic market. Tourism Management 33, 317-326.
  • Barbot, C., Costa, A. and Sochirca, E. (2008) Airlines performance in the new market context: A comparative productivity and efficiency analysis. Journal of Air Transport Management 14, 270– 274.
  • Barros, P. C. And Wanke, P. (2015) An analysis of African airlines efficiency with two-stage TOPSIS and neural networks. Journal of Air Transport Management 44-45, 90-102.
  • Battal, Ü. (2002) Havayolu Taşımacılığında Finans ve Finansman Kaynakları. Yayımlanmış Doktora Tezi, Eskişehir: Anadolu Üniversitesi, Sosyal Bilimler Enstitüsü.
  • Behn, B. K. and Riley, R. A. (1999) Using nonfinancial ınformation to predict financial performance: the case of the u.s. airline industry. Journal of Accounting, Auditing and Finance, April 1999. 29-56.
  • Choi, K. (2017) Multi-period efficiency and productivity changes in US domestic airlines. Journal of Air Transport Management 59, 18-25.
  • Demyduk, G. (2011) Optimal financial key performance indicators: evidence from the airline industry. Accountıng & Taxatıon Volume 3 Number 2, 39-51.
  • Doganis, R. (2010) Flying off Course, Airline Economic and Marketing, Fourth Editin, Routledge, London.
  • Empeh, V. V. (2013) Bringing the Airline Industry Back to Profitability by Analyzing Capital Structure, Cost, and Operational Efficiency. Doctor of Philosophy, USA: Walden University: College Of Management And Technology.
  • Gudmundsson, V. S. (2002). Airline distress prediction using non-financial indicators. Journal of Air Transportation (7), 2, 1–24.
  • Erol, H. (2007). Bankalarda Net Faiz Marjının Belirleyicileri, Risk Duyarlılığı ve Politika Önerileri. Ankara: Türkiye Cumhuriyet Merkez Bankası.
  • Francis, G., Humphreys, I. and Fry, J., (2005) The nature and prevalence of the use of performance measurement techniques by airlines, Journal of Air Transport Management 11, 207–217.
  • Güriş, S. (2015). Panel Veri ve Panel Veri Modelleri. Kolektif içinde, Modelleri, Stata İle Panel Veri. İstanbul: Der Yayınları.
  • Hsiao, C. (2003). Analysis of Panel Data (Second edition b.). Cambridge: Cambridge University Press.
  • Jang, S., Choi, K. And Lee, K. (2011) External shocks and efficiency changes in the US airline industry. The Service Industries Journal, 31:14, 2411-2435.
  • Khim, L. S.; Chang, C. S.; Larry N. K.(2010). Service quality, service recovery, and financial performance: an analysis of the US airline industry. Advances in Management Accouinting, 18, 27–53.
  • Liedtka, S. L. (2002) The information content of nonfinancial performance measures in the airline ındustry. Journal of Business Finance & Accounting, 29(7) & (8), 1105-1121.
  • Li, S. F. - Zhu, H. M. - Yu, K., (2012). Oil Prices and Stock Market in China: A Sector Analysis Using Panel Cointegration with Multiple Breaks. Energy Economics, 34, 1951-1958.
  • Mantin, B. and Wang, J-H. E. (2012) Determinants of profitability and recovery from system-wide shocks: The case of the airline industry. Journal of Airline and Airport Management, 2(1), 1-21.
  • Min, H. and Joo, S-J. (2016) A comparative performance analysis of airline strategic alliances using data envelopment analysis. Journal of Air Transport Management 52, 99-110.
  • Riley, R. A., Pearson, T. A. and Trompeter, G. (2003) The value relevance of non-financial performance variables and accounting information: the case of the airline industry. Journal of Accounting and Public Policy, 22 (2003) 231–254.
  • Schefczyk, M. (1993). Operational performance of airlines: an extension of traditional measurement paradigms. Strategic Management Journal (14), 301–317.
  • Tsikriktis, N. (2007) The Effect of Operational Performance and Focus on Profitability: A Longitudinal Study of the U.S. Airline Industry. Manufacturing & Service Operations Management, Vol 9, No.4. 506-217.
  • Vasigh B. Fleming K. ve Humphreys, B. (2015). Foundations of Airline Finance – Methodology and practice. Second edition. Routledge. ABD.
  • Wald, A., Christoph, F., Gleich, R. (2010). Introduction to aviaiton system. London: Transaction Publishers.
  • Wensveen, J. G. (2011) Air Transportation: A management Perspective, Ashgate Publishing Limited, Seventh Edition.
  • Yaghi, H. (2015) Comparing The Performances Of Major Airline Companies By Traditional And Airline-Specific Ratios And Measures, Yayımlanmamış Yüksek Lisans Tezi, Sakarya: Sakarya Üniversitesi, Sosyal Bilimler Enstitüsü.
  • Zou, B. Elke, M. Hansen, M. Kafle, N. (2014) Evaluating air carrier fuel efficiency in the US airline industry. Transportation Research Part A 59, 306-330.

Düşük Maliyetli Havayolu İşletmelerinde Hisse Senedi Fiyatını Etkileyen Operasyonel Oranların Analizi

Year 2021, Issue: 60, 1 - 23, 25.12.2021

Abdulkadir Alıcı , Güven Sevil

https://doi.org/10.18070/erciyesiibd.866967
Cited By: 1

Abstract

Hisse senedi fiyatının belirlenmesinde, arz-talep etkisiyle birlikte, ülkenin ekonomik durumu, gelecek beklentileri ve işletmelerin performansı gibi faktörler oldukça etkilidir. Bu kapsamda, havayolu işletmelerine ait operasyonel göstergelerin hisse senedi fiyatı ile ilişkilerinin ortaya konulması hedeflenmektedir. Uygulamada 6 düşük maliyetli havayollarına ait 2005-2017 yıllarını kapsayan yıllık operasyonel veriler, panel veri analizi yöntemiyle analiz edilmiş olup, hisse senedi fiyatını belirleyen operasyonel (RPK, CASK, LF ve OKZ) faktörler tespit edilmiştir. Panel veri analizi sonucuna göre, ücretli yolcu km (RPK) değişkeninin hisse senedi fiyatı üzerinde %1 anlam düzeyinde pozitif bir etkiye sahip olduğu görülmektedir. Arz edilen koltuk başına birim maliyet (CASK) oranı değişkeninin hisse senedi fiyatı üzerinde %1 anlam düzeyinde negatif bir etkiye sahip olduğu tespit edilmiştir. Bulgulardan elde edilen sonuca göre, havayolu işletmeleri hisse senedi değerini arttırmak için operasyonel gelir ve talebi arttırmalıdır. Gelirlerin artışıyla birlikte, birim maliyetlerin azalması teori ile uyumlu olarak havayollarının kârlılığını ve hisse senedi değerini arttırmaktadır

Keywords

Havayolları Hisse Senedi Fiyatı Panel Veri Analizi

References

  • Assaf, A. G. and Josiassen, A. (2012) European vs. U.S. airlines: Performance comparison in a dynamic market. Tourism Management 33, 317-326.
  • Barbot, C., Costa, A. and Sochirca, E. (2008) Airlines performance in the new market context: A comparative productivity and efficiency analysis. Journal of Air Transport Management 14, 270– 274.
  • Barros, P. C. And Wanke, P. (2015) An analysis of African airlines efficiency with two-stage TOPSIS and neural networks. Journal of Air Transport Management 44-45, 90-102.
  • Battal, Ü. (2002) Havayolu Taşımacılığında Finans ve Finansman Kaynakları. Yayımlanmış Doktora Tezi, Eskişehir: Anadolu Üniversitesi, Sosyal Bilimler Enstitüsü.
  • Behn, B. K. and Riley, R. A. (1999) Using nonfinancial ınformation to predict financial performance: the case of the u.s. airline industry. Journal of Accounting, Auditing and Finance, April 1999. 29-56.
  • Choi, K. (2017) Multi-period efficiency and productivity changes in US domestic airlines. Journal of Air Transport Management 59, 18-25.
  • Demyduk, G. (2011) Optimal financial key performance indicators: evidence from the airline industry. Accountıng & Taxatıon Volume 3 Number 2, 39-51.
  • Doganis, R. (2010) Flying off Course, Airline Economic and Marketing, Fourth Editin, Routledge, London.
  • Empeh, V. V. (2013) Bringing the Airline Industry Back to Profitability by Analyzing Capital Structure, Cost, and Operational Efficiency. Doctor of Philosophy, USA: Walden University: College Of Management And Technology.
  • Gudmundsson, V. S. (2002). Airline distress prediction using non-financial indicators. Journal of Air Transportation (7), 2, 1–24.
  • Erol, H. (2007). Bankalarda Net Faiz Marjının Belirleyicileri, Risk Duyarlılığı ve Politika Önerileri. Ankara: Türkiye Cumhuriyet Merkez Bankası.
  • Francis, G., Humphreys, I. and Fry, J., (2005) The nature and prevalence of the use of performance measurement techniques by airlines, Journal of Air Transport Management 11, 207–217.
  • Güriş, S. (2015). Panel Veri ve Panel Veri Modelleri. Kolektif içinde, Modelleri, Stata İle Panel Veri. İstanbul: Der Yayınları.
  • Hsiao, C. (2003). Analysis of Panel Data (Second edition b.). Cambridge: Cambridge University Press.
  • Jang, S., Choi, K. And Lee, K. (2011) External shocks and efficiency changes in the US airline industry. The Service Industries Journal, 31:14, 2411-2435.
  • Khim, L. S.; Chang, C. S.; Larry N. K.(2010). Service quality, service recovery, and financial performance: an analysis of the US airline industry. Advances in Management Accouinting, 18, 27–53.
  • Liedtka, S. L. (2002) The information content of nonfinancial performance measures in the airline ındustry. Journal of Business Finance & Accounting, 29(7) & (8), 1105-1121.
  • Li, S. F. - Zhu, H. M. - Yu, K., (2012). Oil Prices and Stock Market in China: A Sector Analysis Using Panel Cointegration with Multiple Breaks. Energy Economics, 34, 1951-1958.
  • Mantin, B. and Wang, J-H. E. (2012) Determinants of profitability and recovery from system-wide shocks: The case of the airline industry. Journal of Airline and Airport Management, 2(1), 1-21.
  • Min, H. and Joo, S-J. (2016) A comparative performance analysis of airline strategic alliances using data envelopment analysis. Journal of Air Transport Management 52, 99-110.
  • Riley, R. A., Pearson, T. A. and Trompeter, G. (2003) The value relevance of non-financial performance variables and accounting information: the case of the airline industry. Journal of Accounting and Public Policy, 22 (2003) 231–254.
  • Schefczyk, M. (1993). Operational performance of airlines: an extension of traditional measurement paradigms. Strategic Management Journal (14), 301–317.
  • Tsikriktis, N. (2007) The Effect of Operational Performance and Focus on Profitability: A Longitudinal Study of the U.S. Airline Industry. Manufacturing & Service Operations Management, Vol 9, No.4. 506-217.
  • Vasigh B. Fleming K. ve Humphreys, B. (2015). Foundations of Airline Finance – Methodology and practice. Second edition. Routledge. ABD.
  • Wald, A., Christoph, F., Gleich, R. (2010). Introduction to aviaiton system. London: Transaction Publishers.
  • Wensveen, J. G. (2011) Air Transportation: A management Perspective, Ashgate Publishing Limited, Seventh Edition.
  • Yaghi, H. (2015) Comparing The Performances Of Major Airline Companies By Traditional And Airline-Specific Ratios And Measures, Yayımlanmamış Yüksek Lisans Tezi, Sakarya: Sakarya Üniversitesi, Sosyal Bilimler Enstitüsü.
  • Zou, B. Elke, M. Hansen, M. Kafle, N. (2014) Evaluating air carrier fuel efficiency in the US airline industry. Transportation Research Part A 59, 306-330.
There are 28 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Abdulkadir Alıcı 0000-0002-4796-6385

Güven Sevil 0000-0001-7592-3799

Publication Date December 25, 2021
Acceptance Date June 28, 2021
Published in Issue Year 2021 Issue: 60

Cite

APA Alıcı, A., & Sevil, G. (2021). Düşük Maliyetli Havayolu İşletmelerinde Hisse Senedi Fiyatını Etkileyen Operasyonel Oranların Analizi. Erciyes Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi(60), 1-23. https://doi.org/10.18070/erciyesiibd.866967

Cited By

Unit Root Tests of Airline’s Stock Returns Considering Alliances
Journal of Aviation
https://doi.org/10.30518/jav.1345665
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