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Hava Taşımacılığında Kârlılığı Etkileyen Faktörler Üzerine Ampirik Bir Araştırma

Year 2023, Volume: 31 Issue: 58, 43 - 60, 26.10.2023
https://doi.org/10.17233/sosyoekonomi.2023.04.02

Abstract

Bu çalışmanın amacı, geleneksel havayolu şirketlerinin iç ve dış çevresel faktörlerinin kârlılık üzerindeki etkisini analiz etmektir. Toplamda dünyanın farklı bölgelerinde faaliyet gösteren 17 havayolu çalışmaya dahil edilmiştir. Havayollarının kârlılığını etkileyen içsel faktörler olarak yolcu yük faktörü, kargo ton-km ve destinasyon sayısı seçilmiştir. Kârlılığı etkileyen dış çevresel faktörler olarak GSYİH, petrol fiyatları ve döviz kuru rakamları kullanılmıştır. Çalışmada Panel ARDL analiz yöntemi kullanılmıştır. Araştırmanın modelinde tüm değişkenler bölünmeden birlikte analiz edilmiştir. Sonuç olarak seçilen tüm değişkenlerin havayolu karlılığı üzerinde etkisinin olduğu, ayrıca dış çevre faktörlerinin kârlılık üzerindeki etkisinin daha fazla olduğu gözlemlenmiştir.

Project Number

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References

  • Abbey, D.R. (2016), “The Relationship between Fuel Hedging and Airline Profitability”, Master’s Thesis, Northcentral University Graduate Faculty of the School of Business.
  • Aderamo, A.J. (2010), “Demand for Air Transport in Nigeria”, Journal of Economics, 1(1), 23-31.
  • Alahyari, A. (2014), “Determinants of Profitability in the Airline Industry: A Comparison with Turkish Airlines”, Master’s Thesis, Eastern Mediterranean University, North Cyprus.
  • Breusch, T.S. & A. Pagan (1980), “The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
  • Brown, S.B. (2016), “Lobbying, political connectedness and financial performance in the air transportation industry”, Journal of Air Transport Management, 54, 61-69.
  • Dobruszkes, F. & V. Hamme (2011), “The impact of the current economic crisis on the geography of air traffic volumes: an empirical analysis”, Journal of Transport Geography, 19, 1387-1398.
  • Douglas, I. & D. Tan (2017), “Global Airline Alliances and Profitability: A Difference-in-Difference Analysis”, Transportation Research Part A Policy and Practice, 103, 432-443.
  • Drukker, D.M. (2003), “Stata Corporation Testing for serial correlation in linear panel-data models”, The Stata Journal, 3(2),168-177.
  • Fernandes, E. & R.R. Pacheco (2010), “The Casual Relationship Between GDP And Domestic Air Passenger Traffic in Brazil”, Transportation Planning and Technology, 33, 569-581.
  • Gramani, M.N.C. (2012), “Efficiency decomposition approach: A cross country airline analysis”, Expert Systems with Applications, 39, 5815-5819.
  • Gujarati, D.N. & D. Porter (2009), Basic Econometrics, Mc Graw-Hill International Edition.
  • Gujarati, D.N. (2011), Econometrics by Example, Published by Palgrave.
  • Hausman, J. (1978), “Specification Tests in Econometrics”, Econometrica, 46(6),1251-1271.
  • Kiracı, K. & Ü. Battal (2018), “Macroeconomic Determinants of Air Transportation: A VAR Analysis on Turkey”, Gaziantep Üniversitesi Sosyal Bilimler Dergisi, 17(4), 1536-1557.
  • Küçükönal, H. & G. Sedefoğlu (2017), “The Causality Analysis of Air Transport and Socio-Economics Factors: The Case of OECD Countries”, Transportation Research Procedia, 28, 6-26.
  • Mercan, M. (2014), “Feldstein-Horioka Hipotezinin AB-15 ve Türkiye Ekonomisi için Sınanması: Yatay Kesit Bağımlılığı Altında Yapısal Kırılmalı Dinamik Panel Veri Analizi”, Ege Akademik Bakış, 14(2), 231-245.
  • Oum, T.H. & C. Yu (1998), “An Analysis of Profitability of The World’s Major Airlines”, Journal of Air Transport Management, 4, 229-237.
  • Pesaran, M. et al. (2008), “A Bias‐Adjusted LM Test of Error Cross‐Section Independence”, The Econometrics Journal, 11(1), 105-127.
  • Pesaran, M.H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, Cambridge Working Papers in Economics, 435.
  • Phillips, P.C.B. & D. Sul (2003), “Dynamic panel estimation and homogeneity testing under cross-section dependence”, The Econometrics Journal, 6(1), 217-259.
  • Scotti, D. & N. Volta (2017), “Profitability Change in the Global Airline Industry”, Transportation Research Part E, 102, 1-12.
  • Tatoğlu, F.Y. (2013), Panel Veri Ekonometrisi, İstanbul, Beta Yayıncılık.
  • Tatoğlu, F.Y. (2017), Panel Zaman Serileri Analizi, Beta Yayıncılık, İstanbul.
  • Uygur, K. (2019), “Havayolu Taşımacılığının Makroekonomik Etkilerinin Analizi”, Yüksek Lisans Tezi, Nevşehir Hacı Bektaş Veli Üniversitesi SBE İktisat Anabilim Dalı.
  • Vasigh, B. et al. (2018), Introduction to Air Transport Economics: From Theory to Applications, Routledge.
  • Wen, C. (2012), “Financial Performance and Customer Service: An Examination Using Activity Based Costing of 38 International Airlines”, Journal of Air Transport Management, 19, 13-15.
  • Wensveen, J.G. (2011), Air Transportation A Management Perspective, Seventh Edition, TJ International, Cornwall, United Kingdom.
  • Werner, D. & C. Diego (2016), “Impact of Fuel Price Fluctuations on Airline Stock Returns”, Applied Energy, 178, 496-504.
  • Xu, X. et al. (2021), “Influential Factors on Chinese Airlines’ Profitability and Forecasting Methods”, Journal of Air Transport Management, 91(C), 101969.
  • Yamak, R. & M. Köseoğlu (2006), Uygulamalı İstatistik ve Ekonometri (3. Baskı), Celepler Matbaacılık, Trabzon.
  • Zou, L. & X. Chen (2017), “The Effect of Code-Sharing Alliances on Airline Profitability”, Journal of Air Transport Management, 58(C), 50-57.

An Empirical Research on The Factors Affecting Profitability in Air Transportation

Year 2023, Volume: 31 Issue: 58, 43 - 60, 26.10.2023
https://doi.org/10.17233/sosyoekonomi.2023.04.02

Abstract

This study aims to analyse the impact of traditional airline companies' internal and external environmental factors on profitability. In total, 17 airlines operating in different regions were included in the study. Passenger load factor, cargo ton-km and the number of destinations were chosen as internal factors affecting the profitability of airlines. GDP, oil prices and exchange rate figures were external environmental factors affecting profitability. Panel ARDL analysis method was used in the study. In the model of the study, all variables were analysed together without division. All selected variables have been observed to affect airline profitability, and the effect of external environmental factors on profitability is more significant.

Supporting Institution

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Project Number

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Thanks

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References

  • Abbey, D.R. (2016), “The Relationship between Fuel Hedging and Airline Profitability”, Master’s Thesis, Northcentral University Graduate Faculty of the School of Business.
  • Aderamo, A.J. (2010), “Demand for Air Transport in Nigeria”, Journal of Economics, 1(1), 23-31.
  • Alahyari, A. (2014), “Determinants of Profitability in the Airline Industry: A Comparison with Turkish Airlines”, Master’s Thesis, Eastern Mediterranean University, North Cyprus.
  • Breusch, T.S. & A. Pagan (1980), “The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
  • Brown, S.B. (2016), “Lobbying, political connectedness and financial performance in the air transportation industry”, Journal of Air Transport Management, 54, 61-69.
  • Dobruszkes, F. & V. Hamme (2011), “The impact of the current economic crisis on the geography of air traffic volumes: an empirical analysis”, Journal of Transport Geography, 19, 1387-1398.
  • Douglas, I. & D. Tan (2017), “Global Airline Alliances and Profitability: A Difference-in-Difference Analysis”, Transportation Research Part A Policy and Practice, 103, 432-443.
  • Drukker, D.M. (2003), “Stata Corporation Testing for serial correlation in linear panel-data models”, The Stata Journal, 3(2),168-177.
  • Fernandes, E. & R.R. Pacheco (2010), “The Casual Relationship Between GDP And Domestic Air Passenger Traffic in Brazil”, Transportation Planning and Technology, 33, 569-581.
  • Gramani, M.N.C. (2012), “Efficiency decomposition approach: A cross country airline analysis”, Expert Systems with Applications, 39, 5815-5819.
  • Gujarati, D.N. & D. Porter (2009), Basic Econometrics, Mc Graw-Hill International Edition.
  • Gujarati, D.N. (2011), Econometrics by Example, Published by Palgrave.
  • Hausman, J. (1978), “Specification Tests in Econometrics”, Econometrica, 46(6),1251-1271.
  • Kiracı, K. & Ü. Battal (2018), “Macroeconomic Determinants of Air Transportation: A VAR Analysis on Turkey”, Gaziantep Üniversitesi Sosyal Bilimler Dergisi, 17(4), 1536-1557.
  • Küçükönal, H. & G. Sedefoğlu (2017), “The Causality Analysis of Air Transport and Socio-Economics Factors: The Case of OECD Countries”, Transportation Research Procedia, 28, 6-26.
  • Mercan, M. (2014), “Feldstein-Horioka Hipotezinin AB-15 ve Türkiye Ekonomisi için Sınanması: Yatay Kesit Bağımlılığı Altında Yapısal Kırılmalı Dinamik Panel Veri Analizi”, Ege Akademik Bakış, 14(2), 231-245.
  • Oum, T.H. & C. Yu (1998), “An Analysis of Profitability of The World’s Major Airlines”, Journal of Air Transport Management, 4, 229-237.
  • Pesaran, M. et al. (2008), “A Bias‐Adjusted LM Test of Error Cross‐Section Independence”, The Econometrics Journal, 11(1), 105-127.
  • Pesaran, M.H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, Cambridge Working Papers in Economics, 435.
  • Phillips, P.C.B. & D. Sul (2003), “Dynamic panel estimation and homogeneity testing under cross-section dependence”, The Econometrics Journal, 6(1), 217-259.
  • Scotti, D. & N. Volta (2017), “Profitability Change in the Global Airline Industry”, Transportation Research Part E, 102, 1-12.
  • Tatoğlu, F.Y. (2013), Panel Veri Ekonometrisi, İstanbul, Beta Yayıncılık.
  • Tatoğlu, F.Y. (2017), Panel Zaman Serileri Analizi, Beta Yayıncılık, İstanbul.
  • Uygur, K. (2019), “Havayolu Taşımacılığının Makroekonomik Etkilerinin Analizi”, Yüksek Lisans Tezi, Nevşehir Hacı Bektaş Veli Üniversitesi SBE İktisat Anabilim Dalı.
  • Vasigh, B. et al. (2018), Introduction to Air Transport Economics: From Theory to Applications, Routledge.
  • Wen, C. (2012), “Financial Performance and Customer Service: An Examination Using Activity Based Costing of 38 International Airlines”, Journal of Air Transport Management, 19, 13-15.
  • Wensveen, J.G. (2011), Air Transportation A Management Perspective, Seventh Edition, TJ International, Cornwall, United Kingdom.
  • Werner, D. & C. Diego (2016), “Impact of Fuel Price Fluctuations on Airline Stock Returns”, Applied Energy, 178, 496-504.
  • Xu, X. et al. (2021), “Influential Factors on Chinese Airlines’ Profitability and Forecasting Methods”, Journal of Air Transport Management, 91(C), 101969.
  • Yamak, R. & M. Köseoğlu (2006), Uygulamalı İstatistik ve Ekonometri (3. Baskı), Celepler Matbaacılık, Trabzon.
  • Zou, L. & X. Chen (2017), “The Effect of Code-Sharing Alliances on Airline Profitability”, Journal of Air Transport Management, 58(C), 50-57.
There are 31 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Emre Yılmaz 0000-0002-6875-8403

Yaşar Köse 0000-0003-0073-2095

Project Number ---
Publication Date October 26, 2023
Submission Date November 29, 2022
Published in Issue Year 2023 Volume: 31 Issue: 58

Cite

APA Yılmaz, E., & Köse, Y. (2023). An Empirical Research on The Factors Affecting Profitability in Air Transportation. Sosyoekonomi, 31(58), 43-60. https://doi.org/10.17233/sosyoekonomi.2023.04.02
AMA Yılmaz E, Köse Y. An Empirical Research on The Factors Affecting Profitability in Air Transportation. Sosyoekonomi. October 2023;31(58):43-60. doi:10.17233/sosyoekonomi.2023.04.02
Chicago Yılmaz, Emre, and Yaşar Köse. “An Empirical Research on The Factors Affecting Profitability in Air Transportation”. Sosyoekonomi 31, no. 58 (October 2023): 43-60. https://doi.org/10.17233/sosyoekonomi.2023.04.02.
EndNote Yılmaz E, Köse Y (October 1, 2023) An Empirical Research on The Factors Affecting Profitability in Air Transportation. Sosyoekonomi 31 58 43–60.
IEEE E. Yılmaz and Y. Köse, “An Empirical Research on The Factors Affecting Profitability in Air Transportation”, Sosyoekonomi, vol. 31, no. 58, pp. 43–60, 2023, doi: 10.17233/sosyoekonomi.2023.04.02.
ISNAD Yılmaz, Emre - Köse, Yaşar. “An Empirical Research on The Factors Affecting Profitability in Air Transportation”. Sosyoekonomi 31/58 (October 2023), 43-60. https://doi.org/10.17233/sosyoekonomi.2023.04.02.
JAMA Yılmaz E, Köse Y. An Empirical Research on The Factors Affecting Profitability in Air Transportation. Sosyoekonomi. 2023;31:43–60.
MLA Yılmaz, Emre and Yaşar Köse. “An Empirical Research on The Factors Affecting Profitability in Air Transportation”. Sosyoekonomi, vol. 31, no. 58, 2023, pp. 43-60, doi:10.17233/sosyoekonomi.2023.04.02.
Vancouver Yılmaz E, Köse Y. An Empirical Research on The Factors Affecting Profitability in Air Transportation. Sosyoekonomi. 2023;31(58):43-60.