KOVID-19, FİNANSAL RİSK VE HAVAYOLU SEKTÖRÜ

Yıl 2021, Cilt: 8 Sayı: 3, 1557 - 1581, 30.11.2021

Kasım Kiracı

https://doi.org/10.30798/makuiibf.911548

Cited By: 3

Öz

Bu çalışmanın amacı, finansal sıkıntı olasılığının olduğu kriz dönemlerinde, havayollarının iflas riskini artıran veya azaltan finansal değişkenlerin araştırılmasıdır. Bu çalışmada, havayollarında finansal sıkıntıyı veya iflas olasılığını etkileyen finansal değişkenler incelenmiştir. Çalışma kapsamında 35 havayolunun finansal verileri incelenmiştir. Altman (1968) Z-skor, Springate (1978) S-skor ve Zmijewski (1984) J-skor finansal sıkıntı tahmin modellerinden yararlanılmıştır. Bulgular, kriz zamanlarında diğer bir ifadeyle finansal sıkıntı ve iflas olasılığının arttığı durumlarda (Covid-19 gibi), kaldıraç seviyesi, varlık yapısı, firma büyüklüğü, firma karlılığı ve likidite oranının havayolu finansal sıkıntı veya iflas olasılığını önemli ölçüde etkilediğini göstermektedir.

Anahtar Kelimeler

Finansal Risk, Havayolu Sektörü, Finansal Sıkıntı Tahmin Modelleri

COVID-19, FINANCIAL RISK AND THE AIRLINE INDUSTRY

Öz

The aim of this study is to investigate which financial variables increases or decreases the risk of the bankruptcy of airlines during periods of crisis when there is a possibility of financial distress. In this study, financial variables that affect financial distress in airlines and the possibility of bankruptcy were analyzed. In the framework of the study, the financial data from 35 airlines were examined. We employed the Altman (1968) Z-score, Springate (1978) S-score and Zmijewski (1984) J-score financial distress prediction models. The findings indicate that in times of crisis, when the probability of financial distress and bankruptcy increases (such as with Covid-19), leverage level, asset structure, firm size, firm profitability and liquidity ratio have a significant effect on an airline’s probability of bankruptcy score.

Anahtar Kelimeler

Financial Risk, Airline Industry, Financial Distress Prediction Models

Kaynakça

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