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Financial Efficiency Analysis the Malmquist TFP Method: An Application on Star Alliance Member Airlines

Year 2022, Volume: 6 Issue: 2, 39 - 57, 30.12.2022
https://doi.org/10.33399/biibfad.1073252

Abstract

The purpose of this study is to analyze the financial efficiency of 15 airlines that are members of the Star Alliance which is considered the largest international strategic airline network for the period 2016-2019 using the Malmquist Total Factor Efficiency method. In addition, other purposes include the comparison of the change in technical efficiency (TE), technological change (TD) and total factor productivity (TFP) values of airlines that are members of the Star Alliance As a result of the analysis, it was found that the average technological change and total factor productivity values of the airlines in question increased in the period 2016-2017, and the average technical efficiency values decreased. On the other hand, in the period 2017-2018, the opposite situation was observed. In the period 2018-2019, technical efficiency, technological change and total factor productivity values decreased. It was found that the technical efficiency values of the Air Canada and Turkish Airlines increased during the entire period, while the average technical efficiency, technological change and total factor productivity values of the Air New Zealand, Asiana Airlines, Avianca, Lufthansa and Thai Airways decreased.

References

  • Abbott, M. (2015). Reform and efficiency of New Zealand’s airports. Utilities Policy, 36(4), 1-9.
  • Ar, İ., Ağaç, G., Peker, İ., & Birdoğan, B. (2014). PTT işletmelerinin etkinlik düzeylerindeki değişimin incelenmesi: 2006-2010 dönemi için malmquist- TFV endeksi uygulaması. Gümüşhane Üniversitesi Sosyal Bilimler Elektronik Dergisi, 5 (11), 171-191.
  • Asker, V. (2017). Veri zarflama analizi ile finansal ve operasyonel etkinlik ölçümü: geleneksel havayolu işletmelerinde bir uygulama. Anadolu University Journal of Social Sciences, 18 (1), 153-172.
  • Asker, V. (2021) (b), Havayolu işletmelerinde iki aşamalı veri zarflama analizi ile etkinlik ölçümü. MANAS Journal of Social Studies, 10 (4), 2373-2385.
  • Asker, V., & Aydın, N., (2021). Financial efficiency measurement in airlines and determining factors of efficiency. Alanya Akademik Bakış Dergisi, 5(2), 793-814.
  • Asker, V., (2021) (a). Malmquist toplam faktör verimliliği endeksi ile operasyonel ve finansal performans analizi: Seçilmiş havayolu işletmelerinde bir uygulama. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 59(2), 435-460.
  • Aydın, U. & Kaya Aydın, G., (2021). Havayollarının pazarlama ve finansal etkinliklerinin stokastik sınır analizi yöntemi ile incelenmesi. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(42), 304-315.
  • Bakır, M., Akan, Ş., Kiracı, K., Karabasevic, D., Stanujkıc, & D., Popovic, G. (2020). Multıple-crıteria approach of the operational perfomance evaluation in the airline ındustry: evidence from emerging market. Romanian Journal of Economic Forecasting, 12(2), 149-172.
  • Barros, C., & Couto, E. (2013). Productivity analysis of European airlines, 2000-2011. Journal of Air Transport Management, 31(3), 11-13.
  • Barros, C., & Peypoch, N. (2009). An evaluation of European airlines’ operational performance. Int. J. Production Economics, 122(1), 525-533.
  • Bassem, B. (2014). Total factor productivity change of MENA micro finance institutions: A Malmquist productivity index approach. Economic Modelling, 39, 182-198.
  • Battal, Ü., (2020). Avrupadaki havaalanı grup şirketlerinin finansal performanslarının ölçülmesi: Veri zarflama analizi yöntemi. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(1), 171-184.
  • Binatlı, S., (2019). Stratejik iş birliklerinin işletme performansındaki önemi: Havayollarında stratejik iş birlikleri. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 18(35), 213-228.
  • Coelli, T. (1996). A Guide to DEAP Version 2.1: A Data Envelopment Analysis (Computer) Program. Armidale.
  • Dayı, F., & Esmer, Y. (2019). Measuring financial peformance of airline passenger transport company In European. 33rd International Academic Conference Abstract Book, 28-31 Ağustos 2019/ Vienna- Austria.
  • Derici, S., & Uygur, K. (2019), Türkiye’de faaliyet gösteren iki havayolu şirketinin veri zarflama analizi ile entkinlik ölçümü. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 21(4), 1107-1118.
  • Fare, R., Grosskopf, S., Norris, M., & Zhang, Z. (1994). Productivity growth, technical progress, and efficiency change in industrialized countries. The American Economic Review, 84 (1), 66-83.
  • Fernandez, X., Gundelfinger, J., & Millan, P. (2021). The impact of logistics and intermodality on airport efficiency. Transport Policy, 105(1), 103-110.
  • Fragoudaki, A., & Giokas, D. (2020). Airport efficiency in the dawn of privatization: The case of Greece. Journal of Air Transport Management, 86(1), 1-14.
  • Goetz, C. F. & Shapiro, A. H., (2012). Strategic alliance as a response to the threat of entry: Evidence fromairline codesharing. International Journal of Industrial Organization, 30(2), 735-747.
  • Güner, S., & Cebeci, H. (2021). Output targeting and capacity utilization for a new-built airport: Analysis for the new airport in Istanbul. Socio- Economic Planning Sciences, 76(2), 1-9.
  • Huang, C. (2021). Assessing the financial performance of airlines in the Asia-Pacific region. Investment Management and Financial Innovations, 18 (2), 234-244.
  • Huynh, T., Kim, G., & Ha, H. (2020). Comparative analysis of efficiency for major Southeast Asia airports: A two-stage approach. Journal of Air Transport Management, 89(3), 1-9.
  • Kiracı, K. & Asker, V., (2021). Havada kriz: Kovid-19 pandemisinin havayolları performansı üzerindeki etlkisinin çok boyutlu analizi. Finans Politik & Ekonomik Yorumlar, 657(2), 33-60.
  • Kiracı, K., & Asker, V. (2019), Etkinlik ve etkinliği belirleyen faktörler: havayolu şirketleri üzerine ampirik bir inceleme. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 14 (1), 25-50.
  • Kiracı, K., (2019). Does joining global alliances affect airlines financial perfomance. Contemporary Challenges in Business and life sciences. IJOPEC.
  • Kleyman, B. & Seristö, H., (2001). Levels of airline alliance membership: balancing risks and benefits. Journal of Air Transport Management, 7(5), 303-310.
  • Kottas, A. & Madas , M. A., (2018). Comparative efficiency analysis of major international airlines using Data Envelopment Analysis: Exploring effects of alliance membership and other operational efficiency determinants. Journal of Air Transport Management, 70(2), 1-17.
  • Kuljanin, J., Kalic, M., Caggiani, L., & Ottomanelli, M. (2019), A comparative efficiency and productivity analysis: Implication to airlines located in Central and South-East Europe. Journal of Air Transport Management, 78, 152-163.
  • Mahesh, R., & Prasad, D., (2012). Post merger and acquisition of financial performance analysis: A case study of select Indian airlines companies. International Journal of Engineering, Management & Sciences, 3(3), 362-369.
  • Min, H. & Joo, S.-J., (2016). A comparative performance analysis of airline strategic alliances using data envelopment analysis. Journal of Air Transport Management, 52(2), 90-110.
  • Mostoli, N., Rostamy, M., Shahverani, A., & Behzadi, M. (2019). Using the Malmquist Index in evaluation process to enhance mathematical literacy in high school students. International Journal of Assessment Tools in Education, 6 (4), 636-655.
  • Ömürbek, V., & Kınay, B., (2013). Havayolu taşımacılığı sektöründe TOPSIS yöntemiyle finansal performans değerlendirmesi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 18(3), 343-363.
  • Öncü, M. A., Çömlekçi, İ., & Coşkun, E., (2013). Havayolu yolcu taşıma işletmelerinin finansal etkinliklerinin ölçümüne ilişkin bir araştırma. Uluslararası Alanya İşletme Fakültesi Dergisi, 5(2), 77-86.
  • Oum, T., Park, J., & Zhang, A., (2000). Globalization and Strategic Alliances: The Case of The Airline Industry. Pergamon.
  • Öz, Y., & Köksal, C. D., (2016). Analyzig efficiencies and total factor productivities of Star Alliace member airlines. The Online Journal of Science and Technology, 6(1), 5-12.
  • Pereira, D., & Mello, J. (2021), Efficiency evaluation of Brazilian airlines operations considering the Covid-19 outbreak. Journal of Air Transport Management, 91(2), 1-6.
  • Pires , H. M., & Fernandes, E., (2012). Malmquist financial efficiency analysis for airlines. Transportation Research Part E, 48(5), 1049-1055.
  • Sakthidharan, V., & Sivaraman, S. (2018), Impact of operating cost components on airline efficiency in India: A DEA approach. Asia Pacific Management Review, 23 (2), 258-267.
  • Teker, S., Teker, D., & Güner, A., (2016). Financial performance of top 20 airlines. Procedia Social and Behavioral Sciences, 1(1), 603-610.
  • Tsui, K., Gilbey, A., & Balli, O. (2014). Estimating airport efficiency of New Zealand airports. Journal of Air Transport Management, 35 (2), 78-86.
  • Wang, Wei-Kang, Lin, F., Ting, I. W. K., Kweh, Q. L., Lu, Wen-Min, & Chiu, Tzu-Yu. (2017). Does asset-light strategy contribute to the dynamic efficiency of global airlines? Journal of Air Transport Management, 62(3), 99-108.
  • Yu, M. M., Chen, L. H., & Chiang, H., (2017). The effects of alliances and size on airlines’ dynamic operational performance. Transportation Research Part A: Policy and Practice, 106 (1), 197-214.
  • Zarraga, A., Portillo, F., & Molinero, C. (2021). The impact of the economic crisis on the efficiency of Spanish airports: A DEA visualisation analysis. Research in Transportation Business & Management, 39(1), 1-14.

Malmquist TFP Yöntemiyle Finansal Etkinlik Analizi: Star Alliance Üyesi Havayolu İşletmelerinde Bir Uygulama

Year 2022, Volume: 6 Issue: 2, 39 - 57, 30.12.2022
https://doi.org/10.33399/biibfad.1073252

Abstract

Bu çalışmanın amacı, en büyük uluslararası stratejik havayolu işbirliği olarak kabul edilen Star Alliance grubuna üye olan 15 havayolu işletmesinin 2016-2019 dönemine ait finansal etkinlik ve verimlilik analizinin Malmquist Total Factor Productivity yöntemi ile incelenmesidir. Bunun yanı sıra Star Alliance grubuna üye olan havayolu işletmelerinin Covid-19 salgını öncesi son dönem finansal etkinlik ve verimliliklerinin değerlendirilmesidir. Analiz sonucunda söz konusu havayolu işletmelerinin 2016-2017 döneminde TPEC ve TFP değerlerinin arttığı, TEC değerlerinin ise azaldığı tespit edilmiştir. 2017-2018 döneminde ise tam tersi bir durumun yaşandığı görülmüştür. 2018-2019 döneminde ilgili havayolu işletmelerinin tümünün TEC, TPEC ve TFP değerlerinde azalışların olduğu tespit edilmiştir. Havayolu işletmelerinin ilgili dönemde ortalama TEC, TPEC ve TFP değerlerinin tüm dönem boyunca azaldığı görülmüştür. Air Canada ve Turkish Airlines işletmelerinin tüm dönem boyunca etkinlik ve verimlilik değerlerini arttırdığı tespit edilirken Air New Zealand’ın TFP değerlerinin ve Asiana Airlines’ın ise TPEC değerlerinin tüm dönem boyunca azaldığı tespit edilmiştir.

References

  • Abbott, M. (2015). Reform and efficiency of New Zealand’s airports. Utilities Policy, 36(4), 1-9.
  • Ar, İ., Ağaç, G., Peker, İ., & Birdoğan, B. (2014). PTT işletmelerinin etkinlik düzeylerindeki değişimin incelenmesi: 2006-2010 dönemi için malmquist- TFV endeksi uygulaması. Gümüşhane Üniversitesi Sosyal Bilimler Elektronik Dergisi, 5 (11), 171-191.
  • Asker, V. (2017). Veri zarflama analizi ile finansal ve operasyonel etkinlik ölçümü: geleneksel havayolu işletmelerinde bir uygulama. Anadolu University Journal of Social Sciences, 18 (1), 153-172.
  • Asker, V. (2021) (b), Havayolu işletmelerinde iki aşamalı veri zarflama analizi ile etkinlik ölçümü. MANAS Journal of Social Studies, 10 (4), 2373-2385.
  • Asker, V., & Aydın, N., (2021). Financial efficiency measurement in airlines and determining factors of efficiency. Alanya Akademik Bakış Dergisi, 5(2), 793-814.
  • Asker, V., (2021) (a). Malmquist toplam faktör verimliliği endeksi ile operasyonel ve finansal performans analizi: Seçilmiş havayolu işletmelerinde bir uygulama. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 59(2), 435-460.
  • Aydın, U. & Kaya Aydın, G., (2021). Havayollarının pazarlama ve finansal etkinliklerinin stokastik sınır analizi yöntemi ile incelenmesi. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(42), 304-315.
  • Bakır, M., Akan, Ş., Kiracı, K., Karabasevic, D., Stanujkıc, & D., Popovic, G. (2020). Multıple-crıteria approach of the operational perfomance evaluation in the airline ındustry: evidence from emerging market. Romanian Journal of Economic Forecasting, 12(2), 149-172.
  • Barros, C., & Couto, E. (2013). Productivity analysis of European airlines, 2000-2011. Journal of Air Transport Management, 31(3), 11-13.
  • Barros, C., & Peypoch, N. (2009). An evaluation of European airlines’ operational performance. Int. J. Production Economics, 122(1), 525-533.
  • Bassem, B. (2014). Total factor productivity change of MENA micro finance institutions: A Malmquist productivity index approach. Economic Modelling, 39, 182-198.
  • Battal, Ü., (2020). Avrupadaki havaalanı grup şirketlerinin finansal performanslarının ölçülmesi: Veri zarflama analizi yöntemi. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(1), 171-184.
  • Binatlı, S., (2019). Stratejik iş birliklerinin işletme performansındaki önemi: Havayollarında stratejik iş birlikleri. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 18(35), 213-228.
  • Coelli, T. (1996). A Guide to DEAP Version 2.1: A Data Envelopment Analysis (Computer) Program. Armidale.
  • Dayı, F., & Esmer, Y. (2019). Measuring financial peformance of airline passenger transport company In European. 33rd International Academic Conference Abstract Book, 28-31 Ağustos 2019/ Vienna- Austria.
  • Derici, S., & Uygur, K. (2019), Türkiye’de faaliyet gösteren iki havayolu şirketinin veri zarflama analizi ile entkinlik ölçümü. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 21(4), 1107-1118.
  • Fare, R., Grosskopf, S., Norris, M., & Zhang, Z. (1994). Productivity growth, technical progress, and efficiency change in industrialized countries. The American Economic Review, 84 (1), 66-83.
  • Fernandez, X., Gundelfinger, J., & Millan, P. (2021). The impact of logistics and intermodality on airport efficiency. Transport Policy, 105(1), 103-110.
  • Fragoudaki, A., & Giokas, D. (2020). Airport efficiency in the dawn of privatization: The case of Greece. Journal of Air Transport Management, 86(1), 1-14.
  • Goetz, C. F. & Shapiro, A. H., (2012). Strategic alliance as a response to the threat of entry: Evidence fromairline codesharing. International Journal of Industrial Organization, 30(2), 735-747.
  • Güner, S., & Cebeci, H. (2021). Output targeting and capacity utilization for a new-built airport: Analysis for the new airport in Istanbul. Socio- Economic Planning Sciences, 76(2), 1-9.
  • Huang, C. (2021). Assessing the financial performance of airlines in the Asia-Pacific region. Investment Management and Financial Innovations, 18 (2), 234-244.
  • Huynh, T., Kim, G., & Ha, H. (2020). Comparative analysis of efficiency for major Southeast Asia airports: A two-stage approach. Journal of Air Transport Management, 89(3), 1-9.
  • Kiracı, K. & Asker, V., (2021). Havada kriz: Kovid-19 pandemisinin havayolları performansı üzerindeki etlkisinin çok boyutlu analizi. Finans Politik & Ekonomik Yorumlar, 657(2), 33-60.
  • Kiracı, K., & Asker, V. (2019), Etkinlik ve etkinliği belirleyen faktörler: havayolu şirketleri üzerine ampirik bir inceleme. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 14 (1), 25-50.
  • Kiracı, K., (2019). Does joining global alliances affect airlines financial perfomance. Contemporary Challenges in Business and life sciences. IJOPEC.
  • Kleyman, B. & Seristö, H., (2001). Levels of airline alliance membership: balancing risks and benefits. Journal of Air Transport Management, 7(5), 303-310.
  • Kottas, A. & Madas , M. A., (2018). Comparative efficiency analysis of major international airlines using Data Envelopment Analysis: Exploring effects of alliance membership and other operational efficiency determinants. Journal of Air Transport Management, 70(2), 1-17.
  • Kuljanin, J., Kalic, M., Caggiani, L., & Ottomanelli, M. (2019), A comparative efficiency and productivity analysis: Implication to airlines located in Central and South-East Europe. Journal of Air Transport Management, 78, 152-163.
  • Mahesh, R., & Prasad, D., (2012). Post merger and acquisition of financial performance analysis: A case study of select Indian airlines companies. International Journal of Engineering, Management & Sciences, 3(3), 362-369.
  • Min, H. & Joo, S.-J., (2016). A comparative performance analysis of airline strategic alliances using data envelopment analysis. Journal of Air Transport Management, 52(2), 90-110.
  • Mostoli, N., Rostamy, M., Shahverani, A., & Behzadi, M. (2019). Using the Malmquist Index in evaluation process to enhance mathematical literacy in high school students. International Journal of Assessment Tools in Education, 6 (4), 636-655.
  • Ömürbek, V., & Kınay, B., (2013). Havayolu taşımacılığı sektöründe TOPSIS yöntemiyle finansal performans değerlendirmesi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 18(3), 343-363.
  • Öncü, M. A., Çömlekçi, İ., & Coşkun, E., (2013). Havayolu yolcu taşıma işletmelerinin finansal etkinliklerinin ölçümüne ilişkin bir araştırma. Uluslararası Alanya İşletme Fakültesi Dergisi, 5(2), 77-86.
  • Oum, T., Park, J., & Zhang, A., (2000). Globalization and Strategic Alliances: The Case of The Airline Industry. Pergamon.
  • Öz, Y., & Köksal, C. D., (2016). Analyzig efficiencies and total factor productivities of Star Alliace member airlines. The Online Journal of Science and Technology, 6(1), 5-12.
  • Pereira, D., & Mello, J. (2021), Efficiency evaluation of Brazilian airlines operations considering the Covid-19 outbreak. Journal of Air Transport Management, 91(2), 1-6.
  • Pires , H. M., & Fernandes, E., (2012). Malmquist financial efficiency analysis for airlines. Transportation Research Part E, 48(5), 1049-1055.
  • Sakthidharan, V., & Sivaraman, S. (2018), Impact of operating cost components on airline efficiency in India: A DEA approach. Asia Pacific Management Review, 23 (2), 258-267.
  • Teker, S., Teker, D., & Güner, A., (2016). Financial performance of top 20 airlines. Procedia Social and Behavioral Sciences, 1(1), 603-610.
  • Tsui, K., Gilbey, A., & Balli, O. (2014). Estimating airport efficiency of New Zealand airports. Journal of Air Transport Management, 35 (2), 78-86.
  • Wang, Wei-Kang, Lin, F., Ting, I. W. K., Kweh, Q. L., Lu, Wen-Min, & Chiu, Tzu-Yu. (2017). Does asset-light strategy contribute to the dynamic efficiency of global airlines? Journal of Air Transport Management, 62(3), 99-108.
  • Yu, M. M., Chen, L. H., & Chiang, H., (2017). The effects of alliances and size on airlines’ dynamic operational performance. Transportation Research Part A: Policy and Practice, 106 (1), 197-214.
  • Zarraga, A., Portillo, F., & Molinero, C. (2021). The impact of the economic crisis on the efficiency of Spanish airports: A DEA visualisation analysis. Research in Transportation Business & Management, 39(1), 1-14.
There are 44 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Makaleler
Authors

Veysi Asker 0000-0002-8969-7822

Temel Caner Ustaömer 0000-0003-2783-5983

Publication Date December 30, 2022
Submission Date February 14, 2022
Published in Issue Year 2022 Volume: 6 Issue: 2

Cite

APA Asker, V., & Ustaömer, T. C. (2022). Financial Efficiency Analysis the Malmquist TFP Method: An Application on Star Alliance Member Airlines. Bingöl Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 6(2), 39-57. https://doi.org/10.33399/biibfad.1073252


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