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Year 2020, Volume: 5 Issue: Ek, 28 - 46, 31.12.2020
https://doi.org/10.23834/isrjournal.835671

Abstract

References

  • Anderson, R., Hailong Q. and Robert R. (2006). Analysis of Panel Vector Error Correction Models Using Maximum Likelihood, the Bootstrap and Canonical- Correlation Estimators. Research Division Federal Reserve Bank of St. LouisWorking Paper Series.
  • Arkan, T. (2016). The importance of financial ratios in predicting stock price trends: A case study in emerging markets. Finanse, Rynki Finansowe, Ubezpieczenia, 1/2016, Volume 79, 13-26.
  • Aydemir, O., Ögel S. ve Demirtaş, G. (2012). Hisse senedi fiyatlarının belirlenmesinde finansal oranların rolü. Yönetim ve Ekonomi Dergisi, Cilt 19 (2), 277-288.
  • Cook, G. N. and Billig, B. G., (2017). Airline Operations and Management – A Management Textbok. Routledge, Newyork.
  • Güriş, S. (2015). Panel Veri ve Panel Veri Modelleri. Kolektif içinde, Modelleri, Stata İle Panel Veri. İstanbul: Der Yayınları.
  • Hooy, C. And Lee, C. (2010) The determinants of systematic risk exposures of airline industry in Est Asia. World Applied Science Journal, Volume 10, 91-98.
  • Hung, J-H. And Liu Y-C. (2005) An examination of factors influencing airline beta values. Journal of Air Transport Management, 11 (2005) 291–296.
  • Hsiao, C. (2003). Analysis of Panel Data (Second edition b.). Cambridge: Cambridge University Press.
  • Küçük Yılmaz, A. (2016). Hava taşımacılığının yapısı. A. Küçük Yılmaz (Editör), Hava taşımacılığı içinde (s.28-50). Eskişehir: Anadolu Üniversitesi Açıköğretim Yayınları.
  • Lee, C-H., Hooy, C-W. (2012). Determinants of systematic financial risk exposures of airlines in North America, Europe and Asia. Journal of Air Transport Management, Volume 24, 31-35.
  • Lee, J and Jang, S. (2007). The systematic-risk determinants of the US airline industry. Tourism Management, Volume 28, 434-442. Liu, Y-C. And Hung, J-H. (2005). An examination of facftors ınfluencing airline beta values” Journal of Air Transport Management, Volume 11. 291-296.
  • Love, I. and Lea Z. (2006) Financial Development and Dynamic Investment Behavior: Evidance from Panel VAR. The Quarterly Review of Economics and Finance. Vol. 46, ss.190-210.
  • Moodys (2018). Passenger Airline Industry. Rating Report. (available online at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1091811 Retrieved on December 10,2019)
  • O’Connor, W. E. (2001). An Introduction to Airline Economics. Sixth Edition. Praeger Publishers, ABD.
  • Padachi, K. (2006), Trends in Working Capital Management and its Impact on Firms’ Performance: An Analysis of Mauritian Small Manufacturing Firms. International Review of Business Research Papers, Vol.2 No. 2. October 2006, Pp. 45 -58.
  • Sevüktekin, M. ve Nargeleçekenler, M. (2010). Ekonometrik Zaman Serileri Analizi. 3.Basım, Ankara: Nobel Yayınları.
  • Türküz, E. (2016). Panel Vektör Otoregresif Modeller ve Bir Uygulama. Yayımlanmamış Yüksek Lisans Tezi, Marmara Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
  • Tetik, N. Ve Uğur, A. (2010), Beta Katsayısının Tahmininde Getiri Aralığının Sektörler İtibariyle Analizi: İMKB’de Bir Araştırma, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, Cilt: 24, Sayı: 1. 15-24.
  • Standart and Poors (2010). Key Credit Factors: Criteria For Rating The Airline Industry. Report., (available online at: https://www.maalot.co.il/publications/mt20120322152358.pdf Retrieved on December 10,2019).
  • Vasigh B. Fleming K. ve Humphreys, B. (2015). Foundations of Airline Finance – Methodology and practice. Second edition. Routledge. ABD.
  • Vasigh B. Fleming, K. ve Tacker, T. (2013). Introduction to Air Transport Economics- From Theory to Applications. Second Edition. Ashgate Publishing Limited. England. Yerdelen Tatoğlu, F. (2018). Panel Zaman Serileri Analizi. İstanbul: Beta Basım Yayınları.

Analysis of Internal Financial Factors Affecting Stock Price in Airline Businesses

Year 2020, Volume: 5 Issue: Ek, 28 - 46, 31.12.2020
https://doi.org/10.23834/isrjournal.835671

Abstract

long with the supply-demand effect, factors such as the economic situation of the country, future expectations and the performance of the enterprises are quite effective in determining the stock price. In this context, it is aimed to reveal the relationship between the internal financial factors of airline businesses and the stock price. In practice, the annual internal data of 28 airline businesses covering the years 2005-2018 were analyzed using panel data and panel VAR analysis methods, and the internal (TA, FL, ATR, OPM and BV) factors that determine the stock price were determined. As a result of the panel data analysis applied, it was determined that the total assets variable had a positive effect on stock prices, while the financial leverage variable had a negative effect. According to the panel VAR causality results, bidirectional causality between the total asset variable and the stock price, one-way causality between the beta value and acid-test ratio variables and the stock price was determined. In summary, airlines can increase their stock value by taking advantage of economies of scale, optimizing the liquidity situation, and taking into account the negative impact of financial leverage.

References

  • Anderson, R., Hailong Q. and Robert R. (2006). Analysis of Panel Vector Error Correction Models Using Maximum Likelihood, the Bootstrap and Canonical- Correlation Estimators. Research Division Federal Reserve Bank of St. LouisWorking Paper Series.
  • Arkan, T. (2016). The importance of financial ratios in predicting stock price trends: A case study in emerging markets. Finanse, Rynki Finansowe, Ubezpieczenia, 1/2016, Volume 79, 13-26.
  • Aydemir, O., Ögel S. ve Demirtaş, G. (2012). Hisse senedi fiyatlarının belirlenmesinde finansal oranların rolü. Yönetim ve Ekonomi Dergisi, Cilt 19 (2), 277-288.
  • Cook, G. N. and Billig, B. G., (2017). Airline Operations and Management – A Management Textbok. Routledge, Newyork.
  • Güriş, S. (2015). Panel Veri ve Panel Veri Modelleri. Kolektif içinde, Modelleri, Stata İle Panel Veri. İstanbul: Der Yayınları.
  • Hooy, C. And Lee, C. (2010) The determinants of systematic risk exposures of airline industry in Est Asia. World Applied Science Journal, Volume 10, 91-98.
  • Hung, J-H. And Liu Y-C. (2005) An examination of factors influencing airline beta values. Journal of Air Transport Management, 11 (2005) 291–296.
  • Hsiao, C. (2003). Analysis of Panel Data (Second edition b.). Cambridge: Cambridge University Press.
  • Küçük Yılmaz, A. (2016). Hava taşımacılığının yapısı. A. Küçük Yılmaz (Editör), Hava taşımacılığı içinde (s.28-50). Eskişehir: Anadolu Üniversitesi Açıköğretim Yayınları.
  • Lee, C-H., Hooy, C-W. (2012). Determinants of systematic financial risk exposures of airlines in North America, Europe and Asia. Journal of Air Transport Management, Volume 24, 31-35.
  • Lee, J and Jang, S. (2007). The systematic-risk determinants of the US airline industry. Tourism Management, Volume 28, 434-442. Liu, Y-C. And Hung, J-H. (2005). An examination of facftors ınfluencing airline beta values” Journal of Air Transport Management, Volume 11. 291-296.
  • Love, I. and Lea Z. (2006) Financial Development and Dynamic Investment Behavior: Evidance from Panel VAR. The Quarterly Review of Economics and Finance. Vol. 46, ss.190-210.
  • Moodys (2018). Passenger Airline Industry. Rating Report. (available online at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1091811 Retrieved on December 10,2019)
  • O’Connor, W. E. (2001). An Introduction to Airline Economics. Sixth Edition. Praeger Publishers, ABD.
  • Padachi, K. (2006), Trends in Working Capital Management and its Impact on Firms’ Performance: An Analysis of Mauritian Small Manufacturing Firms. International Review of Business Research Papers, Vol.2 No. 2. October 2006, Pp. 45 -58.
  • Sevüktekin, M. ve Nargeleçekenler, M. (2010). Ekonometrik Zaman Serileri Analizi. 3.Basım, Ankara: Nobel Yayınları.
  • Türküz, E. (2016). Panel Vektör Otoregresif Modeller ve Bir Uygulama. Yayımlanmamış Yüksek Lisans Tezi, Marmara Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
  • Tetik, N. Ve Uğur, A. (2010), Beta Katsayısının Tahmininde Getiri Aralığının Sektörler İtibariyle Analizi: İMKB’de Bir Araştırma, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, Cilt: 24, Sayı: 1. 15-24.
  • Standart and Poors (2010). Key Credit Factors: Criteria For Rating The Airline Industry. Report., (available online at: https://www.maalot.co.il/publications/mt20120322152358.pdf Retrieved on December 10,2019).
  • Vasigh B. Fleming K. ve Humphreys, B. (2015). Foundations of Airline Finance – Methodology and practice. Second edition. Routledge. ABD.
  • Vasigh B. Fleming, K. ve Tacker, T. (2013). Introduction to Air Transport Economics- From Theory to Applications. Second Edition. Ashgate Publishing Limited. England. Yerdelen Tatoğlu, F. (2018). Panel Zaman Serileri Analizi. İstanbul: Beta Basım Yayınları.
There are 21 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Abdulkadir Alıcı 0000-0002-4796-6385

Güven Sevil 0000-0001-7592-3799

Publication Date December 31, 2020
Submission Date December 4, 2020
Published in Issue Year 2020 Volume: 5 Issue: Ek

Cite

APA Alıcı, A., & Sevil, G. (2020). Analysis of Internal Financial Factors Affecting Stock Price in Airline Businesses. The Journal of International Scientific Researches, 5(Ek), 28-46. https://doi.org/10.23834/isrjournal.835671