Araştırma Makalesi
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Yıl 2022, Cilt: 6 Sayı: 1, 61 - 72, 23.03.2022
https://doi.org/10.30518/jav.1032824

Öz

Kaynakça

  • Abate, M., Christidis, P., and Purwanto, A. J. (2020). Government support to airlines in the aftermath of the COVID-19 pandemic. Journal of Air Transport Management, 89(1), 1-15.
  • Abban, A. R., and Hasan, M. Z. (2021). The causality direction between environmental performance and financial performance in Australian mining companies - A panel data analysis. Resources Policy, 70 (2), 1-15.
  • Afza, T., and Ashgar, M. (2014). Efficiency of Modaraba and Leasing Companies in Pakistan. Procedia - Social and Behavioral Sciences, 109, 470-482.
  • Airline Economics Research. (2021). Airline Economics Aviation Industry Leaders Report 2021: Route to Recovery. www.airlineeconomics.com
  • Akçakanat, Ö., Aksoy, E., and Teker, T. (2018). CRITIC ve MDL Temelli EDAS Yöntemi İle TR-61 Bölgesi Bankalarının Performans Değerlendirmesi. Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(32), 1-24.
  • Alam, H. M., Raza, A., Farhan, M., and Akram, M. (2011). Leasing Industry in Pakistan: A Comparison of Financial Performance of Leasing Companies. International Journal of Business and Social Science, 2(10), 218-223.
  • Amankwah-Amoah, J., Khan, Z., and Osabutey, E. L. C. (2021). COVID-19 and business renewal: Lessons and insights from the global airline industry. International Business Review, 30(3), 10-22.
  • Amanollahi, G. F. (2016). The Influence of External Factors on The Credit Risk in Leasing Industry. Management Science Letters, 6, 251-258.
  • Ashgar, M. J., and Afza, T. (2013). Efficiency of Modaraba and Leasing Companies in Pakistan. Middle-East Journal of Scientific Research, 17(3), 305-314.
  • Badi, I., and Kridish, M. (2020). Landfill site selection using a novel FUCOM-CODAS model: Acase study in Libya. Scientific African, 9(1), 13-23.
  • Badi, İ., Abdulshahed, A. M., and Shetwan, A. G. (2018). A Case Study Of Supplier Selection For A Steelmaking Company in Libya By Using The Combinative Distance-Based Assesment (CODAS) Model. Decision Making: Applications in Management and Engineering, 1(1), 1-12.
  • Bakır, M., and Alptekin, N. (2018). Hizmet Kalitesi Ölçümüne Yeni Bir Yaklaşım: CODAS Yöntemi İle Havayolu İşletmeleri Üzerine Bir Uygulama. Business And Management Studies An International Journal, 6(4), 1336-1353.
  • Bauer, L. B., Bloch, D., and Merkert, R. (2020). Ultra Long-Haul: An emerging business model accelerated by COVID-19. Journal of Air Transport Management, 89(2, 1-13.
  • Bazargan, M., and Hartman, J. (2012). Aircraft replacement strategy: Model and analysis. Journal of Air Transport Management, 25(3), 26–29.
  • Belhadi, A., Kamble, S., Jabbour, C. J. C., Gunasekaran, A., Ndubisi, N. O., and Venkatesh, M. (2021). Manufacturing and service supply chain resilience to the COVID-19 outbreak: Lessons learned from the automobile and airline industries. Technological Forecasting and Social Change, 163(2), 40-55.
  • Boltürk, E., and Kahraman, C. (2018). Interval-valued intuitionistic fuzzy CODAS method and its application to wave energy facility location selection problem. Journal of Intelligent & Fuzzy Systems, 35(4), 1-13.
  • Borochin, P. (2020). The information content of real operating performance measures from the airline industry. Journal of Financial Markets, 50 (3), 13-28.
  • Bourjade, S., Huc, R., and Muller-Vibes, C. (2017). Leasing and profitability: Empirical evidence from the airline industry. Transportation Research Part A: Policy and Practice, 97(2), 30–46.
  • Brown, R. S., and Kline, W. A. (2020). Exogenous shocks and managerial preparedness: A study of U.S. airlines’ environmental scanning before the onset of the COVID-19 pandemic. Journal of Air Transport Management, 89 (2), 35-46.
  • Budd, L., Ison, S., and Adrienne, N. (2020). European airline response to the COVID-19 pandemic – Contraction, consolidation and future considerations for airline business and management. Research in Transportation Business and Management, 37(3), 10-23.
  • Carter, D., Mazumder, S., Simkins, B., and Sisneros, E. (2021). The Stock Price Reaction of the COVID-19 Pandemic on the Airline, Hotel, and Tourism Industries. Finance Research Letters, 44(2), 15-30.
  • Caslin, J., and O’brien, D. (2020). Banking and Aviation Finance Sub-Committee Current Topics: Discussion Paper 202005/2.
  • Ceyhan, İ. F., and Demirci, F. (2017). MULTIMOORA Yöntemiyle Finansal Performans Ölçümü: Leasing Şirketlerinde Bir Uygulama. Bartın Üniversitesi İ.İ.B.F. Dergisi, 8(15), 277-296.
  • Charters, A. (2020). Aircraft leasing companies face challenges. https://www.grantthornton.co.uk/insights/aircraft-leasing-companies-face-challenges/
  • Chen, H.-C., and Yeh, C.-W. (2021). Global financial crisis and COVID-19: Industrial reactions. Finance Research Letters , 42 (2), 1-13.
  • Chen, W. T., Huang, K., and Ardiansyah, M. N. (2018). A mathematical programming model for aircraft leasing decisions. Journal of Air Transport Management, 69 (2), 15–25.
  • Chen, Y., Cheng, S., and Zhu, Z. (2021). Exploring the operational and environmental performance of Chinese airlines: A two-stage undesirable SBM-NDEA approach. Journal of Cleaner Production, 289(3), 125-140.
  • CMS. (2020). COVID-19 Challenges for the Aircraft Leasing Industry https://www.cms-lawnow.com/ealerts/2020/03/covid-19-challenges-for-the-aircraft-leasing-industry?cc_lang=en
  • Colenda, C. c., Applegate, W. B., Reifler, B. V., and Blazer, D. G. (2020). COVID-19: Financial Stress Test for Academic Medical Centers. Academic Medicine, 95(8), 1-3.
  • Çakır, S., and Perçin, S. (2013). Çok Kriterli Karar Verme Teknikleriyle Lojistik Firmalarında Performans Ölçümü. Ege Akademik Bakış, 13(4), 449-459.
  • Dahooei, J. H., Zavadskas, E. K., Vanaki, A. S., Firoozfar, H. R., and Ghorabaee, M. K. (2018). An Evaluation Model of Business Intelligence for Enterprise Systems with New Extension of CODAD CODAS-IVIF). Economics and Management, 21(3), 171-187.
  • Dalfard, V. M., Sohrabian, A., Najafabadi, A. M., and Alvani, J. (2012). Performance Evaluation and Prioritization of Leasing Companies Using the Super Efficiency Data Envelopment Analysis Model. Acta Polytechnica Hungarica, 9(3), 183-194.
  • Demirgüç-Kunt, A., Pedraza, A., and Ruiz-Ortega, C. (2020). Banking Sector Performance During the COVID-19 Crisis. Working Paper. World Bank.
  • Deveci, K., Cin, R., and Kağızman, A. (2020). A modified interval valued intuitionistic fuzzy CODAS method and its application to multi-criteria selection among renewable energy alternatives in Turkey. Applied Soft Computing Journal 96(1), 1-18.
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A Review of Financial Performance of Aircraft Leasing Companies

Yıl 2022, Cilt: 6 Sayı: 1, 61 - 72, 23.03.2022
https://doi.org/10.30518/jav.1032824

Öz

The Covid-19 pandemic has caused many industries, especially the air transport industry, to experience a crisis. It is important to analyze the change in the financial performance of global aircraft leasing companies, one of the most important stakeholders of the airline industry during this crisis period. Therefore, this study aims to analyze the financial performance of global aircraft leasing companies in the period from Q1 2018 to Q4 2020. In the study, we analyzed the financial data of 6 global aircraft leasing companies using the CRITIC-based CODAS method. Our findings indicate that some aircraft leasing companies have been ahead of the competition due to the Covid-19 pandemic, while others have fallen behind in the financial performance rankings. Therefore, our results prove that aircraft leasing companies are affected by the covid-19 pandemic. Our analysis on a sectoral basis indicates the relationship between the debt repayment capacity of airlines and the performance of leasing companies.

Kaynakça

  • Abate, M., Christidis, P., and Purwanto, A. J. (2020). Government support to airlines in the aftermath of the COVID-19 pandemic. Journal of Air Transport Management, 89(1), 1-15.
  • Abban, A. R., and Hasan, M. Z. (2021). The causality direction between environmental performance and financial performance in Australian mining companies - A panel data analysis. Resources Policy, 70 (2), 1-15.
  • Afza, T., and Ashgar, M. (2014). Efficiency of Modaraba and Leasing Companies in Pakistan. Procedia - Social and Behavioral Sciences, 109, 470-482.
  • Airline Economics Research. (2021). Airline Economics Aviation Industry Leaders Report 2021: Route to Recovery. www.airlineeconomics.com
  • Akçakanat, Ö., Aksoy, E., and Teker, T. (2018). CRITIC ve MDL Temelli EDAS Yöntemi İle TR-61 Bölgesi Bankalarının Performans Değerlendirmesi. Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(32), 1-24.
  • Alam, H. M., Raza, A., Farhan, M., and Akram, M. (2011). Leasing Industry in Pakistan: A Comparison of Financial Performance of Leasing Companies. International Journal of Business and Social Science, 2(10), 218-223.
  • Amankwah-Amoah, J., Khan, Z., and Osabutey, E. L. C. (2021). COVID-19 and business renewal: Lessons and insights from the global airline industry. International Business Review, 30(3), 10-22.
  • Amanollahi, G. F. (2016). The Influence of External Factors on The Credit Risk in Leasing Industry. Management Science Letters, 6, 251-258.
  • Ashgar, M. J., and Afza, T. (2013). Efficiency of Modaraba and Leasing Companies in Pakistan. Middle-East Journal of Scientific Research, 17(3), 305-314.
  • Badi, I., and Kridish, M. (2020). Landfill site selection using a novel FUCOM-CODAS model: Acase study in Libya. Scientific African, 9(1), 13-23.
  • Badi, İ., Abdulshahed, A. M., and Shetwan, A. G. (2018). A Case Study Of Supplier Selection For A Steelmaking Company in Libya By Using The Combinative Distance-Based Assesment (CODAS) Model. Decision Making: Applications in Management and Engineering, 1(1), 1-12.
  • Bakır, M., and Alptekin, N. (2018). Hizmet Kalitesi Ölçümüne Yeni Bir Yaklaşım: CODAS Yöntemi İle Havayolu İşletmeleri Üzerine Bir Uygulama. Business And Management Studies An International Journal, 6(4), 1336-1353.
  • Bauer, L. B., Bloch, D., and Merkert, R. (2020). Ultra Long-Haul: An emerging business model accelerated by COVID-19. Journal of Air Transport Management, 89(2, 1-13.
  • Bazargan, M., and Hartman, J. (2012). Aircraft replacement strategy: Model and analysis. Journal of Air Transport Management, 25(3), 26–29.
  • Belhadi, A., Kamble, S., Jabbour, C. J. C., Gunasekaran, A., Ndubisi, N. O., and Venkatesh, M. (2021). Manufacturing and service supply chain resilience to the COVID-19 outbreak: Lessons learned from the automobile and airline industries. Technological Forecasting and Social Change, 163(2), 40-55.
  • Boltürk, E., and Kahraman, C. (2018). Interval-valued intuitionistic fuzzy CODAS method and its application to wave energy facility location selection problem. Journal of Intelligent & Fuzzy Systems, 35(4), 1-13.
  • Borochin, P. (2020). The information content of real operating performance measures from the airline industry. Journal of Financial Markets, 50 (3), 13-28.
  • Bourjade, S., Huc, R., and Muller-Vibes, C. (2017). Leasing and profitability: Empirical evidence from the airline industry. Transportation Research Part A: Policy and Practice, 97(2), 30–46.
  • Brown, R. S., and Kline, W. A. (2020). Exogenous shocks and managerial preparedness: A study of U.S. airlines’ environmental scanning before the onset of the COVID-19 pandemic. Journal of Air Transport Management, 89 (2), 35-46.
  • Budd, L., Ison, S., and Adrienne, N. (2020). European airline response to the COVID-19 pandemic – Contraction, consolidation and future considerations for airline business and management. Research in Transportation Business and Management, 37(3), 10-23.
  • Carter, D., Mazumder, S., Simkins, B., and Sisneros, E. (2021). The Stock Price Reaction of the COVID-19 Pandemic on the Airline, Hotel, and Tourism Industries. Finance Research Letters, 44(2), 15-30.
  • Caslin, J., and O’brien, D. (2020). Banking and Aviation Finance Sub-Committee Current Topics: Discussion Paper 202005/2.
  • Ceyhan, İ. F., and Demirci, F. (2017). MULTIMOORA Yöntemiyle Finansal Performans Ölçümü: Leasing Şirketlerinde Bir Uygulama. Bartın Üniversitesi İ.İ.B.F. Dergisi, 8(15), 277-296.
  • Charters, A. (2020). Aircraft leasing companies face challenges. https://www.grantthornton.co.uk/insights/aircraft-leasing-companies-face-challenges/
  • Chen, H.-C., and Yeh, C.-W. (2021). Global financial crisis and COVID-19: Industrial reactions. Finance Research Letters , 42 (2), 1-13.
  • Chen, W. T., Huang, K., and Ardiansyah, M. N. (2018). A mathematical programming model for aircraft leasing decisions. Journal of Air Transport Management, 69 (2), 15–25.
  • Chen, Y., Cheng, S., and Zhu, Z. (2021). Exploring the operational and environmental performance of Chinese airlines: A two-stage undesirable SBM-NDEA approach. Journal of Cleaner Production, 289(3), 125-140.
  • CMS. (2020). COVID-19 Challenges for the Aircraft Leasing Industry https://www.cms-lawnow.com/ealerts/2020/03/covid-19-challenges-for-the-aircraft-leasing-industry?cc_lang=en
  • Colenda, C. c., Applegate, W. B., Reifler, B. V., and Blazer, D. G. (2020). COVID-19: Financial Stress Test for Academic Medical Centers. Academic Medicine, 95(8), 1-3.
  • Çakır, S., and Perçin, S. (2013). Çok Kriterli Karar Verme Teknikleriyle Lojistik Firmalarında Performans Ölçümü. Ege Akademik Bakış, 13(4), 449-459.
  • Dahooei, J. H., Zavadskas, E. K., Vanaki, A. S., Firoozfar, H. R., and Ghorabaee, M. K. (2018). An Evaluation Model of Business Intelligence for Enterprise Systems with New Extension of CODAD CODAS-IVIF). Economics and Management, 21(3), 171-187.
  • Dalfard, V. M., Sohrabian, A., Najafabadi, A. M., and Alvani, J. (2012). Performance Evaluation and Prioritization of Leasing Companies Using the Super Efficiency Data Envelopment Analysis Model. Acta Polytechnica Hungarica, 9(3), 183-194.
  • Demirgüç-Kunt, A., Pedraza, A., and Ruiz-Ortega, C. (2020). Banking Sector Performance During the COVID-19 Crisis. Working Paper. World Bank.
  • Deveci, K., Cin, R., and Kağızman, A. (2020). A modified interval valued intuitionistic fuzzy CODAS method and its application to multi-criteria selection among renewable energy alternatives in Turkey. Applied Soft Computing Journal 96(1), 1-18.
  • Diakoulaki, D., Mavrotas, G., and Papayannakis, L. (1995). Determining Objective Weights in Multiple Criteria Problems: The CRITIC Method. Computers and Operations Research, 22(7), 763-770.
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  • Gürol, B. (2018). Faktoring, Finansal Kiralama ve Leasing Sektörlerinin Performanslarının TOPSIS Yöntemi İle Ölçülmesi: Türkiye Karşılaştırması. Başkent Üniversitesi Ticari Bilimler Fakültesi Dergisi, 2(2), 61-73.
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  • Katrancı, A., and Kundakçı, N. (2020). Bulanık CODAS Yöntemi ile Kripto Para Yatırım Alternatiflerinin Değerlendirilmesi. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 22(4), 958-973.
  • Kazan, H., and Özdemir, Ö. (2014). Financial Performance Assesment Of Large Scale Conglomerates Via TOPSIS and CRITIC Methods. International Journal of Management and Sustainability, 3(4), 203-224.
  • Keshavarz Ghorabaee, M., Zavadskas, E. K., Turskıs, Z., and Antucheviciene, J. (2016). A New Combative Dıstance-Based Assesment (CODAS) Method For Multı- Criteria Decision-Making. conomic Computation and Economic Cybernetics Studies and Research, 50(3), 25-44.
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  • Kiracı, K., and Bakır, M. (2019). Evaluation of Airlines Performance Using an Integrated CRITIC and CODAS Methodology: The Case of Star Alliance Member Airlines. Studies in Business and Economics, 15(1), 83-99.
  • Kuhle, P., Arroyo, D., and Schuster, E. (2021). Building A blockchain-based decentralized digital asset management system for commercial aircraft leasing. Computers in Industry, 126(2), 103-126.
  • Lahouel, B. ben, Zaied, Y. ben, Song, Y., and Yang, G. liang. (2021). Corporate social performance and financial performance relationship: A data envelopment analysis approach without explicit input. Finance Research Letters, 39(3), 120-132.
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  • Orçun, Ç. (2019). Enerji Sektöründe WASPAS Yöntemiyle Performans Analizi. BAİBÜ Sosyal Bilimler Enstitüsü Dergisi, 19(2), 439-453.
  • Oum, T. H., Zhang, A., and Zhang, Y. (2000). Optimal demand for operating lease of aircraft. Transportation Research Part B: Methodological, 34(1), 17–29.
  • Özçelik, F., Avcı Öztürk, B., and Gürsakal, S. (2014). Türkiye'de Kurumsal Sosyal Sorumluluk ve Finansal Performans Arasındaki İlişkinin Araştırılması. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 28(3), 189-203.
  • Peng, X., and Garg, H. (2018). Algorithms for interval-valued fuzzy soft sets in emergency decision making based on WDBA and CODAS with new information measure. Computers & Industrial Engineering, 119(2), 439-452.
  • Pereira, D. da S., and Soares de Mello, J. C. C. B. (2021a). Efficiency evaluation of Brazilian airlines operations considering the Covid-19 outbreak. Journal of Air Transport Management, 91(3), 120-134.
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  • Ulutaş, A. (2020). SWARA Tabanlı CODAS Yöntemi İle Kargo Şirketi Seçimi. MANAS Sosyal Araştırmalar Dergisi, 9(3), 1640-1647.
  • Ulutaş, A., and Karaköy, Ç. (2020). CRITIC ve ROV Yöntemleri İle Bir Kargo Firmasının 2011-2017 Yılları Sırasındaki Performansının Analiz Edilmesi. MANAS Sosyal Araştırmalar Dergisi, 8(1), 223-230.
  • Vinod, B. (2020). The COVID-19 pandemic and airline cash flow. Journal of Revenue and Pricing Management, 19(4), 228–229.
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  • Wang, Y., Zhou, Y., Hansen, M., and Chin, C. (2019). Scheduled block time setting and on-time performance of U.S. and Chinese airlines—A comparative analysis. Transportation Research Part A: Policy and Practice, 130(3), 825–843.
  • Yalçın, N., and Yapıcı Pehlivan, N. (2019). Application of the Fuzzy CODAS Method Basedon Fuzzy Envelopes for Hesitant Fuzzy LinguisticTerm Sets: A Case Study on a PersonnelSelection Problem. Symmetry, 11(4), 1-27.
  • Yeni, F. B., and Özçelik, G. (2019). Interval-Valued Atanassov Intuitionistic Fuzzy CODAS Method for Multi Criteria Group Decision Making Problems. Group Decision and Negotiation 28(2), 433-452.
  • Zheng, C., and Zhang, J. (2021). The impact of COVID-19 on the efficiency of microfinance institutions. International Review of Economics and Finance, 71(1), 407-423.
Toplam 89 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Araştırma Makaleleri
Yazarlar

Kasım Kiracı 0000-0002-2061-171X

Veysi Asker 0000-0002-8969-7822

H. Yusuf Güngör 0000-0001-6783-1552

Yayımlanma Tarihi 23 Mart 2022
Gönderilme Tarihi 5 Aralık 2021
Kabul Tarihi 11 Mart 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 6 Sayı: 1

Kaynak Göster

APA Kiracı, K., Asker, V., & Güngör, H. Y. (2022). A Review of Financial Performance of Aircraft Leasing Companies. Journal of Aviation, 6(1), 61-72. https://doi.org/10.30518/jav.1032824

Journal of Aviation - JAV 


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