Analysis of Operational Ratıos Affecting Stock Price in Low Cost Airline Businesses

Year 2021, Issue: 60, 1 - 23, 25.12.2021

Abdulkadir Alıcı Güven Sevil

https://doi.org/10.18070/erciyesiibd.866967

Cited By: 1

Abstract

In the determination of the stock price, factors such as the economic situation of the country, future expectations and the performance of the enterprises are quite effective together with the supply-demand effect. In this context, it is aimed to reveal the relations between the operational indicators of airline companies and the stock price. In practice, the annual operational data of 6 low-cost airlines covering the years 2005-2017 were analyzed using panel data analysis method, and operational (RPK, CASK, LF and OKZ) factors that determine the stock price were determined. According to the panel data analysis result, it is seen that the wage passenger km (RPK) variable has a positive effect on the stock price at the 1% significance level. It has been determined that the unit cost per seat (CASK) ratio variable has a negative effect on the stock price at the level of 1%. The conclusion from the findings is that airlines should increase operational income and demand in order to increase stock value. With the increase in revenues, the decrease in unit costs increases the profitability and stock value of airlines, in line with the theory

Keywords

Airlines, Stock Price, Panel Data Analysis.

Düşük Maliyetli Havayolu İşletmelerinde Hisse Senedi Fiyatını Etkileyen Operasyonel Oranların Analizi

Abstract

Hisse senedi fiyatının belirlenmesinde, arz-talep etkisiyle birlikte, ülkenin ekonomik durumu, gelecek beklentileri ve işletmelerin performansı gibi faktörler oldukça etkilidir. Bu kapsamda, havayolu işletmelerine ait operasyonel göstergelerin hisse senedi fiyatı ile ilişkilerinin ortaya konulması hedeflenmektedir. Uygulamada 6 düşük maliyetli havayollarına ait 2005-2017 yıllarını kapsayan yıllık operasyonel veriler, panel veri analizi yöntemiyle analiz edilmiş olup, hisse senedi fiyatını belirleyen operasyonel (RPK, CASK, LF ve OKZ) faktörler tespit edilmiştir. Panel veri analizi sonucuna göre, ücretli yolcu km (RPK) değişkeninin hisse senedi fiyatı üzerinde %1 anlam düzeyinde pozitif bir etkiye sahip olduğu görülmektedir. Arz edilen koltuk başına birim maliyet (CASK) oranı değişkeninin hisse senedi fiyatı üzerinde %1 anlam düzeyinde negatif bir etkiye sahip olduğu tespit edilmiştir. Bulgulardan elde edilen sonuca göre, havayolu işletmeleri hisse senedi değerini arttırmak için operasyonel gelir ve talebi arttırmalıdır. Gelirlerin artışıyla birlikte, birim maliyetlerin azalması teori ile uyumlu olarak havayollarının kârlılığını ve hisse senedi değerini arttırmaktadır

Keywords

Havayolları, Hisse Senedi Fiyatı, Panel Veri Analizi

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