Havayolu Şirketi Birleşmeleri ve Finansal Performans: Delta–Northwest Örneği

Abstract

Amaç: Bu çalışma, özellikle 2008 yılında Delta Airlines ile Northwest Airlines arasındaki birleşmeye odaklanarak hava taşımacılığı sektöründeki birleşme ve satın almaların (M&As) finansal etkilerini incelemeyi amaçlamaktadır. Sektördeki liberalleşme ile paralel olarak havayolları, ölçek ekonomisi elde etmek, rota ağlarını genişletmek ve rekabet güçlerini artırmak için giderek daha fazla birleşme ve satın alma işlemine girmiştir. Makale, sektörde yer alan birleşme ve satın almaların olası sonuçları ile ilgili literatürde öngörülmüş kimi sonuçları Delta Airlines'ın örneği üzerinden değerlendirmektedir.

Yöntem: Araştırmada, gelir, karlılık, maliyet etkinliği ve pazar payı ile ilgili temel performans göstergeleri (KPI'lar) kullanılmaktadır. Analizde kullanılan finansal veriler 2000 yılı ile COVID-19 etkisiyle sektörde yaşanan çöküş öncesindeki son yıl olan 2019 yılları arasında yayınlanmış yıllık raporlardan derlenmiştir. Çalışmada birleşme kararı öncesindeki ve sonrasındaki temel performans göstergeleri parametirk ve parametrik olmayan testlerle desteklenmiş betimsel analiz yoluyla karşılaştırılmaktadır.

Bulgular: Çalışmanın bulgularına göre, 2008 yılında geçiş sürecinde yaşanan kimi sıkıntılara rağmen birleşmenin uzun dönemli etkileri olumlu yönde olmuştur. Analiz sonuçları birleşme sonrasında Delta’nın operasyonel ve finansal performasının geliştiğine işaret etmektedir.

Sonuç: Çalışmanın bulguları, birleşme ve satın almaların, çeşitli temel performans göstergelerine göre değerlendirildiğinde, birleşen şirketler için operasyonel verimlilik, yük faktörü ve kâr marjları açısından olumlu sonuçlar verebileceğini gösteren teorik çerçeveleri doğrulamaktadır. Bu çalışma, ABD havacılık tarihindeki en önemli birleşmelerden biri olan Delta – Northwest birleşmesinin, birleşme sonrası olumlu operasyonel ve finansal etkisine dair ampirik kanıtlar sunarak birleşme ve satın almalar literatürüne katkıda bulunmaktadır.

Keywords

• Finansal performans
• hava taşımacılığı
• havacılık sektöründe liberalleşme
• birleşme ve satın almalar
• Delta – Northwest Birleşmesi

Airline Mergers and Financial Performance: Evidence from the Delta–Northwest Case

Abstract

Aim: This study aims to examine the financial effects of mergers and acquisitions (M&As) within the air transportation sector with a specific emphasis on the merger between Delta Airlines and Northwest Airlines in 2008.  Consequent to the deregulation and liberalization process, airlines have increasingly engaged in mergers and acquisitions to achieve economies of scale, broaden their route networks, and enhance their competitiveness. The paper evaluates whether the proposed advantages of mergers and acquisitions are substantiated by analyzing the financial performance of Delta Airlines prior to and following the merger.

Method: The research utilizes key performance indicators (KPIs) related to revenue, profitability, cost efficiency, and market share. Financial data was collected from company-released annual reports from 2000 until 2019, before the industry collapsed because of COVID-19. The study compares the KPIs for the periods before and after the merger decision using a descriptive analysis supported by parametric and non-parametric tests.

Results:  The results clearly indicate that although Delta experienced a challenging transition year in 2008, the long-term effects of the merger were strongly positive. The analysis results show that the operational and financial performance of Delta improved after the merger.

Conclusion: The study's findings corroborate the theoretical foundations indicating that mergers and acquisitions may yield favorable results for the combined entities regarding operational efficiency, load factor, and profit margins when evaluated against various key performance indicators.  This study contributes to the literature on mergers and acquisitions by offering empirical evidence on the positive post-merger operational and financial effect of one of the most significant mergers in U.S. aviation history.

Keywords

• Financial performance
• air transportation
• airline liberalization
• mergers and acquisitions
• Delta-Northwest merger

References

1. AIRLINES of AMERICA. (2024) Retrieved from https://www.airlines.org/dataset/u-s-airline-mergers-and-acquisitions/
2. ANDRADE, G., MITCHELL, M., & STAFFORD, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103-120. https://doi.org/10.1257/jep.15.2.103
3. ASSAF, A. G., BARROS, C. P., & DIEKE, P. U. (2011). Portuguese tour operators: A fight for survival. Journal of Air Transport Management, 17(3), 155-157. https://doi.org/10.1016/j.jairtraman.2010.12.002
4. BARROS, C. P., & PEYPOCH, N. (2009). An evaluation of European airlines’ operational performance. International Journal of Production Economics, 122(2), 525-533. https://doi.org/10.1016/j.ijpe.2009.04.016
5. BEENA, P. L. (2006). Mergers and acquisitions: India under globalization. Routledge.
6. BORENSTEIN, S. (1992). The evolution of U.S. airline competition. Journal of Economic Perspectives, 6(2), 45-73. https://doi.org/10.1257/jep.6.2.45
7. BORENSTEIN S., and ROSE, N.L. (2014). How airline markets work . . . or do they? Regulatory Reform in the Airline Industry. In N.L. Rose (Ed.), Economic regulation and its reform: What we have learned? pp. 63-135. University of Chicago Press. https://doi.org/10.7208/chicago/9780226138169.003.0003
8. BRADLEY, M., DESAI, A., & KIM, E. H. (1988). Synergistic gains from corporate acquisitions. Journal of Financial Economics, 21(1), 3–40. https://doi.org/10.1016/0304-405X(88)90030-X

9. BRUECKNER, J. K., LEE, D. N., & SINGER, E. S. (2013). Airline competition and domestic U.S. airfares: A comprehensive reappraisal. Economics of Transportation, 2(1), 1-17. https://doi.org/10.1016/j.ecotra.2012.06.001
10. BUTTON, K. (2004). Wings across Europe: Towards an efficient European air transport system. Ashgate Publishing.
11. CAMPA, J. M., & HERNANDO, I. (2004). Shareholder value creation in European M&As. European Financial Management, 10(1), 47–81. https://doi.org/10.1111/j.1468-036X.2004.00242.x
12. CILIBERTO, F., COOK, E.E. & WILLIAMS, J.W. (2019) Network structure and consolidation in the U.S. airline industry, 1990–2015. Rev Ind Organ 54, 3–36 (2019). https://doi.org/10.1007/s11151-018-9635-y
13. CORNETT, M. M., & TEHRANIAN, H. (1992). Changes in corporate performance associated with bank acquisitions. Journal of Financial Economics, 31(2), 211–234. https://doi.org/10.1016/0304-405X(92)90004-H
14. DELTA AIRLINES (1994-2022). Form 10-K annual report of Delta Airlines, Inc. Retrieved from https://d1lge852tjjqow.cloudfront.net/CIK-0000027904/fa5d0b74-a99b-4db1-9c8d-1dca98c76c93.pdf
15. DOGANIS, R. (2006). The airline business.2nd ed. Routledge.
16. DYER, J.H., & SINGH, H. (1998). The relational view: cooperative strategy and sources of interorganizational competitive advantage. Academy of Management Review, 23, 660-679. https://doi.org/10.5465/amr.1998.1255632
17. EISENHARDT, K. M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532–550. https://doi.org/10.5465/amr.1989.4308385
18. FIELD, A. (2018). Discovering statistics using IBM SPSS statistics (5th ed.). SAGE Publications.
19. FOCARELLI, D., & PANETTA, F. (2003). Are mergers beneficial to consumers? Evidence from the Italian market. American Economic Review, 93(4), 1152–1172. https://doi.org/10.1257/000282803769206241
20. GAUGHAN, P. A. (2017). Mergers, acquisitions, and corporate restructurings (6th ed.). Wiley, Inc.
21. GERRING, J. (2004). What is a case study and what is it good for? American Political Science Review, 98(2), 341–354. https://doi.org/10.1017/S0003055404001182
22. GITTELL, J. H. (2003). The Southwest Airlines Way: Using the Power of Relationships to Achieve High Performance. McGraw Hill.
23. GHOSH, A. (2001). Does operating performance really improve following corporate acquisitions? Journal of Corporate Finance, 7(2), 151–178. https://doi.org/10.1016/S0929-1199(01)00018-9
24. GUDMUNDSSON, S. V. & LECHNER, C. (2006). Multinational airline alliances: Balancing strategic constraints and opportunities. Journal of Air Transport Management, 12(3), 153–158. https://doi.org/10.1016/j.jairtraman.2005.11.007
25. HAGHIGHI, M. & GHASSEMI, A. (2012). Ranking of the factors affecting airlines’ strategic alliance success using experts’ views. Tourism Management Studies, 8(23), 27-50. https://doi.org/20.1001.1.23223294.1392.8.23.2.3
26. HEALY, P. M., PALEPU, K. G., & RUBACK, R. S. (1992). Does corporate performance improve after mergers? Journal of Financial Economics, 31(2), 135–175. https://doi.org/10.1016/0304-405X(92)90002-F
27. HONG, S., & ZHANG, A. (2010). An efficiency study of airlines and air cargo/passenger divisions: A DEA approach. World Review of Intermodal Transportation Research, 3(1-2), 137-149.
28. HÜSCHELRATH, K., & MÜLLER, K. (2014). Airline Networks, Mergers, and Consumer Welfare. Journal of Transport Economics and Policy, 48(3), 385–407. http://www.jstor.org/stable/24396294
29. IATA. (2020). Annual review. Retrieved from http://www.iata.org
30. IATROU, K., & ORETTI, M. (2007). Airline choices for the future: from alliances to mergers. Routledge. https://doi.org/10.4324/9781315566399
31. INTERNATIONAL CIVIL AVIATION ORGANIZATION. (ICAO). (2019). Air transport regulation panel reports. Montreal: International Civil Aviation Organization.
32. INTERNATIONAL CIVIL AVIATION ORGANIZATION. (ICAO). (2022). The World of Air Transport in 2022. Retrieved from https://www.icao.int/sustainability/WorldofAirTransport/Pages/the-world-of-air-transport-in-2022.aspx
33. KIM, E. H., & SINGAL, V. (1993). Mergers and market power: evidence from the airline industry. The American Economic Review, 83(3), 549-569. https://www.jstor.org/stable/2117533
34. KING, D. R., DALTON, D. R., DAILY, C. M., & COVIN, J. G. (2004). Meta‐analyses of post‐acquisition performance: Indications of unidentified moderators. Strategic Management Journal, 25(2), 187–200. https://doi.org/10.1002/smj.371
35. KRUSE, T. A., PARK, H. Y., PARK, K., & SUZUKI, K. (2007). Long-term performance following mergers of Japanese companies: The effect of diversification and affiliation. Pacific-Basin Finance Journal, 15(2), 154–172. https://doi.org/10.1016/j.pacfin.2006.07.001
36. MERKERT, R., & HENSHER, D. A. (2011). The impact of strategic management and fleet planning on airline efficiency–A random effects Tobit model based on DEA efficiency scores. Transportation Research Part A: Policy and Practice, 45(7), 686-695. https://doi.org/10.1016/j.tra.2011.04.015
37. MERKERT, R., & MORRELL, P. S. (2012). Mergers and acquisitions in aviation–management and economic perspectives on the size of airlines. Transportation Research Part E: Logistics and Transportation Review, 48(4), 853-862. https://doi.org/10.1016/j.tre.2012.02.002
38. MOELLER, S., SCHLINGEMANN, F., & STULZ, R. (2005). Wealth destruction on a massive scale? Journal of Finance, 60(2), 757–782. https://doi.org/10.1111/j.1540-6261.2005.00745.x
39. MORRISON, S. A., & WINSTON, C. (1995). The evolution of the airline industry. Brookings Institution Press.
40. PALLANT, J. (2020). SPSS Survival Manual: A step-by-step guide to data analysis using IBM SPSS (7th ed.). Routledge. https://doi.org/10.4324/9781003117452
41. RAMASWAMY, K., & WAEGELEIN, J. F. (2003). Firm financial performance following mergers. Review of Quantitative Finance and Accounting, 20(2), 115–126. https://doi.org/10.1023/A:1023089924640
42. ROLLER, L-H., STENNEK, J., & VERBOVEN, F. (2006). Efficiency gains from mergers. In M. Neumann & J. Weigand (Eds.), The International Handbook of Competition (pp. 230–256). Edward Elgar. Retrieved from https://competition-policy.ec.europa.eu/system/files/2021-10/efficiency_gains.pdf
43. STATISTA. (2021). Low-cost carrier market share worldwide. Retrieved from http://statista.com
44. TRB'S COOPERATIVE RESEARCH PROGRAMS (2021). Service Development and Regional Economic Activity. Retrieved from https://crp.trb.org/acrpwebresource12/understanding-air-service-and-regional-economic-activity/how-has-air-service-changed-over-time/
45. U.S. DEPARTMENT OF TRANSPORTATION. (2021). Airline market share. Retrieved from http://www.transportation.gov
46. VASIGH, B., FLEMING, K., & TACKER, T. (2018). Introduction to air transport economics: from theory to applications. Routledge. https://doi.org/10.4324/9781315299075
47. YIN, R. K. (2018). Case study research and applications: design and methods (6th ed.). Thousand Oaks, CA: Sage.