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FİNANSAL KİRALAMANIN DEVRALMA STRATEJİSİNDEKİ ROLÜ: PEGASUS HAVA TAŞIMACILIĞI ve İZAİR İŞBİRLİĞİNE YÖNELİK BİR İNCELEME

Year 2019, Volume: 2 Issue: 4, 254 - 264, 15.10.2019

Abstract

Dünyada deregülasyon
hareketlerinin etkisi ile havacılık sektöründe küresel rekabette artış
yaşanmıştır. Havayolu işletmeleri arasındaki rekabetin varlığı, maliyetlerin
yüksek olması ve kapasite kısıtlamaları işletmelerin kar marjlarını
düşürmektedir. Havayolu işletmelerinin en önemli maliyet kalemi olarak kabul
edilen uçak maliyetleri, işletmeleri bu maliyet kalemini yönetmek amacıyla
farklı yöntemlere sevk etmiştir. Uçak kiralamanın finansal yönetim açısından da
önemi büyüktür. İşletmelerin kiraladıkları uçak sayısı ile satın aldıkları uçak
sayısı arasındaki fark hızla artmaktadır. Bu çalışmada öncelikle finansal
kiralama, havacılıkta kiralama, uçak kiralayıcı firmalar, tarihsel olarak uçak
kiralama verileri incelenmektedir. Çalışmanın temel amacı, bölgesel bir hizmet
sağlayıcı olarak faaliyet göstermeye başlayan İzair’ın Pegasus Hava Yolları ile
2007 yılında uçak kiralama ile başlayan ilişkisinin, iştirak olma süreci ve
neticesinde 2018
yılında devralma ile
sonuçlanan stratejik işbirliği davranışının temel veriler ile ele
değerlendirilmesidir. 

References

  • Allonen, M. (2013). Operating lease or purchase-analysis, Case: An acquisition of Airbus A330-300 for Finnair.
  • Apak, S., & Demirel, E. (2010). Finansal yönetim. Papatya Yayıncılık Eğitim, İstanbul, Ankara, İzmir, Adana.
  • Berk, N. (2015). Finansal yönetim. Türkmen Kitabevi.
  • Bjelicic, B. (2012). Financing airlines in the wake of the financial markets crisis. Journal of Air Transport Management, 21, 10-16.
  • Boing, (2019) Current Aircraft Finance Market Outlook, https://www.boeing.com/company/key-orgs/boeing-capital/current-aircraft-financing-market.page, (10.05.2019)
  • Bourjade, S., Huc, R., Muller-Vibes, C. (2017). Leasing and profitability: emprical evidence from the airline industry, Transportation Research Part A: Policy and Practice, 97, 30-46
  • Capital Aviation (2017) ‘Introduction to Aircraft Leasing’, http://www.capitalaviation.net/Downloads/Capital%20Aviation-Introduction%20to%20Aircraft%20Leasing%20-%20March%202017.pdf (30.02.2019).
  • Chen, W. T., Huang, K., & Ardiansyah, M. N. (2018). A mathematical programming model for aircraft leasing decisions. Journal of Air Transport Management, 69, 15-25.Clark, P. (2007). Buying the big jets: fleet planning for airlines , Chapter 6 aircraft Economics. Ash—gate Publishing Limited, England, 171-210.
  • Eyer, W. W. (1979). Sale, Leasing and Financing of Aircraft, The. J. Air L. & Com., 45, 217.
  • Gallagher, T. J., Andrew, J. D., Hine, S., & Bajtelsmit, V. (1997). Financial management: principles and practice. Prentice Hall.
  • Gavazza, A. (2011). Leasing and secondary markets: Theory and evidence from commercial aircraft. Journal of Political Economy, 119(2), 325-377.
  • Gibson, W., & Morrell, P. (2004). Theory and practice in aircraft financial evaluation. Journal of Air Transport Management, 10(6), 427-433.
  • Gritta, R. D., Lippman, E., & Chow, G. (1994). The impact of the capitalization of leases on airline financial analysis: An issue revisited. Logistics and Transportation Review, 30(2), 189.
  • Gritta, R., & Lynagh, P. (1973). Aircraft Leasing-Panacea or Problem. Transp. LJ, 5, 9.
  • Horne, J. C. V., & Wachowicz, J. M. JR.(1998). Fundamentals Of Financial Management.
  • Littlejohns, A., & McGairl, S. (Eds.). (1998). Aircraft financing. Euromoney Publications.
  • Oum, T. H., Zhang, A., & Zhang, Y. (2000). Allocative efficiency and social value of the aircraft leasing industry. International Journal of Transport Economics/Rivista internazionale di economia dei trasporti, 131-145.
  • Oum, T. H., Zhang, A., & Zhang, Y. (2000). Optimal demand for operating lease of aircraft. Transportation Research Part B: Methodological, 34(1), 17-29.
  • Pegasus Yatırımcı İlişkileri, http://www.pegasusyatirimciiliskileri.com/medium/image/ek3-uzman-kurulus-raporu_801/view.aspx ( 07:02:2019).
  • PWC (2013) ‘Aviation Finance Fasten Your Seatbelts’, https://www.pwc.com/im/en/publications/assets/shipping-aircraft-space/pwc-aviation-finance-fastern-your-seat-belts-pdf.pdf, (03.04.2019).
  • Smith, R. C., Walter, I., & DeLong, G. (2011). Global banking. Oxford University Press.
  • Vakıf Leasing, ‘Leasing’e Konu Mallar’, http://www.vakifleasing.com.tr/pages.asp?id=24&own=2, (2 Mayıs 2011).Vakıf Yatırım, ‘Havacılık Sektör Raporu’, https://www.vakifyatirim.com.tr/sektor-raporlari (12.04.2019).

ROLE OF FINANCIAL LEASING IN ACQUISITIONS STRATEGY: AN INVESTIGATION ON PEGASUS AIR TRANSPORT AND IZAIR COOPERATION

Year 2019, Volume: 2 Issue: 4, 254 - 264, 15.10.2019

Abstract

Global competition in the aviation sector has
increased due to the deregulation movements in the world. Existence of
competition among airline companies, high costs and capacity constraints reduce
the profit margins of enterprises. Aircraft costs, which are considered as the
most important cost item of airline companies, have led them to different
methods to manage this cost item. Aircraft leasing is also important for
financial management. The difference between leased by companies and purchased
is rapidly increasing. In this study, primarily leasing, lease aviation,
aircraft renters companies and historical chartering data will be examined.
Afterwards, the relationship between İz Air and Pegasus Airlines, which started
as a regional service provider with aircraft leasing in 2007, the strategic
cooperation behavior that resulted in the acquisition in 2018 will be handled
and evaluated with the data. 

References

  • Allonen, M. (2013). Operating lease or purchase-analysis, Case: An acquisition of Airbus A330-300 for Finnair.
  • Apak, S., & Demirel, E. (2010). Finansal yönetim. Papatya Yayıncılık Eğitim, İstanbul, Ankara, İzmir, Adana.
  • Berk, N. (2015). Finansal yönetim. Türkmen Kitabevi.
  • Bjelicic, B. (2012). Financing airlines in the wake of the financial markets crisis. Journal of Air Transport Management, 21, 10-16.
  • Boing, (2019) Current Aircraft Finance Market Outlook, https://www.boeing.com/company/key-orgs/boeing-capital/current-aircraft-financing-market.page, (10.05.2019)
  • Bourjade, S., Huc, R., Muller-Vibes, C. (2017). Leasing and profitability: emprical evidence from the airline industry, Transportation Research Part A: Policy and Practice, 97, 30-46
  • Capital Aviation (2017) ‘Introduction to Aircraft Leasing’, http://www.capitalaviation.net/Downloads/Capital%20Aviation-Introduction%20to%20Aircraft%20Leasing%20-%20March%202017.pdf (30.02.2019).
  • Chen, W. T., Huang, K., & Ardiansyah, M. N. (2018). A mathematical programming model for aircraft leasing decisions. Journal of Air Transport Management, 69, 15-25.Clark, P. (2007). Buying the big jets: fleet planning for airlines , Chapter 6 aircraft Economics. Ash—gate Publishing Limited, England, 171-210.
  • Eyer, W. W. (1979). Sale, Leasing and Financing of Aircraft, The. J. Air L. & Com., 45, 217.
  • Gallagher, T. J., Andrew, J. D., Hine, S., & Bajtelsmit, V. (1997). Financial management: principles and practice. Prentice Hall.
  • Gavazza, A. (2011). Leasing and secondary markets: Theory and evidence from commercial aircraft. Journal of Political Economy, 119(2), 325-377.
  • Gibson, W., & Morrell, P. (2004). Theory and practice in aircraft financial evaluation. Journal of Air Transport Management, 10(6), 427-433.
  • Gritta, R. D., Lippman, E., & Chow, G. (1994). The impact of the capitalization of leases on airline financial analysis: An issue revisited. Logistics and Transportation Review, 30(2), 189.
  • Gritta, R., & Lynagh, P. (1973). Aircraft Leasing-Panacea or Problem. Transp. LJ, 5, 9.
  • Horne, J. C. V., & Wachowicz, J. M. JR.(1998). Fundamentals Of Financial Management.
  • Littlejohns, A., & McGairl, S. (Eds.). (1998). Aircraft financing. Euromoney Publications.
  • Oum, T. H., Zhang, A., & Zhang, Y. (2000). Allocative efficiency and social value of the aircraft leasing industry. International Journal of Transport Economics/Rivista internazionale di economia dei trasporti, 131-145.
  • Oum, T. H., Zhang, A., & Zhang, Y. (2000). Optimal demand for operating lease of aircraft. Transportation Research Part B: Methodological, 34(1), 17-29.
  • Pegasus Yatırımcı İlişkileri, http://www.pegasusyatirimciiliskileri.com/medium/image/ek3-uzman-kurulus-raporu_801/view.aspx ( 07:02:2019).
  • PWC (2013) ‘Aviation Finance Fasten Your Seatbelts’, https://www.pwc.com/im/en/publications/assets/shipping-aircraft-space/pwc-aviation-finance-fastern-your-seat-belts-pdf.pdf, (03.04.2019).
  • Smith, R. C., Walter, I., & DeLong, G. (2011). Global banking. Oxford University Press.
  • Vakıf Leasing, ‘Leasing’e Konu Mallar’, http://www.vakifleasing.com.tr/pages.asp?id=24&own=2, (2 Mayıs 2011).Vakıf Yatırım, ‘Havacılık Sektör Raporu’, https://www.vakifyatirim.com.tr/sektor-raporlari (12.04.2019).
There are 22 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Sultan Gedik Göçer 0000-0001-5776-9791

Deniz Macit 0000-0002-7439-7202

Publication Date October 15, 2019
Published in Issue Year 2019 Volume: 2 Issue: 4

Cite

APA Gedik Göçer, S., & Macit, D. (2019). FİNANSAL KİRALAMANIN DEVRALMA STRATEJİSİNDEKİ ROLÜ: PEGASUS HAVA TAŞIMACILIĞI ve İZAİR İŞBİRLİĞİNE YÖNELİK BİR İNCELEME. Uluslararası Ekonomi Siyaset İnsan Ve Toplum Bilimleri Dergisi, 2(4), 254-264.

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