Düşük Maliyetli ve Tam Hizmet Havayollarında Finansal Risk Yönetimi: Karşılaştırmalı Bir Analiz

Abstract

Bu çalışma, havayolu endüstrisinde finansal risk yönetimi teorilerinin pratikte nasıl somutlaştığını ve iş modellerine göre nasıl farklılaştığını incelemektedir. Sermaye yoğun, yüksek sabit maliyetli ve dışsal şoklara son derece duyarlı olan sektörde piyasa, kredi, likidite, operasyonel, stratejik ve model riski ile ESG temelli itibar ve uyum riskleri bütünleşik bir çerçevede ele alınmıştır. PRISMA protokolüne dayalı sistematik literatür taraması kapsamında 2000–2025 döneminde yayımlanan ve havayollarında finansal risk, ERM ve hedging uygulamalarını inceleyen 48 çalışma analiz edilmiştir. Bunu, farklı bölgelerden seçilen düşük maliyetli ve network taşıyıcılarını içeren çoklu vaka analizi ile şirketlerin türev araç kullanımı ve doğal korunma stratejilerinin incelendiği ikincil veri analizi izlemiştir. Bulgular, düşük maliyetli taşıyıcıların tek tip filo, yalın süreçler, sınırlı türev ürün kullanımı ve yüksek nakit tamponları sayesinde daha sade, kısa vadeli ve maliyet odaklı bir risk yönetimi profiline sahip olduğunu göstermektedir. Buna karşılık network taşıyıcılarında karma filo, çoklu gelir kanalı ve derinleşmiş döviz–faiz–yakıt maruziyeti; opsiyon temelli stratejiler ve çapraz kur/faiz oranı swap’ları içeren daha karmaşık, çok katmanlı ERM yaklaşımlarını zorunlu kılmaktadır. Çalışma, havayolu iş modelinin yalnızca maliyet yapısını değil, finansal risklerin türünü, yoğunluğunu ve kullanılan riskten korunma araç setini belirleyen kritik bir değişken olduğunu ortaya koyarak, sektör için iş modeline duyarlı risk yönetimi tasarımlarının gerekliliğine işaret etmektedir.

Keywords

• Finansal risk yönetimi
• Havayolu iş modelleri
• Riskten korunma stratejileri
• Kurumsal risk yönetimi
• Düşük maliyetli taşıyıcılar

Ethical Statement

Bu çalışma, yalnızca ikincil veriler ve yayımlanmış akademik kaynaklar kullanılarak yürütülmüş olup, insan katılımcılarına yönelik herhangi bir veri toplama süreci içermemektedir. Bu nedenle etik kurul izni gerektirmemektedir. Araştırma sürecinde bilimsel araştırma ve yayın etiği ilkelerine uygun hareket edilmiştir.

Thanks

Bu çalışmanın yürütülmesi sürecinde değerli akademik rehberliği ile bana yol gösteren, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Havacılık Çalışmaları ve Yönetimi Anabilim Dalı öğretim üyesi Dr. Öğr. Üyesi Sultan Gedik Göçer’e teşekkür ederim.

Financial Risk Management in Low-Cost and Full-Service Airlines: A Comparative Analysis

Abstract

This study examines how financial risk management theories are concretised in practice within the aviation industry and how they differ according to business models. In this capital-intensive, high fixed-cost sector that is highly sensitive to external shocks, market, credit, liquidity, operational, strategic, and model risks, along with ESG-based reputation and compliance risks, are addressed within an integrated framework. Within the scope of a systematic literature review based on the PRISMA protocol, 48 studies published between 2000 and 2025 examining financial risk, ERM, and hedging practices in airlines were analysed. This was followed by a secondary data analysis examining companies' use of derivative instruments and natural hedging strategies through a multi-case analysis involving low-cost and network carriers selected from different regions. The findings show that low-cost carriers have a simpler, short-term and cost-focused risk management profile thanks to their uniform fleet, lean processes, limited use of derivative products and high cash buffers. In contrast, network carriers' mixed fleets, multiple revenue streams, and deepened currency–interest rate–fuel exposure necessitates more complex, multi-layered ERM approaches involving option-based strategies and cross-currency/interest rate swaps. The study highlights that the airline business model is a critical variable that determines not only the cost structure but also the type and intensity of financial risks and the set of risk hedging tools used, pointing to the need for business model-sensitive risk management designs for the sector.

Keywords

• Financial risk management
• Airline business models
• Risk hedging strategies
• Corporate risk management
• Low-cost carriers

Ethical Statement

This study was based exclusively on secondary data and published academic sources and did not involve the collection of data from human participants. Therefore, ethical approval was not required. The study was conducted in accordance with the principles of research and publication ethics.

Thanks

This study was conducted under the academic guidance of Dr Sultan Gedik Göçer, a faculty member of the Department of Aviation Studies and Management at the Institute of Social Sciences, Kocaeli University. I would like to express my sincere gratitude for her support and guidance throughout the research process.

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