Research Article
BibTex RIS Cite
Year 2022, , 325 - 333, 22.11.2022
https://doi.org/10.30518/jav.1120883

Abstract

References

  • Akca, M. (2020). Covid-19’un havacılık sektörüne etkisi. Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi, 7(4), 45–64. https://dergipark.org.tr/en/pub/asead/issue/ 54055/723434
  • Amankwah-Amoah, J., Khan, Z., & Osabutey, E. L. C. (2021). COVID-19 and business renewal: Lessons and insights from the global airline industry. International Business Review, 101802.
  • Beh, L. S., & Lin, W. L. (2022). Impact of COVID-19 on ASEAN tourism industry. Journal of Asian Public Policy, 15(2), 300–320.
  • Bharti, & Kumar, A. (2021). Exploring Herding Behaviour in Indian Equity Market during COVID-19 Pandemic: Impact of Volatility and Government Response. Millennial Asia, 1–19.
  • Boldog, P., Tekeli, T., Vizi, Z., Dénes, A., Bartha, F. A., & Röst, G. (2020). Risk assessment of novel coronavirus COVID-19 outbreaks outside China. Journal of Clinical Medicine, 9(2), 571.
  • Çelik, İ., Bozkus Kahyaoglu, S., Yilmaz, T., Kaya, M., Özdemi̇r Höl, A., Akkuş, H., & Gülcan, N. (2021). Finansal Zaman Serisi Analizi Finansçılar İçin Temel Yaklaşımlar (First).
  • Çetin, D. T. (2021). COVID-19’da Bir Yılın Ardından Sivil Havacılık Sektörünün Operasyonel ve Finansal Durumu: 2021-2025 Yıllarına İlişkin Tahminler. In İ. Karabıyık (Ed.), Ekonomi ve Yönetim Bilimleri Çalışmaları (1st ed., pp. 129–145). Livre De Lyon.
  • Chinazzi, M., Davis, J. T., Ajelli, M., Gioannini, C., Litvinova, M., Merler, S., Pastore y Piontti, A., Mu, K., Rossi, L., Sun, K., Viboud, C., Xiong, X., Yu, H., Elizabeth Halloran, M., Longini, I. M., & Vespignani, A. (2020). The effect of travel restrictions on the spread of the 2019 novel coronavirus (COVID-19) outbreak. Science, 368(6489), 395–400.
  • Chris, B. (2014). Introductory econometrics for finance (3rd ed.). United Kingdom: Cambridge University Press. www.cambridge.org/9780521873062
  • Chung, L. H. (2015). Impact of pandemic control over airport economics: Reconciling public health with airport business through a streamlined approach in pandemic control. Journal of Air Transport Management, 44, 42–53.
  • Czerny, A. I., Fu, X., Lei, Z., & Oum, T. H. (2021). Post pandemic aviation market recovery: Experience and lessons from China. Journal of Air Transport Management, 90, 101971.
  • Deveci, M., Çiftçi, M. E., Akyurt, İ. Z., & Gonzalez, E. D. R. S. (2022). Impact of COVID-19 pandemic on the Turkish civil aviation industry. Sustainable Operations and Computers, 3, 93–102.
  • DHMI. (2021). Airport Statistics and Short-Term Forecasts in Turkey. In General Directorate of State Airports Authority. https://www.dhmi.gov.tr/Sayfalar/Istatistikler.aspx.
  • Dube, K., Nhamo, G., & Chikodzi, D. (2021). COVID-19 pandemic and prospects for recovery of the global aviation industry. Journal of Air Transport Management, 92, 102022.
  • Dufour, J.-M., & Raj, B. (2012). New developments in time series econometrics. Springer-Verlag Company.
  • Engle, R. F., & Granger, C. W. J. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica: Journal of the Econometric Society, 251–276.
  • Feng, G.-F., Yang, H.-C., Gong, Q., & Chang, C.-P. (2021). What is the exchange rate volatility response to COVID-19 and government interventions? Economic Analysis and Policy, 69, 705–719.
  • Freeman, J. R. (1983). Granger causality and the times series analysis of political relationships. American Journal of Political Science, 327–358.
  • Gössling, S. (2020). Risks, resilience, and pathways to sustainable aviation: A COVID-19 perspective. Journal of Air Transport Management, 89, 101933.
  • Gössling, S., Scott, D., & Hall, C. M. (2020). Pandemics, tourism and global change: a rapid assessment of COVID-19. Journal of Sustainable Tourism, 1–20.
  • Gujarati, D. N., & Porter, D. C. (1999). Essentials of econometrics (Vol. 2). Irwin/McGraw-Hill Singapore.
  • Gümüş, A., & Hacievliyagil, N. (2020). Covid-19 salgın hastalığının borsaya etkisi: Turizm ve ulaştırma endeksleri üzerine bir uygulama. Akademik Yaklaşımlar Dergisi, 11(1), 76–97. https://dergipark.org.tr/en/pub/ayd/issue/56831/772209
  • Güngör, S., Aydin, N., & İnak, A. (2021). COVID-19 salgınının turizm, ulaştırma ve yiyecek & içecek sektörlerine etkisi: RALS Engle ve Granger eşbütünleşme testi. Sosyal Bilimler Araştırmaları Dergisi, 16(1), 95–107.
  • Hale, T., Angrist, N., Goldszmidt, R., Kira, B., Petherick, A., Phillips, T., Webster, S., Cameron-Blake, E., Hallas, L., & Majumdar, S. (2021). A global panel database of pandemic policies (Oxford COVID-19 Government Response Tracker). Nature Human Behaviour, 5(4), 529–538.
  • IATA. (2020). Annual Review 2020: 76th Annual General Meeting. In International Air Transport Association (IATA). https://www.iata.org/contentassets/ c81222d96c9a4e0bb4ff6ced0126f0bb/iata- annual-review-2020.pdf
  • ICAO. (2022). Effects of Novel Coronavirus (COVID‐19) on Civil Aviation: Economic Impact Analysis. In International Civil Aviation Organization (ICAO). https://www.icao.int/sustainability/Documents/Covid-19/ICAO_coronavirus_Econ_Impact.pdf
  • Kalkın, G. (2021). COVID-19 ve havacılık sektörünün geleceği: Havacılık yönetimi kapsamında bir değerlendirme. Journal of Aviation, 5(1), 53–63.
  • Keskin, B. N., & Ercoşkun Yalçıner, Ö. (2021). Covid-19’un havacılık sektörüne çevresel etkisi: Adnan Menderes Havalimanı örneği. Akıllı Ulaşım Sistemleri ve Uygulamaları Dergisi, 4(1), 74–86.
  • Lau, H., Khosrawipour, V., Kocbach, P., Mikolajczyk, A., Ichii, H., Zacharski, M., Bania, J., & Khosrawipour, T. (2020). The association between international and domestic air traffic and the coronavirus (COVID-19) outbreak. Journal of Microbiology, Immunology and Infection, 53(3), 467–472.
  • Macilree, J., & Duval, D. T. (2020). Aeropolitics in a post-COVID-19 world. Journal of Air Transport Management, 88, 101864.
  • Maneenop, S., & Kotcharin, S. (2020). The impacts of COVID-19 on the global airline industry: An event study approach. Journal of Air Transport Management, 89, 101920.
  • Neusser, K. (2016). Time series econometrics. Springer. https://doi.org/10.1017/cbo9780511814839.012
  • Nikolaou, P., & Dimitriou, L. (2020). Identification of critical airports for controlling global infectious disease outbreaks: Stress-tests focusing in Europe. Journal of Air Transport Management, 85.
  • Nižetić, S. (2020). Impact of coronavirus (COVID‐19) pandemic on air transport mobility, energy, and environment: A case study. International Journal of Energy Research, 44(13), 10953–10961.
  • OxCGRT. (2021). COVID-19 Government Response Tracker. Oxford University, Blavatnik School of Government. https://www.bsg.ox.ac.uk/research/research-projects/ covid-19-government-response- tracker
  • Scherf, M., Matschke, X., & Rieger, M. O. (2022). Stock market reactions to COVID-19 lockdown: A global analysis. Finance Research Letters, 102245.
  • Şen, G., & Bütün, E. (2021). Covid-19’un Pandemi Salgınının Havacılık Sektörüne Etkisi: Gig Ekonomisi Alternatifi. Journal of Aviation Research, 3(1), 106–127.
  • Škare, M., Soriano, D. R., & Porada-Rochoń, M. (2021). Impact of COVID-19 on the travel and tourism industry. Technological Forecasting and Social Change, 163, 120469.
  • Taşdemir, M. (2020). COVID-19 salgınının havacılık sektörüne etkileri ve Türkiye’deki yoğun havalimanlarının salgın öncesi ve salgın koşullarında etkinlik değişimlerinin veri zarflama analizi yöntemi ile tespiti. Social Mentality and Researcher Thinkers Journal, 6(39), 2691–2707.
  • Teeroovengadum, V., Seetanah, B., Bindah, E., Pooloo, A., & Veerasawmy, I. (2021). Minimising perceived travel risk in the aftermath of the COVID-19 pandemic to boost travel and tourism. Tourism Review, 76(4), 910–928.
  • Vo, D. H., & Doan, B. (2021). Effects from containment and closure policies to market quality: Do they really matter in Vietnam during Covid-19? Plos One, 16(4), e0248703.
  • WHO. (2021). WHO Coronavirus Disease (COVID-19) Dashboard. World Health Organization. https://covid19.who.int/
  • WHO. (2022). Coronavirus (COVID-19) Dashboard. World Health Organization. https://covid19.who.int/
  • Yang, T. T., Ruan, W. Q., Zhang, S. N., & Li, Y. Q. (2021). The influence of the COVID-19 pandemic on tourism demand for destinations: an analysis of spatial heterogeneity from a multi-scale perspective. Asia Pacific Journal of Tourism Research, 26(7), 793–810.
  • Zhang, L., Yang, H., Wang, K., Zhan, Y., & Bian, L. (2020). Measuring imported case risk of COVID-19 from inbound international flights --- A case study on China. Journal of Air Transport Management, 89, 101918.

The Nexus Between COVID-19 Government Responses and Aviation Stock Prices in Turkey: OxCGRT Stringency Index-Based Analysis

Year 2022, , 325 - 333, 22.11.2022
https://doi.org/10.30518/jav.1120883

Abstract

Air transportation is the significant mode of transmission, enabling the worldwide spread of infectious diseases through the mobility of infected persons. Therefore, governments applied the most comprehensive restrictions and preventions in civil aviation during COVID-19. The industry is one of the most economically impacted due to travel, and flight restrictions. This paper aims to investigate the long- and short-term nexuses between government responses to COVID-19 and the aviation stock prices traded in Borsa Istanbul. The OxCGRT stringency Turkey index is used to measure the Turkish government responses and policies to COVID-19. In the study, the daily data of Turkish Airlines, Pegasus Airlines, Do&Co Catering, TAV Airport Holding, Celebi Ground Handling stock prices, and the OxCGRT stringency Turkey index for the 24.01.2020-11.11.2021 period were used, and Granger causality and Engle-Granger cointegration tests were applied to reveal the nexuses. In conclusion, there is a cointegration nexus and one-way causality from the index to all Turkish aviation stock prices, except the Celebi Ground Handling stock prices. The contribution of this study is that it is probably the first one in Turkey to reveal the nexus between the government's policy and responses to COVID-19 and aviation stock prices.

References

  • Akca, M. (2020). Covid-19’un havacılık sektörüne etkisi. Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi, 7(4), 45–64. https://dergipark.org.tr/en/pub/asead/issue/ 54055/723434
  • Amankwah-Amoah, J., Khan, Z., & Osabutey, E. L. C. (2021). COVID-19 and business renewal: Lessons and insights from the global airline industry. International Business Review, 101802.
  • Beh, L. S., & Lin, W. L. (2022). Impact of COVID-19 on ASEAN tourism industry. Journal of Asian Public Policy, 15(2), 300–320.
  • Bharti, & Kumar, A. (2021). Exploring Herding Behaviour in Indian Equity Market during COVID-19 Pandemic: Impact of Volatility and Government Response. Millennial Asia, 1–19.
  • Boldog, P., Tekeli, T., Vizi, Z., Dénes, A., Bartha, F. A., & Röst, G. (2020). Risk assessment of novel coronavirus COVID-19 outbreaks outside China. Journal of Clinical Medicine, 9(2), 571.
  • Çelik, İ., Bozkus Kahyaoglu, S., Yilmaz, T., Kaya, M., Özdemi̇r Höl, A., Akkuş, H., & Gülcan, N. (2021). Finansal Zaman Serisi Analizi Finansçılar İçin Temel Yaklaşımlar (First).
  • Çetin, D. T. (2021). COVID-19’da Bir Yılın Ardından Sivil Havacılık Sektörünün Operasyonel ve Finansal Durumu: 2021-2025 Yıllarına İlişkin Tahminler. In İ. Karabıyık (Ed.), Ekonomi ve Yönetim Bilimleri Çalışmaları (1st ed., pp. 129–145). Livre De Lyon.
  • Chinazzi, M., Davis, J. T., Ajelli, M., Gioannini, C., Litvinova, M., Merler, S., Pastore y Piontti, A., Mu, K., Rossi, L., Sun, K., Viboud, C., Xiong, X., Yu, H., Elizabeth Halloran, M., Longini, I. M., & Vespignani, A. (2020). The effect of travel restrictions on the spread of the 2019 novel coronavirus (COVID-19) outbreak. Science, 368(6489), 395–400.
  • Chris, B. (2014). Introductory econometrics for finance (3rd ed.). United Kingdom: Cambridge University Press. www.cambridge.org/9780521873062
  • Chung, L. H. (2015). Impact of pandemic control over airport economics: Reconciling public health with airport business through a streamlined approach in pandemic control. Journal of Air Transport Management, 44, 42–53.
  • Czerny, A. I., Fu, X., Lei, Z., & Oum, T. H. (2021). Post pandemic aviation market recovery: Experience and lessons from China. Journal of Air Transport Management, 90, 101971.
  • Deveci, M., Çiftçi, M. E., Akyurt, İ. Z., & Gonzalez, E. D. R. S. (2022). Impact of COVID-19 pandemic on the Turkish civil aviation industry. Sustainable Operations and Computers, 3, 93–102.
  • DHMI. (2021). Airport Statistics and Short-Term Forecasts in Turkey. In General Directorate of State Airports Authority. https://www.dhmi.gov.tr/Sayfalar/Istatistikler.aspx.
  • Dube, K., Nhamo, G., & Chikodzi, D. (2021). COVID-19 pandemic and prospects for recovery of the global aviation industry. Journal of Air Transport Management, 92, 102022.
  • Dufour, J.-M., & Raj, B. (2012). New developments in time series econometrics. Springer-Verlag Company.
  • Engle, R. F., & Granger, C. W. J. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica: Journal of the Econometric Society, 251–276.
  • Feng, G.-F., Yang, H.-C., Gong, Q., & Chang, C.-P. (2021). What is the exchange rate volatility response to COVID-19 and government interventions? Economic Analysis and Policy, 69, 705–719.
  • Freeman, J. R. (1983). Granger causality and the times series analysis of political relationships. American Journal of Political Science, 327–358.
  • Gössling, S. (2020). Risks, resilience, and pathways to sustainable aviation: A COVID-19 perspective. Journal of Air Transport Management, 89, 101933.
  • Gössling, S., Scott, D., & Hall, C. M. (2020). Pandemics, tourism and global change: a rapid assessment of COVID-19. Journal of Sustainable Tourism, 1–20.
  • Gujarati, D. N., & Porter, D. C. (1999). Essentials of econometrics (Vol. 2). Irwin/McGraw-Hill Singapore.
  • Gümüş, A., & Hacievliyagil, N. (2020). Covid-19 salgın hastalığının borsaya etkisi: Turizm ve ulaştırma endeksleri üzerine bir uygulama. Akademik Yaklaşımlar Dergisi, 11(1), 76–97. https://dergipark.org.tr/en/pub/ayd/issue/56831/772209
  • Güngör, S., Aydin, N., & İnak, A. (2021). COVID-19 salgınının turizm, ulaştırma ve yiyecek & içecek sektörlerine etkisi: RALS Engle ve Granger eşbütünleşme testi. Sosyal Bilimler Araştırmaları Dergisi, 16(1), 95–107.
  • Hale, T., Angrist, N., Goldszmidt, R., Kira, B., Petherick, A., Phillips, T., Webster, S., Cameron-Blake, E., Hallas, L., & Majumdar, S. (2021). A global panel database of pandemic policies (Oxford COVID-19 Government Response Tracker). Nature Human Behaviour, 5(4), 529–538.
  • IATA. (2020). Annual Review 2020: 76th Annual General Meeting. In International Air Transport Association (IATA). https://www.iata.org/contentassets/ c81222d96c9a4e0bb4ff6ced0126f0bb/iata- annual-review-2020.pdf
  • ICAO. (2022). Effects of Novel Coronavirus (COVID‐19) on Civil Aviation: Economic Impact Analysis. In International Civil Aviation Organization (ICAO). https://www.icao.int/sustainability/Documents/Covid-19/ICAO_coronavirus_Econ_Impact.pdf
  • Kalkın, G. (2021). COVID-19 ve havacılık sektörünün geleceği: Havacılık yönetimi kapsamında bir değerlendirme. Journal of Aviation, 5(1), 53–63.
  • Keskin, B. N., & Ercoşkun Yalçıner, Ö. (2021). Covid-19’un havacılık sektörüne çevresel etkisi: Adnan Menderes Havalimanı örneği. Akıllı Ulaşım Sistemleri ve Uygulamaları Dergisi, 4(1), 74–86.
  • Lau, H., Khosrawipour, V., Kocbach, P., Mikolajczyk, A., Ichii, H., Zacharski, M., Bania, J., & Khosrawipour, T. (2020). The association between international and domestic air traffic and the coronavirus (COVID-19) outbreak. Journal of Microbiology, Immunology and Infection, 53(3), 467–472.
  • Macilree, J., & Duval, D. T. (2020). Aeropolitics in a post-COVID-19 world. Journal of Air Transport Management, 88, 101864.
  • Maneenop, S., & Kotcharin, S. (2020). The impacts of COVID-19 on the global airline industry: An event study approach. Journal of Air Transport Management, 89, 101920.
  • Neusser, K. (2016). Time series econometrics. Springer. https://doi.org/10.1017/cbo9780511814839.012
  • Nikolaou, P., & Dimitriou, L. (2020). Identification of critical airports for controlling global infectious disease outbreaks: Stress-tests focusing in Europe. Journal of Air Transport Management, 85.
  • Nižetić, S. (2020). Impact of coronavirus (COVID‐19) pandemic on air transport mobility, energy, and environment: A case study. International Journal of Energy Research, 44(13), 10953–10961.
  • OxCGRT. (2021). COVID-19 Government Response Tracker. Oxford University, Blavatnik School of Government. https://www.bsg.ox.ac.uk/research/research-projects/ covid-19-government-response- tracker
  • Scherf, M., Matschke, X., & Rieger, M. O. (2022). Stock market reactions to COVID-19 lockdown: A global analysis. Finance Research Letters, 102245.
  • Şen, G., & Bütün, E. (2021). Covid-19’un Pandemi Salgınının Havacılık Sektörüne Etkisi: Gig Ekonomisi Alternatifi. Journal of Aviation Research, 3(1), 106–127.
  • Škare, M., Soriano, D. R., & Porada-Rochoń, M. (2021). Impact of COVID-19 on the travel and tourism industry. Technological Forecasting and Social Change, 163, 120469.
  • Taşdemir, M. (2020). COVID-19 salgınının havacılık sektörüne etkileri ve Türkiye’deki yoğun havalimanlarının salgın öncesi ve salgın koşullarında etkinlik değişimlerinin veri zarflama analizi yöntemi ile tespiti. Social Mentality and Researcher Thinkers Journal, 6(39), 2691–2707.
  • Teeroovengadum, V., Seetanah, B., Bindah, E., Pooloo, A., & Veerasawmy, I. (2021). Minimising perceived travel risk in the aftermath of the COVID-19 pandemic to boost travel and tourism. Tourism Review, 76(4), 910–928.
  • Vo, D. H., & Doan, B. (2021). Effects from containment and closure policies to market quality: Do they really matter in Vietnam during Covid-19? Plos One, 16(4), e0248703.
  • WHO. (2021). WHO Coronavirus Disease (COVID-19) Dashboard. World Health Organization. https://covid19.who.int/
  • WHO. (2022). Coronavirus (COVID-19) Dashboard. World Health Organization. https://covid19.who.int/
  • Yang, T. T., Ruan, W. Q., Zhang, S. N., & Li, Y. Q. (2021). The influence of the COVID-19 pandemic on tourism demand for destinations: an analysis of spatial heterogeneity from a multi-scale perspective. Asia Pacific Journal of Tourism Research, 26(7), 793–810.
  • Zhang, L., Yang, H., Wang, K., Zhan, Y., & Bian, L. (2020). Measuring imported case risk of COVID-19 from inbound international flights --- A case study on China. Journal of Air Transport Management, 89, 101918.
There are 45 citations in total.

Details

Primary Language English
Journal Section Research Articles
Authors

Dilşad Tülgen Çetin 0000-0001-9321-6991

Publication Date November 22, 2022
Submission Date May 24, 2022
Acceptance Date September 1, 2022
Published in Issue Year 2022

Cite

APA Çetin, D. T. (2022). The Nexus Between COVID-19 Government Responses and Aviation Stock Prices in Turkey: OxCGRT Stringency Index-Based Analysis. Journal of Aviation, 6(3), 325-333. https://doi.org/10.30518/jav.1120883

Journal of Aviation - JAV 


www.javsci.com - editor@javsci.com


9210This journal is licenced under a Creative Commons Attiribution-NonCommerical 4.0 İnternational Licence