Research Article
BibTex RIS Cite

Havayolu Stratejik İşbirliklerinde Veri Zarflama Analizi İle Finansal Performansın İncelenmesi

Year 2021, , 181 - 191, 20.12.2021
https://doi.org/10.30518/jav.988297

Abstract

Bu çalışmanın amacı, Uluslararası havayolu işbirlikleri olarak kabul edilen Star Alliance, SkyTeam ve Oneworld gruplarına üye olan toplam 31 havayolu işletmesinin 2016-2019 dönemine ait finansal performansının veri zarflama analizi ile incelenmesi ve havayolu stratejik işbirliklerinin etkinlik değerleri açısından kendi içerisinde karşılaştırılmasıdır. Bununla birlikte havayolu stratejik işbirliklerinin Covid-19 salgını öncesi dönemdeki finansal performansının araştırılmasıdır. Araştırmanın sonucunda 2016-2017 döneminde tüm havayolu stratejik işbirliklerinde etkinliğin arttığı görülürken 2017-2018 döneminde ise azaldığı görülmüştür. 2018-2019 döneminde ise Star Alliance grubunda etkinliğin azalmaya devam ettiği görülürken Oneworld ve SkyTeam gruplarında ise etkinliğin tekrar arttığı görülmüştür. Star Alliance grubuna üye olan Aegean Airlines ve United Continental işletmelerinin, SkyTeam grubuna üye olan Delta Airlines işletmesinin ve Oneworld grubuna üye olan Alaska Airlines ile Japan Airlines işletmelerinin tüm dönem boyunca etkin olduğu tespit edilmiştir. Star Alliance grubuna üye olan 6 havayolu işletmesinin, SkyTeam ve Oneworld grubuna üye olan 3 havayolu işletmesinin tüm dönem boyunca etkin olmadığı görülmüştür.

References

  • [1] B. Kleyman, and H. Seristö, "Levels of airline alliance membership: balancing risks and benefits", Journal of Air Transport Management, 7(5), 303-310, 2001.
  • [2] C. F. Goetz, and A. H. Shapiro, "Strategic alliance as a response to the threat of entry: evidence from airline codesharing", International Journal of Industrial Organization, 30(6), 735-747, 2012.
  • [3] B.-S. Teng, "Collaborative advantage of strategic alliances: value creation in the value net", Journal of General Management, 29(2), 1-22, 2003.
  • [4] I.-Y. Chuang, Y.-C. Chiu, and C. E. Wang, "The performance of asian airlines in the recent financial turmoil based on VAR and modified sharpe ratio", Journal of Air Transport Management, 14(5), 257-262. 2008.
  • [5] Y.-J. Wang, "Applying FMCDM to evaluate financial performance of domestic airlines in taiwan", Expert Systems with Applications, 34(3), 1837-1845, 2008.
  • [6] H. M. Pires, and E. Fernandes, "Malmquist financial efficiency analysis for airlines", Transportation Research Part E, 48(5), 1049-1055, 2012.
  • [7] C.-H. Lee, and C.-W. Hooy, "Determinants of systematic financial risk exposures of airlines in north america, europe and asia", Journal of Air Transport Management, 24(5), 31-35, 2012.
  • [8] W.-C. Lin, "Financial performance and customer service: an examination using activity-based costing of 38 international airlines", Journal of Air Transport Management, 19(1), 13-15, 2012.
  • [9] S. Teker, D. Teker, and A. Güner, "Financial performance of top 20 airlines", Procedia Social and Behavioral Sciences, 235(3), 603-610, 2016.
  • [10] S. Bourjade, R. Huc, and C. M. Vibes, "Leasing and profitability: empirical evidence from the airline industry", Transportation Research Part A: Policy and Practice, 97(2), 30-46. 2017.
  • [11] W.-K. Wang, F. Lin, I. W. Ting, Q. L. Kweh, , W.-M. Lu, and T.-Y. Chiu, "Does asset-light strategy contribute to the dynamic efficiency of global airlines?", Journal of Air Transport Management, 62(3), 99-108, 2017.
  • [12] P. G. Pineda, J. J. Liou, C.-C. Hsu, and Y.-C. Chuang, "An integrated MCDM model for improving airline operational and financial performance", Journal of Air Transport Management, 68(2), 103-117, 2018.
  • [13] M. Renold, J. Kualijanin, and M. Kalic, "The comparison of financial performance of airlines with different business model operated in long-haul market", Transportation Research Procedia, 43(1), 178-187, 2019.
  • [14] J. Zuidberg, "Network geographies and financial performances in low-cost carrier versus network carrier competition: the case of norwegian versus SAS", Journal of Transport Geography, 79(4), 1-12, 2019.
  • [15] K. Kiracı, "Financial Risk & Financial Performance: The Impact of the Global Financial Crisis on Airlines", Research in Economics, Econometrics & Finance, 257-284, 2019.
  • [16] V. Asker, and N. Aydın, "Financial efficiency measurement in airlines and determining factors of efficiency", Alanya Akademik Bakış Dergisi, 5(2), 793-814, 2021.
  • [17] N. Kuzminykh, and P. Zufan, "Airline alliances and their ınfluence on firm performance", Procedia Economics and Finance, 12(1), 329-333, 2014.
  • [18] H. Min, and S.-J. Joo, "A comparative performance analysis of airline strategic alliances using data envelopment analysis", Journal of Air Transport Management, 52(3), 99-110, 2016.
  • [19] M.-M. Yu, L.-H. Chen, and Chiang, H. "The effects of alliances and size on airlines dynamic operational performance", Transportation Research Part A, 7(106), 197-214, 2017.
  • [20] A. T. Kottas, and M. A. Maddas, "Comparative efficiency analysis of major international airlines using data envelopment analysis: exploring effects of alliance membership and other operational efficiency determinants", Journal of Air Transport Management, 70(5), 1-17, 2018.
  • [21] K. Kiracı, "Does joining global alliances affect airlines financial perfomance", Contemporary Challenges in Business and Life Sciences, 39-59, 2019.
  • [22] K. Kiracı, and M. Bakır, "Evaluation of airlines performance using an integrated CRITIC and CODAS methodology: the case of star alliance member airlines", Studies in Business and Economics, 15(1), 83-99, 2020.
  • [23] Y. J. Lee, S.-J. Joo, and H. G. Park, "An application of data envelopment analysis for korean banks with negative data" Benchmarking: An International Journal, 24(4), 1052-1064, 2017.
  • [24] W. W. Cooper, L. M. Seiford, and J. Zhu, "Handbook on data envelopment analysis history, models and ınterpretations", International Series in Operations Research & Management Science, 164(1), 1-39, 2011.
  • [25] P. Lang, R. Yolalan, and O. Kettani, "Controlled envelopment by face extension", Journal of the Operational Research Society, 46(4), 473-491, 1995.
  • [26] R. Ramanathan, An Introduction To Data Envelopment Analysis A Tool For Performance Measurement. New Delhi, India: Sage Publications: 2003.
  • [27] M. Timor, "Hastane performansını belirlemede veri zarflama analizi", İstanbul Üniversitesi İşletme Fakültesi Dergisi, 30(1), 69-79, 2001.
  • [28] E. Pourjavad, and H. Shirouyehzad, "A data envelopment analysis approach for measuring the efficiency in continuous manufacturing lines: a case study" International Journal of Services and Operations Management, 18(2), 142-158, 2014.
  • [29] Y. Akan, ve G. Çalmaşur, "Etkinliğin hesaplanmasında veri zarflama analizi ve stokastik sınır yaklaşımı yöntemlerinin karşılaştırılması," Atatürk Üniveristesi İktisadi İdari Bilimler Dergisi, 25(1), 13-32, 2011.
  • [30] H. Zhou, Y. Yi, Y. Chen, and J. Zhu. "Data envelopment analysis application in sustainability: the origins, development and future directions", European Journal of Operational Research, 264(1), 1-16, 2018.
  • [31] Z. Başkaya, and B. Avcı Öztürk, "Measuring financial efficiency of cement firms listed ın ıstanbul stock exchance via fuzzy data envelopment analysis", Muhasebe ve Finansman Dergisi, 54(3), 175-188, 2012.
  • [32] S. J. Weng , T. Wu, J. Blackhurst, and G. Mackulak, "An extended DEA model for hospital performance evaluation and improvement", Health Service Outcomes Research Method, 9(1), 39-53, 2009.
  • [33] W. D. Cook, and J. Zhu, Modeling Performance Measurment Application and Implementation Issues in DEA New York, USA: Springer, 2005.
  • [34] W. Cooper, L. Seiford, and K. Tone, Data Envelopment Analysis A Comprehensive Text With Models, Applications References And Dea- Solver Software, Newyork, USA: Springer, 2007.
  • [35] A. Elsayed, and N. S. Khalil, "Evaluate and analysis efficiency of safaga port using DEA-CCR, BCC and SBM models–comparison with DP world sokhna", IOP Conference Series: Materials Science and Engineering, 245(4), 1-11, 2017.
  • [36] Ü. Battal, "Avrupadaki havaalanı grup şirketlerinin finansal performanslarının ölçülmesi: veri zarflama analizi yöntemi", Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(1), 171-184. 2020.
  • [37] M. Bakır, Ş. Akan, K. Kiracı, D. Karabasevic, , D. Stanujkıc, and G. Popovic, "Multıple- crıteria approach of the operational perfomance evaluation in the airline ındustry: evidence from emerging market", Romanian Journal of Economic Forecasting, 23(2), 149-172, 2020.
  • [38] F. Dayı, and Y. Esmer, "Measuring financial peformance of airline passenger transport company ın european. 33rd International Academic Conference, IISES, Vienna, 60-71, 2019.
  • [39] S. Perçin, and E. Aldalou, "Financial performance evaluation of turkish airline companies using ıntegrated fuzzy AHP fuzzy TOPSIS model", Uluslararası İktisadi ve İdari İncelemeler Dergisi, 2018(1), 583-598, 2018.
  • [40] V. Ömürbek, ve B. Kınay, "Havayolu taşımacılığı sektöründe TOPSIS yöntemiyle finansal performans değerlendirmesi", Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 18(3), 343-363, 2013.
  • [41] R. Mahesh, and D. Prasad, "Post merger and acquisition financial perfomrnace analysis: a case study of select ındian airline companies"., International Journal Of Engineering and Management Sciences, 3(3), 362-369, 2012.
  • [42] A. G. Assaf, and A. Josiassen, "The operational performance of UK airlines: 2002-2007," Journal of Economic Studies, 38(1), 5-16, 2011.
  • [43] C. Barros, and N. Peypoch, "An evaluation of european airlines’ operational performance", International Journal of Production Economics, 122(2), 525-533, 2009.
  • [44] D. Bhadra, "Race to the bottom or swimming upstream: performance analysis of US airlines" Journal of Air Transport Management, 15(5), 227-235, 2009.
  • [45] V. Sakthidhran, and S. Sivaraman, "Impact of operating cost components on airline efficiency in ındia: A DEA approach", Asia Pacific Management Review, 23(3), 258-267, 2018.
  • [46] M.-M. Yu, Y.-C. Chang, and Chen, L.-H. "Measurement of airlines’ capacity utilization and cost gap: evidence from low-cost carriers", Journal of Air Transport Management, 53(3), 186-198, 2016.
  • [47] H. Saranga, and R. Nagpal, "Drivers of operational efficiency and its impact on market performance ın the ındian airline ındustry", Journal of Air Transport Management, 53(3), 165-176, 2016.

Investigation of Financial Performance in Airline Strategic Alliances with Data Envelopement Analysis

Year 2021, , 181 - 191, 20.12.2021
https://doi.org/10.30518/jav.988297

Abstract

The aim of this study is to examine the financial performance of a total of 31 airline companies, which are members of Star Alliance, SkyTeam and Oneworld groups, which are accepted as international airline alliances, for the period of 2016-2019, with data envelopment analysis and to compare the airline strategic alliances in terms of their efficiency values. In addition, it is an investigation of the financial performance of airline strategic alliances in the period before the Covid-19 outbreak. As a result of the research, it was seen that the efficiency of all airline strategic cooperation increased in the 2016-2017 period, while it decreased in the 2017-2018 period. In the 2018-2019 period, it was observed that the efficiency continued to decrease in the Star Alliance group, while the efficiency increased again in the Oneworld and SkyTeam groups. It has been determined that Aegean Airlines and United Continental companies, members of the Star Alliance group, Delta Airlines, members of the SkyTeam group, and Alaska Airlines and Japan Airlines, members of the Oneworld group, were efficiency throughout the entire period. It was observed that 6 airline companies that are members of Star Alliance group, 3 airline companies that are members of SkyTeam and Oneworld group were not efficiency during the whole period.

References

  • [1] B. Kleyman, and H. Seristö, "Levels of airline alliance membership: balancing risks and benefits", Journal of Air Transport Management, 7(5), 303-310, 2001.
  • [2] C. F. Goetz, and A. H. Shapiro, "Strategic alliance as a response to the threat of entry: evidence from airline codesharing", International Journal of Industrial Organization, 30(6), 735-747, 2012.
  • [3] B.-S. Teng, "Collaborative advantage of strategic alliances: value creation in the value net", Journal of General Management, 29(2), 1-22, 2003.
  • [4] I.-Y. Chuang, Y.-C. Chiu, and C. E. Wang, "The performance of asian airlines in the recent financial turmoil based on VAR and modified sharpe ratio", Journal of Air Transport Management, 14(5), 257-262. 2008.
  • [5] Y.-J. Wang, "Applying FMCDM to evaluate financial performance of domestic airlines in taiwan", Expert Systems with Applications, 34(3), 1837-1845, 2008.
  • [6] H. M. Pires, and E. Fernandes, "Malmquist financial efficiency analysis for airlines", Transportation Research Part E, 48(5), 1049-1055, 2012.
  • [7] C.-H. Lee, and C.-W. Hooy, "Determinants of systematic financial risk exposures of airlines in north america, europe and asia", Journal of Air Transport Management, 24(5), 31-35, 2012.
  • [8] W.-C. Lin, "Financial performance and customer service: an examination using activity-based costing of 38 international airlines", Journal of Air Transport Management, 19(1), 13-15, 2012.
  • [9] S. Teker, D. Teker, and A. Güner, "Financial performance of top 20 airlines", Procedia Social and Behavioral Sciences, 235(3), 603-610, 2016.
  • [10] S. Bourjade, R. Huc, and C. M. Vibes, "Leasing and profitability: empirical evidence from the airline industry", Transportation Research Part A: Policy and Practice, 97(2), 30-46. 2017.
  • [11] W.-K. Wang, F. Lin, I. W. Ting, Q. L. Kweh, , W.-M. Lu, and T.-Y. Chiu, "Does asset-light strategy contribute to the dynamic efficiency of global airlines?", Journal of Air Transport Management, 62(3), 99-108, 2017.
  • [12] P. G. Pineda, J. J. Liou, C.-C. Hsu, and Y.-C. Chuang, "An integrated MCDM model for improving airline operational and financial performance", Journal of Air Transport Management, 68(2), 103-117, 2018.
  • [13] M. Renold, J. Kualijanin, and M. Kalic, "The comparison of financial performance of airlines with different business model operated in long-haul market", Transportation Research Procedia, 43(1), 178-187, 2019.
  • [14] J. Zuidberg, "Network geographies and financial performances in low-cost carrier versus network carrier competition: the case of norwegian versus SAS", Journal of Transport Geography, 79(4), 1-12, 2019.
  • [15] K. Kiracı, "Financial Risk & Financial Performance: The Impact of the Global Financial Crisis on Airlines", Research in Economics, Econometrics & Finance, 257-284, 2019.
  • [16] V. Asker, and N. Aydın, "Financial efficiency measurement in airlines and determining factors of efficiency", Alanya Akademik Bakış Dergisi, 5(2), 793-814, 2021.
  • [17] N. Kuzminykh, and P. Zufan, "Airline alliances and their ınfluence on firm performance", Procedia Economics and Finance, 12(1), 329-333, 2014.
  • [18] H. Min, and S.-J. Joo, "A comparative performance analysis of airline strategic alliances using data envelopment analysis", Journal of Air Transport Management, 52(3), 99-110, 2016.
  • [19] M.-M. Yu, L.-H. Chen, and Chiang, H. "The effects of alliances and size on airlines dynamic operational performance", Transportation Research Part A, 7(106), 197-214, 2017.
  • [20] A. T. Kottas, and M. A. Maddas, "Comparative efficiency analysis of major international airlines using data envelopment analysis: exploring effects of alliance membership and other operational efficiency determinants", Journal of Air Transport Management, 70(5), 1-17, 2018.
  • [21] K. Kiracı, "Does joining global alliances affect airlines financial perfomance", Contemporary Challenges in Business and Life Sciences, 39-59, 2019.
  • [22] K. Kiracı, and M. Bakır, "Evaluation of airlines performance using an integrated CRITIC and CODAS methodology: the case of star alliance member airlines", Studies in Business and Economics, 15(1), 83-99, 2020.
  • [23] Y. J. Lee, S.-J. Joo, and H. G. Park, "An application of data envelopment analysis for korean banks with negative data" Benchmarking: An International Journal, 24(4), 1052-1064, 2017.
  • [24] W. W. Cooper, L. M. Seiford, and J. Zhu, "Handbook on data envelopment analysis history, models and ınterpretations", International Series in Operations Research & Management Science, 164(1), 1-39, 2011.
  • [25] P. Lang, R. Yolalan, and O. Kettani, "Controlled envelopment by face extension", Journal of the Operational Research Society, 46(4), 473-491, 1995.
  • [26] R. Ramanathan, An Introduction To Data Envelopment Analysis A Tool For Performance Measurement. New Delhi, India: Sage Publications: 2003.
  • [27] M. Timor, "Hastane performansını belirlemede veri zarflama analizi", İstanbul Üniversitesi İşletme Fakültesi Dergisi, 30(1), 69-79, 2001.
  • [28] E. Pourjavad, and H. Shirouyehzad, "A data envelopment analysis approach for measuring the efficiency in continuous manufacturing lines: a case study" International Journal of Services and Operations Management, 18(2), 142-158, 2014.
  • [29] Y. Akan, ve G. Çalmaşur, "Etkinliğin hesaplanmasında veri zarflama analizi ve stokastik sınır yaklaşımı yöntemlerinin karşılaştırılması," Atatürk Üniveristesi İktisadi İdari Bilimler Dergisi, 25(1), 13-32, 2011.
  • [30] H. Zhou, Y. Yi, Y. Chen, and J. Zhu. "Data envelopment analysis application in sustainability: the origins, development and future directions", European Journal of Operational Research, 264(1), 1-16, 2018.
  • [31] Z. Başkaya, and B. Avcı Öztürk, "Measuring financial efficiency of cement firms listed ın ıstanbul stock exchance via fuzzy data envelopment analysis", Muhasebe ve Finansman Dergisi, 54(3), 175-188, 2012.
  • [32] S. J. Weng , T. Wu, J. Blackhurst, and G. Mackulak, "An extended DEA model for hospital performance evaluation and improvement", Health Service Outcomes Research Method, 9(1), 39-53, 2009.
  • [33] W. D. Cook, and J. Zhu, Modeling Performance Measurment Application and Implementation Issues in DEA New York, USA: Springer, 2005.
  • [34] W. Cooper, L. Seiford, and K. Tone, Data Envelopment Analysis A Comprehensive Text With Models, Applications References And Dea- Solver Software, Newyork, USA: Springer, 2007.
  • [35] A. Elsayed, and N. S. Khalil, "Evaluate and analysis efficiency of safaga port using DEA-CCR, BCC and SBM models–comparison with DP world sokhna", IOP Conference Series: Materials Science and Engineering, 245(4), 1-11, 2017.
  • [36] Ü. Battal, "Avrupadaki havaalanı grup şirketlerinin finansal performanslarının ölçülmesi: veri zarflama analizi yöntemi", Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13(1), 171-184. 2020.
  • [37] M. Bakır, Ş. Akan, K. Kiracı, D. Karabasevic, , D. Stanujkıc, and G. Popovic, "Multıple- crıteria approach of the operational perfomance evaluation in the airline ındustry: evidence from emerging market", Romanian Journal of Economic Forecasting, 23(2), 149-172, 2020.
  • [38] F. Dayı, and Y. Esmer, "Measuring financial peformance of airline passenger transport company ın european. 33rd International Academic Conference, IISES, Vienna, 60-71, 2019.
  • [39] S. Perçin, and E. Aldalou, "Financial performance evaluation of turkish airline companies using ıntegrated fuzzy AHP fuzzy TOPSIS model", Uluslararası İktisadi ve İdari İncelemeler Dergisi, 2018(1), 583-598, 2018.
  • [40] V. Ömürbek, ve B. Kınay, "Havayolu taşımacılığı sektöründe TOPSIS yöntemiyle finansal performans değerlendirmesi", Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 18(3), 343-363, 2013.
  • [41] R. Mahesh, and D. Prasad, "Post merger and acquisition financial perfomrnace analysis: a case study of select ındian airline companies"., International Journal Of Engineering and Management Sciences, 3(3), 362-369, 2012.
  • [42] A. G. Assaf, and A. Josiassen, "The operational performance of UK airlines: 2002-2007," Journal of Economic Studies, 38(1), 5-16, 2011.
  • [43] C. Barros, and N. Peypoch, "An evaluation of european airlines’ operational performance", International Journal of Production Economics, 122(2), 525-533, 2009.
  • [44] D. Bhadra, "Race to the bottom or swimming upstream: performance analysis of US airlines" Journal of Air Transport Management, 15(5), 227-235, 2009.
  • [45] V. Sakthidhran, and S. Sivaraman, "Impact of operating cost components on airline efficiency in ındia: A DEA approach", Asia Pacific Management Review, 23(3), 258-267, 2018.
  • [46] M.-M. Yu, Y.-C. Chang, and Chen, L.-H. "Measurement of airlines’ capacity utilization and cost gap: evidence from low-cost carriers", Journal of Air Transport Management, 53(3), 186-198, 2016.
  • [47] H. Saranga, and R. Nagpal, "Drivers of operational efficiency and its impact on market performance ın the ındian airline ındustry", Journal of Air Transport Management, 53(3), 165-176, 2016.
There are 47 citations in total.

Details

Primary Language Turkish
Journal Section Research Articles
Authors

Veysi Asker 0000-0002-8969-7822

Publication Date December 20, 2021
Submission Date August 29, 2021
Acceptance Date November 18, 2021
Published in Issue Year 2021

Cite

APA Asker, V. (2021). Havayolu Stratejik İşbirliklerinde Veri Zarflama Analizi İle Finansal Performansın İncelenmesi. Journal of Aviation, 5(2), 181-191. https://doi.org/10.30518/jav.988297

Journal of Aviation - JAV 


www.javsci.com - editor@javsci.com


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