Araştırma Makalesi
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The Effect of Operating Leverage Degree on Revenues: An Application in Airlines

Yıl 2019, Cilt: 21 Sayı: 3, 923 - 941, 30.09.2019
https://doi.org/10.32709/akusosbil.499374

Öz

Civil Aviation is a rapidly growing dynamic sector. The increase in the
number of passengers, new destination and the sale of low-priced airline
tickets are effective in the growth of the sector. However, civil aviation
sector requires high budget investments. Staff and fuel costs are the biggest
problems in the sector for competing. Each ticket sold after the airline costs
fixed costs increases the marginal profit of the company. In this study, it is
aimed that examining the relationship between the operating leverage and the
revenues of the airlines operating at fixed costs with high amount. A model
consisting of revenues, operating leverage, financial leasing expenses, asset
profitability ratio and return on equity ratio has been developed. In the
application, data of 20 airlines, at least one company from every continent of
the World, were used. The data set covers the period 2010-2016. Panel data
analysis was performed. There is a positive correlation between operating
leverage and revenues. The higher the number of passengers on board, the higher
the revenues due to leverage. The increase in the occupancy rate also
positively affected the performance of the companies.
There is a positive relationship between finance leasing
expenses and revenues. There is a positive relationship between revenues and
asset profitability ratio.




Kaynakça

  • Abbruzzoa, A., Fasone, V. ve Scuderi, R. (2016). Operational and financial performance of Italian airport companies: A dynamic graphical model, Transport Policy, 52: 231-237.
  • Akgüç, Ö. (1998). Finansal Yönetim, İstanbul: Muhasebe Enstitüsü Eğitim ve Araştırma Vakfı .
  • Alaghi, K. (2012). Operating leverage and systematic risk, African Journal of Business Management, 6(3): 1095-1099.
  • American Airlines. (2017). American Airlines Annual Reports, https://americanairlines.gcs-web.com/financial-results/financial-aal (Erişim Tarihi: 08.01.2017).
  • Air China (2017). Air China Annual Reports, http://www.airchina.com.cn/en /investor_relations/index.shtml, (Erişim Tarihi: 08.01.2017).
  • Air Asia (2017). Air Asia Annual Reports, https://ir.airasia.com/ar.html, (Erişim Tarihi: 08.01.2017).
  • Air New Zeland (2017). Air Nez Zealand Annual Reports", https://www.airnewzealand.co.nz/ latest-annual-and-interim-results, (Erişim Tarihi: 08.01.2017).
  • Bayraktutan, Y., ve Demirtaş, I. (2011). Gelişmekte Olan Ülkelerde Cari Açığın Belirleyicileri: Panel Veri Analizi, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 22: 1-28.
  • Bourjade, S., Huc, R. ve Muller-Vibes, C. (2017). Leasing and profitability: Empirical evidence from the airline industry, Transportation Research Part A, 97:30-46.
  • Brigham, E. F. ve Houston, J. F. (2014). Fundamentals of Financial Management (Finansal Yönetimin Temelleri, Çev. Edi: Nevzat Aypek), Ankara: Nobel Yayıncılık.
  • China Eastern Airlines (2017). China Eastern Airlines Annual Repors, http://www.irasia.com/listco/hk/chinaeast/annual/index.htm (Erişim Tarihi: 08.01.2017).
  • China Southern Airlines. (2017). China Southern Airlines Annual Report, http://www.csair.com/en/about/investor/ (Erişim Tarihi: 08.01.2017).
  • Dayı, F. ve Esmer, Y. (2017a). Measuring Financial Performance of Airline Passenger Transport Company in European. 33rd International Academic Conference, (s.26-37). Vienna.
  • Dayı, F. ve Esmer, Y. (2017b). Sivil Havacılık Yönetiminde Finansal Kiralama İşlemlerinin Karlılık Üzerine Etkisi: Avrupa Havayolu Şirketleri Üzerine Bir Uygulama, Akademik Bakış Uluslararası Hakemli Sosyal Bilimler E- Dergisi, 64: 69-78.
  • Dayı, F. ve Ulusoy, T. (2018). Evaluating Financial Performance with Minimum Spanning Tree Approach: An Application Airlines Companies, Turkish Studies Economic, Finance and Politics, 13(30): 89-103.
  • Delta Airlines (2017). Delta Airlines Annual Reports, https://ir.delta.com/, (Erişim Tarihi: 08.01.2017).
  • Dran, J. and. John, J. (2001). A Different Perspective on Operating Leverage, Journal of Economics and Finance, 87-94.
  • Easyjet. (2017). Easyjet Annual Reports, http://corporate.easyjet.com/investors, (Erişim Tarihi: 08.01.2017).
  • Emirates. (2017). Emirates Annual Reports, https://www.emirates.com/english/about-us/business-model/financial-transparency.aspx, (Erişim Tarihi: 08.01.2017).
  • Ercan, M. K. ve Ban, Ü. (2012). Değere Dayalı İşletme Finansı Finansal Yönetim, Ankara: Gazi Kitabevi.
  • Erickson, S. M. ve Trevino, R. (1994). A Pecking Order Approach to Leasing: The Airline Industry Case, Journal of Financial And Strategic Decisions, 7(3): 71-81.
  • Exchangerate. (2018). Foreign Money Exchange Rate, https://www.exchangerates.org.uk/, (Erişim Tarihi: 01.12.2018).
  • Fitó, M. Á., Moya, S. ve Orgaz, N. (2014). Considering the effects of operating lease capitalization on key financial ratios, Spanish Journal of Finance and Accounting, 42(159): 341-369.
  • France-KLM, A. (2017). Air France-KLM Annual Report, https://www.airfranceklm.com/en/ finance/publications/results, (Erişim Tarihi: 08.01.2017).
  • Gahlon, J. M. ve Gentry, J. A. (1982). On the Relationship between Systematic Risk and the Degrees of Operating and Financial Leverage, Financial Management, 11(2):15-23.
  • Gavazza, A. (2010). Asset liquidity and financial contracts: evidence from aircraft leases, Journal of Financial Economics, 95: 62-84.
  • Gritta, R. D., Lippman, E. ve Chow, G. (1994). The impact of the capitalization of leases on airline financial analysis: An issue revisited, Logistics and Transportation Review, 30(2): 189-202.
  • Group, A. B. (2017). Air Berlin Group Annual Reports, http://ir.airberlin.com/en/ir, (Erişim Tarihi: 08.01.2017).
  • Holdings, A. (2017). ANA Holdings Annual Report, https://www.ana.co.jp/group/ en/investors/irdata/supplement/, (Erişim Tarihi: 08.01.2017).
  • Hsiao, C. (2014). Analysis of Panel Data, USA: Cambridge University Press.
  • Huffman, L. (1983). Operating Leverage, Financial Leverage and Equity Risk, Journal of Banking and Finance, 7: 197-212.
  • IATA. (2017). IATA World Air Transport Statistics. London: IATA.
  • Korkmaz, T., Yıldız, B. ve Gökbulut, R. İ. (2010). FVFM’nin İMKB ulusal 100 endeksindeki geçerliliğinin panel veri analizi ile test edilmesi, İstanbul Üniversitesi İşletme Fakültesi Dergisi, 39(1): 95-105.
  • Lee, C.-H. ve Hooy, C.-W. (2012). Determinants of systematic financial risk exposures of airlines in North America, Europe and Asia, Journal of Air Transport Management, 24: 31-35.
  • Lee, J.-S. ve Jang, S. (2007). The systematic-risk determinants of the US airline industry, Tourism Management, 28: 434-442.
  • Lev, B. (1974). On the Association Between Operating Leverage and Risk, The Journal of Financial and Quantitative Analysis, 9(4) :627-641.
  • Lufthansa. (2017). Lufthansa Annual Reports, https://investor-relations.lufthansagroup.com/ en/publications/financial-reports.html, (Erişim Tarihi: 08.01.2017).
  • Morrell, P. S. (2007). Airline Finance. USA: Ashgate Publishing, Ltd.
  • Nicolau, J. L. ve Santa-María, M. J. (2012). Effect of innovation on airlines’ operating leverage: A Spanish case study, Journal of Air Transport Management, 25: 44-46.
  • Novy-Marx, R. (2011). Operating Leverage, Review of Finance, 15(1), 103– 34.
  • O'Brien, T. J. ve Vanderheiden, P. A. (1987). Empirical Measurement of Operating Leverage for Growing Firms, Financial Management, 16(2):45-53.
  • Oum, T. H., Zhang, A. ve Zhang, Y. (2000). Optimal demand for operating lease of aircraft, Transportation Research B, 34: 17-29.
  • Pasific, C. (2017). Cathay Pasific Annual Reports, https://www.cathaypacific.com/ cx/en_ID/about-us/investor-relations/interim-annual-reports.html, (Erişim Tarihi: 08.01.2017).
  • Percival, J. R. (1974). Operating Leverage and Risk, Journal of Business Research, 2(2): 223-227.
  • Prezas, A. P. (1987). Effects of Debt on the Degrees of Operating and Financial Leverage, Financial Management, 16(2): 39-44.
  • Richardson, C., Budd, L. ve Pitfield, D. (2014). The impact of airline lease agreements on the financial performance of US hub airports, Journal of Air Transport Management, 40, 1-15.
  • Ryanair. (2017). Ryanair Annual Reports, https://investor.ryanair.com/, Erişim Tarihi: 08.01.2017).
  • Qantas Airways (2017). Qantas Airways Annual Reports, https://investor.qantas.com /investors/?page=annual-reports, (Erişim Tarihi: 08.01.2017).
  • Schönenberger, F. (2014). Operating Leverage-Is Cost Structure Rigidity A Characteristic of Risk? The Impact of Cost Structure Rigidity on Returns under Consideration of BM Ratio and Size. St.Gallen: Universtiy of Gallen School of Mangement, Economics, Law, Social Sciences and International Affairs, Doctor of Philosophy in Management, St. Gallen.
  • Shrieves, R. E. (1981). Uncertainty, the Theory of Production, and Optimal Operating Leverage, Southern Economic Journal, 47(3): 690-702.
  • Singapore Airlines (2017). Singapore Airlines Annual Repors, https://www.singaporeair.com/ en_UK/us/about-us/information-for-investors/, (Erişim Tarihi: 08.01.2017).
  • Southwest Airlines (2017). Southwest Airlines Annual Reports, http://www.southwestairlinesinvestorrelations.com/, (Erişim Tarihi: 08.01.2017).
  • Stowe, J. D. ve Ingene, C. A. (1984). Microeconomic influences on operating leverage, Journal of Economics and Business, 36(2):233-241.
  • TCMB. (2018). Türkiye Cumhuriyet Merkez Bankası Çapraz Kur Verileri, https://www.tcmb.gov.tr/kurlar/kurlar_tr.html, (Erişim Tarihi: 01.12.2018).
  • THY. (2017). Türk Hava Yolları Faaliyet Raporu, https://investor.turkishairlines.com/tr/mali-veriler/yillik-raporlar/1/2016, (Erişim Tarihi: 08.01.2017).
  • United Airlines (2017). United Airlines Annual Reports, http://ir.united.com/, (Erişim Tarihi: 08.01.2017).

Faaliyet Kaldıraç Derecesinin Satış Gelirleri Üzerindeki Etkisi: Havayolu Şirketlerinde Bir Uygulama

Yıl 2019, Cilt: 21 Sayı: 3, 923 - 941, 30.09.2019
https://doi.org/10.32709/akusosbil.499374

Öz

Sivil havacılık sektörü, hızla
büyüyen dinamik bir sektördür. Yolcu sayısındaki artış, yeni uçuş noktaları ve
düşük fiyatlı uçak biletleri sektörün büyümesinde etkili olmaktadır. Ancak sivil
havacılık sektörü yüksek bütçeli yatırımlar gerektirmektedir. Personel ve yakıt
maliyetlerinin yüksek oluşu sektördeki rekabet düzeyini düşürmektedir. Havayolu
şirketleri uçuş başına sabit maliyetleri karşıladıktan sonraki satılan her
bilet, şirketin marjinal kârını artırmaktadır. Bu nedenle yüksek tutarlarda
sabit maliyet ile faaliyet gösteren havayolu şirketlerinin faaliyet kaldıracı
ile satış gelirleri arasındaki ilişkinin incelenmesinin literatüre katkı
sağlaması beklenmektedir. Çalışmanın uygulamasında satış geliri, faaliyet
kaldıraç derecesi, finansal kiralama giderleri, aktif kârlılık oranı ve
özsermaye kârlılık oranı değişkenlerinden oluşan bir model geliştirilmiştir. Dünyanın
her kıtasından en az bir şirket olmak üzere 20 havayolu şirketinin verileri
kullanılmıştır. Veri seti 2010-2016 dönemini kapsamaktadır. Panel veri yöntemiyle
analiz yapılmıştır.  Analiz sonuçlarına
göre f
aaliyet kaldıraç derecesi ile satış
gelirleri arasında pozitif yönde bir korelasyon tespit edilmiştir. Uçaktaki
yolcu sayısı arttıkça, kaldıraç etkisiyle daha fazla satış geliri elde edilmektedir.
Doluluk oranının artması şirketlerin performansını da olumlu yönde etkilemiştir.
Finansal kiralama giderleri ile satış gelirleri arasında pozitif yönlü bir
ilişki vardır.  Satış gelirleri ile aktif
kârlılık oranı arasında da pozitif yönlü bir ilişki tespit edilmiştir. Analizde
Özsermaye kârlılık oranı anlamsız çıkmıştır. Uygulama kapsamındaki havayolu
şirketlerinin negatif Özkaynaklara sahip olmasının oranın anlamsız çıkmasını
etkileyebileceği düşünülmektedir.




Kaynakça

  • Abbruzzoa, A., Fasone, V. ve Scuderi, R. (2016). Operational and financial performance of Italian airport companies: A dynamic graphical model, Transport Policy, 52: 231-237.
  • Akgüç, Ö. (1998). Finansal Yönetim, İstanbul: Muhasebe Enstitüsü Eğitim ve Araştırma Vakfı .
  • Alaghi, K. (2012). Operating leverage and systematic risk, African Journal of Business Management, 6(3): 1095-1099.
  • American Airlines. (2017). American Airlines Annual Reports, https://americanairlines.gcs-web.com/financial-results/financial-aal (Erişim Tarihi: 08.01.2017).
  • Air China (2017). Air China Annual Reports, http://www.airchina.com.cn/en /investor_relations/index.shtml, (Erişim Tarihi: 08.01.2017).
  • Air Asia (2017). Air Asia Annual Reports, https://ir.airasia.com/ar.html, (Erişim Tarihi: 08.01.2017).
  • Air New Zeland (2017). Air Nez Zealand Annual Reports", https://www.airnewzealand.co.nz/ latest-annual-and-interim-results, (Erişim Tarihi: 08.01.2017).
  • Bayraktutan, Y., ve Demirtaş, I. (2011). Gelişmekte Olan Ülkelerde Cari Açığın Belirleyicileri: Panel Veri Analizi, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 22: 1-28.
  • Bourjade, S., Huc, R. ve Muller-Vibes, C. (2017). Leasing and profitability: Empirical evidence from the airline industry, Transportation Research Part A, 97:30-46.
  • Brigham, E. F. ve Houston, J. F. (2014). Fundamentals of Financial Management (Finansal Yönetimin Temelleri, Çev. Edi: Nevzat Aypek), Ankara: Nobel Yayıncılık.
  • China Eastern Airlines (2017). China Eastern Airlines Annual Repors, http://www.irasia.com/listco/hk/chinaeast/annual/index.htm (Erişim Tarihi: 08.01.2017).
  • China Southern Airlines. (2017). China Southern Airlines Annual Report, http://www.csair.com/en/about/investor/ (Erişim Tarihi: 08.01.2017).
  • Dayı, F. ve Esmer, Y. (2017a). Measuring Financial Performance of Airline Passenger Transport Company in European. 33rd International Academic Conference, (s.26-37). Vienna.
  • Dayı, F. ve Esmer, Y. (2017b). Sivil Havacılık Yönetiminde Finansal Kiralama İşlemlerinin Karlılık Üzerine Etkisi: Avrupa Havayolu Şirketleri Üzerine Bir Uygulama, Akademik Bakış Uluslararası Hakemli Sosyal Bilimler E- Dergisi, 64: 69-78.
  • Dayı, F. ve Ulusoy, T. (2018). Evaluating Financial Performance with Minimum Spanning Tree Approach: An Application Airlines Companies, Turkish Studies Economic, Finance and Politics, 13(30): 89-103.
  • Delta Airlines (2017). Delta Airlines Annual Reports, https://ir.delta.com/, (Erişim Tarihi: 08.01.2017).
  • Dran, J. and. John, J. (2001). A Different Perspective on Operating Leverage, Journal of Economics and Finance, 87-94.
  • Easyjet. (2017). Easyjet Annual Reports, http://corporate.easyjet.com/investors, (Erişim Tarihi: 08.01.2017).
  • Emirates. (2017). Emirates Annual Reports, https://www.emirates.com/english/about-us/business-model/financial-transparency.aspx, (Erişim Tarihi: 08.01.2017).
  • Ercan, M. K. ve Ban, Ü. (2012). Değere Dayalı İşletme Finansı Finansal Yönetim, Ankara: Gazi Kitabevi.
  • Erickson, S. M. ve Trevino, R. (1994). A Pecking Order Approach to Leasing: The Airline Industry Case, Journal of Financial And Strategic Decisions, 7(3): 71-81.
  • Exchangerate. (2018). Foreign Money Exchange Rate, https://www.exchangerates.org.uk/, (Erişim Tarihi: 01.12.2018).
  • Fitó, M. Á., Moya, S. ve Orgaz, N. (2014). Considering the effects of operating lease capitalization on key financial ratios, Spanish Journal of Finance and Accounting, 42(159): 341-369.
  • France-KLM, A. (2017). Air France-KLM Annual Report, https://www.airfranceklm.com/en/ finance/publications/results, (Erişim Tarihi: 08.01.2017).
  • Gahlon, J. M. ve Gentry, J. A. (1982). On the Relationship between Systematic Risk and the Degrees of Operating and Financial Leverage, Financial Management, 11(2):15-23.
  • Gavazza, A. (2010). Asset liquidity and financial contracts: evidence from aircraft leases, Journal of Financial Economics, 95: 62-84.
  • Gritta, R. D., Lippman, E. ve Chow, G. (1994). The impact of the capitalization of leases on airline financial analysis: An issue revisited, Logistics and Transportation Review, 30(2): 189-202.
  • Group, A. B. (2017). Air Berlin Group Annual Reports, http://ir.airberlin.com/en/ir, (Erişim Tarihi: 08.01.2017).
  • Holdings, A. (2017). ANA Holdings Annual Report, https://www.ana.co.jp/group/ en/investors/irdata/supplement/, (Erişim Tarihi: 08.01.2017).
  • Hsiao, C. (2014). Analysis of Panel Data, USA: Cambridge University Press.
  • Huffman, L. (1983). Operating Leverage, Financial Leverage and Equity Risk, Journal of Banking and Finance, 7: 197-212.
  • IATA. (2017). IATA World Air Transport Statistics. London: IATA.
  • Korkmaz, T., Yıldız, B. ve Gökbulut, R. İ. (2010). FVFM’nin İMKB ulusal 100 endeksindeki geçerliliğinin panel veri analizi ile test edilmesi, İstanbul Üniversitesi İşletme Fakültesi Dergisi, 39(1): 95-105.
  • Lee, C.-H. ve Hooy, C.-W. (2012). Determinants of systematic financial risk exposures of airlines in North America, Europe and Asia, Journal of Air Transport Management, 24: 31-35.
  • Lee, J.-S. ve Jang, S. (2007). The systematic-risk determinants of the US airline industry, Tourism Management, 28: 434-442.
  • Lev, B. (1974). On the Association Between Operating Leverage and Risk, The Journal of Financial and Quantitative Analysis, 9(4) :627-641.
  • Lufthansa. (2017). Lufthansa Annual Reports, https://investor-relations.lufthansagroup.com/ en/publications/financial-reports.html, (Erişim Tarihi: 08.01.2017).
  • Morrell, P. S. (2007). Airline Finance. USA: Ashgate Publishing, Ltd.
  • Nicolau, J. L. ve Santa-María, M. J. (2012). Effect of innovation on airlines’ operating leverage: A Spanish case study, Journal of Air Transport Management, 25: 44-46.
  • Novy-Marx, R. (2011). Operating Leverage, Review of Finance, 15(1), 103– 34.
  • O'Brien, T. J. ve Vanderheiden, P. A. (1987). Empirical Measurement of Operating Leverage for Growing Firms, Financial Management, 16(2):45-53.
  • Oum, T. H., Zhang, A. ve Zhang, Y. (2000). Optimal demand for operating lease of aircraft, Transportation Research B, 34: 17-29.
  • Pasific, C. (2017). Cathay Pasific Annual Reports, https://www.cathaypacific.com/ cx/en_ID/about-us/investor-relations/interim-annual-reports.html, (Erişim Tarihi: 08.01.2017).
  • Percival, J. R. (1974). Operating Leverage and Risk, Journal of Business Research, 2(2): 223-227.
  • Prezas, A. P. (1987). Effects of Debt on the Degrees of Operating and Financial Leverage, Financial Management, 16(2): 39-44.
  • Richardson, C., Budd, L. ve Pitfield, D. (2014). The impact of airline lease agreements on the financial performance of US hub airports, Journal of Air Transport Management, 40, 1-15.
  • Ryanair. (2017). Ryanair Annual Reports, https://investor.ryanair.com/, Erişim Tarihi: 08.01.2017).
  • Qantas Airways (2017). Qantas Airways Annual Reports, https://investor.qantas.com /investors/?page=annual-reports, (Erişim Tarihi: 08.01.2017).
  • Schönenberger, F. (2014). Operating Leverage-Is Cost Structure Rigidity A Characteristic of Risk? The Impact of Cost Structure Rigidity on Returns under Consideration of BM Ratio and Size. St.Gallen: Universtiy of Gallen School of Mangement, Economics, Law, Social Sciences and International Affairs, Doctor of Philosophy in Management, St. Gallen.
  • Shrieves, R. E. (1981). Uncertainty, the Theory of Production, and Optimal Operating Leverage, Southern Economic Journal, 47(3): 690-702.
  • Singapore Airlines (2017). Singapore Airlines Annual Repors, https://www.singaporeair.com/ en_UK/us/about-us/information-for-investors/, (Erişim Tarihi: 08.01.2017).
  • Southwest Airlines (2017). Southwest Airlines Annual Reports, http://www.southwestairlinesinvestorrelations.com/, (Erişim Tarihi: 08.01.2017).
  • Stowe, J. D. ve Ingene, C. A. (1984). Microeconomic influences on operating leverage, Journal of Economics and Business, 36(2):233-241.
  • TCMB. (2018). Türkiye Cumhuriyet Merkez Bankası Çapraz Kur Verileri, https://www.tcmb.gov.tr/kurlar/kurlar_tr.html, (Erişim Tarihi: 01.12.2018).
  • THY. (2017). Türk Hava Yolları Faaliyet Raporu, https://investor.turkishairlines.com/tr/mali-veriler/yillik-raporlar/1/2016, (Erişim Tarihi: 08.01.2017).
  • United Airlines (2017). United Airlines Annual Reports, http://ir.united.com/, (Erişim Tarihi: 08.01.2017).
Toplam 56 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Hukuk
Yazarlar

Faruk Dayı 0000-0003-0903-1500

Yayımlanma Tarihi 30 Eylül 2019
Gönderilme Tarihi 19 Aralık 2018
Yayımlandığı Sayı Yıl 2019 Cilt: 21 Sayı: 3

Kaynak Göster

APA Dayı, F. (2019). Faaliyet Kaldıraç Derecesinin Satış Gelirleri Üzerindeki Etkisi: Havayolu Şirketlerinde Bir Uygulama. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 21(3), 923-941. https://doi.org/10.32709/akusosbil.499374