Havayolu Şirketi Birleşmeleri ve Finansal Performans: Delta–Northwest Örneği

Öz

Amaç: Bu çalışma, özellikle 2008 yılında Delta Airlines ile Northwest Airlines arasındaki birleşmeye odaklanarak hava taşımacılığı sektöründeki birleşme ve satın almaların (M&As) finansal etkilerini incelemeyi amaçlamaktadır. Sektördeki liberalleşme ile paralel olarak havayolları, ölçek ekonomisi elde etmek, rota ağlarını genişletmek ve rekabet güçlerini artırmak için giderek daha fazla birleşme ve satın alma işlemine girmiştir. Makale, sektörde yer alan birleşme ve satın almaların olası sonuçları ile ilgili literatürde öngörülmüş kimi sonuçları Delta Airlines'ın örneği üzerinden değerlendirmektedir.

Yöntem: Araştırmada, gelir, karlılık, maliyet etkinliği ve pazar payı ile ilgili temel performans göstergeleri (KPI'lar) kullanılmaktadır. Analizde kullanılan finansal veriler 2000 yılı ile COVID-19 etkisiyle sektörde yaşanan çöküş öncesindeki son yıl olan 2019 yılları arasında yayınlanmış yıllık raporlardan derlenmiştir. Çalışmada birleşme kararı öncesindeki ve sonrasındaki temel performans göstergeleri parametirk ve parametrik olmayan testlerle desteklenmiş betimsel analiz yoluyla karşılaştırılmaktadır.

Bulgular: Çalışmanın bulgularına göre, 2008 yılında geçiş sürecinde yaşanan kimi sıkıntılara rağmen birleşmenin uzun dönemli etkileri olumlu yönde olmuştur. Analiz sonuçları birleşme sonrasında Delta’nın operasyonel ve finansal performasının geliştiğine işaret etmektedir.

Sonuç: Çalışmanın bulguları, birleşme ve satın almaların, çeşitli temel performans göstergelerine göre değerlendirildiğinde, birleşen şirketler için operasyonel verimlilik, yük faktörü ve kâr marjları açısından olumlu sonuçlar verebileceğini gösteren teorik çerçeveleri doğrulamaktadır. Bu çalışma, ABD havacılık tarihindeki en önemli birleşmelerden biri olan Delta – Northwest birleşmesinin, birleşme sonrası olumlu operasyonel ve finansal etkisine dair ampirik kanıtlar sunarak birleşme ve satın almalar literatürüne katkıda bulunmaktadır.

Anahtar Kelimeler

• Finansal performans
• hava taşımacılığı
• havacılık sektöründe liberalleşme
• birleşme ve satın almalar
• Delta – Northwest Birleşmesi

Airline Mergers and Financial Performance: Evidence from the Delta–Northwest Case

Öz

Aim: This study aims to examine the financial effects of mergers and acquisitions (M&As) within the air transportation sector with a specific emphasis on the merger between Delta Airlines and Northwest Airlines in 2008.  Consequent to the deregulation and liberalization process, airlines have increasingly engaged in mergers and acquisitions to achieve economies of scale, broaden their route networks, and enhance their competitiveness. The paper evaluates whether the proposed advantages of mergers and acquisitions are substantiated by analyzing the financial performance of Delta Airlines prior to and following the merger.

Method: The research utilizes key performance indicators (KPIs) related to revenue, profitability, cost efficiency, and market share. Financial data was collected from company-released annual reports from 2000 until 2019, before the industry collapsed because of COVID-19. The study compares the KPIs for the periods before and after the merger decision using a descriptive analysis supported by parametric and non-parametric tests.

Results:  The results clearly indicate that although Delta experienced a challenging transition year in 2008, the long-term effects of the merger were strongly positive. The analysis results show that the operational and financial performance of Delta improved after the merger.

Conclusion: The study's findings corroborate the theoretical foundations indicating that mergers and acquisitions may yield favorable results for the combined entities regarding operational efficiency, load factor, and profit margins when evaluated against various key performance indicators.  This study contributes to the literature on mergers and acquisitions by offering empirical evidence on the positive post-merger operational and financial effect of one of the most significant mergers in U.S. aviation history.

Anahtar Kelimeler

• Financial performance
• air transportation
• airline liberalization
• mergers and acquisitions
• Delta-Northwest merger

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