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Koronavirüs Pandemisi Hakkındaki Spekülasyonlara Havayolu Hisse Senetlerinin Tepkisi: G7 Ülkelerinde ve Türkiye’de Faaliyet Gösteren Havayolu İşletmelerinden Kanıtlar

Yıl 2022, Cilt: 7 Sayı: 1, 86 - 94, 30.06.2022

Öz

Koronavirüs pandemisyle mücadele kapsamında alınan tedbirlerin başında gelen seyahat kısıtlamaları ve ülkeler arası seyahatlerin durdurulması, kısa sürede havacılık sektörünün pandemiden en yoğun etkilen sektörlerden biri olmasına sebep olmuştur. Hava trafiğindeki azalma, birçok havayolu işletmesinin filosundaki uçakların ve havaalanlarının âtıl durumda kalmasına yol açmıştır. Havayolu işletmelerinin hisse senetlerinin değerleri de bu süreçte etkilenerek, yatırımcılara kayıplar yaşatmış ve piyasa değerlerinin azalmasına sebep olmuştur. Havayolu hisse senetleri, ülkelerde ilk vakaların görülmesi, pandeminin ilan edilmesi, seyahat kısıtlamalarının kalkması, Avrupa’da yeşil koridor oluşturulması, pandemi ile mücadele kapsamında aşı çalışmaları, aşının bulunması, virüsün mutasyonlarının çıkması gibi çeşitli spekülatif durumları fiyatlamaya başlamıştır. Bu çalışmada G7 ülkeleri ile Türkiye’den seçilmiş havayolu işletmelerinin spekülatif haberlerin ortaya çıktığı tarihlerdeki hisse senedi fiyatlarındaki artış ve azalışları incelenerek, pandemi sürecindeki spekülasyonlara havayolu hisse senetlerinin tepkisini gözlemlemek amaçlanmaktadır. Havayolu işletmelerinin hisse senedi fiyatları incelendiğinde, olumsuz spekülasyonların çok yıkıcı şekilde etki göstererek hisse fiyatlarını düşürdüğü, ancak olumlu gelişmelerin tam olarak karşılık bulmadığı sonucuna ulaşılmıştır. Havayolu işletmelerinin daha az etkilenmesi için hükümetlerin havacılık faaliyetlerini kesintiye uğratmayacak politikalar izlemesi önem arz etmektedir.

Teşekkür

16-17 Ekim tarihinde düzenlenen International Congress of Management, Economy and Policy kongresinde sözlü bildiri olarak sunulmuştur.

Kaynakça

  • Abate, M., Christidis, P., & Purwanto, A. J. (2020). Government support to airlines in the aftermath of the COVID-19 pandemic. Journal of air transport management, 89, 101931.
  • Amuthan, R. (2020). COVID-19 impacts on stock return outlooks of stock exchange listed aviation transport companies in India. Journal of Critical Reviews.
  • Atems, B. ve Yimga, J. (2021). Quantifying the impact of the COVID-19 pandemic on US airline stock prices. Journal of Air Transport Management, 97, 102141.
  • Atlas. (2020). Covid-19 Kronolojisi. (Erşim: 01 Eylül 2021), https://www.atlasdergisi.com/gundem/covid-19-salgini-kronolojisi.html
  • BAĞCI, B., ÇITAK, F., & ŞİŞMAN, M. Y. (2020). KORONAVİRÜS PANDEMİSİNİN HAVAYOLU ŞİRKETLERİNİN HİSSE SENETLERİ ÜZERİNE ETKİSİ: KANTİL-KANTİL REGRESYON MODELİ UYGULAMASI. Gaziantep University Journal of Social Sciences, 19(COVID-19 Special Issue), 429-446.
  • Benourrad, H., & Kim, H. (2021). The Impact of COVID-19 on Stock Performance in the Global Airline Industry. 관광레저연구, 33(3), 395-415.
  • Budd, L., Ison, S., & Adrienne, N. (2020). European airline response to the COVID-19 pandemic–Contraction, consolidation and future considerations for airline business and management. Research in Transportation Business & Management, 37, 100578.
  • Bureau, A. T. (2020). Effects of Novel Coronavirus (COVID‐19) on Civil Aviation: Economic Impact Analysis. International Civil Aviation Organization (ICAO), Montréal, Canada.
  • Carter, D., Mazumder, S., Simkins, B., & Sisneros, E. (2021). The stock price reaction of the COVID-19 pandemic on the airline, hotel, and tourism industries. Finance Research Letters, 102047.
  • Chadwick, L., & Daventry, M. (2021). Covid-19 mutasyonları: Hangilerini biliyoruz ve ne kadar bulaşıcılar?. (Erşim: 02 Eylül 2021), https://tr.euronews.com/2021/01/26/covid-19-mutasyonlar-hangilerini-biliyoruz-ve-ne-kadar-bulas-c-lar
  • Congar, K. (2020). Avrupa Birliği Seyahat Yasaklarını Kaldırdı, Hangi Ülke Vatandaşları AB'ye Girebiliyor?. (Erşim: 02 Eylül 2021), https://tr.euronews.com/2020/07/02/avrupa-da-covid-19-tedbirlerini-hafifleten-ulkeler-yabanc-turistlere-s-n-rlar-n-ne-zaman-a . (Erşim T. 02 Eylül 2021).
  • Deb, S. (2021). Analyzing airlines stock price volatility during COVID‐19 pandemic through internet search data. International Journal of Finance & Ekonomice.
  • Dube, K., & Nhamo, G. (2020). Major global aircraft manufacturers and emerging responses to the SDGs agenda. In Scaling up SDGs Implementation (pp. 99-113). Springer, Cham.
  • Dunford, D., Dale, B., Stylianou, N., Lowther, E., Ahmed, M., & Arenas, I.d.l.T., (2020). Coronavirus: The world in lockdown in maps and charts. (Erşim: 03 Eylül 2021), https://www.bbc.com/new s/world-52103747
  • Kiracı, K., & Karaaslan, İ. (2015). Seçilmiş Havayolu İşletmelerine Yönelik Trend Analizi Uygulaması. In 1st International Congress on Economics and Business (ICEB'15) (pp. 545-555).
  • 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.
  • Rehman, M. U., Kang, S. H., Ahmad, N., & Vo, X. V. (2021). The impact of COVID-19 on the G7 stock markets: A time-frequency analysis. The North American Journal of Economics and Finance, 58, 101526.
  • Sadi, M. A., & Henderson, J. C. (2000). The Asian economic crisis and the aviation industry: Impacts and response strategies. Transport Reviews, 20(3), 347-367.
  • Sun, X., Wandelt, S., & Zhang, A. (2020). How did COVID-19 impact air transportation? A first peek through the lens of complex networks. Journal of Air Transport Management, 89, 101928.
  • Vinod, B. (2020). The COVID-19 pandemic and airline cash flow. Journal of Revenue and Pricing Management, 19(4), 228-229.
  • Yan, B., Stuart, L., Tu, A., & Zhang, T. (2020). Analysis of the Effect of COVID-19 on the stock market and investing strategies. Available at SSRN 3563380.
  • Yavuz, E. (2020). COVID-19 aşıları. Türkiye Aile Hekimliği Dergisi, 24(4), 223-234.
  • Yiğit, F. ve Canöz, İ. (2020). The Reactıon Of Aırlıne Stocks In Europe To The Covıd-19 Pandemic: An Event Study Methodology. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19 (39), 1309-1326

Airline Stocks Response to Speculation About the Coronavirus Pandemic: Evidence from Airlines Operating in G7 Countries and Turkey

Yıl 2022, Cilt: 7 Sayı: 1, 86 - 94, 30.06.2022

Öz

Travel restrictions, which are at the forefront of the measures taken in the fight against the coronavirus pandemic, and the cessation of international travel, have caused the aviation industry to become one of the sectors most heavily affected by the pandemic in a short time. The decrease in air traffic has caused many airlines' fleets and airports to be idle. The values of the stocks of the airline companies were also affected by the pandemic, causing losses to the investors and causing the market value of the airline companies to decrease. Airline stocks have begun to price various speculative situations such as the first cases in the countries, the declaration of the pandemic, the lifting of travel restrictions, the creation of a green corridor in Europe, the vaccine studies within the scope of the fight against the pandemic, the discovery of the vaccine, the emergence of the virus's mutations. This study, it is aimed to observe the reaction of airline stocks to speculations during the pandemic process by examining the increases and decreases in the stock prices of selected airline companies from G7 countries and Turkey. When the stock prices of the airline companies are analyzed, it is concluded that the negative speculations had a devastating effect and lowered the share prices, but the positive developments did not fully respond. It is important for governments to follow policies that will not interrupt aviation activities so that airline companies are less affected.

Kaynakça

  • Abate, M., Christidis, P., & Purwanto, A. J. (2020). Government support to airlines in the aftermath of the COVID-19 pandemic. Journal of air transport management, 89, 101931.
  • Amuthan, R. (2020). COVID-19 impacts on stock return outlooks of stock exchange listed aviation transport companies in India. Journal of Critical Reviews.
  • Atems, B. ve Yimga, J. (2021). Quantifying the impact of the COVID-19 pandemic on US airline stock prices. Journal of Air Transport Management, 97, 102141.
  • Atlas. (2020). Covid-19 Kronolojisi. (Erşim: 01 Eylül 2021), https://www.atlasdergisi.com/gundem/covid-19-salgini-kronolojisi.html
  • BAĞCI, B., ÇITAK, F., & ŞİŞMAN, M. Y. (2020). KORONAVİRÜS PANDEMİSİNİN HAVAYOLU ŞİRKETLERİNİN HİSSE SENETLERİ ÜZERİNE ETKİSİ: KANTİL-KANTİL REGRESYON MODELİ UYGULAMASI. Gaziantep University Journal of Social Sciences, 19(COVID-19 Special Issue), 429-446.
  • Benourrad, H., & Kim, H. (2021). The Impact of COVID-19 on Stock Performance in the Global Airline Industry. 관광레저연구, 33(3), 395-415.
  • Budd, L., Ison, S., & Adrienne, N. (2020). European airline response to the COVID-19 pandemic–Contraction, consolidation and future considerations for airline business and management. Research in Transportation Business & Management, 37, 100578.
  • Bureau, A. T. (2020). Effects of Novel Coronavirus (COVID‐19) on Civil Aviation: Economic Impact Analysis. International Civil Aviation Organization (ICAO), Montréal, Canada.
  • Carter, D., Mazumder, S., Simkins, B., & Sisneros, E. (2021). The stock price reaction of the COVID-19 pandemic on the airline, hotel, and tourism industries. Finance Research Letters, 102047.
  • Chadwick, L., & Daventry, M. (2021). Covid-19 mutasyonları: Hangilerini biliyoruz ve ne kadar bulaşıcılar?. (Erşim: 02 Eylül 2021), https://tr.euronews.com/2021/01/26/covid-19-mutasyonlar-hangilerini-biliyoruz-ve-ne-kadar-bulas-c-lar
  • Congar, K. (2020). Avrupa Birliği Seyahat Yasaklarını Kaldırdı, Hangi Ülke Vatandaşları AB'ye Girebiliyor?. (Erşim: 02 Eylül 2021), https://tr.euronews.com/2020/07/02/avrupa-da-covid-19-tedbirlerini-hafifleten-ulkeler-yabanc-turistlere-s-n-rlar-n-ne-zaman-a . (Erşim T. 02 Eylül 2021).
  • Deb, S. (2021). Analyzing airlines stock price volatility during COVID‐19 pandemic through internet search data. International Journal of Finance & Ekonomice.
  • Dube, K., & Nhamo, G. (2020). Major global aircraft manufacturers and emerging responses to the SDGs agenda. In Scaling up SDGs Implementation (pp. 99-113). Springer, Cham.
  • Dunford, D., Dale, B., Stylianou, N., Lowther, E., Ahmed, M., & Arenas, I.d.l.T., (2020). Coronavirus: The world in lockdown in maps and charts. (Erşim: 03 Eylül 2021), https://www.bbc.com/new s/world-52103747
  • Kiracı, K., & Karaaslan, İ. (2015). Seçilmiş Havayolu İşletmelerine Yönelik Trend Analizi Uygulaması. In 1st International Congress on Economics and Business (ICEB'15) (pp. 545-555).
  • 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.
  • Rehman, M. U., Kang, S. H., Ahmad, N., & Vo, X. V. (2021). The impact of COVID-19 on the G7 stock markets: A time-frequency analysis. The North American Journal of Economics and Finance, 58, 101526.
  • Sadi, M. A., & Henderson, J. C. (2000). The Asian economic crisis and the aviation industry: Impacts and response strategies. Transport Reviews, 20(3), 347-367.
  • Sun, X., Wandelt, S., & Zhang, A. (2020). How did COVID-19 impact air transportation? A first peek through the lens of complex networks. Journal of Air Transport Management, 89, 101928.
  • Vinod, B. (2020). The COVID-19 pandemic and airline cash flow. Journal of Revenue and Pricing Management, 19(4), 228-229.
  • Yan, B., Stuart, L., Tu, A., & Zhang, T. (2020). Analysis of the Effect of COVID-19 on the stock market and investing strategies. Available at SSRN 3563380.
  • Yavuz, E. (2020). COVID-19 aşıları. Türkiye Aile Hekimliği Dergisi, 24(4), 223-234.
  • Yiğit, F. ve Canöz, İ. (2020). The Reactıon Of Aırlıne Stocks In Europe To The Covıd-19 Pandemic: An Event Study Methodology. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 19 (39), 1309-1326
Toplam 23 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Araştırma Makalesi
Yazarlar

Armağan Macit 0000-0002-5694-8285

Mehmet Basar 0000-0003-4989-0502

Yayımlanma Tarihi 30 Haziran 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 7 Sayı: 1

Kaynak Göster

APA Macit, A., & Basar, M. (2022). Koronavirüs Pandemisi Hakkındaki Spekülasyonlara Havayolu Hisse Senetlerinin Tepkisi: G7 Ülkelerinde ve Türkiye’de Faaliyet Gösteren Havayolu İşletmelerinden Kanıtlar. JOEEP: Journal of Emerging Economies and Policy, 7(1), 86-94.

The sole purpose of JOEEP is to be a prestigious journal which contributes to scientific knowledge. In order to keep this purpose, JOEEP, adopts and follows the publication policies of world’s prestigious scientific journals. All original and qualified works which may contribute to the scientific knowledge, are evaluated through a rigorous editorial and peer review process. Hereby, JOEEP is a peer reviewed and scientific journal. It strictly depends on the scientific principles, rules and ethical framework that are required to this qualification.

JOEEP is published as two issues per year June and December and all publication policies and processes are conducted according to the international standards. JOEEP accepts and publishes the research articles in the fields of economics, political economy, fiscal economics, applied economics, business economics, labour economics and econometrics. JOEEP, without depending on any institution or organization, is a non-profit journal that has an International Editorial Board specialist on their fields. All “Publication Process” and “Writing Guidelines” are explained in the related title and it is expected from authors to Show a complete match to the rules. JOEEP is an open Access journal.