Value determinants in the aviation industry

Abstract

This paper analyses the value determinants for both airports and airlines. The analysis is based on a sample of 24 airport operators and 87 airlines, listed on international financial markets on 31 December 2007. We analyse the value drivers for both airlines and airports by studying the determinants of the Tobin's Q. On average the market valuation of airport operators is higher than that of carriers. On the whole we show that ownership concentration has a positive impact, while size and state ownership are, on average, detrimental for the market valuation. Further, other industry-specific variables are statistically significant. Airport valuation is positively influenced by size, return on assets and the growth in terms of number of passengers. Airlines valuation is statistically higher for low-cost companies, while age and route number have a negative impact on market valuation

The influence of firm age on the relationships of airline performance, economic situation and internal operation

“…In estimating organisational performance, age was used as an independent variable (Wang et al, 2011;Powell et al, 1999;Hmieleski et al, 2010), a control (Wang et al, 2010;Carmeli et al, 2011;Ling, 2012;LiPuma et al, 2011) and a moderator (Onyango et al, 2012;Anderson and Eshima, 2011;Jiménez-Jiménez and Sanz-Valle, 2010) variable. In particular, firm age has been used in airline performance modelling as an independent variable with route frequency, route length, passenger growth, and aircraft size (Malighetti et al, 2011). However, passenger growth and route frequency are both influenced by firm age and it cannot be considered as an independent variable.…”

Airports economic efficient frontier

“…Since results varied by geographic region, external variables on individual airport cost flexibility metrics were regressed against a common set of variables. Malighetti et al (2011) conducted regressions to deal with the revenue side of the efficiency equation, with the following coefficients: airport size, return on assets, leverage, passenger growth, airports within 100km, age and aviation revenues share. This particular study introduced ROA and debt into the equation.…”

Identificación de los elementos clave de la estrategia competitiva en el modelo de negocio aeroportuario en un contexto liberalizado de competencia internacional : aplicación al caso del Reino Unido

“…Como indicadores se pueden utilizar la eficiencia en la operación, la utilización de los activos o la productividad del capital, y la estructura de capital (Vogel, 2010). Hay estudios que ha obtenido una influencia positiva del tamaño, el retorno de los activos y el aumento número de pasajeros (Malighetti et al, 2011).…”

“…Como indicadores se pueden utilizar la eficiencia en la operación, la utilización de los activos o la productividad del capital, y la estructura de capital (Vogel, 2010). Hay estudios que ha obtenido una influencia positiva del tamaño, el retorno de los activos y el aumento número de pasajeros (Malighetti et al, 2011).Según Oum (2004), dado un nivel de capital invertido en infraestructuras e instalaciones existen factores que influyen en la productividad del aeropuerto (figura 17):tamaño del aeropuerto, porcentaje del tráfico internacional, Ingresos aeronáuticos y operador del terminal. Todos estos factores están relacionados con el objetivo principal de la tesis ya que influyen en la eficacia y posible éxito dela aeropuerto, y van a ser aspectos a tener en cuenta en definición del modelo de estrategia de los aeropuertos que viene definido en el apartado 3.8 de Conclusiones de la revisión de la literatura.…”