The Correlation between Efficiency and Business Performance of the Major Airlines

Kyeonghee Sung; Jongchul Kim

doi:10.7470/jkst.2021.39.5.619

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2021 Vol.39, Issue 5 Preview Page Next Page

Article

The Correlation between Efficiency and Business Performance of the Major Airlines 항공사 효율성과 경영성과 간의 상관관계

31 October 2021. pp. 619-630

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Abstract

The average real yield of world airlines has been decreasing despite airlines’ efforts to streamline their operations due to the rise of their competition and operating costs. The purpose of this study is to provide useful information for evaluating and reviewing major airlines’ efficiency, and for devising business plans and strategies. In this study, 24 worldwide airlines were specifically analyzed over the 10-year period covering 2008 to 2017. Super-SBM and correlation analysis were used to measure airlines’ efficiency and performance. Summary of the findings is as follows. First, the correlation between operational efficiency and financial efficiency of airlines is low. Second, debt ratio shows that it negatively effects on operational efficiency and positively on financial efficiency. Third, financial efficiency has fluctuated markedly against exogenous shocks than operational efficiency. Lastly, the average efficiency of Asian and middle east airlines is shown higher than American and European one in operational efficiency. Based on the above results with empirical research, this study suggests the academic and aviation policy implications to improve the competitiveness and efficiency of Korean national airlines.

Keywords

airline

correlation

efficiency

partial correlation

super-SBM

COVID-19 팬데믹은 회복 이후의 대응이나 회복 기간조차 가늠하기 힘들만큼 충격을 던지고 있다. 본 연구는 이러한 팬데믹의 직전까지 항공운송산업의 가파른 성장에도 불구하고 항공사들 간의 경쟁 심화와 운영비용 상승 등으로 오히려 수익성이 악화되는 현상에 초점을 두고 연구가 이루어졌다. 이를 위해 본 연구에서는 상호 경쟁력 비교를 통한 대형 항공사들의 효율성을 측정하고 비효율의 원인을 확인함으로써, 항공사의 효율성 제고 방안을 제시하는데 목적을 두었다. 실증분석을 위해서는 2008년부터 2017년까지 대형항공사 24개 항공사를 연구대상으로 선정하였으며, Super-SBM 모델로 항공사의 효율성 값을 측정하고 기업경영성과와의 상관관계를 분석하였다. 분석 결과를 요약하면 다음과 같다. 첫째, 항공사의 운영 효율성과 재무 효율성 간의 상관성은 높지 않았다. 둘째, 부채비율은 운영 효율성에 음(-)의 영향을 미치는 반면, 재무 효율성에는 양(+)의 영향을 미치는 것으로 나타났다. 셋째, 재무 효율성은 운영 효율성보다 외부환경에 보다 민감하게 반응하는 것으로 분석되었다. 마지막으로, 아시아와 중동지역 항공사는 미국과 유럽지역 항공사보다 운영 효율성이 높게 나타났다. 본 연구는 실증분석 결과를 바탕으로 우리나라 국적 항공사들의 경쟁력을 향상시키기 위한 학술적 ‧ 정책적 시점을 제시했다.

키워드

항공사

상관관계

효율성

편상관분석

super-SBM

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Information

Publisher :Korean Society of Transportation
Publisher(Ko) :대한교통학회
Journal Title :Journal of Korean Society of Transportation
Journal Title(Ko) :대한교통학회지
Volume : 39
No :5
Pages :619-630
Received Date : 2021-09-10
Revised Date : 2021-09-23
Accepted Date : 2021-10-15
DOI :https://doi.org/10.7470/jkst.2021.39.5.619

Journal of Korean Society of Transportation ISSN:1229-1366(Print) 2234-4217(Online) 대한교통학회지

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