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The Impacts of COVID-19 on the Stock Returns of Supplier Industries of the Civil Aviation Sector: An Event Study
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Author(s): Olcay Ölçen (Faculty of Aviation and Space Science, University of Kyrenia, Turkey), Yalçın Pamuk (İstanbul Gelişim Üniversitesi, Turkey)and Özlem Sayılır (Anadolu Üniversitesi, Turkey)
Copyright: 2022
Pages: 17
Source title:
Digitalization and the Impacts of COVID-19 on the Aviation Industry
Source Author(s)/Editor(s): Salim Kurnaz (Suleyman Demirel University, Turkey & Kazimiero Simonaviciaus University, Lithuania)and Emrah Argın (Malatya Turgut Ozal University, Turkey)
DOI: 10.4018/978-1-6684-2319-6.ch015
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Abstract
The pandemic has not only affected passenger markets deeply, but it has also generated excessive impacts on the sub-branches and related industries of the civil aviation sector, in terms of financial results. Therefore, this study analysed the impacts of the pandemic on the stock returns of the freight forwarder industry and airport service industry as the main supplier industries of the civil aviation sector. The sample of the study is comprised of 18 freight forwarder companies and six airport service provider companies, which operate in different regions of the world. It is selected legal declaration of COVID 19 on 11 March 2020 by the World Health Organization as the event date, and an event study analysis is made. The findings of both approaches support that COVID-19 pandemic crisis had statistically significant impacts on the stock returns of freight forwarder industry and airport service provider industry.
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