کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
1012955 | 939164 | 2007 | 9 صفحه PDF | دانلود رایگان |
Understanding the risk nature of the airline industry is important in effectively managing the business. This study aims to investigate firm-specific variables as they relate to systematic risk (beta). Findings from 16 airline companies for the period of 1997–2002 indicate that profitability, growth, and safety are negatively associated with the systematic risk, while the debt leverage and firm size are positively related to the risk. The significant relationship of debt leverage, profitability, growth, and safety to the systematic risk is consistent with previous empirical studies, but the positive association of the firm size with the risk is a paradoxical finding as opposed to the relevant finance theory and previous research. This unique finding proposes significant implications for airline executives as well as investors.
Journal: Tourism Management - Volume 28, Issue 2, April 2007, Pages 434–442