Sürdürülebilirlik Performansı Kovid-19 Salgını Sırasında Havayolu Şirketlerinin Finansal Performansını Nasıl Etkilemiştir?
How Does Sustainability Performance Affect the Financial Performance of Airline Companies During the Covid-19 Pandemic?

Summary/Abstract: Purpose- The aim of this study is to analyze how the sustainability performance of airlines affects their financial performance and systematic risks during the covid period. Environmental, social and governance performance scores of companies accessible from the Thomson Reuters Datastream database were used as indicators of sustainability performance. Design/methodology/approach – In this study, 43 airline companies operating continuously between 2015 and 2021 were selected as samples. Panel data analysis was used in the study. Return on assets were used as indicators of financial performance and historical beta values were used as indicators of systematic risk. Findings- The results of the analysis showed that the COVID-19 pandemic negatively affected the financial performance of companies and increased their beta. In addition, companies with high corporate sustainability performance felt less about the effects of the COVID era. Discussion- Empirical results showed that corporate sustainability performance positively affected the financial performance of companies during crisis periods and reduced their systematic risks.

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