The impact of oil prices shocks in the valuation of stock prices of aviation companies

IF 3.6 2区工程技术 Q2 TRANSPORTATION

Journal of Air Transport Management Pub Date : 2025-08-20 DOI:10.1016/j.jairtraman.2025.102882

Mirko Gabbiadini, Michele Meoli, Stefano Paleari

引用次数: 0

Abstract

This study investigates the impact of oil price changes on the market value of the aviation industry. We analyze a sample of 121 airlines and 30 airports listed worldwide between 2000Q1 and 2023Q4 and find that overall, oil price changes deteriorate the market value of the aviation industry.

However, the marginal effect of oil price changes is more negative for airlines than for airports. When we disentangle oil price changes into demand shocks and supply shocks, we find that airlines benefit more from demand shocks, whereas airports are more resilient to supply shocks. Our results suggest that oil price changes contribute to a shift in value within the aviation industry, from airlines to airports, and that demand shock and supply shock exert a different impact between airlines and airports.

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油价震荡对航空公司股价估值的影响

本研究探讨石油价格变动对航空业市场价值的影响。我们分析了2000年第一季度至2023Q4年间全球上市的121家航空公司和30个机场的样本，发现总体而言，油价变化恶化了航空业的市场价值。然而，油价变动的边际效应对航空公司的负面影响大于对机场的负面影响。当我们将油价变化分解为需求冲击和供给冲击时，我们发现航空公司从需求冲击中获益更多，而机场对供给冲击的抵御能力更强。我们的研究结果表明，油价变化有助于航空业的价值转移，从航空公司到机场，需求冲击和供应冲击在航空公司和机场之间产生不同的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Air Transport Management TRANSPORTATION-

CiteScore

12.40

自引率

11.70%

发文量

期刊介绍： The Journal of Air Transport Management (JATM) sets out to address, through high quality research articles and authoritative commentary, the major economic, management and policy issues facing the air transport industry today. It offers practitioners and academics an international and dynamic forum for analysis and discussion of these issues, linking research and practice and stimulating interaction between the two. The refereed papers in the journal cover all the major sectors of the industry (airlines, airports, air traffic management) as well as related areas such as tourism management and logistics. Papers are blind reviewed, normally by two referees, chosen for their specialist knowledge. The journal provides independent, original and rigorous analysis in the areas of: • Policy, regulation and law • Strategy • Operations • Marketing • Economics and finance • Sustainability