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Journals / Sosyoekonomi / 2026 / Cilt: 34 Sayı: 67

Seasonality in the Airline Industry: An Empirical Analysis Based on Stock Prices

Havayolu Sektöründe Mevsimsellik: Pay Fiyatlarına Dayalı Ampirik Bir Analiz

Samet Evci(Osmaniye Korkut Ata Üniversitesi İktisadi ve İdari Bilimler Fakültesi)0000-0002-5854-3847
Mustafa Can Samırkaş(MERSİN ÜNİVERSİTESİ, ERDEMLİ UYGULAMALI TEKNOLOJİ VE İŞLETMECİLİK YÜKSEKOKULU)0000-0002-0856-4762
Meryem Samırkaş Komşu(MERSİN ÜNİVERSİTESİ, TURİZM FAKÜLTESİ)0000-0002-3264-5896
Pages
443–464
Publication Date
2026-01-31
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Furthermore, even after accounting for outliers identified within the sample period, the seasonal effect persists.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study aims to examine the impact of seasonality in the airline industry by analysing the daily stock prices of airline companies listed on the stock exchanges of France, Spain, Greece, and Türkiye, which have similar climate characteristics, as well as the global airline index over the period January 2012 to May 2024.
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Key Findings & Data:The findings of the regression analysis using dummy variables indicate that seasonality is significant for the global airline index and for airlines in all countries except Türkiye.
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Conclusion & Impact:Furthermore, even after accounting for outliers identified within the sample period, the seasonal effect persists.
🔬Design:Araştırma Makalesi
📍Scope:2012 Verileri
⚙️Variables:Mevsimsellik · Havayolu Sektörü · Takvim Anomalisi

Abstract

This study aims to examine the impact of seasonality in the airline industry by analysing the daily stock prices of airline companies listed on the stock exchanges of France, Spain, Greece, and Türkiye, which have similar climate characteristics, as well as the global airline index over the period January 2012 to May 2024. The findings of the regression analysis using dummy variables indicate that seasonality is significant for the global airline index and for airlines in all countries except Türkiye. Notably, average returns during the winter months are higher than those in the summer months. Furthermore, even after accounting for outliers identified within the sample period, the seasonal effect persists.

Özet

Bu çalışmada, benzer iklim özelliklerine sahip Fransa, İspanya, Yunanistan ve Türkiye menkul kıymet borsalarında işlem gören havayolu firmalarının ve global havayolu endeksinin Ocak 2012-Mayıs 2024 dönemleri arasındaki günlük pay fiyatları üzerinden, sektörde sezonsallığın etkisinin ortaya konulması amaçlanmaktadır. Kukla değişkenlerin kullanıldığı regresyon analiz bulguları, Türkiye dışındaki diğer ülkelerin havayolu firmalarında ve global havayolu endeksinde sezonsallığın anlamlı olduğunu ve kış aylarındaki ortalama getirinin yaz aylarına göre daha yüksek olduğunu ortaya koymaktadır. Bunun yanı sıra ilgili dönemlerde ortaya çıkan aykırı değerler dikkate alındığında sezonsallık devam etmektedir.

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Cite This Article

Evci, S., Samırkaş, M. C., Komşu, M. S. (2026). Seasonality in the Airline Industry: An Empirical Analysis Based on Stock Prices. Sosyoekonomi, Cilt: 34 Sayı: 67, 443–464. https://doi.org/10.17233/sosyoekonomi.2026.01.19

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