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Journals / Havacılık ve Uzay Çalışmaları Dergisi / 2026 / Cilt: 6 Sayı: 2

ESG performance and operational efficiency in European airlines: A two-stage DEA-Tobit analysis

Avrupa havayolu işletmelerinde ESG performansı ve operasyonel etkinlik: İki aşamalı VZA-Tobit analizi

Murat Ahmet Doğan(SAMSUN ÜNİVERSİTESİ)0000-0002-4646-616X
Pages
121–137
Publication Date
2026-08-31
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AI Summary & Key Takeaways

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

The findings indicate that ESG performance is associated with a substantial enhancement in operational efficiency.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The present study examines the relationship between Environmental, Social and Governance (ESG) performance and operational efficiency in the European airline industry using panel data (N=96) from 12 publicly listed European-based airlines between 2017 and 2024.
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Key Findings & Data:The findings indicate that ESG performance is associated with a substantial enhancement in operational efficiency.
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Conclusion & Impact:The findings suggest that ESG investments are strategic initiatives that enhance core operations rather than mere compliance costs.
🔬Design:Modeling & Simulation
📍Scope:2017 Verileri
⚙️Variables:Havayolu · Etkinlik · ESG

Abstract

The present study examines the relationship between Environmental, Social and Governance (ESG) performance and operational efficiency in the European airline industry using panel data (N=96) from 12 publicly listed European-based airlines between 2017 and 2024. To address the measurement challenges and censored dependent variables, a two-stage analytical approach combining fixed-effects panel regression, Data Envelopment Analysis (DEA), and Tobit regression was employed. The findings indicate that ESG performance is associated with a substantial enhancement in operational efficiency. A 10-point increase in the ESG score has been demonstrated to be associated with a 6.5% improvement in efficiency. This represents a substantial and economically meaningful effect. This positive relationship persisted even during the period of the pandemic, which led to a 16.0% decrease in efficiency. This finding suggests that organizations with stronger ESG practices demonstrate greater operational resilience. In addition, the efficiency of full-service airlines (FSC) was found to be 15.6% lower than that of low-cost airlines (LCC). This finding highlights the business model as a key determinant of operational efficiency. The findings of this study call into question the assumption that investments in sustainability are a cost. Instead, consistent with stakeholder theory and a resource-based perspective, they demonstrate that sustainability enhances airlines' operational efficiency. The findings suggest that ESG investments are strategic initiatives that enhance core operations rather than mere compliance costs.

Özet

Bu çalışma, 2017 ile 2024 yılları arasında Avrupa merkezli borsada işlem gören 12 havayolu işletmesinden elde edilen panel verilerini (N=96) kullanarak, Avrupa havayolu sektöründe Çevresel, Sosyal ve Yönetişim (ESG) performansı ile operasyonel etkinlik arasındaki ilişkiyi incelemektedir. Ölçüm zorluklarını ve sansürlenmiş bağımlı değişkenleri ele almak için, sabit etkiler panel regresyonu, veri zarflama analizi (VZA) ve Tobit regresyonunu birleştiren iki aşamalı bir analitik yaklaşım kullanılmıştır. Bulgular, ESG performansının operasyonel etkinlikte kayda değer bir artışla ilişkili olduğunu göstermektedir. ESG puanındaki 10 puanlık bir artışın, etkinlikte %6,5'lik bir iyileşmeyle ilişkili olduğu gösterilmiştir. Bu etki ekonomik açıdan anlamlı olup pandemi döneminde de sürmüş ve yüksek ESG performansına sahip havayolları operasyonel dayanıklılıklarını büyük ölçüde korumuştur (etkinlik düşüşü: %16). Tam hizmet sunan havayollarının (FSC) düşük maliyetli (LCC) rakiplerine kıyasla %15,6 daha düşük etkinlikle çalıştığı bulgusu, iş modelinin temel bir etkinlik belirleyicisi olduğunu ortaya koymaktadır. Bulgular, paydaş teorisi ve kaynak temelli görüşle uyumlu olarak ESG yatırımlarının bir maliyet kalemi değil, operasyonel etkinliği pekiştiren stratejik bir araç olduğunu göstermektedir. Bulgular, ESG yatırımlarının yalnızca uyum maliyeti değil, operasyonel performansı artıran stratejik girişimler olduğunu göstermektedir.

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Cite This Article

Doğan, M. A. (2026). ESG performance and operational efficiency in European airlines: A two-stage DEA-Tobit analysis. Havacılık ve Uzay Çalışmaları Dergisi, Cilt: 6 Sayı: 2, 121–137. https://doi.org/10.52995/jass.1864477

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