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Dergiler / Journal of Aviation / 2025 / Volume: 9 Issue: 3

Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic

Orkun Bayram(BALIKESIR UNIVERSITY)0000-0001-9958-7822
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Yayın Tarihi
2025-10-19
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⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

These insights contribute to crisis-management literature in aviation finance and offer policy implications for bolstering sectoral sustainability against future disruptions.

📌 3 Maddede Bu Makale

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Amaç & Hipotez:This study examines the financial resilience of European Air Navigation Service Providers (ANSPs) before and after the COVID-19 shock.
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Temel Bulgular & Veri:Using a balanced panel dataset covering 2017–2023 for over 30 ANSPs, we employ fixed-effects estimators to quantify changes in key financial metrics—revenue, operating costs, capital expenditures, and free cash flow—once air traffic volumes collapsed.
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Sonuç & Katkı:These insights contribute to crisis-management literature in aviation finance and offer policy implications for bolstering sectoral sustainability against future disruptions.
🔬Tür:Research Article
📍Kapsam:2017–2023 Verileri
⚙️Değişkenler:Air Navigation Service Providers · Financial Sustainability · COVID-19 Shock

Abstract

This study examines the financial resilience of European Air Navigation Service Providers (ANSPs) before and after the COVID-19 shock. Using a balanced panel dataset covering 2017–2023 for over 30 ANSPs, we employ fixed-effects estimators to quantify changes in key financial metrics—revenue, operating costs, capital expenditures, and free cash flow—once air traffic volumes collapsed. Our findings reveal a pronounced downturn in profitability and liquidity in 2020, followed by uneven recovery trajectories across providers. We also identify factors—such as pre-pandemic leverage and cost structure—that moderated the depth of the shock. These insights contribute to crisis-management literature in aviation finance and offer policy implications for bolstering sectoral sustainability against future disruptions.

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Bu Makaleye Atıf Yap

Bayram, O. (2025). Financial Sustainability of European Air Navigation Service Providers and the Impact of the COVID-19 Pandemic. Journal of Aviation, Volume: 9 Issue: 3. https://doi.org/10.30518/jav.1731086

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