항공산업의 화산재 위험 노출에 대한 주가 반응에 관한 연구: 2010년 유럽 항공대란 사태를 중심으로

Abstract

[Purpose] Using an event study approach, we examine the effect of the 2010 European Ash Crisis generated by the eruption of the Icelandic Volcano Eyjafjallajokull. We empirically show the unpredictable exogenous shock on airline companies globally. [Methodology] We use accounting and stock market data for airline firms listed on 31 major stock exchanges from Thomson Datastream. In addition, using OLS Regression, we find the relationship between customer satisfaction and stock abnormal returns after the beginning of the 2010 European Ash Crisis. [Findings] We show that airline companies are negatively affected by the eruption of the Icelandic volcano Eyjafjallajokull. One week after the eruption, the average estimated cumulative abnormal returns (CARs) is －1.833%. Furthermore, we find a positive relation between SKYTRAX 5&4 star Dummy and CARs. The empirical result suggests that customer satisfaction may alleviate the negative effects of an unpredictable exogenous shock. [Implications] This study shed lights on negative stock returns caused by a natural disaster on a specific industry. This study suggests that investors deeply consider the level of customer satisfaction when they invest in service industries, such as airline industry, to avoid unpredictable industry－level negative events.