항공산업의 화산재 위험 노출에 대한 주가 반응에 관한 연구: 2010년 유럽 항공대란 사태를 중심으로Volcanic Ash Risk and Stock Market Reactions in Airline Industry: Evidence from 2010 European Ash Crisis
- Other Titles
- Volcanic Ash Risk and Stock Market Reactions in Airline Industry: Evidence from 2010 European Ash Crisis
- Authors
- 김진민; 권용현
- Issue Date
- 2020
- Publisher
- 한국경영교육학회
- Keywords
- Icelandic volcano Eyjafjallajokull; Financial uncertainty; Volcanic ash risk; Airline industry; Customer satisfaction; 아이슬란드 아이야프야플라예르쿠둘 화산폭발; 재무적 불확실성; 화산재 위험; 항공산업; 고객만족도
- Citation
- 경영교육연구, v.35, no.4, pp.381 - 405
- Indexed
- KCI
- Journal Title
- 경영교육연구
- Volume
- 35
- Number
- 4
- Start Page
- 381
- End Page
- 405
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/60369
- DOI
- 10.23839/kabe.2020.35.4.381
- ISSN
- 1598-8651
- 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.
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