Analysis of factors affecting the market value of airline companies

This study aims to examine the factors affecting the market value of airlines. Within the scope of the research, market value was considered as the dependent variable; the independent variables were total assets, sales, current ratio, tangible fixed asset turnover, asset turnover, financial leverage ratio, asset profitability ratio, market value/book value ratio, and number of aircraft. The companies were grouped based on the number of aircraft in their fleets, and six different models were created accordingly. Thirty-seven airlines registered with the International Air Transport Association (IATA), listed on the stock exchange, and with complete data available for the 2019–2023 period were included in the panel data analysis. Upon examining the findings obtained as a result of the study, it was observed that the variables of total assets, tangible fixed asset turnover rate, current ratio, return on assets, market value/book value ratio, and number of aircraft had a positive and statistically significant effect on market value. However, it was determined that the financial leverage ratio, return on assets ratio, and total assets variables had a negative and significant effect on market value.