Köper flygresenärer biljetter trots konkursrisk? En kvantitativ studie om konsumenters syn på konkursrisk i flygbranschen

Detta är en Kandidat-uppsats från Göteborgs universitet/Företagsekonomiska institutionen

Sammanfattning: This report aims to analyse if there is a connection between the risk of bankruptcy of anairline company and the amount of prebooked tickets made by the customers. In the airlineindustry, booking and paying is made at the same time. The amount of prebooked tickets isfound in the airlines financial reports and is measured in the balance sheets as an unearnedrevenue . The report is based on a quantitative approach, using the values reported in theirquarterly reports and historical stock data as measures of bankruptcy risks. Further, the datawas collected using Bloomberg Terminal and limited to publicly listed airline companiesfrom at least 2009 and companies that had their quarterly reports reported to Bloombergwithin the same timespan. With the criterias mentioned, the study was conducted using 17airline companies. The theoretical framework mostly consist of risk perception, risk forbankruptcy including Altman Z-score and stock volatility as well as theories about deferredrevenue. The data was sampled into panel data, thereafter the study used a multiple regressionanalysis. In the regression analysis, the specific quarter was used as control variable,consisting of 40 quarters in total. The findings was that neither the Altman Z-score nor thestock volatility did have significance in the regression. This indicates that customers do notconsider the risk of bankruptcy when booking their tickets in advance. The conclusion isinteresting, since ignoring the risk of an airline company when prebooking for tickets mightturn out to be expensive and time consuming for the customer in the case of bankruptcy.Keywords: Risk, Airlines, Bankruptcy, Consumer behaviour, Deferred revenue, Prepaidairline tickets, Altman Z-score, Volatility, Financial distress

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