Küresel risk endeksleri ve havacılık sektörü pay getirileri arasındaki etkileşim
DOI:
https://doi.org/10.5281/zenodo.15681655Keywords:
Aviation, Tourism, Global Risk, FinanceAbstract
In today's world, the global risks we face daily make various sectors, especially aviation, tourism, and energy, more vulnerable. These sectors are particularly sensitive to geopolitical risk factors such as wars, terrorist incidents, uprisings, epidemic diseases, natural disasters, and political instability. This study aims to reveal the financial interaction between Global Risk Indices and the Aviation Sector. In this context, risk indices such as the Geopolitical Risk Index (GPR) and the Climate Policy Uncertainty Index (CPU) are examined alongside selected civil aviation sector stocks, with the obtained data tested using Panel Cointegration and Panel Causality tests. The findings suggest that indices like GPR and CPU have a negative impact on the stock prices of selected airlines representing the aviation sector. Additionally, results indicating a one-way causal relationship from stock returns to the CPU index and from geopolitical risk to stock returns have been reached.
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