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Financial risk exposures of the airlines industry: evidence from Cathay Pacific Airways and China Airlines

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dc.contributor.authorYasmin Yashodha
dc.contributor.authorMuzafar Shah Habibullah
dc.contributor.authorBaharom Abdul Hamid
dc.date.accessioned2017-02-01T14:50:56Z
dc.date.available2017-02-01T14:50:56Z
dc.date.issued2016
dc.description.abstractThis study explores the long run and dynamic relationships between the stock price of Cathay Pacific Airways and China Airlines against key determinants of financial risks exposure confronting the airline industry, which include interest-rate, exchange rate and fuel price risk exposures for the period of January 1996 to December 2011. The (Johansen & Juselius, 1990) cointegration technique was employed to detect any long time trending relationship followed Vector Error Correction Model (VECM) and Vector Auto-Regression (VAR). The generalised forecast error variance decomposition and the generalised impulse response function were employed to comprehend the effects of theses financial risk exposures. Our empirical results suggest that exchange rate movements have a substantial impact, compared to the fuel price and interest rate exposures against the stock price of the analysed airline. Our findings play a pertinent role in the determination of the respective airlines foreign vulnerability and financial policies which would be helpful for industry players and policy makers from a financial stability perspective.en_US
dc.identifier.citationYashodha, Y., Abdul Hamid, B., & Habibullah, M. S. (2016). Financial risk exposures of the airlines industry: evidence from Cathay Pacific Airways and China Airlines. International Journal of Business and Society, 17(2), 221-244.en_US
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/2173
dc.languageEnglish
dc.language.isoengen_US
dc.publisherUNIMASen_US
dc.rights2016. UNIMAS
dc.sourceSEDONA
dc.subjectAirlineen_US
dc.subjectStock Priceen_US
dc.subjectVECMen_US
dc.subjectVARen_US
dc.subjectIRFen_US
dc.titleFinancial risk exposures of the airlines industry: evidence from Cathay Pacific Airways and China Airlinesen_US
dc.typeJournal Articleen_US
dlc.maintopicConventional finance
dlc.subtopicEconomics
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicConventional financeen_US
ikr.topic.subtopicConventional finance::Economicsen_US
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relation.isAuthorOfPublication.latestForDiscovery219f93a8-b38f-400c-981f-6a7162e44a2f
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