The Impact of ESG Factors on Financial Performance of Airline Industry in Europe, Asia and America.

Introduction

LITERRATURE REVIEW

FRAMEWORK

Definitions

- Emergence, definitions, concepts, evolution of CSR

- Emergence, evolution , définitions, concepts of ESG score

ESG In différents régions and country

- Europe and France

- ESG in Asia and Japan
- ESG in north America and US
- ESG in south America and Brasil

ESG in airlines industry (foccus)

- European airlines
- Asia Airlines
- North America Airlines
- South America Airlines

Corporate finance performance (ROA, ROE , Tobisq..)

- Accounting-based measures
- Market-based measures
- Other measures of financial performance

Impact of the COVID-19 Crisis on Firms in Airlines industry and ESG airlines compagnies

- (Mentionned that in some contruy state give subevention to airlines compagnies to be

functional)

THEORY of ESG

- Shareholder Theory
- Stakeholder Theory
- Institutional Theory
- Legitimacy Theory

PREVIOUS RESEARCH

- Previous research : ESG and financial performance (Negatif effect)

- Previous research : ESG and financial performance (Non/Neutral/Mixed effect)
- Previsous research : ESG and financial performance in Airlines industry
METHODOLOGY :

The Impact of ESG Factors on Financial Performance of Airline Industry in Europe, Asia and
America.

Dependant variables :
ROE : (𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒)/ (𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠 ′𝐸𝑞𝑢𝑖𝑡y)
ROA : (𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒)/( 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡)
Tobin’s Q : = (𝑇𝑜𝑡𝑎𝑙 𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝𝑖𝑡𝑎𝑙𝑖𝑧𝑎𝑡𝑖𝑜𝑛 𝑜𝑓 𝑡ℎ𝑒 𝑓𝑖𝑟𝑚) / (𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 𝑜𝑓 𝑡ℎ𝑒 𝑓𝑖𝑟𝑚)

Independent variables :
ESG Score
E (environnement)
S (social)
G (Gouvernance)

Control variables :
Total Asset
Leverage : 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡/ 𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠 ′𝐸𝑞𝑢𝑖𝑡y

Data for 5-Years : beetween 2015 – 2022

- European airlines compagnies
- Asia Airlines compagnies
- American Airlines compagnies (South and noth)