Macroeconomic and Non-Macroeconomic Forces Effect on the Management Performance of the Air Transport Firms

거시경제 및 비 거시경제변수가 항공운송업의 경영성과에 미치는 영향

  • 김수정 (부천대학교 관광경영학과)
  • Received : 2013.01.09
  • Accepted : 2013.02.27
  • Published : 2013.03.28


The purpose of this study is to analyse the impact of macroeconomic and non-macroeconomic forces on the management performance of the air transport firms and offer the useful information to the managers. To conduct the regression analysis, eight macroeconomic and non-macroeconomic variables were selected individually as an independent variable. Macroeconomic variables were the return of corporate bond, West Texas Intermediate, the unemployment rate, the money supply, the trade balance, the won to USD exchange rate, the consumer price index and the index of industrial production. And non-macroeconomic variables were Taiwan earthquake, the Asian economic crisis, the 911 terrorist attacks in the US, the Iraq war, Beijing Olympic, the outbreak of a swine flu epidemic, the 1st presidential election and the 2nd presidential election. And ROA was selected as a dependent variable. As the result of analysis, it was found that the changing rates of won to USD exchange rate and consumer price index affected the changing rate of ROA significantly. And also as the result of analysing the impact of two significant macroeconomic variables and eight non-macroeconomic variables on the changing rate of ROA, it was found that the Asian economic crisis and the outbreak of a swine flu epidemic had a negative impact on it. Therefore managers should take note of a change in macroeconomic and non-macroeconomic variables carefully to improve the management performance.


Macroeconomic Variables;Non-Macroeconomic Variables;Management Performance;ROA


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