DOES PERTAINING TO A GLOBAL STRATEGIC ALLIANCE IMPROVE THE BOTTOM LINE?

摘要

Purpose: This study researched whether pertaining to a global strategic alliancebrought significant benefits to the ‘bottom line’ of allied airlines. The study comparedthe net return of airlines which had joined global alliances against a control group ofairlines which had not joined any alliance.Methodology: The net financial results for a period of 11 consecutive years wereextracted for 21 airlines from ICAOData. The study compared the alliance and nonalliancegroups in their performance before and after joining an alliance (or equivalentmeasure), as well as in their relative net performance, both in the short-term and in alonger term. Data were controlled by inflation using ‘referential US dollars’.Results: Results showed a sensible deterioration in net profitability for the alliancegroup and a perceptible improvement in net profitability for the non-alliance group.The latter also differed from the former in having a positive relative net performancein the short-term.Conclusions: The results obtained suggested that not being in a strategic allianceworked out more profitably for the ‘independent’ airlines than being in one workedout for the ‘allied’ ones.