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Did the Covid-19 Crisis Damage Airlines with Aggressive Growth Strategies More? : exploring the 2020 recession

Helgestad, Elias; Iversen, Henning Farstad
Master thesis
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URI
https://hdl.handle.net/11250/2828902
Date
2021
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  • Master Thesis [4207]
Abstract
This thesis aims to explore how aggressive strategies affected airline companies in the covid-

19 pandemic. Using the sustainable growth model, the thesis assesses which business

decisions that affect companies’ performance in the time of crisis. The thesis also sets out to

research warning signs that can help predict how companies will perform during situations of

financial distress. The difference between failed and recovered airline companies became

visible in the assessment of the four growth levers Profit Margin, Earnings Retention Ratio,

Asset Turnover and Financial Leverage. The results indicate that airlines with a more

aggressive strategy have a harder time recovering from the covid-19 pandemic if they recover

at all. The analysis revealed that airlines with more conservative strategies and a stronger

focus on stability led to a lower Earnings Retention Ratio and stronger Profit Margins. For

the failed airlines a high Earnings Retention Ratio was a common denominator which told us

that their focus was on expansion and growth of the airline. These airlines would benefit from

building a more solid base before focusing on growth.

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