A Regional Financial Analysis of Airline Companies in COVID-19: Asia-Pacific Region

Asia-Pacific region especially is a developing region for airlines regarding competition, industrial development, and national perspective, COVID-19 had a destructive and re-definitive impact on the total aviation systems of the region. This study aims to perform a comprehensive analysis of the cumulative return of the airlines' stock with some specific economic variables, such as currency exchange rates, LIBOR, and Brent oil returns for a selected period and Asia-Pacific Region. At the end of the research, three research models are formed. All the variables are in a relationship with cumulative returns out of the USD-AUD currency exchange rate statistically. There were three alternatives, and Arellano and Bover/Blundell and Bond GMM with orthogonal transformation were selected after the utilization of Monte Carlo Simulation.