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Sustainable airline strategy using portfolio theory: A case study of remote islands in Japan

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  • Minato, Nobuaki
  • Morimoto, Risako

Abstract

The thin and fluctuated market generally characterizing air transport to remote islands involves greater business risks for airlines. But air transport often plays an important role in the life and economy of such islands. This paper applies portfolio theory to explore how it can reduce business risks to air transport in this context. The concept of Tourism β is introduced to represent the risk associated with each island market relative to overall tourist demand in the region looking as at 31 airports on remote islands in Japan. The results showed that a well-diversified portfolio of multiple remote islands could reduce the score commercial risks for carriers.

Suggested Citation

  • Minato, Nobuaki & Morimoto, Risako, 2011. "Sustainable airline strategy using portfolio theory: A case study of remote islands in Japan," Journal of Air Transport Management, Elsevier, vol. 17(3), pages 195-198.
    • Handle: RePEc:eee:jaitra:v:17:y:2011:i:3:p:195-198
    DOI: 10.1016/j.jairtraman.2010.12.009
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    References listed on IDEAS

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    1. Yoshida, Yuichiro & Fujimoto, Hiroyoshi, 2004. "Japanese-airport benchmarking with the DEA and endogenous-weight TFP methods: testing the criticism of overinvestment in Japanese regional airports," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 40(6), pages 533-546, November.
    2. Feldhoff, Thomas, 2003. "Japan's capital Tôkyô and its airports: problems and prospects from subnational and supranational perspectives," Journal of Air Transport Management, Elsevier, vol. 9(4), pages 241-254.
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