International Journal of Production Economics, v. 169, pp. 110-126. Abstract: This study reports on the performance assessment of the Asian airlines using TOPSIS – a multi-criteria decision making technique – as the cornerstone method to compute efficiency scores. Subsequently, and observing indicators frequently found in literature, TOPSIS results on efficiency levels are combined with GLMM-MCMC methods to assess the impact of contextual variables on performance. The results reveal significant impacts of cost structure, ownership type, market positioning, and mileage program offered on efficiency levels. Findings also suggest that gains in efficiency level were stagnated over the period analyzed, implying the inexistence of a learning curve.