Capital Structure: An Empirical Study of the Main Colombian Airlines
The competitiveness of the market has led the different airlines to rethink their capital structure to achieve a combination of debt and equity, which allows them to obtain higher profitability. This research aims to identify the determinants of the capital structure and establish which theory expla...
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| Format: | Online |
| Language: | spa |
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Universidad Pedagógica y Tecnológica de Colombia
2020
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| Online Access: | https://revistas.uptc.edu.co/index.php/cenes/article/view/10612 |
| _version_ | 1801705963240030208 |
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| author | Vergara-Garavito, Judith Cecilia Durán-Parra, Heyber Daney Figueroa-López, Greyz Andrea |
| author_facet | Vergara-Garavito, Judith Cecilia Durán-Parra, Heyber Daney Figueroa-López, Greyz Andrea |
| author_sort | Vergara-Garavito, Judith Cecilia |
| collection | OJS |
| description | The competitiveness of the market has led the different airlines to rethink their capital structure to achieve a combination of debt and equity, which allows them to obtain higher profitability. This research aims to identify the determinants of the capital structure and establish which theory explains in better way financing decisions in six Colombian airlines that transport passengers. To this end, a data panel regression was used with a fixed-effects model, considering semiannual information collected between 2012 and 2017. The results show that operational profitability, growth, asset structure and company size are the main determinants of the capital structure, aligning this with what is indicated in the trade off theory and the pecking order theory. |
| format | Online |
| id | oai:oai.revistas.uptc.edu.co:article-10612 |
| institution | Revista Apuntes del Cenes |
| language | spa |
| publishDate | 2020 |
| publisher | Universidad Pedagógica y Tecnológica de Colombia |
| record_format | ojs |
| spelling | oai:oai.revistas.uptc.edu.co:article-106122022-06-17T21:35:38Z Capital Structure: An Empirical Study of the Main Colombian Airlines Estructura del capital: un estudio empírico de las principales aerolíneas colombianas Vergara-Garavito, Judith Cecilia Durán-Parra, Heyber Daney Figueroa-López, Greyz Andrea capital structure; airline industry; profitability; economic analysis; microeconomics; estructura de capital; industria aérea; rentabilidad; análisis económico; microeconomía; The competitiveness of the market has led the different airlines to rethink their capital structure to achieve a combination of debt and equity, which allows them to obtain higher profitability. This research aims to identify the determinants of the capital structure and establish which theory explains in better way financing decisions in six Colombian airlines that transport passengers. To this end, a data panel regression was used with a fixed-effects model, considering semiannual information collected between 2012 and 2017. The results show that operational profitability, growth, asset structure and company size are the main determinants of the capital structure, aligning this with what is indicated in the trade off theory and the pecking order theory. La competitividad del mercado ha hecho replantear a las distintas aerolíneas su estructura de capital para lograr una combinación entre deuda y patrimonio que les permita obtener una mayor rentabilidad. Esta investigación tiene como objetivo identificar cuáles son los determinantes de la estructura de capital y qué teoría explica mejor las decisiones de financiación en las seis principales aerolíneas colombianas que transportan pasajeros. Para ello, se llevó a cabo una regresión de datos de panel, junto con un modelo de efectos fijos con la información semestral recopilada entre 2012 y 2017. Los resultados demuestran que la rentabilidad operacional, el crecimiento, la estructura de los activos y el tamaño de la empresa son los principales determinantes de la estructura de capital en las principales aerolíneas colombianas, alineándose esto con lo planteado por la teoría del equilibrio estático y la teoría de la jerarquía de preferencias. Universidad Pedagógica y Tecnológica de Colombia 2020-08-10 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Peer reviewed Article application/pdf text/xml https://revistas.uptc.edu.co/index.php/cenes/article/view/10612 10.19053/01203053.v39.n70.2020.10612 Apuntes del Cenes; Vol. 39 No. 70 (2020); 43-73 Apuntes del Cenes; Vol. 39 Núm. 70 (2020); 43-73 2256-5779 0120-3053 spa https://revistas.uptc.edu.co/index.php/cenes/article/view/10612/9834 https://revistas.uptc.edu.co/index.php/cenes/article/view/10612/11551 Copyright (c) 2020 Judith Cecilia Vergara-Garavito, Heyber Daney Durán-Parra, Greyz Andrea Figueroa-López http://creativecommons.org/licenses/by-nc-sa/4.0 |
| spellingShingle | capital structure; airline industry; profitability; economic analysis; microeconomics; estructura de capital; industria aérea; rentabilidad; análisis económico; microeconomía; Vergara-Garavito, Judith Cecilia Durán-Parra, Heyber Daney Figueroa-López, Greyz Andrea Capital Structure: An Empirical Study of the Main Colombian Airlines |
| title | Capital Structure: An Empirical Study of the Main Colombian Airlines |
| title_alt | Estructura del capital: un estudio empírico de las principales aerolíneas colombianas |
| title_full | Capital Structure: An Empirical Study of the Main Colombian Airlines |
| title_fullStr | Capital Structure: An Empirical Study of the Main Colombian Airlines |
| title_full_unstemmed | Capital Structure: An Empirical Study of the Main Colombian Airlines |
| title_short | Capital Structure: An Empirical Study of the Main Colombian Airlines |
| title_sort | capital structure an empirical study of the main colombian airlines |
| topic | capital structure; airline industry; profitability; economic analysis; microeconomics; estructura de capital; industria aérea; rentabilidad; análisis económico; microeconomía; |
| topic_facet | capital structure; airline industry; profitability; economic analysis; microeconomics; estructura de capital; industria aérea; rentabilidad; análisis económico; microeconomía; |
| url | https://revistas.uptc.edu.co/index.php/cenes/article/view/10612 |
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