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Estructura del capital: un estudio empírico de las principales aerolíneas colombianas

Author

Listed:
  • Judith Cecilia Vergara-Garavito
  • Heyber Daney Durán-Parra
  • Greyz Andrea Figueroa-López

Abstract

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 tamano 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.

Suggested Citation

  • Judith Cecilia Vergara-Garavito & Heyber Daney Durán-Parra & Greyz Andrea Figueroa-López, 2020. "Estructura del capital: un estudio empírico de las principales aerolíneas colombianas," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, vol. 39(70), pages 43-73, July.
    • Handle: RePEc:col:000152:019992
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    More about this item

    Keywords

    estructura de capital; industria aérea; rentabilidad; análisis económico; microeconomía.;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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