Capital structure and debt structure in the airline industry. A review of the last 20 years and their dynamics / Fabio ACEVEDO / 2021

Titre : Capital structure and debt structure in the airline industry. A review of the last 20 years and their dynamics Type de document : Mémoire Auteurs : Fabio ACEVEDO, Auteur Année de publication : 2021 Importance : 45 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. Langues : Anglais (eng) Mots-clés : Management DETTE ; CAPITAL ; COMPAGNIE AERIENNE Résumé : This research work presents an analysis on the capital structure and debt structure of commercial airlines emphasizing in the identification of the relation of these structures with the variables air transportation demand generated by historical events, and geographic location. This analysis took into account a time range from the year 2001 to 2020, time in which events such as the September 11 Terrorist Attacks, the Great Recession and the most recent outbreak caused by COVID-19 took place. The analysis made was based on a methodology of means on percentages of the main elements of both capital and debt structure which led to the generation of the results shown. This work attempts to examine the hypothesis that commercial airlines’ capital structure and debt structure are affected by changes in air transportation demand and influenced by the geographical location. The study considered the structures from all public commercial airlines around the world. The analysis of the historical events’ periods of low demand on air transportation revealed that periods of low demand has no significant effect on the capital structure of commercial airlines. On the other hand, the analysis by regions brings to light the fact that commercial airlines do have special ways to arrange their capital and debt structures. A good portion of commercial airlines in emerging markets have a debt use that exceeds 60% of their capital structure. In terms of debt structure, private and bank have similar allocation quota and regions from developed markets have more intensive use of bonds and notes compared to regions from emerging markets. Programme : MSc Corporate Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=538504