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Capital structure in the world airline industry
Institution:1. School of Economics, Shandong University of Finance and Economics, Jinan 250014, China;2. Department of Economics, Pusan National University, 2, Busandaehak-ro 63beon-gil, Geumjeong-gu, Busan 46241, Republic of Korea;1. Zurich University of Applied Sciences, Rosenstrasse 3, 8400 Winterthur, Switzerland;2. University of Belgrade – Faculty of Transport and Traffic Engineering, Vojvode Stepe 305, 11000 Belgrade, Serbia
Abstract:This article presents a managerial approach to the airline capital structure through a definition of an efficient frontier. To develop the analysis a technique called data envelopment analysis was used. This paper tests the hypothesis that airline industry's financial performance depends on companies keeping a reasonable level of leverage and also seeks to establish this level. The research identifies the biggest airline companies which use capital efficiently to generate return with a low level of fixed assets. In these companies, shareholders' capital represents at least 40% of all funds employed. It could be seen by simplifying the analysis that it is possible to identify the most and the least efficient companies by studying their indebtedness and return on assets. A large proportion of the companies are moving to reduce their level of indebtedness and raise their returns over the course of time. The analysis by country revealed that countries do not offer comparative advantages, with the companies' performance depending fundamentally on their management.
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