Исследование финансовой архитектуры авиакомпаний стран БРИКС

The purpose of the study was to investigate the financial architecture and its effect on the firm performance in one specific industry which is the airlines in the BRICS countries. The sample consists of 12 companies covering the period from 2008 to 2016.The financial architecture is represented by the capital structure and the corporate governance defined by its two major components the ownership structure and the board of directors. This investigation aims to build a comprehensive framework to answer the research question on the effect of the capital structure and corporate governance on the firm performance but by integrating these two components of the financial architecture together into the model. The outputs revealed a significant relationship between capital structure indicators, the ownership concentration, the composition of the board of directors and the company’s achievement. After that, we tested main differences inside the sample and it is also confirmed that there are two types of financial architecture inside the BRICS countries this result was found by using a clustering analysis.