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Factor Analysis of Capital Structure by the Example of Airlines

Student: Volosatova Ksenia

Supervisor: Elizaveta Markovskaya

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2018

This article investigates the capital structure by the example of airline companies in Russia. The relevance of the topic depends on the relationship between the decisions about the capital structure and the value of the company and therefore the stakeholders. The purpose of the work is to identify patterns in making decisions about the capital structure by the example of Russian air companies, as well as the analysis of these relationships in terms of classical theories. To achieve this goal several tasks were set. First the main ideas of fundamental theories of capital structure, as well as the results of modern empirical studies, were described. Then the Russian airline market was identified as an example of oligopoly. Next, the study methodology was formulated and the factors of capital structure and the proxy variables for them were selected on the basis of literature analysis. The assumptions of classical theories about impact of factors on leverage were presented, and also hypotheses were proposed. After that, the collected data were outlined, the model, which demonstrates an impact of the determinants on the financial leverage, was conducted. The survey found the regularities in determining the capital structure by management. It was shown that these patterns are only partially explained by classical theories. The author`s hypotheses were confirmed. The obtained results can be applied to make a decision about financing by start-ups.

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