• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Ksenia Volosatova
Factor Analysis of Capital Structure by the Example of Airlines
Economics
(Bachelor’s programme)
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.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses