The Influence of Information Asymmetry on the Capital Structure of Russian Airlines

In this thesis the analysis of the influence of information asymmetry on the capital structure of Russian airlines was made. Information asymmetry is present in any market, however, it is often characterized by various peculiarities and impact force. That is why it is not possible to apply a single unifying algorithm for quantitative measurement of the level of information asymmetry. Therefore, the author, along with the use of existing assessment methods, attempted to develop his own indicator and apply it as a determinant of the capital structure. Using econometric modeling, it was determined that the higher the level of information asymmetry, the greater the financial leverage of the enterprise, and hence the level of debt financing. In addition, separate regressions were built particularly for large, medium, small and microenterprises, with the help of which it was revealed that the smaller the company is in size, the more strongly the asymmetric information influence its capital structure.