Efeitos da crise COVID-19 nas empresas de capital aberto do setor Aeroviário brasileiro

Abstract

With the emergence of COVID-19, a health crisis was established around the world and consequently an economic crisis, causing negative impacts on the markets. One of the most affected sectors was air transport, because of the restriction of displacement of people and loads because of social distancing, so this work was necessary to measure the size of the economic impact in the Brazilian scenario of this sector. About this, it is proposed to analyze the impact of the crisis on the aviation sector in Brazil, with three stages methodologies addressed with gol and azul companies, from which GARCH models (1.1) were made for volatility analysis; Chow test for analysis of structural breaks in market prices and analysis of the financial statements of companies in the chosen period, which comprised 2018 to 2021. Evidence of a sharp level of volatility in the returns of the post-crisis periods was found, in addition to many sharp structural breaks found in the stock price series, showing a lot of uncertainty about the sector in the stock market, obtaining an initial perspective of improvement in the situation of companies only at the end of 2021, and from the accounting perspective, it was also shown that companies had large losses, even with reduced assets, and that possibly the recovery process will need a few years.