Estrutura de capital: estudo das práticas de endividamento dos aeroportos brasileiros concedidos

Abstract

The Brazilian air transport market has grown significantly since the beginning of the sector's liberalization in the 1990s. The growth in passenger traffic at airports has increased the need for investments in infrastructure, meeting this need, the airports requested to be granted to the private sector in 2011. Among the important decisions for the management of airports and companies in general, it is worth highlighting the choice of capital structure, which is a combination of equity and third-party capital. One of the most important theories on capital structure is the Pecking Order Theory, which proposes that there is a preference hierarchy of financing forms. This study investigates the determinants of the capital structure of Brazilian airports following the premises of the Pecking order theory. The sample consisted of data from five Brazilian airports (Guarulhos, Galeão, Viracopos, Confins and Brasília) from 2014 to 2020. 4 explanatory variables were used, (size, profitability, tangibility and growth) and the response variable indebtedness. The panel data regression was performed using the fixed effects model, which, despite having few observations, showed controlled results. The size and profitability variables were significant and had negative coefficients, as predicted by the Pecking Order theory. Thus, the results indicate that Brazilian airports prefer to finance their investments with internal resources.