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The purpose of this study is to examine the factors that define capital structure of airlines with traditional business model by taking into account the capital structure theories. In line with this purpose, 31 airline companies, which have continuous financial data during the 2004-2015 period, were examined. Panel data analysis was used as a method in the study. Empirical findings of the study show that traditional airlines operate in line with the Trade-off Theory when determining their long-term debt ratio. In addition, findings of the study indicate that traditional airlines operate in line with the Pecking Order Theory when determining the total debt ratio, which also means that they tend to increase total leverage level.
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Papers that cite the same references — the relational fallback while embeddings are still backfilling.
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