Abstract The purpose of this study is to identify the factors that determine the capital structure of low-cost airlines. Accordingly, it is aimed to test the factors that determine the capital structure in low-cost airlines in the context of capital structure theories. In the study, 15 airline companies, which had continuous financial data during the 2004-2015 period, were examined empirically. Panel data analysis was used as a method in the study. Findings of the study show that low-cost airlines generally operate based on the trade-off theory while borrowing in the short-term and based on the pecking order theory while borrowing in the long-term.

中文翻译：

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决定资本结构的因素：低成本航空公司的实证研究

摘要 本研究的目的是确定影响低成本航空公司资本结构的因素。因此，本文旨在在资本结构理论的背景下检验决定低成本航空公司资本结构的因素。在这项研究中，对 15 家航空公司在 2004-2015 年期间拥有连续财务数据进行了实证检验。面板数据分析被用作研究中的一种方法。研究结果表明，低成本航空公司在短期借款时通常基于权衡理论运营，而在长期借款时基于啄食顺序理论。