<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-3053</journal-id>
<journal-title><![CDATA[Apuntes del Cenes]]></journal-title>
<abbrev-journal-title><![CDATA[Apuntes del Cenes]]></abbrev-journal-title>
<issn>0120-3053</issn>
<publisher>
<publisher-name><![CDATA[Universidad Pedagógica y Tecnológica de Colombia (UPTC)]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-30532020000200043</article-id>
<article-id pub-id-type="doi">10.19053/01203053.v39.n70.2020.10612</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Estructura del capital: un estudio empírico de las principales aerolíneas colombianas]]></article-title>
<article-title xml:lang="en"><![CDATA[Capital Structure: An Empirical Study of the Main Colombian Airlines]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vergara-Garavito]]></surname>
<given-names><![CDATA[Judith Cecilia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Durán-Parra]]></surname>
<given-names><![CDATA[Heyber Daney]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Figueroa-López]]></surname>
<given-names><![CDATA[Greyz Andrea]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[Medellín ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Avianca S.A  ]]></institution>
<addr-line><![CDATA[Bogotá D.C. ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad EAFIT  ]]></institution>
<addr-line><![CDATA[Bogotá D.C. ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<volume>39</volume>
<numero>70</numero>
<fpage>43</fpage>
<lpage>73</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-30532020000200043&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-30532020000200043&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-30532020000200043&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: La competitividad del mercado ha hecho replantear a las distintas aerolíneas su estructura de capital para lograr una combinación entre deuda y patrimonio que les permita obtener una mayor rentabilidad. Esta investigación tiene como objetivo identificar cuáles son los determinantes de la estructura de capital y qué teoría explica mejor las decisiones de financiación en las seis principales aerolíneas colombianas que transportan pasajeros. Para ello, se llevó a cabo una regresión de datos de panel, junto con un modelo de efectos fijos con la información semestral recopilada entre 2012 y 2017. Los resultados demuestran que la rentabilidad operacional, el crecimiento, la estructura de los activos y el tamaño de la empresa son los principales determinantes de la estructura de capital en las principales aerolíneas colombianas, alineándose esto con lo planteado por la teoría del equilibrio estático y la teoría de la jerarquía de preferencias.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The competitiveness of the market has led the different airlines to rethink their capital structure to achieve a combination of debt and equity, which allows them to obtain higher profitability. This research aims to identify the determinants of the capital structure and establish which theory explains in better way financing decisions in six Colombian airlines that transport passengers. To this end, a data panel regression was used with a fixed-effects model, considering semiannual information collected between 2012 and 2017. The results show that operational profitability, growth, asset structure and company size are the main determinants of the capital structure, aligning this with what is indicated in the trade off theory and the pecking order theory.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[industria aérea]]></kwd>
<kwd lng="es"><![CDATA[rentabilidad]]></kwd>
<kwd lng="es"><![CDATA[análisis económico]]></kwd>
<kwd lng="es"><![CDATA[microeconomía]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[airline industry]]></kwd>
<kwd lng="en"><![CDATA[profitability]]></kwd>
<kwd lng="en"><![CDATA[economic analysis]]></kwd>
<kwd lng="en"><![CDATA[microeconomics]]></kwd>
</kwd-group>
</article-meta>
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