Determinanti del valore d'impresa: il caso di aeroporti e compagnie aeree

This article examines the value determinants in the two major businesses of the aviation industry: air carriers and airport operators. The analysis is based on a worldwide sample of 24 Airports and 87 Airlines listed on financial markets. The main objective is to understand the value relevance of a selection of financial, strategic and operational variables. We find that industry-specific variables, describing the attributes of connectivity and competitiveness, have a statistically significant impact on Tobin’s Q and Market/Book value ratio. Further, on average, Airports get higher market valuation than Airlines