ntrolling for the main features of worldwide air transport, at the airline level, for a 15-year period. The above mentioned literature identifies diminishing marginal returns to investment. As in the airline industry, a significant share of the investments is financed through operating leases, we can expect diminishing marginal returns to leasing in this industry. Additionally, even if this literature shows this effect is non-increasing, because of the existing trade-off between the cost premium of lease and its flexibility benefits, we investigate whether the impact of leasing on profitability is non-monotonic and concave, with an optimal level for leasing. This discussion leads to the following hypothesis: Hypothesis 1 РThe impact of leasing on profitability is non-monotonic and concave.
全文预览
