Desempenho de empresas brasileiras de aviação civil: uma análise das relações entre indicadores financeiros e não financeiros

Abstract

This research seeks to analyze the relationship in the performance evaluation measured by non-financial indicators and financial indicators of companies in the Brazilian airline industry. The survey is the kind applied with a quantitative approach with document analysis. To meet the objectives, we conducted Pearson's correlation and dynamic regression. The research’s sample are the TAM, GOL and AZUL companies that together treated more than 90% of the domestic civil aviation market in 2013. The studied period is from 2002 to 2013 for TAM and GOL. Founded in 2008, AZUL had researched the data of the year of its foundation until 2013. Data collection was carried out on the sites of ANAC and the CVM. The results of the correlations suggest the existence of a relationship between non-financial indicators with the immobilization and the indebtedness of GOL. But there is a negative relationship of all non-financial indicators with margin and profitability indicators for TAM and GOL, contrary to what was found for AZUL. The results of dynamic regression show that it was not possible to explain the relationship between the non-financial indicators with profitability indicators. However, it was found a relationship with low explanatory power of all non-financial indicators with non-capital participation indicators of TAM and GOL and bank debt to the latter company. Therefore, the (non-financial) operating performance of the Brazilian airlines TAM and GOL grew substantially in the period surveyed, but it was not enough to improve the performance of profitability indicators and additionally increased the indebtedness of companies. Some of the factors that contributed to the poor performance of profitability are: the exchange variation of the US dollar against the Brazilian currency, high fuel costs, the decrease in revenues per ASK greater than the reductions in operating costs, and higher financial expenses. Furthermore, there is a difficulty in passing the cost increase to the sales price of the tickets.