Table 5.

Estimation results of the concentration decoupling (CD) models.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
	CDH ∣ GDP	CDH ∣ POP	H(PAX)	CDT ∣ GDP	CDT ∣ POP	T(PAX)	CDG ∣ GDP	CDG ∣ POP	G(PAX)
Demand
PAX (endogenous)	−0.0446***	−0.0539***	−0.0029***	−0.0277***	−0.0320***	−0.0219***	−0.0088***	−0.0052*	−0.0042**
INT TOURISM (endogenous)	0.0161**	0.0377***	0.0022***	0.0324***	0.0430***	0.0289***	0.0035***	0.0062***	0.0032***
Cost
OIL	0.0008**	0.0006	0.0000	0.0006**	0.0007**	0.0005**	−0.0000	−0.0001**	−0.0001**
Constraint
SLOT (endogenous)	−0.1840***	−0.2746***	−0.0167***	−0.0599**	−0.0890**	−0.0565**	−0.0189***	−0.0260***	−0.0135***
Competition
GOL	−0.0362	−0.0636*	−0.0033	0.0249	0.0242	0.0179	0.0062	0.0092	0.0044
AZUL	−0.0985**	−0.2304***	−0.0096**	0.0163	0.0197	0.0199	−0.0232***	−0.0385***	−0.0208***
Events
SLOWDOWN	0.1952***	0.2734***	0.0170***	0.1181***	0.1767***	0.1226***	0.0320***	0.0276*	0.0186**
TREND (before lib.)	0.0028*	−0.0005	−0.0001	−0.0017	−0.0047	−0.0033	0.0007	−0.0000	0.0000
TREND (after lib.)	0.0022***	0.0023***	−0.0000	0.0023***	0.0017***	0.0004	0.0012***	0.0010***	0.0005***
R2 Adj.	0.7498	0.8393	0.9168	0.3987	0.5096	0.7745	0.8881	0.6335	0.5177
RMSE	0.0569	0.0887	0.0051	0.0502	0.0599	0.0410	0.0112	0.0159	0.0089
KP (statistic)	10.3984	10.5666	10.3984	6.6710	6.6710	6.6710	10.3984	10.3984	10.3984
KP (p-value)	0.0055	0.0143	0.0055	0.0356	0.0356	0.0356	0.0055	0.0055	0.0055
Weak CD (statistic)	51.7727	51.8110	51.7727	7.2133	7.2133	7.2133	51.7727	51.7727	51.7727
Weak KP (statistic)	22.3001	22.3199	22.3001	2.6953	2.6953	2.6953	22.3001	22.3001	22.3001
J (statistic)	1.1095	2.1811	0.0736	0.0578	0.7983	0.0496	0.0166	0.4862	0.4398
J (p-value)	0.2922	0.3360	0.7862	0.8100	0.3716	0.8237	0.8975	0.4856	0.5072
Nr Observations	215	215	215	215	215	215	215	215	215

Notes: p-value representations: ***p < .01, **p < .05, *p < 010. Regressands are as defined in Section 4.1.