In e na ional Jou nal o Social Science and Human Resea ch
ISSN (p in ): 2644-0679, ISSN (online): 2644-0695
Volume 08 Issue 11 No embe 2025
DOI: 10.47191/ijssh / 8-i11-84, Impac ac o - 8.007
Page No: 9206-9214
IJSSHR, Volume 08 Issue 11 No embe 2025 www.ijssh .in Page 9206
S a egic Go e nance in Mul i-Ai po Sys ems: The CAA Model
Adina-Roxana MUNTEANU1, Tudo Cos el BULGARU2, Mihai C is ian FLAMINZEANU3
1,2,3 The Na ional Uni e si y o Science and Technology Poli ehnica Bucha es
ABSTRACT: This a icle examined he go e nance model o Co po ación Amé ica Ai po s (CAA), one o he wo ld’s la ges
mul i-ai po ope a o s, o unde s and how p i a e in as uc u e g oups coo dina e complex in e na ional ai po ne wo ks.
Al hough he li e a u e on ai po p i a isa ion and global ai po g oups has expanded, limi ed esea ch has explo ed he
manage ial go e nance mechanisms h ough which such ope a o s align s a egy, egula e subsidia y au onomy, and manage
mul i-le el s akeholde ela ionships. Add essing his gap, he s udy adop ed a quali a i e case s udy app oach, d awing on
seconda y da a om co po a e epo s, concession documen s, and indus y publica ions. Using a ou -dimensional analy ical
amewo k, s a egic coo dina ion, ope a ional au onomy, s akeholde and egula o y in e ace, and pe o mance accoun abili y,
he indings e eal ha CAA ope a es h ough an adap i e hyb id go e nance model. This model combines s ong cen al s a egic
in eg a ion wi h con ex -sensi i e local decision-making, suppo ed by laye ed accoun abili y mechanisms and collabo a i e
egula o y engagemen . The s udy con ibu es o ai po go e nance heo y by ad ancing a capabili y-based iew o mul i-ai po
managemen , highligh ing how go e nance e ec i eness depends on ins i u ional i a he han owne ship ype. P ac ical
implica ions include ecommenda ions o designing adap i e PPP go e nance s uc u es, s eng hening pe o mance o e sigh
sys ems, and suppo ing esponsible managemen in eme ging ma ke s. O e all, he analysis o e s new insigh s in o how p i a e
ai po g oups can sus ain cohesion, legi imacy, and pe o mance ac oss di e se egula o y en i onmen s.
KEYWORDS: ai po managemen , go e nance, mul i-ai po ne wo ks, public–p i a e pa ne ships, Co po ación Amé ica
Ai po s, in as uc u e s a egy
I. INTRODUCTION
In ecen decades he global ai po indus y has unde gone a signi ican ans o ma ion, cha ac e ized by g ea e co po a e
in ol emen , in e na ional ne wo k expansion, and inc easingly complex go e nance a angemen s. His o ically managed by
public au ho i ies, many ai po s ha e shi ed owa ds hyb id o p i a e go e nance models in esponse o ising in as uc u e
demands, echnological change and he need o ope a ional e iciency (Oum e al, 2006). The challenge o go e ning mul i-
ai po ne wo ks, especially ac oss di e en egula o y, cul u al and economic con ex s, has eme ged as a c i ical a ea o inqui y
in ai po managemen and s a egic in as uc u e li e a u e.
While much o he li e a u e on ai po go e nance emphasizes economic e iciency, owne ship o ms and egula o y
amewo ks ( o example, he ela ionship be ween p i a iza ion and ope a ing pe o mance) (Oum e al., 2006; Oum e al, 2008;
Howell e al, 2022), ewe s udies explo e he manage ial and go e nance mechanisms by which la ge ai po ope a o s coo dina e
and con ol geog aphically dispe sed asse s.
The g owing impo ance o ai po g oups ope a ing mul i-ai po ne wo ks equi es new concep ual lenses: how do such
o ganiza ions align hei s a egic objec i es, manage s akeholde ela ions ac oss ju isdic ions, and main ain ope a ional
cohe ence while esponding o local condi ions? This a icle add esses hese ques ions h ough he case o Co po ación Amé ica
Ai po s (CAA), a majo p i a e ope a o managing a ne wo k o ai po s in La in Ame ica and Eu ope.
By adop ing a go e nance-o ien ed pe spec i e, he s udy examines how CAA’s o ganiza ional s uc u es, decision-making
p ocesses and s akeholde go e nance shape i s capaci y o deli e in as uc u e, e iciency and s a egic g ow h. The ocus is no
only on he “owne ship” dimension. We also look a how go e nance is s uc u ed wi hin a ne wo k con ex , how cen al con ol
and local au onomy a e balanced, how in es men s and ope a ions a e aligned ac oss nodes, and how accoun abili y and
s akeholde engagemen a e managed in a mul i-ju isdic ional se ing.
The esea ch is guided by he ollowing ques ions: (1) Wha manage ial s uc u es and go e nance p ac ices de ine CAA’s
ne wo k ope a ions? (2) How does CAA align local ai po managemen wi h cen al s a egic coo dina ion? (3) Wha lessons
does he CAA model o e o b oade in as uc u e go e nance in ai po ne wo ks? To ame his inqui y, he a icle d aws on
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concep ual ounda ions o co po a e go e nance, ne wo k-based managemen o in as uc u e i ms, and he eme ging li e a u e
on ai po go e nance amewo k (IATA, 2020). The amewo k emphasizes he legal and owne ship a angemen s, he oles o
s akeholde mapping, decision- igh s alloca ion and pe o mance o e sigh in complex in as uc u e.
In he ollowing sec ions, we deploy he concep ual amewo k, p esen he case s udy o CAA, and hen discuss how i s
go e nance model unc ions in p ac ice. The aim is o con ibu e o bo h manage ial schola ship on in as uc u e ne wo ks and
p ac ical deba es abou ai po go e nance in eme ging ma ke s, whe e ins i u ional a ia ion and egula o y complexi y a e
p onounced.
II. THEORETICAL AND CONCEPTUAL FRAMEWORK
A. E olu ion o Ai po Go e nance and he Rise o Mul i-Ai po G oups
The e olu ion o he global ai po indus y has been shaped by a g adual shi om s a e-owned, single-ai po en i ies owa d
in e na ionalised mul i-ai po g oups ope a ing ac oss ju isdic ions. Fo sy h e al. (2011) a gue ha his ans o ma ion eme ged
in pa allel wi h ai po p i a isa ion, which c ea ed new co po a e ac o s capable o acqui ing, managing, and coo dina ing ai po s
a scale. Ea ly p i a isa ion p og ammes we e d i en by expec a ions o inc eased e iciency, educed public expendi u e, and
imp o ed se ice quali y. Ye , in he 30-yea e iew o ai po p i a isa ion, G aham (2020) demons a es ha mo i a ions ha e
shi ed: while e iciency was an ini ial goal, con empo a y p i a isa ion is inc easingly shaped by he need o a ac p i a e capi al
o in as uc u e expansion and o gene a e iscal gains o go e nmen s.
This changing landscape has p oduced a di e se se o go e nance models. The Cong essional Resea ch Se ice (2021)
iden i ies a con inuum anging om managemen con ac s o long- e m leases and ull concession a angemen s. Wi hin hese,
he Build-Ope a e-T ans e (BOT) and Public-P i a e Pa ne ship (PPP) models ha e become dominan o in e na ional
ope a o s, as highligh ed by Zaha ia e al. (2021), who desc ibe BOT concessions as he de ining go e nance mechanism o
global p i a e-sec o pa icipa ion. Such amewo ks g an ope a o s long- e m con ol o e asse s while p ese ing ul ima e
public owne ship, enabling in as uc u e de elopmen wi hou immedia e public inancing bu dens.
The g owing p e alence o hese go e nance models has suppo ed he eme gence o global ai po managemen g oups.
Zaha ia e al. (2021) iden i y majo Eu opean playe s, including AENA, F apo , and Vinci Ai po s, as leade s o an inc easingly
globalised ai po managemen ma ke . Ou pape posi ions Co po ación Amé ica Ai po s (CAA) as a op- ie in e na ional
ope a o , ecognised a he ime o managing 52 ai po s in se en coun ies and pu suing an “o ganic g ow h s a egy.” No ably,
Zaha ia e al. (2021) a gue ha success in his sec o is no de e mined solely by inancial pe o mance bu by adop ing holis ic
go e nance p ac ices and esponsible business p inciples. While he li e a u e has ex ensi ely analysed Eu opean ope a o s and
he economic e ec s o p i a isa ion, a dis inc gap emains conce ning he manage ial and go e nance mechanisms employed by
CAA, p ecisely he con ibu ions o he p esen s udy.
B. Ai po Go e nance: Beyond Owne ship
Ai po go e nance has adi ionally been concep ualised h ough he lens o owne ship and ope a ional models: public,
p i a e, o hyb id. Founda ional s udies indica ed ha ai po s go e ned h ough independen au ho i ies end o achie e highe
ope a ional e iciency compa ed o hose embedded wi hin go e nmen bu eauc acies (Zhao e al, 2014). Howe e , as he indus y
ma u ed, go e nance came o equi e a b oade analy ical lens. IATA’s Ai po Go e nance Toolki de ines go e nance as “ he
p ocesses, ools and no ms o in e ac ion, decision-making, and moni o ing used by go e nmen al o ganisa ions and hei
coun e pa s wi h espec o making in as uc u e se ices a ailable” (IATA, 2020).
This expanded unde s anding emphasises ha ai po go e nance is inhe en ly mul i-dimensional, encompassing s a egic
decision igh s, egula o y ela ionships, s akeholde engagemen , and pe o mance o e sigh . F om his pe spec i e, go e nance
e lec s how an ai po ope a o (especially a mul i-ai po g oup) o ganises au ho i y, dis ibu es esponsibili ies, and balances
comme cial p io i ies wi h public-se ice obliga ions.
C. Ne wo k Managemen in Mul i-Ai po Sys ems
The ise o mul i-ai po sys ems (MAS) and in e na ional ai po g oups in oduces speci ic manage ial challenges. While
MAS adi ionally e e ed o ai po s se ing he same me opoli an a ea, he concep is inc easingly used o desc ibe mul i-
ai po po olios managed by a single ope a o ac oss coun ies (Gómez T oya, 2023). Such ne wo ks equi e s a egic cohe ence
while na iga ing di e se and dis inc egula o y, cul u al, and ma ke condi ions.
S udies o go e nance in ai po egions, such as he Schiphol case, highligh bo h he po en ial and isks o complex
go e nance a angemen s, whe e di e se ac o s mus coope a e o achie e cohe en de elopmen ou comes ( an Wijk e al, 2014).
Fo ansna ional ai po g oups, hese challenges a e magni ied. Ne wo k managemen hus equi es mechanisms ha balance
cen al coo dina ion (achie ing economies o scale and consis en s anda ds) wi h local au onomy ha enables con ex -speci ic
decision-making.
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D. Co po a e Go e nance in In as uc u e O ganiza ions
Co po a e go e nance li e a u e adi ionally ocuses on aligning manage ial beha iou wi h sha eholde in e es s h ough
o e sigh sys ems, incen i es, and accoun abili y s uc u es (T icke , 2015). In in as uc u e con ex s, whe e ope a o s o en
manage public asse s unde concession ag eemen s, go e nance mus addi ionally add ess long- e m asse s ewa dship, egula o y
compliance, and communi y legi imacy. PPP and concession models, ex ensi ely discussed by Reece and Robinson (2018),
equi e obus accoun abili y amewo ks, clea pe o mance obliga ions, and anspa en epo ing mechanisms.
F om a manage ial pe spec i e, his means go e nance amewo ks mus coo dina e capi al alloca ion, ensu e compliance wi h
concession equi emen s, main ain s akeholde ela ions, and o e see subsidia y ope a ions wi hin a b oade s a egic ision.
III. METHODOLOGY
In his s udy we adop ed a quali a i e, in e p e i e case s udy design o explo e he manage ial and go e nance mechanisms
unde pinning Co po ación Amé ica Ai po s’ (CAA) mul i-ai po ne wo k. The case s udy app oach was chosen because i
allows in-dep h in es iga ion o a complex o ganiza ional phenomenon wi hin i s eal-wo ld con ex (Yin, 2018). CAA was
selec ed as a c i ical case due o i s ex ensi e and di e si ied po olio, o e i y ai po s spanning La in Ame ica and Eu ope and
i s hyb id public–p i a e owne ship s uc u es, which make i exempla y o analyzing go e nance in mul i-ju isdic ional se ings.
We ocused on unde s anding how manage ial coo dina ion, decision-making s uc u es, and s akeholde ela ions a e
go e ned wi hin a ansna ional ai po ne wo k. This aligns wi h Eisenha d ’s (1989) logic o heo y building om case s udies,
which seeks o iden i y mechanisms and p oposi ions h ough he i e a i e linking o empi ical obse a ion and heo e ical
amewo ks.
Gi en he s udy’s explo a o y and in e p e i e o ien a ion, he analysis elied p ima ily on seconda y da a. This app oach was
bo h budge -e icien and me hodologically consis en wi h p io go e nance esea ch in in as uc u e con ex s (G aham, 2020;
Reece & Robinson, 2018). The da a co pus included: co po a e documen a ion, ins i u ional and egula o y ma e ials, academic
li e a u e and indus y analyses: and policy and concession ag eemen s. All documen s we e sou ced om publicly accessible
eposi o ies o ensu e eplicabili y and anspa ency.
A. Da a Analysis and Coding P ocedu e
The analysis ollowed a hema ic con en analysis app oach (B aun & Cla ke, 2012), combining bo h deduc i e and induc i e
coding. Deduc i e coding was guided by he concep ual ounda ions ou lined in he heo e ical amewo k, while induc i e coding
allowed new, da a-d i en insigh s o eme ge.
The deduc i e componen d ew on ou go e nance dimensions iden i ied as cen al o mul i-ai po ne wo k managemen :
• S a egic Coo dina ion and Ne wo k Alignmen – how he co po a e cen e shapes s a egy, se s p io i ies, and alloca es
capi al ac oss he ne wo k.
• Local Au onomy and Ope a ional Decision-Making – how subsidia ies in e p e and ope a ionalise co po a e di ec i es
wi hin di e se egula o y and ma ke en i onmen s.
• S akeholde and Regula o y In e ace – how ela ionships wi h egula o s, go e nmen s, communi ies, and ai lines a e
managed ac oss ju isdic ions.
• Pe o mance O e sigh and Accoun abili y – how inancial, ope a ional, and sus ainabili y pe o mance a e moni o ed,
epo ed, and e alua ed.
These dimensions se ed as high-le el analy ical ca ego ies, ensu ing cohe ence be ween he concep ual amewo k and he
empi ical analysis.
In pa allel, induc i e coding iden i ied addi ional sub- hemes ela ed o manage ial p ac ice, such as leade ship s yles, isk-
managemen ou ines, c isis esponses, and inno a ion mechanisms, ha we e no p ede e mined bu eme ged o ganically om
he documen co pus. This allowed he analysis o emain sensi i e o con ex ual nuances and he speci ici ies o CAA’s
go e nance model.
B. Validi y and Reliabili y
Cons uc alidi y was enhanced h ough iangula ion o mul iple da a sou ces and alignmen wi h es ablished heo e ical
amewo ks. Reliabili y was suppo ed by main aining an audi ail o coded documen s and consis en applica ion o he
analy ical ca ego ies ac oss he da ase . E hical conside a ions we e minimal, as all da a we e publicly a ailable and analysed wi h
ull a ibu ion.
IV. CASE STUDY: OVERVIEW OF CORPORACIÓN AMÉRICA AIRPORTS
A. Backg ound and Co po a e P o ile
Co po ación Amé ica Ai po s S.A. (CAA) is among he wo ld’s la ges p i a e ai po ope a o s, headqua e ed in
Luxembou g and lis ed on he New Yo k S ock Exchange since 2018. The g oup manages mo e han 50 ai po s ac oss six
coun ies, including A gen ina, B azil, U uguay, Ecuado , A menia, and I aly, handling o e 79 million passenge s in 2024, only
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6.1% lowe han he 84.2 million se ed p io o he pandemic, in 2019 (CAA, 2023). I s scale and geog aphic di e si y make i
one o he mos ep esen a i e cases o ne wo ked ai po go e nance in he Global Sou h, combining public-p i a e pa ne ship
(PPP) models wi h mul i-ju isdic ional managemen .
CAA eme ged om a se ies o concessions ob ained in he 1990s unde A gen ina’s ai po p i a iza ion p og am (Sis ema
Nacional de Ae opue os), subsequen ly expanding h ough acquisi ions and new concessions in La in Ame ica and Eu ope. The
company’s A gen ine subsidia y, Ae opue os A gen ina 2000 S.A. emains i s lagship en i y, managing 35 ai po s, including
Buenos Ai es – Ezeiza Minis o Pis a ini In e na ional Ai po and Ae opa que Jo ge Newbe y (CAA, 2023). This scale p o ided
a pla o m o CAA’s la e in e na ionaliza ion and consolida ion as a ansna ional ai po holding.
B. Ne wo k Composi ion and Geog aphical Dis ibu ion
CAA’s po olio demons a es a high deg ee o he e ogenei y ac oss egional clus e s, e lec ing bo h he geog aphic di e si y
and he ins i u ional complexi y o i s ope a ions. In A gen ina, h ough Ae opue os A gen ina 2000 S.A. he company manages
hi y- i e ai po s unde a long- e m concession wi h he na ional go e nmen (CAA, 2023).
This ne wo k accoun s o app oxima ely six y- i e pe cen o he coun y’s passenge a ic and ep esen s he backbone o
CAA’s o e all ac i i y. In B azil, CAA ope a es ai po s such as Na al and B asília, acqui ed du ing ede al concession ounds
aimed a mode nising he coun y’s ai po in as uc u e. In U uguay, he g oup manages Ca asco In e na ional Ai po in
Mon e ideo and Laguna del Sauce Ai po in Pun a del Es e, bo h s a egic ga eways o in e na ional ou ism. In Ecuado , CAA
ope a es José Joaquín de Olmedo In e na ional Ai po (Guayaquil) h ough he TAGSA conso ium and he Seymou Ecological
Ai po in he Galápagos Islands ia ECOGAL, an ai po in e na ionally ecognised o i s sus ainabili y achie emen s. In
A menia, he company o e sees Z a no s In e na ional Ai po in Ye e an and Shi ak Ai po in Gyum i, con ibu ing o he
mode nisa ion o he na ional a ia ion sec o . Finally, in I aly, CAA con ols Toscana Ae opo i S.p.A., which ope a es Pisa
Galileo Galilei and Flo ence Ame igo Vespucci ai po s, p o iding a Eu opean ancho o he g oup’s p edominan ly La in-
Ame ican ne wo k.
This geog aphic dispe sion exposes he g oup o mul iple egula o y amewo ks and economic cycles. F om a go e nance
s andpoin , i necessi a es a mul i-laye ed s uc u e balancing cen al s a egic o e sigh wi h local managemen au onomy, an
ideal empi ical se ing o analyzing ne wo k go e nance mechanisms.
C. Owne ship, O ganiza ional and Go e nance S uc u e
CAA is o ganized as a holding company wi h majo i y owne ship by he Eu nekian amily (Co po ación Amé ica S.A.) and
mino i y ee- loa in es o s. The g oup’s go e nance s uc u e consis s o :
• A Boa d o Di ec o s esponsible o s a egic di ec ion, composed o independen and non-execu i e membe s,
suppo ed by Audi , Compensa ion and Sus ainabili y Commi ees.
• A Co po a e Execu i e Team coo dina ing inance, ope a ions, business de elopmen , and sus ainabili y ac oss all
subsidia ies.
• Subsidia y managemen eams o each coun y o concession, which ope a e unde local boa ds and comply wi h bo h
co po a e and concessiona y go e nance equi emen s.
The go e nance model he e o e exhibi s a dual con ol a chi ec u e: cen alized coo dina ion h ough co po a e commi ees,
and decen alized execu ion h ough subsidia y boa ds. This design aligns wi h ne wo k go e nance heo y, ensu ing alignmen
be ween global s a egy and local ope a ional eali ies (IATA, 2020). The company also main ains a Code o E hics, isk-
managemen policy, and compliance amewo k aligned wi h in e na ional co po a e go e nance s anda ds (CAA, 2023).
D. In es men S a egy and Capi al Alloca ion
CAA’s in es men philosophy emphasizes long- e m asse s ewa dship and inc emen al mode niza ion a he han apid
g een ield expansion. The g oup ein es s a subs an ial po ion o i s ope a ing cash low in o in as uc u e upg ades and capaci y
expansion, pa icula ly wi hin A gen ina and I aly.
Examples include he e minal expansion a Ezeiza In e na ional Ai po , unway ehabili a ion p ojec s in B azil and U uguay,
and digi al ans o ma ion ini ia i es ac oss passenge -p ocessing sys ems. In I aly, Toscana Ae opo i launched plans o he new
Flo ence e minal and unway ealignmen , p ojec s e lec ing CAA’s g adualis in es men logic and coo dina ion be ween local
planning and cen al inancing.
In es men decisions a e subjec o in e nal capi al-alloca ion p ocedu es managed a he co po a e le el, whe e p ojec
p oposals a e assessed acco ding o inancial iabili y, concession- e m obliga ions, and sus ainabili y objec i es. This po olio
managemen app oach suppo s isk di e si ica ion while main aining consis ency wi h o e a ching co po a e p io i ies.
E. Public–P i a e Pa ne ship (PPP) and Regula o y In e aces
CAA’s concessions ope a e unde a ious PPP a angemen s, ypically Build-Ope a e-T ans e (BOT) o Ope a ion-and-
Main enance (O&M) models. These ag eemen s delinea e pe o mance obliga ions, in es men miles ones, and a i amewo ks.
The A gen ine SNA con ac , o ins ance, equi es egula in as uc u e upg ades and es ablishes p o i -sha ing wi h he
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go e nmen , while I aly’s Toscana Ae opo i unc ions unde a mixed-owne ship s uc u e in eg a ing egional go e nmen
pa icipa ion.
F om a go e nance pe spec i e, CAA mus econcile mul iple laye s o accoun abili y: (a) o in es o s and sha eholde s, (b) o
concession-g an ing au ho i ies, and (c) o local communi ies a ec ed by ai po de elopmen . This con igu a ion exempli ies
hyb id go e nance, whe e comme cial objec i es coexis wi h public-se ice obliga ions.
F. Sus ainabili y and Co po a e Social Responsibili y
CAA in eg a es sus ainabili y in o i s go e nance agenda h ough ini ia i es implemen ed ac oss i s in e na ional ai po
ne wo k, as e idenced in i s co po a e sus ainabili y epo ing and subsidia y disclosu es. The g oup’s sus ainabili y p ac ices
align wi h global amewo ks such as he Uni ed Na ions Sus ainable De elopmen Goals, which a e explici ly e e enced in he
sus ainabili y policies o i s A gen ine subsidia y, Ae opue os A gen ina 2000 (AA2000, 2024).
A no able example o en i onmen al inno a ion wi hin he CAA ne wo k is he pho o ol aic sola -plan p ojec a Ca asco
In e na ional Ai po in U uguay. Ca asco became he i s ai po in La in Ame ica o ins all a 0.5 MW sola acili y as pa o i s
b oade ene gy-e iciency s a egy, an ini ia i e documen ed by Co po ación Amé ica Ai po s (CAA, 2018). In he Andean
egion, CAA’s associa ed ope a o Co po ación Quipo pa icipa es in he Ai po Ca bon Acc edi a ion p og amme, wi h Qui o
In e na ional Ai po achie ing ca bon-neu al s a us in 2019, making i he i s majo in e na ional ai po in La in Ame ica and
he Ca ibbean o each his le el (Co po ación Quipo , 2019).
Toge he , hese ini ia i es e lec an e ol ing, go e nance-embedded sus ainabili y app oach in which en i onmen al
indica o s a e in eg a ed in o subsidia y epo ing and co po a e moni o ing p ocesses. This aligns wi h he b oade go e nance
mechanisms examined in his s udy, s a egic coo dina ion, local au onomy, s akeholde in e ace, and pe o mance
accoun abili y, which will be analysed in Sec ion V o de i e compa a i e and heo e ical insigh s in o mul i-ai po ne wo k
go e nance.
V. MANAGERIAL AND GOVERNANCE ANALYSIS
Ha ing ou lined he heo e ical basis and me hodological app oach, his sec ion u ns o he empi ical analysis o CAA,
explo ing how i s go e nance a chi ec u e ope a es in p ac ice and how i compa es wi h o he majo ai po g oups.
A. S a egic Coo dina ion and Ne wo k Alignmen
CAA’s s a egic coo dina ion mechanisms demons a e a cen alized–cohe en managemen model designed o main ain
consis ency ac oss a highly di e si ied ne wo k.
A he co po a e le el, s a egic p io i ies, in es men planning, capi al alloca ion, and sus ainabili y goals, a e de ined h ough
he Boa d o Di ec o s and he Execu i e Commi ee. The co po a e cen e unc ions as a “s a egic in eg a o ,” p o iding uni ied
di ec ion o subsidia y ai po s and aligning long- e m objec i es wi h concession commi men s (CAA, 2023).
This app oach e lec s a po olio-managemen logic ypical o global ai po g oups, whe e syne gies a e sough h ough
sha ed se ices ( inance, echnology, p ocu emen ) and common pe o mance benchma ks (IATA, 2020). Th ough i s
Luxembou g headqua e s, CAA ensu es a deg ee o iscal, legal, and epo ing s anda diza ion, which suppo s i s anspa ency
obliga ions as a lis ed company on he NYSE.
A he same ime, he g oup’s s a egic cohe ence elies on o mal planning cycles, annual in es men plans, pe o mance
sco eca ds, and medium- e m de elopmen p og ams e iewed ac oss he subsidia ies.
These mechanisms pa allel hose obse ed in majo Eu opean ai po ne wo ks such as VINCI Ai po s and G oupe ADP,
which also ope a e unde po olio go e nance models balancing global s a egy and local ma ke esponsi eness (ACI, 2022).
Whe eas Eu opean ope a o s o en pu sue b and s anda diza ion and in eg a ion o passenge expe ience ac oss ai po s,
CAA’s s a egic ocus is mo e p agma ic: emphasizing egula o y compliance, ope a ional esilience, and inc emen al
in as uc u e upg ading.
This sugges s a Sou he n-hemisphe e a ian o mul i-ai po go e nance, shaped by capi al cons ain s, ins i u ional
he e ogenei y, and in as uc u e de ici s (Bel & Fageda, 2010).
B. Local Au onomy and Ope a ional Implemen a ion
Wi hin CAA’s s uc u e, subsidia y au onomy plays a decisi e ole in day- o-day ope a ions and adap a ion o local con ex s.
Each concession company e.g., Ae opue os A gen ina 2000, Toscana Ae opo i, o Quipo S.A., possesses i s own local
managemen boa d wi h delega ed au ho i y o e ope a ional, comme cial, and HR ma e s.
This decen aliza ion enables esponsi eness o local ma ke condi ions, egula o y a ia ions, and cul u al ac o s, c i ical in
ju isdic ions anging om I aly’s Eu opean Union amewo k o Sou h Ame ican PPP sys ems.
F om a go e nance s andpoin , he design embodies wha G aham (2020) called a “ ede al model” o ai po managemen ,
whe e he co po a e headqua e s de ines o e a ching goals while subsidia ies main ain manage ial lexibili y o mee speci ic
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concession and s akeholde equi emen s. In p ac ice, local manage s ha e disc e ion in ae onau ical p icing (wi hin egula o y
limi s), non-ae onau ical e enue s a egies, and communi y engagemen ini ia i es.
CAA’s expe ience indica es ha au onomy is condi ional upon pe o mance. The pa en company moni o s subsidia ies
h ough key pe o mance indica o s (KPIs), pe iodic audi s, and inancial con ol mechanisms. This sys em c ea es an adap i e
go e nance equilib ium, in which au onomy is bo h a ool o inno a ion and a po en ial isk i o e sigh is weak.
VINCI Ai po s exhibi s a mo e o malized in eg a ion model, whe e uni o m b anding and p ocess s anda ds domina e. CAA,
by con as , le e ages con ex -sensi i e au onomy, which appea s o suppo esilience in ola ile economic en i onmen s,
pa icula ly e iden du ing he COVID-19 eco e y phase when La in Ame ican subsidia ies adjus ed ope a ions as e han
Eu opean ones (CAA, 2023).
C. S akeholde and Regula o y In e ace
CAA’s go e nance model is dis inguished by mul i-le el s akeholde engagemen ha spans na ional go e nmen s, local
communi ies, ai lines, and in es o s. Unde he A gen ine Sis ema Nacional de Ae opue os (SNA), he ope a o epo s di ec ly
o he egula o y au ho i y O ganismo Regulado del Sis ema Nacional de Ae opue os (ORSNA), which o e sees in es men
compliance, se ice quali y, and a i s uc u es. Addi ionally, in I aly, Toscana Ae opo i’s go e nance mus comply wi h bo h
ENAC (I alian Ci il A ia ion Au ho i y) egula ions and EU compe i ion and en i onmen al di ec i es.
This complexi y demands obus s akeholde coo dina ion, consis en wi h IATA’s (2020) ecommenda ion ha e ec i e
ai po go e nance should main ain clea accoun abili y chains while ensu ing pa icipa o y mechanisms o majo p ojec s. CAA
has ins i u ionalized hese in e aces h ough en i onmen al and social managemen sys ems, public consul a ions, and annual
sus ainabili y epo ing aligned wi h Global Repo ing Ini ia i e s anda ds.
S akeholde go e nance in eme ging ma ke s, howe e , o en aces asymme ies o powe and capaci y be ween public
egula o s and p i a e concessionai es (Reece & Robinson, 2018). CAA mi iga es hese ensions h ough join commi ees wi h
go e nmen agencies and long- e m ela ionship managemen , balancing comme cial pe o mance wi h public-se ice obliga ions.
In con as o Eu opean PPPs, whe e egula o y sophis ica ion p o ides clea e bounda ies be ween policy and ope a ion, CAA’s
go e nance mus ely on ela ional us and con inuous nego ia ion. This dynamic con i ms an Wijk e al (2014) inding ha
go e nance in ai po egions o en depends on in o mal coo dina ion alongside o mal mechanisms.
D. Pe o mance O e sigh and Accoun abili y
Pe o mance managemen cons i u es he co e con ol mechanism o CAA’s go e nance a chi ec u e. The company applies an
in eg a ed sys em o inancial and non- inancial KPIs, co e ing passenge h oughpu , on- ime pe o mance, sa e y, en i onmen al
compliance, and employee sa is ac ion. These me ics eed in o qua e ly boa d epo s and in es o disclosu es, ensu ing bo h
manage ial con ol and anspa ency.
A he same ime, CAA’s publicly lis ed s a us imposes addi ional accoun abili y laye s. Regula audi s by in e na ional i ms,
adhe ence o IFRS s anda ds, and publica ion o ESG indica o s align i s go e nance wi h global bes p ac ices.
Howe e , as Yin (2018) no ed, anspa ency in mul i-le el sys ems can obscu e a he han cla i y esponsibili y i da a
agg ega ion conceals local a iances. CAA a emp s o add ess his h ough subsidia y-le el disclosu es and dedica ed
sus ainabili y websi es, al hough compa abili y ac oss ju isdic ions emains a challenge.
Compa ed wi h o he global ope a o s, CAA’s epo ing s uc u e is ela i ely lean bu adap i e. I achie es c edibili y h ough
independen audi s and compliance sys ems a he han h ough ex ensi e co po a e-b and homogeniza ion. This app oach
balances in es o con idence wi h ope a ional lexibili y, making i a hyb id accoun abili y model well-sui ed o eme ging-ma ke
ope a ions.
E. CAA: A Hyb id Go e nance Model
The analysis o CAA’s go e nance mechanisms e eals a hyb id manage ial model si ua ed be ween hie a chical co po a e
go e nance and ne wo k-based coo dina ion.
Key ea u es include:
1. S a egic Cen aliza ion – uni ied in es men planning and epo ing o ensu e cohe ence and inancial discipline.
2. Ope a ional Decen aliza ion – subsidia y empowe men o adap o he e ogeneous ins i u ional en i onmen s.
3. S akeholde In eg a ion – con inuous nego ia ion be ween comme cial e iciency and public-in e es obliga ions.
4. Laye ed Accoun abili y – mul ile el moni o ing in eg a ing co po a e, egula o y, and communi y pe spec i es.
This combina ion c ea es wha can be e med adap i e ne wo k go e nance, a sys em capable o balancing s anda diza ion and
con ex ual esponsi eness.
CAA exempli ies he e olu ion o ai po go e nance om owne ship-cen ic o capabili y-cen ic models, in which
manage ial compe ences, s akeholde engagemen , and lea ning p ocesses cons i u e he p ima y sou ces o compe i i e ad an age
(G aham, 2020; Hanson e al, 2021). The case suppo s he p oposi ion ha e ec i e go e nance in in as uc u e ne wo ks
depends less on owne ship s uc u e and mo e on ins i u ional i and manage ial coo dina ion mechanisms (Oum e al., 2006).
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Fo policymake s, CAA’s model demons a es ha p i a e ope a o s can main ain accoun abili y in complex PPP
en i onmen s i go e nance amewo ks inco po a e anspa en pe o mance indica o s, sha ed decision- igh s, and sus ainabili y
commi men s. Mo o e , o p ac i ione s, i sugges s ha managing ne wo ked ai po s equi es de eloping in eg a i e
compe ences in s a egic alignmen , s akeholde diplomacy, and adap i e egula ion managemen .
In compa a i e pe spec i e, CAA di e s om Eu opean and Asian ope a o s no only in geog aphy bu also in go e nance
logic. Whe eas VINCI Ai po s and ADP employ in eg a ion- h ough-s anda diza ion, CAA ope a es h ough in eg a ion- h ough-
coo dina ion, le e aging manage ial lexibili y a he han p ocedu al uni o mi y. This dis inc ion e lec s he con ex ual
challenges o eme ging ma ke s, mac oeconomic ola ili y, in as uc u al asymme ies, and luc ua ing egula o y capaci y.
F om a heo e ical iewpoin , his suppo s he con ingency app oach o go e nance: he e is no single “bes ” model o ai po
go e nance, bu an op imal con igu a ion ha balances e iciency, legi imacy, and adap abili y (T icke , 2015). CAA’s success
lies in i s capaci y o e ol e wi hin ha con ingency space, main aining ope a ional con inui y and s akeholde us ac oss a ied
con ex s.
CONCLUSIONS
This s udy examined he go e nance and manage ial a chi ec u e o Co po ación Amé ica Ai po s (CAA), one o he la ges
global p i a e ai po ope a o s, managing a di e si ied po olio ac oss La in Ame ica and Eu ope. By analyzing CAA h ough
he lens o mul i-ai po ne wo k go e nance, he a icle iden i ied how s a egic, o ganiza ional, and egula o y dimensions
in e ac o sus ain pe o mance and accoun abili y in a complex, ansna ional in as uc u e sys em.
Fou in e dependen go e nance dimensions we e explo ed: s a egic coo dina ion, ope a ional au onomy, s akeholde
in e ace, and pe o mance accoun abili y. The analysis e ealed ha CAA’s go e nance model cons i u es a hyb id sys em,
combining cen alized s a egic di ec ion wi h decen alized ope a ional lexibili y. A he co po a e le el, go e nance elies on a
s ong boa d and execu i e amewo k o in es men o e sigh , sus ainabili y in eg a ion, and inancial epo ing. A he
subsidia y le el, au onomy enables esponsi eness o local egula o y and ma ke condi ions, os e ing adap abili y ac oss
he e ogeneous en i onmen s.
CAA’s go e nance also in eg a es a sophis ica ed s akeholde -managemen app oach ha balances in es o expec a ions wi h
concession obliga ions and communi y in e es s. I s laye ed accoun abili y owa d sha eholde s, egula o s, and he public, ensu es
legi imacy while enabling manage ial inno a ion.
Collec i ely, hese mechanisms cons i u e wha his s udy e ms adap i e ne wo k go e nance, a model ha aligns
coo dina ion and au onomy wi hin a dynamic ins i u ional con ex .
A. Con ibu ions and P ac ical Implica ions
Ou esea ch con ibu es o bo h academic heo y and manage ial p ac ice by e aming ai po go e nance as a capabili y-
based sys em a he han me ely an owne ship s uc u e.
Theo e ical con ibu ions a ise in h ee a eas:
1. Reconcep ualizing go e nance – shi ing ocus om o mal owne ship ypologies o manage ial coo dina ion
mechanisms ha de e mine how s a egy, accoun abili y, and lea ning ope a e ac oss an ai po ne wo k.
2. In oducing he concep o adap i e ne wo k go e nance – illus a ing how ai po g oups like CAA align co po a e
con ol and local au onomy h ough in eg a i e go e nance mechanisms, b idging hie a chical and ela ional o ms o
coo dina ion.
3. Highligh ing con ex ual con ingency – demons a ing ha e ec i e go e nance depends on ins i u ional i ; in eme ging
ma ke s, lexibili y and us -based collabo a ion may achie e be e ou comes han igid p ocedu al s anda diza ion.
P ac ical implica ions ollow di ec ly om hese insigh s. Fo ai po manage s and ope a o s, he CAA case shows ha
e ec i e ne wo k go e nance equi es:
• Cen alized s a egic guidance combined wi h local empowe men o os e inno a ion and esponsi eness.
• In eg a ed pe o mance sys ems linking inancial, ope a ional, and sus ainabili y indica o s ac oss subsidia ies.
• Ins i u ionalized s akeholde dialogue embedded in go e nance s uc u es, no ea ed as a compliance o mali y.
• Con inuous p o essionaliza ion o go e nance capabili ies, including leade ship de elopmen and ESG li e acy among
local managemen eams.
Fo policymake s and egula o s, he indings sugges ha e ec i e ai po go e nance in PPP o concession se ings depends
on:
• Designing adap i e egula o y amewo ks ha inco po a e collabo a i e o e sigh and pe iodic e iew mechanisms.
• Embedding sus ainabili y and social pe o mance indica o s in o concession con ac s o align p i a e incen i es wi h
public alue.
• Encou aging benchma king and anspa ency ac oss ope a o s o di use bes p ac ices in accoun abili y and s akeholde
engagemen .
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IJSSHR, Volume 08 Issue 11 No embe 2025 www.ijssh .in Page 9213
Finally, o in e na ional ins i u ions such as IATA, ICAO, and ACI, he s udy highligh s he need o ad ance global dialogue
on go e nance inno a ion and ha monize me ics ha cap u e bo h inancial and non- inancial pe o mance dimensions.
Collec i ely, hese con ibu ions ein o ce he iew ha he u u e o ai po go e nance lies no in s uc u al owne ship
models bu in manage ial compe ence, s akeholde legi imacy, and ins i u ional adap abili y.This s udy elied p ima ily on
seconda y da a, which, al hough ich and iangula ed, limi s insigh s in o in o mal manage ial p ocesses and in e nal decision-
making dynamics.
Fu u e esea ch should complemen his analysis wi h p ima y in e iews and longi udinal case s udies o cap u e how
go e nance p ac ices e ol e o e concession li ecycles. Compa a i e s udies ac oss ope a o s (such as VINCI, ADP, F apo , and
GMR) would u he illumina e he di e si y o go e nance logics in global ai po ne wo ks. Explo ing he in e sec ion o digi al
ans o ma ion and go e nance, how da a analy ics, AI, and au oma ion eshape accoun abili y and pe o mance con ol also
ep esen s a p omising di ec ion o u u e inqui y.
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