This paper explores airport business in association with its operational, economic, geographical and regulatory environment. The two-stages methodology engages a post-positivist approach and data triangulation. In the first stage, airport performance (AP) is measured with the tailor-made Airport Business Excellence Model in 137 airports spread over 90 countries. Subsequently, the AP scores are examined vis-à-vis an extensive set of abiotic/externally determined factors, such as ownership, regulation, size, seasonality, hub status, location, economic development, traffic mix and performance management system. The data is first processed with the Kruskall-Wallis non-parametric test to detect statistical differences in AP levels among airport subgroups and the relevant contribution of the abiotic determinants is then investigated by multiple regression analysis. The results indicate that the effectiveness of the regulatory mix is in close connection with second-order charging schemes. Furthermore, low seasonality and an extra-large airport size are positively related to AP, whereas non-hub status, the absence of formal performance management systems and the blending of public and private sectors in mixed ownership/management schemes act in the opposite direction.