Capital structure determinants according to risk periods in shipping companies
This thesis consists a research about capital structure determinants according to risk periods in shipping companies. Shipping industry is of eminent importance, because it is, undoubtedly, a global industry with a characteristic cyclical behavior and a variety of special characteristics that consti...
Αποθηκεύτηκε σε:
| Κύριος συγγραφέας: | |
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| Άλλοι συγγραφείς: | |
| Γλώσσα: | English |
| Δημοσίευση: |
2020
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| Θέματα: | |
| Διαθέσιμο Online: | http://hdl.handle.net/11610/21042 |
| Ετικέτες: |
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| Περίληψη: | This thesis consists a research about capital structure determinants according to risk periods in shipping companies. Shipping industry is of eminent importance, because it is, undoubtedly, a global industry with a characteristic cyclical behavior and a variety of special characteristics that constitute and influence its performance. Through this project we want to study what kind of financing do these companies use and how are they affected according to capital structure theories. At first we are going to analyze different projects on capital structure some of which are focused on companies of other business sectors and some other projects that are about shipping industry. Each one of them though focuses on different factors and sets variables accordingly.
We chose five basic ones and we studied them in relevance to debt in our research which is the dependent variable. These five determinants or our five independent variables are assets, size, growth, profitability and risk, the latter consists the innovative+ part in comparison to other similar researches. Risk is a variable difficult to measure and interpret, especially in cyclical shipping sector. Our sample consisted of 48 listed shipping companies for the period 2006 - 2016.
Capital Structure theories used are trade – off, pecking order, agency and asymmetry of information. Then follows the econometric model and its analysis in order to interpret and compare our results to relevant researches and assumptions. The econometric part though is analyzed in relevance to pecking order and trade – off theories, with some references on agency theory and asymmetry of information.
Literature review was the basic pillar of analysis and interpretation of our hypotheses and results. In some cases our results came in accordance to our hypotheses and literature review while in some other did not.
Although, during last 50 years many researchers have investigated the optimal capital structure mix it seems that they did not have specific results, so this research intents to contribute to this effort effectively. Myers (2001) about this says in his academic research that there is not really a specific optimal structure mix for all cases (one-size-fits-all) but he believes that some basics from each theory help management team handle each situation separately.
Then follows conclusion and propositions of possible future research. For example a similar research could have a closer investigation in smaller risk periods, maybe three months or six months in order to have better results.
Keywords: Shipping, Finance, Risk, Capital Structure, Modigliani and Miller Approach, VaR |
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