Capital structure of shipping companies listed in the American Stock Exchange
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Keywords
Capital structure ; Shipping companiesAbstract
Τhe aim of the study dy is to examine the parameters that differentiate a shipping
company's decision on its capital structure. While one part of the theory argues that
essentially the firm should be indifferent between using equity or borrowing, another part
of the theory argues that there are significant variations in both the incentives and the
outcomes of this choice.
In this paper, the data of Greek listed shipping companies bulk carriers, tankerships and
containerships for the period 2008-2020 were examined. Different models of dependent
and independent variables were used in the analysis. Linear regression with panel data was
used in the analysis.
From the analysis it was found that the use of profitability ratios gives more reliable results
regarding the statistically significant independent variables, and there is also a difference
between the dependent variables of book leverage.
The paper found that size and tangibility have a statistically significant effect on book
leverage, which is expected since the development of the stall requires significant capital.
Moreover, a differentiation is recorded between containerships and bulk carriers, as the
former use more leverage than the latter. This is justified by the fact that bulk carriers have
been making losses for a number of years, which has led to concerns from banks, so there
is a question of a reduction in the supply of loan capital rather than demand.
Postgraduate Studies Programme
Shipping ManagementDepartment
Σχολή Ναυτιλίας και Βιομηχανίας. Τμήμα Ναυτιλιακών ΣπουδώνNumber of pages
92Language
EnglishCollections
Except where otherwise noted, this item's license is described as
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα