Economic performance and corporate financial management of shipping firms

Kang, Hyung Koo; Wang, Grace W.Y.; Bang, Hee-Seok; Woo, Su‐Han

doi:10.1057/mel.2015.8

Cited by 14 publications

(11 citation statements)

References 25 publications

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“…As a result, mature small and mediumsized companies often face greater challenges when faced with increasing competition and economic downturns compared to young and adolescent businesses, which typically fail due to internal flaws (Kücher et al 2020). Other studies have conducted relevant research on financial management risk in logistics service fields (Hofmann and Lampe 2013) and maritime transportation (Wang et al 2014;Kang et al 2016;Adland et al 2017).…”

Section: Hypothesis Developmentmentioning

confidence: 99%

The Economic and Financial Health of Lithuanian Logistics Companies

Bužinskienė,

Gelashvili

2024

Risks

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In recent decades, the importance of transport and logistics companies has increased considerably, especially for Lithuania, where this sector is on the rise and creating benefits for various users. Therefore, this study aims to analyse the economic–financial situation of transport and logistics companies operating in Lithuania, focusing mainly on their financial risk, probability of bankruptcy, and level of solvency. To achieve these results, 416 companies were analysed based on their data from 2022. The employed methodology included descriptive analysis, quartile ratio analysis, the use of Altman’s Z-score model to predict bankruptcy, and, finally, logistic regression analysis to answer the hypotheses. The results show that the companies analysed in this study were highly profitable, with a high level of solvency and liquidity that did not compromise their continuity in the market. These results were confirmed by the Z-score analysis. In addition, it was observed that the age and size of the companies did not affect their survival on the market. This study presents results that are of great interest for the academic literature, as well as for the management of logistics companies. The originality of the study lies in its relevance and timeliness, presenting robust results for different stakeholders, such as policymakers or new entrepreneurs, among others.

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Section: Hypothesis Developmentmentioning

confidence: 99%

The Economic and Financial Health of Lithuanian Logistics Companies

Bužinskienė,

Gelashvili

2024

Risks

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“…The capital structure of a company has an impact on its performance. According to trade-off theory, low-growth companies with predictable cash flows and tangible assets should be concerned about acquiring additional debt, since this results in utilizing tax shelters and paying less, in case they ran into financial difficulties (Kang et al, 2016;Ioannidis, 2021).…”

Section: Explanatory Variablesmentioning

confidence: 99%

Does sustainability reporting affect firm performance? Evidence from the port sector

Gavalas

2023

Marit. Technol. Res.

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Given that stakeholders are paying more and more attention to the environmental, social, and governance (ESG) policies of firms, the objective of this paper is to study the effect of ESG disclosure on firm performance, focusing on companies involved in port activities; precisely, (i) a port company/authority, (ii) a terminal operator/stevedore, and (iii) an integrated carrier. The study contributes to the existing knowledge by incorporating ESG scores and looking at factors that indicate financial strength. The contribution of our study will lie in complementing and adding to the existing knowledge, along with further incentivizing sustainable firm performance. This study discovers that a positive relationship between ESG disclosure, firm value, and firm performance exists, as determined by market-to-book ratio and Q ratio, respectively. It considers a panel regression examination, by means of a sample of 213 publicly listed ports and considering a time period of 5 years. This study will benefit scholars, decision-makers, legislators, and stakeholders of ports through improving their comprehension of how ESG disclosure affects the performance of firms, in general and specifically for each pillar. Highlights The aim of the present study is to examine the impact of ESG (environmental, social, and governance) disclosure on the performance of firms that are engaged in port-related operations. More specifically, our focus is on three types of companies, namely, a port company/authority, a terminal operator/stevedore, and an integrated carrier The present study has found that a favorable correlation exists between ESG disclosure, firm value, and firm performance, as gauged by the market-to-book ratio and Q ratio, correspondingly The study conducts a panel regression analysis, utilizing a sample of 213 publicly listed ports over a time period of five years This study will be advantageous to scholars, decision-makers, legislators and stakeholders in the port industry, as it enhances their understanding of how ESG disclosure impacts firm performance, both globally and within each distinct pillar

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“…The author concluded that shipowners seek profit through purchasing and selling vessels rather than from operating vessels. Economic performance and efficiency of shipping firms in different markets by cargo types has been studied (Bang et al, 2012;Kang et al, 2016;Woo et al, 2019). Financial risk and credit risk of shipping firms was evaluated and compared: among shipping market by cargo types (Wang et al, 2014) and between shipping and logistics markets (Woo et al, 2020).…”

Section: Literature Review 21 Market Structure Of Shipping Marketsmentioning

confidence: 99%

Market structure of short sea shipping in northeast Asia

Park

Woo

Lai

2021

MABR

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Purpose Short-sea shipping (SSS) plays an important role in regional transportation networks by supporting regional trade and improving inter-modality. In particular, countries in north-east Asia, such as China, South Korea and Japan have been served well by local SSS services. While SSS markets in Northeast Asia (NEA) have been developed by bilateral routes with sub-markets, the market structure of each sub-markets varies depending on concentration and competition levels as well as government intervention. The purpose of this paper is to analyse the market structure of SSS markets in the Northeast Asia. Design/methodology/approach Herfindahl–Hirschman Index (HHI) and concentration ratio are adopted to measure the market concentration from 2013 to 2017 for SSS markets in NEA. Additionally, the balance between supply and demand is investigated by measuring the capacity utilisation factor (CUF) based on slot capacity. Findings The market structure in the NEA SSS markets is influenced by firms’ behaviour under different levels of governmental intervention. Shipping firms in a market with more governmental intervention in market entry tend to focus on balancing supply and demand rather than increasing market share, whereas firms in a market with less intervention (and more competition) tend to increase their market share by pursuing efficient capacity management. Research limitations/implications The period of data set is limited to 2013–2017. Furthermore, prices or revenue for specific routes are not available. Originality/value This paper sheds light on the market structure and behaviour of players in SSS market. In addition, the work has value to measure capacity utilisation based on slot capacity.

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Economic performance and corporate financial management of shipping firms

Cited by 14 publications

References 25 publications

The Economic and Financial Health of Lithuanian Logistics Companies

The Economic and Financial Health of Lithuanian Logistics Companies

Does sustainability reporting affect firm performance? Evidence from the port sector

Market structure of short sea shipping in northeast Asia

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