Systematic Risk Determinants of The Japanese Shipping Industry

Debt Policy, Efficiency Ratio, Profitability, and Systematic Risk: Evidence From Indonesia

“…Arora et al (2019) exhibit a negative and positive relationship between asset turnover and this risk when the pooling data and fixed effect regression model are utilized, respectively. Furthermore, Riaz et al (2019) and Nugraha and Firdaus (2021) demonstrate a negative association between net asset turnover and this risk. Meanwhile, Jaafar et al (2020) cannot prove anything.…”

“…With the polling data regression model, Arora et al (2019) exhibit that financial leverage is positively associated with this systematic risk but meaningless evidence when the fixed effect model is employed. Besides, Parthasarathy (2019), Riaz et al (2019), andHa (2020) demonstrate no association between liability policy and this risk.…”

“…The studies attempting to connect debt ratio as the proxy of the liabilities policy with the systematic risk are conducted by researchers employing capital market data from several countries, like the United States (Rowe & Kim, 2010;Saravia et al, 2021); India (Arora et al, 2019;Parthasarathy, 2019;Saji, 2018), Qatar, Dubai, Abu Dhabi, and Kuwait (Mousa et al, 2021); United States, Germany, South Korea, and Egypt (Wagdi & Tarek, 2019), and Japan (Riaz et al, 2019). Unfortunately, the relationship is still mixed.…”

“…The studies attempting to connect the total asset turnover as the proxy of the efficiency ratio with the systematic risk are conducted by researchers employing capital market data from several countries: United States (Rowe & Kim, 2010), India (Arora et al, 2019), Japan (Riaz et al, 2019), Indonesia (Nugraha & Firdaus, 2021), and Malaysia (Jaafar et al, 2020). However, the association is still arguable.…”

“…Equally, the connection between profitability and systematic risk is uncertain based on the scholars using the capital market data from the United States (Rowe & Kim, 2010), Malaysia (Jaafar et al, 2020) India (Arora et al, 2019;Parthasarathy, 2019;Saji, 2018), Indonesia (Tigor et al, 2021), Japan (Riaz et al, 2019), and Vietnam (Ha, 2020). Nevertheless, contradictory results exist.…”