Araştırma Makalesi
BibTex RIS Kaynak Göster

Denizcilik Sektöründe Sermaye Yapısı Teorilerinin Geçerliliğinin Test Edilmesi: ABD Borsaları Üzerine Bir Uygulama

Yıl 2024, Cilt: 32 Sayı: 60, 159 - 179, 28.04.2024

Berk Yıldız

https://doi.org/10.17233/sosyoekonomi.2024.02.08

Öz

Bu çalışmada, IMO’nun regülasyonlarının ve yeni girişimlerinin etkisine ve sermaye yapısı teorilerinin geçerliliğine odaklanarak, ABD’de listelenen 29 denizcilik şirketinin sermaye yapısı kararlarını etkileyen finansal faktörleri incelenmektir. Elde edilen sonuçlar, sabit varlık oranının aksine, karlılık ve işletme büyüklüğü faktörlerinin ABD borsalarında işlem gören denizcilik şirketlerinin sermaye yapıları üzerinde negatif bir etkiye sahip olduğunu göstermektedir. Ayrıca, denizcilik şirketlerinin sermaye yapısı kararlarının finansman hiyerarşisi teorisi ile uyumlu olduğu da teyit edilmiştir.

Anahtar Kelimeler

Sermaye Yapısı Denizcilik Sektörü Panel Veri Finansman Hiyerarşisi Teorisi ABD Borsaları

Kaynakça

  • Aarland, A. & A. Fidjeland (2018), “Capital Structure Decisions, Speed of Adjustment and Firm Performance of Listed Shipping Companies: New Empirical Evidence”, Masters’ Thesis, NTNU Trondheim Business School.
  • Albertijn, S. et al. (2011), “Financing Shipping Companies and Shipping Operations: A Risk-Management Perspective”, The Journal of Applied Corporate Finance, 23(4), 70-82.
  • Alexandridis, G. et al. (2018), “A Survey of Shipping Finance Research: Setting the Future Research Agenda”, Transportation Research Part E: Logistics and Transportation Review, 115, 164-212.
  • Arvenitis, S.H. et al. (2012), “Dynamic Approach of Capital Structure of European Shipping Companies”, International Journal of Economic Sciences and Applied Research, 5(3), 33-63.
  • Baker, M. & J. Wurgler (2002), “Market Timing and Capital Structure”, The Journal of Finance, 57(1), 1-32.
  • Baltagi, B.H. (2009), Econometric Analysis of Panel Data, Chichester, England: John Wiley & Sons.
  • Baxter, N.D. (1967), “Leverage, Risk of Ruin and the Cost of Capital”, The Journal of Finance, 22(3), 395-403.
  • Berger, A.N. & E.B. di Patti, (2006), “Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and An Application to the Banking Industry”, Journal of Banking & Finance, 30(4), 1065-1102.
  • Berk, J.B. et al. (2010), “Human Capital, Bankruptcy, and Capital Structure”, The Journal of Finance, 65(3), 891-926.
  • Booth, L. et al. (2001), “Capital Structures in Developing Countries”, The Journal of Finance, 56(1), 87-130.
  • Bradley, M. et al. (1984), “On the Existence of an Optimal Capital Structure: Theory and Evidence”, The Journal of Finance, 39(3), 857-878.
  • Cantero-Sáiz, M. et al. (2019), “Financial Crisis and Determinants of the Capital Structure of Spanish Maritime Transport Firms”, Journal of Maritime Research, XVI(II), 78-86.
  • Chen, L. & X.S.W. Zhao (2006), “On the Relation between the Market-to-Book Ratio, Growth Opportunity, and Leverage Ratio”, Finance Research Letters, 3(4), 253-266.
  • Chen, Y. et al. (2021), “Determinants of Leverage in Emerging Markets: Empirical Evidence”, International Journal of Economics and Financial Issues, 11(2), 40-46.
  • Dang, H.N. et al. (2019), “Study the Impact of Growth, Firm Size, Capital Structure, and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam”, The Journal of Corporate Accounting & Finance, 30(1), 144-160.
  • De Jong, A. et al. (2008), “Capital Structure around the World: The Roles of Firm- and Country-Specific Determinants”, Journal of Banking & Finance, 32(9), 1954-1969.
  • DeAngelo, H. & R.W. Masulis (1980), “Optimal Capital Structure under Corporate and Personal Taxation”, Journal of Financial Economics, 8(1), 3-29.
  • Dinlersoz, E. et al. (2019), “Leverage over the Life Cycle, Firm Growth and Aggregate Fluctuations”, Working Paper, 25226, National Bureau of Economic Research, Cambridge.
  • Drobetz, W. & G. Wanzenried (2006), “What Determines the Speed of Adjustment to the Target Capital Structure?”, Applied Financial Economics, 16(13), 941-958.
  • Drobetz, W. et al. (2013), “Capital Structure Decisions of Globally - Listed Shipping Companies”, Transportation Research Part E, 52, 49-76.
  • Easterbrook, F.H. (1984), “Two Agency-Cost Explanations of Dividends”, The American Economic Review, 74(4), 650-659.
  • Eriotis, N. et al. (2007), “How Firm Characteristics Affect Capital Structure: An Empirical Study”, Managerial Finance, 33(5), 321-331.
  • Fama, E.F. & K.R. French (2002), “Testing Trade-Off and Pecking Order Predictions about Dividends and Debt”, The Review of Financial Studies, 15(1), 1-33.
  • Ferri, M.G. & W.H. Jones (1979), “Determinants of Financial Structure: A New Methodological Approach”, The Journal of Finance, 34(3), 631-644.
  • Frank, M.Z. & V.K. Goyal (2009), “Capital Structure Decisions: Which Factors Are Reliably Important?”, Financial Management, 38(1), 1-37.
  • Güner, A. (2016), “The Determinants of Capital Structure Decisions: New Evidence from Turkish Companies”, Procedia Economics and Finance, 38, 84-89.
  • Hall, G.C. et al. (2004), “Determinants of the Capital Structures of European SMEs”, Journal of Business Finance & Accounting, 31(5-6), 711-728.
  • Hapag-Lloyd (2021), Annual Report, <https://www.hapaglloyd.com/content/dam/website/downloads/ir/HLAG_Annual_Report_FY2021.pdf>, 05.01.2024.
  • Harris, C. & S. Roark (2019), “Cash Flow Risk and Capital Structure Decisions”, Finance Research Letters, 29, 393-397.
  • Harris, M. & A. Raviv (1991), “The Theory of Capital Structure”, The Journal of Finance, 46(1), 297-355.
  • Hovakimian, A. et al. (2012), “Are Corporate Default Probabilities Consistent with the Static Trade-Off Theory?”, The Review of Financial Studies, 25(2), 315-340.
  • Huang, G. & F.M. Song (2006), “The Determinants of Capital Structure: Evidence from China”, China Economic Review, 17(1), 14-36.
  • Ibhagui, O.W. & F.O. Olokoyo (2018), “Leverage and Firm Performance: New Evidence on the Role of Firm Size”, North American Journal of Economics and Finance, 45, 57-82.
  • Im, K.S. et al. (2003), “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, 115(1), 53-74.
  • International Chamber of Shipping (2022), <https://www.ics-shipping.org/shipping-fact/shipping-and-world-trade-global-supply-and-demand-for-seafarers/>, 29.11.2022.
  • Jensen, M.C. & R.W.H. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3(4), 305-360.
  • Jensen, M.C. (1986), “Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, 76(2), 323-329.
  • Kayo, E.K. & H. Kimura (2011), “Hierarchical Determinants of Capital Structure”, Journal of Banking & Finances, 35(2), 358-371.
  • Kim, H. et al. (2006), “Dynamics of Capital Structure: The Case of Korean Listed Manufacturing Companies”, Asian Economic Journal, 20(3), 275-302.
  • Kotcharin, S. & S. Maneenop (2017), “Understanding the Capital Structure of Thai Companies in the Shipping Sector”, Working Paper, 2001-6, Thammasat Business School, Thammasat University, Bangkok, Thailand.
  • Kraus, A. & R.H. Litzenberger (1973), “A State-Preference Model of Optimal Financial Leverage”, The Journal of Finance, 28(4), 911-922.
  • Lemmon, M.L. & J.F. Zender (2010), “Debt Capacity and Tests of Capital Structure Theories”, The Journal of Financial and Quantitative Analysis, 45(5), 1161-1187.
  • Levin, A. et al. (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, 108(1), 1-24.
  • Lykseth, B.S. (2022), “Capital Structure Choices in the Shipping Industry An Analysis of Bulk, LNG, Container Shipping Firms”, Masters’ Thesis, Copenhagen Business School.
  • Majid, N.H.S. & I. Gandakusuma (2023), “How Maritime Connectivity and Crude Oil Price Determine Capital Structure of Maritime Industry in Indonesia”, Proceedings of the 7th Global Conference on Business, Management, and Entrepreneurship (GCBME 2022), <https://www.atlantis-press.com/proceedings/gcbme-22/125991972>, 16.12.2023.
  • Maksimovic, V. (1988), “Capital Structure in Repeated Oligopolies”, The Rand Journal of Economics, 19(3), 389-407.
  • Menon Economics and DNV Publication (2022), The Leading Maritime Cities of the World, <https://www.menon.no/wp-content/uploads/Maritime-cities-2022_13-oppdatert.pdf>, 11.09.2022.
  • Merika, A. et al. (2015), “The Relationship between Business Cycles and Capital Structure Choice: The Case of the International Shipping Industry”, The Journal of Economic Asymmetries, 12, 92-99.
  • Minton, B.A. & K.H. Wruck (2001), “Financial Conservatism: Evidence on Capital Structure from Low Leverage Firms”, Working Paper, 2001-6, Fisher College of Business, Columbus, Ohio.
  • Modigliani, F. & M.H. Miller (1958), “The Cost of Capital, Corporation Finance and The Theory of Investment”, The American Economic Review, 48(3), 261-297.
  • Modigliani, F. & M.H. Miller (1963), “Corporate Income Taxes and the Cost of Capital: A Correction”, The American Economic Review, 53(3), 433-443.
  • Moradi, A. & E. Paulet (2019), “The Firm-Specific Determinants of Capital Structure - An Empirical Analysis of Firms Before and During the Euro Crisis”, Research in International Business and Finance, 47, 150-161.
  • Myers, S.C. & N.S. Majluf (1984), “Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have”, Journal of Financial Economics, 13(2), 187-221.
  • Myers, S.C. (1977), “Determinants of Corporate Borrowing”, Journal of Financial Economics, 5(2), 147-175.
  • Myers, S.C. (1984), “Capital Structure Puzzle”, The Journal of Finance, 39(3), 575-592.
  • Myers, S.C. (2001), “Capital Structure”, The Journal of Economic Perspectives, 15(2), 81-102.
  • Nelson, C.R. & C.R. Plosser (1982), “Trends and Random Walks in Macroeconomic Time Series: Some Evidence and Implications”, Journal of Monetary Economics, 10(2), 139-162.
  • Nenu, E.A. et al. (2018), “The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies”, International Journal of Financial Studies, 6(2), 1-29.
  • Ozkan, A. (2001), “Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data”, Journal of Business Finance & Accounting, 28(1-2), 175-198.
  • Paun, C. & M.V. Topan (2016), “Capital Structure in the Global Shipping Industry”, Panoeconomicus, 63(3), 359-384.
  • Pesaran, M. & T. Yamagata (2008), “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M.H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, IZA Discussion Paper, 1240, The Institute for the Study of Labor Discussion Paper Series.
  • Rajagopal, S. (2010), “The Portability of Capital Structure Theory: Do Traditional Models Fit in An Emerging Economy?”, Journal of Finance and Accountancy, 5, 1-17.
  • Rajan, R.G. & L. Zingales (1995), “What Do We Know about Capital Structure? Some Evidence from International Data”, The Journal of Finance, 50(5), 1421-1460.
  • Ramli, N.A. et al. (2019), “Determinants of Capital Structure and Firm Financial Performance-A PLS-SEM Approach: Evidence from Malaysia and Indonesia”, The Quarterly Review of Economics and Finance, 71, 148-160.
  • Ross, S.A. (1977), “The Determination of Financial Structure: The Incentive Signaling Approach”, The Bell Journal of Economics, 8(1), 23-40.
  • Sari, I.A.G.D.M. & I.B.P. Sedana (2020), “Profitability and Liquidity on Firm Value and Capital Structure as Intervening Variable”, International Research Journal of Management, IT and Social Sciences, 7(1), 116-127.
  • Scott, J.H. Jr. (1976), “A Theory of Optimal Capital Structure”, The Bell Journal of Economics, 7(1), 33-54.
  • Syriopoulos, T. & M. Tsatsaronis (2012), “Corporate Governance Mechanisms and Financial Performance: CEO Duality in Shipping Firms”, Eurasian Business Review, 2(1), 1-30.
  • Syriopoulos, T. (2010), “Shipping Finance and International Capital Markets”, in: C. Grammenos (ed.), The Handbook of Maritime Economics and Business (1-37), Lloyd’s List London: British Library Cataloguing in Publication Data.
  • Syriopoulos, T. et al. (2018), “Capital Structure Determinants According to Risk Periods in Shipping Companies”, International Conference on Business & Economics of the Hellenic Open University, <http://hdl.handle.net/11610/21042>, 17.12.2023.
  • Titman, S. & R. Wessels (1988), “The Determinants of Capital Structure Choice”, The Journal of Finance, 43(1), 1-19.
  • Tugcu, C.T. (2018), “Panel Data Analysis in the Energy-Growth Nexus (EGN)”, in: A.N. Menegaki (ed.), The Economics and Econometrics of the Energy-Growth Nexus (255-271), New York: Elsevier.
  • UNCTAD (2021), Review of Maritime Transport 2021, <https://unctad.org/system/files/official-document/rmt2021_en_0.pdf>, 29.12.2022.
  • UNCTAD (2022) United Nations Conference on Trade and Development, <https://unctad.org/news/global-trade-hits-record-77-trillion-first-quarter-2022>, 29.12.2022.
  • Wooldridge, J.M. (2002), Econometric Analysis of Cross Section and Panel Data, London: The MIT Press.
  • Yang, H. et al. (2022), “A Comparative Study of the Determinants of Capital Structure in Shipping Companies: The Case of Korea and Greece”, Maritime Policy & Management, 49(4), 528-539.
  • Yeo, H. (2016), “Solvency and Liquidity in Shipping Companies”, The Asian Journal of Shipping and Logistics, 32(4), 235-241.
  • Yıldırım, D. & A.K. Çelik (2020), “Testing the Pecking Order Theory of Capital Structure: Evidence from Turkey Using Panel Quantile Regression Approach”, Borsa Istanbul Review, 21(4), 317-331.
  • Yildirim, R. et al. (2018), “Determinants of Capital Structure: Evidence from Shari’ah Compliant and Non-Compliant Firms”, Pacific-Basin Finance Journal, 51, 198-219.

Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets

Yıl 2024, Cilt: 32 Sayı: 60, 159 - 179, 28.04.2024

Berk Yıldız

https://doi.org/10.17233/sosyoekonomi.2024.02.08

Öz

This paper analyses the financial factors that affect the capital structure decisions of 29 shipping companies in the U.S. equity markets. The study focuses on the impact of International Maritime Organization (IMO) regulations and new initiatives. The results show that leverage has a negative impact on profitability and size, in contrast to tangibility. It is also confirmed that the decisions of shipping companies regarding capital structure align with the pecking order theory of capital structure.

Anahtar Kelimeler

Capital Structure Shipping Industry Panel Data Pecking Order Theory U.S. Equity Markets

Kaynakça

  • Aarland, A. & A. Fidjeland (2018), “Capital Structure Decisions, Speed of Adjustment and Firm Performance of Listed Shipping Companies: New Empirical Evidence”, Masters’ Thesis, NTNU Trondheim Business School.
  • Albertijn, S. et al. (2011), “Financing Shipping Companies and Shipping Operations: A Risk-Management Perspective”, The Journal of Applied Corporate Finance, 23(4), 70-82.
  • Alexandridis, G. et al. (2018), “A Survey of Shipping Finance Research: Setting the Future Research Agenda”, Transportation Research Part E: Logistics and Transportation Review, 115, 164-212.
  • Arvenitis, S.H. et al. (2012), “Dynamic Approach of Capital Structure of European Shipping Companies”, International Journal of Economic Sciences and Applied Research, 5(3), 33-63.
  • Baker, M. & J. Wurgler (2002), “Market Timing and Capital Structure”, The Journal of Finance, 57(1), 1-32.
  • Baltagi, B.H. (2009), Econometric Analysis of Panel Data, Chichester, England: John Wiley & Sons.
  • Baxter, N.D. (1967), “Leverage, Risk of Ruin and the Cost of Capital”, The Journal of Finance, 22(3), 395-403.
  • Berger, A.N. & E.B. di Patti, (2006), “Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and An Application to the Banking Industry”, Journal of Banking & Finance, 30(4), 1065-1102.
  • Berk, J.B. et al. (2010), “Human Capital, Bankruptcy, and Capital Structure”, The Journal of Finance, 65(3), 891-926.
  • Booth, L. et al. (2001), “Capital Structures in Developing Countries”, The Journal of Finance, 56(1), 87-130.
  • Bradley, M. et al. (1984), “On the Existence of an Optimal Capital Structure: Theory and Evidence”, The Journal of Finance, 39(3), 857-878.
  • Cantero-Sáiz, M. et al. (2019), “Financial Crisis and Determinants of the Capital Structure of Spanish Maritime Transport Firms”, Journal of Maritime Research, XVI(II), 78-86.
  • Chen, L. & X.S.W. Zhao (2006), “On the Relation between the Market-to-Book Ratio, Growth Opportunity, and Leverage Ratio”, Finance Research Letters, 3(4), 253-266.
  • Chen, Y. et al. (2021), “Determinants of Leverage in Emerging Markets: Empirical Evidence”, International Journal of Economics and Financial Issues, 11(2), 40-46.
  • Dang, H.N. et al. (2019), “Study the Impact of Growth, Firm Size, Capital Structure, and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam”, The Journal of Corporate Accounting & Finance, 30(1), 144-160.
  • De Jong, A. et al. (2008), “Capital Structure around the World: The Roles of Firm- and Country-Specific Determinants”, Journal of Banking & Finance, 32(9), 1954-1969.
  • DeAngelo, H. & R.W. Masulis (1980), “Optimal Capital Structure under Corporate and Personal Taxation”, Journal of Financial Economics, 8(1), 3-29.
  • Dinlersoz, E. et al. (2019), “Leverage over the Life Cycle, Firm Growth and Aggregate Fluctuations”, Working Paper, 25226, National Bureau of Economic Research, Cambridge.
  • Drobetz, W. & G. Wanzenried (2006), “What Determines the Speed of Adjustment to the Target Capital Structure?”, Applied Financial Economics, 16(13), 941-958.
  • Drobetz, W. et al. (2013), “Capital Structure Decisions of Globally - Listed Shipping Companies”, Transportation Research Part E, 52, 49-76.
  • Easterbrook, F.H. (1984), “Two Agency-Cost Explanations of Dividends”, The American Economic Review, 74(4), 650-659.
  • Eriotis, N. et al. (2007), “How Firm Characteristics Affect Capital Structure: An Empirical Study”, Managerial Finance, 33(5), 321-331.
  • Fama, E.F. & K.R. French (2002), “Testing Trade-Off and Pecking Order Predictions about Dividends and Debt”, The Review of Financial Studies, 15(1), 1-33.
  • Ferri, M.G. & W.H. Jones (1979), “Determinants of Financial Structure: A New Methodological Approach”, The Journal of Finance, 34(3), 631-644.
  • Frank, M.Z. & V.K. Goyal (2009), “Capital Structure Decisions: Which Factors Are Reliably Important?”, Financial Management, 38(1), 1-37.
  • Güner, A. (2016), “The Determinants of Capital Structure Decisions: New Evidence from Turkish Companies”, Procedia Economics and Finance, 38, 84-89.
  • Hall, G.C. et al. (2004), “Determinants of the Capital Structures of European SMEs”, Journal of Business Finance & Accounting, 31(5-6), 711-728.
  • Hapag-Lloyd (2021), Annual Report, <https://www.hapaglloyd.com/content/dam/website/downloads/ir/HLAG_Annual_Report_FY2021.pdf>, 05.01.2024.
  • Harris, C. & S. Roark (2019), “Cash Flow Risk and Capital Structure Decisions”, Finance Research Letters, 29, 393-397.
  • Harris, M. & A. Raviv (1991), “The Theory of Capital Structure”, The Journal of Finance, 46(1), 297-355.
  • Hovakimian, A. et al. (2012), “Are Corporate Default Probabilities Consistent with the Static Trade-Off Theory?”, The Review of Financial Studies, 25(2), 315-340.
  • Huang, G. & F.M. Song (2006), “The Determinants of Capital Structure: Evidence from China”, China Economic Review, 17(1), 14-36.
  • Ibhagui, O.W. & F.O. Olokoyo (2018), “Leverage and Firm Performance: New Evidence on the Role of Firm Size”, North American Journal of Economics and Finance, 45, 57-82.
  • Im, K.S. et al. (2003), “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, 115(1), 53-74.
  • International Chamber of Shipping (2022), <https://www.ics-shipping.org/shipping-fact/shipping-and-world-trade-global-supply-and-demand-for-seafarers/>, 29.11.2022.
  • Jensen, M.C. & R.W.H. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3(4), 305-360.
  • Jensen, M.C. (1986), “Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, 76(2), 323-329.
  • Kayo, E.K. & H. Kimura (2011), “Hierarchical Determinants of Capital Structure”, Journal of Banking & Finances, 35(2), 358-371.
  • Kim, H. et al. (2006), “Dynamics of Capital Structure: The Case of Korean Listed Manufacturing Companies”, Asian Economic Journal, 20(3), 275-302.
  • Kotcharin, S. & S. Maneenop (2017), “Understanding the Capital Structure of Thai Companies in the Shipping Sector”, Working Paper, 2001-6, Thammasat Business School, Thammasat University, Bangkok, Thailand.
  • Kraus, A. & R.H. Litzenberger (1973), “A State-Preference Model of Optimal Financial Leverage”, The Journal of Finance, 28(4), 911-922.
  • Lemmon, M.L. & J.F. Zender (2010), “Debt Capacity and Tests of Capital Structure Theories”, The Journal of Financial and Quantitative Analysis, 45(5), 1161-1187.
  • Levin, A. et al. (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, 108(1), 1-24.
  • Lykseth, B.S. (2022), “Capital Structure Choices in the Shipping Industry An Analysis of Bulk, LNG, Container Shipping Firms”, Masters’ Thesis, Copenhagen Business School.
  • Majid, N.H.S. & I. Gandakusuma (2023), “How Maritime Connectivity and Crude Oil Price Determine Capital Structure of Maritime Industry in Indonesia”, Proceedings of the 7th Global Conference on Business, Management, and Entrepreneurship (GCBME 2022), <https://www.atlantis-press.com/proceedings/gcbme-22/125991972>, 16.12.2023.
  • Maksimovic, V. (1988), “Capital Structure in Repeated Oligopolies”, The Rand Journal of Economics, 19(3), 389-407.
  • Menon Economics and DNV Publication (2022), The Leading Maritime Cities of the World, <https://www.menon.no/wp-content/uploads/Maritime-cities-2022_13-oppdatert.pdf>, 11.09.2022.
  • Merika, A. et al. (2015), “The Relationship between Business Cycles and Capital Structure Choice: The Case of the International Shipping Industry”, The Journal of Economic Asymmetries, 12, 92-99.
  • Minton, B.A. & K.H. Wruck (2001), “Financial Conservatism: Evidence on Capital Structure from Low Leverage Firms”, Working Paper, 2001-6, Fisher College of Business, Columbus, Ohio.
  • Modigliani, F. & M.H. Miller (1958), “The Cost of Capital, Corporation Finance and The Theory of Investment”, The American Economic Review, 48(3), 261-297.
  • Modigliani, F. & M.H. Miller (1963), “Corporate Income Taxes and the Cost of Capital: A Correction”, The American Economic Review, 53(3), 433-443.
  • Moradi, A. & E. Paulet (2019), “The Firm-Specific Determinants of Capital Structure - An Empirical Analysis of Firms Before and During the Euro Crisis”, Research in International Business and Finance, 47, 150-161.
  • Myers, S.C. & N.S. Majluf (1984), “Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have”, Journal of Financial Economics, 13(2), 187-221.
  • Myers, S.C. (1977), “Determinants of Corporate Borrowing”, Journal of Financial Economics, 5(2), 147-175.
  • Myers, S.C. (1984), “Capital Structure Puzzle”, The Journal of Finance, 39(3), 575-592.
  • Myers, S.C. (2001), “Capital Structure”, The Journal of Economic Perspectives, 15(2), 81-102.
  • Nelson, C.R. & C.R. Plosser (1982), “Trends and Random Walks in Macroeconomic Time Series: Some Evidence and Implications”, Journal of Monetary Economics, 10(2), 139-162.
  • Nenu, E.A. et al. (2018), “The Impact of Capital Structure on Risk and Firm Performance: Empirical Evidence for the Bucharest Stock Exchange Listed Companies”, International Journal of Financial Studies, 6(2), 1-29.
  • Ozkan, A. (2001), “Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data”, Journal of Business Finance & Accounting, 28(1-2), 175-198.
  • Paun, C. & M.V. Topan (2016), “Capital Structure in the Global Shipping Industry”, Panoeconomicus, 63(3), 359-384.
  • Pesaran, M. & T. Yamagata (2008), “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M.H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, IZA Discussion Paper, 1240, The Institute for the Study of Labor Discussion Paper Series.
  • Rajagopal, S. (2010), “The Portability of Capital Structure Theory: Do Traditional Models Fit in An Emerging Economy?”, Journal of Finance and Accountancy, 5, 1-17.
  • Rajan, R.G. & L. Zingales (1995), “What Do We Know about Capital Structure? Some Evidence from International Data”, The Journal of Finance, 50(5), 1421-1460.
  • Ramli, N.A. et al. (2019), “Determinants of Capital Structure and Firm Financial Performance-A PLS-SEM Approach: Evidence from Malaysia and Indonesia”, The Quarterly Review of Economics and Finance, 71, 148-160.
  • Ross, S.A. (1977), “The Determination of Financial Structure: The Incentive Signaling Approach”, The Bell Journal of Economics, 8(1), 23-40.
  • Sari, I.A.G.D.M. & I.B.P. Sedana (2020), “Profitability and Liquidity on Firm Value and Capital Structure as Intervening Variable”, International Research Journal of Management, IT and Social Sciences, 7(1), 116-127.
  • Scott, J.H. Jr. (1976), “A Theory of Optimal Capital Structure”, The Bell Journal of Economics, 7(1), 33-54.
  • Syriopoulos, T. & M. Tsatsaronis (2012), “Corporate Governance Mechanisms and Financial Performance: CEO Duality in Shipping Firms”, Eurasian Business Review, 2(1), 1-30.
  • Syriopoulos, T. (2010), “Shipping Finance and International Capital Markets”, in: C. Grammenos (ed.), The Handbook of Maritime Economics and Business (1-37), Lloyd’s List London: British Library Cataloguing in Publication Data.
  • Syriopoulos, T. et al. (2018), “Capital Structure Determinants According to Risk Periods in Shipping Companies”, International Conference on Business & Economics of the Hellenic Open University, <http://hdl.handle.net/11610/21042>, 17.12.2023.
  • Titman, S. & R. Wessels (1988), “The Determinants of Capital Structure Choice”, The Journal of Finance, 43(1), 1-19.
  • Tugcu, C.T. (2018), “Panel Data Analysis in the Energy-Growth Nexus (EGN)”, in: A.N. Menegaki (ed.), The Economics and Econometrics of the Energy-Growth Nexus (255-271), New York: Elsevier.
  • UNCTAD (2021), Review of Maritime Transport 2021, <https://unctad.org/system/files/official-document/rmt2021_en_0.pdf>, 29.12.2022.
  • UNCTAD (2022) United Nations Conference on Trade and Development, <https://unctad.org/news/global-trade-hits-record-77-trillion-first-quarter-2022>, 29.12.2022.
  • Wooldridge, J.M. (2002), Econometric Analysis of Cross Section and Panel Data, London: The MIT Press.
  • Yang, H. et al. (2022), “A Comparative Study of the Determinants of Capital Structure in Shipping Companies: The Case of Korea and Greece”, Maritime Policy & Management, 49(4), 528-539.
  • Yeo, H. (2016), “Solvency and Liquidity in Shipping Companies”, The Asian Journal of Shipping and Logistics, 32(4), 235-241.
  • Yıldırım, D. & A.K. Çelik (2020), “Testing the Pecking Order Theory of Capital Structure: Evidence from Turkey Using Panel Quantile Regression Approach”, Borsa Istanbul Review, 21(4), 317-331.
  • Yildirim, R. et al. (2018), “Determinants of Capital Structure: Evidence from Shari’ah Compliant and Non-Compliant Firms”, Pacific-Basin Finance Journal, 51, 198-219.
Toplam 80 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finansal Ekonomi
Bölüm Makaleler
Yazarlar

Berk Yıldız 0000-0002-3367-8753

Erken Görünüm Tarihi 28 Nisan 2024
Yayımlanma Tarihi 28 Nisan 2024
Gönderilme Tarihi 11 Ağustos 2023
Yayımlandığı Sayı Yıl 2024 Cilt: 32 Sayı: 60

Kaynak Göster

APA Yıldız, B. (2024). Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets. Sosyoekonomi, 32(60), 159-179. https://doi.org/10.17233/sosyoekonomi.2024.02.08
AMA Yıldız B. Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets. Sosyoekonomi. Nisan 2024;32(60):159-179. doi:10.17233/sosyoekonomi.2024.02.08
Chicago Yıldız, Berk. “Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets”. Sosyoekonomi 32, sy. 60 (Nisan 2024): 159-79. https://doi.org/10.17233/sosyoekonomi.2024.02.08.
EndNote Yıldız B (01 Nisan 2024) Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets. Sosyoekonomi 32 60 159–179.
IEEE B. Yıldız, “Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets”, Sosyoekonomi, c. 32, sy. 60, ss. 159–179, 2024, doi: 10.17233/sosyoekonomi.2024.02.08.
ISNAD Yıldız, Berk. “Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets”. Sosyoekonomi 32/60 (Nisan 2024), 159-179. https://doi.org/10.17233/sosyoekonomi.2024.02.08.
JAMA Yıldız B. Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets. Sosyoekonomi. 2024;32:159–179.
MLA Yıldız, Berk. “Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets”. Sosyoekonomi, c. 32, sy. 60, 2024, ss. 159-7, doi:10.17233/sosyoekonomi.2024.02.08.
Vancouver Yıldız B. Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets. Sosyoekonomi. 2024;32(60):159-7.
 Kapak Resmi İndir