{"title":"航运公司的股利支付和股利平滑","authors":"Andreas Andrikopoulos, Anna Merika, Henry Penikas","doi":"10.1080/03088839.2023.2275135","DOIUrl":null,"url":null,"abstract":"ABSTRACTWe explore patterns and causal associations in the payout policies of 397 listed shipping companies. We find that payout policy in the shipping industry is associated with financial and governance characteristics of shipping companies, such as corporate age, profitability, and institutional ownership. These findings corroborate standard corporate-finance arguments on the emergence of payout policy as the outcome of mitigating agency conflicts and sending signals to capital market participants. Moreover, we find that the payout policy exhibits industry-specific features with shipping-market segment affiliations being important determinants of payouts (namely, containership companies exhibit higher payouts).KEYWORDS: Payout policydividend policycorporate financecorporate governanceshipping financial management AcknowledgmentsWe are grateful for the comments that were made by seminar participants at the IAME 2022 Conference where a previous version of the paper was presented.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. https://www.stolt-nielsen.com/investors/dividends/","PeriodicalId":18288,"journal":{"name":"Maritime Policy & Management","volume":null,"pages":null},"PeriodicalIF":3.7000,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Dividend payments and dividend smoothing in shipping companies\",\"authors\":\"Andreas Andrikopoulos, Anna Merika, Henry Penikas\",\"doi\":\"10.1080/03088839.2023.2275135\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACTWe explore patterns and causal associations in the payout policies of 397 listed shipping companies. We find that payout policy in the shipping industry is associated with financial and governance characteristics of shipping companies, such as corporate age, profitability, and institutional ownership. These findings corroborate standard corporate-finance arguments on the emergence of payout policy as the outcome of mitigating agency conflicts and sending signals to capital market participants. Moreover, we find that the payout policy exhibits industry-specific features with shipping-market segment affiliations being important determinants of payouts (namely, containership companies exhibit higher payouts).KEYWORDS: Payout policydividend policycorporate financecorporate governanceshipping financial management AcknowledgmentsWe are grateful for the comments that were made by seminar participants at the IAME 2022 Conference where a previous version of the paper was presented.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. https://www.stolt-nielsen.com/investors/dividends/\",\"PeriodicalId\":18288,\"journal\":{\"name\":\"Maritime Policy & Management\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.7000,\"publicationDate\":\"2023-11-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Maritime Policy & Management\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1080/03088839.2023.2275135\",\"RegionNum\":3,\"RegionCategory\":\"工程技术\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"TRANSPORTATION\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Maritime Policy & Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/03088839.2023.2275135","RegionNum":3,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"TRANSPORTATION","Score":null,"Total":0}
Dividend payments and dividend smoothing in shipping companies
ABSTRACTWe explore patterns and causal associations in the payout policies of 397 listed shipping companies. We find that payout policy in the shipping industry is associated with financial and governance characteristics of shipping companies, such as corporate age, profitability, and institutional ownership. These findings corroborate standard corporate-finance arguments on the emergence of payout policy as the outcome of mitigating agency conflicts and sending signals to capital market participants. Moreover, we find that the payout policy exhibits industry-specific features with shipping-market segment affiliations being important determinants of payouts (namely, containership companies exhibit higher payouts).KEYWORDS: Payout policydividend policycorporate financecorporate governanceshipping financial management AcknowledgmentsWe are grateful for the comments that were made by seminar participants at the IAME 2022 Conference where a previous version of the paper was presented.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. https://www.stolt-nielsen.com/investors/dividends/
期刊介绍：
Thirty years ago maritime management decisions were taken on the basis of experience and hunch. Today, the experience is augmented by expert analysis and informed by research findings. Maritime Policy & Management provides the latest findings and analyses, and the opportunity for exchanging views through its Comment Section. A multi-disciplinary and international refereed journal, it brings together papers on the different topics that concern the maritime industry. Emphasis is placed on business, organizational, economic, sociolegal and management topics at port, community, shipping company and shipboard levels. The Journal also provides details of conferences and book reviews.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
