Identyfikatory
Warianty tytułu
Języki publikacji
Abstrakty
The global world and individual countries, which are influenced by the economic, financial crises, and pandemics that occur in one way or another, have a major impact on business and its performance. Declining consumption, disrupted settlements, limited or unavailable sources of finance, and other economic and financial reasons may cause business failures. Efficient and rational financial management is crucial for companies to survive and operate successfully under various conditions of the economic cycle, especially in times of crisis. It can be argued that, under modern conditions of market economy, making economically sound decisions about the structure of funding sources is one of the most important tasks for business companies, since the formation of a capital structure establishes the company's ability to maximise its return, manage risks effectively, and operate successfully in a competitive environment to meet the needs of a wide range of stakeholders. The maritime sector is strategically important and economically significant for any country. Companies in this sector make a significant socio-economic contribution across the entire state. When forming the capital structure in the maritime sector companies, certain exceptions are encountered since the operation of these companies requires a large amount of borrowed capital. Increasing the business value of maritime sector companies has a positive meaning nationally and internationally.
Rocznik
Tom
Strony
53--62
Opis fizyczny
Bibliogr. 48 poz., rys., tab.
Twórcy
autor
- Department of Economics, Lithuanian Business University of Applied Sciences, Turgaus st. 21, Klaipėda, Lithuania
autor
- Faculty of Bioeconomy Development, Vytautas Magnus University Agriculture Academy, Studentų st. 11, Akademija, Lithuania
Bibliografia
- Abbas, A., Hashmi, S. H., & Chishti, A. (2016). Dividend policy and capital structure: Testing endogeneity. Available at SSRN 2745726. https://doi.org/10.2139/ssrn.2745726
- Abdullah, H., Tursoy, T. (2021). Capital structure and firm performance: evidence of Germany under IFRS adoption. Review of Managerial Science, 15(2), 379-398. https://doi.org/10.1007/s11846-019-00344-5
- Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438-445. https://doi.org/10.1108/15265940510633505
- Albertijn, S., Bessler, W., & Drobetz, W. (2011). Financing Shipping Companies and Shipping Operations: A Risk‐Management Perspective. Journal of Applied Corporate Finance, 23(4), 70-82. https://doi.org/10.1111/j.1745-6622.2011.00353.x
- Arvanitis, S., Tzigkounaki, I., Stamatopoulos, T. V., & Thalassinos, E. I. (2012). Dynamic approach of capital structure of European shipping companies. International Journal of Economic Sciences and Applied Research, 5(3), 33-63.
- Azhagaiah, R., Gavoury, C. (2011). The impact of capital structure on profitability with special reference to IT industry in India. Managing Global Transitions: International Research Journal, 9(4).
- Bandyopadhyay, A., Barua, N. M. (2016). Factors determining capital structure and corporate performance in India: Studying the business cycle effects. The Quarterly Review of Economics and Finance, 61, 160-172. https://doi.org/10.1016/j.qref.2016.01.004
- Beșliu, I. (2017). Financial strategies of enterprise value management. Revista Economia Contemporană, 2(4), 131-140.
- Florin, C. R. I. S. T. E. A. (2018). Quantification of the operative risk in the cost of capital. Revista Economica, 70(1), 66-84.
- Dalal, G. (2013). Capital Structure Decisions. Journal of Business Management Social Sciences Research (JBM&SSR) ISSN, (2319-5614).
- Dang, N. B., Momtaz, S., Zimmerman, K., Nhung, P. T. H. (2017). Effectiveness of formal institutions in managing marine fisheries for sustainable fisheries development: A case study of a coastal commune in Vietnam. Ocean & Coastal Management, 137, 175-184. https://doi.org/10.1016/j.ocecoaman.2016.12.021
- Daskalakis, N., Balios, D., & Dalla, V. (2017). The behaviour of SMEs' capital structure determinants in different macroeconomic states. Journal of Corporate Finance, 46, 248-260. https://doi.org/10.1016/j.jcorpfin.2017.07.005
- Deari, F., Matsuk, Z., & Lakshina, V. (2019). Leverage and macroeconomic determinants: Evidence from Ukraine. Studies in Business and Economics, 14(2), 5-19. https://doi.org/10.2478/sbe-2019-0021
- Drobetz, W., Gounopoulos, D., Merikas, A., & Schröder, H. (2013). Capital structure decisions of globally-listed shipping companies. Transportation Research Part E: Logistics and Transportation Review, 52, 49-76. https://doi.org/10.1016/j.tre.2012.11.008
- El Bahsh, R., Alattar, A., & Yusuf, A. N. (2018). Firm, industry and country level determinants of capital structure: evidence from Jordan. International Journal of Economics and Financial Issues, 8(2), 175.
- Gan, L., Lv, W., & Chen, Y. (2021). Capital structure adjustment speed over the business cycle. Finance Research Letters, 39, 101574. https://doi.org/10.1016/j.frl.2020.101574
- Graham, J. R., Leary, M.T., & Roberts, M. R. (2015). A century of capital structure: the leveraging of corporate America. Journal of Financial Economics, 118(3), 658-683. https://doi.org/10.1016/j.jfineco.2014.08.005
- Gregg, A., & Nafziger, S. (2019). Capital structure and corporate performance in late Imperial Russia. European Review of Economic History, 23(4), 446-481. https://doi.org/10.1093/ereh/hey020
- Hacini, I., Mohammedi, K., & Dahou, K. (2022). Determinants of the capital structure of small and medium enterprises: Empirical evidence in the public works and hydraulics sector from Algeria. Small Business International Review, 6(1), e408. https://doi.org/10.26784/sbir.v6i1.408
- Hamid, M. A., Abdullah, A., & Kamaruzzaman, N. A. (2015). Capital structure and profitability in family and non-family firms: Malaysian evidence. Procedia Economics and Finance, 31, 44-55. https://doi.org/10.1016/S2212-5671(15)01130-2
- Hamzah, H. H., & Marimuthu, M. (2018). Determinants of capital structure: a conceptual understanding of oil and gas firms in Malaysia. In SHS Web of Conferences (Vol. 56, p. 04001). EDP Sciences. https://doi.org/10.1051/shsconf/20185604001
- Hang, M., Geyer-Klingeberg, J., Rathgeber, A. W., & Stöckl, S. (2018). Measurement matters - A meta-study of the determinants of corporate capital structure. The Quarterly Review of Economics and Finance, 68, 211-225. https://doi.org/10.1016/j.qref.2017.11.011
- Jacobsen, K. I., Lester, S. E., & Halpern, B. S. (2014). A global synthesis of the economic multiplier effects of marine sectors. Marine Policy, 44, 273-278. https://doi.org/10.1016/j.marpol.2013.09.019
- Yang, H., Lee, K., & Lim, S. (2021). A comparative study of the determinants of capital structure in shipping companies: the case of Korea and Greece. Maritime Policy & Management, 1-12. https://doi.org/10.1080/03088839.2021.1898688
- Yeo, H. (2016). Solvency and liquidity in shipping companies. The Asian Journal of Shipping and Logistics, 32(4), 235-241. https://doi.org/10.1016/j.ajsl.2016.12.007
- Kajola, S. O., Olabisi, J., & Fapetu, O. (2019). Corporate governance mechanism and capital structure decision in Nigeria. Izvestiya, (1), 50-68.
- Khaki, A. R., & Akin, A. (2020). Factors affecting the capital structure: New evidence from GCC countries. Journal of International Studies, 13(1). https://doi.org/10.14254/2071-8330.2020/13-1/1
- Koralun-Bereznicka, J. (2013). The relative importance of industry and size effect in corporate capital structure - Empirical evidence from the EU countries. Eurasian Journal of Economics and Finance, 1(2), 1-27.
- Kruk, S. (2021). Impact of capital structure on corporate value - review of literature. Journal of Risk and Financial Management, 14(4), 155. https://doi.org/10.3390/jrfm14040155
- Lartey, P. Y., Jaladi, S. R., & Afriyie, S. O. (2022). Theory of capital structure decision: Overview of the banking industry. Frontiers in Management and Business, 3(1), 167-177. https://doi.org/10.25082/FMB.2022.01.003
- Leon, S. J. (2013). The impact of capital structure on financial performance of the listed manufacturing firms in Sri Lanka. Global Journal of Commerce & Management Perspective, 2(5), 56-62.
- Li, Y., & Singal, M. (2019). Capital structure in the hospitality industry: The role of the asset-light and fee-oriented strategy. Tourism Management, 70, 124-133. https://doi.org/10.1016/j.tourman.2018.08.004
- Lin, W. C., Liu, C. F., & Liang, G. S. (2010). Analysis of debt-paying ability for a shipping industry in Taiwan. African Journal of Business Management, 4(1), 77.
- Merika, A., Theodoropoulou, S., Triantafyllou, A., & Laios, A. (2015). The relationship between business cycles and capital structure choice: The case of the international shipping industry. The Journal of Economic Asymmetries, 12(2), 92-99. https://doi.org/10.1016/j.jeca.2015.04.001
- Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81-102. https://doi.org/10.1257/jep.15.2.81
- Morrissey, K., & O'Donoghue, C. (2013). The role of marine sector in the Irish national economy: An input-output analysis. Marine Policy. https://doi.org/10.1016/j.marpol.2012.05.004
- Muritala, T. A. (2012). An empirical analysis of capital structure on firms' performance in Nigeria. International Journal of Advances in Management and Economics, 1(5), 116-124.
- Mutairi, M. A. (2011). Corporate finance decisions, governance, environmental concerns and performance in emerging markets: The case study of Kuwait. Research online.
- Paun, C., & Topan, V. (2016). Capital structure in the global shipping industry. Panoeconomicus, 63(3), 359-384. https://doi.org/10.2298/PAN1603359P
- Priya, K., Balasundaram, N., & Pratheepan, T. (2015). Impact of capital structure on the firm value: case study of listed manufacturing companies in Sri Lanka. Scholars World-IRMJCR, 3.
- Sahin, O. (2018). Firm specific and macroeconomic determinants of capital structure: Evidence from fragile five countries. Eurasian Journal of Business and Economics, 11(22), 59-81. https://doi.org/10.17015/ejbe.2018.022.03
- San, O. T., & Heng, T. B. (2011). Capital structure and corporate performance of Malaysian construction sector. International Journal of Humanities and Social Science, 1(2), 28-36.
- Sarlija, N., Harc, M. (2016). Capital Structure Determinants of Small and Medium Enterprises in Croatia. Managing Global Transitions, 14(3), 251-266.
- Arvanitis, S., Tzigkounaki, I., Stamatopoulos, T. V., & Thalassinos, E. I. (2012). Dynamic approach of capital structure of European shipping companies. International Journal of Economic Sciences and Applied Research, 5(3), 33-63.
- Tsoy, L., & Heshmati, A. (2017). Impact of financial crises on dynamics of capital structure: Evidence from Korean listed companies. IZA Discussion Paper No. 10554. https://doi.org/10.2139/ssrn.2923637
- Uremadu, S. O., & Onyekachi, O. (2018). The impact of capital structure on corporate performance in Nigeria: A quantitative study of consumer goods sector. Current Investigations in Agriculture and Current Research, 5(4), 697-705. https://doi.org/10.32474/CIACR.2018.05.000217
- Wen, X. (2018). Research on financing methods of China's shipbuilding. Theoretical Economics Letters, 8, 3116-3140. https://doi.org/10.4236/tel.2018.814194
- Zhang, Y., & Shen, X. (2017). Study on financing channels of shipping companies in China. ICTACT Journal on Management Studies, 3(02), 532-537. https://doi.org/10.21917/ijms.2017.0072
Uwagi
Opracowanie rekordu ze środków MNiSW, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2024).
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-93b40153-9eb2-4ed3-b234-d8fe6b86a62a