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Concentrated ownership and corporate performance revisited: The case of shipping

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  • Tsionas, Mike G.
  • Merikas, Andreas G.
  • Merika, Anna A.

Abstract

This paper addresses the issue of ownership structure and corporate performance. It employs a sample of 107 internationally listed shipping firms (about 60% of the total) and examines their financial data and ownership concentration for the year 2009. Ownership is treated as an endogenous variable and GMM estimation is used incorporating the significant advance provided by Lewbel (1997). Empirical results suggest that concentrated ownership is positively and strongly associated with better firm performance in the shipping industry. Furthermore, this paper offers evidence on ownership concentration and shows that despite the different corporate governance settings, ownership structures are quite similar in shipping.

Suggested Citation

  • Tsionas, Mike G. & Merikas, Andreas G. & Merika, Anna A., 2012. "Concentrated ownership and corporate performance revisited: The case of shipping," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 48(4), pages 843-852.
    • Handle: RePEc:eee:transe:v:48:y:2012:i:4:p:843-852
    DOI: 10.1016/j.tre.2012.01.004
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    4. Drobetz, Wolfgang & Janzen, Malte & Requejo, Ignacio, 2019. "Capital allocation and ownership concentration in the shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 122(C), pages 78-99.
    5. Dominik Boddin & Frank Stähler, 2018. "The Organization of International Trade," CESifo Working Paper Series 7378, CESifo.
    6. Ahrends, Meike & Drobetz, Wolfgang & Nomikos, Nikos K., 2018. "Corporate cash holdings in the shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 112(C), pages 107-124.
    7. Drobetz, Wolfgang & Merikas, Andreas & Merika, Anna & Tsionas, Mike G., 2014. "Corporate social responsibility disclosure: The case of international shipping," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 71(C), pages 18-44.
    8. Anna, Merika & Anna, Triantafyllou & George, Zombanakis, 2019. "Wage and tax competitiveness: The case of Hellenic shipping," Transportation Research Part A: Policy and Practice, Elsevier, vol. 119(C), pages 255-270.
    9. Li-Ting Yeh, 2021. "Integrating corporate image of corporate social responsibility, stock price crash risk and profitability into a dynamic corporate sustainability performance measurement," Annals of Operations Research, Springer, vol. 305(1), pages 325-345, October.
    10. Andrikopoulos, Andreas & Merika, Anna A. & Triantafyllou, Anna & Merikas, Andreas G., 2013. "Internet disclosure and corporate performance: A case study of the international shipping industry," Transportation Research Part A: Policy and Practice, Elsevier, vol. 47(C), pages 141-152.
    11. Mudassar Mushtaq & Sajida Parveen & Muhammad Furqan Ashraf, 2019. "Impact of Corporate Governance on a Firms Financial Performance (The Case of Pakistan)," Global Economics Review, Humanity Only, vol. 4(1), pages 11-21, March.
    12. Andreou, Panayiotis C. & Louca, Christodoulos & Panayides, Photis M., 2014. "Corporate governance, financial management decisions and firm performance: Evidence from the maritime industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 63(C), pages 59-78.
    13. Pouliasis, Panos K. & Papapostolou, Nikos C. & Kyriakou, Ioannis & Visvikis, Ilias D., 2018. "Shipping equity risk behavior and portfolio management," Transportation Research Part A: Policy and Practice, Elsevier, vol. 116(C), pages 178-200.
    14. Merika, Anna & Theodoropoulou, Sotiria & Triantafyllou, Anna & Laios, Alexandros, 2015. "The relationship between business cycles and capital structure choice: The case of the international shipping industry," The Journal of Economic Asymmetries, Elsevier, vol. 12(2), pages 92-99.
    15. Arthur J. Lin & Hai-Yen Chang & Brian Hung, 2022. "Identifying Key Financial, Environmental, Social, Governance (ESG), Bond, and COVID-19 Factors Affecting Global Shipping Companies—A Hybrid Multiple-Criteria Decision-Making Method," Sustainability, MDPI, vol. 14(9), pages 1-29, April.
    16. Kokosalakis, George & Merika, Anna & Triantafyllou, Anna, 2021. "Energy efficiency and emissions control: The response of the second-hand containerships sector," Energy Economics, Elsevier, vol. 100(C).
    17. Drobetz, Wolfgang & Gounopoulos, Dimitrios & Merikas, Andreas & Schröder, Henning, 2013. "Capital structure decisions of globally-listed shipping companies," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 52(C), pages 49-76.
    18. Andrikopoulos, Andreas & Merika, Anna & Merikas, Andreas & Sigalas, Christos, 2021. "Related party transactions and principal-principal conflicts in public companies: Evidence from the maritime shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 145(C).
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