Dividend payments and dividend smoothing in shipping companies

IF 3.7 3区工程技术 Q2 TRANSPORTATION

Maritime Policy & Management Pub Date : 2023-11-06 DOI:10.1080/03088839.2023.2275135

Andreas Andrikopoulos, Anna Merika, Henry Penikas

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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/

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航运公司的股利支付和股利平滑

摘要本文探讨了397家航运上市公司股利给付政策的模式和因果关系。我们发现，航运业的支付政策与航运公司的财务和治理特征有关，如公司年龄、盈利能力和机构所有权。这些发现证实了标准的公司融资论点，即支付政策的出现是缓解代理冲突和向资本市场参与者发出信号的结果。此外，我们发现赔付政策表现出行业特定的特征，航运市场部门隶属关系是赔付的重要决定因素(即，集装箱船公司表现出更高的赔付)。关键词:支付政策、股息政策、公司融资、公司治理、财务管理感谢IAME 2022会议上的研讨会参与者提出的意见，该会议展示了本文的前一个版本。披露声明作者未报告潜在的利益冲突。https://www.stolt-nielsen.com/investors/dividends/

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来源期刊

Maritime Policy & Management TRANSPORTATION-

CiteScore

8.20

自引率

8.60%

发文量

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.