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The corporate governance model of the shipping firms: financial performance implications

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  • Theodore Syriopoulos
  • Michael Tsatsaronis

Abstract

The corporate governance model of the shipping firms is under extensive dynamic adjustment. Core reasons for that include the corporate transformation of the shipping firms from private and family run into publicly listed and multi-shareholder entities and a number of strict stock market listing requirements, related to corporate governance in particular. Despite these profound shifts, relevant empirical research in this field remains thin. This study undertakes an updated empirical investigation to assess the impact of key corporate governance mechanisms on the financial performance of the shipping firms, namely: (1) the presence of managerial executives (CEOs) related to the founding family; (2) the ownership concentration (shares held) by Board of Directors members; and (3) the participation of independent members in the Board of Directors. A carefully selected sample of Greek shipping companies listed on US equity markets is employed as a case study. We conclude that shipping firms follow their own corporate governance model that has idiosyncratic divergences from conventional governance approaches. A comparison between Greek and Scandinavian shipping firms indicates some differing financial performance response to common corporate governance practices.

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  • Theodore Syriopoulos & Michael Tsatsaronis, 2011. "The corporate governance model of the shipping firms: financial performance implications," Maritime Policy & Management, Taylor & Francis Journals, vol. 38(6), pages 585-604, January.
    • Handle: RePEc:taf:marpmg:v:38:y:2011:i:6:p:585-604
    DOI: 10.1080/03088839.2011.615867
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    Citations

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    Cited by:

    1. Alexandridis, George & Kavussanos, Manolis G. & Kim, Chi Y. & Tsouknidis, Dimitris A. & Visvikis, Ilias D., 2018. "A survey of shipping finance research: Setting the future research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 115(C), pages 164-212.
    2. Theodore Syriopoulos & Michael Tsatsaronis, 2012. "Corporate Governance Mechanisms and Financial Performance: CEO Duality in Shipping Firms," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 2(1), pages 1-30, June.
    3. Drobetz, Wolfgang & Ehlert, Sebastian & Schröder, Henning, 2021. "Institutional ownership and firm performance in the global shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 146(C).
    4. 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.
    5. 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.
    6. 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.
    7. Su-Han Woo & Hee-Seok Bang & Sally Martin & Kevin X. Li, 2013. "Evolution of research themes in Maritime Policy & Management—1973--2012," Maritime Policy & Management, Taylor & Francis Journals, vol. 40(3), pages 200-225, May.
    8. 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.
    9. Jane Haider & Zhirong Ou & Stephen Pettit, 2019. "Predicting corporate failure for listed shipping companies," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 21(3), pages 415-438, September.
    10. Isaih Dzingai & Michael Bamidele Fakoya, 2017. "Effect of Corporate Governance Structure on the Financial Performance of Johannesburg Stock Exchange (JSE)-Listed Mining Firms," Sustainability, MDPI, vol. 9(6), pages 1-15, June.
    11. 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.
    12. Ishfaq Gulzar & S. M. Imamul Haque & Tasneem Khan, 2020. "Corporate Governance and Firm Performance in Indian Textile Companies: Evidence from NSE 500," Indian Journal of Corporate Governance, , vol. 13(2), pages 210-226, December.
    13. Andreas A. Kouspos & Photis M. Panayides & Dimitris A. Tsouknidis, 2023. "The relationship between technical innovation and financial performance in shipping firms," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(4), pages 698-727, December.
    14. 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.

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