Value creation through corporate destruction? Corporate governance in shipping takeovers

Syriopoulos, Theodore; Theotokas, Ioannis

doi:10.1080/03088830701342973

Cited by 30 publications

(14 citation statements)

References 63 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…They report that the average Cumulative Abnormal Returns (CARs) to acquirers and targets, measured over the 11 days around the deal announcement (from day -5 to +5), are 83% and 148%, respectively. 35 Syriopoulos and Theotokas (2007) focus on the tramp sector and examine three bids for acquiring Stelmar Shipping that were carried out during 2004 and find negative (positive) acquirer (target) returns, consistent with the general consensus in the M&A literature. Using various event windows, they document that the average acquirer CAR ranges from -22.4% to 1.58%, while that of the target is between 5.06% and 22.13%.…”

Section: Shipping Mandas: Drivers and Value Creationmentioning

confidence: 52%

“…34 Other studies also focus on shipping M&A motives. Syriopoulos and Theotokas (2007) and Merikas et al (2011) provide evidence in support of the disciplinary motive for takeovers in the shipping industry, and in particular the poor management hypothesis (see Dietrich and Sorensen, 1984). The authors argue that in the case of Stelmar Shippinga tanker shipping company that 31 For a detailed overview of shipping M&As process and motives, see Alexandridis and Singh (2016).…”

Section: Shipping Mandas: Drivers and Value Creationmentioning

confidence: 96%

See 1 more Smart Citation

A survey of shipping finance research: Setting the future research agenda

Alexandridis

Kavussanos

Kim

et al. 2018

Transportation Research Part E: Logistics and Transportation Re

112

View full text Add to dashboard Cite

Financing shipping related investment projects has always been a focal area of debate and research within the international maritime industry since access to funding can determine the competitiveness of a capitalintensive business as well as its success or failure under adverse market conditions. This paper provides, for the first time, a comprehensive and structured survey of all published research in the area of shipping finance and investment. The review spans approximately four decades (1979-2018) of empirical evidence, including 162 studies published in 48 scholarly journals, complemented with select books and book chapters. The study provides a bibliometric analysis and comprehensive synthesis of existing research offering an invaluable source of information for both the academic community and business practice, shaping the future research agenda in shipping finance and investment. JEL Code: G10, G20, G30.

show abstract

Section: Shipping Mandas: Drivers and Value Creationmentioning

confidence: 52%

Section: Shipping Mandas: Drivers and Value Creationmentioning

confidence: 96%

A survey of shipping finance research: Setting the future research agenda

Alexandridis

Kavussanos

Kim

et al. 2018

Transportation Research Part E: Logistics and Transportation Re

112

View full text Add to dashboard Cite

show abstract

“…Globalization and technological advancements led more maritime, shipping & logistics companies rely on capital markets to finance investment opportunities (Syriopoulos and Theotokas, 2007) such as Initial Public Offerings (IPOs) (Grammenos and Papapostolou, 2012). The listed shipping and logistics corporates not only appreciate the goodwill from the quality of corporate governance (CG) system, but also mitigate the inherent uncertainty and volatility of the shipping freight markets (Song and Panayides, 2012).…”

Section: Corporate Governance In Shipping Logistics Industrymentioning

confidence: 99%

Corporate Governance in Shipping Logistics Industry: A Practitioner’s Perspectives

Yuen¹,

Annie²

2018

JBEP

View full text Add to dashboard Cite

Recently, the international liner shipping companies Hanjin bankruptcy incident more fully prove the importance of corporate governance in shipping logistics industry. Good practice of CG implementation not only well monitor and alert the company performance (i.e. profit warning), but also enhance business & management efficiency and competitive advantages. Although corporate governance is vital to achieve the company's best practices, it only has limited numbers of research and literature in related discipline. This study aims to investigate the governance compliance level; the strengths and weaknesses of the industry in terms of governance practices in Hong Kong maritime logistics industry. An in-depth semi-structured interview with five practitioners was conducted to identify the importance and values of CG practices. The study confirmed that the CG practices not only improve her business performance, but also enhance company's sustainable development in different aspects: (1) Rights of Shareholders; (2) Equitable Treatment of Shareholders; (3) Role of Stakeholders; (4) Disclosure and Transparency, and (5) Board Responsibilities. In general, this study arouse the awareness of CG in shipping logistics industry in Hong Kong and Asia; contributes to the both managerial understanding and enrich academic knowledge for further studies of other related fields such as freight forwarding and aviation sector.

show abstract

“…Attainment of economies of scale in general and achievement of sufficient size to gain easier access to capital markets in particular are among the main motivating forces behind mergers and acquisitions (Steiner, 1975). Furthermore, empirical evidence (Syriopoulos and Theotokas, 2007) shows that mergers and acquisitions in the tanker sector have led to increasing shareholder value (the Stelmar case), at least in the short run and this may be an additional motivation for companies to engage in. …”

mentioning

confidence: 97%

The economics of concentration in shipping: Consequences for the VLCC tanker sector

Merikas

Polemis

et al. 2013

Marit Econ Logist

View full text Add to dashboard Cite

A b s t r a c t This article focuses on the issue of market concentration in the VLCC tanker sector and its significance for freight rates during 1993(1)-2010(12). It explores the nature of changes in freight rate volatility along business cycles and finds that freight rate volatility generally increases during both upswings and downswings of the market, but becomes evidently more intense during market upswings. Industrial concentration in the VLCC sector is measured via application of concentration measures that are well founded in the literature. The empirical results obtained reveal a significant increase in market concentration post-1993. Subsequently, the effect of changes in market structure upon the formation and volatility of VLCC spot and time charter freight rates is investigated. We substantiate a positive relationship between spot freight rates and market concentration over the period examined, concluding that expectations regarding the future course of concentration are critical for forecasting the direction of freight rates in the future.

show abstract

Value creation through corporate destruction? Corporate governance in shipping takeovers

Cited by 30 publications

References 63 publications

A survey of shipping finance research: Setting the future research agenda

A survey of shipping finance research: Setting the future research agenda

Corporate Governance in Shipping Logistics Industry: A Practitioner’s Perspectives

The economics of concentration in shipping: Consequences for the VLCC tanker sector

Contact Info

Product

Resources

About