Debt capacity and financial flexibility for organic growth and impact on inorganic capital

  • سال انتشار: 1399
  • محل انتشار: دومین کنفرانس علمی پژوهشی مدیریت و مهندسی صنایع
  • کد COI اختصاصی: CMIECONF02_038
  • زبان مقاله: انگلیسی
  • تعداد مشاهده: 244
دانلود فایل این مقاله

نویسندگان

Majid Pourqader

ICMA Centre, Henley Business School, University of Reading, UK b School of Business

چکیده

High capital intensity and reliance on debt financing are among the most prominent characterMergers and acquisitions istics of the shipping industry. The corporate finance literature has documented that beyond a Shipping industry certain threshold, leverage can hamper a firm’s ability to raise capital, and as a result, have a Financial leverage bearing on its corporate investment policy. The new, more restrictive, financing landscape in the Financial management shipping sector has put the management of capital structure on the spotlight as a key driver of Capital structure investment policy, financial health, and thus, firm success. In this paper, we examine for the first time the link between the financing policy of shipping companies and their corporate investment decisions. We focus on the impact of deviations from target capital structure on mergers and acquisitions (M&A); an increasingly important corporate growth vehicle for shipping companies, with directly measurable outcomes. Deviations from optimal leverage display a strong association with the likelihood to consummate acquisitions, deal size, the financing method as well as the M&A outcome. Higher debt levels are shown to have a negative effect on acquisitiveness and a positive effect on the quality of corporate investment; a pattern with direct policy implications for shipping companies, their management teams, and shareholders.

کلیدواژه ها

tangibility, borrowing, market

مقالات مرتبط جدید

اطلاعات بیشتر در مورد COI

COI مخفف عبارت CIVILICA Object Identifier به معنی شناسه سیویلیکا برای اسناد است. COI کدی است که مطابق محل انتشار، به مقالات کنفرانسها و ژورنالهای داخل کشور به هنگام نمایه سازی بر روی پایگاه استنادی سیویلیکا اختصاص می یابد.

کد COI به مفهوم کد ملی اسناد نمایه شده در سیویلیکا است و کدی یکتا و ثابت است و به همین دلیل همواره قابلیت استناد و پیگیری دارد.