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dc.contributor.author
Chatzis, Dionysios
en
dc.contributor.author
Ioannidis, Lazaros
en
dc.date.accessioned
2015-03-30T12:49:05Z
dc.date.available
2015-09-27T05:58:33Z
dc.date.issued
2015-03-30
dc.identifier.uri
http://hdl.handle.net/11544/66
dc.rights
Default License
dc.title
Capital structure-pecking order
en
heal.type
masterThesis
heal.secondaryTitle
Theory in shipping industry
en
heal.keyword
Shipping--Management
en
heal.keyword
Shipping--Economic aspects
en
heal.keyword
Shipping--Finance
en
heal.keyword
Dissertations, Academic
en
heal.language
en
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.publicationDate
2011-10
heal.bibliographicCitation
Chatzis Dionysios and Ioannidis Lazaros, 2011, Capital structure-pecking order : theory in shipping industry, Master's Dissertation, International Hellenic University
en
heal.abstract
The objective of this paper is to examine the appliance of the pecking order theory in the capital structure of the shipping firms that are listed in US, for the period 2000-2010. The investigation has been performed using pooled cross-sectional data procedure and the hypothesis tested is that the net debt issued at year t depends upon the dividends paid at year t, the capital expenditures at year t, the change in working capital within the year t, and the operating cash flow at year t. All the variables are scaled by total assets. This model has been applied in order to estimate the effect of each dependent variable in leverage. The empirical results of our research provide evidence that the modified pecking order theory, as suggested by Chirinko and Singha (2000), actually guides the capital structure of our sample, regarding the period 2000-2010. However, for the year 2008 and after, when the financial crisis has boomed, it is found no such evidence. The categorization of the companies between Greek and Non-Greek, leads to the conclusion that the former are more consistent to applying a relaxed mode of the pecking order theory in their capital structure than the latter. All of the results are in accordance with the theoretical background presented in the following sections.
en
heal.tableOfContents
Abstract ................................................................................................................................ 2 Acknowledgements .......................................................................................................... 2 Table of Contents ............................................................................................................... 3 Table of Illustrations........................................................................................................ 4 1. Introduction ............................................................................................................... 5 2. Literature Overview ................................................................................................ 8 2.1 Capital Structure .......................................................................................................... 8 2.2 Modigliani and Miller .............................................................................................. 10 2.3 Neoclassical and Post-Keynesian Theory ......................................................... 11 2.4 Kinds of Theory.......................................................................................................... 12 2.5 Trade-Off Theory ....................................................................................................... 13 2.6 Signaling Hypothesis ................................................................................................ 15 2.7 Pecking Order Theory ............................................................................................. 16 2.7.1 Adverse Selection ............................................................................................................... 18 2.7.2 Agency Cost Theory........................................................................................................... 19 3. Data ............................................................................................................................ 21 3.1 Sample Breakdown Structure .............................................................................. 23 3.2 Total Assets ................................................................................................................. 27 3.3 Dividends Paid ........................................................................................................... 27 3.4 CAPEX ............................................................................................................................ 28 3.5 Change in Working Capital .................................................................................... 29 3.6 Operating Cash Flow ................................................................................................ 30 3.7 Net Debt ........................................................................................................................ 31 4. Methodology ............................................................................................................ 33 5. Empirical Results ................................................................................................... 38 5.1 Regression Results 2000-2010 ............................................................................ 38 5.2 Financial Crisis & Pecking Order Theory ......................................................... 41 5.3 Greek & Non-Greek Shipping Firms ................................................................... 46 6. Conclusion ................................................................................................................ 49 7. References ................................................................................................................ 51 8. Appendices .............................................................................................................. 55
en
heal.advisorName
Syriopoulos, Prof. Theodore C.
en
heal.committeeMemberName
Syriopoulos, Theodore
en
heal.committeeMemberName
Markellos
en
heal.committeeMemberName
Alexakis
en
heal.academicPublisher
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
en
heal.academicPublisherID
ihu
heal.numberOfPages
66
heal.fullTextAvailability
true


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