•First exhaustive survey of shipping finance and investment research over the last four decades.•Comprehensive bibliometric analysis explores the evolution of shipping finance and investment ...research.•Content analysis provides an overview of different topics, methodologies, research impact and co-authorship patterns.•Survey paves the way for future research by identifying gaps in the extant empirical literature.
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 capital-intensive 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.
This study investigates whether integrated reporting (IR) is achieving its intended purpose by focusing on its usefulness as perceived by sell‐side analysts. The main data come from 23 analysts who ...covered companies participating in the Pilot Programme Business Network of the International Integrated Reporting Council as of 2013. We find that IR has not connected with analysts’ practice of firm assessment. The improvements resulting from the adoption of integrated reporting are not relevant to analysts, as the reports do not provide the information required by analysts in sufficient detail or preferred format.
We investigate how company-level corporate governance practices and country-level legal investor protection jointly affect company performance. We find that in any legal regime there are a few ...specific governance practices that improve performance. Companies with good governance practices operating in stringent legal environments, however, show a valuation discount relative to similar companies operating in flexible legal environments. At the same time, a stronger country-level regime does not reduce the valuation discount of companies with weak governance practices. Our analysis suggests a threshold level of country development above which stringent regulation hurts the performance of well governed companies or has a neutral effect for poorly governed companies.
China's STAR Market, with its registration-based IPO system, blends market-oriented features with growth criteria, making it an ideal research setting to analyze IPO companies' growth manipulation ...and its economic impacts. Using data from 2019 to 2021, our study employs non-parametric methods to reveal significant growth manipulation among STAR Market companies during IPOs. We observe that manipulation intensifies across categorical listing criteria I to V, particularly among higher-valued companies. However, the coinvestment system helps curb manipulation in Pre-IPOs. Notably, lower profitability and industry status amplify the effects of listing criteria and valuation on manipulation. Economic tests confirm that Pre-IPO manipulation hastens listings but results in higher IPO underpricing. Our findings shed light on the repercussions of the registration-based IPO system, vital for refining the STAR Market and extending similar reforms to other segments.
The purpose of the article is to examine the impact of leverage on the market valuation of companies. The article verifies two hypotheses: 1. the degree of leverage is an important factor that ...impacts the market valuation of companies; 2. for companies with a high level of leverage, the impact of this leverage on their valuation is negative, and for companies with a low level of leverage, the impact is positive.The methodology of the study includes a critical literature review and empirical research based on correlation and regression analysis, including univariate and multivariate regression. The analysis covered quarterly data of ten energy companies listed on the Warsaw Stock Exchange. An important component of the research was classifying those companies into several groups, depending on their level of debt ratio in relation to the industry median debt ratio.The results of the research: The literature review did not provide an unequivocal conclusion to the problem. The empirical analysis did not give grounds to reject the first hypothesis; however, the second one was rejected. The research showed positive correlation and regression coefficients between the debt ratio and the price to book value ratio for highly leveraged companies and negative ones for companies with a low level of debt. The results are surprisingly contrary to the expectations based on theoretical premises.
In the case of company takeovers, a comprehensive company valuation is an indispensable prerequisite for determining the actual value of the company. This is particularly important in times of ...increased company takeovers. Classical valuation methods, however, only take into account the financial situation, and other factors are not usually taken into account. The question therefore arises as to how a more comprehensive company valuation can be ensured. Theoretical concepts from business administration form a suitable basis to carry out a more comprehensive, holistic view of the company. This paper develops a comprehensive methodological approach for the valuation of growth companies. Aspects of the company to be evaluated that go beyond the financial aspects are included. Strategy, technology, organization and management skills as well as cooperation with other companies are fundamental components of this valuation approach in addition to the financial situation. A practical company example from the biotechnology sector is used to illustrate the application of the valuation approach.
The purpose of the article is to examine the impact of leverage on the market valuation of companies. The article verifies two hypotheses: 1. the degree of leverage is an important factor that ...impacts the market valuation of companies; 2. for companies with a high level of leverage, the impact of this leverage on their valuation is negative, and for companies with a low level of leverage, the impact is positive. The methodology of the study includes a critical literature review and empirical research based on correlation and regression analysis, including univariate and multivariate regression. The analysis covered quarterly data of ten energy companies listed on the Warsaw Stock Exchange. An important component of the research was classifying those companies into several groups, depending on their level of debt ratio in relation to the industry median debt ratio. The results of the research: The literature review did not provide an unequivocal conclusion to the problem. The empirical analysis did not give grounds to reject the first hypothesis; however, the second one was rejected. The research showed positive correlation and regression coefficients between the debt ratio and the price to book value ratio for highly leveraged companies and negative ones for companies with a low level of debt. The results are surprisingly contrary to the expectations based on theoretical premises.
Relative valuation methods are commonly used for the valuation of companies listed on the public capital markets, e.g. in Poland on the Warsaw Stock Exchange (WSE). The aim of this article is to ...assess the possibilities of justified use of multiples to determine the value of companies. In the empirical part of the article the multiples determined on the basis of data obtained from the WSE and the financial statements of companies were analysed. The study covered 429 non-financial companies listed on the WSE in 2004–2013. Analysing the results of companies in the consecutive years, very large variability of multipliers within industries was observed. At the same time in the consecutive years various sectors scored different positions in the rankings of the value of a specific multiple. It should be emphasized that according to the logic of comparative approach, it is assumed that the parameters (e.g. multiples) in the valuation formulas are characterized by a relatively stable level. The result is that the comparative method should be used with very great care, paying attention to the proper selection of comparable units. It is also important to determinethe legitimacy of the use of certain valuation multiples for companies in different industries. Incautious use of multipliers incompatible with the specifics of the company’s activities, not taking into consideration the form of efficiency of the capital market, may lead to valuation which will differ significantly from the intrinsic value of the company (calculated on the basis of DCF method) and the current market value.
We assess the financial determinants of Canadian oil and gas company stock returns. We find that the return of Canadian energy stock is positively associated with the Canadian stock market return, ...with appreciations of crude oil and natural gas prices, with growth in internal cash flows and proven reserves, and negatively with interest rates. Surprisingly, however, production volume and a weakening of the Canadian dollar against the US dollar have a negative impact. This latter impact is more pronounced for oil producers than for integrated energy companies. Finally, we find that the influence of the exchange rate, the market return and prices of natural gas on Canadian oil and gas stocks changes significantly over the years 1995–1998 and 2000–2002.
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