The Impact of Macroeconomic Variables on the Profitability of Korean Ocean-Going Shipping Companies
1
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
The objective of this study was to establish whether global macroeconomic indicators affect the profitability of Korean shipping companies by using panel regression analysis. OROA (operating return on assets) and ROA (ratio of net profit to assets) were selected as proxy variables for profitability. OROA and ROA were used as dependent variables. The world GDP growth rate, interest rate, exchange rate, stock index, bunker price, freight, demand and supply of the world shipping market were set as independent variables. The size of the firm was added to the control variable. For small-sized firms, OROA was not affect by macroeconomic indicators. However, ROA was affected by variables such as interest rates, bunker prices, and size of firms. For medium-sized firms, OROA was affected by demand, supply, GDP, freight, and asset variables. However, macroeconomic indicators did not affect ROA. For large-sized firms, freight, GDP, and stock index (SCI; Shanghai Composite Index) have an effect on OROA. ROA was analyzed to be influenced by bunker price and SCI.
Abstract
The objective of this study was to establish whether global macroeconomic indicators affect the profitability of Korean shipping companies by using panel regression analysis. OROA (operating return on assets) and ROA (ratio of net profit to assets) were selected as proxy variables for profitability. OROA and ROA were used as dependent variables. The world GDP growth rate, interest rate, exchange rate, stock index, bunker price, freight, demand and supply of the world shipping market were set as independent variables. The size of the firm was added to the control variable. For small-sized firms, OROA was not affect by macroeconomic indicators. However, ROA was affected by variables such as interest rates, bunker prices, and size of firms. For medium-sized firms, OROA was affected by demand, supply, GDP, freight, and asset variables. However, macroeconomic indicators did not affect ROA. For large-sized firms, freight, GDP, and stock index (SCI; Shanghai Composite Index) have an effect on OROA. ROA was analyzed to be influenced by bunker price and SCI.
참고문헌 (15)
- 안영균, "공적분 검정을 통한 해상운송수요의 탄력성 추정", 물류학회지, 27(6), pp.211~219 (2017), 한국물류학회
- Drobetz, W, "Common risk factors in the returns of shipping stocks", Maritime Policy & Management, 37(2), pp.93~120 (2010)
- El-Masry, A. A, "The exposure of shipping firms’ stock returns to financial risks and oil prices: a global perspective", Maritime Policy & Management, 37(5), pp.453~473 (2010)
- Han, C. H, "China Effect in the Tanker Shipping Market", Ocean&Fisheries(Monthly Report), 232, pp.26~35 (2004)
- 김창범, "글로벌 금융위기 이후 국제금융 변수, 중국효과, 해운경기의 동태적 인과성", 해운물류연구, 29(3), pp.575~589 (2013), 한국해운물류학회[DOI]
- 이성윤, "우리나라 해운기업의 운전자본관리와 수익성과의 관계에 관한 실증연구", 한국항해항만학회지, 39(3), pp.261~266 (2015), 한국항해항만학회[DOI]
- Lim, J. K, "China Effect in the Shipping Market", Ocean&Fisheries(Monthly Report), 232, pp.6~7 (2004)
- Lozinskaia, A, "Determinants of the probability of default : the case of the internationally listed shipping corporations", Maritime Policy & Management, 44(7), pp.837~858 (2017)
- Lu, F, "The China factor in recent global commodity price and shipping freight volatilities", China Economic Journal, 2(3), pp.351~377 (2009)
- 모수원, "해운에서의 중국효과", 해운물류연구, 49, pp.1~19 (2006), 한국해운물류학회
- 남현정, "Default Risk and Firm Value of Shipping & Logistics Firms in Korea", The Asian Journal of Shipping and Logistics, 33(2), pp.61~65 (2017), 한국해운물류학회
- Park, H. G, "A Study on the Determinant and the Stabilization Scheme of Liner Freight Rates", Shipping and Studies : Theory and Practice, pp.47~82 (2002)
- Shin, S. S, "China Effect in the Dry Bulk Shipping Market", Ocean&Fisheries(Monthly Report), 232, pp.18~25 (2004)
- 양혁준, "환율변동이 우리나라 외항선사의 수익성에 미치는 영향에 관한 연구", 해운물류연구, 31(2), pp.407~425 (2015), 한국해운물류학회[DOI]
- Yin, H, "Risk perception affecting the performance of shipping companies: the moderating effect of China and Korea", Maritime Policy & Management, 46(3), pp.295~308 (2019)