글로벌 컨테이너 터미널 운영사의 자본구조 결정요인에 관한 연구
A Study on the Determinants of Capital Structure of Global Terminal Operators
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Most of the studies related to the GTO(global container terminal operator) have focused on terminal efficiency and competitiveness. Consequently, this paper aims to study the GTO in terms of financial perspectives by analyzing the capital structure decision. To study the capital structure, the sample consists of 7 GTO using financial statements from 2007 to 2019. The results show that the factors of tangibility, growth are positively related to the leverage and the size, however, indicates the significant negative relationship with the leverage, which means that the capital structure of GTO supports the pecking order theory. As for the capital structure model including supply-demand factors of shipping industry, the seaborne trade volume and the world fleet indicate the non-significant relationship with the leverage. In addition, the speed of adjustment is relatively low in comparison with previous studies. These results are conducive to filling the literature gap and have implications for capital structure decisions of GTO.
Abstract
Most of the studies related to the GTO(global container terminal operator) have focused on terminal efficiency and competitiveness. Consequently, this paper aims to study the GTO in terms of financial perspectives by analyzing the capital structure decision. To study the capital structure, the sample consists of 7 GTO using financial statements from 2007 to 2019. The results show that the factors of tangibility, growth are positively related to the leverage and the size, however, indicates the significant negative relationship with the leverage, which means that the capital structure of GTO supports the pecking order theory. As for the capital structure model including supply-demand factors of shipping industry, the seaborne trade volume and the world fleet indicate the non-significant relationship with the leverage. In addition, the speed of adjustment is relatively low in comparison with previous studies. These results are conducive to filling the literature gap and have implications for capital structure decisions of GTO.
참고문헌 (45)
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