1,721,032 research outputs found
Corporate strategies and profitability of maritime logistics firms
No full textThe inherent uncertainty, capital intensity and riskiness of investing in ships and port facilities have led to irregular corporate economic and financial performance for maritime logistics organizations. Although the relative impact of corporate strategy on firm profitability is a topic of considerable scientific and managerial interest, insights into contemporary issues in maritime logistics strategy are still limited. This article provides an exploratory contribution in bridging this gap, by measuring the effects of maritime logistics firm's corporate strategy on overall financial performance. Empirical findings show that investments for growth, focalization on the core business, related diversification and vertical integration have a positive impact on corporate profitability, whereas unrelated diversification does not affect firm's performance and international diversification has a negative effect. The outcomes are consistent with and add to the extant theoretical literature while insightful implications for research and practice are discussed
Logistics service provider - client relationships
No full textThe paper investigates the effects of relationship orientation in the logistics service provider–client interaction. A conceptual model is developed and six research hypotheses are empirically analysed using structural equation modelling. The results indicate that relationship orientation has a positive influence on key organisational capabilities, like organisational learning and innovation, promoting an improvement in supply chain effectiveness and performance. Theoretical, managerial and research implications are discussed.<br/
Distress risk anomaly and misvaluation
No full textThis paper examines the effects of misvaluation on the well-documented negative relation between distress risk and stock returns (distress risk anomaly). Findings indicate that distress risk is negatively related to subsequent stock returns only in the subset of the most overvalued stocks, which is consistent with mispricing explanations provided by prior studies. The distress anomaly disappears after controlling for mispricing effects. Further analysis reveals earnings management to be one possible cause for the overvaluation of highly distressed firms. The results are robust to alternative specifications of distress risk and mispricing measures
Reforming public port authorities through multiple concession agreements: The case of Cyprus
No full textThere has been a continuous restructuring of port systems and governance models that deal with the organization and administration of the ports. The main reasons for such restructurings are related to the need for increased commercialization of ports, the inefficient administrative structure, the inability to operate through the application of modern commercial practices and inefficiency in capital investments and in operation. This paper describes and analyzes contextual issues leading to the initiation of port reforms as well as the implementation process and the envisaged outcomes following the changes in governance structure of the Cyprus Port Authority and the main port in Cyprus, the Port of Limassol. The port consists of a container terminal, a general cargo/multi-purpose/ro-ro terminal, and a passenger terminal all operated by the authority. In addition, the CPA was the main provider of marine services such as pilotage, towage etc. The objective has been to commercialize all terminals and marine operations either through one (single concessionaire) or multiple concession agreements. Reference is made to the underlying reasons and need for port reforms. The model adopted prior to the port reform process is described as well as the transfer of responsibilities to the newly created corporate entities. In addition, reference is made to the outcomes of the reform process and in particular the change in governance structure to a more distinct landlord model, the increased financial returns in the short and long term, the changes in pricing and the legal and regulatory reforms and the efficiency changes envisaged
Maritime logistics firms in turbolent times: the implications of corporate strategies on performance
No full text
Appraisal of shipping investment projects using real options
No full textThis chapter intends to describe the use of real options in shipping providing simple practical examples. Shipping companies operate in a highly volatile market where their investment decisions are of vital importance. The main advantage of real options analysis (ROA) over the discount cash flows (DCF) methods is that it can properly capture the managerial flexibility related to an investment. A question that arises at this point is why investment analysts in the shipping industry should use ROA to assess their investment since real options seem at first sight more complicated than the simpler DCF methods. The chapter explains the real options analysis in a simple way. It also explains the superior position of ROA relative to alternative capital budgeting techniques. The chapter briefly describes the main real options in shipping industry which are the option to expand, the option to defer, the option to abandon, the option to contract, the option to switch, and growth options
The Effect of Institutional Factors on Public-Private Partnership Success in Ports
No full textPort public-private partnerships (PPPs) are considered to be an important emerging mechanism for port development and improvement in port performance especially for developing countries. This paper investigates for the first time the effect of institutional factors in the success of port’s PPPs, declined as attractiveness of the PPP project for private bidders and market competitiveness of the facility. Using a large sample of ports and institutional indicators, i.e. world governance and doing business indicators as key independent variables, the empirical investigation finds that ‘voice and accountability’, ‘regulatory quality’ and ‘ease of doing business’ are important determinants of port PPP success and may ultimately contribute to port development and economic growth. The results are consistent with and add to the theoretical literature whereas practical implications for port authorities, managers and investors are discussed
- …
