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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 저널정보
- 한국해운물류학회 The Asian Journal of Shipping and Logistics The Asian Journal of Shipping and Logistics Vol.34 No.4
- 발행연도
- 2018.1
- 수록면
- 337 - 344 (8page)
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This paper investigates economic policy uncertainty (EPU) which has been neglected in prior literature on the shipping industry. We find that EPU in China plays an important role in determining the leverage decisions of Thailand’s shipping industry. When EPU increases, companies may achieve higher growth and subsequent leverage resulting from opportunities in uncertainty. Contrary to previous literature, the GDPs of Thailand and China exert a smaller influence on leverage than EPU. Further, interest spread in Thailand, though directly affecting the cost of borrowing, has a positive association with leverage decisions. Shipping SMEs may use the spread when deciding to take on greater risk and exploit growth opportunity. Through deeper analysis, we find that the leverage decisions of dry bulk companies are more sensitive to Chinese and Thai macroeconomic factors than those of tanker firms. Our findings call for policymakers to support the increasing bilateral trading, shipping, and financing between Thailand and China.
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참고문헌 (36)
참고문헌 신청
Alexandridis, G / 2018 / A survey of shipping finance research : Setting the future research agenda / Transportation Research Part E: Logistics and Transportation Review 115(3):164~212
ASEAN / External Trade Statistics: Intra- and extra-ASEAN trade
Baker, S. R / 2016 / Measuring economic policy uncertainty / Quarterly Journal of Economics 131(4):1593~1636
Baum, C.F / 2009 / The effects of uncertainty on the leverage of nonfinancial firms / Economic Inquiry 47(2):216~225
Bekaert, G / 1995 / Time-varying world market integration / The Journal of Finance 50(2):403~444
ASEAN / External Trade Statistics: Intra- and extra-ASEAN trade
Baker, S. R / 2016 / Measuring economic policy uncertainty / Quarterly Journal of Economics 131(4):1593~1636
Baum, C.F / 2009 / The effects of uncertainty on the leverage of nonfinancial firms / Economic Inquiry 47(2):216~225
Bekaert, G / 1995 / Time-varying world market integration / The Journal of Finance 50(2):403~444
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