The present study grasps on a doctoral thesis aiming to analyze the current financial developments in the shipping industry in general and primarily in the Greek owned shipping companies. We examine how these developments have been evaluated by top executives based on market research we have conducted through a structured questionnaire.
Following the current financial situation, financial institutions were forced to impose new borrowing criteria as well as more detailed controls in loans, and have influenced the decision of the shipping companies to adopt corporate governance practices. Corporate governance constitutes an effective tool to deal with the current financial development structure in order for shipping companies to exploit the benefits of international integration of capital markets.
Based on this result, the shipping industry, as a highly capital intensive sector, has adopted the principles of corporate governance, and shipping companies have adjusted their organizational schemes to fulfil the above requirements in the best possible way.
56 shipping companies were included in the factor analysis. The main purpose for the consolidation of the results of the regression methodology used is to analyze the research hypotheses related to effects of corporate governance in the shipping industry.
Key words:Corporate Governance, Corporate Restructuring, Shipping Industry
JEL classification:C10, G30, F30