Factors influencing follow-on public offering of shipping companies from investor perspective – a hybrid multiple-criteria decision-making approach
Abstract
The shipping industry transports nearly 80% of the goods worldwide and requires large funding. The shipping industry shifted from debt to equity as the source of funding in the last decade. Because most shipping companies already had their initial public offering before 2013, these companies tend to engage in follow-on equity offerings (FPO). However, the challenge faced by the shipping companies is the lack of knowledge on successful FPO. The purpose of this study is to identify the most influential factors affecting shipping companies’ FPO from the investor perspective. This research applies a hybrid multiple-criteria decision-making model integrating the fuzzy-Delphi method and Decision-Making Trial and Evaluation Laboratory, processing survey responses covering four dimensions and 16 criteria from 33 investment experts. The results show that financial indicator is the primary cause affecting offering condition, technical indicators. An increase in earnings per share would help the financial performance of the shipping companies to appear most attractive to investors.
Keyword : shipping industry, shipping finance, follow-on equity offering (FPO), share capital increase, multiple-criteria decision-making (MCDM), fuzzy DEMATEL
How to Cite
Lin, A. J., Huang, S.-W., Chang, H.-Y., Sheu, J.-B., & Tzeng, G.-H. (2024). Factors influencing follow-on public offering of shipping companies from investor perspective – a hybrid multiple-criteria decision-making approach. Technological and Economic Development of Economy, 30(4), 1087–1119. https://doi.org/10.3846/tede.2024.20644
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Hao, Y., Chou, R. K., Ko, K., & Yang, N. (2018). The 52-week high, momentum, and investor sentiment. International Review of Financial Analysis, 57, 167–183. https://doi.org/10.1016/j.irfa.2018.01.014
Herawati, A., & Angger, S. P. (2018). The influence of fundamental analysis on stock prices: The case of food and beverage industries. European Research Studies Journal, 21(3), 316–326. https://doi.org/10.35808/ersj/1063
Hu, T., & Gong, C. M. (2018). Does reference point matter in the leverage-return relationship? Evidence from the US stock market. Applied Economics, 50(21), 2339–2355. https://doi.org/10.1080/00036846.2017.1394978
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