Shipping design for compliance and the performance contingencies for shipping firms

Increasing number of shipping firms adopt green shipping practices that emphasize environmental management throughout their operations. To balance productivity with the environment, the design of shipping activities in compliance with energy saving and resources conversation is an important part of greening efforts by many shipping firms. This study investigates how the green practices on shipping design for compliance (SDC) adopted by shipping firms is related to their financial and service performance with the role of company policy and procedures and shipper cooperation examined. We find that SDC is beneficial for the financial and service performance of shipping firms. Based on the contingency theory, we argue further that company policy and procedure as well as shipper cooperation differentiates the performance outcomes of shipping firms in their SDC for environmental management. Our empirical findings show a positive relationship of SDC with service performance particularly when their company policy and procedure and shipper cooperation are characterized at high than low levels in the process. However, such strengthening effects are not found for the relationship between SDC and the financial performance of shipping firms.     

Knowledge management enablers in liner shipping

This study empirically identifies crucial knowledge management enablers and examines their impacts on organizational performance using survey data collected from liner shipping firms include shipping companies and agencies. Results indicated that knowledge management enablers such as organizational structure and knowledge management culture are found to have significantly positive effects on the organizational performance aspects of innovativeness, financial performance, and customer service, whereas information technology support is a positive effect on organizational performance aspect of innovativeness. Theoretical and managerial implications of the research findings on knowledge management for liner shipping companies are discussed.     

Concentrated ownership and corporate performance revisited: The case of shipping

This paper addresses the issue of ownership structure and corporate performance. It employs a sample of 107 internationally listed shipping firms (about 60% of the total) and examines their financial data and ownership concentration for the year 2009. Ownership is treated as an endogenous variable and GMM estimation is used incorporating the significant advance provided by Lewbel (1997). Empirical results suggest that concentrated ownership is positively and strongly associated with better firm performance in the shipping industry. Furthermore, this paper offers evidence on ownership concentration and shows that despite the different corporate governance settings, ownership structures are quite similar in shipping.     

The effect of continuous improvement capacity on the relationship between of corporate social performance and business performance in maritime transport in Singapore

Drawing on organisational learning theory, this study argues that shipping firms with high continuous improvement capacities have better success in transforming corporate social performance (CSP) into business performance. Survey data were collected from 223 shipping firms in Singapore and analysed using multi-sampling analysis, hierarchical regression modelling, and simple slope analysis. The results support the study’s argument and show that business performance is maximised when continuous improvement programmes targeted at CSP are carried out at a gradual pace and at regular intervals. This implies that shipping firms should adopt a dynamic, value-driven approach to improving CSP.     

Inter-organizational relationships and knowledge sharing in green supply chains—Moderating by relational benefits and guanxi

This paper presents a new research model to examine the factors influencing the knowledge sharing and implementation in inter-organizational relationships. In this study, we examine how relational risk affects the willingness to share knowledge and how this association is affected by the tangible relational value (relational benefits) and intangible relational value (guanxi). Data are collected from 436 green manufacturing firms that are among the top 1000 Taiwanese manufacturing firms of 2008 listed by Business Weekly. Relational risk is found to be negatively associated with willingness to share knowledge. Our results show that relational benefits and guanxi between partners improve the negative effect of relational risk on knowledge sharing. The findings of the study provide useful insights into how green supply chain members should reinforce their relational benefits and guanxi activities that would improve their value-based relationships, in order to enhance the environmentally knowledge sharing for the green supply chain as a whole.     

Corporate governance,financial management decisions and firm performance: Evidence from the maritime industry

This study investigates the relation between corporate governance with (i) financial management decisions such as earnings management and sub-optimal investment, and (ii) firm performance in maritime firms. The study reveals that important corporate governance measures, such as insider ownership, board size, presence of corporate governance committees, the percentage of directors serving on the boards of other firms and CEO duality, are associated with financial management decisions and firm performance. The associations revealed can potentially assist in mitigating agency problems and improving financial management decisions and performance in maritime firms.     

Logistics services in Taiwanese maritime firms

This paper examines logistics services and strategic dimensions in Taiwanese (Republic of China, ROC) maritime firms. This is done by means of a review of previous studies and personal interviews; data collection has also included a questionnaire survey. A factor analysis and a principal components analysis were conducted in order to assess the degree of importance of a large number of service attributes and a small number of underlying dimensions called strategic dimensions (factors). The results revealed that the most important strategic dimension was value-added service, followed by promotion, equipment and facilities as well as speed and reliability. This research attempted to link the relationship between performance and logistics services. While the average profit rate, sales growth rate and return on assets of implemented logistics firms were higher in degree of importance than for non-implemented logistics firms, the difference was not statistically significant. The approach utilized in this research could be useful for shipping practitioners to improve their performance and to enhance their competitive advantage.     

Functional and territorial jurisdictions: Regulating a globalized shipping industry

Globalization undermines the effectiveness of state-based regulation and implies the need for alternative mechanisms. Regulatory control exercised by international or European institutions provides scope for understanding functionalist rationales when comprehending the construction of ‘ocean space’. This paper contributes to appreciating effective functional forms of regulation by investigating the enforcement practices and control in the international maritime tanker industry. Through a study of shipping we explore the extent that functional regulation has been implemented and how this may inform regulatory formation in other industries/sectors affected by global variables. In general, the study suggests that in the context of the shipping industry functionalism has undergone a metamorphosis in terms of normative underpinning; rather than identifying peace as the basis of non-state regulatory initiative it is triggered by wider populist views regarding political ecology (ecopolitics) and environmental sustainability. ‘Ocean space’ and mobilities are constructed through normative considerations that rely on agencies beyond the nation-state and implementation of regulation through functional variables.     

Marketing performance measurement in hotels,travel agencies and tour operators: a study of current practices

As successful tourism firms invest heavily in marketing to defend or improve their competitive position, they increasingly need to measure their marketing performance. Previous studies related to tourism have largely focused on financial and operational performance, but the marketing perspective has been largely overlooked. Drawing on an in-depth investigation involving 12 hotel chains, 8 travel agencies and 8 tour operators, this study provides an overview of the state-of-the-art marketing performance measurements among some of the leading tourism firms in Italy. Several issues and unanswered questions are also identified.     

Product return and logistics knowledge: Influence on performance of the firm

Survey data on reverse logistics processes from 284 Spanish firms are used to test a structural model that analyzes the importance of returned materials and the creation of logistics knowledge within processes of reverse logistics and their effects on organizational performance. The results show that the cost of reverse logistics and the value of returns were found to be positively related to reverse logistics activities. Further, their proper management and the creation of logistics knowledge that improves organizational performance.     

Product return and logistics knowledge: Influence on performance of the firm

Survey data on reverse logistics processes from 284 Spanish firms are used to test a structural model that analyzes the importance of returned materials and the creation of logistics knowledge within processes of reverse logistics and their effects on organizational performance. The results show that the cost of reverse logistics and the value of returns were found to be positively related to reverse logistics activities. Further, their proper management and the creation of logistics knowledge that improves organizational performance.     

Capital structure decisions of globally-listed shipping companies

Debt capital has traditionally been the most important source of external finance in the shipping industry. The access that shipping companies nowadays have to the capital markets provides them with a broader range of financing instruments. As such, this study investigates the determinants of capital structure decisions using a sample of 115 exchange-listed shipping companies. We test whether listed shipping companies follow a target capital structure, and we analyze their adjustment dynamics after deviations from this target leverage ratio. When compared with industrial firms from the G7 countries, shipping companies exhibit higher leverage ratios and higher financial risk. Standard capital structure variables exert a significant impact on the cross-sectional variation of leverage ratios in the shipping industry. Asset tangibility is positively related to corporate leverage, and its economic impact is more pronounced than in other industries. Profitability, asset risk, and operating leverage are all inversely related to leverage. There is only weak evidence for market-timing behavior of shipping companies. Because demand and supply in the maritime industry are closely related to the macroeconomic environment, leverage behaves counter-cyclically. Using different dynamic panel estimators, we further document that the speed of adjustment after deviations from the target leverage ratio is lower during economic recessions. On average, however, the capital structure adjustment speed in the maritime industry is higher compared with the G7 benchmark sample. These findings indicate that there are substantial costs of deviation from the target leverage ratio due to high expected costs of financial distress. Our results have implications for shipping companies’ risk management activities.     

Governance options for a regional wireless public safety and transportation network

This paper examines several organizational governance options for CapWIN, an in-vehicle multi-jurisdictional communications and information system to be used by law enforcement, transportation, and public safety fleets in the Washington DC national capital region. The paper identifies and describes various organizational governance options for CapWIN, along with their institutional, constitutional, organizational, and financial characteristics and dynamics. An overview examination of various governance options is presented, including models and examples from across the country. From among these options, two structures are suggested as the most promising governance candidates. The research findings focus on the highest-potential candidate, the Interstate Compact Agreement and Organization.     

Co-evolution of the strategic reorientation of port actors: insights from the Port of Rotterdam and the Port of Barcelona

This paper explores changes in the strategic orientation of port authorities and terminal operators towards the hinterland network in the Ports of Rotterdam and Barcelona. Port authorities and terminal operators are economically, institutionally and geographically related organizations. The argument here is that such organizations experience a mutually influential and interactive effect in their strategy over time. The research explores the evolution of the market, institutional and governance forces behind these organizations’ strategic orientation, while acknowledging their interdependence and interrelationship. To that end, it builds a conceptual framework analysing these organizations’ strategies in different points in time. It draws upon firms and port theories to design a co-evolutionary framework, which is later refined with insights gained from an empirical study of the port context.     

Systematic risk behavior in cyclical industries: The case of shipping

This study explores macroeconomic and industry-level effects on corporate systematic risk (or beta) for the international shipping industry. We document the extent to which stock market betas fluctuate over time in this asset-intensive and cyclical industry. Moreover, we analyze the fundamental determinants of systematic risk. We find evidence for high levels of systematic risk in shipping stocks, which match the fundamental risk characteristics of the industry (such as high financial and operating leverage). Shipping firms exhibit distinct industry-specific beta dynamics compared to firms from benchmark sectors or the average firm in the S&P 500 index. Changes in both economic conditions and industry-specific risk factors explain large proportions of beta variation in the cross-section of firms and over time.     

Organizational trust and safety operation behavior in airline pilots: The mediating effects of organizational identification and organizational commitment

As an important issue for the sustainable development of a country, aviation security is important for either the development of aviation enterprises or the stability and orderliness of the whole society. Therefore, the main purpose of this study was to explore the roles of organizational trust, organizational identification, and organizational commitment in safety operation behavior (SOB) for one hundred forty-three airline pilots. Correlation analysis indicated that organizational trust, organizational identification, organizational commitment, and SOB were significantly correlated with each other. Bootstrap analysis showed that airline pilots' organizational identification and organizational commitment mediated the relationship between their organizational trust and SOB in aviation. Implications for research and instructions for how to improve airline pilots’ SOB in aviation are discussed.     

The effects of corporate governance on airline performance: Production and marketing efficiency perspectives

This study explores the relationship between operating performance and corporate governance in 30 airline companies operating in the US. First, this study applies a two-stage Data Envelopment Analysis (DEA) to evaluate the production efficiency and marketing efficiency of the airlines. Our findings indicate that, in general, there is not as much dispersion in the relative productive efficiencies of the airlines as there is in their marketing efficiencies. The low-cost airlines, on average, are more efficient carriers than the full-service ones, but less efficient marketers. Secondly, truncated regression is used to explore whether the characteristics of corporate governance affect airline performance. The results demonstrate that corporate governance influences firm performance significantly. Finally, we address the managerial decision-making matrix and make suggestions to help airline managers improve performance.     

Interfirm resource integration in destination contexts

ABSTRACT

In a co-producing tourism destination context, interdependent firms providing the destination product need to coordinate their relationships to achieve resource integration. We focus on two key dimensions of resource integration: (1) interfirm resource complementarity and (2) adaptation of activity structures. Survey data from tourism firms at Norwegian mountain destinations show that both resource complementarity and adaptation of activity structures are a function of trust, authority-based governance, and interfirm learning. Trust and learning have overall stronger effects on resource integration than authority-based governance, in particular on the development of resource complementarity. Authority-based governance has a significant effect on the adaptation of activity structures and a borderline significant effect on resource complementarity.     

Multilevel modelling of commercial vehicle inter-arrival duration using GPS data

This study uses truck GPS data to study inter-arrival duration, defined as the time between arrivals at a destination of two successive vehicles operated by the same carrier. Destinations were separated into market segments: (1) frequently-visited destinations, (2) regularly-scheduled destinations, and (3) unscheduled destinations, based on visit frequency and regularity. Inter-arrival duration was modelled using multilevel ordered probit and multilevel multinomial logit models. Market segmentation improved modelling results, and multilevel models performed better than single level models. Results showed a wide variation in shipping behavior of commercial establishments and that many firms do not follow consistent shipping schedules.     

Organizational learning,operating costs and airline consolidation policy in the Chinese airline industry

This study investigated and reviewed organizational learning in the Chinese airline industry, which is dominated by state-owned or state-controlled airlines. This empirical research focused on the extensive scale of airline mergers and acquisitions among 12 Chinese airlines for the period of 1996–2014. This research aims to make a contribution towards addressing the general lack of academic reflection on the impact of organizational learning on airline performance during and after the completion of mergers and acquisitions. The empirical findings of this paper suggested that there was, in general, organizational learning experienced by Chinese airlines from their prior operating experience in improving operating costs. However, airline mergers in 2001/02 increased airlines' average operating costs, as most state-owned airlines are notorious for poor cost management. Significantly, the performance improvement among Chinese airlines was found during the post-merger periods in this study, and the increase in Chinese airlines’ operating costs during the post-acquisition periods due to the limited integration of 2010 acquisition compared with the 2001/02 mergers.