FACTORS INFLUENCING FOLLOW-ON PUBLIC OFFERING OF SHIPPING COMPANIES FROM INVESTOR PERSPECTIVE – A HYBRID MULTIPLE-CRITERIA DECISION-MAKING APPROACH-Reference-Cited by-同舟云学术

FACTORS INFLUENCING FOLLOW-ON PUBLIC OFFERING OF SHIPPING COMPANIES FROM INVESTOR PERSPECTIVE – A HYBRID MULTIPLE-CRITERIA DECISION-MAKING APPROACH

Published:2024-06-05 Issue:4 Volume:30 Page:1087-1119
ISSN:2029-4913
Container-title:Technological and Economic Development of Economy
language:
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Author:

Lin Arthur J.¹,Huang Sun-Weng²,Chang Hai-Yen³,Sheu Jiuh-Biing⁴,Tzeng Gwo-Hshiung Tzeng⁵

Affiliation:

1. Graduate Institute of Business, National Taipei University, New Taipei City, Taiwan

2. Department of Health Care Management, National Taipei University of Nursing and Health Sciences, Taipei 112303, Taiwan

3. Department of Banking and Finance, Chinese Culture University, Taipei, Taiwan

4. College of Management, National Taiwan University, Taipei, Taiwan

5. Graduate Institute of Urban Planning, College of Public Affairs, National Taipei University, Taipei, Taiwan

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.

Publisher

Vilnius Gediminas Technical University

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