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    The determinants of the probability of default of shipping firms
    (2022-01-21) Giannoukakou, Chrysoula; Fouki, Panagiota; Γιαννουκάκου, Χρυσούλα; Φούκη, Παναγιώτα; Athens University of Economics and Business, Department of Accounting and Finance; Kavousanos, Emmanuel G.; Demirakos, Efthymios; Drakos, Konstantinos
    The aim of this study is to investigate the determinants of the probability of default of shipping firms, employing a probit model and its quadratic form in a cross-sectional level, using a sample of 112 internationally listed maritime companies, also employing a Relogit model, using panel data for the period of 2000 till 2020. For the purpose of our analysis and taking into consideration a wide range of independent variables such as financial ratios, industry and macroeconomic ones, we concluded to the independent variables that affect the probability of default. The probit model is followed by the marginal effects and margins. Moreover, a significant part of our study is the creation of different scenarios, conducted with the use of predictive probabilities. Finally, the key findings are in line with prior research, however we point out a changing trend in two liquidity ratios, which come in contrast to the relevant bibliography.