한국항해항만학회지 (Journal of Navigation and Port Research)

  • 제46권2호
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  • Pages.121-133
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  • 2022
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  • 1598-5725(pISSN)
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  • 2093-8470(eISSN)
한국항해항만학회 (Korean Institute of Navigation and Port Research)
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Analysis of the Maturity Selection on Ship Finance: A Behavioral Finance Perspective

  • Kim, Wu-Seok (Graduate School of National Korea Maritime and Ocean University)
  • 투고 : 2022.02.10
  • 심사 : 2022.04.19
  • 발행 : 2022.04.30
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초록

The purpose of this study was to analyze decision-making regarding ship finance term selection from the behavioral finance perspective and to confirm if the causes and backgrounds of decision-making related to the term selection of ship finance are explicitly explained by behavioral finance theories. Additionally, through a case study, this study infers if decisions are irrational. Narrative and questionnaire responses on the selection of the ship finance period were obtained and analyzed from the behavioral finance perspective. Some shipping companies incur additional losses by choosing inappropriate ship-financing terms. This study applied behavioral finance theories, such as the certainty effect, availability heuristic, and loss aversion, to clearly explain the causes and background of such decision-making. Based on the results, it was found that behavioral finance theories impact ship financing decisions and errors related to behavioral finance can result in irrational decisions. Ship finance managers must be vigilant in preventing behavioral finance errors that can affect the decision-making term of ship finance.

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