Lex Maritima in a changing world: development and prospect of rules governing carriage of goods by sea

This chapter examines the attempts to unifying law governing carriage of goods by sea and the background to these attempts over the past hundred years or so. It finds that a repetition of the current mode of negotiating static conventions will not unify these rules. Moreover, from historic and legal perspectives, the attempts to unify the international carriage of goods by sea regimes in the past century have remained transitional. The active players have shifted from private entrepreneurs to government delegates. This research probes into the new trade practice for the shipping industry in the twenty-first century and argues that new ‘landscape’ calls for innovative modifications of the conventional approach to unifying carriage of goods by sea rules. This research also forecasts the prospects of the Rotterdam Rules and discusses several countries’ current attitudes, including the UK, the Netherlands, Scandinavian countries and, particularly, the USA

Corporate Governance and Board Effectiveness in Maritime Firms

This paper examines the financial performance effect of three corporate governance mechanisms: (i) founding family CEO, (ii) board ownership, and (iii) board independence. The developed hypotheses are tested using multivariate ordinary least-squares regression on a 3-year sample of 32 publicly traded maritime firms from Norway and Sweden, and compared to the results of the same hypotheses tested on a sample of 96 manufacturing firms. This study concludes that maritime firms with a founding family CEO have better financial performance than maritime firms with a non-founding family CEO. Support was also found for the hypothesis that a high level of board independence enhances profitability in maritime firms. Contrary to agency theory predictions, no significant relation was found between the level of board ownership and firm profitability in maritime firms, although board ownership control was significant in the sample of manufacturing firms. Maritime Economics & Logistics (2003) 5, 40–54. doi:10.1057/palgrave.mel.9100059