“Capital Structure Determinants According to Risk Periods in Shipping Companies” Βy Theodore SYRIOPOULOS Professor of Finance Department of Shipping, Trade and Transport, School of Business, University of the Aegean, 2A, Korai street, 82100 Chios, Greece Tel: +30.22710.35.200; Fax: +30.22710.35.299; e-mail: tsiriop@aegean.gr Michael TSATSARONIS Ph.D. Candidate in Finance Department of Shipping, Trade and Transport, School of Business, University of the Aegean, 2A, Korai street, 82100 Chios, Greece Tel: +30.22710.35.288; Fax: +30.22710.35.299; e-mail: mtsatsaronis@stt.aegean.gr Hara XYNOU MSc Shipping, Trade and Transport Department of Shipping, Trade and Transport, School of Business, University of the Aegean, 2A, Korai street, 82100 Chios, Greece Tel: +30.22710.35.288; Fax: +30.22710.35.299; e-mail: hara.xynou@gmail.gr Emmanouil VAGIANOS Undergraduate in Shipping, Trade and Transport Department of Shipping, Trade and Transport, School of Business, University of the Aegean, 2A, Korai street, 82100 Chios, Greece Tel: +30.22710.35.288; Fax: +30.22710.35.299; e-mail: stt15011@stt.aegean.gr The study developed in: Laboratory of Applied Economics and Finance (LabAEF) in the Department of Shipping, Trade and Transport, of University of the Aegean. Key words: Capital Structure, Shipping, Financing, Pecking order theory, Trade-off theory, Leverage, Panel Data, Debt, Risk Analysis JEL Classification: G32, G11 Abstract The objective of this paper is to investigate the capital structure determinants for globally listed shipping companies. Debt capital has traditionally been the most important source of external financing in the shipping industry. We find asset structure, firm size, growth opportunities, profitability and risk related to debt to be the most influential on the optimal capital structure choice. Our analysis is based on trade-off and pecking order theories, some researchers, though, also use agency and market timing theories. The model is estimated using a dynamic panel data approach for the period 2006 - 2016 covering periods of high and low risk. Our hypotheses are based on literature and empirical knowledge. This research depicts the most influential ratios and indicators and company’s speed of adjustment demonstrating the importance of capital structure decisions for financial sources.