Purpose This study examines whether maritime companies strategically leverage environmental, social and governance (ESG) performance in liquidity management and capital structure decisions, with particular emphasis on the temporal dynamics of these relationships. It investigates whether ESG engagement produces delayed financial adjustments consistent with a long-term strategic orientation. Design/methodology/approach An unbalanced panel of 94 publicly listed maritime companies (2013–2024) is analyzed using ESG data from the LSEG Refinitiv Workspace. Fixed-effects regressions, time-trend analysis, Seasonal and Trend decomposition using Loess decomposition and Granger causality tests are used to explore contemporaneous and lagged relationships between ESG performance, liquidity and leverage. Findings ESG scores show a significant upward trend, while liquidity and leverage exhibit no systematic patterns. Panel regressions reveal no contemporaneous ESG–finance linkages. Lagged analyses point out weak temporal precedence of ESG for liquidity (two-year horizon) and leverage (one-year horizon), though these associations lack consistent robustness across identification strategies and should not be interpreted as causal improvements in financial performance. ESG thus functions as a slow-moving organizational capability rather than a short-term financial lever. Research limitations/implications Annual ESG data and the limited time horizons constrain causal inference. The focus on consistently reporting firms may reflect disclosure capacity rather than sustainability performance. Future research should extend to longer horizons, alternative identification strategies and cross-country comparisons. Practical implications Managers, investors and creditors should interpret ESG as a signal of long-term resilience and governance quality rather than immediate balance-sheet effects. Longer evaluation horizons are recommended when incorporating ESG into financial decision-making. Social implications Sustained ESG engagement fosters resilience in maritime firms and supports broader societal sustainability goals. Originality/value This study introduces three contributions: a multimethod temporal framework applied to a maritime-specific sample, an industry-focused empirical setting distinct from cross-industry ESG–finance meta-analyses and the dual-speed organizational system framework, which integrates stakeholder, signaling and dynamic capabilities theories to explain temporal decoupling between ESG and financial outcomes.
Purpose This study investigates the impact of financial strategy and corporate resilience on the competitive advantage. In addition, this study examines the impact of financial strategy on corporate resilience. Furthermore, this study identifies how the influence of entrepreneurial marketing moderates the influence of financial strategy and corporate resilience on the competitive advantage. To deepen the theoretical framework, this study also reveals the mediating role of corporate resilience in the relationship between financial strategy and the competitive advantage. Design/methodology/approach The research population is all ports under PT Pelindo. The research sample consists of 174 respondents, who are general managers and commercial section leaders (Echelon I and Echelon II) in ports under PT Pelindo. The research method employs a quantitative approach, utilizing partial least squares structural equation modeling (PLS-SEM) analysis with SmartPLS 4 software. Findings The results of this study indicate that financial strategy has a significant effect on corporate resilience. Additionally, this study finds that financial strategy and corporate resilience have a significant and positive impact on the competitive advantage. This study also examines the moderating role of entrepreneurial marketing. The findings demonstrate that entrepreneurial marketing does not serve as a moderator of the effect of financial strategy and corporate resilience on competitive advantage. This research provides evidence to organizations that financial strategy and corporate resilience are the main foundations for maintaining competitive advantage. Practical implications The results of this study provide practical guidance for company management in making more effective business strategy decisions while strengthening organizational resilience in the face of competitive dynamics. Thus, this study can provide an overview for companies in improving the sustainability of the competitive advantage, especially in companies engaged in the maritime sector. Originality/value This study integrates three key factors (financial strategy, corporate resilience and entrepreneurial marketing) in explaining the achievement of the competitive advantage. Previously, most studies emphasized only one factor separately, while this study examines the relationship between the three in a single empirical model framework. In addition, this study also addresses the inconsistency of previous findings regarding the influence of financial strategy on competitive advantage by presenting a new data-based analysis from the Indonesian port industry (PT Pelindo).
Purpose This paper examines the safety issues related to the use of ammonia as a marine fuel in China, its flammability, toxicity, and its potential management strategies. Design/methodology/approach The study divides risks into three main categories using the failure mode and effects analysis (FMEA) methodology: regulatory enforcement gaps, human operational errors, and technical system failures. The risk priority number (RPN) supports quantitative risk assessment, and incident case reviews and simulation trials yield qualitative insights. Findings There are serious risks from both human error (45% of incidents) and technical malfunctions during ammonia transfers (RPN 378). The study suggests a risk management framework that includes ammonia bunkering regulations unique to China, VR-based training that improves performance by 41%, and triple-redundant safety systems. Research limitations/implications The analysis depends on secondary reports and simulation-based training results and is constrained by the availability of real-time operational data from Chinese ports. For wider generalizability, additional empirical research and expert validations (such as the Delphi technique) are advised. Originality/value This paper uses a contextualized FMEA framework of the application of ammonia in Chinese ports, to combine technical, human-factor, and regulatory risks quantitatively and translate them into a China-driven risk management framework of ammonia bunkering.
PurposeThe study aimed to determine the compliance cost by comparing the net present value (NPV) of two sulphur abatement options, scrubber installation and very low sulphur oil (VLSFO) switching, with the case study of 907 TEUs and 3,000 TEU feeder container vessels while operating on distinct liner shipping routes.Design/methodology/approachThis study adopted quantitative methodology to compare the NPV associated with utilizing VLSFO vs. installing scrubbers to comply with IMO sulphur requirements on two case study feeder vessel scenarios. Besides, sensitivity assessment of the findings was performed under volatile fuel prices, loading factors, freight rates and scrubber costs.FindingsThe study outcome reveals that retrofitting the 907 TEU container vessel with a scrubber is more financially advantageous when the economic lifespan of the vessel is above 9.5 years. In contrast, VLSFO is the most economically viable option for 3,000 TEU vessels in its entire lifespan. Besides, fuel switching is a cost-effective alternative for 907 TEU vessels while the price spread between VLSFO and high sulphur fuel oil is 147 dollars or less.Research limitations/implicationsThis study primarily evaluated shipowners' compliance costs between fuel switching and scrubber installation. Alternative options - such as wind, solar, fuel cells, battery charging and alternative fuels - were excluded due to barriers including limited infrastructure, technological maturity, availability and high retrofitting costs.Practical implicationsThe outcomes will enhance the shipping industry's economic performance and competitiveness, reducing costs and risks and identifying opportunities for increased efficiency, innovation and market differentiation while preparing for future regulatory requirements.Originality/valueThe study's novelty lies in its quantitative assessment of sulphur abatement techniques tailored to feeder container vessels, with a focus on NPV under varied operational and market scenarios. Additionally, it provides actionable insights for ship owners ahead of the Mediterranean Sea emission control area enforcement, emphasizing mixed compliance strategies.
Purpose The aim of this research is to develop a comprehensive, data-driven framework for analyzing and mitigating piracy and armed robbery incidents in high-risk maritime corridors, particularly the Strait of Malacca. The study integrates Bayesian network (BN) analysis with the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) to objectively identify key risk factors, simulate various scenarios and rank effective strategies for reducing piracy incidents. Design/methodology/approach The study employs a combined BN-TOPSIS approach. First, a tree-augmented Bayesian network model is constructed using influential risk factors related to piracy attacks, extracted from historical incident data, to determine probabilistic dependencies. Sensitivity analyses then identify the mutual information values that are used as objective weights for the criteria in the TOPSIS multi-criteria decision-making model. TOPSIS is then applied to systematically evaluate and rank potential intervention strategies under multiple simulated scenarios. Findings The integrated BN-TOPSIS framework effectively identifies critical factors, such as "ship area boarded" and "crew response," as high-impact variables. Among the proposed solutions, ship-level interventions, such as improved crew readiness and physical ship security, are significantly more effective at reducing successful attacks than broader external coordination measures, such as joint patrols. The model confirms that, despite current preventive measures, the probability of successful piracy remains high (approximately 57%), highlighting the urgent need for strategic improvements. Research limitations/implications The model presently focuses on technical and operational factors extracted from incident reports, omitting broader socio-political and economic dimensions influencing piracy risks. Additionally, it is tailored to Southeast Asian maritime conditions and requires customization before applying to other piracy-prone regions. Future work should incorporate macro-level variables and adapt the framework for generalized geographic contexts. Practical implications This integrated BN-TOPSIS framework provides policymakers and maritime security stakeholders with a robust, evidence-based tool for prioritizing anti-piracy measures. The quantitative insights promote the effective allocation of resources toward ship-specific defenses and crew training, enabling faster, data-supported decision-making. Streamlining reporting systems and enhancing joint task forces can complement these core interventions, further strengthening maritime safety and resilience in critical trade routes. Originality/value By combining the probabilistic modeling capabilities of BN with the objective ranking abilities of TOPSIS, the approach overcomes the limitations of each method when used individually. Unlike previous approaches that relied heavily on subjective expert judgment, this framework uses real-world incident data and a quantitative method to provide an unbiased evaluation of risk and strategy. It also enables scenario-based testing to prioritize interventions quantitatively, which is a novel approach in maritime security research.
