this is what ive allways heard...

"The origin of this antiquated tradition has to do with the maritime law of salvaging. If after a collision or other vessel distress the Capt got off ship then anyone could salvage it by putting a line on it, towing it to port and claim much of its cargo as a salvaging fee. However, if he stayed aboard, then the salvage fees could be negotiated at much more favorable terms for the ship owners. Thus, a big incentive for a captain to stay with a floating ship."

Some say it is morale boosting to see your leader in a time of crisis and errr...leading.

Other say that it rarely happens and the Captain will save himself too.


La Costa Concordia 2011.

Well, he didnt "fall" off the ship, he was merely escorting his girlfriend and a few bottles of vino to safety.

He felt responsible for their safety since he crashed the ship showboating like a schoolkid on a bike.

"Hold my wine and watch this!" 

I am not sure when that saying originated at the moment, however the phrase is in relation to the man who exercises responsibility and courage while occupying the top leadership position. The Captain or skipper is in charge and ultimately responsible for all under his charge. The Captain's duty is to account for all those under his charge in time of crisis and must never be seen to shirk his duty to his crew.
The Captain is the highest paid on any ship, and must earn and hold the respect of all his crew, lest there be concerns for the crew's well being which must come first after boat is disabled or unable to continue combat.
As a crewman, I would not serve well under a dandy or coward. Captain's which display cowardly traits are proven to be untrustworthy and unreliable.
For the Captain to go down with the ship is also a matter of honor and insures less chance of divulging state secrets to enemy interrogation.

Commercial Merchant or Pleasure cruise Captains must make sure all passengers are placed before he takes leave of a doomed vessel. 

Despite the legal implications and concept being much older, the notion, as far as I know, is a fairly modern one, dating back no earlier than the mid-19th Century. Specifically, it arose from Victorian era ethics and notions of responsibility. Another one that gained traction around the same time was "women and children first," which was generally attributed to the HMS Birkenhead in 1852 (and later popularized by Rudyard Kipling). However, the concept of "the captain goes down with the ship" has no specific event or law or writing that can be pointed to as its origin. What we do know is that, while the concept had been around for decades, the idiom really gained fame and popularity after the sinking of the RMS Titanic in 1912.