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Table 3 Financial performance of 34 shipping firms that extended into LNG carrier business

From: Financial performance of shipping firms that increase LNG carriers and the support of eco-innovation

Model ROA ROA ROE ROE ER ER
Intercept − 0.0083
(−0.220)
− 0.0075
(−0.214)
− 0.2400
(− 1.530)
− 0.2320*
(− 1.658)
0.1537***
(5.386)
0.1532***
(5.442)
lngratio 0.0046***
(3.333)
0.0045***
(3.303)
0.0425*
(1.938)
0.0415*
(1.953)
−0.0321***
(− 8.107)
− 0.0321***
(− 8.086)
liquidity −0.0003***
(− 3.774)
−0.0003***
(−4.011)
− 0.0004
(−0.776)
−0.0004
(−0.898)
0.0007***
(3.290)
0.0007***
(3.253)
gasoil 0.0313
(0.972)
0.0336
(1.129)
0.2220
(1.625)
0.2438**
(2.118)
−0.0163
(−0.727)
−0.0176
(−0.769)
lngprice 0.0004
(1.280)
  0.0036***
(3.137)
  −0.0002
(−0.311)
 
Trace Stats
(p-value)
39.3162
(> 0.05)
32.9791
(> 0.10)
45.8272
(> 0.01)
37.1051
(> 0.05)
38.5222
(> 0.05)
28.1941
(> 0.10)
R2 0.014 0.012 0.015 0.013 0.012 0.011
Industry fixed effect Yes Yes Yes Yes Yes Yes
Year fixed effect Yes Yes Yes Yes Yes Yes
  1. Notes: 1 This is obtained using the Johansen cointegration test in Johansen, S. (1991), “Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models,” Econometrica Vol.59, pp.1551–580. The largest trace statistic p-value is probability of falling within the critical region of rejecting the null of cointegration. 2 At least 4 cointegrating vectors are not rejected. 3 ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels respectively. t-values are in parentheses
  2. Source: Authors