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

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