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Table 4 Financial performance of 15 shipping firms that originated in 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

0.3844**

(2.248)

0.1453

(1.265)

0.5885**

(2.548)

0.326***

(2.725)

0.0543**

(2.397)

0.0245***

(2.750)

lngratio

−0.5236***

(−3.495)

−0.2423***

(−3.365)

−0.3717*

(−1.995)

− 0.2414**

(−2.258)

−0.0615***

(− 2.758)

− 0.0235**

(− 2.325)

liquidity

0.0250***

(3.742)

0.0280***

(3.835)

0.0042

(1.647)

0.0060**

(2.390)

−0.0014**

(−2.326)

−0.0010**

(− 2.575)

gasoil

0.1834

(1.608)

0.1138

(1.208)

−0.0239

(−0.170)

0.0281

(0.275)

0.0198*

(2.202)

0.0107

(1.503)

lngprice

−0.0032

(−1.458)

 

−0.0062

(−1.560)

 

− 0.0001

(−0.685)

 

Trace Stats

(p-value)

11.3862

(> 0.05)

32.9791

(> 0.05)

25.8671

(> 0.01)

19.6201

(> 0.10)

10.8242

(> 0.05)

29.1211

(> 0.01)

R2

0.742

0.704

0.093

0.090

0.172

0.092

Industry fixed effect

Yes

Yes

Yes

Yes

Yes

Yes

Year fixed effect

Yes

Yes

Yes

Yes

No3

No3

  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 trace statistic p-value is probability of falling within the critical region of rejecting the null of cointegration. At least 3 cointegrating vectors are not rejected. 2 At least 2 cointegrating vectors are not rejected. 3 Due to smaller sample size, the additional fixed effect reduces the R2 significantly. Only the industry fixed effect is imposed here. 4 ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels respectively. t-values are in parentheses
  2. Source: Authors