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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