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Table 5 Stock return performance of 22 listed 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 Returns Returns
Intercept 0.0616**
(2.516)
0.0444***
(5.170)
lngratio 0.0015***
(3.446)
0.0037***
(2.762)
liquidity 0.0024**
(2.059)
0.0024*
(1.777)
leverage 0.0010***
(3.707)
0.0010***
(7.847)
size −0.0003
(−0.333)
 
efficiency ratio −0.0149
(−1.305)
 
VIX −0.0028***
(−4.782)
− 0.0028***
(−4.847)
Trace Stats 25.6681
(> 0.01)
7.1432
(> 0.10)
R2 0.040 0.035
Industry fixed effect Yes Yes
Year fixed effect 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. At least 3 cointegrating vectors are not rejected. 2 At least 2 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