The relative efficiency of shipping companies

被引：63

作者：

Panayides, Photis M. ^{[1
]}

Lambertides, Neophytos ^{[1
]}

Savva, Christos S. ^{[1
]}

机构：

[1] Cyprus Univ Technol, Fac Management & Econ, Dept Commerce Finance & Shipping, CY-3603 Limassol, Cyprus

来源：

TRANSPORTATION RESEARCH PART E-LOGISTICS AND TRANSPORTATION REVIEW | 2011年 / 47卷 / 05期

关键词：

Shipping firms; Relative efficiency; Fundamental analysis; DATA ENVELOPMENT ANALYSIS; STOCHASTIC FRONTIER MODEL; OPERATIONAL EFFICIENCY; BOOK VALUE; DEA; PRODUCTIVITY; PERFORMANCE; VALUATION; EARNINGS; EQUITY;

D O I：

10.1016/j.tre.2011.01.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper contributes to the maritime transport literature by examining the relative efficiency of firms in the three key sectors of the shipping industry, i.e. dry, wet and container shipping. Two relative efficiency models are developed to assess relative market and relative operating performance efficiency. The theoretical framework of fundamental analysis is adopted to derive the inputs and outputs in the efficiency models which are assessed using data envelopment and stochastic frontier analysis. Shipping companies were found to exhibit average market efficiency. Market and operating performance efficiency of maritime firms is not consistent. Tanker companies are more market efficient whereas container shipping firms are found to have high operating performance efficiency but were market inefficient. Dry bulk firms were found to have the lowest ratings of market efficiency. (C) 2011 Elsevier Ltd. All rights reserved.

引用

页码：681 / 694

页数：14

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