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The Relative Efficiency Of Maritime Firms: Evidence From Container Lines

Author

Listed:
  • PHOTIS M. PANAYIDES

    (Department of Commerce, Finance and Shipping, Cyprus University of Technology, PO Box 50329, 3603, Lemessos, Cyprus)

  • NEOPHYTOS LAMBERTIDES

    (Department of Commerce, Finance and Shipping, Cyprus University of Technology, PO Box 50329, 3603, Lemessos, Cyprus)

Abstract

It has been stated that the meaning of higher efficiency is equivalent to being more competitive and profitable for enterprise operations. Using insights from fundamental analysis, the purpose of this study is to investigate the relative operational performance and market efficiency of liner shipping firms. The paper applies Data Envelopment Analysis (DEA) to calculate an efficient frontier that corresponds to the optimal relationship between financial data and market value. Stocks at the frontier are optimally priced in the market. Stocks falling behind the frontier are valued less favorably. The models developed incorporate inputs and outputs related to operating performance and market efficiency consistent with the prior financial accounting literature. Our sample consists of 18 major (leading) international liner shipping firms that have been found to exhibit average market efficiency and a high degree of operational performance.

Suggested Citation

  • Photis M. Panayides & Neophytos Lambertides, 2011. "The Relative Efficiency Of Maritime Firms: Evidence From Container Lines," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 56(04), pages 503-522.
    • Handle: RePEc:wsi:serxxx:v:56:y:2011:i:04:n:s0217590811004407
    DOI: 10.1142/S0217590811004407
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    References listed on IDEAS

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    1. Malathy Duraisamy & P. Duraisamy, 1996. "Sex discrimination in Indian labor markets," Feminist Economics, Taylor & Francis Journals, vol. 2(2), pages 41-61.
    2. Joseph Y.S. Cheng, 1977. "Sino-Japanese Relations in Ikeda's Premiership," China Report, , vol. 13(2), pages 44-60, March.
    3. Gemini, 1977. "Peking Revises Economic Policies," China Report, , vol. 13(2), pages 14-18, March.
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    Cited by:

    1. Gong, Xiaoxing & Wu, Xiaofan & Luo, Meifeng, 2019. "Company performance and environmental efficiency: A case study for shipping enterprises," Transport Policy, Elsevier, vol. 82(C), pages 96-106.

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    More about this item

    Keywords

    Efficiency; data envelopment analysis; fundamental analysis; liner shipping; L25; L91;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L91 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Transportation: General

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