The relationship between technical innovation and financial performance in shipping firms

Andreas A. Kouspos, Photis M. Panayides () and Dimitris Tsouknidis
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Andreas A. Kouspos: Cyprus University of Technology
Photis M. Panayides: Cyprus University of Technology

Maritime Economics & Logistics, 2023, vol. 25, issue 4, No 4, 698-727

Abstract: Abstract This study investigates the relationship between financial performance and technical innovation of 21 listed shipping firms employing a panel data methodology. Using vessel-level and firm-level data over the period 2013 to 2019, we show that vessels’ technical innovation exhibits a positive relationship with firms’ financial performance. We identify three types of technical innovation for listed shipping firms, namely ice-class, eco, and propulsion types, and show that shipping firms operating eco-type ships exhibit higher financial performance on average during the sample period examined. This result has important implications not least on the decision-making of shipping firms to invest in technically innovative ships.

Keywords: Eco-type ships; Financial performance; Listed shipping firms; Technical innovation; Ice class ships (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1057/s41278-022-00251-9

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