Exploring the factors affecting the performance of shipping companies based on a panel data model: A perspective of antitrust exemption and shipping alliances

Globally, some large shipping companies have started large-scale joint ventures to seek future development and cooperation while seizing the opportunities of the times. Meanwhile, shipping alliances have become the main theme of the shipping market. To the best of our knowledge, it is the first that we use panel data models to analyze and explore the impact of the shipping alliance membership and antitrust exemption policies for the shipping industry on the performance of shipping companies. The results show that the shipping alliance membership and antitrust exemption policies have a significant positive effect on the performance improvement of shipping companies in European countries and USA, while there are no significant impacts in other countries. The antitrust exemption policies in the shipping industry have an undeniable effect on promoting the enhancement of the national shipping industry. This study offers relevant suggestions on the advancement of the China's antitrust exemption system.