Table 3. The relationship between the future earnings of the shipping industry and the shipbuilding industry

E a r n i n g s t + 1 = α 0 + β 1 E a r n i n g s t + ε t
Variables	Shipping industry	Shipbuilding industry
	Coefficient (t-value)	Coefficient (t-value)
Constant	–2,041.7 (-0.644)	406.7 (0.334)
β	0.196 (1.879)*	0.793 (10.072)***
Adj R2	0.038*	0.576***
F-Statistics	3.528	101.442

p <0.10,
p <0.05,
p <0.01.
Earnings, earnings per share; β , earnings persistence coefficients.