## 4 Empirical Analysis
### VARM Analysis Results  
#### 4.4.1 Analysis Results of Airlines  
The VARM analysis results for airlines are shown in Table 6. The coefficient for Delta Air Lines' GSCPI at Lag 1 was \(-1.154591\), with a t-value of \(-1.05712\), indicating that it was not statistically significant. For American Airlines Group, the coefficient for the GSCPI at Lag 1 was \(-0.103567\), with a t-value of \(-0.13812\), which was also not statistically significant. United Airlines Holdings' coefficient for the GSCPI at Lag 1 was \(-1.821662\), with a t-value of \(-1.13967\), showing no statistical significance. Finally, Lufthansa Group's GSCPI coefficient at Lag 1 was \(0.148856\), with a t-value of \(0.40027\), indicating no statistical significance.  
\begin{table}
\begin{tabular}{c c c c c c c c c} \hline \hline \multirow{2}{*}{**Category**} & \multicolumn{8}{c}{**Lag Length**} \\  & **1** & **2** & **3** & **4** & **5** & **6** & **7** & **8** \\ \hline Delta Air Lines & 7.198 & **7.162** & 7.241 & 7.302 & 7.333 & 7.373 & 7.399 & 7.424 \\ American Airlines Group & 6.568 & **6.519** & 6.597 & 6.669 & 6.726 & 6.776 & 6.794 & 6.862 \\ United Airlines Holdings & 8.054 & **8.003** & 8.084 & 8.143 & 8.176 & 8.185 & 8.217 & 8.242 \\ Lufthansa Group & 5.202 & **5.144** & 5.154 & 5.231 & 5.304 & 5.342 & 5.367 & 5.425 \\ United Parcel Service & 9.097 & **9.046** & 9.097 & 9.163 & 9.235 & 9.257 & 9.225 & 9.280 \\ FedEx & 10.179 & **10.118** & 10.139 & 10.219 & 10.292 & 10.223 & 10.252 & 10.192 \\ DSV & 12.953 & **12.915** & 12.989 & 13.006 & 13.059 & 13.033 & 12.926 & 12.961 \\ Energy Transfer & 4.680 & **4.625** & 4.656 & 4.703 & 4.688 & 4.737 & 4.750 & 4.823 \\ Enterprise Products Partners & 5.181 & **5.138** & 5.213 & 5.285 & 5.314 & 5.344 & 5.254 & 5.277 \\ Plains GP Holdings & 5.294 & **5.242** & 5.314 & 5.389 & 5.443 & 5.410 & 5.447 & 5.522 \\ Enbridge & 5.844 & **5.824** & 5.903 & 5.960 & 6.016 & 6.064 & 6.044 & 6.061 \\ Cheniere Energy & 8.078 & **8.071** & 8.077 & 8.083 & 8.157 & 8.213 & 8.184 & 8.257 \\ COSCO Shipping & 4.266 & 4.176 & 4.221 & 4.286 & 4.285 & 4.269 & **4.115** & 4.178 \\ Maersk Group & 4.190 & **4.090** & 4.112 & 4.159 & 4.185 & 4.207 & 4.158 & 4.095 \\ Hapag-Lloyd & 10.913 & **10.898** & 10.920 & 10.958 & 11.031 & 11.074 & 11.014 & 11.058 \\ \hline \hline \end{tabular} Source: Authors’ own compilation. Note: The minimum value of the information criterion for each time series is indicated in bold.  
\end{table}
Table 4: Results of AIC.  
\begin{table}
\begin{tabular}{c c c c} \hline \hline \multirow{2}{*}{**Global Logistics Company**} & \multirow{2}{*}{**Null Hypothesis**} & \multirow{2}{*}{**Trace Statistic**} & **0.05** \\  & & & **Significance Level** & _p_-Value** \\ \hline Delta Air Lines & None & 14.48847 & 15.49471 & 0.0705 \\ American Airlines Group & None & 6.237063 & 15.49471 & 0.6675 \\ United Airlines Holdings & None & 9.660788 & 15.49471 & 0.3077 \\ Lufthansa Group & None & 6.858539 & 15.49471 & 0.5942 \\ United Parcel Service & None & 14.10601 & 15.49471 & 0.0801 \\ FedEx & None & 11.61588 & 15.49471 & 0.1763 \\ DSV & None & 7.791231 & 15.49471 & 0.4880 \\ Energy Transfer & None & 11.48628 & 15.49471 & 0.1833 \\ Enterprise Products Partners & None & 12.12342 & 15.49471 & 0.1511 \\ Plains GP Holdings & None & 8.522949 & 15.49471 & 0.4113 \\ Enbridge & None & 12.65047 & 15.49471 & 0.1283 \\ Cheniere Energy & None & 9.0379943 & 15.49471 & 0.3314 \\ Maersk Group & None & 9.810873 & 15.49471 & 0.2956 \\ Hapag-Lloyd & None & 11.61212 & 15.49471 & 0.1765 \\ \hline \hline \end{tabular} Source: Authors’ own compilation.  
\end{table}
Table 5: Results of [PERSON]’s cointegration test.