Impact of rent taxation on Norwegian salmon farming companies

Figures & data

Figure 1. Real price of farmed salmon and unit production cost 1986–2022 (NOK per kilo whole fish equivalent, WFE). Data was collected from The Norwegian Directorate of Fisheries, with interest costs replaced with capital costs calculated as eight percent multiplied by total assets. Prices and costs deflated with the Norwegian consumer price index from Statistics Norway (2022 = 1).

Table 1. Descriptive statistics of the returns of the companies.

Name	Ticker	Treat	N	Min	Median	Mean	SD	Max	Skew	Kurt
Grieg Seafood ASA	GSF.OL	1	131	−0.267	−0.003	−0.003	0.034	0.070	−3.447	25.873
Lerøy Seafood Group ASA	LSG.OL	1	131	−0.275	−0.002	−0.001	0.033	0.106	−3.845	31.886
Mowi ASA	MOWI.OL	1	131	−0.189	−0.001	−0.001	0.024	0.049	−3.560	27.999
SalMar ASA	SALM.OL	1	131	−0.303	−0.008	−0.002	0.036	0.096	−4.155	34.328
Artic Fish Holding AS	AFISH.OL	0	131	−0.092	−0.004	−0.001	0.047	0.253	1.843	7.816
Ice Fish Farm AS	IFISH.OL	0	131	−0.117	−0.006	−0.001	0.050	0.128	0.355	−0.035
Icelandic Salmon	ISLAX.OL	0	131	−0.066	−0.001	−0.001	0.031	0.114	0.634	1.431
P/F Bakkafrost	BAKKA.OL	0	131	−0.128	−0.001	−0.001	0.025	0.086	−0.799	5.328

The sample period covers August 2, 2022, to February 1, 2023.

Figure 2. Plot of cumulative returns for treatment and control groups.

Table 2. Difference-in-differences model for returns on announcement day with robust standard errors.

	Dependent variable: returns (Yi,t)
	(0)	(0,1)
Treati	−0.0002 (0.002)	0.0001 (0.002)
Announcementt	−0.042*** (0.014)	−0.017 (0.023)
Treati* Announcementt	−0.216*** (0.025)	−0.132*** (0.047)
Constant (α)	0.0004 (0.001)	0.0003 (0.001)
Observations	1048	1048
R^2	0.241	0.156
Adjusted R^2	0.239	0.154
Residual Std. error (df = 906)	0.029	0.030
F statistic (df = 3; 906)	110.782***	64.386***

Note: *p < 0.1; **p < 0.05; ***p < 0.01.

The subscripts “i” and “t” denote the company and time index.

Table 3. Difference-in-differences model for returns on implementation day with robust standard errors.

	Dependent variable: returns (Yi,t)
	(0)	(0, 1)
Treati	−0.002 (0.002)	−0.002 (0.002)
Implementationt	0.016 (0.012)	−0.002 (0.010)
Treati* Implementationt	−0.030**(0.012)	0.007 (0.013)
Constant (α)	−0.0002 (0.001)	0.0002 (0.001)
Observations	1048	1048
R^2	0.003	0.001
Adjusted R^2	−0.0003	−0.002
Residual std. error (df = 906)	0.033	0.033
F Statistic (df = 3; 906)	0.895	0.421

Note: *p < 0.1; **p < 0.05; ***p < 0.01.

The subscripts “i” and “t” denote the company and time index.