| | .1675972 | .0275273 | 6.09 | 0.000 | .1136188 | .2215755 | |
director | | | -.2158084 | .1903628 | -1.13 | 0.257 | -.5890905 | .1574738 |
Indepen | | | -.3706755 | .8146393 | -0.46 | 0.649 | -1.968101 | 1.22675 |
ceoage | | | .6438084 | .6016863 | 1.07 | 0.285 | -.5360375 | 1.823654 |
ceotenure | | | -.3695403 | .1081903 | -3.42 | 0.001 | -.5816906 | -.15739 |
ceoshare | | | 1.354209 | 1.233505 | 1.10 | 0.272 | -1.064569 | 3.772986 |
cf | | | -.0291792 | .0065169 | -4.48 | 0.000 | -.0419582 | -.0164002 |
salest1 | | | .0826557 | .0026217 | 31.53 | 0.000 | .0775148 | .0877965 |
roa | | | -2.303286 | 1.050753 | -2.19 | 0.028 | -4.363707 | -.2428653 |
size | | | .173168 | .0670657 | 2.58 | 0.010 | .0416591 | .304677 |
liq | | | -.0065273 | .0126664 | -0.52 | 0.606 | -.0313648 | .0183102 |
_cons | | | -5.888939 | 2.90584 | -2.03 | 0.043 | -11.587 | -.1908815 |
Có thể bạn quan tâm!
- Kết Quả Hồi Quy 2Sls Cho Mô Hình (1B) Và (2D) Với Biến Đại Diện Nợ Ngắn Hạn Ngân Hàng (Sdebt I,t-1 ) Và Biến Dẫn Suất Growth I,t
- Tổng Hợp Kết Quả Nghiên Cứu
- Hạn Chế Nghiên Cứu Và Hướng Nghiên Cứu Tiếp Theo
- Ảnh hưởng của sở hữu Nhà nước và các khoản vay ngân hàng đến quyết định đầu tư của các công ty tại Việt Nam - 16
- Ảnh hưởng của sở hữu Nhà nước và các khoản vay ngân hàng đến quyết định đầu tư của các công ty tại Việt Nam - 17
- Ảnh hưởng của sở hữu Nhà nước và các khoản vay ngân hàng đến quyết định đầu tư của các công ty tại Việt Nam - 18
Xem toàn bộ 169 trang tài liệu này.
Cột (2): hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng
Number of obs | = | 2552 | ||||||
-------------+------------------------------ | F( 13, 2538) | = | 84.67 | |||||
Model | 20710.0473 13 1593.08056 | Prob > F | = | 0.0000 | |||||
Residual | 47753.346 2538 18.8153451 | R-squared | = | 0.3025 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.2989 | |||||
Total | 68463.3933 2551 26.8378649 | Root MSE | = | 4.3377 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
debtt1 | | | -.4024373 | .4771814 | -0.84 | 0.399 | -1.338142 | .5332673 | |
DebtDqt | | | -.0428219 | .7929573 | -0.05 | 0.957 | -1.597731 | 1.512087 | |
qt1 | | | .167724 | .0276328 | 6.07 | 0.000 | .1135389 | .2219092 | |
director | | | -.2157312 | .1904055 | -1.13 | 0.257 | -.5890972 | .1576349 | |
Indepen | | | -.3705326 | .8148036 | -0.45 | 0.649 | -1.96828 | 1.227215 | |
ceoage | | | .6449771 | .6021934 | 1.07 | 0.284 | -.5358635 | 1.825818 | |
ceotenure | | | -.3698061 | .1083235 | -3.41 | 0.001 | -.5822176 | -.1573947 | |
ceoshare | | | 1.361674 | 1.241467 | 1.10 | 0.273 | -1.072718 | 3.796066 | |
cf | | | -.029185 | .0065191 | -4.48 | 0.000 | -.0419682 | -.0164017 | |
salest1 | | | .0826591 | .002623 | 31.51 | 0.000 | .0775157 | .0878025 | |
roa | | | -2.289462 | 1.081686 | -2.12 | 0.034 | -4.410539 | -.1683852 | |
size | | | .1729659 | .0671832 | 2.57 | 0.010 | .0412264 | .3047054 | |
liq | | | -.0065221 | .0126692 | -0.51 | 0.607 | -.0313652 | .018321 | |
_cons | | | -5.890607 | 2.906575 | -2.03 | 0.043 | -11.59011 | -.1911073 |
Cột (3): hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng
Number of obs | = | 2552 | ||||||
-------------+------------------------------ | F( 14, 2537) | = | 78.78 | |||||
Model | 20744.7153 14 1481.76538 | Prob > F | = | 0.0000 | |||||
Residual | 47718.678 2537 18.8090966 | R-squared | = | 0.3030 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.2992 | |||||
Total | 68463.3933 2551 26.8378649 | Root MSE | = | 4.3369 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
debtt1 | | | -.5266018 | .4322813 | -1.22 | 0.223 | -1.374262 | .3210583 | |
DebtNature | | | .5459221 | .81493 | 0.67 | 0.503 | -1.052074 | 2.143918 | |
nature | | | -.3563175 | .2700345 | -1.32 | 0.187 | -.885828 | .173193 | |
qt1 | | | .1672614 | .0275375 | 6.07 | 0.000 | .1132631 | .2212597 | |
director | | | -.2298411 | .1910548 | -1.20 | 0.229 | -.6044804 | .1447983 | |
Indepen | | | -.3791804 | .8154872 | -0.46 | 0.642 | -1.978269 | 1.219908 | |
ceoage | | | .6316415 | .6030326 | 1.05 | 0.295 | -.5508449 | 1.814128 | |
ceotenure | | | -.3734207 | .1085266 | -3.44 | 0.001 | -.5862305 | -.1606109 | |
ceoshare | | | 1.340974 | 1.236186 | 1.08 | 0.278 | -1.083062 | 3.765009 | |
cf | | | -.0293854 | .0065189 | -4.51 | 0.000 | -.0421683 | -.0166025 | |
salest1 | | | .0825967 | .0026231 | 31.49 | 0.000 | .0774531 | .0877403 |
| -2.196756 | 1.054235 | -2.08 | 0.037 | -4.264004 | -.1295077 | ||
size | | .1756301 | .0674703 | 2.60 | 0.009 | .0433276 | .3079325 | |
liq | | -.0066504 | .0126681 | -0.52 | 0.600 | -.0314914 | .0181905 | |
_cons | | -5.809229 | 2.924189 | -1.99 | 0.047 | -11.54327 | -.0751874 | |
Cột 4: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =1 | |||||||
Source | SS df MS Number of obs = 688 -------------+------------------------------ F( 12, 675) = 2.92 Model | 23.5769583 12 1.96474653 Prob > F = 0.0006 Residual | 454.72145 675 .673661408 R-squared = 0.0493 -------------+------------------------------ Adj R-squared = 0.0324 Total | 478.298409 687 .696213113 Root MSE = .82077 ------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | |||||||
debtt1 | | | -.3005678 | .1890569 | -1.59 | 0.112 | -.6717782 | .0706426 |
qt1 | | | -.1086219 | .0765056 | -1.42 | 0.156 | -.2588395 | .0415957 |
director | | | -.1026439 | .0730746 | -1.40 | 0.161 | -.2461249 | .040837 |
Indepen | | | .1305912 | .2529306 | 0.52 | 0.606 | -.3660342 | .6272165 |
ceoage | | | -.1404227 | .2512494 | -0.56 | 0.576 | -.633747 | .3529016 |
ceotenure | | | .017147 | .0422779 | 0.41 | 0.685 | -.0658651 | .1001591 |
ceoshare | | | .0329242 | .5189502 | 0.06 | 0.949 | -.9860265 | 1.051875 |
cf | | | .1957719 | .0515067 | 3.80 | 0.000 | .0946392 | .2969045 |
salest1 | | | .0013423 | .0017622 | 0.76 | 0.447 | -.0021178 | .0048023 |
roa | | | -1.283586 | .5212601 | -2.46 | 0.014 | -2.307073 | -.2601001 |
size | | | .0582614 | .0278303 | 2.09 | 0.037 | .0036171 | .1129057 |
liq | | | -.0038736 | .0049184 | -0.79 | 0.431 | -.0135308 | .0057836 |
_cons | | | .1955204 | 1.167161 | 0.17 | 0.867 | -2.096183 | 2.487223 |
Cột 5: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =1, có thêm biến Debt*Dqt
Number of obs | = | 688 | ||||||
-------------+------------------------------ | F( 13, 674) | = | 3.00 | |||||
Model | 26.142855 13 2.01098884 | Prob > F | = | 0.0003 | |||||
Residual | 452.155554 674 .670853937 | R-squared | = | 0.0547 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.0364 | |||||
Total | 478.298409 687 .696213113 | Root MSE | = | .81906 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
debtt1 | | | -.372022 | .1921678 | -1.94 | 0.053 | -.7493416 | .0052975 | |
DebtDqt | | | .711141 | .363622 | 1.96 | 0.051 | -.0028271 | 1.425109 | |
qt1 | | | -.1432492 | .0783722 | -1.83 | 0.068 | -.2971323 | .0106339 | |
director | | | -.0989538 | .0729466 | -1.36 | 0.175 | -.2421838 | .0442762 | |
Indepen | | | .1493914 | .252586 | 0.59 | 0.554 | -.3465586 | .6453415 | |
ceoage | | | -.1246705 | .2508546 | -0.50 | 0.619 | -.617221 | .3678801 | |
ceotenure | | | .0083302 | .0424299 | 0.20 | 0.844 | -.0749805 | .091641 | |
ceoshare | | | .0854228 | .5185629 | 0.16 | 0.869 | -.9327703 | 1.103616 | |
cf | | | .1971442 | .0514041 | 3.84 | 0.000 | .0962128 | .2980756 | |
salest1 | | | .0012775 | .0017588 | 0.73 | 0.468 | -.002176 | .004731 | |
roa | | | -1.367061 | .521921 | -2.62 | 0.009 | -2.391847 | -.3422742 | |
size | | | .0576026 | .0277743 | 2.07 | 0.038 | .0030681 | .1121371 | |
liq | | | -.0039509 | .0049083 | -0.80 | 0.421 | -.0135882 | .0056865 | |
_cons | | | .2034453 | 1.164734 | 0.17 | 0.861 | -2.083497 | 2.490388 |
Cột 6: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =0
Source | SS df MS Number of obs = 1864
F( 12, 1851) | = | 77.71 | ||||||
Model | 22750.1039 12 1895.842 | Prob > F | = | 0.0000 | |||||
Residual | 45155.4707 1851 24.395176 | R-squared | = | 0.3350 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.3307 | |||||
Total | 67905.5747 1863 36.4495838 | Root MSE | = | 4.9391 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
debtt1 | | | -.6926814 | .5094706 | -1.36 | 0.174 | -1.691879 | .3065161 | |
qt1 | | | .16453 | .0320936 | 5.13 | 0.000 | .1015865 | .2274736 | |
director | | | -.0079673 | .2539166 | -0.03 | 0.975 | -.5059603 | .4900256 | |
Indepen | | | -.3582401 | 1.177362 | -0.30 | 0.761 | -2.667337 | 1.950857 | |
ceoage | | | .7951997 | .7753076 | 1.03 | 0.305 | -.7253694 | 2.315769 | |
ceotenure | | | -.5557226 | .1446448 | -3.84 | 0.000 | -.8394067 | -.2720384 | |
ceoshare | | | 1.720133 | 1.60032 | 1.07 | 0.283 | -1.418489 | 4.858755 | |
cf | | | -.0325953 | .0074724 | -4.36 | 0.000 | -.0472505 | -.0179402 | |
salest1 | | | .0919072 | .003162 | 29.07 | 0.000 | .0857057 | .0981087 | |
roa | | | -2.581221 | 1.375159 | -1.88 | 0.061 | -5.278247 | .1158058 | |
size | | | .2470783 | .0889219 | 2.78 | 0.006 | .0726805 | .4214761 | |
liq | | | -.0092831 | .0166153 | -0.56 | 0.576 | -.0418697 | .0233036 | |
_cons | | | -8.107071 | 3.823038 | -2.12 | 0.034 | -15.60499 | -.6091509 |
Cột 7: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =0, có thêm biến Debt*Dqt
debtt1 | | | -.6573769 | .6343307 | -1.04 | 0.300 | -1.901456 | .5867023 |
DebtDqt | | | -.097128 | 1.039179 | -0.09 | 0.926 | -2.135215 | 1.940959 |
qt1 | | | .1647702 | .0322049 | 5.12 | 0.000 | .1016084 | .227932 |
director | | | -.0078479 | .2539878 | -0.03 | 0.975 | -.5059808 | .4902849 |
Indepen | | | -.3536009 | 1.178723 | -0.30 | 0.764 | -2.665368 | 1.958166 |
ceoage | | | .7996756 | .7769923 | 1.03 | 0.304 | -.7241984 | 2.32355 |
ceotenure | | | -.5571312 | .1454664 | -3.83 | 0.000 | -.8424267 | -.2718357 |
ceoshare | | | 1.742351 | 1.618303 | 1.08 | 0.282 | -1.431541 | 4.916244 |
cf | | | -.0326077 | .0074755 | -4.36 | 0.000 | -.047269 | -.0179463 |
salest1 | | | .0919148 | .0031639 | 29.05 | 0.000 | .0857096 | .09812 |
roa | | | -2.551069 | 1.412851 | -1.81 | 0.071 | -5.322018 | .2198806 |
size | | | .2468387 | .0889827 | 2.77 | 0.006 | .0723216 | .4213557 |
liq | | | -.0092578 | .0166219 | -0.56 | 0.578 | -.0418575 | .0233419 |
_cons | | | -8.123055 | 3.827884 | -2.12 | 0.034 | -15.63048 | -.6156279 |
Kết quả hồi quy theo phương pháp OLS với biến nợ ngắn hạn (Sdebti,t-1)
Cột 1: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng
Number of obs | = | 2552 | |
-------------+------------------------------ | F( 12, 2539) | = | 92.38 |
Model | 20806.6332 12 1733.8861 | Prob > F | = | 0.0000 |
Residual | 47656.7601 2539 18.7698937 | R-squared | = | 0.3039 |
-------------+------------------------------ | Adj R-squared | = | 0.3006 |
Total | 68463.3933 2551 26.8378649 | Root MSE | = | 4.3324 |
------------------------------------------------------------------------------ |
sdebtt1 | | | -1.137429 | .4563604 | -2.49 | 0.013 | -2.032306 | -.242553 |
qt1 | | | .171362 | .0274805 | 6.24 | 0.000 | .1174755 | .2252484 |
director | | | -.2171882 | .1901134 | -1.14 | 0.253 | -.5899813 | .1556048 |
Indepen | | | -.4251574 | .814166 | -0.52 | 0.602 | -2.021654 | 1.17134 |
ceoage | | | .6170119 | .6010913 | 1.03 | 0.305 | -.5616674 | 1.795691 |
ceotenure | | | -.3629862 | .1077629 | -3.37 | 0.001 | -.5742983 | -.151674 |
ceoshare | | | 1.822331 | 1.240286 | 1.47 | 0.142 | -.6097437 | 4.254406 |
cf | | | -.0287546 | .0065067 | -4.42 | 0.000 | -.0415136 | -.0159956 |
salest1 | | | .0828599 | .0026109 | 31.74 | 0.000 | .0777401 | .0879797 |
roa | | | -2.553911 | 1.034886 | -2.47 | 0.014 | -4.583217 | -.5246051 |
size | | | .1756424 | .063998 | 2.74 | 0.006 | .0501488 | .301136 |
liq | | | -.0081884 | .0126293 | -0.65 | 0.517 | -.0329532 | .0165764 |
_cons | | | -5.777621 | 2.865359 | -2.02 | 0.044 | -11.3963 | -.158942 |
Source |
SS
df
MS
Number of obs =
2552
Cột 2: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng
F( 13, 2538) | = | 85.25 | ||||||
Model | 20809.1124 13 1600.70095 | Prob > F | = | 0.0000 | |||||
Residual | 47654.2809 2538 18.7763124 | R-squared | = | 0.3039 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.3004 | |||||
Total | 68463.3933 2551 26.8378649 | Root MSE | = | 4.3332 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
sdebtt1 | | | -1.05368 | .5113291 | -2.06 | 0.039 | -2.056345 | -.0510152 | |
SdebtDqt | | | -.203985 | .5613713 | -0.36 | 0.716 | -1.304778 | .8968075 | |
qt1 | | | .1722542 | .0275947 | 6.24 | 0.000 | .1181439 | .2263646 | |
director | | | -.2144584 | .1902942 | -1.13 | 0.260 | -.5876061 | .1586894 | |
Indepen | | | -.4243814 | .814308 | -0.52 | 0.602 | -2.021157 | 1.172394 | |
ceoage | | | .6255906 | .6016575 | 1.04 | 0.299 | -.5541991 | 1.80538 | |
ceotenure | | | -.3663458 | .1081772 | -3.39 | 0.001 | -.5784702 | -.1542213 | |
ceoshare | | | 1.85774 | 1.244319 | 1.49 | 0.136 | -.5822448 | 4.297724 | |
cf | | | -.0287798 | .0065082 | -4.42 | 0.000 | -.0415417 | -.0160179 | |
salest1 | | | .0828683 | .0026115 | 31.73 | 0.000 | .0777474 | .0879892 | |
roa | | | -2.446732 | 1.076269 | -2.27 | 0.023 | -4.557187 | -.3362782 | |
size | | | .1763639 | .0640397 | 2.75 | 0.006 | .0507885 | .3019394 | |
liq | | | -.0083152 | .0126363 | -0.66 | 0.511 | -.0330937 | .0164633 | |
_cons | | | -5.832975 | 2.869895 | -2.03 | 0.042 | -11.46055 | -.2054009 |
Cột 3: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, có thêm biến sdebt
*nature và Nature
Number of obs | = | 2552 | ||||||
-------------+------------------------------ | F( 14, 2537) | = | 79.91 | |||||
Model | 20951.1045 14 1496.50746 | Prob > F | = | 0.0000 | |||||
Residual | 47512.2888 2537 18.7277449 | R-squared | = | 0.3060 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.3022 | |||||
Total | 68463.3933 2551 26.8378649 | Root MSE | = | 4.3276 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
sdebtt1 | | | -1.041213 | .4637303 | -2.25 | 0.025 | -1.950542 | -.131885 | |
SdebtNature | | | -1.83578 | .7730576 | -2.37 | 0.018 | -3.351669 | -.3198922 | |
nature | | | .3582268 | .3345959 | 1.07 | 0.284 | -.2978821 | 1.014336 | |
qt1 | | | .1709325 | .0274513 | 6.23 | 0.000 | .1171032 | .2247618 | |
director | | | -.2275821 | .1905867 | -1.19 | 0.233 | -.6013035 | .1461394 | |
Indepen | | | -.3758839 | .813445 | -0.46 | 0.644 | -1.970968 | 1.2192 |
| | .6383567 | .6005138 | 1.06 | 0.288 | -.5391906 | 1.815904 | |
ceotenure | | | -.3722267 | .1078323 | -3.45 | 0.001 | -.583675 | -.1607784 |
ceoshare | | | 1.696281 | 1.239727 | 1.37 | 0.171 | -.7346996 | 4.127261 |
cf | | | -.0288047 | .0065005 | -4.43 | 0.000 | -.0415515 | -.0160579 |
salest1 | | | .0830811 | .0026125 | 31.80 | 0.000 | .0779583 | .0882039 |
roa | | | -2.764651 | 1.03999 | -2.66 | 0.008 | -4.803966 | -.7253354 |
size | | | .1676813 | .0645624 | 2.60 | 0.009 | .0410809 | .2942817 |
liq | | | -.0105428 | .0126494 | -0.83 | 0.405 | -.035347 | .0142614 |
_cons | | | -5.54324 | 2.869528 | -1.93 | 0.054 | -11.1701 | .0836161 |
Cột 4: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =1
sdebtt1 | | | .0539638 | .2571573 | 0.21 | 0.834 | -.4509606 | .5588882 |
qt1 | | | -.1074689 | .076643 | -1.40 | 0.161 | -.2579562 | .0430183 |
director | | | -.0972964 | .0731341 | -1.33 | 0.184 | -.2408941 | .0463014 |
Indepen | | | .1163006 | .253294 | 0.46 | 0.646 | -.3810383 | .6136396 |
ceoage | | | -.1386609 | .253732 | -0.55 | 0.585 | -.6368597 | .3595379 |
ceotenure | | | .0171975 | .042639 | 0.40 | 0.687 | -.0665235 | .1009184 |
ceoshare | | | -.0033087 | .5201685 | -0.01 | 0.995 | -1.024652 | 1.018034 |
cf | | | .2040697 | .0513768 | 3.97 | 0.000 | .1031922 | .3049471 |
salest1 | | | .0015762 | .0017597 | 0.90 | 0.371 | -.001879 | .0050313 |
roa | | | -1.069954 | .5123334 | -2.09 | 0.037 | -2.075913 | -.0639949 |
size | | | .0354458 | .0246187 | 1.44 | 0.150 | -.0128925 | .0837842 |
liq | | | -.0030811 | .0049209 | -0.63 | 0.531 | -.0127432 | .0065811 |
_cons | | | .6969085 | 1.125037 | 0.62 | 0.536 | -1.512084 | 2.905901 |
Cột 5: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =1, có thêm biến sdebt *dqt-1
Number of obs | = | 688 | ||||||
-------------+------------------------------ | F( 13, 674) | = | 3.21 | |||||
Model | 27.8600807 13 2.14308313 | Prob > F | = | 0.0001 | |||||
Residual | 450.438328 674 .668306125 | R-squared | = | 0.0582 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.0401 | |||||
Total | 478.298409 687 .696213113 | Root MSE | = | .8175 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
sdebtt1 | | | -.028133 | .257138 | -0.11 | 0.913 | -.5330209 | .4767549 | |
SdebtDqt | | | .711578 | .2383585 | 2.99 | 0.003 | .2435634 | 1.179593 | |
qt1 | | | -.1720545 | .0792094 | -2.17 | 0.030 | -.3275814 | -.0165276 | |
director | | | -.1026468 | .0727313 | -1.41 | 0.159 | -.245454 | .0401604 | |
Indepen | | | .1416805 | .2519659 | 0.56 | 0.574 | -.353052 | .636413 | |
ceoage | | | -.1100325 | .25244 | -0.44 | 0.663 | -.605696 | .3856309 | |
ceotenure | | | .009126 | .0424774 | 0.21 | 0.830 | -.0742779 | .0925299 | |
ceoshare | | | .0279503 | .5172524 | 0.05 | 0.957 | -.9876696 | 1.04357 | |
cf | | | .1953669 | .0511614 | 3.82 | 0.000 | .0949121 | .2958218 | |
salest1 | | | .0016553 | .0017497 | 0.95 | 0.344 | -.0017801 | .0050908 | |
roa | | | -1.16072 | .5102635 | -2.27 | 0.023 | -2.162617 | -.1588227 | |
size | | | .0330073 | .0244893 | 1.35 | 0.178 | -.0150772 | .0810917 | |
liq | | | -.0026476 | .0048945 | -0.54 | 0.589 | -.0122579 | .0069627 |
_cons | .7088184 1.118507 0.63 0.526 -1.48736 2.904996
Cột 6: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =0
Number of obs | = | 1864 | ||||||
-------------+------------------------------ | F( 12, 1851) | = | 78.29 | |||||
Model | 22862.7033 12 1905.22527 | Prob > F | = | 0.0000 | |||||
Residual | 45042.8714 1851 24.3343443 | R-squared | = | 0.3367 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.3324 | |||||
Total | 67905.5747 1863 36.4495838 | Root MSE | = | 4.933 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
sdebtt1 | | | -1.430272 | .5618492 | -2.55 | 0.011 | -2.532197 | -.3283471 | |
qt1 | | | .1683239 | .0320291 | 5.26 | 0.000 | .1055069 | .2311408 | |
director | | | -.0206711 | .2536548 | -0.08 | 0.935 | -.5181507 | .4768084 | |
Indepen | | | -.4238889 | 1.176185 | -0.36 | 0.719 | -2.730678 | 1.8829 | |
ceoage | | | .8223066 | .774407 | 1.06 | 0.288 | -.6964964 | 2.34111 | |
ceotenure | | | -.5585424 | .1441263 | -3.88 | 0.000 | -.8412097 | -.2758752 | |
ceoshare | | | 2.301029 | 1.610047 | 1.43 | 0.153 | -.8566695 | 5.458727 | |
cf | | | -.0321276 | .0074608 | -4.31 | 0.000 | -.0467601 | -.017495 | |
salest1 | | | .0921393 | .0031508 | 29.24 | 0.000 | .0859598 | .0983188 | |
roa | | | -2.868892 | 1.364598 | -2.10 | 0.036 | -5.545205 | -.1925789 | |
size | | | .2515481 | .0865378 | 2.91 | 0.004 | .0818261 | .4212701 | |
liq | | | -.0111158 | .0165581 | -0.67 | 0.502 | -.0435902 | .0213587 | |
_cons | | | -8.238678 | 3.798847 | -2.17 | 0.030 | -15.68915 | -.7882015 |
Cột 7: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =0, có thêm biến sdebt *dqt-1
Number of obs | = | 1864 | ||||||
-------------+------------------------------ | F( 13, 1850) | = | 72.27 | |||||
Model | 22870.286 13 1759.25277 | Prob > F | = | 0.0000 | |||||
Residual | 45035.2887 1850 24.3433993 | R-squared | = | 0.3368 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.3321 | |||||
Total | 67905.5747 1863 36.4495838 | Root MSE | = | 4.9339 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
sdebtt1 | | | -1.247989 | .6499723 | -1.92 | 0.055 | -2.522745 | .0267677 | |
SdebtDqt | | | -.4097801 | .7342249 | -0.56 | 0.577 | -1.849776 | 1.030216 | |
qt1 | | | .169824 | .0321476 | 5.28 | 0.000 | .1067746 | .2328735 | |
director | | | -.0139073 | .2539913 | -0.05 | 0.956 | -.512047 | .4842324 | |
Indepen | | | -.4049539 | 1.176893 | -0.34 | 0.731 | -2.713132 | 1.903225 | |
ceoage | | | .8424443 | .7753911 | 1.09 | 0.277 | -.6782891 | 2.363178 | |
ceotenure | | | -.5680366 | .1451534 | -3.91 | 0.000 | -.8527183 | -.2833549 | |
ceoshare | | | 2.398695 | 1.619826 | 1.48 | 0.139 | -.7781849 | 5.575575 | |
cf | | | -.0321822 | .0074629 | -4.31 | 0.000 | -.0468188 | -.0175457 | |
salest1 | | | .0921651 | .0031517 | 29.24 | 0.000 | .0859838 | .0983464 | |
roa | | | -2.65517 | 1.417555 | -1.87 | 0.061 | -5.435345 | .1250058 | |
size | | | .2529741 | .0865916 | 2.92 | 0.004 | .0831465 | .4228017 | |
liq | | | -.0112871 | .016564 | -0.68 | 0.496 | -.0437732 | .0211991 | |
_cons | | | -8.360179 | 3.805786 | -2.20 | 0.028 | -15.82427 | -.8960925 |
Kết quả hồi quy theo phương pháp OLS với biến nợ dài hạn (Ldebti,t-1)
Cột 1: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng
Number of obs = | 2552 | |
-------------+------------------------------ | F( 12, 2539) = | 92.15 |
ldebtt1 | | | 1.497435 | .7191209 | 2.08 | 0.037 | .0873115 | 2.907558 |
qt1 | | | .1627454 | .0273715 | 5.95 | 0.000 | .1090726 | .2164182 |
director | | | -.1996182 | .190231 | -1.05 | 0.294 | -.5726419 | .1734056 |
Indepen | | | -.3977277 | .8142416 | -0.49 | 0.625 | -1.994373 | 1.198918 |
ceoage | | | .587449 | .6017276 | 0.98 | 0.329 | -.5924779 | 1.767376 |
ceotenure | | | -.3327562 | .108647 | -3.06 | 0.002 | -.5458019 | -.1197105 |
ceoshare | | | 1.105711 | 1.205149 | 0.92 | 0.359 | -1.257464 | 3.468886 |
cf | | | -.0299693 | .006503 | -4.61 | 0.000 | -.042721 | -.0172176 |
salest1 | | | .0836182 | .0026367 | 31.71 | 0.000 | .078448 | .0887884 |
roa | | | -1.693831 | 1.024334 | -1.65 | 0.098 | -3.702447 | .3147844 |
size | | | .1007619 | .0675074 | 1.49 | 0.136 | -.0316132 | .233137 |
liq | | | -.0036018 | .0125849 | -0.29 | 0.775 | -.0282796 | .021076 |
_cons | | | -4.080637 | 2.929447 | -1.39 | 0.164 | -9.824985 | 1.663712 |
Cột 2: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, có thêm biến debt*dqt
Source |
SS
df
MS
Number of obs =
2552
F( 13, 2538) | = | 85.24 | ||||||
Model | 20807.8779 13 1600.60599 | Prob > F | = | 0.0000 | |||||
Residual | 47655.5154 2538 18.7767988 | R-squared | = | 0.3039 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.3004 | |||||
Total | 68463.3933 2551 26.8378649 | Root MSE | = | 4.3332 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
ldebtt1 | | | 1.265168 | .7380888 | 1.71 | 0.087 | -.1821497 | 2.712486 | |
LdebtDqt | | | 2.329106 | 1.672893 | 1.39 | 0.164 | -.9512673 | 5.60948 | |
qt1 | | | .1610192 | .0273945 | 5.88 | 0.000 | .1073013 | .2147371 | |
director | | | -.1967306 | .1902072 | -1.03 | 0.301 | -.5697077 | .1762465 | |
Indepen | | | -.4060157 | .814113 | -0.50 | 0.618 | -2.002409 | 1.190378 | |
ceoage | | | .5667335 | .6018004 | 0.94 | 0.346 | -.6133365 | 1.746803 | |
ceotenure | | | -.3282278 | .1086756 | -3.02 | 0.003 | -.5413296 | -.1151259 | |
ceoshare | | | 1.092506 | 1.204964 | 0.91 | 0.365 | -1.270306 | 3.455318 | |
cf | | | -.0298409 | .0065024 | -4.59 | 0.000 | -.0425915 | -.0170903 | |
salest1 | | | .0836765 | .0026365 | 31.74 | 0.000 | .0785066 | .0888464 | |
roa | | | -1.820482 | 1.028177 | -1.77 | 0.077 | -3.836634 | .1956691 | |
size | | | .0919535 | .0677908 | 1.36 | 0.175 | -.0409773 | .2248843 | |
liq | | | -.003334 | .0125841 | -0.26 | 0.791 | -.0280102 | .0213421 | |
_cons | | | -3.780829 | 2.936811 | -1.29 | 0.198 | -9.539619 | 1.977962 |
Cột 3: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, có thêm biến Ldebt*nature và Nature
Source |
SS
df
MS
-------------+------------------------------ Model | 20816.6645 14 1486.9046
Residual | 47646.7288 2537 18.7807366
-------------+------------------------------ Total | 68463.3933 2551 26.8378649
Number of obs = F( 14, 2537) =
Prob > F R-squared
=
=
Adj R-squared =
Root MSE
=
2552
79.17
0.0000
0.3041
0.3002
4.3337
------------------------------------------------------------------------------
Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-------------+---------------------------------------------------------------- ldebtt1 | 1.889995 .8781059 2.15 0.031 .1681171 3.611872
| | -.5809036 | 1.173962 | -0.49 | 0.621 | -2.882924 | 1.721117 | ||
nature | | | -.2285745 | .2352497 | -0.97 | 0.331 | -.6898755 | .2327266 | |
qt1 | | | .1617164 | .027379 | 5.91 | 0.000 | .1080289 | .2154038 | |
director | | | -.2229143 | .1908092 | -1.17 | 0.243 | -.5970719 | .1512433 | |
Indepen | | | -.3797036 | .8142666 | -0.47 | 0.641 | -1.976399 | 1.216991 | |
ceoage | | | .6268664 | .6042966 | 1.04 | 0.300 | -.5580984 | 1.811831 | |
ceotenure | | | -.3421148 | .1088776 | -3.14 | 0.002 | -.5556129 | -.1286167 | |
ceoshare | | | 1.041072 | 1.20634 | 0.86 | 0.388 | -1.324439 | 3.406583 | |
cf | | | -.0301715 | .0065055 | -4.64 | 0.000 | -.0429281 | -.0174149 | |
salest1 | | | .083618 | .0026371 | 31.71 | 0.000 | .0784469 | .0887891 | |
roa | | | -1.606307 | 1.028765 | -1.56 | 0.119 | -3.623611 | .4109969 | |
size | | | .1038502 | .0675447 | 1.54 | 0.124 | -.0285982 | .2362985 | |
liq | | | -.0033372 | .0125858 | -0.27 | 0.791 | -.0280167 | .0213424 | |
_cons | | | -4.240587 | 2.943107 | -1.44 | 0.150 | -10.01172 | 1.530549 | |
Cột 4: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature=1 | ||||||||
Source | SS df MS Number of obs = 688 -------------+------------------------------ F( 12, 675) = 3.09 Model | 24.9177151 12 2.07647626 Prob > F = 0.0003 Residual | 453.380694 675 .671675102 R-squared = 0.0521 -------------+------------------------------ Adj R-squared = 0.0352 Total | 478.298409 687 .696213113 Root MSE = .81956 ------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
ldebtt1 | | | -.4897973 | .2300973 | -2.13 | 0.034 | -.9415898 | -.0380047 | |
qt1 | | | -.1091139 | .0763932 | -1.43 | 0.154 | -.2591108 | .0408831 | |
director | | | -.1053831 | .0729887 | -1.44 | 0.149 | -.2486954 | .0379292 | |
Indepen | | | .1306184 | .2524963 | 0.52 | 0.605 | -.3651542 | .6263911 | |
ceoage | | | -.076066 | .2529649 | -0.30 | 0.764 | -.5727588 | .4206267 | |
ceotenure | | | .0070451 | .0425362 | 0.17 | 0.869 | -.0764741 | .0905643 | |
ceoshare | | | .0038797 | .5178224 | 0.01 | 0.994 | -1.012857 | 1.020616 | |
cf | | | .1935645 | .0514091 | 3.77 | 0.000 | .0926236 | .2945055 | |
salest1 | | | .0010659 | .0017699 | 0.60 | 0.547 | -.0024093 | .0045411 | |
roa | | | -1.2687 | .5126674 | -2.47 | 0.014 | -2.275315 | -.2620859 | |
size | | | .0637297 | .0273562 | 2.33 | 0.020 | .0100162 | .1174432 | |
liq | | | -.0036127 | .0048952 | -0.74 | 0.461 | -.0132244 | .005999 | |
_cons | | | -.1955312 | 1.197844 | -0.16 | 0.870 | -2.547479 | 2.156417 |
Cột 5: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature=1, có thêm biến Ldebt*dqt-1
Number of obs | = | 688 | ||||||
-------------+------------------------------ | F( 13, 674) | = | 3.67 | |||||
Model | 31.6321036 13 2.43323874 | Prob > F | = | 0.0000 | |||||
Residual | 446.666305 674 .662709652 | R-squared | = | 0.0661 | |||||
-------------+------------------------------ | Adj R-squared | = | 0.0481 | |||||
Total | 478.298409 687 .696213113 | Root MSE | = | .81407 | |||||
------------------------------------------------------------------------------ Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- | ||||||||
ldebtt1 | | | -.5558033 | .2294953 | -2.42 | 0.016 | -1.006415 | -.1051916 | |
LdebtDqt | | | 1.694798 | .5324471 | 3.18 | 0.002 | .6493439 | 2.740253 | |
qt1 | | | -.1577799 | .0774066 | -2.04 | 0.042 | -.309767 | -.0057927 | |
director | | | -.0993224 | .072525 | -1.37 | 0.171 | -.2417245 | .0430796 | |
Indepen | | | .1649033 | .2510367 | 0.66 | 0.511 | -.3280047 | .6578113 | |
ceoage | | | -.0723185 | .2512738 | -0.29 | 0.774 | -.5656919 | .421055 | |
ceotenure | | | .0007543 | .0422976 | 0.02 | 0.986 | -.0822966 | .0838052 | |
ceoshare | | | .0476664 | .5145388 | 0.09 | 0.926 | -.9626253 | 1.057958 | |
cf | | | .2107267 | .0513487 | 4.10 | 0.000 | .1099041 | .3115493 |