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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



salest1

|

.0009931

.0017582

0.56

0.572

-.0024592

.0044453

roa

|

-1.351776

.5099028

-2.65

0.008

-2.352964

-.3505866

size

|

.0586006

.0272208

2.15

0.032

.0051529

.1120482

liq

|

-.0039215

.0048634

-0.81

0.420

-.0134708

.0056277

_cons

|

-.036664

1.190869

-0.03

0.975

-2.374923

2.301595


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) = 77.99

Model | 22803.9128 12 1900.32607 Prob > F = 0.0000

Residual | 45101.6619 1851 24.3661058 R-squared = 0.3358

-------------+------------------------------ Adj R-squared = 0.3315 Total | 67905.5747 1863 36.4495838 Root MSE = 4.9362


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

ldebtt1

|

2.200656

1.092289

2.01

0.044

.0584077

4.342905

qt1

|

.1571349

.031885

4.93

0.000

.0946006

.2196692

director

|

-.0037581

.2536851

-0.01

0.988

-.5012971

.4937809

Indepen

|

-.3234359

1.176081

-0.28

0.783

-2.63002

1.983149

ceoage

|

.8432282

.7751944

1.09

0.277

-.6771191

2.363575

ceotenure

|

-.5147083

.144491

-3.56

0.000

-.7980907

-.2313258

ceoshare

|

1.224846

1.55032

0.79

0.430

-1.815714

4.265405

cf

|

-.0335673

.0074547

-4.50

0.000

-.0481878

-.0189467

salest1

|

.0930344

.0031798

29.26

0.000

.086798

.0992707

roa

|

-1.851831

1.342108

-1.38

0.168

-4.484035

.7803726

size

|

.1635201

.0887149

1.84

0.065

-.0104717

.337512

liq

|

-.0042507

.0164925

-0.26

0.797

-.0365964

.0280951

_cons

|

-6.517279

3.814725

-1.71

0.088

-13.9989

.9643375

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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


Cột 7: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature=0, có thêm biến Ldebt*dqt-1

Source | SS df MS Number of obs = 1864

-------------+------------------------------ F( 13, 1850) = 72.02

Model | 22817.8234 13 1755.21719 Prob > F = 0.0000

Residual | 45087.7512 1850 24.3717574 R-squared = 0.3360

-------------+------------------------------ Adj R-squared = 0.3314 Total | 67905.5747 1863 36.4495838 Root MSE = 4.9368


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

ldebtt1

|

1.915711

1.155693

1.66

0.098

-.3508885

4.182311

LdebtDqt

|

1.84908

2.447515

0.76

0.450

-2.951101

6.64926

qt1

|

.156058

.0319205

4.89

0.000

.093454

.218662

director

|

-.0013724

.2537342

-0.01

0.996

-.4990078

.496263

Indepen

|

-.3652191

1.177517

-0.31

0.756

-2.674621

1.944182

ceoage

|

.8124984

.7763506

1.05

0.295

-.710117

2.335114

ceotenure

|

-.5067237

.1448937

-3.50

0.000

-.7908961

-.2225514

ceoshare

|

1.182247

1.551525

0.76

0.446

-1.860677

4.22517

cf

|

-.033496

.0074562

-4.49

0.000

-.0481194

-.0188726

salest1

|

.0930336

.0031802

29.25

0.000

.0867965

.0992707

roa

|

-1.925467

1.345797

-1.43

0.153

-4.564908

.7139742

size

|

.1559895

.0892834

1.75

0.081

-.0191173

.3310963

liq

|

-.0040798

.0164959

-0.25

0.805

-.0364324

.0282728

_cons

|

-6.212992

3.836369

-1.62

0.106

-13.73706

1.311074


Kết quả hồi quy theo phương pháp 2SLS với biến nợ ngân hàng (Debti,t-1), tobin Q là biến đại diện cho tăng trưởng

Cột 1: hồi quy 2SLS


------------------------------------------------------------------------------

Instrumented: debtt1

Instruments: qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq fixedasset inventory

Instrumental variables (2SLS) regression


Source | SS df MS

Number of obs

=

2552

-------------+------------------------------

F( 12, 2539)

=

88.13

Model | 18086.7469 12 1507.2289

Prob > F

=

0.0000

Residual | 50376.6464 2539 19.8411368

R-squared

=

0.2642

-------------+------------------------------

Adj R-squared

=

0.2607

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.4543


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-5.187087

1.352074

-3.84

0.000

-7.838367

-2.535806

qt1

|

.2018123

.0297414

6.79

0.000

.1434925

.2601321

director

|

-.2798879

.1962839

-1.43

0.154

-.6647808

.105005

Indepen

|

-.5271676

.8377796

-0.63

0.529

-2.169969

1.115633

ceoage

|

.7240029

.61837

1.17

0.242

-.4885581

1.936564

ceotenure

|

-.4679392

.1142477

-4.10

0.000

-.6919674

-.2439109

ceoshare

|

4.419327

1.512814

2.92

0.004

1.452852

7.385801

cf

|

-.0244585

.0068135

-3.59

0.000

-.0378192

-.0110978

salest1

|

.0802243

.0027714

28.95

0.000

.0747898

.0856588

roa

|

-5.59126

1.396863

-4.00

0.000

-8.330367

-2.852154

size

|

.4368271

.0990062

4.41

0.000

.242686

.6309683

liq

|

-.024378

.013872

-1.76

0.079

-.0515796

.0028236

_cons

|

-11.70141

3.371294

-3.47

0.001

-18.31218

-5.090643


Cột 2: hồi quy 2SLS, có thêm biến debt*dqt Instrumental variables (2SLS) regression


Source | SS df MS

Number of obs

=

2552

-------------+------------------------------

F( 13, 2538)

=

81.29

Model | 18364.8358 13 1412.67968

Prob > F

=

0.0000

Residual | 50098.5575 2538 19.7393843

R-squared

=

0.2682

-------------+------------------------------

Adj R-squared

=

0.2645

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.4429


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-5.729876

1.984234

-2.89

0.004

-9.620758

-1.838993

DebtDqt

|

4.66678

1.884117

2.48

0.013

.9722154

8.361344

qt1

|

.181162

.0287159

6.31

0.000

.124853

.237471

director

|

-.2755256

.1962158

-1.40

0.160

-.660285

.1092338

Indepen

|

-.5115373

.8361225

-0.61

0.541

-2.151089

1.128014

ceoage

|

.580648

.6172403

0.94

0.347

-.629698

1.790994

ceotenure

|

-.41935

.1123837

-3.73

0.000

-.639723

-.1989769

ceoshare

|

2.994657

1.401574

2.14

0.033

.2463105

5.743003

cf

|

-.0247691

.0068649

-3.61

0.000

-.0382304

-.0113077

salest1

|

.0803344

.0028146

28.54

0.000

.0748152

.0858536

roa

|

-6.442261

1.864064

-3.46

0.001

-10.0975

-2.78702

size

|

.4062911

.1087622

3.74

0.000

.1930195

.6195627

liq

|

-.0213852

.014042

-1.52

0.128

-.0489202

.0061498

_cons

|

-10.36079

3.386284

-3.06

0.002

-17.00095

-3.720626


------------------------------------------------------------------------------

Instrumented: debtt1

Instruments: DebtNature nature qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq fixedasset inventory

Instrumental variables (2SLS) regression


Source | SS df MS

Number of obs

=

2552

-------------+------------------------------

F( 14, 2537)

=

74.63

Model | 17185.0444 14 1227.50317

Prob > F

=

0.0000

Residual | 51278.3489 2537 20.212199

R-squared

=

0.2510

-------------+------------------------------

Adj R-squared

=

0.2469

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.4958


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-6.473457

1.45301

-4.46

0.000

-9.322664

-3.62425

DebtNature

|

4.531759

1.253741

3.61

0.000

2.073299

6.990219

nature

|

-1.302314

.3559513

-3.66

0.000

-2.000298

-.6043288

qt1

|

.2066693

.0299796

6.89

0.000

.1478823

.2654562

director

|

-.274568

.1983254

-1.38

0.166

-.6634642

.1143281

Indepen

|

-.7157272

.8489678

-0.84

0.399

-2.380468

.9490133

ceoage

|

.5337665

.6255341

0.85

0.394

-.692843

1.760376

ceotenure

|

-.4546824

.1140761

-3.99

0.000

-.6783741

-.2309907

ceoshare

|

4.985946

1.536182

3.25

0.001

1.973648

7.998244

cf

|

-.024586

.0068491

-3.59

0.000

-.0380164

-.0111556

salest1

|

.0801294

.002779

28.83

0.000

.0746801

.0855786

roa

|

-5.434665

1.326902

-4.10

0.000

-8.036587

-2.832742

size

|

.4377071

.0927479

4.72

0.000

.2558378

.6195764

liq

|

-.0269983

.0139578

-1.93

0.053

-.0543681

.0003715

_cons

|

-10.65132

3.233467

-3.29

0.001

-16.99183

-4.31082



------------------------------------------------------------------------------

Instrumented: debtt1

Instruments: qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa

Cột 4: hồi quy 2SLS, nature =1 Instrumental variables (2SLS) regression


Source | SS df MS

Number of obs

=

688

-------------+------------------------------

F( 12, 675)

=

3.01

Model | 11.1246764 12 .927056368

Prob > F

=

0.0004

Residual | 467.173732 675 .692109233

R-squared

=

0.0233

-------------+------------------------------

Adj R-squared

=

0.059

Total | 478.298409 687 .696213113

Root MSE

=

.83193


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-1.113391

.5257038

-2.12

0.035

-2.145603

-.0811801

qt1

|

-.1116817

.077568

-1.44

0.150

-.2639852

.0406218

director

|

-.1169157

.0745655

-1.57

0.117

-.2633239

.0294925

Indepen

|

.1667291

.2572926

0.65

0.517

-.3384609

.6719192

ceoage

|

-.1269631

.2547953

-0.50

0.618

-.6272498

.3733235

ceotenure

|

.0141986

.0428897

0.33

0.741

-.0700146

.0984118

ceoshare

|

.1164004

.5284048

0.22

0.826

-.9211144

1.153915

cf

|

.1741733

.0538034

3.24

0.001

.0685313

.2798154

salest1

|

.0006736

.001831

0.37

0.713

-.0029216

.0042687

roa

|

-1.819689

.6191939

-2.94

0.003

-3.035467

-.6039117

size

|

.11748

.0454724

2.58

0.010

.0281957

.2067643

liq

|

-.0058055

.0051192

-1.13

0.257

-.015857

.0042461

_cons

|

-1.181216

1.44467

-0.82

0.414

-4.017803

1.655372


Source |

SS

df

MS

-------------+------------------------------

Number of obs = F( 13, 674) =

Model | 15.274592 13 1.17496862 Prob > F =

Residual | 463.023817 674 .686978956 R-squared =

-------------+------------------------------ Adj R-squared =

Total | 478.298409 687 .696213113 Root MSE =

688

3.00

0.0003

0.0319

0.1330

.82884

------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

------------------------------------------------------------------------------

Instrumented: debtt1

Instruments: DebtDqt qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq fixedasset inventory

cột 5: : hồi quy 2SLS, nature =1, có thêm biến debt*dqt Instrumental variables (2SLS) regression


debtt1

|

-1.145498

.5342828

-2.14

0.032

-2.194557

-.0964388

DebtDqt

|

.9894057

.4092071

2.42

0.016

.1859316

1.79288

qt1

|

-.1596052

.0800036

-1.99

0.046

-.3166915

-.0025189

director

|

-.1105998

.0741974

-1.49

0.137

-.2562857

.035086

Indepen

|

.1898934

.2569285

0.74

0.460

-.3145831

.6943698

ceoage

|

-.1061618

.2541307

-0.42

0.676

-.6051449

.3928213

ceotenure

|

.002176

.043119

0.05

0.960

-.0824877

.0868398

ceoshare

|

.182529

.5284641

0.35

0.730

-.8551051

1.220163

cf

|

.1778712

.0534757

3.33

0.001

.0728722

.2828701

salest1

|

.0006389

.0018267

0.35

0.727

-.0029478

.0042255

roa

|

-1.891434

.6267115

-3.02

0.003

-3.121975

-.660892

size

|

.1116596

.0447162

2.50

0.013

.0238599

.1994594

liq

|

-.005753

.0051005

-1.13

0.260

-.0157677

.0042617

_cons

|

-1.056187

1.430381

-0.74

0.461

-3.864725

1.752352



Cột 6: hồi quy 2SLS, nature=0 Instrumental variables (2SLS) regression

Source | SS df MS

Number of obs

=

1864

-------------+------------------------------

F( 12, 1851)

=

72.34

Model | 17458.4924 12 1454.87437

Prob > F

=

0.0000

Residual | 50447.0822 1851 27.2539612

R-squared

=

0.2571

-------------+------------------------------

Adj R-squared

=

0.2523

Total | 67905.5747 1863 36.4495838

Root MSE

=

5.2205


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-8.196134

1.386418

-5.91

0.000

-10.91524

-5.477028

qt1

|

.218739

.0351553

6.22

0.000

.1497908

.2876871

director

|

-.1091593

.2689348

-0.41

0.685

-.6366067

.418288

Indepen

|

-.9158473

1.248053

-0.73

0.463

-3.363587

1.531893

ceoage

|

.7828274

.8194799

0.96

0.340

-.8243746

2.390029

ceotenure

|

-.7418322

.1561347

-4.75

0.000

-1.048051

-.4356137

ceoshare

|

7.519681

1.958623

3.84

0.000

3.678338

11.36102

cf

|

-.02563

.0079866

-3.21

0.001

-.0412937

-.0099662

salest1

|

.0887289

.0033857

26.21

0.000

.0820887

.095369

roa

|

-7.410122

1.669929

-4.44

0.000

-10.68526

-4.13498

size

|

.6167626

.1131178

5.45

0.000

.3949106

.8386145

liq

|

-.0415038

.0183988

-2.26

0.024

-.0775884

-.0054193

_cons Instrumented:

|

-15.47451

debtt1

4.231065

-3.66

0.000

-23.77267

-7.176347



Instruments: qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq fixedasset inventory



------------------------------------------------------------------------------

Instrumented: debtt1

Instruments: DebtDqt qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq fixedasset inventory

Cột 7: hồi quy 2SLS, nature=0, có thêm debtdqt Instrumental variables (2SLS) regression

Source | SS df MS

Number of obs

=

1864

-------------+------------------------------

F( 13, 1850)

=

62.52

Model | 14290.0929 13 1099.23792

Prob > F

=

0.0000

Residual | 53615.4818 1850 28.9813415

R-squared

=

0.2104

-------------+------------------------------

Adj R-squared

=

0.2049

Total | 67905.5747 1863 36.4495838

Root MSE

=

5.3834


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-12.46706

2.326819

-5.36

0.000

-17.03053

-7.903597

DebtDqt

|

11.42341

2.445359

4.67

0.000

6.627459

16.21937

qt1

|

.1913476

.0354468

5.40

0.000

.1218276

.2608676

director

|

-.1248075

.2776336

-0.45

0.653

-.6693156

.4197007

Indepen

|

-1.470294

1.301475

-1.13

0.259

-4.022809

1.08222

ceoage

|

.2562179

.8528084

0.30

0.764

-1.41635

1.928786

ceotenure

|

-.5791076

.1585628

-3.65

0.000

-.8900884

-.2681269

ceoshare

|

4.99829

1.86676

2.68

0.007

1.337112

8.659468

cf

|

-.0240679

.0083027

-2.90

0.004

-.0403516

-.0077843

salest1

|

.0877864

.003534

24.84

0.000

.0808553

.0947174

roa

|

-11.03276

2.217281

-4.98

0.000

-15.38139

-6.684122

size

|

.6507939

.1231948

5.28

0.000

.4091785

.8924093

liq

|

-.0449891

.0193195

-2.33

0.020

-.0828793

-.0070989

_cons

|

-13.71115

4.301539

-3.19

0.001

-22.14753

-5.27477


Kết quả hồi quy theo phương pháp 2SLS với biến nợ ngắn hạn (Sdebti,t-1), tobin’s Q là biến đại diện cho tăng trưởng

Cột 1: hồi quy 2SLS

Instrumental variables (2SLS) regression


Source | SS df MS

Number of obs

=

2552

-------------+------------------------------

F( 12, 2539)

=

87.02

Model | 16002.9909 12 1333.58257

Prob > F

=

0.0000

Residual | 52460.4024 2539 20.6618363

R-squared

=

0.2337

-------------+------------------------------

Adj R-squared

=

0.2301

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.5455


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-8.438093

1.28921

-6.55

0.000

-10.9661

-5.910083

qt1

|

.2146825

.0296942

7.23

0.000

.1564552

.2729098

director

|

-.2619205

.1995996

-1.31

0.190

-.653315

.129474

Indepen

|

-.8624664

.8572175

-1.01

0.314

-2.543383

.8184503

ceoage

|

.4899146

.6310024

0.78

0.438

-.7474171

1.727246

ceotenure

|

-.3760075

.1130838

-3.33

0.001

-.5977533

-.1542617

ceoshare

|

6.543041

1.514079

4.32

0.000

3.574086

9.511996

cf

|

-.0233862

.0068833

-3.40

0.001

-.0368837

-.0098888



salest1

| .0828094

.0027394

30.23

0.000

.0774377

.088181

roa

| -6.00337

1.224256

-4.90

0.000

-8.404012

-3.602727

size

| .3391365

.072299

4.69

0.000

.1973654

.4809075

liq

| -.0288443

.0136765

-2.11

0.035

-.0556625

-.0020261

_cons

| -8.317287

3.035002

-2.74

0.006

-14.26862

-2.365955

------------------------------------------------------------------------------

Instrumented: sdebtt1

Instruments: qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq inventory


Cột 2: hồi quy 2SLS, có thêm biến Sdebt*Dqt Instrumental variables (2SLS) regression

Source | SS df MS

Number of obs

=

2552

-------------+------------------------------

F( 13, 2538)

=

77.81

Model | 14329.5098 13 1102.26998

Prob > F

=

0.0000

Residual | 54133.8835 2538 21.3293473

R-squared

=

0.2093

-------------+------------------------------

Adj R-squared

=

0.2053

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.6184


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-10.5525

1.675432

-6.30

0.000

-13.83785

-7.267144

SdebtDqt

|

4.496617

.9862416

4.56

0.000

2.562697

6.430537

qt1

|

.1966052

.02969

6.62

0.000

.1383861

.2548244

director

|

-.323741

.2036367

-1.59

0.112

-.723052

.07557

Indepen

|

-.8956398

.8714573

-1.03

0.304

-2.60448

.8132

ceoage

|

.2961377

.6436083

0.46

0.645

-.9659132

1.558189

ceotenure

|

-.3024274

.1157891

-2.61

0.009

-.5294782

-.0753765

ceoshare

|

5.935945

1.490484

3.98

0.000

3.013256

8.858633

cf

|

-.0226329

.0070119

-3.23

0.001

-.0363826

-.0088832

salest1

|

.0826222

.0027837

29.68

0.000

.0771637

.0880807

roa

|

-8.492735

1.52734

-5.56

0.000

-11.48769

-5.497776

size

|

.3292381

.072862

4.52

0.000

.1863632

.4721131

liq

|

-.0268087

.0138167

-1.94

0.052

-.0539019

.0002845

_cons

|

-7.190379

3.067157

-2.34

0.019

-13.20476

-1.175993


Cột 3: hồi quy 2SLS, có thêm biến Sdebt*Nature và nature Instrumental variables (2SLS) regression

Source | SS df MS

Number of obs

=

2552

-------------+------------------------------

F( 14, 2537)

=

74.80

Model | 15958.298 14 1139.87843

Prob > F

=

0.0000

Residual | 52505.0953 2537 20.6957411

R-squared

=

0.2331

-------------+------------------------------

Adj R-squared

=

0.2289

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.5493


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-8.612943

1.370677

-6.28

0.000

-11.3007

-5.925182

SdebtNature

|

.0683351

.8741874

0.08

0.938

-1.645858

1.782529

nature

|

-.644529

.3905153

-1.65

0.099

-1.41029

.1212324

qt1

|

.2138105

.0297556

7.19

0.000

.1554628

.2721581

director

|

-.3109158

.200846

-1.55

0.122

-.7047546

.0829229

Indepen

|

-.834206

.8586265

-0.97

0.331

-2.517886

.8494743

ceoage

|

.5225297

.6315823

0.83

0.408

-.7159397

1.760999

ceotenure

|

-.3962099

.1134292

-3.49

0.000

-.618633

-.1737867

ceoshare

|

6.491056

1.535096

4.23

0.000

3.480887

9.501225

cf

|

-.023723

.0068874

-3.44

0.001

-.0372284

-.0102175



salest1

|

.0825777

.0027476

30.05

0.000

.0771899

.0879655

roa

|

-5.896069

1.214878

-4.85

0.000

-8.278323

-3.513816

size

|

.3585096

.075158

4.77

0.000

.2111323

.505887

liq

|

-.029159

.0136654

-2.13

0.033

-.0559554

-.0023626

_cons

|

-8.705292

3.063607

-2.84

0.005

-14.71272

-2.697866

------------------------------------------------------------------------------

Instrumented: sdebtt1

Instruments: SdebtNature nature qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq inventory



------------------------------------------------------------------------------

Instrumented: sdebtt1

Instruments: qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa

Cột 4: hồi quy 2SLS, biến Nature =1


Source | SS df MS

Number of obs

=

688

-------------+------------------------------

F( 12, 675)

=

2.74

Model | -3.69677292 12 -.30806441

Prob > F

=

0.0012

Residual | 481.995182 675 .714066936

R-squared

=

.

-------------+------------------------------

Adj R-squared

=

.

Total | 478.298409 687 .696213113

Root MSE

=

.84502


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-1.528404

1.017881

-1.50

0.134

-3.526996

.4701893

qt1

|

-.1080975

.0787642

-1.37

0.170

-.2627498

.0465548

director

|

-.0993518

.0751682

-1.32

0.187

-.2469434

.0482397

Indepen

|

.1434928

.2608487

0.55

0.582

-.3686796

.6556653

ceoage

|

-.3362625

.2881997

-1.17

0.244

-.9021383

.2296132

ceotenure

|

.0476873

.0477368

1.00

0.318

-.0460432

.1414178

ceoshare

|

.1540022

.5434174

0.28

0.777

-.9129896

1.220994

cf

|

.1949488

.0531012

3.67

0.000

.0906854

.2992122

salest1

|

.0019682

.0018247

1.08

0.281

-.0016146

.005551

roa

|

-1.521269

.5964987

-2.55

0.011

-2.692485

-.3500525

size

|

.062353

.0303226

2.06

0.040

.0028149

.121891

liq

|

-.0053725

.0052536

-1.02

0.307

-.0156878

.0049428

_cons

|

.922829

1.164647

0.79

0.428

-1.363937

3.209595


Cột 5: hồi quy 2SLS, biến Nature =1, có thêm biến sdebt*dqt Instrumental variables (2SLS) regression

Source | SS df MS Number of obs = 688

-------------+------------------------------ F( 13, 674) = 3.22

Model | -2.85588641 13 -.21968357 Prob > F = 0.0001

Residual | 481.154295 674 .713878776 R-squared = .

-------------+------------------------------ Adj R-squared = . Total | 478.298409 687 .696213113 Root MSE = .84491


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-1.771387

1.043953

-1.70

0.090

-3.821179

.2784051

SdebtDqt

|

.8843978

.2659057

3.33

0.001

.3622945

1.406501

qt1

|

-.1884248

.0824127

-2.29

0.023

-.3502413

-.0266083

director

|

-.1061849

.0751982

-1.41

0.158

-.2538357

.041466

Indepen

|

.1774589

.2612382

0.68

0.497

-.3354797

.6903974

ceoage

|

-.3182824

.2874308

-1.11

0.269

-.8826499

.2460851

ceotenure

|

.0403713

.0474846

0.85

0.396

-.0528643

.1336069

ceoshare

|

.2068652

.5445461

0.38

0.704

-.8623455

1.276076

cf

|

.18332

.0533353

3.44

0.001

.0785968

.2880433

salest1

|

.0021015

.0018267

1.15

0.250

-.0014852

.0056883



roa

| -1.674279

.6054577

-2.77

0.006

-2.863089

-.4854693

size

| .0617189

.0302836

2.04

0.042

.0022573

.1211804

liq

| -.0050379

.0052446

-0.96

0.337

-.0153356

.0052598

_cons

| .9577551

1.164969

0.82

0.411

-1.329651

3.245161

------------------------------------------------------------------------------

Instrumented: sdebtt1

Instruments: SdebtDqt qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq inventory



------------------------------------------------------------------------------

Instrumented: sdebtt1

Instruments: qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq inventory

Cột 6: hồi quy 2SLS, biến Nature =0 Instrumental variables (2SLS) regression

Source | SS df MS

Number of obs

=

1864

-------------+------------------------------

F( 12, 1851)

=

73.95

Model | 17594.7692 12 1466.23077

Prob > F

=

0.0000

Residual | 50310.8054 1851 27.1803379

R-squared

=

0.2591

-------------+------------------------------

Adj R-squared

=

0.2543

Total | 67905.5747 1863 36.4495838

Root MSE

=

5.2135


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-9.696933

1.343925

-7.22

0.000

-12.3327

-7.061165

qt1

|

.219175

.0346532

6.32

0.000

.1512116

.2871385

director

|

-.1480884

.268721

-0.55

0.582

-.6751165

.3789397

Indepen

|

-1.100842

1.246978

-0.88

0.377

-3.546473

1.344789

ceoage

|

.9723771

.8187327

1.19

0.235

-.6333594

2.578114

ceotenure

|

-.6741413

.1532516

-4.40

0.000

-.9747054

-.3735772

ceoshare

|

8.75289

1.944433

4.50

0.000

4.939378

12.5664

cf

|

-.0257076

.0079405

-3.24

0.001

-.0412808

-.0101344

salest1

|

.091785

.0033304

27.56

0.000

.0852534

.0983167

roa

|

-7.108081

1.569123

-4.53

0.000

-10.18552

-4.030644

size

|

.4746315

.097073

4.89

0.000

.2842474

.6650155

liq

|

-.0389

.0179626

-2.17

0.030

-.0741291

-.0036709

_cons

|

-12.93031

4.07274

-3.17

0.002

-20.91796

-4.942664


Cột 7: hồi quy 2SLS, biến Nature =0, có thêm biến sdebt*dqt Instrumental variables (2SLS) regression

Source | SS df MS Number of obs = 1864

-------------+------------------------------ F( 13, 1850) = 64.87

Model | 14985.8266 13 1152.75589 Prob > F = 0.0000

Residual | 52919.7481 1850 28.6052692 R-squared = 0.2207

-------------+------------------------------ Adj R-squared = 0.2152 Total | 67905.5747 1863 36.4495838 Root MSE = 5.3484


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-12.94541

1.890836

-6.85

0.000

-16.65381

-9.237015

SdebtDqt

|

6.230016

1.274941

4.89

0.000

3.729542

8.730489

qt1

|

.1993026

.0351277

5.67

0.000

.1304085

.2681967

director

|

-.2582761

.277758

-0.93

0.353

-.8030281

.2864759

Indepen

|

-1.427792

1.284954

-1.11

0.267

-3.947905

1.092321

ceoage

|

.6748793

.8409057

0.80

0.422

-.9743446

2.324103

ceotenure

|

-.5364716

.1574186

-3.41

0.001

-.8452084

-.2277347

ceoshare

|

7.640451

1.923914

3.97

0.000

3.867181

11.41372

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