Trang chủ / Sở Hữu Nhà Nước

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



cf

|

-.0245056

.0081714

-3.00

0.003

-.0405317

-.0084796

salest1

|

.0913722

.0034186

26.73

0.000

.0846675

.0980768

roa

|

-10.60206

1.94481

-5.45

0.000

-14.41631

-6.78781

size

|

.4658283

.0991478

4.70

0.000

.271375

.6602817

liq

|

-.0378993

.0183939

-2.06

0.039

-.0739743

-.0018242

_cons

|

-11.3539

4.149871

-2.74

0.006

-19.49282

-3.214976

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

Instrumented: sdebtt1

Instruments: SdebtDqt qt1 director Indepen ceoage ceotenure ceoshare cf

salest1 roa size liq inventory

Có thể bạn quan tâm!

Xem toàn bộ 169 trang tài liệu này.

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


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

Cột 1: hồi quy 2SLS


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

Instrumented: ldebtt1

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

Instrumental variables (2SLS) regression


Source | SS df MS

Number of obs

=

2552

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

F( 12, 2539)

=

88.55

Model | 18643.9353 12 1553.66128

Prob > F

=

0.0000

Residual | 49819.458 2539 19.6216849

R-squared

=

0.2723

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

Adj R-squared

=

0.2689

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.4296


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

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

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

ldebtt1

|

9.150763

3.215667

2.85

0.004

2.845165

15.45636

qt1

|

.1532015

.0282465

5.42

0.000

.0978131

.20859

director

|

-.1454375

.1956869

-0.74

0.457

-.5291596

.2382847

Indepen

|

-.6057551

.8365442

-0.72

0.469

-2.246134

1.034623

ceoage

|

.3351497

.6236016

0.54

0.591

-.8876699

1.557969

ceotenure

|

-.1886207

.1257249

-1.50

0.134

-.4351546

.0579132

ceoshare

|

1.202093

1.232367

0.98

0.329

-1.214454

3.618641

cf

|

-.031903

.0066934

-4.77

0.000

-.045028

-.018778

salest1

|

.0874538

.0031183

28.05

0.000

.0813392

.0935684

roa

|

-.0447261

1.245429

-0.04

0.971

-2.486887

2.397434

size

|

-.1517627

.124218

-1.22

0.222

-.3953415

.0918162

liq

|

.0033924

.0131769

0.26

0.797

-.0224462

.029231

_cons

|

2.570298

4.045458

0.64

0.525

-5.362435

10.50303


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

Source | SS df MS

Number of obs

=

2552

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

F( 13, 2538)

=

81.82

Model | 18584.3756 13 1429.56736

Prob > F

=

0.0000

Residual | 49879.0176 2538 19.6528832

R-squared

=

0.2714

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

Adj R-squared

=

0.2677

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.4332


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

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

-------------+---------------------------------------------------------------- ldebtt1 | 9.297037 3.356173 2.77 0.006 2.71592 15.87815



LdebtDqt

|

-1.785549

2.394916

-0.75

0.456

-6.481738

2.910641

qt1

|

.1545645

.0281493

5.49

0.000

.0993666

.2097624

director

|

-.1478762

.1956079

-0.76

0.450

-.5314435

.2356911

Indepen

|

-.5985373

.8365691

-0.72

0.474

-2.238965

1.04189

ceoage

|

.3520787

.6218516

0.57

0.571

-.8673096

1.571467

ceotenure

|

-.192691

.1241233

-1.55

0.121

-.4360841

.0507022

ceoshare

|

1.211816

1.23371

0.98

0.326

-1.207365

3.630998

cf

|

-.0319934

.0067099

-4.77

0.000

-.0451508

-.018836

salest1

|

.0873932

.0030928

28.26

0.000

.0813285

.0934578

roa

|

.0455181

1.29756

0.04

0.972

-2.498866

2.589902

size

|

-.1439611

.1184729

-1.22

0.224

-.3762745

.0883522

liq

|

.0031581

.0131429

0.24

0.810

-.0226137

.0289299

_cons

|

2.312834

3.896487

0.59

0.553

-5.327784

9.953452

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

Instrumented: ldebtt1

Instruments: LdebtDqt qt1 director Indepen ceoage ceotenure ceoshare cf

salest1 roa size liq fixedasset


Source |

SS

df

MS

-------------+------------------------------ Model | 16167.9625 14 1154.85447

Residual | 52295.4308 2537 20.6130985

-------------+------------------------------ Total | 68463.3933 2551 26.8378649

Number of obs = F( 14, 2537) =

Prob > F R-squared

=

=

Adj R-squared =

Root MSE

=

2552

72.38

0.0000

0.2362

0.2319

4.5402

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

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

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

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

Instrumented: ldebtt1

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

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


ldebtt1

|

15.70517

5.673871

2.77

0.006

4.579281

26.83106

LdebtNature

|

-10.96768

4.385383

-2.50

0.012

-19.56697

-2.368381

nature

|

.5351676

.395655

1.35

0.176

-.2406721

1.311007

qt1

|

.149476

.0291093

5.13

0.000

.0923956

.2065565

director

|

-.2199077

.1999045

-1.10

0.271

-.6119004

.172085

Indepen

|

-.5522691

.8559265

-0.65

0.519

-2.230655

1.126117

ceoage

|

.8279576

.6383137

1.30

0.195

-.4237114

2.079627

ceotenure

|

-.2259086

.123405

-1.83

0.067

-.4678933

.0160762

ceoshare

|

1.25753

1.26686

0.99

0.321

-1.226656

3.741715

cf

|

-.0319341

.0068528

-4.66

0.000

-.0453717

-.0184964

salest1

|

.0887286

.0034529

25.70

0.000

.0819578

.0954994

roa

|

.0368432

1.266906

0.03

0.977

-2.447433

2.52112

size

|

-.1822996

.1358513

-1.34

0.180

-.4486903

.0840911

liq

|

.006973

.0138317

0.50

0.614

-.0201496

.0340957

_cons

|

1.262299

3.805316

0.33

0.740

-6.199542

8.724141



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

Source | SS df MS

Number of obs

=

688

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

F( 12, 675)

=

2.93

Model | 24.4971961 12 2.04143301

Prob > F

=

0.0006

Residual | 453.801213 675 .672298093

R-squared

=

0.0512

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

Adj R-squared

=

0.0344

Total | 478.298409 687 .696213113

Root MSE

=

.81994


ldebtt1

|

-.6718616

.4159431

-1.62

0.107

-1.488559

.1448363

qt1

|

-.1097173

.0764373

-1.44

0.152

-.2598008

.0403661

director

|

-.108363

.0732424

-1.48

0.139

-.2521733

.0354473

Indepen

|

.1355958

.2527909

0.54

0.592

-.3607552

.6319468

ceoage

|

-.0502937

.2577896

-0.20

0.845

-.5564597

.4558722

ceotenure

|

.0028848

.043286

0.07

0.947

-.0821065

.0878761

ceoshare

|

.0045576

.5180641

0.01

0.993

-1.012653

1.021769

cf

|

.1897752

.0519358

3.65

0.000

.0878

.2917505

salest1

|

.0008712

.0018091

0.48

0.630

-.0026809

.0044233

roa

|

-1.336856

.5290465

-2.53

0.012

-2.375631

-.2980814

size

|

.0739021

.0335218

2.20

0.028

.0080826

.1397217

liq

|

-.0037813

.004908

-0.77

0.441

-.0134181

.0058554

_cons

|

-.530127

1.357021

-0.39

0.696

-3.194618

2.134364


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

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

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

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

Instrumented: ldebtt1

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


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

Instrumented: ldebtt1

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

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

Source | SS df MS

Number of obs

=

688

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

F( 13, 674)

=

3.48

Model | 31.0476578 13 2.38828137

Prob > F

=

0.0000

Residual | 447.250751 674 .663576782

R-squared

=

0.0649

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

Adj R-squared

=

0.0469

Total | 478.298409 687 .696213113

Root MSE

=

.8146


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

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

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

ldebtt1

|

-.7713217

.4171203

-1.85

0.065

-1.590333

.0476897

LdebtDqt

|

1.739979

.5377729

3.24

0.001

.6840677

2.795891

qt1

|

-.1597858

.077525

-2.06

0.040

-.3120054

-.0075661

director

|

-.1026595

.0727724

-1.41

0.159

-.2455474

.0402284

Indepen

|

.1716612

.2514381

0.68

0.495

-.3220349

.6653573

ceoage

|

-.0419597

.2561778

-0.16

0.870

-.5449623

.4610428

ceotenure

|

-.0042979

.0431052

-0.10

0.921

-.0889346

.0803387

ceoshare

|

.0496296

.5148851

0.10

0.923

-.9613421

1.060601

cf

|

.2067353

.0517854

3.99

0.000

.1050552

.3084153

salest1

|

.0007626

.0017983

0.42

0.672

-.0027684

.0042936

roa

|

-1.434011

.5272521

-2.72

0.007

-2.469265

-.3987565

size

|

.0704071

.0332539

2.12

0.035

.0051133

.1357009

liq

|

-.0041277

.004878

-0.85

0.398

-.0137056

.0054502

_cons

|

-.4252723

1.346941

-0.32

0.752

-3.069978

2.219433


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

Source | SS df MS

Number of obs =

1864

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

F( 12, 1851) =

73.72

Model | 20197.5664 12 1683.13053

Prob > F =

0.0000

Residual | 47708.0083 1851 25.7741806

R-squared =

0.2974


ldebtt1

|

13.49759

7.053704

1.91

0.056

-.3364578

27.33165

qt1

|

.1448616

.0336547

4.30

0.000

.0788564

.2108667

director

|

-.0301043

.2614171

-0.12

0.908

-.5428077

.4825991

Indepen

|

-.4090169

1.210735

-0.34

0.736

-2.783567

1.965533

ceoage

|

1.083916

.8109655

1.34

0.182

-.506587

2.67442

ceotenure

|

-.39236

.1666494

-2.35

0.019

-.7192005

-.0655195

ceoshare

|

1.430685

1.599527

0.89

0.371

-1.706381

4.567751

cf

|

-.035256

.0077374

-4.56

0.000

-.0504311

-.020081

salest1

|

.0973145

.004202

23.16

0.000

.0890734

.1055556

roa

|

-.3959391

1.646435

-0.24

0.810

-3.625003

2.833125

size

|

-.0902298

.1810839

-0.50

0.618

-.4453799

.2649203

liq

|

.0063135

.0181694

0.35

0.728

-.029321

.0419481

_cons

|

-1.847558

4.866098

-0.38

0.704

-11.39118

7.69606



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


Source | SS df MS

Number of obs

=

1864

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

F( 13, 1850)

=

67.94

Model | 20062.5347 13 1543.2719

Prob > F

=

0.0000

Residual | 47843.04 1850 25.8611027

R-squared

=

0.2954

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

Adj R-squared

=

0.2905

Total | 67905.5747 1863 36.4495838

Root MSE

=

5.0854


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

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

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

ldebtt1

|

14.20375

7.620884

1.86

0.063

-.742687

29.15019

LdebtDqt

|

-6.643785

5.781213

-1.15

0.251

-17.98217

4.694603

qt1

|

.1490759

.0331584

4.50

0.000

.0840442

.2141076

director

|

-.0379353

.2623299

-0.14

0.885

-.552429

.4765585

Indepen

|

-.2564824

1.21479

-0.21

0.833

-2.638985

2.12602

ceoage

|

1.187561

.832069

1.43

0.154

-.4443317

2.819454

ceotenure

|

-.4244889

.157527

-2.69

0.007

-.7334383

-.1155395

ceoshare

|

1.577956

1.616506

0.98

0.329

-1.592411

4.748324

cf

|

-.0354647

.0077747

-4.56

0.000

-.0507129

-.0202165

salest1

|

.0971968

.0041515

23.41

0.000

.0890546

.105339

roa

|

-.1723021

1.753625

-0.10

0.922

-3.611595

3.266991

size

|

-.0560368

.1591474

-0.35

0.725

-.3681643

.2560906

liq

|

.0054025

.0179578

0.30

0.764

-.0298173

.0406222

_cons

|

-3.072174

4.395318

-0.70

0.485

-11.69248

5.548131


-------------+------------------------------ Total | 67905.5747 1863 36.4495838

Adj R-squared = 0.2929

Root MSE

= 5.0768

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

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

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

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

Instrumented: ldebtt1

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


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

Instrumented: ldebtt1

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

Kết quả hồi quy theo phương pháp FEM với biến nợ ngân hàng (Debti,t-1), tobin’s Q là biến đại diện cho tăng trưởng

Cột (1): hồi quy dữ liệu bảng FEM



Fixed-effects (within) regression

Number of obs

=

2552

Group variable: i

Number of groups

=

319

R-sq: within = 0.5231

Obs per group: min

=

8

between = 0.1278

avg

=

8.0

overall = 0.2926

max

=

8


F(12,2221)

=

203.03

corr(u_i, Xb) = -0.6089

Prob > F

=

0.0000


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

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

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

debtt1

|

-1.383861

.5660492

-2.44

0.015

-2.493902

-.2738199

qt1

|

.0730795

.0263756

2.77

0.006

.0213561

.1248029

director

|

-.1941781

.2762333

-0.70

0.482

-.7358806

.3475243

Indepen

|

-.8276849

.9474444

-0.87

0.382

-2.685654

1.030284

ceoage

|

1.209849

.9514106

1.27

0.204

-.6558984

3.075596

ceotenure

|

-.4664291

.1345555

-3.47

0.001

-.7302968

-.2025614

ceoshare

|

3.378191

2.292576

1.47

0.141

-1.117626

7.874007

cf

|

-.0321058

.0053317

-6.02

0.000

-.0425615

-.0216501

salest1

|

.1521593

.0031672

48.04

0.000

.1459483

.1583703

roa

|

-3.4134

1.160427

-2.94

0.003

-5.689035

-1.137765

size

|

.4484763

.1923972

2.33

0.020

.0711791

.8257734

liq

|

-.016849

.0113013

-1.49

0.136

-.0390112

.0053131

_cons

|

-15.77379

6.341666

-2.49

0.013

-28.21

-3.337574




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

sigma_u | 3.7946345

sigma_e | 3.3803201

rho | .55755263 (fraction of variance due to u_i)

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

F test that all u_i=0: F(318, 2221) = 6.16 Prob > F = 0.0000

Cột (2): hồi quy dữ liệu bảng FEM, có thêm biến debt*dqt-1


Fixed-effects (within) regression

Number of obs

=

2552

Group variable: i

Number of groups

=

319

R-sq: within = 0.5231

Obs per group: min

=

8

between = 0.1277

avg

=

8.0

overall = 0.2926

max

=

8


F(13,2220)

=

187.34

corr(u_i, Xb) = -0.6088

Prob > F

=

0.0000

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

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

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

debtt1

|

-1.326489

.6103228

-2.17

0.030

-2.523353

-.1296263

DebtDqt

|

-.2034196

.8081211

-0.25

0.801

-1.788172

1.381333

qt1

|

.0733242

.0263991

2.78

0.006

.0215548

.1250936

director

|

-.1943357

.2762923

-0.70

0.482

-.736154

.3474826

Indepen

|

-.8309711

.9477341

-0.88

0.381

-2.689509

1.027567

ceoage

|

1.215767

.9519017

1.28

0.202

-.6509435

3.082478

ceotenure

|

-.4691254

.1350095

-3.47

0.001

-.7338835

-.2043674

ceoshare

|

3.385403

2.293238

1.48

0.140

-1.111714

7.882519

cf

|

-.0320968

.005333

-6.02

0.000

-.0425549

-.0216386

salest1

|

.1521502

.0031681

48.03

0.000

.1459374

.1583629

roa

|

-3.377467

1.169417

-2.89

0.004

-5.670733

-1.084202

size

|

.4458783

.1927143

2.31

0.021

.0679591

.8237974

liq

|

-.0170064

.0113209

-1.50

0.133

-.0392071

.0051943

_cons

|

-15.72965

6.345427

-2.48

0.013

-28.17324

-3.286061

sigma_u

|

3.7944206








sigma_e | 3.3810331

rho | .55742075 (fraction of variance due to u_i)

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

F test that all u_i=0: F(318, 2220) = 6.16 Prob > F = 0.0000


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

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

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

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

sigma_u | 3.7951644

sigma_e | 3.3808532

rho | .55754373 (fraction of variance due to u_i)

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

F test that all u_i=0: F(318, 2220) = 6.16 Prob > F = 0.0000

Cột (3): hồi quy dữ liệu bảng FEM, có thêm biến debt*nature và nature



Fixed-effects (within) regression

Number of obs

=

2552

Group variable: i

Number of groups

=

319

R-sq: within = 0.5232

Obs per group: min

=

8

between = 0.1273

avg

=

8.0

overall = 0.2925

max

=

8


F(13,2220)

=

187.38

corr(u_i, Xb) = -0.6087

Prob > F

=

0.0000



debtt1

|

-1.50985

.6111245

-2.47

0.014

-2.708286

-.3114149

DebtNature

|

.5746299

1.049615

0.55

0.584

-1.483699

2.632959

nature

|

0

(omitted)





qt1

|

.0736711

.0264019

2.79

0.005

.0218962

.1254461

director

|

-.1866474

.2766191

-0.67

0.500

-.7291065

.3558118

Indepen

|

-.8396651

.9478464

-0.89

0.376

-2.698423

1.019093

ceoage

|

1.184035

.9527281

1.24

0.214

-.6842962

3.052366

ceotenure

|

-.4684419

.1346269

-3.48

0.001

-.7324498

-.2044341

ceoshare

|

3.43978

2.295695

1.50

0.134

-1.062155

7.941715

cf

|

-.0320624

.0053332

-6.01

0.000

-.0425209

-.0216039

salest1

|

.1521547

.0031677

48.03

0.000

.1459427

.1583667

roa

|

-3.419508

1.160664

-2.95

0.003

-5.695608

-1.143409

size

|

.4487585

.1924282

2.33

0.020

.0714005

.8261166

liq

|

-.017063

.0113098

-1.51

0.132

-.0392419

.0051159

_cons

|

-15.68554

6.344714

-2.47

0.014

-28.12774

-3.243348


Cột 4: hồi quy dữ liệu bảng FEM, nature

=1


Fixed-effects (within) regression


Number of obs

=

688

Group variable: i


Number of groups

=

86

R-sq: within = 0.1510


Obs per group: min

=

8

between = 0.0003


avg

=

8.0

overall = 0.0192


max

=

8



F(12,590)

=

8.74

corr(u_i, Xb) = -0.8271


Prob > F

=

0.0000


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

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

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

debtt1 | -.9329624

.2891906

-3.23

0.001

-1.500931

-.364994

qt1 | -.110653

.0907866

-1.22

0.223

-.2889573

.0676513

director | -.0643823

.1121665

-0.57

0.566

-.2846765

.1559119

Indepen | .1617866

.2902106

0.56

0.577

-.4081849

.7317582

ceoage | .5255132

.4551965

1.15

0.249

-.3684894

1.419516


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

sigma_u | .79899515

sigma_e | .74670083

rho | .53379354 (fraction of variance due to u_i)

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

F test that all u_i=0: F(85, 589) = 2.61 Prob > F = 0.0000



ceotenure

|

-.0478497

.0565843

-0.85

0.398

-.1589809

.0632814

ceoshare

|

-.1879831

.8918397

-0.21

0.833

-1.93955

1.563584

cf

|

.0292498

.0796745

0.37

0.714

-.1272303

.1857299

salest1

|

.033295

.005364

6.21

0.000

.0227602

.0438298

roa

|

-.548727

.6161469

-0.89

0.374

-1.758835

.6613811

size

|

.2849135

.092021

3.10

0.002

.1041848

.4656422

liq

|

-.0048719

.0052004

-0.94

0.349

-.0150854

.0053417

_cons

|

-8.523796

2.977982

-2.86

0.004

-14.37253

-2.67506

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

sigma_u | .80297247

sigma_e | .74853298

rho | .53504503 (fraction of variance due to u_i)

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

F test that all u_i=0: F(85, 590) = 2.61 Prob > F = 0.0000


Cột 5: hồi quy dữ liệu bảng FEM, nature


=1,


có


thêm biến debt*dqt-1



Fixed-effects (within) regression



Number of obs

=

688

Group variable: i



Number of groups

=

86

R-sq: within = 0.1565



Obs per group: min

=

8

between = 0.0002



avg

=

8.0

overall = 0.0206



max

=

8




F(13,589)

=

8.41

corr(u_i, Xb) = -0.8230



Prob > F

=

0.0000


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

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

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

debtt1

|

-.9718971

.2891559

-3.36

0.001

-1.539799

-.4039949

DebtDqt

|

.7713661

.390653

1.97

0.049

.0041237

1.538608

qt1

|

-.1331895

.0912808

-1.46

0.145

-.312465

.0460859

director

|

-.0756157

.1120365

-0.67

0.500

-.2956554

.1444239

Indepen

|

.1594316

.2895027

0.55

0.582

-.4091517

.7280148

ceoage

|

.5816723

.4549721

1.28

0.202

-.3118929

1.475238

ceotenure

|

-.0504222

.0564608

-0.89

0.372

-.1613113

.0604668

ceoshare

|

-.2305422

.8899178

-0.26

0.796

-1.978341

1.517256

cf

|

.0297781

.0794799

0.37

0.708

-.1263205

.1858766

salest1

|

.0333472

.0053509

6.23

0.000

.0228381

.0438564

roa

|

-.5732971

.6147647

-0.93

0.351

-1.780695

.6341007

size

|

.2671082

.0922377

2.90

0.004

.0859535

.448263

liq

|

-.0048482

.0051877

-0.93

0.350

-.0150368

.0053404

_cons

|

-8.243009

2.974094

-2.77

0.006

-14.08413

-2.401888


Cột 6: hồi quy dữ liệu bảng FEM, nature

=0


Fixed-effects (within) regression


Number of obs

=

1864

Group variable: i


Number of groups

=

233

R-sq: within = 0.5381


Obs per group: min

=

8

between = 0.1511


avg

=

8.0

overall = 0.3250


max

=

8



F(12,1619)

=

157.18

corr(u_i, Xb) = -0.5740


Prob > F

=

0.0000


debtt1

|

-1.78951

.7297894

-2.45

0.014

-3.220941

-.3580793

qt1

|

.0710703

.0312696

2.27

0.023

.0097371

.1324035

director

|

-.2643011

.3832937

-0.69

0.491

-1.016105

.4875029

Indepen

|

-2.269442

1.604243

-1.41

0.157

-5.416054

.8771696

ceoage

|

1.610821

1.241225

1.30

0.195

-.8237556

4.045398

ceotenure

|

-.6883588

.1844295

-3.73

0.000

-1.050104

-.3266132

ceoshare

|

6.433488

3.254124

1.98

0.048

.0507504

12.81623

cf

|

-.0319604

.006196

-5.16

0.000

-.0441135

-.0198073

salest1

|

.1560866

.0037061

42.12

0.000

.1488173

.1633559

roa

|

-3.854718

1.52972

-2.52

0.012

-6.855157

-.8542794

size

|

.465597

.2530214

1.84

0.066

-.0306867

.9618808

liq

|

-.021055

.0148557

-1.42

0.157

-.0501935

.0080835

_cons

|

-17.26614

8.392367

-2.06

0.040

-33.72719

-.8051006


Cột 7: hồi quy dữ liệu bảng FEM, nature

=0,

có

thêm biến debt*dqt-1


Fixed-effects (within) regression



Number of obs

=

1864

Group variable: i



Number of groups

=

233

R-sq: within = 0.5382



Obs per group: min

=

8

between = 0.1509



avg

=

8.0

overall = 0.3250



max

=

8




F(13,1618)

=

145.02

corr(u_i, Xb) = -0.5738



Prob > F

=

0.0000


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

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

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

debtt1

|

-1.64922

.8141539

-2.03

0.043

-3.246127

-.0523133

DebtDqt

|

-.4161919

1.069538

-0.39

0.697

-2.514016

1.681633

qt1

|

.0713317

.031285

2.28

0.023

.0099683

.1326952

director

|

-.2691552

.3835971

-0.70

0.483

-1.021555

.4832441

Indepen

|

-2.271178

1.60467

-1.42

0.157

-5.418628

.8762726

ceoage

|

1.639425

1.243725

1.32

0.188

-.8000556

4.078905

ceotenure

|

-.6955662

.1854053

-3.75

0.000

-1.059226

-.3319064

ceoshare

|

6.442863

3.255066

1.98

0.048

.0582741

12.82745

cf

|

-.0319664

.0061977

-5.16

0.000

-.0441227

-.0198101

salest1

|

.1560702

.0037073

42.10

0.000

.1487985

.1633419

roa

|

-3.764936

1.547419

-2.43

0.015

-6.800091

-.7297806

size

|

.4580218

.2538353

1.80

0.071

-.0398586

.9559023

liq

|

-.0214117

.0148879

-1.44

0.151

-.0506133

.0077898

_cons

|

-17.17942

8.397525

-2.05

0.041

-33.65059

-.7082524


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

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

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

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

sigma_u | 4.1503944

sigma_e | 3.8822283

rho | .53334746 (fraction of variance due to u_i)

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

F test that all u_i=0:

F(232, 1619) =

5.94

Prob > F = 0.0000


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

sigma_u | 4.150151

sigma_e | 3.8832461

rho | .53318778 (fraction of variance due to u_i)

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

F test that all u_i=0: F(232, 1618) = 5.93 Prob > F = 0.0000

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

..... Xem trang tiếp theo?
⇦ Trang trước - Trang tiếp theo ⇨

Ngày đăng: 02/06/2022