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

|

-.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

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

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

|

-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

|

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

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

|

-.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

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

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

|

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

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

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

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

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

|

-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

=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

|

-.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

=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

|

-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

=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