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Cột 1: hồi quy dữ liệu bảng FEM

xtreg Investment sdebtt1 qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq,fe

Fixed-effects (within) regression Number of obs = 2552 Group variable: i Number of groups = 319

R-sq: within = 0.5223 Obs per group: min = 8

between = 0.1289 avg = 8.0

overall = 0.2937 max = 8

F(12,2221) = 202.35

corr(u_i, Xb) = -0.6064 Prob > F = 0.0000

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

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

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

sdebtt1

\|	-.9279038	.6460843	-1.44	0.151	-2.194896	.3390885
qt1	\|	.0692725	.0263547	2.63	0.009	.0175901	.1209548
director	\|	-.2273218	.2759947	-0.82	0.410	-.7685563	.3139128
Indepen	\|	-.8188344	.9482959	-0.86	0.388	-2.678474	1.040805
ceoage	\|	1.300138	.9521251	1.37	0.172	-.5670109	3.167286
ceotenure	\|	-.4636948	.134692	-3.44	0.001	-.7278303	-.1995593
ceoshare	\|	3.48228	2.295112	1.52	0.129	-1.018509	7.98307
cf	\|	-.0324993	.0053341	-6.09	0.000	-.0429597	-.0220389
salest1	\|	.152464	.003167	48.14	0.000	.1462534	.1586745
roa	\|	-3.212088	1.158297	-2.77	0.006	-5.483546	-.9406301
size	\|	.4242575	.1921895	2.21	0.027	.0473677	.8011474
liq	\|	-.0154019	.0113002	-1.36	0.173	-.0375621	.0067582
_cons	\|	-15.67791	6.349865	-2.47	0.014	-28.1302	-3.22562

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

sigma_u | 3.7758388

sigma_e | 3.3832948

rho | .55466686 (fraction of variance due to u_i)

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

F test that all u_i=0: F(318, 2221) = 6.11 Prob > F = 0.0000

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

xtreg Investment sdebtt1 SdebtDqt qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq,fe

Fixed-effects (within) regression Number of obs = 2552 Group variable: i Number of groups = 319

R-sq: within = 0.5224 Obs per group: min = 8

between = 0.1287 avg = 8.0

overall = 0.2938 max = 8

F(13,2220) = 186.77

corr(u_i, Xb) = -0.6060 Prob > F = 0.0000

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

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

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

sdebtt1	\| -.8136199	.668161	-1.22	0.223	-2.123906	.4966659
SdebtDqt	\| -.3755873	.5588026	-0.67	0.502	-1.471418	.7202432
qt1	\| .069979	.0263789	2.65	0.008	.0182492	.1217089
director	\| -.2274691	.2760288	-0.82	0.410	-.7687708	.3138325
Indepen	\| -.8299952	.9485583	-0.88	0.382	-2.690149	1.030159
ceoage	\| 1.299903	.9522427	1.37	0.172	-.5674768	3.167282

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

sigma_u | 3.7685972

sigma_e | 3.3828473

rho | .55378365 (fraction of variance due to u_i)

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

F test that all u_i=0: F(318, 2220) = 6.08 Prob > F = 0.0000

ceotenure

\|	-.472106	.1352887	-3.49	0.000	-.7374116	-.2068003
ceoshare	\|	3.516383	2.295956	1.53	0.126	-.986063	8.018828
cf	\|	-.0324473	.0053354	-6.08	0.000	-.0429101	-.0219845
salest1	\|	.1524128	.0031683	48.11	0.000	.1461997	.1586259
roa	\|	-3.096458	1.171144	-2.64	0.008	-5.393111	-.7998052
size	\|	.4201838	.1923087	2.18	0.029	.0430599	.7973076
liq	\|	-.0157937	.0113166	-1.40	0.163	-.0379861	.0063986
_cons	\|	-15.54966	6.353515	-2.45	0.014	-28.00911	-3.090206
-------------+---------------------------------------------------------------- sigma_u \| 3.774577 sigma_e \| 3.3837124 rho \| .55444075 (fraction of variance due to u_i) ------------------------------------------------------------------------------
F test that all u_i=0: F(318, 2220)				=	6.11 Prob > F		=	0.0000
Cột 3: hồi quy dữ liệu bảng FEM, có thêm				biến	sdebt*nature và nature
Fixed-effects (within) regression					Number of obs =			2552
Group variable: i					Number of groups =			319
R-sq: within = 0.5226					Obs per group: min =			8
between = 0.1313					avg =			8.0
overall = 0.2951					max =			8
					F(13,2220) =			186.96
corr(u_i, Xb) = -0.6062					Prob > F =			0.0000
------------------------------------------------------------------------------ Investment \| Coef. Std. Err. t P>\|t\| [95% Conf. Interval] -------------+----------------------------------------------------------------
sdebtt1	\|	-.8109293	.6526356	-1.24	0.214	-2.090769	.4689108
SdebtNature	\|	-1.238481	.9829275	-1.26	0.208	-3.166034	.6890729
nature	\|	0	(omitted)
qt1	\|	.0682365	.026364	2.59	0.010	.0165358	.1199372
director	\|	-.2414448	.2761857	-0.87	0.382	-.7830541	.3001645
Indepen	\|	-.7424476	.9501066	-0.78	0.435	-2.605638	1.120743
ceoage	\|	1.367333	.9534918	1.43	0.152	-.5024962	3.237162
ceotenure	\|	-.4689785	.1347395	-3.48	0.001	-.7332071	-.2047499
ceoshare	\|	3.498848	2.294846	1.52	0.127	-1.001421	7.999117
cf	\|	-.0324226	.0053338	-6.08	0.000	-.0428824	-.0219629
salest1	\|	.1524355	.0031666	48.14	0.000	.1462257	.1586454
roa	\|	-3.297211	1.160113	-2.84	0.005	-5.572231	-1.022192
size	\|	.4106389	.1924678	2.13	0.033	.0332032	.7880746
liq	\|	-.0156538	.0113005	-1.39	0.166	-.0378145	.0065069
_cons	\|	-15.45529	6.351483	-2.43	0.015	-27.91076	-2.99982

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 = 0.1480	Obs per group: min	=	8
between = 0.0002	avg	=	8.0
overall = 0.0151	max	=	8
	F(12,590)	=	8.54

corr(u_i, Xb) = -0.8336

Prob > F

0.0000

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

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

-------------+---------------------------------------------------------------- sdebtt1 | -1.15988 .4027371 -2.88 0.004 -1.950853 -.3689071

qt1 | -.121045 .0910046 -1.33 0.184 -.2997774 .0576873

director | -.0650583 .1123676 -0.58 0.563 -.2857475 .1556309

Indepen | .149963 .2906453 0.52 0.606 -.4208623 .7207883

ceoage | .5933268 .4590491 1.29 0.197 -.3082423 1.494896

ceotenure | -.0539746 .0567217 -0.95 0.342 -.1653756 .0574264

ceoshare | -.0807475 .8919656 -0.09 0.928 -1.832562 1.671067

cf | .0195991 .0797855 0.25 0.806 -.137099 .1762972

salest1 | .0347967 .0053605 6.49 0.000 .0242687 .0453247

roa | -.4496022 .6163596 -0.73 0.466 -1.660128 .7609237

size | .2542428 .0908002 2.80 0.005 .0759118 .4325737

liq | -.0044153 .0052083 -0.85 0.397 -.0146444 .0058138

_cons | -8.032816 2.965037 -2.71 0.007 -13.85613 -2.209504

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

sigma_u | .8195669

sigma_e | .7498539

rho | .5443321 (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 sdebt*dqt-1

Fixed-effects (within) regression Group variable: i

Number of obs = Number of groups =

688

R-sq: within = 0.1608

between = 0.0000

overall = 0.0187

Obs per group: min =

avg =

max =

8.0

corr(u_i, Xb) = -0.8307

F(13,589)

Prob > F

8.68

0.0000

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

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

-------------+---------------------------------------------------------------- sdebtt1 | -1.146298 .4000596 -2.87 0.004 -1.932015 -.3605807

SdebtDqt | .7750798 .2583527 3.00 0.003 .2676752 1.282484

qt1 | -.1691546 .0918051 -1.84 0.066 -.3494599 .0111507

director | -.0824405 .1117637 -0.74 0.461 -.3019444 .1370634

Indepen | .1621834 .2887233 0.56 0.575 -.404869 .7292359

ceoage | .6453725 .4562979 1.41 0.158 -.2507963 1.541541

ceotenure | -.0496939 .0563591 -0.88 0.378 -.1603831 .0609953

ceoshare | -.2276696 .8873313 -0.26 0.798 -1.970388 1.515049

cf | .0143882 .079269 0.18 0.856 -.1412961 .1700725

salest1 | .0355044 .0053298 6.66 0.000 .0250368 .0459721

roa | -.517731 .6126437 -0.85 0.398 -1.720963 .685501

size | .2357262 .0904017 2.61 0.009 .0581773 .4132752

liq | -.0043052 .0051735 -0.83 0.406 -.014466 .0058555

_cons | -7.738209 2.946773 -2.63 0.009 -13.52567 -1.950747

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

sigma_u | .82268544

sigma_e | .74482095

rho | .54955184 (fraction of variance due to u_i)

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

F test that all u_i=0:

F(85, 589) =

2.62

Prob > F = 0.0000

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 = 0.5368			Obs per group: min				=	8
between = 0.1523			avg				=	8.0
overall = 0.3257			max				=	8
			F(12,1619)				=	156.38
corr(u_i, Xb) = -0.5715			Prob > F				=	0.0000
----------------------------------------------------------------------------- - Investment \| Coef. Std. Err. t P>\|t\| [95% Conf. Interval] -------------+--------------------------------------------------------------- -
sdebtt1	\|	-1.00733	.7999542	-1.26	0.208	-2.576384	.5617249
qt1	\|	.0656834	.0312677	2.10	0.036	.004354	.1270129
director	\|	-.3230964	.382818	-0.84	0.399	-1.073967	.4277745
Indepen	\|	-2.166687	1.605784	-1.35	0.177	-5.31632	.9829471
ceoage	\|	1.771804	1.241152	1.43	0.154	-.6626295	4.206237
ceotenure	\|	-.6771796	.1846434	-3.67	0.000	-1.039345	-.3150145
ceoshare	\|	6.413389	3.260248	1.97	0.049	.0186386	12.80814
cf	\|	-.0326115	.0062001	-5.26	0.000	-.0447727	-.0204504
salest1	\|	.1564663	.0037071	42.21	0.000	.1491951	.1637375
roa	\|	-3.532162	1.527626	-2.31	0.021	-6.528494	-.5358298
size	\|	.4476517	.2532894	1.77	0.077	-.0491578	.9444612
liq	\|	-.0184628	.0148611	-1.24	0.214	-.0476118	.0106861
_cons	\|	-17.70418	8.40443	-2.11	0.035	-34.18889	-1.219479

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

sigma_u | 4.1298125

sigma_e | 3.8875274

rho | .53019257 (fraction of variance due to u_i)

F test that all u_i=0: F(232, 1619) = 5.87 Prob > F = 0.0000

Cột 7: hồi quy dữ liệu bảng FEM, nature =0, có thêm biến sdebt *dqt-1

Fixed-effects (within) regression Number of obs = 1864 Group variable: i Number of groups = 233

R-sq: within = 0.5372 Obs per group: min = 8

between = 0.1518 avg = 8.0

overall = 0.3259 max = 8

F(13,1618) = 144.48

corr(u_i, Xb) = -0.5708 Prob > F = 0.0000

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

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

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

sdebtt1	\|	-.7069567	.8424339	-0.84	0.401	-2.359333	.9454194
SdebtDqt	\|	-.8435155	.7423666	-1.14	0.256	-2.299617	.6125855
qt1	\|	.0666819	.0312773	2.13	0.033	.0053337	.1280301
director	\|	-.3368158	.382974	-0.88	0.379	-1.087993	.4143613
Indepen	\|	-2.181933	1.605696	-1.36	0.174	-5.331395	.9675289
ceoage	\|	1.797927	1.241253	1.45	0.148	-.6367066	4.23256
ceotenure	\|	-.6984816	.1855762	-3.76	0.000	-1.062476	-.3344867
ceoshare	\|	6.462642	3.260244	1.98	0.048	.0678987	12.85739
cf	\|	-.0325484	.0061998	-5.25	0.000	-.044709	-.0203879
salest1	\|	.1563686	.0037078	42.17	0.000	.1490961	.1636412
roa	\|	-3.241512	1.548759	-2.09	0.037	-6.279296	-.203728
size	\|	.4338748	.2535567	1.71	0.087	-.0634592	.9312088
liq	\|	-.019405	.0148828	-1.30	0.192	-.0485967	.0097867
_cons	\|	-17.39558	8.408063	-2.07	0.039	-33.88742	-.9037477

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

sigma_u | 4.1280646

sigma_e | 3.887178

rho | .53002645 (fraction of variance due to u_i)

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

F test that all u_i=0: F(232, 1618) = 5.87 Prob > F = 0.0000

Kết quả hồi quy theo phương pháp FEM với biến nợ dài hạn (Ldebti,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 = 0.1235				avg			=	8.0
overall = 0.2890				max			=	8
				F(12,2221)			=	202.97
corr(u_i, Xb) = -0.6127				Prob > F			=	0.0000
------------------------------------------------------------------------------ Investment \| Coef. Std. Err. t P>\|t\| [95% Conf. Interval] -------------+----------------------------------------------------------------
ldebtt1	\|	-2.694286	1.134293	-2.38	0.018	-4.918673	-.4698994
qt1	\|	.0686762	.02622	2.62	0.009	.0172579	.1200945
director	\|	-.1828128	.2766483	-0.66	0.509	-.725329	.3597035
Indepen	\|	-.8001965	.9474534	-0.84	0.398	-2.658184	1.057791
ceoage	\|	1.068992	.9549579	1.12	0.263	-.8037114	2.941696
ceotenure	\|	-.4574887	.1345174	-3.40	0.001	-.7212816	-.1936958
ceoshare	\|	3.137392	2.295578	1.37	0.172	-1.364311	7.639096
cf	\|	-.0325725	.0053236	-6.12	0.000	-.0430123	-.0221327
salest1	\|	.1519546	.0031728	47.89	0.000	.1457326	.1581765
roa	\|	-3.201332	1.151465	-2.78	0.005	-5.459391	-.9432721
size	\|	.4388574	.1921336	2.28	0.022	.0620771	.8156376
liq	\|	-.0148618	.0112387	-1.32	0.186	-.0369013	.0071776
_cons	\|	-15.12466	6.339476	-2.39	0.017	-27.55658	-2.692744
-------------+---------------------------------------------------------------- sigma_u \| 3.8285852 sigma_e \| 3.3805743 rho \| .56190561 (fraction of variance due to u_i) ------------------------------------------------------------------------------
F test that all u_i=0: F(318, 2221) =					6.14 Prob		> F	=	0.0000
.
Cột 2: hồi quy dữ liệu bảng FEM, thêm biến					Ldebt*dqt-1
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 = 0.1219					avg		=		8.0
overall = 0.2886					max		=		8
					F(13,2220)		=		187.42
corr(u_i, Xb) = -0.6120					Prob > F		=		0.0000
------------------------------------------------------------------------------ Investment \| Coef. Std. Err. t P>\|t\| [95% Conf. Interval] -------------+----------------------------------------------------------------

ldebtt1

\|	-2.56541	1.14272	-2.25	0.025	-4.806321	-.3244986
LdebtDqt	\|	-1.433491	1.537651	-0.93	0.351	-4.448876	1.581893
qt1	\|	.0692319	.0262276	2.64	0.008	.0177988	.120665
director	\|	-.1765435	.2767381	-0.64	0.524	-.7192362	.3661491
Indepen	\|	-.8085044	.9475233	-0.85	0.394	-2.666629	1.04962
ceoage	\|	1.066502	.9549898	1.12	0.264	-.8062643	2.939269
ceotenure	\|	-.4603049	.1345552	-3.42	0.001	-.7241722	-.1964376
ceoshare	\|	3.052481	2.297452	1.33	0.184	-1.452898	7.55786
cf	\|	-.032547	.0053238	-6.11	0.000	-.0429872	-.0221068
salest1	\|	.1517607	.0031797	47.73	0.000	.1455252	.1579962
roa	\|	-3.171148	1.151954	-2.75	0.006	-5.430167	-.9121283
size	\|	.4405547	.1921479	2.29	0.022	.0637464	.8173631
liq	\|	-.0150558	.011241	-1.34	0.181	-.0370997	.0069881
_cons	\|	-15.14242	6.339691	-2.39	0.017	-27.57476	-2.710074
-------------+---------------------------------------------------------------- sigma_u \| 3.82927 sigma_e \| 3.3806739 rho \| .56197915 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(318, 2220) = 6.13 Prob > F = 0.0000

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

Fixed-effects (within) regression Number of obs = 2552 Group variable: i Number of groups = 319

R-sq: within = 0.5235 Obs per group: min = 8

between = 0.1213 avg = 8.0

overall = 0.2883 max = 8

F(13,2220) = 187.63

corr(u_i, Xb) = -0.6123 Prob > F = 0.0000

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

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

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

ldebtt1

\|	-3.510118	1.25975	-2.79	0.005	-5.980529	-1.039708
LdebtNature	\|	2.464421	1.657419	1.49	0.137	-.785832	5.714675
nature	\|	0	(omitted)
qt1	\|	.0687862	.026213	2.62	0.009	.0173817	.1201907
director	\|	-.1659595	.276805	-0.60	0.549	-.7087833	.3768644
Indepen	\|	-.7777591	.9473155	-0.82	0.412	-2.635476	1.079958
ceoage	\|	1.017567	.9553239	1.07	0.287	-.8558552	2.890989
ceotenure	\|	-.4592646	.134486	-3.41	0.001	-.7229961	-.1955331
ceoshare	\|	3.212533	2.295509	1.40	0.162	-1.289036	7.714103
cf	\|	-.0325678	.0053222	-6.12	0.000	-.0430048	-.0221309
salest1	\|	.1519001	.0031721	47.89	0.000	.1456795	.1581208
roa	\|	-3.181295	1.15123	-2.76	0.006	-5.438894	-.923695
size	\|	.4359877	.1920909	2.27	0.023	.059291	.8126844
liq	\|	-.0148542	.0112356	-1.32	0.186	-.0368876	.0071793
_cons	\|	-14.87387	6.339993	-2.35	0.019	-27.30681	-2.440936

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

sigma_u | 3.8333483

sigma_e | 3.3796531

rho | .56265177 (fraction of variance due to u_i)

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

F test that all u_i=0: F(318, 2220) = 6.14 Prob > F = 0.0000

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 = 0.1396	Obs per group: min =	8

between = 0.0014

	avg	=	8.0
overall = 0.0196		max	=	8
	F(12,590)		=	7.98
corr(u_i, Xb) = -0.8245 Prob > F		=		0.0000

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

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

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

sigma_u | .77479705

sigma_e | .7491679

rho | .51681266 (fraction of variance due to u_i)

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

F test that all u_i=0: F(85, 589) = 2.43 Prob > F = 0.0000

ldebtt1	\|	-.637994	.4029078	-1.58	0.100	-1.429302	.1533141
qt1	\|	-.105773	.0914651	-1.16	0.248	-.2854099	.0738639
director	\|	-.0615697	.1129083	-0.55	0.586	-.2833208	.1601814
Indepen	\|	.1435001	.2920755	0.49	0.623	-.4301341	.7171343
ceoage	\|	.3873086	.4569763	0.85	0.397	-.5101897	1.284807
ceotenure	\|	-.0446006	.0570014	-0.78	0.434	-.156551	.0673497
ceoshare	\|	-.0860153	.8974555	-0.10	0.924	-1.848612	1.676581
cf	\|	.0281802	.0802709	0.35	0.726	-.1294714	.1858317
salest1	\|	.033537	.0054222	6.19	0.000	.0228878	.0441862
roa	\|	-.5116016	.6208858	-0.82	0.410	-1.731017	.7078137
size	\|	.2479649	.0919688	2.70	0.007	.0673389	.428591
liq	\|	-.0047966	.0052371	-0.92	0.360	-.0150822	.005489
_cons	\|	-7.164736	2.958189	-2.42	0.016	-12.9746	-1.354873

ldebtt1	\|	-.6166137	.4006604	-1.54	0.124	-1.40351	.1702832
LdebtDqt	\|	1.53159	.5465076	2.80	0.005	.458249	2.604931
qt1	\|	-.1367559	.091608	-1.49	0.136	-.316674	.0431622
director	\|	-.0787983	.1124263	-0.70	0.484	-.2996036	.142007
Indepen	\|	.1439659	.2903937	0.50	0.620	-.4263672	.7142989
ceoage	\|	.4440864	.4547963	0.98	0.329	-.4491335	1.337306
ceotenure	\|	-.0502645	.0567092	-0.89	0.376	-.1616413	.0611124
ceoshare	\|	-.0529239	.8923657	-0.06	0.953	-1.80553	1.699682
cf	\|	.0410208	.0799401	0.51	0.608	-.1159816	.1980232
salest1	\|	.0331354	.0053929	6.14	0.000	.0225437	.0437271
roa	\|	-.5188249	.6173159	-0.84	0.401	-1.731233	.6935833
size	\|	.2417577	.091466	2.64	0.008	.0621185	.4213969
liq	\|	-.0047369	.005207	-0.91	0.363	-.0149634	.0054896
_cons	\|	-7.202964	2.941187	-2.45	0.015	-12.97945	-1.426475

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

sigma_u | .78430543

sigma_e | .75350688

rho | .52001948 (fraction of variance due to u_i)

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

F test that all u_i=0: F(85, 590) =		2.45 Prob > F	=	0.0000
Cột 5: hồi quy dữ liệu bảng FEM, nature=1,	có	thêm biến Ldebt*dqt-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 = 0.0016		avg =		8.0
overall = 0.0230		max =		8
		F(13,589) =		8.06
corr(u_i, Xb) = -0.8155		Prob > F =		0.0000
------------------------------------------------------------------------------ Investment \| Coef. Std. Err. t P>\|t\| [95% Conf. Interval] -------------+----------------------------------------------------------------

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 = 0.5390				Obs per group: min			=	8
between = 0.1402				avg			=	8.0
overall = 0.3174				max			=	8
				F(12,1619)			=	157.76
corr(u_i, Xb) = -0.5821				Prob > F			=	0.0000
------------------------------------------------------------------------------ Investment \| Coef. Std. Err. t P>\|t\| [95% Conf. Interval] -------------+----------------------------------------------------------------
ldebtt1	\|	-5.169866	1.700884	-3.04	0.002	-8.506031	-1.8337
qt1	\|	.0657366	.031003	2.12	0.034	.0049263	.1265469
director	\|	-.1995761	.3844419	-0.52	0.604	-.9536321	.5544799
Indepen	\|	-2.254352	1.601999	-1.41	0.160	-5.396561	.8878565
ceoage	\|	1.313106	1.247445	1.05	0.293	-1.133671	3.759883
ceotenure	\|	-.6795053	.1840942	-3.69	0.000	-1.040593	-.3184175
ceoshare	\|	5.946329	3.251609	1.83	0.068	-.431475	12.32413
cf	\|	-.0324712	.006175	-5.26	0.000	-.044583	-.0203593
salest1	\|	.155579	.0037113	41.92	0.000	.1482996	.1628584
roa	\|	-3.588054	1.512881	-2.37	0.018	-6.555466	-.6206431
size	\|	.4519284	.2524938	1.79	0.074	-.0433205	.9471773
liq	\|	-.0179923	.0147123	-1.22	0.222	-.0468495	.0108648
_cons	\|	-15.88223	8.400731	-1.89	0.059	-32.35968	.5952134
-------------+---------------------------------------------------------------- sigma_u \| 4.2337406 sigma_e \| 3.8783806 rho \| .54372215 (fraction of variance due to u_i) ------------------------------------------------------------------------------
F test that all u_i=0: F(232, 1619) =						5.95 Prob > F		=	0.0000
Cột 7: hồi quy dữ liệu bảng FEM, nature=0,					có	thêm biến Ldebt*dqt-1
Fixed-effects (within) regression						Number of obs =			1864
Group variable: i						Number of groups =			233
R-sq: within = 0.5394						Obs per group: min =			8
between = 0.1376						avg =			8.0
overall = 0.3170						max =			8
						F(13,1618) =			145.75
corr(u_i, Xb) = -0.5802						Prob > F =			0.0000
------------------------------------------------------------------------------ Investment \| Coef. Std. Err. t P>\|t\| [95% Conf. Interval] -------------+----------------------------------------------------------------
ldebtt1	\|	-4.741265	1.7427	-2.72	0.007	-8.159452	-1.323078
LdebtDqt	\|	-2.593437	2.30002	-1.13	0.260	-7.104768	1.917893
qt1	\|	.0664891	.0310076	2.14	0.032	.0056698	.1273084
director	\|	-.2033995	.3844246	-0.53	0.597	-.9574219	.550623
Indepen	\|	-2.25042	1.601868	-1.40	0.160	-5.392374	.891535
ceoage	\|	1.348376	1.247733	1.08	0.280	-1.098966	3.795718
ceotenure	\|	-.686057	.1841704	-3.73	0.000	-1.047295	-.3248195
ceoshare	\|	5.746426	3.256166	1.76	0.078	-.6403197	12.13317
cf	\|	-.0324508	.0061745	-5.26	0.000	-.0445616	-.0203399
salest1	\|	.1552585	.0037218	41.72	0.000	.1479584	.1625586
roa	\|	-3.524858	1.513792	-2.33	0.020	-6.494058	-.5556582
size	\|	.457202	.2525159	1.81	0.070	-.0380906	.9524946
liq	\|	-.0183649	.0147148	-1.25	0.212	-.0472269	.0104971
_cons	\|	-16.13005	8.402901	-1.92	0.055	-32.61176	.3516613