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 - 19



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

sigma_u | 4.2311061

sigma_e | 3.8780555

rho | .54345488 (fraction of variance due to u_i)

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

F test that all u_i=0: F(232, 1618) = 5.95 Prob > F = 0.0000


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


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

Instrumented: debtt1

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

Cột 1: hồi quy 2SLS


Source | SS df MS

Number of obs

=

2552

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

F( 12, 2539)

=

87.26

Model | 19264.2603 12 1605.35503

Prob > F

=

0.0000

Residual | 49199.133 2539 19.3773663

R-squared

=

0.2814

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

Adj R-squared

=

0.2780

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.402


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

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

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

debtt1

|

-2.981616

1.266406

-2.35

0.019

-5.464911

-.4983219

growth

|

.3114295

.1019215

3.06

0.002

.1115717

.5112873

director

|

-.2770583

.1939775

-1.43

0.153

-.6574285

.1033118

Indepen

|

-.7129664

.8329467

-0.86

0.392

-2.346291

.9203579

ceoage

|

1.046376

.6149298

1.70

0.089

-.1594396

2.252191

ceotenure

|

-.4553538

.1128894

-4.03

0.000

-.6767185

-.2339892

ceoshare

|

3.298423

1.475731

2.24

0.025

.4046637

6.192182

cf

|

-.0363072

.0072813

-4.99

0.000

-.050585

-.0220294

salest1

|

.0829435

.0027062

30.65

0.000

.077637

.0882501

roa

|

-3.9139

1.342585

-2.92

0.004

-6.546572

-1.281227

size

|

.3087157

.0945211

3.27

0.001

.1233695

.4940619

liq

|

.0121466

.0125478

0.97

0.333

-.0124583

.0367516

_cons

|

-10.11136

3.315297

-3.05

0.002

-16.61233

-3.610403

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 - 19


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

Source | SS df MS

Number of obs

=

2552

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

F( 13, 2538)

=

80.01

Model | 18947.7775 13 1457.52135

Prob > F

=

0.0000

Residual | 49515.6158 2538 19.5096989

R-squared

=

0.2768

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

Adj R-squared

=

0.2731

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.417


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

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

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

debtt1

|

-3.811326

1.699202

-2.24

0.025

-7.143289

-.4793626

DebtDgt

|

1.781521

1.039561

1.71

0.087

-.2569531

3.819995

growth

|

.2423937

.1090594

2.22

0.026

.0285393

.4562482

director

|

-.2797694

.1947781

-1.44

0.151

-.6617097

.1021708

Indepen

|

-.722372

.8360534

-0.86

0.388

-2.361788

.9170445

ceoage

|

1.124324

.6205614

1.81

0.070

-.0925344

2.341182

ceotenure

|

-.4540643

.1131714

-4.01

0.000

-.6759819

-.2321467



ceoshare

|

3.431734

1.52135

2.26

0.024

.448519

6.414949

cf

|

-.0346134

.0074981

-4.62

0.000

-.0493164

-.0199104

salest1

|

.0825707

.0027626

29.89

0.000

.0771535

.0879879

roa

|

-4.366609

1.507627

-2.90

0.004

-7.322914

-1.410303

size

|

.2949448

.0905789

3.26

0.001

.1173287

.4725609

liq

|

.0116726

.0126614

0.92

0.357

-.0131551

.0365003

_cons

|

-10.01578

3.310585

-3.03

0.003

-16.50751

-3.52406

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

Instrumented: debtt1

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


Cột 3: hồi quy 2SLS, có thêm biến DebtNature


và


biến


nature



Instrumental variables (2SLS) regression






Source | SS df MS



Number of obs

=

2552

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



F( 14, 2537)

=

74.43

Model | 18858.2052 14 1347.01466



Prob > F

=

0.0000

Residual | 49605.1881 2537 19.5526954



R-squared

=

0.2754

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



Adj R-squared

=

0.2715

Total | 68463.3933 2551 26.8378649



Root MSE

=

4.4218


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

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

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

debtt1

|

-3.92015

1.354406

-2.89

0.004

-6.576004

-1.264295

DebtNature

|

2.939942

1.198676

2.45

0.014

.5894596

5.290424

nature

|

-.9188833

.344026

-2.67

0.008

-1.593484

-.2442828

growth

|

.3070761

.1025468

2.99

0.003

.1059922

.50816

director

|

-.2809452

.195072

-1.44

0.150

-.6634619

.1015714

Indepen

|

-.8296128

.8399301

-0.99

0.323

-2.476631

.8174058

ceoage

|

.9289596

.6183893

1.50

0.133

-.2836397

2.141559

ceotenure

|

-.4521925

.1122258

-4.03

0.000

-.6722561

-.232129

ceoshare

|

3.715912

1.490645

2.49

0.013

.7929068

6.638917

cf

|

-.0362377

.0072926

-4.97

0.000

-.0505378

-.0219376

salest1

|

.0828291

.0027048

30.62

0.000

.0775252

.088133

roa

|

-3.858366

1.274793

-3.03

0.002

-6.358106

-1.358625

size

|

.3164299

.0885294

3.57

0.000

.1428327

.4900271

liq

|

.0106028

.0125798

0.84

0.399

-.0140648

.0352705

_cons

|

-9.578619

3.181238

-3.01

0.003

-15.81671

-3.34053



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

Instrumented: debtt1

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

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

Source | SS df MS

Number of obs

=

688

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

F( 12, 675)

=

2.92

Model | 9.08577122 12 .757147602

Prob > F

=

0.0006

Residual | 469.212637 675 .695129833

R-squared

=

0.0190

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

Adj R-squared

=

0.1600

Total | 478.298409 687 .696213113

Root MSE

=

.83374


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

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

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

debtt1 | -1.160701 .5301922 -2.19 0.029 -2.201725 -.1196765

growth | .1497391

.1332657

1.12

0.262

-.111926

.4114042

director | -.1149434

.0747817

-1.54

0.125

-.2617762

.0318894



Indepen

|

.1453277

.2581552

0.56

0.574

-.361556

.6522114

ceoage

|

-.1049182

.2581295

-0.41

0.685

-.6117516

.4019151

ceotenure

|

.0202075

.0427644

0.47

0.637

-.0637599

.1041748

ceoshare

|

.1335801

.5291588

0.25

0.801

-.905415

1.172575

cf

|

.1511654

.0549035

2.75

0.006

.0433632

.2589675

salest1

|

.000968

.0018317

0.53

0.597

-.0026285

.0045646

roa

|

-2.200401

.5941168

-3.70

0.000

-3.36694

-1.033862

size

|

.113537

.0453776

2.50

0.013

.0244389

.2026352

liq

|

-.0052314

.0051047

-1.02

0.306

-.0152545

.0047917

_cons

|

-1.26126

1.461432

-0.86

0.388

-4.130759

1.608239

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

Instrumented: debtt1

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


Source |

SS

df

MS

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

Number of obs = F( 13, 674) =

Model | 5.47556548 13 .421197345 Prob > F =

Residual | 472.822843 674 .701517572 R-squared =

688

2.68

0.0011

0.1832

-------------+------------------------------ Adj R-squared = 0.1760 Total | 478.298409 687 .696213113 Root MSE = .83757


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

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

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

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

Instrumented: debtt1

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

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


debtt1

|

-1.416454

.7001741

-2.02

0.043

-2.791239

-.0416695

DebtDgt

|

.5615689

.4097298

1.37

0.171

-.2429314

1.366069

growth

|

-.0262693

.1754351

-0.15

0.881

-.3707344

.3181957

director

|

-.1243327

.0760993

-1.63

0.103

-.2737529

.0250875

Indepen

|

.1389418

.2591057

0.54

0.592

-.3698096

.6476931

ceoage

|

-.0657665

.2621042

-0.25

0.802

-.5804054

.4488724

ceotenure

|

.0166901

.0431261

0.39

0.699

-.0679874

.1013677

ceoshare

|

.1918136

.536612

0.36

0.721

-.8618185

1.245446

cf

|

.1583977

.0542789

2.92

0.004

.0518216

.2649739

salest1

|

.0008282

.0018633

0.44

0.657

-.0028304

.0044869

roa

|

-2.240052

.615852

-3.64

0.000

-3.449271

-1.030833

size

|

.113118

.0460323

2.46

0.014

.0227341

.2035018

liq

|

-.0055449

.0051845

-1.07

0.285

-.0157246

.0046348

_cons

|

-1.371811

1.521466

-0.90

0.368

-4.359194

1.615572


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

Source | SS df MS

Number of obs

=

1864

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

F( 12, 1851)

=

73.18

Model | 20114.2878 12 1676.19065

Prob > F

=

0.0000

Residual | 47791.2868 1851 25.8191717

R-squared

=

0.2962

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

Adj R-squared

=

0.2916

Total | 67905.5747 1863 36.4495838

Root MSE

=

5.0813


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

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

-------------+---------------------------------------------------------------- debtt1 | -5.165457 1.290921 -4.00 0.000 -7.697272 -2.633642



growth

|

.31107

.1197082

2.60

0.009

.0762928

.5458472

director

|

-.0988282

.26179

-0.38

0.706

-.612263

.4146066

Indepen

|

-1.071678

1.226052

-0.87

0.382

-3.476268

1.332913

ceoage

|

1.181165

.8023425

1.47

0.141

-.3924262

2.754757

ceotenure

|

-.6968952

.1519763

-4.59

0.000

-.9949582

-.3988323

ceoshare

|

5.584474

1.889656

2.96

0.003

1.878392

9.290556

cf

|

-.0381104

.0084477

-4.51

0.000

-.0546784

-.0215424

salest1

|

.0918559

.0032677

28.11

0.000

.0854471

.0982646

roa

|

-5.40105

1.603987

-3.37

0.001

-8.546864

-2.255236

size

|

.4561356

.1078461

4.23

0.000

.2446229

.6676484

liq

|

.009777

.0162073

0.60

0.546

-.0220095

.0415634

_cons

|

-13.61022

4.12952

-3.30

0.001

-21.70923

-5.511216

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

Instrumented: debtt1

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



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

Instrumented: debtt1

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

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

Source | SS df MS

Number of obs

=

1864

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

F( 13, 1850)

=

66.35

Model | 19270.9522 13 1482.38094

Prob > F

=

0.0000

Residual | 48634.6225 1850 26.2889851

R-squared

=

0.2838

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

Adj R-squared

=

0.2788

Total | 67905.5747 1863 36.4495838

Root MSE

=

5.1273


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

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

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

debtt1

|

-6.737334

1.738558

-3.88

0.000

-10.14707

-3.327593

DebtDgt

|

3.315092

1.162924

2.85

0.004

1.03431

5.595874

growth

|

.2017672

.1262539

1.60

0.110

-.0458479

.4493822

director

|

-.1010664

.2641952

-0.38

0.702

-.6192185

.4170858

Indepen

|

-1.047125

1.236656

-0.85

0.397

-3.472513

1.378264

ceoage

|

1.230059

.8098988

1.52

0.129

-.3583531

2.81847

ceotenure

|

-.6829542

.1525977

-4.48

0.000

-.982236

-.3836725

ceoshare

|

5.932947

1.954561

3.04

0.002

2.09957

9.766324

cf

|

-.0353774

.008666

-4.08

0.000

-.0523736

-.0183811

salest1

|

.0911487

.0033317

27.36

0.000

.0846144

.097683

roa

|

-6.301467

1.758937

-3.58

0.000

-9.751177

-2.851758

size

|

.4238069

.1043552

4.06

0.000

.2191406

.6284732

liq

|

.0093283

.0163765

0.57

0.569

-.0227901

.0414468

_cons

|

-12.9136

4.11734

-3.14

0.002

-20.98873

-4.838482


Kết quả hồi quy theo phương pháp 2SLS với biến nợ ngắn hạn (Sdebti,t-1), Growth 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) =

86.46

Model | 17951.6341 12 1495.96951

Prob > F =

0.0000

Residual | 50511.7592 2539 19.8943518

R-squared =

0.2622


sdebtt1

|

-5.865543

1.222222

-4.80

0.000

-8.262196

-3.46889

growth

|

.2907972

.103274

2.82

0.005

.0882874

.4933071

director

|

-.2738341

.1958689

-1.40

0.162

-.6579131

.1102449

Indepen

|

-.9463269

.8457386

-1.12

0.263

-2.604735

.7120808

ceoage

|

.8908787

.6225599

1.43

0.153

-.3298984

2.111656

ceotenure

|

-.4078044

.1108664

-3.68

0.000

-.6252022

-.1904066

ceoshare

|

5.184099

1.47443

3.52

0.000

2.29289

8.075308

cf

|

-.0344325

.0073495

-4.69

0.000

-.0488442

-.0200209

salest1

|

.0845157

.0026801

31.53

0.000

.0792603

.0897712

roa

|

-4.613499

1.187163

-3.89

0.000

-6.941405

-2.285592

size

|

.2737432

.0703415

3.89

0.000

.1358106

.4116757

liq

|

.0086538

.0124736

0.69

0.488

-.0158056

.0331133

_cons

|

-8.445024

2.997011

-2.82

0.005

-14.32186

-2.568188


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

Adj R-squared = 0.2587

Root MSE

= 4.4603

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

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

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

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

Instrumented: sdebtt1

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


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

Instrumented: debtt1

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

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

Source | SS df MS

Number of obs

=

2552

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

F( 13, 2538)

=

80.01

Model | 18947.7775 13 1457.52135

Prob > F

=

0.0000

Residual | 49515.6158 2538 19.5096989

R-squared

=

0.2768

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

Adj R-squared

=

0.2731

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.417


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

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

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

debtt1

|

-3.811326

1.699202

-2.24

0.025

-7.143289

-.4793626

DebtDgt

|

1.781521

1.039561

1.71

0.087

-.2569531

3.819995

growth

|

.2423937

.1090594

2.22

0.026

.0285393

.4562482

director

|

-.2797694

.1947781

-1.44

0.151

-.6617097

.1021708

Indepen

|

-.722372

.8360534

-0.86

0.388

-2.361788

.9170445

ceoage

|

1.124324

.6205614

1.81

0.070

-.0925344

2.341182

ceotenure

|

-.4540643

.1131714

-4.01

0.000

-.6759819

-.2321467

ceoshare

|

3.431734

1.52135

2.26

0.024

.448519

6.414949

cf

|

-.0346134

.0074981

-4.62

0.000

-.0493164

-.0199104

salest1

|

.0825707

.0027626

29.89

0.000

.0771535

.0879879

roa

|

-4.366609

1.507627

-2.90

0.004

-7.322914

-1.410303

size

|

.2949448

.0905789

3.26

0.001

.1173287

.4725609

liq

|

.0116726

.0126614

0.92

0.357

-.0131551

.0365003

_cons

|

-10.01578

3.310585

-3.03

0.003

-16.50751

-3.52406


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

Source | SS df MS

Number of obs =

2552

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

F( 14, 2537) =

74.57



Model | 18045.6183 14 1288.97274

Prob > F

=

0.0000

Residual | 50417.775 2537 19.8729897

R-squared

=

0.2636

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

Adj R-squared

=

0.2595

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.4579


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

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

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

sdebtt1

|

-5.903265

1.297473

-4.55

0.000

-8.447479

-3.359051

SdebtNature

|

-.4988403

.8531606

-0.58

0.559

-2.171802

1.174122

nature

|

-.3257283

.381007

-0.85

0.393

-1.072845

.4213881

growth

|

.2754297

.1034367

2.66

0.008

.0726007

.4782586

director

|

-.3089667

.196815

-1.57

0.117

-.6949011

.0769677

Indepen

|

-.896

.8459225

-1.06

0.290

-2.554769

.7627689

ceoage

|

.9087379

.6222486

1.46

0.144

-.311429

2.128905

ceotenure

|

-.4241685

.111087

-3.82

0.000

-.6419989

-.2063381

ceoshare

|

5.073231

1.491702

3.40

0.001

2.148153

7.998309

cf

|

-.0342744

.0073477

-4.66

0.000

-.0486824

-.0198663

salest1

|

.0844108

.0026832

31.46

0.000

.0791493

.0896723

roa

|

-4.579123

1.177221

-3.89

0.000

-6.887534

-2.270711

size

|

.2829099

.0728702

3.88

0.000

.1400187

.4258011

liq

|

.0077047

.0124635

0.62

0.537

-.016735

.0321444

_cons

|

-8.56321

3.018142

-2.84

0.005

-14.48148

-2.644937



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

Instrumented: sdebtt1

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

Source |

SS

df

MS

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

Number of obs = F( 12, 675) =

Model | -1.55931076 12 -.129942563 Prob > F

Residual | 479.857719 675 .710900325 R-squared

688

2.63

= 0.0019

= 0.2680

.

-------------+------------------------------ Adj R-squared = 0.2585 Total | 478.298409 687 .696213113 Root MSE = .84315


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

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

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

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

Instrumented: sdebtt1

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

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


sdebtt1

|

-1.429033

1.019367

-1.40

0.161

-3.430543

.5724779

growth

|

.095996

.1340439

0.72

0.474

-.1671971

.359189

director

|

-.0981134

.0751224

-1.31

0.192

-.245615

.0493882

Indepen

|

.1250428

.2608557

0.48

0.632

-.3871434

.637229

ceoage

|

-.3180214

.2916023

-1.09

0.276

-.890578

.2545353

ceotenure

|

.0517403

.0474719

1.09

0.276

-.04147

.1449506

ceoshare

|

.17034

.5429089

0.31

0.754

-.8956533

1.236333

cf

|

.1783178

.0534619

3.34

0.001

.0733463

.2832894

salest1

|

.0022148

.0018204

1.22

0.224

-.0013595

.0057892

roa

|

-1.814493

.5575762

-3.25

0.001

-2.909285

-.7197002

size

|

.054145

.0301634

1.80

0.073

-.0050803

.1133703

liq

|

-.0045453

.0052153

-0.87

0.384

-.0147854

.0056948

_cons

|

.9523836

1.165803

0.82

0.414

-1.336653

3.24142


Cột 5: hồi quy 2SLS, nature=1, có thêm sdebt*dqt

Source | SS df MS Number of obs = 688

-------------+------------------------------ F( 13, 674) = 2.36

Model | -14.585191 13 -1.12193777 Prob > F = 0.0043

Residual | 492.8836 674 .731281305 R-squared = 0.2617

-------------+------------------------------ Adj R-squared = 0.2582 Total | 478.298409 687 .696213113 Root MSE = .85515


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

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

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

sdebtt1

|

-2.147941

1.587851

-1.35

0.177

-5.265672

.9697888

SdebtDgt

|

1.481186

1.215852

1.22

0.224

-.906127

3.868499

growth

|

-.1595839

.2582857

-0.62

0.537

-.6667253

.3475574

director

|

-.1162902

.0779365

-1.49

0.136

-.2693178

.0367374

Indepen

|

.1444253

.2660824

0.54

0.587

-.3780248

.6668754

ceoage

|

-.2320495

.274812

-0.84

0.399

-.7716401

.3075411

ceotenure

|

.04826

.0471512

1.02

0.306

-.044321

.1408409

ceoshare

|

.2421001

.5639122

0.43

0.668

-.8651359

1.349336

cf

|

.1783388

.0542213

3.29

0.001

.0718757

.2848018

salest1

|

.0020733

.001836

1.13

0.259

-.0015316

.0056783

roa

|

-1.866544

.5867132

-3.18

0.002

-3.018549

-.7145384

size

|

.0562572

.0315351

1.78

0.075

-.0056616

.118176

liq

|

-.0054611

.0055291

-0.99

0.324

-.0163175

.0053952

_cons

|

.6215903

1.180729

0.53

0.599

-1.696759

2.939939

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

Instrumented: sdebtt1

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


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

Instrumented: sdebtt1

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

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

Source | SS df MS

Number of obs

=

1864

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

F( 12, 1851)

=

73.87

Model | 19995.9298 12 1666.32748

Prob > F

=

0.0000

Residual | 47909.6449 1851 25.8831145

R-squared

=

0.2945

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

Adj R-squared

=

0.2899

Total | 67905.5747 1863 36.4495838

Root MSE

=

5.0875


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

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

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

sdebtt1

|

-6.588475

1.280386

-5.15

0.000

-9.099628

-4.077322

growth

|

.2834511

.1198936

2.36

0.018

.0483102

.5185919

director

|

-.1300371

.2622583

-0.50

0.620

-.6443903

.384316

Indepen

|

-1.187484

1.227647

-0.97

0.334

-3.595202

1.220234

ceoage

|

1.290956

.8037509

1.61

0.108

-.2853975

2.86731

ceotenure

|

-.6626316

.1496301

-4.43

0.000

-.9560931

-.36917

ceoshare

|

6.728028

1.889797

3.56

0.000

3.021671

10.43438

cf

|

-.037027

.0084538

-4.38

0.000

-.0536069

-.0204471

salest1

|

.0937731

.0032382

28.96

0.000

.0874222

.1001241

roa

|

-5.453842

1.523118

-3.58

0.000

-8.441052

-2.466632

size

|

.3782107

.0940795

4.02

0.000

.1936977

.5627238

liq

|

.010343

.0160327

0.65

0.519

-.0211012

.0417872

_cons

|

-12.16185

3.997347

-3.04

0.002

-20.00163

-4.322067


Cột 7: hồi quy 2SLS, nature=0, có thêm sdebt*dqt


Source | SS df MS

Number of obs

=

1864

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

F( 13, 1850)

=

66.51

Model | 18804.6879 13 1446.51445

Prob > F

=

0.0000

Residual | 49100.8868 1850 26.5410199

R-squared

=

0.2769

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

Adj R-squared

=

0.2718

Total | 67905.5747 1863 36.4495838

Root MSE

=

5.1518


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

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

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

sdebtt1

|

-8.763189

1.830662

-4.79

0.000

-12.35357

-5.172808

SdebtDgt

|

4.526171

1.409341

3.21

0.001

1.762104

7.290238

growth

|

.178314

.1264134

1.41

0.159

-.0696139

.426242

director

|

-.1220296

.2654484

-0.46

0.646

-.6426396

.3985804

Indepen

|

-1.10499

1.24201

-0.89

0.374

-3.54088

1.330899

ceoage

|

1.344483

.8144553

1.65

0.099

-.2528647

2.941831

ceotenure

|

-.6636541

.1515491

-4.38

0.000

-.9608794

-.3664288

ceoshare

|

7.077643

1.956405

3.62

0.000

3.240649

10.91464

cf

|

-.0348277

.0086468

-4.03

0.000

-.0517863

-.0178692

salest1

|

.0927964

.0032925

28.18

0.000

.0863389

.0992539

roa

|

-6.421727

1.656842

-3.88

0.000

-9.671204

-3.17225

size

|

.3506287

.093523

3.75

0.000

.1672069

.5340505

liq

|

.0093914

.0162738

0.58

0.564

-.0225256

.0413084

_cons

|

-11.55382

4.029172

-2.87

0.004

-19.45602

-3.651619



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

Instrumented: sdebtt1

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

Kết quả hồi quy theo phương pháp 2SLS với biến dài ngắn hạn (Ldebti,t-1), Growth 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)

=

85.27

Model | 17945.9533 12 1495.49611

Prob > F

=

0.0000

Residual | 50517.44 2539 19.8965892

R-squared

=

0.2621

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

Adj R-squared

=

0.2586

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.4606


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

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

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

ldebtt1

|

9.571791

3.229889

2.96

0.003

3.238305

15.90528

growth

|

.2614355

.1042704

2.51

0.012

.0569718

.4658991

director

|

-.164591

.1971319

-0.83

0.404

-.5511467

.2219646

Indepen

|

-.8343148

.8462466

-0.99

0.324

-2.493719

.8250892

ceoage

|

.6202501

.6337386

0.98

0.328

-.6224471

1.862947

ceotenure

|

-.20755

.1266502

-1.64

0.101

-.4558983

.0407983

ceoshare

|

1.452111

1.240713

1.17

0.242

-.9808008

3.885023

cf

|

-.0401068

.0072992

-5.49

0.000

-.0544197

-.0257939

salest1

|

.0889772

.003111

28.60

0.000

.0828768

.0950776

roa

|

.1744657

1.251528

0.14

0.889

-2.279654

2.628586

size

|

-.1706197

.1249201

-1.37

0.172

-.4155753

.074336

liq

|

.0269977

.0124618

2.17

0.030

.0025613

.051434

_cons

|

2.015159

4.121098

0.49

0.625

-6.065897

10.09622

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

Ngày đăng: 02/06/2022