-------------+----------------------------------------------------------------
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
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 |
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Cột 2: hồi quy 2SLS, có thêm biến Debt*Dgt Instrumental variables (2SLS) regression
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 |
| | 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
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 |
| | .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
| | -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
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 |
| | .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
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
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 |
| | -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
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
Number of obs = | 2552 | |
-------------+------------------------------ | F( 14, 2537) = | 74.57 |
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
| | -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]
-------------+----------------------------------------------------------------
| | -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
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
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
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 |