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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

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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

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