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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 - 20


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



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

Instrumented: ldebtt1

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

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

Source | SS df MS

Number of obs

=

2552

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

F( 13, 2538)

=

76.89

Model | 16732.217 13 1287.09361

Prob > F

=

0.0000

Residual | 51731.1763 2538 20.3826542

R-squared

=

0.2444

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

Adj R-squared

=

0.2405

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.5147


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

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

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

ldebtt1

|

14.4551

5.19692

2.78

0.005

4.264464

24.64574

LdebtDgt

|

-9.982576

4.102734

-2.43

0.015

-18.02762

-1.937529

growth

|

.3846547

.1108931

3.47

0.001

.1672046

.6021049

director

|

-.1456252

.2005505

-0.73

0.468

-.5388845

.247634

Indepen

|

-.6571507

.8535573

-0.77

0.441

-2.330891

1.016589

ceoage

|

.4860875

.6534393

0.74

0.457

-.7952411

1.767416

ceotenure

|

-.2251539

.1250716

-1.80

0.072

-.4704067

.0200989

ceoshare

|

1.153162

1.258823

0.92

0.360

-1.315262

3.621587

cf

|

-.0443749

.0076771

-5.78

0.000

-.059429

-.0293208

salest1

|

.0890396

.0031611

28.17

0.000

.082841

.0952382

roa

|

.8814348

1.439157

0.61

0.540

-1.940608

3.703477

size

|

-.1469339

.1187957

-1.24

0.216

-.3798804

.0860125

liq

|

.0268919

.0126056

2.13

0.033

.0021736

.0516102

_cons

|

1.907019

4.142389

0.46

0.645

-6.215788

10.02983

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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 - 20


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

Source | SS df MS Number of obs = 2552

-------------+------------------------------ F( 14, 2537) = 69.47

Model | 15257.6522 14 1089.8323 Prob > F = 0.0000

Residual | 53205.7411 2537 20.9719122 R-squared = 0.2229

-------------+------------------------------ Adj R-squared = 0.2186 Total | 68463.3933 2551 26.8378649 Root MSE = 4.5795


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

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

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

ldebtt1

|

16.35156

5.712445

2.86

0.004

5.150028

27.55309

LdebtNature

|

-11.36161

4.416414

-2.57

0.010

-20.02175

-2.701461

nature

|

.5606423

.3971609

1.41

0.158

-.2181503

1.339435

growth

|

.2209417

.1094624

2.02

0.044

.0062969

.4355865

director

|

-.2399468

.2016278

-1.19

0.234

-.6353187

.1554251

Indepen

|

-.7430316

.8670449

-0.86

0.392

-2.44322

.9571564

ceoage

|

1.10024

.6450241

1.71

0.088

-.1645878

2.365067

ceotenure

|

-.2463661

.1244549

-1.98

0.048

-.4904097

-.0023225

ceoshare

|

1.494802

1.27705

1.17

0.242

-1.009365

3.998969

cf

|

-.0389766

.0074854

-5.21

0.000

-.0536547

-.0242985

salest1

|

.0902449

.0034413

26.22

0.000

.0834969

.0969929

roa

|

.2561943

1.276101

0.20

0.841

-2.246112

2.7585



size |

-.202817

.137042

-1.48

0.139

-.4715427

.0659087

liq |

.0300412

.0130368

2.30

0.021

.0044774

.055605

_cons |

.7984825

3.910096

0.20

0.838

-6.868823

8.465788

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

Instrumented: ldebtt1

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



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

Instrumented: ldebtt1

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

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

Source | SS df MS

Number of obs

=

688

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

F( 12, 675)

=

2.85

Model | 23.6629074 12 1.97190895

Prob > F

=

0.0008

Residual | 454.635501 675 .673534076

R-squared

=

0.3109

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

Adj R-squared

=

0.3026

Total | 478.298409 687 .696213113

Root MSE

=

.82069


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

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

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

ldebtt1

|

-.7210151

.4198799

-1.72

0.086

-1.545443

.1034126

growth

|

.1428823

.131329

1.09

0.277

-.1149802

.4007448

director

|

-.1065523

.0733734

-1.45

0.147

-.25062

.0375153

Indepen

|

.1143664

.2534103

0.45

0.652

-.3832007

.6119336

ceoage

|

-.0237222

.2618493

-0.09

0.928

-.5378593

.4904149

ceotenure

|

.0078325

.0431204

0.18

0.856

-.0768338

.0924987

ceoshare

|

.0180814

.5185255

0.03

0.972

-1.000036

1.036198

cf

|

.1677155

.052819

3.18

0.002

.0640063

.2714248

salest1

|

.0011418

.0018075

0.63

0.528

-.0024073

.0046908

roa

|

-1.697191

.4936931

-3.44

0.001

-2.66655

-.7278323

size

|

.0694432

.0333116

2.08

0.037

.0040364

.13485

liq

|

-.0031507

.0048862

-0.64

0.519

-.0127447

.0064433

_cons

|

-.6166005

1.372287

-0.45

0.653

-3.311064

2.077863


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

Source | SS df MS Number of obs = 688

-------------+------------------------------ F( 13, 674) = 2.64

Model | 23.6847764 13 1.82190588 Prob > F = 0.0013

Residual | 454.613632 674 .674500938 R-squared = 0.3112

-------------+------------------------------ Adj R-squared = 0.3012 Total | 478.298409 687 .696213113 Root MSE = .82128


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

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

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

ldebtt1

|

-.8665891

.5722989

-1.51

0.130

-1.990292

.2571141

LdebtDgt

|

.3291162

.4603854

0.71

0.475

-.5748458

1.233078

growth

|

.0962372

.1414018

0.68

0.496

-.1814039

.3738783

director

|

-.1079483

.0735591

-1.47

0.143

-.252381

.0364843

Indepen

|

.1063917

.2535793

0.42

0.675

-.3915088

.6042921

ceoage

|

-.0218269

.2624694

-0.08

0.934

-.5371828

.4935291

ceotenure

|

.0068246

.0433729

0.16

0.875

-.0783376

.0919869

ceoshare

|

.0372322

.519485

0.07

0.943

-.9827713

1.057236

cf

|

.1720055

.052447

3.28

0.001

.0690263

.2749847



salest1

|

.0010978

.0018192

0.60

0.546

-.0024741

.0046697

roa

|

-1.709961

.4982188

-3.43

0.001

-2.688209

-.7317134

size

|

.0686545

.0328596

2.09

0.037

.0041351

.1331739

liq

|

-.0031416

.0048891

-0.64

0.521

-.0127412

.006458

_cons

|

-.5980785

1.363982

-0.44

0.661

-3.276244

2.080087

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

Instrumented: ldebtt1

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



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

Instrumented: ldebtt1

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

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

Source | SS df MS

Number of obs

=

1864

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

F( 12, 1851)

=

71.25

Model | 19492.4796 12 1624.3733

Prob > F

=

0.0000

Residual | 48413.0951 1851 26.1551027

R-squared

=

0.2871

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

Adj R-squared

=

0.2824

Total | 67905.5747 1863 36.4495838

Root MSE

=

5.1142


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

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

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

ldebtt1

|

14.14953

7.082205

2.00

0.046

.2595831

28.03948

growth

|

.2392242

.1245501

1.92

0.055

-.0050493

.4834977

director

|

-.054402

.2632421

-0.21

0.836

-.5706846

.4618807

Indepen

|

-.7091022

1.230245

-0.58

0.564

-3.121917

1.703712

ceoage

|

1.394503

.8164959

1.71

0.088

-.2068463

2.995853

ceotenure

|

-.4070098

.1678794

-2.42

0.015

-.7362626

-.077757

ceoshare

|

1.745246

1.609523

1.08

0.278

-1.411424

4.901917

cf

|

-.0427541

.0084319

-5.07

0.000

-.0592911

-.0262171

salest1

|

.0989178

.0041662

23.74

0.000

.0907468

.1070888

roa

|

-.2691703

1.655789

-0.16

0.871

-3.516581

2.97824

size

|

-.112792

.1821187

-0.62

0.536

-.4699717

.2443877

liq

|

.0349801

.0166561

2.10

0.036

.0023133

.0676468

_cons

|

-2.438783

4.995126

-0.49

0.625

-12.23546

7.35789


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

Source | SS df MS Number of obs = 1864

-------------+------------------------------ F( 13, 1850) = 63.09

Model | 17405.5804 13 1338.8908 Prob > F = 0.0000

Residual | 50499.9943 1850 27.2972942 R-squared = 0.2563

-------------+------------------------------ Adj R-squared = 0.2511 Total | 67905.5747 1863 36.4495838 Root MSE = 5.2247


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

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

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

ldebtt1

|

23.33788

12.66652

1.84

0.066

-1.504295

48.18006

LdebtDgt

|

-17.35608

10.43005

-1.66

0.096

-37.81198

3.099824

growth

|

.4031737

.1403976

2.87

0.004

.1278193

.6785281

director

|

-.0116334

.2687702

-0.04

0.965

-.5387582

.5154914

Indepen

|

-.5146621

1.261202

-0.41

0.683

-2.988191

1.958867

ceoage

|

1.349993

.8307127

1.63

0.104

-.2792402

2.979226

ceotenure

|

-.4718793

.1580051

-2.99

0.003

-.7817664

-.1619922



ceoshare

|

1.151831

1.66017

0.69

0.488

-2.104173

4.407836

cf

|

-.0487251

.0093821

-5.19

0.000

-.0671257

-.0303245

salest1

|

.0992248

.0043705

22.70

0.000

.0906531

.1077965

roa

|

.9307218

2.164385

0.43

0.667

-3.314173

5.175616

size

|

-.0733938

.1664139

-0.44

0.659

-.3997725

.252985

liq

|

.0346044

.0169505

2.04

0.041

.0013602

.0678487

_cons

|

-3.258956

4.827

-0.68

0.500

-12.7259

6.207985

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

Instrumented: ldebtt1

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


Kết quả hồi quy tổng hợp theo phương pháp OLS, FEM và 2SLS với biến ngân hàng (Debti,t-1)

Cột 1: hồi quy OLS, Tobin’s là đại diện cho tăng trưởng


Source | SS df MS Number of obs = 2552

-------------+------------------------------ F( 14, 2537) = 79.91

Model | 20950.7183 14 1496.47988 Prob > F = 0.0000

Residual | 47512.675 2537 18.7278971 R-squared = 0.3060

-------------+------------------------------ Adj R-squared = 0.3022 Total | 68463.3933 2551 26.8378649 Root MSE = 4.3276


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

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

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

debtt1

|

-.6636981

.4116957

-1.61

0.107

-1.470992

.1435958

DebtDm

|

-.038107

.1471611

-0.26

0.796

-.3266751

.2504611

dmt1

|

1.074196

.3008402

3.57

0.000

.4842781

1.664113

qt1

|

.1678385

.0274696

6.11

0.000

.1139734

.2217036

director

|

-.2272754

.1900486

-1.20

0.232

-.5999417

.1453908

Indepen

|

-.4476381

.8131875

-0.55

0.582

-2.042217

1.146941

ceoage

|

.6319414

.6005008

1.05

0.293

-.5455803

1.809463

ceotenure

|

-.3336016

.1084247

-3.08

0.002

-.5462116

-.1209916

ceoshare

|

1.76901

1.236663

1.43

0.153

-.6559618

4.193981

cf

|

-.0290896

.0065031

-4.47

0.000

-.0418415

-.0163377

salest1

|

.0840342

.0026447

31.77

0.000

.0788481

.0892202

roa

|

-2.440324

1.049383

-2.33

0.020

-4.498058

-.3825901

size

|

.1230133

.068372

1.80

0.072

-.0110574

.257084

liq

|

-.005893

.0126406

-0.47

0.641

-.0306801

.018894

_cons

|

-4.790134

2.915868

-1.64

0.101

-10.50786

.92759


Cột 2: hồi quy 2SLS, Tobin’s là đại diện cho tăng trưởng Instrumental variables (2SLS) regression


Source | SS df MS

Number of obs

=

2552

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

F( 14, 2537)

=

76.61

Model | 18080.5554 14 1291.46825

Prob > F

=

0.0000

Residual | 50382.8379 2537 19.8592187

R-squared

=

0.2641

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

Adj R-squared

=

0.2600

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.4564


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

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

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

debtt1 |

-5.760352

1.287393

-4.47

0.000

-8.2848

-3.235903

DebtDm |

.147965

.1579055

0.94

0.349

-.1616718

.4576018

dmt1 |

1.657847

.3396323

4.88

0.000

.9918625

2.323832

qt1 |

.2033215

.029526

6.89

0.000

.145424

.2612189

director |

-.2925252

.1963225

-1.49

0.136

-.6774939

.0924435



Indepen

|

-.6536892

.8388299

-0.78

0.436

-2.29855

.9911719

ceoage

|

.6926755

.6185422

1.12

0.263

-.5202235

1.905575

ceotenure

|

-.4140575

.1132886

-3.65

0.000

-.6362051

-.1919099

ceoshare

|

5.190895

1.51255

3.43

0.001

2.224936

8.156854

cf

|

-.0242134

.0067969

-3.56

0.000

-.0375414

-.0108855

salest1

|

.0824177

.0027506

29.96

0.000

.077024

.0878113

roa

|

-5.860328

1.353914

-4.33

0.000

-8.515217

-3.20544

size

|

.3648813

.0910216

4.01

0.000

.1863971

.5433656

liq

|

-.023781

.0136982

-1.74

0.083

-.0506418

.0030798

_cons

|

-10.07883

3.256838

-3.09

0.002

-16.46516

-3.692493

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

Instrumented: debtt1

Instruments: DebtDm dmt1 qt1 director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq inventory fixedasset


Fixed-effects (within) regression

Number of obs

=

2552

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

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

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

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

sigma_u | 3.812241

sigma_e | 3.3810743

rho | .55972533 (fraction of variance due to u_i)

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

F test that all u_i=0: F(318, 2219) = 6.09 Prob > F = 0.0000

Cột 3: hồi quy FEM, Tobin’s là đại diện cho tăng trưởng


Group variable: i

Number of groups

=

319

R-sq: within = 0.5233

Obs per group: min

=

8

between = 0.1262

avg

=

8.0

overall = 0.2911

max

=

8


F(14,2219)

=

174.02

corr(u_i, Xb) = -0.6111

Prob > F

=

0.0000



debtt1

|

-1.296097

.5775952

-2.24

0.025

-2.42878

-.163413

DebtDm

|

-.020219

.124623

-0.16

0.871

-.264609

.2241709

dmt1

|

-.3774357

.3874547

-0.97

0.330

-1.137247

.3823759

qt1

|

.0724678

.0263935

2.75

0.006

.0207092

.1242264

director

|

-.1786463

.2769267

-0.65

0.519

-.7217089

.3644162

Indepen

|

-.8736248

.9488867

-0.92

0.357

-2.734423

.9871739

ceoage

|

1.159157

.9529937

1.22

0.224

-.709696

3.028009

ceotenure

|

-.4662724

.134693

-3.46

0.001

-.73041

-.2021349

ceoshare

|

3.243655

2.297029

1.41

0.158

-1.260895

7.748205

cf

|

-.0320678

.0053331

-6.01

0.000

-.0425262

-.0216094

salest1

|

.1519584

.0031744

47.87

0.000

.1457333

.1581834

roa

|

-3.406611

1.160752

-2.93

0.003

-5.682885

-1.130337

size

|

.4449294

.1926536

2.31

0.021

.0671292

.8227296

liq

|

-.0172337

.0113124

-1.52

0.128

-.0394177

.0049503

_cons

|

-15.40528

6.355626

-2.42

0.015

-27.86888

-2.941684


Cột 4: hồi quy OLS, Growth là đại diện cho tăng trưởng

Source |

SS

df

MS

-------------+------------------------------ Model | 20414.0068 14 1458.14334

Residual | 48049.3865 2537 18.9394507

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

Number of obs = F( 14, 2537) =

Prob > F R-squared

=

=

Adj R-squared =

Root MSE

=

2552

76.99

0.0000

0.2982

0.2943

4.3519

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

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



debtt1 | -.4072914 .4117598 -0.99 0.323 -1.214711 .4001281

DebtDm

|

-.0396233

.1479965

-0.27

0.789

-.3298296

.2505831

dmt1

|

1.04483

.302666

3.45

0.001

.4513328

1.638328

growth

|

.2951276

.1007754

2.93

0.003

.0975172

.4927381

director

|

-.2480386

.1911201

-1.30

0.194

-.6228059

.1267286

Indepen

|

-.683179

.822718

-0.83

0.406

-2.296446

.9300884

ceoage

|

.9607464

.6073697

1.58

0.114

-.2302446

2.151737

ceotenure

|

-.3583968

.1089363

-3.29

0.001

-.5720099

-.1447836

ceoshare

|

1.86655

1.243974

1.50

0.134

-.5727576

4.305857

cf

|

-.0384475

.0071215

-5.40

0.000

-.052412

-.0244831

salest1

|

.0855545

.0026498

32.29

0.000

.0803585

.0907505

roa

|

-2.127135

1.053772

-2.02

0.044

-4.193475

-.060795

size

|

.1055285

.0686893

1.54

0.125

-.0291643

.2402212

liq

|

.0202966

.0119954

1.69

0.091

-.0032251

.0438183

_cons

|

-5.558116

2.955281

-1.88

0.060

-11.35313

.2368928

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



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

Instrumented: debtt1

Instruments: DebtDm dmt1 growth director Indepen ceoage ceotenure ceoshare cf salest1 roa size liq inventory fixedasset

Cột 5: hồi quy 2SLS, Growth là đại diện cho tăng trưởng Instrumental variables (2SLS) regression


Source | SS df MS

Number of obs

=

2552

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

F( 14, 2537)

=

75.91

Model | 19407.2837 14 1386.23455

Prob > F

=

0.0000

Residual | 49056.1096 2537 19.3362671

R-squared

=

0.2835

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

Adj R-squared

=

0.2795

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.3973


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

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

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

debtt1

|

-3.409323

1.209983

-2.82

0.005

-5.781977

-1.036668

DebtDm

|

.0703967

.1552282

0.45

0.650

-.2339902

.3747835

dmt1

|

1.391657

.3328015

4.18

0.000

.7390664

2.044247

growth

|

.2988202

.1018352

2.93

0.003

.0991316

.4985089

director

|

-.2887233

.1937248

-1.49

0.136

-.6685981

.0911515

Indepen

|

-.8055687

.8325817

-0.97

0.333

-2.438178

.8270402

ceoage

|

1.015612

.6140507

1.65

0.098

-.1884795

2.219704

ceotenure

|

-.4101662

.1118019

-3.67

0.000

-.6293985

-.1909339

ceoshare

|

3.906767

1.475178

2.65

0.008

1.01409

6.799443

cf

|

-.035784

.0072659

-4.92

0.000

-.0500318

-.0215362

salest1

|

.0847704

.0026938

31.47

0.000

.0794881

.0900528

roa

|

-4.119555

1.304741

-3.16

0.002

-6.678021

-1.561089

size

|

.2462986

.0874967

2.81

0.005

.0747264

.4178707

liq

|

.0128739

.0124417

1.03

0.301

-.011523

.0372709

_cons

|

-8.680743

3.211454

-2.70

0.007

-14.97808

-2.383405


Cột 6: hồi quy FEM, Growth là đại diện

cho

tăng

trưởng


Fixed-effects (within) regression



Number of obs

=

2552

Group variable: i



Number of groups

=

319

R-sq: within = 0.5218



Obs per group: min

=

8

between = 0.1226



avg

=

8.0

overall = 0.2873



max

=

8




F(14,2219)

=

172.92

corr(u_i, Xb) = -0.6141



Prob > F

=

0.0000

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

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

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

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

sigma_u | 3.8378312

sigma_e | 3.3866658

rho | .56220678 (fraction of variance due to u_i)

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

F test that all u_i=0: F(318, 2219) = 6.20 Prob > F = 0.0000


debtt1

|

-1.091253

.5740345

-1.90

0.057

-2.216954

.0344481

DebtDm

|

-.0278893

.1247969

-0.22

0.823

-.2726203

.2168417

dmt1

|

-.3996357

.3881165

-1.03

0.303

-1.160745

.3614738

growth

|

.0421564

.096061

0.44

0.661

-.1462224

.2305353

director

|

-.2399381

.2766359

-0.87

0.386

-.7824304

.3025541

Indepen

|

-.8911544

.9504991

-0.94

0.349

-2.755115

.9728063

ceoage

|

1.503819

.9465487

1.59

0.112

-.3523944

3.360033

ceotenure

|

-.475153

.134962

-3.52

0.000

-.7398181

-.210488

ceoshare

|

3.574559

2.297576

1.56

0.120

-.9310649

8.080184

cf

|

-.0333245

.0059603

-5.59

0.000

-.0450129

-.0216361

salest1

|

.1527248

.003167

48.22

0.000

.1465142

.1589353

roa

|

-3.478264

1.162756

-2.99

0.003

-5.758468

-1.19806

size

|

.2814652

.1835649

1.53

0.125

-.0785118

.6414421

liq

|

-.0083378

.0108795

-0.77

0.444

-.0296729

.0129973

_cons

|

-12.31971

6.277449

-1.96

0.050

-24.62999

-.0094183

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