APPENDIX 1. DETAILS OF DATA COLLECTION SOURCES
Source
Access path | |
Banking portal Vietnam state goods | https://www.sbv.gov.vn/ |
General Statistics Office of Vietnam Male | https://www.gso.gov.vn/ |
State Securities Commission Vietnam | www.ssc.gov.vn/ |
Financial data | http://s.cafef.vn/du-lieu.chn |
Financial data | http://www.cophieu68.vn/ |
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APPENDIX 2
STATA 12 ANALYSIS RESULTS, MULTI-CLOLLINEARITY TEST
. . summarize ta eq debt netprofit loan loan deposit currentta cashvolume currentdebt ld size roa roe debtratio currentratio cash
Variable | Obs Mean Std. Dev. Min Max
I | | | 238 | 2.74e+08 | 2.24e+08 | 1.64e+07 | 1.01e+09 |
eq | | | 238 | 2.04e+07 | 1.49e+07 | 1208787 | 6.30e+07 |
debt | | | 238 | 2.54e+08 | 2.10e+08 | 1.50e+07 | 9.60e+08 |
net profit | | | 238 | 900376.7 | 4073220 | -871001 | 6.28e+07 |
loan | | | 238 | 1.63e+08 | 1.52e+08 | 1.03e+07 | 7.14e+08 |
-------------+------------------------------------ -------------------- | ||||||
loan | | | 238 | 1.63e+08 | 1.52e+08 | 1.03e+07 | 7.14e+08 |
deposit | | | 237 | 1.87e+08 | 1.58e+08 | 9640977 | 7.26e+08 |
current | | | 238 | 2.03e+08 | 1.83e+08 | 1.20e+07 | 8.60e+08 |
cash volume | | | 235 | 4134767 | 3545476 | 177721 | 1.43e+07 |
current debt | | | 238 | 2.17e+08 | 1.78e+08 | 1.20e+07 | 8.20e+08 |
-------------+------------------------------------ -------------------- | ||||||
ld | | | 238 | .0804324 | .0459264 | .016 | .55926 |
size | | | 238 | 8.280263 | .4045094 | 7.21477 | 9.00287 |
roll | | | 238 | .0049446 | .0096802 | -.005902 | .062608 |
roe | | | 238 | .0606629 | .4875634 | -.0649379 | 7.542696 |
debt ratio | | | 238 | .916927 | .0248562 | .785884 | .956074 |
-------------+------------------------------------ -------------------- | ||||||
.9049006 | .1640791 | .283927 | 1.39586 | ||
cash | | 238 | .0195479 | .0225094 | .003765 | .110516 |
current ratio |
. corre ld roa size debtratio currentratio cash (obs=238)
| ld roa size debtra~o curren~o cash
-------------+------------------------------------ ------------------
| | 1.0000 | ||||||
roll | | | -0.1748 | 1.0000 | ||||
size | | | 0.1899 | 0.0057 | 1.0000 | |||
debt ratio | | | 0.0554 | -0.1130 | 0.5290 | 1.0000 | ||
current ratio | | | -0.2560 | -0.0634 | 0.3012 | 0.0535 | 1.0000 | |
cash | | | 0.0905 | -0.0349 | -0.1439 | -0.2487 | 0.1608 | 1.0000 |
. corre ld roe size debtratio currentratio cash (obs=238)
| ld roe size debtra~o curren~o cash
-------------+------------------------------------ ------------------
| | 1.0000 | ||||||
roe | | | -0.0261 | 1.0000 | ||||
size | | | 0.1899 | -0.0297 | 1.0000 | |||
debt ratio | | | 0.0554 | 0.0196 | 0.5290 | 1.0000 | ||
current ratio | | | -0.2560 | -0.0848 | 0.3012 | 0.0535 | 1.0000 | |
cash | | | 0.0905 | -0.0339 | -0.1439 | -0.2487 | 0.1608 | 1.0000 |
. reg ld roa size debtratio currentratio cash
Source | SS df MS Number of obs = 238
----------+------------------------------ F(5, 232) = 13.75
Model | .114251877 5 .022850375 Prob > F = 0.0000
Residual | .385636393 232 .001662226 R-squared = 0.2286
----------+------------------------------ Adj R-squared = 0.2119 Total | .49988827 237 .002109233 Root MSE = .04077
-------------------------------------------------- ----------------------------
ld | Coef. Std. Err. tP>|t| [95% Conf. Interval]
-------------+------------------------------------ ----------------------------
| | -.9959131 | .2775739 | -3.59 | 0.000 | -1.542801 | -.4490254 | |
size | | | .0455947 | .0082134 | 5.55 | 0.000 | .0294123 | .0617772 |
debt ratio | | | -.2108581 | .1303574 | -1.62 | 0.107 | -.4676936 | .0459775 |
current ratio | | | -.1155961 | .01746 | -6.62 | 0.000 | -.1499965 | -.0811957 |
.124015 | 2.94 | 0.004 | .1208566 | .6095359 | ||
_cons | | -.001374 | .1026492 | -0.01 | 0.989 | -.2036177 | .2008697 |
cash |
-------------------------------------------------- ----------------------------
. status vif
Variable | VIF 1/VIF
-------------+---------------------
| | 1.57 | 0.635382 | |
debt ratio | | | 1.50 | 0.668040 |
current ratio | | | 1.17 | 0.854570 |
cash | | | 1.11 | 0.900049 |
roll | | | 1.03 | 0.971443 |
-------------+---------------------
Mean VIF | 1.28
. reg ld roe size debtratio currentratio cash
Source | SS df MS Number of obs = 238
F( 5, 232) | = | 10.70 | |
Model | .093685966 5 .018737193 | Prob > F | = | 0.0000 |
Residual | .406202304 232 .001750872 | R-squared | = | 0.1874 |
----------+------------------------------ | Adj R-squared | = | 0.1699 |
Total | .49988827 237 .002109233 | Root MSE | = | .04184 |
-------------------------------------------------- ----------------------------
ld | Coef. Std. Err. tP>|t| [95% Conf. Interval]
-------------+------------------------------------ ----------------------------
| | -.0038598 | .0055985 | -0.69 | 0.491 | -.0148901 | .0071706 | |
size | | | .0425833 | .0083911 | 5.07 | 0.000 | .0260508 | .0591159 |
debt ratio | | | -.1364917 | .1322537 | -1.03 | 0.303 | -.3970635 | .1240802 |
current ratio | | | -.1116551 | .0179109 | -6.23 | 0.000 | -.146944 | -.0763663 |
cash | | | .3853398 | .1271463 | 3.03 | 0.003 | .1348309 | .6358488 |
_cons | | | -.0532776 | .1043098 | -0.51 | 0.610 | -.2587932 | .152238 |
-------------------------------------------------- ----------------------------
. status vif
Variable | VIF 1/VIF
-------------+---------------------
| | 1.56 | 0.641219 | |
debt ratio | | | 1.46 | 0.683631 |
current ratio | | | 1.17 | 0.855391 |
cash | | | 1.11 | 0.901927 |
roe | | | 1.01 | 0.991524 |
-------------+---------------------
Mean VIF | 1.26
. . xtreg ld roa size debtratio currentratio cash, fe
Number of obs | = | 238 | |
Group variable: number | Number of groups | = | 9 |
= | 0.3776 | Obs | per | group: | min | = | 20 | |
between | = | 0.2704 | avg | = | 26.4 | |||
overall | = | 0.0116 | max | = | 28 |
F(5,224) | = | 27.18 | |||
corr(u_i, Xb) | = | -0.8094 | Prob > F | = | 0.0000 |
-------------------------------------------------- ----------------------------
ld | Coef. Std. Err. tP>|t| [95% Conf. Interval]
-------------+------------------------------------ ---------------------------- roa | -.2676642 .2738555 -0.98 0.329 -.8073268 .2719984
size | -.0543821 .0171934 -3.16 .002 -.0882636 -.0205005
debtratio | -.3190764 .1385163 -2.30 0.022 -.5920383 -.0461146
currentratio | -.2037947 .0183335 -11.12 0.000 -.2399229 -.1676665
cash | .4399168 .14913 2.95 .004 .1460396 .7337941
_cons | 1.000438 .154027 6.50 .000 .6969108 1.303965
-------------+------------------------------------ ----------------------------
sigma_u | .06043979
sigma_e | .03349778
rho | .76500842 (fraction of variance due to u_i)
-------------------------------------------------- ----------------------------
F test that all u_i=0: F(8, 224) = 14.96 Prob > F = 0.0000
APPENDIX 2. DETAILS OF DATA COLLECTION SOURCES
Source
Access path | |
Banking portal Vietnam state goods | https://www.sbv.gov.vn/ |
General Statistics Office of Vietnam Male | https://www.gso.gov.vn/ |
State Securities Commission | www.ssc.gov.vn/ |
Financial data | http://s.cafef.vn/du-lieu.chn |
Financial data | http://www.cophieu68.vn/ |
Vietnam