The impact of competition on the financial stability of Vietnamese commercial banks

F(6, 24)

=	755.49	avg	=	7.00
Prob > F	=	0.000	max	=	7

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npl

Coef.	Std. Err.	t	P>\|t\|	[95% Conf.	Interval]
npl
L1.	.4013596	.0720555	5.57	0.000	.2526444	.5500748
learner	.5479309	.0911275	6.01	0.000	.3598531	.7360087
lerner2	-.9924184	.1439474	-6.89	0.000	-1.289511	-.6953255
bank size	-.0117467	.0018787	-6.25	0.000	-.0156242	-.0078692
loanta	-.0022547	.0122393	-0.18	0.855	-.0275153	.023006
own	.0125073	.0090619	1.38	0.180	-.0061954	.0312101

Warning: Uncorrected two-step standard errors are unreliable.

Instruments for first differences equation Standard

D.(ler2 banksize loanta)

GMM-type (missing=0, separate instruments for each period unless collapsed) L2.L.npl

L(2/3).ler

Arellano-Bond test for AR(1) in first differences: z = -2.19 Pr > z = 0.028 Arellano-Bond test for AR(2) in first differences: z = 0.76 Pr > z = 0.447

Sargan test of overriding. restrictions: chi2(16) = 17.01 Prob > chi2 = 0.385 (Not robust, but not weakened by many instruments.)

Hansen test of overriding. restrictions: chi2(16) = 20.88 Prob > chi2 = 0.183 (Robust, but weakened by many instruments.)

Hansen test excluding group:	chi2(3)	=	5.19	Prob	>	chi2	=	0.158
Difference (null H = exogenous):	chi2(13)	=	15.69	Prob	>	chi2	=	0.266
Hansen test excluding group:	chi2(10)	=	13.21	Prob	>	chi2	=	0.212
Difference (null H = exogenous):	chi2(6)	=	7.67	Prob	>	chi2	=	0.264
iv(lenner2banksizeloanta)
Hansen test excluding group:	chi2(13)	=	17.34	Prob	>	chi2	=	0.184
Difference (null H = exogenous):	chi2(3)	=	3.54	Prob	>	chi2	=	0.316

Difference-in-Hansen tests of exogeneity of instrument subsets: gmm(lerner, lag(2 3))

gmm(L.npl, lag(2 2))

Group variable: id

Number of obs	=	168
Time variable: male	Number of groups	=	24
Number of instruments = 21	Obs per group: min	=	7
F(7, 24) = 159.86	avg	=	7.00
Prob > F = 0.000	max	=	7

npl

Coef.	Std. Err.	t	P>\|t\|	[95% Conf.	Interval]
npl
L1.	.1636936	.0329146	4.97	0.000	.0957612	.231626
learner	.2451962	.048974	5.01	0.000	.1441189	.3462734
lerner2	-.6842537	.0784371	-8.72	0.000	-.8461398	-.5223675
bank size	-.0209812	.0026123	-8.03	0.000	-.0263727	-.0155898
loanta	-.0308962	.01098	-2.81	0.010	-.0535577	-.0082347
own	.0039067	.0028094	1.39	0.177	-.0018917	.0097051
crisis	.0051424	.0010977	4.68	0.000	.0028769	.0074078

Warning: Uncorrected two-step standard errors are unreliable.

Instruments for first differences equation Standard

D.(loanta own bank size)

GMM-type (missing=0, separate instruments for each period unless collapsed) L(2/3).L.npl

L2.learner

Arellano-Bond test for AR(1) in first differences: z = -2.28 Pr > z = 0.023 Arellano-Bond test for AR(2) in first differences: z = 0.27 Pr > z = 0.783

Sargan test of overriding. restrictions: chi2(14) = 20.14 Prob > chi2 = 0.126 (Not robust, but not weakened by many instruments.)

Hansen test of overriding. restrictions: chi2(14) = 18.31 Prob > chi2 = 0.193 (Robust, but weakened by many instruments.)

Hansen test excluding group:	chi2(7)	=	11.60	Prob	>	chi2	=	0.114
Difference (null H = exogenous):	chi2(7)	=	6.70	Prob	>	chi2	=	0.460
Hansen test excluding group:	chi2(3)	=	0.84	Prob	>	chi2	=	0.840
Difference (null H = exogenous):	chi2(11)	=	17.47	Prob	>	chi2	=	0.095
iv(loan own bank size)
Hansen test excluding group:	chi2(11)	=	17.09	Prob	>	chi2	=	0.105
Difference (null H = exogenous):	chi2(3)	=	1.21	Prob	>	chi2	=	0.750

Difference-in-Hansen tests of exogeneity of instrument subsets: gmm(lerner, lag(2 2))

gmm(L.npl, lag(2 3))

Group variable: id

Number of obs	=	168
Time variable: male	Number of groups	=	24
Number of instruments = 20	Obs per group: min	=	7
F(6, 24) = 72.61	avg	=	7.00
Prob > F = 0.000	max	=	7

npl

Coef.	Std. Err.	t	P>\|t\|	[95% Conf.	Interval]
npl
L1.	.2193214	.0357024	6.14	0.000	.1456353	.2930076
learner	-.1975716	.0193954	-10.19	0.000	-.2376018	-.1575414
bank size	-.022858	.0020808	-10.99	0.000	-.0271525	-.0185634
loanta	-.0154073	.0099633	-1.55	0.135	-.0359705	.005156
own	-.0029614	.0134017	-0.22	0.827	-.0306212	.0246985
lernerxcrisis	.0156146	.0040569	3.85	0.001	.0072417	.0239875

Warning: Uncorrected two-step standard errors are unreliable.

Instruments for first differences equation Standard

D.(loan bank size)

GMM-type (missing=0, separate instruments for each period unless collapsed) L(2/3).L.npl

L2.learner

Arellano-Bond test for AR(1) in first differences: z = -2.45 Pr > z = 0.014 Arellano-Bond test for AR(2) in first differences: z = 0.30 Pr > z = 0.766

Sargan test of overriding. restrictions: chi2(14) = 21.95 Prob > chi2 = 0.080 (Not robust, but not weakened by many instruments.)

Hansen test of overriding. restrictions: chi2(14) = 17.22 Prob > chi2 = 0.245 (Robust, but weakened by many instruments.)

Hansen test excluding group:	chi2(7)	=	7.31	Prob	>	chi2	=	0.398
Difference (null H = exogenous):	chi2(7)	=	9.91	Prob	>	chi2	=	0.194
Hansen test excluding group:	chi2(3)	=	2.94	Prob	>	chi2	=	0.401
Difference (null H = exogenous):	chi2(11)	=	14.28	Prob	>	chi2	=	0.218
iv(loan bank size)
Hansen test excluding group:	chi2(12)	=	13.58	Prob	>	chi2	=	0.328
Difference (null H = exogenous):	chi2(2)	=	3.64	Prob	>	chi2	=	0.162