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. estimates store FEM3

. hausman FEM3 REM3

---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

| FEM3 REM3 Difference S.E.

-------------+---------------------------------------------------------------- L.CS_CBTT | -.342243 .5442027 -.8864457 .0351166

HDQT | .1019781 .1178609 -.0158828 .1376325

KTGD | -2.139684 -.4987657 -1.640919 .7148767

TVDL | -.0575098 .3567008 -.4142105 .3479563

QMCT | 2.542218 .3212858 2.220933 .8990185

ROA | .1569059 6.087485 -5.93058 1.412608

TOBIN_Q | -.2571648 .1438533 -.4010181 .3839408

DBTC | -4.729822 -.9512024 -3.77862 2.525332

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

b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic chi2(8) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 676.70

Prob>chi2 = 0.0000

. xtreg CS_CBTT l.CS_CBTT HDQT KTGD TVDL QMCT ROA TOBIN_Q, re

Random-effects GLS regression

Number of obs				=	968
Group variable: CONGTY			Number of groups				=	484
R-sq: within	=	0.0821	Obs	per	group:	min	=	2
between	=	0.7107				avg	=	2.0
overall	=	0.4249				max	=	2
			Wald chi2(7)			=		564.77
corr(u_i, X)	=	0 (assumed)	Prob > chi2			=		0.0000

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

CS_CBTT | Coef. Std. Err. z P>|z| [95% Conf. Interval]

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

CS_CBTT

\|
L1.	\|	.5481685	.0272301	20.13	0.000	.4947985	.6015384
	\|
HDQT	\|	.1252445	.1040377	1.20	0.229	-.0786655	.3291546
KTGD	\|	-.4988444	.3493615	-1.43	0.153	-1.18358	.1858916
TVDL	\|	.3582075	.1476148	2.43	0.015	.0688878	.6475272
QMCT	\|	.2678073	.0964074	2.78	0.005	.0788523	.4567623
ROA	\|	6.686176	1.645337	4.06	0.000	3.461374	9.910977
TOBIN_Q	\|	.1404302	.1397857	1.00	0.315	-.1335446	.4144051
_cons	\|	20.31144	2.711138	7.49	0.000	14.99771	25.62517

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

1.2749633
sigma_e		\|	3.3730843
rho	\|	.12500982	(fraction of variance due to u_i)
------------------------------------------------------------------------------

sigma_u

. estimates store REM4


. xtreg CS_CBTT l.CS_CBTT HDQT KTGD			TVDL	QMCT	ROA TOBIN_Q, fe
Fixed-effects (within) regression					Number of obs		=	968
Group variable: CONGTY					Number of groups		=	484
R-sq: within	=	0.1239	Obs	per	group:	min	=	2
between	=	0.0165				avg	=	2.0
overall	=	0.0061				max	=	2
			F(7,477)		=			9.64
corr(u_i, Xb)	=	-0.6391	Prob > F		=			0.0000

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

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

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

CS_CBTT

\|
L1.	\|	-.337096	.0445112	-7.57	0.000	-.4245582	-.2496337
	\|
HDQT	\|	.1161472	.1728829	0.67	0.502	-.2235591	.4558535
KTGD	\|	-2.14924	.7976472	-2.69	0.007	-3.716576	-.5819031
TVDL	\|	-.0992304	.3781989	-0.26	0.793	-.8423722	.6439114
QMCT	\|	2.147021	.8800957	2.44	0.015	.4176772	3.876365
ROA	\|	.6034306	2.208818	0.27	0.785	-3.736786	4.943647
TOBIN_Q	\|	-.357615	.4057641	-0.88	0.379	-1.154921	.439691
_cons	\|	25.35243	23.90998	1.06	0.290	-21.62948	72.33434

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

sigma_u | 6.8893928

sigma_e | 3.3730843

rho | .80663798 (fraction of variance due to u_i)

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

F test that all u_i=0: F(483, 477) = 2.44 Prob > F = 0.0000

. xttest3

Modified Wald test for groupwise heteroskedasticity in fixed effect regression model

H0: sigma(i)^2 = sigma^2 for all i chi2 (484) = 931.54

Prob>chi2 = 0.0000

. estimates store FEM4

. hausman FEM4 REM4

---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

| FEM4 REM4 Difference S.E.

-------------+---------------------------------------------------------------- L.CS_CBTT | -.337096 .5481685 -.8852644 .0352103

HDQT | .1161472 .1252445 -.0090973 .1380749

KTGD | -2.14924 -.4988444 -1.650395 .7170687

TVDL | -.0992304 .3582075 -.4574379 .3482015

QMCT | 2.147021 .2678073 1.879214 .8747995

ROA | .6034306 6.686176 -6.082745 1.473683

TOBIN_Q | -.357615 .1404302 -.4980452 .3809258

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

b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic chi2(7) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 669.58

Prob>chi2 = 0.0000

. xtreg CS_CBTT l.CS_CBTT HDQT KTGD TVDL QMCT ROA DBTC SHQT CTKT, re

Random-effects GLS regression

Number of obs				=	968
Group variable: CONGTY			Number of groups				=	484
R-sq: within	=	0.0804	Obs	per	group:	min	=	2
between	=	0.7095				avg	=	2.0
overall	=	0.4257				max	=	2
			Wald chi2(9)			=		563.64
corr(u_i, X)	=	0 (assumed)	Prob > chi2			=		0.0000

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

CS_CBTT | Coef. Std. Err. z P>|z| [95% Conf. Interval]

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

CS_CBTT

\|
L1.	\|	.5456859	.0273618	19.94	0.000	.4920578	.599314
	\|
HDQT	\|	.125042	.1047061	1.19	0.232	-.0801783	.3302623
KTGD	\|	-.5019698	.3521911	-1.43	0.154	-1.192252	.1883121
TVDL	\|	.3611865	.1485908	2.43	0.015	.0699538	.6524192
QMCT	\|	.3838583	.1213233	3.16	0.002	.146069	.6216475
ROA	\|	6.506232	1.650296	3.94	0.000	3.271712	9.740753
DBTC	\|	-1.106715	.7488795	-1.48	0.139	-2.574492	.361062
SHQT	\|	.0025552	.0082651	0.31	0.757	-.0136441	.0187544
CTKT	\|	-.3851083	.3980019	-0.97	0.333	-1.165178	.394961
_cons	\|	18.06249	3.181373	5.68	0.000	11.82711	24.29786

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

sigma_u | 1.2876569

sigma_e | 3.3697068

rho | .12741584 (fraction of variance due to u_i)

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

. estimates store REM5

xtreg CS_CBTT l.CS_CBTT HDQT KTGD TVDL QMCT ROA DBTC SHQT CTKT, fe

Fixed-effects (within) regression

Number		of obs		=	968
Group variable: CONGTY			Number		of groups		=	484
R-sq: within	=	0.1293	Obs	per	group:	min	=	2
between	=	0.0053				avg	=	2.0
overall	=	0.0008				max	=	2
			F(9,475)			=		7.84
corr(u_i, Xb)	=	-0.6279	Prob > F			=		0.0000

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

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

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

CS_CBTT

\|
L1.	\|	-.3416944	.0446209	-7.66	0.000	-.4293732	-.2540157
	\|
HDQT	\|	.0977451	.1727235	0.57	0.572	-.2416516	.4371418
KTGD	\|	-2.115227	.7960909	-2.66	0.008	-3.679523	-.5509319
TVDL	\|	-.0633664	.378722	-0.17	0.867	-.807544	.6808112
QMCT	\|	2.544454	.9078742	2.80	0.005	.7605081	4.328401
ROA	\|	.1231123	2.221921	0.06	0.956	-4.242897	4.489122
DBTC	\|	-5.039239	2.62156	-1.92	0.055	-10.19053	.1120506
SHQT	\|	.0033795	.020375	0.17	0.868	-.0366568	.0434158
CTKT	\|	-.3909778	1.241037	-0.32	0.753	-2.829579	2.047623
_cons	\|	16.98217	24.36913	0.70	0.486	-30.90246	64.86679

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

sigma_u | 6.8340912

sigma_e | 3.3697068

rho | .80442684 (fraction of variance due to u_i)

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

F test that all u_i=0: F(483, 475) = 2.44 Prob > F = 0.0000

. xttest3

Modified Wald test for groupwise heteroskedasticity in fixed effect regression model

H0: sigma(i)^2 = sigma^2 for all i chi2 (484) = 930.65

Prob>chi2 = 0.0000

. estimates store FEM5

. hausman FEM5 REM5

---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

| FEM5 REM5 Difference S.E.

-------------+---------------------------------------------------------------- L.CS_CBTT | -.3416944 .5456859 -.8873803 .0352471

HDQT | .0977451 .125042 -.0272969 .1373683

KTGD | -2.115227 -.5019698 -1.613257 .7139482

TVDL | -.0633664 .3611865 -.4245529 .3483548

QMCT | 2.544454 .3838583 2.160596 .8997312

ROA | .1231123 6.506232 -6.38312 1.487769

DBTC | -5.039239 -1.106715 -3.932524 2.512321

SHQT | .0033795 .0025552 .0008244 .0186234

CTKT | -.3909778 -.3851083 -.0058695 1.175486

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

b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic chi2(9) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 671.42

Prob>chi2 = 0.0000

. esttab REM1 REM2 REM3 REM4 REM5, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress

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

(1)

(2)	(3)	(4)	(5)
CS_CBTT		CS_CBTT	CS_CBTT	CS_CBTT	CS_CBTT
---------------------------------------------------------------------------
HDQT	0.147	0.122	0.118	0.125	0.125
	[1.39]	[1.14]	[1.13]	[1.20]	[1.19]
KTGD	-1.162***	-0.524	-0.499	-0.499	-0.502
	[-3.11]	[-1.48]	[-1.43]	[-1.43]	[-1.43]
TVDL	0.601***	0.359**	0.357**	0.358**	0.361**
	[3.71]	[2.36]	[2.41]	[2.43]	[2.43]
QMCT	0.720***	0.378***	0.321***	0.268***	0.384***
	[5.22]	[2.77]	[3.07]	[2.78]	[3.16]
ROA	5.020***	6.034***	6.087***	6.686***	6.506***
	[3.13]	[3.52]	[3.56]	[4.06]	[3.94]
TOBIN_Q	0.321*	0.143	0.144	0.140
	[1.91]	[1.02]	[1.03]	[1.00]
SHQT	0.00860	0.00211			0.00256
	[0.91]	[0.25]			[0.31]
CTKT	0.393	-0.395			-0.385
	[0.83]	[-0.99]			[-0.97]
L.CS_CBTT		0.545***	0.544***	0.548***	0.546***
		[19.90]	[19.91]	[20.13]	[19.94]
DBTC		-1.097	-0.951		-1.107
		[-1.42]	[-1.31]		[-1.48]
SGDCK		0.0379
		[0.10]
_cons	40.98***	18.13***	19.63***	20.31***	18.06***
	[11.11]	[5.27]	[7.09]	[7.49]	[5.68]

--------------------------------------------------------------------------- N 1452 968 968 968 968

R-sq

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

t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01

. esttab FEM1 FEM2 FEM3 FEM4 FEM5, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress

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

(1)

(2)	(3)	(4)	(5)
CS_CBTT		CS_CBTT	CS_CBTT	CS_CBTT	CS_CBTT
---------------------------------------------------------------------------
HDQT	0.185	0.104	0.102	0.116	0.0977
	[1.39]	[0.60]	[0.59]	[0.67]	[0.57]
KTGD	-1.819***	-2.144***	-2.140***	-2.149***	-2.115***
	[-3.46]	[-2.69]	[-2.69]	[-2.69]	[-2.66]
TVDL	0.387	-0.0616	-0.0575	-0.0992	-0.0634
	[1.64]	[-0.16]	[-0.15]	[-0.26]	[-0.17]
QMCT	2.374***	2.561***	2.542***	2.147**	2.544***
	[4.72]	[2.82]	[2.81]	[2.44]	[2.80]
ROA	0.826	0.202	0.157	0.603	0.123
	[0.45]	[0.09]	[0.07]	[0.27]	[0.06]
TOBIN_Q	0.217	-0.253	-0.257	-0.358
	[0.97]	[-0.62]	[-0.63]	[-0.88]
SHQT	0.0119	0.00302			0.00338
	[0.79]	[0.15]			[0.17]
CTKT	0.929	-0.375			-0.391
	[1.06]	[-0.30]			[-0.32]
L.CS_CBTT		-0.342***	-0.342***	-0.337***	-0.342***
		[-7.65]	[-7.69]	[-7.57]	[-7.66]
DBTC		-4.811*	-4.730*		-5.039*
		[-1.82]	[-1.80]		[-1.92]
SGDCK		.
		.
_cons	-4.116	16.66	17.13	25.35	16.98
	[-0.30]	[0.68]	[0.71]	[1.06]	[0.70]
---------------------------------------------------------------------------
N	1452	968	968	968	968
R-sq	0.043	0.130	0.130	0.124	0.129
---------------------------------------------------------------------------

t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01

. use "E:LUAN ANCHUONG LUAN ANKET QUATTCK_VN_506_cb.dta", clear

. xtset CONGTY NAM

panel variable: CONGTY (strongly balanced) time variable: NAM, 2014 to 2016

delta: 1 unit

PHAN TICH CONG BO THONG TIN

. xtreg CS_CBTT HDQT KTGD TVDL QMCT DBTC SHQT SHNN ROA TOBIN_Q CTKT SGDCK, re

Random-effects GLS regression

Number of obs	=	1452
Group variable: CONGTY	Number of groups	=	484
R-sq: within = 0.0468	Obs per group: min	=	3
between = 0.1417	avg	=	3.0
overall = 0.1144	max	=	3
	Wald chi2(11)	=	124.21
corr(u_i, X) = 0 (assumed)	Prob > chi2	=	0.0000

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

CS_CBTT | Coef. Std. Err. z P>|z| [95% Conf. Interval]

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

HDQT

\|	.0807764	.1069407	0.76	0.450	-.1288234	.2903763
KTGD	\|	-1.241719	.371458	-3.34	0.001	-1.969763	-.5136745
TVDL	\|	.5834718	.1633398	3.57	0.000	.2633318	.9036119
QMCT	\|	.8380536	.1697659	4.94	0.000	.5053186	1.170789
DBTC	\|	-2.129766	.9446439	-2.25	0.024	-3.981234	-.2782976
SHQT	\|	.0119164	.00944	1.26	0.207	-.0065858	.0304185
SHNN	\|	.0543903	.0132776	4.10	0.000	.0283666	.080414
ROA	\|	3.746474	1.634957	2.29	0.022	.5420159	6.950931
TOBIN_Q	\|	.2329134	.1688667	1.38	0.168	-.0980593	.563886
CTKT	\|	-.1154672	.4834293	-0.24	0.811	-1.062971	.8320369
SGDCK	\|	-.3993147	.5003333	-0.80	0.425	-1.37995	.5813206
_cons	\|	39.13009	4.219326	9.27	0.000	30.86036	47.39981

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

sigma_u | 4.0246956

sigma_e | 3.6661815

rho | .54651443 (fraction of variance due to u_i)

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

. estimates store REM_CB1

. xtreg CS_CBTT HDQT KTGD TVDL QMCT DBTC SHQT SHNN ROA TOBIN_Q CTKT SGDCK, fe

note: SGDCK omitted because of collinearity

Fixed-effects (within) regression Number of obs = 1452

Group variable: CONGTY Number of groups = 484

R-sq: within = 0.0634 Obs per group: min = 3

between = 0.1082 avg = 3.0

overall = 0.0881 max = 3

F(10,958) = 6.48

corr(u_i, Xb) = -0.5496 Prob > F = 0.0000

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

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

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

HDQT

\|	.1426532	.1325356	1.08	0.282	-.1174404	.4027467
KTGD	\|	-1.90398	.5210949	-3.65	0.000	-2.9266	-.8813613
TVDL	\|	.3627806	.2335871	1.55	0.121	-.0956207	.821182
QMCT	\|	2.281239	.5141028	4.44	0.000	1.272341	3.290136
DBTC	\|	-2.7367	1.70416	-1.61	0.109	-6.081017	.6076167
SHQT	\|	.011624	.0148818	0.78	0.435	-.0175806	.0408286
SHNN	\|	.0851477	.0211432	4.03	0.000	.0436554	.12664
ROA	\|	.7262695	1.847453	0.39	0.694	-2.899252	4.351791
TOBIN_Q	\|	.1805368	.2229954	0.81	0.418	-.2570791	.6181527
CTKT	\|	.8722623	.8706698	1.00	0.317	-.8363779	2.580903
SGDCK	\|	0	(omitted)
_cons	\|	-.7613855	13.92351	-0.05	0.956	-28.08549	26.56272

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

sigma_u | 5.5934765

sigma_e | 3.6661815

rho | .69949635 (fraction of variance due to u_i)

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

F test that all u_i=0: F(483, 958) = 4.63 Prob > F = 0.0000

. estimates store FEM_CB1

. hausman FEM_CB1 REM_CB1

---- Coefficients ----

| (b) (B) (b-B) sqrt(diag(V_b-V_B))

| FEM_CB1 REM_CB1 Difference S.E.

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

HDQT

\|	.1426532	.0807764	.0618767	.0782903
KTGD	\|	-1.90398	-1.241719	-.6622618	.3654571
TVDL	\|	.3627806	.5834718	-.2206912	.1669822
QMCT	\|	2.281239	.8380536	1.443185	.4852641
DBTC	\|	-2.7367	-2.129766	-.6069343	1.418382
SHQT	\|	.011624	.0119164	-.0002924	.0115045
SHNN	\|	.0851477	.0543903	.0307574	.0164541
ROA	\|	.7262695	3.746474	-3.020204	.8602301
TOBIN_Q	\|	.1805368	.2329134	-.0523766	.14564
CTKT	\|	.8722623	-.1154672	.9877295	.7241285

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

b = consistent under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg

Test: Ho: difference in coefficients not systematic chi2(10) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 32.90

Prob>chi2 = 0.0003