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Minh bạch và công bố thông tin của các công ty niêm yết trên thị trường chứng khoán Việt Nam - 32

between


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

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

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

CS_CBTT

|

-.0001766

.0003361

-0.53

0.599

-.0008362

.000483

TVDL

|

-.0015817

.0023986

-0.66

0.510

-.0062888

.0031254

QMCT

|

.0109291

.0059121

1.85

0.065

-.0006731

.0225313

DBTC

|

-.014464

.0181288

-0.80

0.425

-.0500407

.0211127

SHQT

|

-.0000826

.0001532

-0.54

0.590

-.0003833

.000218

SHNN

|

-.0001674

.0002189

-0.76

0.445

-.0005969

.0002621

ROE

|

-.0107659

.0068226

-1.58

0.115

-.0241547

.002623

NAMNY

|

.013974

.0013663

10.23

0.000

.0112928

.0166552

SGDCK

|

0

(omitted)





_cons

|

-.2825464

.1560347

-1.81

0.070

-.5887549

.023662

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Minh bạch và công bố thông tin của các công ty niêm yết trên thị trường chứng khoán Việt Nam - 32

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

sigma_u | .0408989

sigma_e | .03770244

rho | .54059959 (fraction of variance due to u_i)

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

F test that all u_i=0: F(483, 960) = 1.05 Prob > F = 0.2745

. estimates store FEM_C3


. xttest3

Modified Wald test for groupwise heteroskedasticity in fixed effect regression model

H0: sigma(i)^2 = sigma^2 for all i chi2 (484) = 32244.79

Prob>chi2 = 0.0000


. xtserial CPV_CSH CS_CBTT TVDL QMCT DBTC SHQT SHNN ROE NAMNY SGDCK


Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

F( 1, 483) = 38.980

Prob > F = 0.0000


. hausman FEM_C3 REM_C3

---- Coefficients ----

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

| FEM_C3 REM_C3 Difference S.E.

-------------+---------------------------------------------------------------- CS_CBTT | -.0001766 .0001568 -.0003334 .0002834

TVDL | -.0015817 -.0011401 -.0004416 .0021828

QMCT | .0109291 .0070329 .0038961 .0058595

DBTC | -.014464 -.0164254 .0019614 .0174205

SHQT | -.0000826 -.0000583 -.0000243 .0001434

SHNN | -.0001674 -.0000629 -.0001045 .0002057

-.0107659

-.007247

-.0035188

.0048321

NAMNY |

.013974

.000937

.013037

.0013054

ROE |

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

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)

= 136.31

Prob>chi2 = 0.0000


. xtreg CPV_CSH CS_CBTT KTGD TVDL SHQT SHNN QMCT DBTC ROE NAMNY SGDCK, re


Random-effects GLS regression

Number of obs

=

1452

Group variable: CONGTY

Number of groups

=

484

R-sq: within = 0.0800

Obs per group: min

=

3

between = 0.1628

avg

=

3.0

overall = 0.0688

max

=

3


Wald chi2(10)

=

106.43

corr(u_i, X) = 0 (assumed)

Prob > chi2

=

0.0000

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

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

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

CS_CBTT

|

.0001634

.0001812

0.90

0.367

-.0001918

.0005186

KTGD

|

.0011392

.0022785

0.50

0.617

-.0033265

.0056049

TVDL

|

-.0011715

.0009965

-1.18

0.240

-.0031246

.0007817

SHQT

|

-.0000618

.0000542

-1.14

0.254

-.0001681

.0000444

SHNN

|

-.0000644

.000075

-0.86

0.390

-.0002113

.0000825

QMCT

|

.0070637

.00079

8.94

0.000

.0055153

.008612

DBTC

|

-.0164315

.0050193

-3.27

0.001

-.0262691

-.006594

ROE

|

-.0071614

.0048207

-1.49

0.137

-.0166099

.0022871

NAMNY

|

.0009514

.0004046

2.35

0.019

.0001584

.0017443

SGDCK

|

-.0103375

.0024139

-4.28

0.000

-.0150688

-.0056063

_cons

|

-.110942

.0210515

-5.27

0.000

-.1522022

-.0696818

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

sigma_u | 0

sigma_e | .03771596

rho | 0 (fraction of variance due to u_i)

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


. estimates store REM_C4


. xtreg CPV_CSH CS_CBTT KTGD TVDL SHQT SHNN QMCT DBTC ROE NAMNY 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 = 0.1413 Obs per group: min = 3

between = 0.0166 avg = 3.0

overall = 0.0269 max = 3


F(9,959)

=

17.54

Prob > F

=

0.0000

corr(u_i, Xb) = -0.8225


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

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

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

CS_CBTT

|

-.0001943

.0003377

-0.58

0.565

-.0008571

.0004684

KTGD

|

-.0030581

.005474

-0.56

0.577

-.0138006

.0076843

TVDL

|

-.0015453

.0024004

-0.64

0.520

-.0062558

.0031653

SHQT

|

-.0000777

.0001535

-0.51

0.613

-.000379

.0002235

SHNN

|

-.000164

.000219

-0.75

0.454

-.0005939

.0002658

QMCT

|

.0112874

.0059489

1.90

0.058

-.000387

.0229619

DBTC

|

-.0152241

.0181863

-0.84

0.403

-.0509135

.0204654

ROE

|

-.0112272

.0068748

-1.63

0.103

-.0247185

.0022642

NAMNY

|

.0138557

.0013831

10.02

0.000

.0111415

.0165699

SGDCK

|

0

(omitted)





_cons

|

-.2893914

.1565708

-1.85

0.065

-.5966523

.0178695

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

sigma_u | .04095327

sigma_e | .03771596

rho | .5410813 (fraction of variance due to u_i)

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

F test that all u_i=0: F(483, 959) = 1.05 Prob > F = 0.2754


. estimates store FEM_C4


. xttest3

Modified Wald test for groupwise heteroskedasticity in fixed effect regression model


H0: sigma(i)^2 = sigma^2 for all i chi2 (484) = 32719.98

Prob>chi2 = 0.0000


. xtserial CPV_CSH CS_CBTT KTGD TVDL SHQT SHNN QMCT DBTC ROE NAMNY SGDCK


Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

F( 1, 483) = 37.906

Prob > F = 0.0000


. hausman FEM_C4 REM_C4

---- Coefficients ----

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

| FEM_C4 REM_C4 Difference S.E.

-------------+---------------------------------------------------------------- CS_CBTT | -.0001943 .0001634 -.0003577 .000285

KTGD | -.0030581 .0011392 -.0041973 .0049773

TVDL | -.0015453 -.0011715 -.0003738 .0021837

SHQT | -.0000777 -.0000618 -.0000159 .0001436

SHNN | -.000164 -.0000644 -.0000997 .0002058

QMCT | .0112874 .0070637 .0042238 .0058963

DBTC | -.0152241 -.0164315 .0012075 .0174799

-.0112272

-.0071614

-.0040658

.0049013

NAMNY |

.0138557

.0009514

.0129043

.0013226

ROE |

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


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)

= 137.36

Prob>chi2 = 0.0000


. xtreg CPV_CSH CS_CBTT HDQT KTGD TVDL QMCT DBTC SHNN ROE TOBIN_Q NAMNY SGDCK, re


Random-effects GLS regression

Number

of obs

=

1452

Group variable: CONGTY

Number

of groups

=

484

R-sq: within

=

0.0787

Obs

per

group:

min

=

3

between

=

0.1623




avg

=

3.0

overall

=

0.0700




max

=

3




Wald chi2(11)

=

108.37

corr(u_i, X)

=

0 (assumed)

Prob > chi2

=

0.0000


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

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

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

CS_CBTT

|

.000167

.0001813

0.92

0.357

-.0001884

.0005224

HDQT

|

-.0012398

.0007256

-1.71

0.088

-.0026619

.0001823

KTGD

|

.0005771

.0022661

0.25

0.799

-.0038643

.0050185

TVDL

|

-.0010315

.0009951

-1.04

0.300

-.0029818

.0009188

QMCT

|

.0075355

.0008227

9.16

0.000

.0059231

.0091479

DBTC

|

-.0176833

.0050127

-3.53

0.000

-.027508

-.0078586

SHNN

|

-.0000371

.000077

-0.48

0.630

-.000188

.0001138

ROE

|

-.007284

.0048802

-1.49

0.136

-.016849

.0022811

TOBIN_Q

|

-.0004754

.0010741

-0.44

0.658

-.0025806

.0016299

NAMNY

|

.0008986

.0004057

2.21

0.027

.0001034

.0016937

SGDCK

|

-.0108995

.0024646

-4.42

0.000

-.01573

-.006069

_cons

|

-.116128

.0210837

-5.51

0.000

-.1574514

-.0748047

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

sigma_u | 0

sigma_e | .03770204

rho | 0 (fraction of variance due to u_i)

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


. estimates store REM_C5

. xtreg CPV_CSH CS_CBTT HDQT KTGD TVDL QMCT DBTC SHNN ROE TOBIN_Q NAMNY 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 = 0.1428

Obs per group: min

=

3

between = 0.0152

avg

=

3.0

overall = 0.0264

max

=

3


F(10,958)

=

15.97

corr(u_i, Xb) = -0.8206

Prob > F

=

0.0000

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

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

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

CS_CBTT

|

-.0001741

.000338

-0.52

0.607

-.0008373

.0004892

HDQT

|

-.0015453

.0013616

-1.13

0.257

-.0042174

.0011267

KTGD

|

-.0034393

.0054659

-0.63

0.529

-.0141658

.0072872

TVDL

|

-.0015506

.0024009

-0.65

0.519

-.0062621

.003161

QMCT

|

.0113852

.0059255

1.92

0.055

-.0002433

.0230137

DBTC

|

-.016259

.0181507

-0.90

0.371

-.0518788

.0193607

SHNN

|

-.0001469

.0002194

-0.67

0.503

-.0005774

.0002836

ROE

|

-.0110567

.0068677

-1.61

0.108

-.0245341

.0024207

TOBIN_Q

|

-.0016985

.002291

-0.74

0.459

-.0061944

.0027974

NAMNY

|

.0138101

.0013806

10.00

0.000

.0111008

.0165195

SGDCK

|

0

(omitted)





_cons

|

-.2828205

.1561749

-1.81

0.070

-.5893049

.0236638

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

sigma_u | .04084104

sigma_e | .03770204

rho | .5399016 (fraction of variance due to u_i)

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

F test that all u_i=0: F(483, 958) = 1.05 Prob > F = 0.2638 estimates store FEM_C5


. xttest3


Modified Wald test for groupwise heteroskedasticity in fixed effect regression model


H0: sigma(i)^2 = sigma^2 for all i chi2 (484) = 28750.06

Prob>chi2 = 0.0000


. xtserial CPV_CSH CS_CBTT HDQT KTGD TVDL QMCT DBTC SHNN ROE TOBIN_Q NAMNY SGDCK


Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

F( 1, 483) = 38.369

Prob > F = 0.0000


. hausman FEM_C5 REM_C5

---- Coefficients ----

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

| FEM_C5 REM_C5 Difference S.E.

-------------+---------------------------------------------------------------- CS_CBTT | -.0001741 .000167 -.0003411 .0002852

HDQT | -.0015453 -.0012398 -.0003055 .0011522

KTGD | -.0034393 .0005771 -.0040164 .004974

TVDL | -.0015506 -.0010315 -.0005191 .0021849

QMCT | .0113852 .0075355 .0038497 .0058681

DBTC | -.016259 -.0176833 .0014243 .0174448

SHNN | -.0001469 -.0000371 -.0001098 .0002054

ROE | -.0110567 -.007284 -.0037727 .004832

TOBIN_Q | -.0016985 -.0004754 -.0012232 .0020235

NAMNY | .0138101 .0008986 .0129115 .0013197

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

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)

= 137.52

Prob>chi2 = 0.0000


. xtreg CPV_CSH CS_CBTT HDQT TVDL BGD QMCT DBTC SHQT SHNN MBR NAMNY SGDCK, re


Random-effects GLS regression

Number of obs

=

1452

Group variable: CONGTY

Number of groups

=

484

R-sq: within = 0.0750

Obs per group: min

=

3

between = 0.1642

avg

=

3.0

overall = 0.0691

max

=

3


Wald chi2(11)

=

106.82

corr(u_i, X) = 0 (assumed)

Prob > chi2

=

0.0000

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

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

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

CS_CBTT

|

.000155

.0001816

0.85

0.394

-.000201

.000511

HDQT

|

-.0011061

.0007472

-1.48

0.139

-.0025706

.0003584

TVDL

|

-.0010408

.000996

-1.04

0.296

-.002993

.0009114

BGD

|

-.0002251

.0005848

-0.38

0.700

-.0013714

.0009212

QMCT

|

.0074654

.0008855

8.43

0.000

.00573

.0092009

DBTC

|

-.0159479

.0050714

-3.14

0.002

-.0258876

-.0060082

SHQT

|

-.0000535

.000054

-0.99

0.322

-.0001594

.0000524

SHNN

|

-.0000478

.0000768

-0.62

0.534

-.0001982

.0001027

MBR

|

-.0002226

.000545

-0.41

0.683

-.0012907

.0008455

NAMNY

|

.000908

.0004054

2.24

0.025

.0001134

.0017025

SGDCK

|

-.0112214

.0025097

-4.47

0.000

-.0161404

-.0063024

_cons

|

-.1138191

.0227015

-5.01

0.000

-.1583131

-.069325

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

sigma_u | 0

sigma_e | .03774861

rho | 0 (fraction of variance due to u_i)

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

. estimates store REM_C6


. xtreg CPV_CSH CS_CBTT HDQT TVDL BGD QMCT DBTC SHQT SHNN MBR NAMNY 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 = 0.1407

Obs per group: min

=

3

between = 0.0073

avg

=

3.0

overall = 0.0209

max

=

3


F(10,958)

=

15.69

corr(u_i, Xb) = -0.8177

Prob > F

=

0.0000

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

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

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

CS_CBTT

|

-.0001516

.0003377

-0.45

0.654

-.0008142

.0005111

HDQT

|

-.0016647

.0013934

-1.19

0.232

-.004399

.0010697

TVDL

|

-.0015886

.0024046

-0.66

0.509

-.0063075

.0031302

BGD

|

.0003203

.0015222

0.21

0.833

-.002667

.0033075

QMCT

|

.0083599

.0057491

1.45

0.146

-.0029224

.0196423

DBTC

|

-.0064072

.0175161

-0.37

0.715

-.0407816

.0279672

SHQT

|

-.0000894

.0001533

-0.58

0.560

-.0003903

.0002115

SHNN

|

-.0001162

.0002187

-0.53

0.595

-.0005453

.0003129

MBR

|

-.0008657

.0010958

-0.79

0.430

-.0030162

.0012848

NAMNY

|

.0142389

.0013568

10.49

0.000

.0115762

.0169017

SGDCK

|

0

(omitted)





_cons

|

-.2111798

.1525838

-1.38

0.167

-.5106168

.0882571

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

sigma_u | .04077966

sigma_e | .03774861

rho | .53854076 (fraction of variance due to u_i)

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

F test that all u_i=0: F(483, 958) = 1.05 Prob > F = 0.2780


. estimates store FEM_C6


. xttest3


Modified Wald test for groupwise heteroskedasticity in fixed effect regression model

H0: sigma(i)^2 = sigma^2 for all i chi2 (484) = 28000.51

Prob>chi2 = 0.0000


. xtserial CPV_CSH CS_CBTT HDQT TVDL BGD QMCT DBTC SHQT SHNN MBR NAMNY SGDCK


Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

F( 1, 483) = 39.364

Prob > F = 0.0000


. hausman FEM_C6 REM_C6


---- Coefficients ----

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

| FEM_C6 REM_C6 Difference S.E.

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

CS_CBTT

|

-.0001516

.000155

-.0003066

.0002847

HDQT

|

-.0016647

-.0011061

-.0005586

.0011761

TVDL

|

-.0015886

-.0010408

-.0005478

.0021886

BGD

|

.0003203

-.0002251

.0005454

.0014054

QMCT

|

.0083599

.0074654

.0008945

.0056805

DBTC

|

-.0064072

-.0159479

.0095407

.0167659

SHQT

|

-.0000894

-.0000535

-.0000359

.0001435

SHNN

|

-.0001162

-.0000478

-.0000685

.0002047

MBR

|

-.0008657

-.0002226

-.0006431

.0009507

NAMNY

|

.0142389

.000908

.013331

.0012949

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

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)

= 135.82

Prob>chi2 = 0.0000

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