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Single-user Stata network perpetual license: Serial number: 93611859953

Licensed to: STATAforAll

STATA

Notes:

1. (/v# option or -set maxvar-) 5000 maximum variables

. 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 VOI PHUONG PHAP 2SLS

. ivregress 2sls CS_CBTT HDQT KTGD TVDL SHQT (QMCT= DBTC SHNN SGDCK) ROA TOBIN_Q CTKT,

vce(robust)

Instrumental variables (2SLS) regression Number of obs = 1452

Wald chi2(8) = 134.72

Prob > chi2 = 0.0000

R-squared = 0.1061

Root MSE = 5.4822

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

| Robust

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

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

QMCT

\|	.4536714	.1616355	2.81	0.005	.1368717	.7704711
HDQT	\|	.2142414	.1057671	2.03	0.043	.0069417	.421541
KTGD	\|	-.8220971	.3299461	-2.49	0.013	-1.46878	-.1754146
TVDL	\|	.7662775	.1539554	4.98	0.000	.4645305	1.068025
SHQT	\|	.0052566	.0077749	0.68	0.499	-.009982	.0204952
ROA	\|	9.98633	1.635039	6.11	0.000	6.781713	13.19095
TOBIN_Q	\|	.2443437	.1779386	1.37	0.170	-.1044096	.593097
CTKT	\|	.6614743	.4251043	1.56	0.120	-.1717149	1.494663
_cons	\|	47.48094	4.12909	11.50	0.000	39.38808	55.57381

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

Instrumented: QMCT

Instruments: HDQT KTGD TVDL SHQT ROA TOBIN_Q CTKT DBTC SHNN SGDCK

. estat endogenous

Tests of endogeneity

Ho: variables are exogenous

Robust score chi2(1) = 2.64683 (p = 0.1038) Robust regression F(1,1442) = 2.61328 (p = 0.1062)

. estat overid

Test of overidentifying restrictions:

Score chi2(2) = 11.0583 (p = 0.0040)

. estimates store MH1

. ivregress 2sls CS_CBTT l.CS_CBTT HDQT KTGD TVDL SHQT (QMCT= BGD SHNN) DBTC ROA TOBIN_Q

SGDCK CTKT, vce(rob

> ust)

Instrumental variables (2SLS) regression

Number of obs	=	968
	Wald chi2(11)	=	525.57
	Prob > chi2	=	0.0000
	R-squared	=	0.3871
	Root MSE	=	4.5538

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

| Robust

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

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

QMCT

CS_CBTT

\| \| \|	1.378895	.4737611	2.91	0.004	.4503406	2.30745
L1.	\|	.558873	.0351442	15.90	0.000	.4899917	.6277542
	\|
HDQT	\|	-.1302895	.1294014	-1.01	0.314	-.3839115	.1233325
KTGD	\|	-.3924002	.3492789	-1.12	0.261	-1.076974	.2921738
TVDL	\|	.3677178	.1585813	2.32	0.020	.0569041	.6785316
SHQT	\|	.0084404	.0088736	0.95	0.342	-.0089514	.0258323
DBTC	\|	-3.891404	1.475666	-2.64	0.008	-6.783657	-.9991514
ROA	\|	5.161648	1.999447	2.58	0.010	1.242803	9.080492
TOBIN_Q	\|	.1998455	.1042987	1.92	0.055	-.0045762	.4042672
SGDCK	\|	-1.294259	.6799591	-1.90	0.057	-2.626955	.0384362
CTKT	\|	-1.68099	.6903502	-2.43	0.015	-3.034052	-.3279285
_cons	\|	-6.334871	10.46806	-0.61	0.545	-26.8519	14.18216

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

Instrumented: QMCT

Instruments: L.CS_CBTT HDQT KTGD TVDL SHQT DBTC ROA TOBIN_Q SGDCK CTKT BGD SHNN

. estat endogenous

Tests of endogeneity

Ho: variables are exogenous

Robust score chi2(1) = 6.19647 (p = 0.0128) Robust regression F(1,955) = 5.90547 (p = 0.0153)

. estat overid

Test of overidentifying restrictions:

Score chi2(1) = 1.18272 (p = 0.2768)

. estimates store MH2

. ivregress 2sls CS_CBTT l.CS_CBTT HDQT KTGD TVDL DBTC TOBIN_Q ROA (QMCT= BGD SHNN),

vce(robust)

Instrumental variables (2SLS) regression

Number of obs			=	968
				Wald chi2(8)			=	569.39
				Prob > chi2			=	0.0000
				R-squared			=	0.3999
				Root MSE			=	4.5061
------------------------------------------------------------------------------
\| CS_CBTT \|		Coef.	Robust Std. Err.	z	P>\|z\|	[95% Conf. Interval]
-------------+----------------------------------------------------------------
QMCT CS_CBTT	\| \| \|	.9285234	.2817628	3.30	0.001	.3762785	1.480768
L1. HDQT	\| \| \|	.555406 -.0698672	.0361503 .1057455	15.36 -0.66	0.000 0.509	.4845526 -.2771245	.6262593 .1373902
KTGD	\|	-.332126	.3463838	-0.96	0.338	-1.011026	.3467739
TVDL	\|	.2197265	.164691	1.33	0.182	-.1030619	.542515
DBTC	\|	-2.598235	1.03933	-2.50	0.012	-4.635285	-.5611861
TOBIN_Q	\|	.1481376	.0811504	1.83	0.068	-.0109142	.3071893
ROA	\|	5.260543	2.298253	2.29	0.022	.7560493	9.765037
_cons	\|	4.287677	6.006104	0.71	0.475	-7.48407	16.05942

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

Instrumented: QMCT

Instruments: L.CS_CBTT HDQT KTGD TVDL DBTC TOBIN_Q ROA BGD SHNN

. estat endogenous

Tests of endogeneity

Ho: variables are exogenous


Robust score chi2(1)	= 7.0482	(p = 0.0079)
Robust regression F(1,958)	= 6.63392	(p = 0.0102)

. estat overid

Test of overidentifying restrictions:

Score chi2(1) = .001263 (p = 0.9717)

. estimates store MH3

. ivregress 2sls CS_CBTT l.CS_CBTT HDQT KTGD TVDL TOBIN_Q ROA ( QMCT= BGD SHQT SHNN DBTC),

vce(robust)

Instrumental variables (2SLS) regression

Number of obs			=	968
				Wald chi2(7)			=	548.52
				Prob > chi2			=	0.0000
				R-squared			=	0.4227
				Root MSE			=	4.4194
------------------------------------------------------------------------------
\| CS_CBTT \|		Coef.	Robust Std. Err.	z	P>\|z\|	[95% Conf. Interval]
-------------+----------------------------------------------------------------
QMCT CS_CBTT	\| \| \|	.4262009	.1716399	2.48	0.013	.0897929	.7626089
L1. HDQT	\| \| \|	.5863992 .0598568	.0318892 .0938516	18.39 0.64	0.000 0.524	.5238976 -.124089	.6489008 .2438025
KTGD	\|	-.4168848	.3381377	-1.23	0.218	-1.079623	.2458529
TVDL	\|	.2869585	.1624117	1.77	0.077	-.0313625	.6052796
TOBIN_Q	\|	.1378175	.0772533	1.78	0.074	-.0135963	.2892312
ROA	\|	6.59885	1.681179	3.93	0.000	3.303801	9.8939
_cons	\|	14.0116	4.184691	3.35	0.001	5.80976	22.21345
------------------------------------------------------------------------------

Instrumented: QMCT

Instruments: L.CS_CBTT HDQT KTGD TVDL TOBIN_Q ROA BGD SHQT SHNN DBTC

. estat endogenous Tests of endogeneity

Ho: variables are exogenous

Robust score chi2(1) = 1.85247 (p = 0.1735) Robust regression F(1,959) = 1.8234 (p = 0.1772)

. estat overid

Test of overidentifying restrictions:

Score chi2(3) = 7.54497 (p = 0.0564)

. estimates store MH4

. ivregress 2sls CS_CBTT l.CS_CBTT HDQT KTGD TVDL SHQT DBTC ROA CTKT (QMCT= BGD SHNN

SGDCK), vce(robust)

Number of obs	=	968
Wald chi2(9)	=	554.74
Prob > chi2	=	0.0000
R-squared	=	0.4203
Root MSE	=	4.4286

Instrumental variables (2SLS) regression

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

| Robust

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

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

QMCT

CS_CBTT

\| \| \|	.7024289	.219056	3.21	0.001	.273087	1.131771
L1.	\|	.5816893	.0313837	18.53	0.000	.5201783	.6432002
	\|
HDQT	\|	.0461519	.0958939	0.48	0.630	-.1417966	.2341004
KTGD	\|	-.4468966	.3346415	-1.34	0.182	-1.102782	.2089886
TVDL	\|	.2913152	.1600791	1.82	0.069	-.022434	.6050645
SHQT	\|	.0058375	.0086603	0.67	0.500	-.0111364	.0228114
DBTC	\|	-1.969219	.8607402	-2.29	0.022	-3.656239	-.2821992
ROA	\|	5.939606	1.797921	3.30	0.001	2.415746	9.463466
CTKT	\|	-.9567799	.4780109	-2.00	0.045	-1.893664	-.0198958
_cons	\|	8.152284	5.14888	1.58	0.113	-1.939336	18.2439

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

Instrumented: QMCT

Instruments: L.CS_CBTT HDQT KTGD TVDL SHQT DBTC ROA CTKT BGD SHNN SGDCK

. estat endogenous Tests of endogeneity

Ho: variables are exogenous

Robust score chi2(1) = 4.30326 (p = 0.0380) Robust regression F(1,957) = 4.2658 (p = 0.0392)

. estat overid

Test of overidentifying restrictions:

Score chi2(2) = 5.80738 (p = 0.0548)

. estimates store MH5

. esttab MH1 MH2 MH3 MH4 MH5, 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
---------------------------------------------------------------------------
QMCT	0.454***	1.379***	0.929***	0.426**	0.702***
	[2.81]	[2.91]	[3.30]	[2.48]	[3.21]
HDQT	0.214**	-0.130	-0.0699	0.0599	0.0462
	[2.03]	[-1.01]	[-0.66]	[0.64]	[0.48]
KTGD	-0.822**	-0.392	-0.332	-0.417	-0.447
	[-2.49]	[-1.12]	[-0.96]	[-1.23]	[-1.34]
TVDL	0.766***	0.368**	0.220	0.287*	0.291*
	[4.98]	[2.32]	[1.33]	[1.77]	[1.82]
SHQT	0.00526	0.00844			0.00584
	[0.68]	[0.95]			[0.67]
ROA	9.986***	5.162***	5.261**	6.599***	5.940***
	[6.11]	[2.58]	[2.29]	[3.93]	[3.30]
TOBIN_Q	0.244	0.200*	0.148*	0.138*
	[1.37]	[1.92]	[1.83]	[1.78]
CTKT	0.661	-1.681**			-0.957**
	[1.56]	[-2.43]			[-2.00]
L.CS_CBTT		0.559***	0.555***	0.586***	0.582***
		[15.90]	[15.36]	[18.39]	[18.53]
DBTC		-3.891***	-2.598**		-1.969**
		[-2.64]	[-2.50]		[-2.29]
SGDCK		-1.294*
		[-1.90]
_cons	47.48***	-6.335	4.288	14.01***	8.152
	[11.50]	[-0.61]	[0.71]	[3.35]	[1.58]
---------------------------------------------------------------------------
N	1452	968	968	968	968
R-sq	0.106	0.387	0.400	0.423	0.420
---------------------------------------------------------------------------

t statistics in brackets

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

* PHAN TICH CHI SO CBTT VOI PHUONG PHAP GMM

. ivregress gmm CS_CBTT HDQT KTGD TVDL SHQT (QMCT= DBTC SHNN SGDCK) ROA TOBIN_Q CTKT,

vce(robust)

Instrumental variables (GMM) regression Number of obs = 1452

Wald chi2(8) = 134.10

Prob > chi2 = 0.0000

R-squared = 0.1030

GMM weight matrix: Robust Root MSE = 5.4916

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

| Robust

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

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

QMCT

\|	.3549384	.1588518	2.23	0.025	.0435947	.6662822
HDQT	\|	.2319379	.1053694	2.20	0.028	.0254177	.438458
KTGD	\|	-.8239442	.3302539	-2.49	0.013	-1.47123	-.1766584
TVDL	\|	.8111065	.1542753	5.26	0.000	.5087324	1.113481
SHQT	\|	.0061777	.0077488	0.80	0.425	-.0090097	.0213651
ROA	\|	9.737808	1.635576	5.95	0.000	6.532138	12.94348
TOBIN_Q	\|	.2833039	.197285	1.44	0.151	-.1033676	.6699753
CTKT	\|	.8590628	.4204636	2.04	0.041	.0349693	1.683156
_cons	\|	49.92005	4.06174	12.29	0.000	41.95919	57.88091

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

Instrumented: QMCT

Instruments: HDQT KTGD TVDL SHQT ROA TOBIN_Q CTKT DBTC SHNN SGDCK

. estat endogenous

Test of endogeneity (orthogonality conditions) Ho: variables are exogenous

GMM C statistic chi2(1) = 4.66482 (p = 0.0308)

. estat overid

Test of overidentifying restriction: Hansen's J chi2(2) = 11.0583 (p = 0.0040)

. estimates store GMM1

. ivregress gmm CS_CBTT l.CS_CBTT HDQT KTGD TVDL SHQT (QMCT= BGD SHNN) DBTC ROA TOBIN_Q

SGDCK CTKT, vce(robu

> st)

Instrumental variables (GMM) regression

Number of obs	=	968
	Wald chi2(11)	=	564.46
	Prob > chi2	=	0.0000
	R-squared	=	0.3831
GMM weight matrix: Robust	Root MSE	=	4.5689

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

| Robust

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

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

QMCT

CS_CBTT

\| \| \|	1.429897	.4739609	3.02	0.003	.5009507	2.358843
L1.	\|	.564869	.0347506	16.25	0.000	.4967591	.6329789
	\|
HDQT	\|	-.1444553	.1293662	-1.12	0.264	-.3980083	.1090977
KTGD	\|	-.3834485	.3499964	-1.10	0.273	-1.069429	.302532
TVDL	\|	.376927	.1585472	2.38	0.017	.0661801	.6876739
SHQT	\|	.0088987	.008894	1.00	0.317	-.0085333	.0263306
DBTC	\|	-4.011634	1.477049	-2.72	0.007	-6.906596	-1.116672
ROA	\|	5.09287	2.005189	2.54	0.011	1.162773	9.022968
TOBIN_Q	\|	.2007405	.1038734	1.93	0.053	-.0028476	.4043287
SGDCK	\|	-1.377503	.6788952	-2.03	0.042	-2.708113	-.046893
CTKT	\|	-1.735271	.6919576	-2.51	0.012	-3.091483	-.3790595
_cons	\|	-7.91179	10.43048	-0.76	0.448	-28.35515	12.53157

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

Instrumented: QMCT

Instruments: L.CS_CBTT HDQT KTGD TVDL SHQT DBTC ROA TOBIN_Q SGDCK CTKT BGD SHNN

. estat endogenous

Test of endogeneity (orthogonality conditions) Ho: variables are exogenous

GMM C statistic chi2(1) = 6.46883 (p = 0.0110)

. estat overid

Test of overidentifying restriction: Hansen's J chi2(1) = 1.18272 (p = 0.2768)

. estimates store GMM2

. ivregress gmm CS_CBTT l.CS_CBTT HDQT KTGD TVDL DBTC TOBIN_Q ROA (QMCT= BGD SHNN),

vce(robust)

Instrumental variables (GMM) regression

Number of obs	=	968
	Wald chi2(8)	=	594.99
	Prob > chi2	=	0.0000
	R-squared	=	0.4000
GMM weight matrix: Robust	Root MSE	=	4.5058

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