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

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

| Robust

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

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

QMCT

CS_CBTT

\| \| \|	.9275183	.2803206	3.31	0.001	.3781	1.476937
L1.	\|	.5552687	.0359432	15.45	0.000	.4848213	.6257161
	\|
HDQT	\|	-.0698714	.1057367	-0.66	0.509	-.2771116	.1373688
KTGD	\|	-.3324406	.3462522	-0.96	0.337	-1.011083	.3462014
TVDL	\|	.2198634	.1646449	1.34	0.182	-.1028347	.5425614
DBTC	\|	-2.596212	1.037715	-2.50	0.012	-4.630096	-.5623285
TOBIN_Q	\|	.1482247	.0811562	1.83	0.068	-.0108385	.3072879
ROA	\|	5.261858	2.297478	2.29	0.022	.7588835	9.764832
_cons	\|	4.322817	5.923593	0.73	0.466	-7.287212	15.93285

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

Instrumented: QMCT

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

. estat endogenous

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

GMM C statistic chi2(1) = 7.07351 (p = 0.0078)

. estat overid

Test of overidentifying restriction: Hansen's J chi2(1) = .001263 (p = 0.9717)

. estimates store GMM3

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

vce(robust)

Instrumental variables (GMM) regression Number of obs = 968

Wald chi2(7) = 599.23

Prob > chi2 = 0.0000

R-squared = 0.4242

GMM weight matrix: Robust Root MSE = 4.4137

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

| Robust

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

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

QMCT

CS_CBTT

.3437746

.1671871

2.06

0.040

.0160939

.6714552

L1.

.6018394

.0309627

19.44

0.000

.5411536

.6625252

.0440503	.0937924	0.47	0.639	-.1397795	.2278801
KTGD	\|	-.4889373	.3362436	-1.45	0.146	-1.147963	.170088
TVDL	\|	.365017	.1598419	2.28	0.022	.0517326	.6783015
TOBIN_Q	\|	.1345959	.0752162	1.79	0.074	-.012825	.2820169
ROA	\|	6.751728	1.624387	4.16	0.000	3.567988	9.935468
_cons	\|	15.38189	4.079295	3.77	0.000	7.386617	23.37716

HDQT

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

Instrumented: QMCT

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

. estat endogenous

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

GMM C statistic chi2(1) = .949409 (p = 0.3299)

. estat overid

Test of overidentifying restriction: Hansen's J chi2(3) = 7.54497 (p = 0.0564)

. estimates store GMM4

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

vce(robust)

Instrumental variables (GMM) regression

Number of obs			=	968
				Wald chi2(9)			=	601.67
				Prob > chi2			=	0.0000
				R-squared			=	0.4228
GMM weight matrix: Robust				Root MSE			=	4.4193
------------------------------------------------------------------------------
\| CS_CBTT \|		Coef.	Robust Std. Err.	z	P>\|z\|	[95% Conf. Interval]
-------------+----------------------------------------------------------------
QMCT CS_CBTT	\| \| \|	.6022077	.2121317	2.84	0.005	.1864372	1.017978
L1. HDQT	\| \| \|	.5973448 .0233321	.0303799 .0951246	19.66 0.25	0.000 0.806	.5378013 -.1631087	.6568882 .209773
KTGD	\|	-.5018898	.3330838	-1.51	0.132	-1.154722	.1509425
TVDL	\|	.3482235	.1589964	2.19	0.029	.0365962	.6598508
SHQT	\|	.0082857	.0085983	0.96	0.335	-.0085666	.025138
DBTC	\|	-1.608263	.8404511	-1.91	0.056	-3.255517	.0389905
ROA	\|	6.036158	1.762356	3.43	0.001	2.582004	9.490311
CTKT	\|	-.7558562	.4665581	-1.62	0.105	-1.670293	.1585809
_cons	\|	9.8036	4.983002	1.97	0.049	.0370953	19.57011
------------------------------------------------------------------------------

Instrumented: QMCT

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

. estat endogenous

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

GMM C statistic chi2(1) = 2.67797 (p = 0.1017)

. estat overid

Test of overidentifying restriction: Hansen's J chi2(2) = 5.80738 (p = 0.0548)

. estimates store GMM5

. esttab GMM1 GMM2 GMM3 GMM4 GMM5, 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	0.355**	1.430***	0.928***	0.344**	0.602***
	[2.23]	[3.02]	[3.31]	[2.06]	[2.84]
HDQT	0.232**	-0.144	-0.0699	0.0441	0.0233
	[2.20]	[-1.12]	[-0.66]	[0.47]	[0.25]
KTGD	-0.824**	-0.383	-0.332	-0.489	-0.502
	[-2.49]	[-1.10]	[-0.96]	[-1.45]	[-1.51]
TVDL	0.811***	0.377**	0.220	0.365**	0.348**
	[5.26]	[2.38]	[1.34]	[2.28]	[2.19]
SHQT	0.00618	0.00890			0.00829
	[0.80]	[1.00]			[0.96]
ROA	9.738***	5.093**	5.262**	6.752***	6.036***
	[5.95]	[2.54]	[2.29]	[4.16]	[3.43]
TOBIN_Q	0.283	0.201*	0.148*	0.135*
	[1.44]	[1.93]	[1.83]	[1.79]
CTKT	0.859**	-1.735**			-0.756
	[2.04]	[-2.51]			[-1.62]
L.CS_CBTT		0.565***	0.555***	0.602***	0.597***
		[16.25]	[15.45]	[19.44]	[19.66]
DBTC		-4.012***	-2.596**		-1.608*
		[-2.72]	[-2.50]		[-1.91]
SGDCK		-1.378**
		[-2.03]
_cons	49.92***	-7.912	4.323	15.38***	9.804**
	[12.29]	[-0.76]	[0.73]	[3.77]	[1.97]
---------------------------------------------------------------------------
N	1452	968	968	968	968
R-sq	0.103	0.383	0.400	0.424	0.423
---------------------------------------------------------------------------

t statistics in brackets

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

** PHAN TICH CHI PHI VON

* PHUONG PHAP 2SLS

. ivregress 2sls CPV_CSH (CS_CBTT=TVDL SHNN NAMNY SGDCK) HDQT SHQT BGD QMCT DBTC ROA

TOBIN_Q, vce(robust)

Instrumental variables (2SLS) regression

Number of obs			=	1452
				Wald chi2(8)			=	53.23
				Prob > chi2 R-squared Root MSE			= = =	0.0000 . .03979
------------------------------------------------------------------------------
\| CPV_CSH \|		Coef.	Robust Std. Err.	z	P>\|z\|	[95% Conf. Interval]
-------------+----------------------------------------------------------------
CS_CBTT	\|	-.0020284	.0011411	-1.78	0.075	-.0042649	.0002082
HDQT	\|	-.0006328	.0007463	-0.85	0.396	-.0020955	.0008299
SHQT	\|	-.0000193	.0000521	-0.37	0.711	-.0001215	.0000829
BGD	\|	.0010637	.0007705	1.38	0.167	-.0004464	.0025738
QMCT	\|	.0069204	.0012385	5.59	0.000	.0044931	.0093478
DBTC	\|	-.0185104	.006385	-2.90	0.004	-.0310248	-.005996
ROA	\|	.0021164	.0188631	0.11	0.911	-.0348545	.0390873
TOBIN_Q	\|	-.0004438	.0006795	-0.65	0.514	-.0017756	.000888
_cons	\|	.0285232	.0505049	0.56	0.572	-.0704646	.1275109
------------------------------------------------------------------------------

Instrumented: CS_CBTT

Instruments: HDQT SHQT BGD QMCT DBTC ROA TOBIN_Q TVDL SHNN NAMNY SGDCK

. estat endogenous Tests of endogeneity

Ho: variables are exogenous

Robust score chi2(1) = 4.27934 (p = 0.0386) Robust regression F(1,1442) = 4.3684 (p = 0.0368)

. estat overid

Test of overidentifying restrictions:

Score chi2(3) = 18.3663 (p = 0.0004)

. estimates store SLS_C1

. ivregress 2sls CPV_CSH (CS_CBTT=TVDL SHNN NAMNY SGDCK) HDQT BGD SHQT QMCT DBTC TOBIN_Q,

vce(robust)

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

Wald chi2(7) = 53.13

Prob > chi2 = 0.0000

R-squared = .

Root MSE = .03992

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

| Robust

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

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

CS_CBTT

\|	-.0021059	.0011167	-1.89	0.059	-.0042947	.0000829
HDQT	\|	-.0006319	.0007483	-0.84	0.398	-.0020986	.0008348
BGD	\|	.0010953	.0007802	1.40	0.160	-.0004338	.0026243
SHQT	\|	-.0000188	.0000524	-0.36	0.720	-.0001215	.000084
QMCT	\|	.0069878	.0012522	5.58	0.000	.0045335	.0094422
DBTC	\|	-.0190677	.0066942	-2.85	0.004	-.0321881	-.0059473
TOBIN_Q	\|	-.0003556	.0007613	-0.47	0.640	-.0018477	.0011364
_cons	\|	.0316642	.0493802	0.64	0.521	-.0651193	.1284477

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

Instrumented: CS_CBTT

Instruments: HDQT BGD SHQT QMCT DBTC TOBIN_Q TVDL SHNN NAMNY SGDCK

. estat endogenous Tests of endogeneity

Ho: variables are exogenous

Robust score chi2(1) = 4.74348 (p = 0.0294) Robust regression F(1,1443) = 4.8416 (p = 0.0279)

. estat overid

Test of overidentifying restrictions:

Score chi2(3) = 18.2625 (p = 0.0004)

. estimates store SLS_C2

. ivregress 2sls CPV_CSH (CS_CBTT=TVDL SHNN NAMNY SGDCK ROE) SHQT QMCT DBTC, vce(robust) Instrumental variables (2SLS) regression Number of obs = 1452

Wald chi2(4) = 49.93

Prob > chi2 = 0.0000

R-squared = .

Root MSE = .0397

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

| Robust

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

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

CS_CBTT

\|	-.0019441	.0009826	-1.98	0.048	-.0038699	-.0000182
SHQT	\|	-.0000202	.0000516	-0.39	0.696	-.0001213	.000081
QMCT	\|	.0072041	.0012827	5.62	0.000	.00469	.0097181
DBTC	\|	-.0162687	.0059384	-2.74	0.006	-.0279078	-.0046297
_cons	\|	.0146428	.0412971	0.35	0.723	-.066298	.0955836

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

Instrumented: CS_CBTT

Instruments: SHQT QMCT DBTC TVDL SHNN NAMNY SGDCK ROE

. estat endogenous Tests of endogeneity

Ho: variables are exogenous

Robust score chi2(1) = 5.27494 (p = 0.0216) Robust regression F(1,1446) = 5.54481 (p = 0.0187)

. estat overid

Test of overidentifying restrictions:

Score chi2(4) = 19.3122 (p = 0.0007)

. estimates store SLS_C3

. ivregress 2sls CPV_CSH (CS_CBTT= TVDL SHNN NAMNY SGDCK ROE) KTGD SHQT QMCT DBTC,

vce(robust)

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

Wald chi2(5) = 50.31

Prob > chi2 = 0.0000

R-squared = .

Root MSE = .03989

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

| Robust

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

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

CS_CBTT

\|	-.002064	.0009706	-2.13	0.033	-.0039662	-.0001617
KTGD	\|	-.0018891	.0024199	-0.78	0.435	-.0066319	.0028537
SHQT	\|	-.0000142	.0000525	-0.27	0.787	-.000117	.0000886
QMCT	\|	.0072879	.0012616	5.78	0.000	.0048153	.0097605
DBTC	\|	-.016724	.0059345	-2.82	0.005	-.0283555	-.0050925
_cons	\|	.0204759	.0414945	0.49	0.622	-.0608519	.1018036

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

Instrumented: CS_CBTT

Instruments: KTGD SHQT QMCT DBTC TVDL SHNN NAMNY SGDCK ROE

. estat endogenous

Tests of endogeneity

Ho: variables are exogenous


Robust score chi2(1)	= 6.09968	(p =	0.0135)
Robust regression F(1,1445)	= 6.39564	(p =	0.0115)

. estat overid

Test of overidentifying restrictions:

Score chi2(4) = 19.1769 (p = 0.0007)

. estimates store SLS_C4

. ivregress 2sls CPV_CSH (CS_CBTT= TVDL SHNN NAMNY SGDCK ROE) HDQT KTGD QMCT DBTC TOBIN_Q,

vce(robust)

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

Wald chi2(6) = 53.29

Prob > chi2 = 0.0000

R-squared = .

Root MSE = .03951

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

| Robust

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

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

CS_CBTT

\|	-.0018306	.0010351	-1.77	0.077	-.0038594	.0001982
HDQT	\|	-.0003783	.0007251	-0.52	0.602	-.0017994	.0010428
KTGD	\|	-.0018321	.0023884	-0.77	0.443	-.0065133	.0028491
QMCT	\|	.0072127	.0012574	5.74	0.000	.0047482	.0096773
DBTC	\|	-.0164275	.0058089	-2.83	0.005	-.0278128	-.0050422
TOBIN_Q	\|	-.0004334	.000737	-0.59	0.557	-.0018778	.0010111
_cons	\|	.010292	.0439854	0.23	0.815	-.0759178	.0965019

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD QMCT DBTC TOBIN_Q TVDL SHNN NAMNY SGDCK ROE

. estat endogenous Tests of endogeneity

Ho: variables are exogenous

Robust score chi2(1) = 4.21384 (p = 0.0401) Robust regression F(1,1444) = 4.3954 (p = 0.0362)

. estat overid

Test of overidentifying restrictions:

Score chi2(4) = 20.4893 (p = 0.0004)

. estimates store SLS_C5

. ivregress 2sls CPV_CSH (CS_CBTT=TVDL SHNN NAMNY SGDCK) HDQT BGD SHQT QMCT DBTC MBR,

vce(robust)

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

Wald chi2(7) = 52.73

Prob > chi2 = 0.0000

R-squared = .

Root MSE = .04004

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

| Robust

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

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

CS_CBTT

\|	-.0021751	.0011072	-1.96	0.049	-.0043451	-5.10e-06
HDQT	\|	-.0006287	.0007504	-0.84	0.402	-.0020995	.0008421
BGD	\|	.0011137	.0007832	1.42	0.155	-.0004214	.0026488
SHQT	\|	-.0000188	.0000526	-0.36	0.720	-.0001219	.0000842
QMCT	\|	.0070396	.0012527	5.62	0.000	.0045845	.0094948
DBTC	\|	-.0192668	.0067376	-2.86	0.004	-.0324722	-.0060614
MBR	\|	-.0001275	.0003481	-0.37	0.714	-.0008098	.0005547
_cons	\|	.034332	.0491555	0.70	0.485	-.0620111	.1306751

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

Instrumented: CS_CBTT

Instruments: HDQT BGD SHQT QMCT DBTC MBR TVDL SHNN NAMNY SGDCK

. estat endogenous Tests of endogeneity

Ho: variables are exogenous

Robust score chi2(1) = 5.15065 (p = 0.0232) Robust regression F(1,1443) = 5.25914 (p = 0.0220)

. estat overid

Test of overidentifying restrictions:

Score chi2(3) = 18.3073 (p = 0.0004)

. estimates store SLS_C6