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Minh bạch và công bố thông tin của các công ty niêm yết trên thị trường chứng khoán Việt Nam - 36

. esttab SLS_C1 SLS_C2 SLS_C3 SLS_C4 SLS_C5 SLS_C6, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress


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

(1)

(2)

(3)

(4)

(5)

(6)

CPV_CSH

CPV_CSH

CPV_CSH

CPV_CSH

CPV_CSH

CPV_CSH

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

CS_CBTT

-0.00203*

-0.00211*

-0.00194**

-0.00206**

-0.00183*

-0.00218**


[-1.78]

[-1.89]

[-1.98]

[-2.13]

[-1.77]

[-1.96]

HDQT

-0.000633

-0.000632



-0.000378

-0.000629


[-0.85]

[-0.84]



[-0.52]

[-0.84]

SHQT

-0.0000193

-0.0000188

-0.0000202

-0.0000142


-0.0000188


[-0.37]

[-0.36]

[-0.39]

[-0.27]


[-0.36]

BGD

0.00106

0.00110




0.00111


QMCT

[1.38]

0.00692***

[1.40]

0.00699***


0.00720***


0.00729***


0.00721***

[1.42]

0.00704***


[5.59]

[5.58]

[5.62]

[5.78]

[5.74]

[5.62]

DBTC

-0.0185***

-0.0191***

-0.0163***

-0.0167***

-0.0164***

-0.0193***


[-2.90]

[-2.85]

[-2.74]

[-2.82]

[-2.83]

[-2.86]

ROA

0.00212







[0.11]






TOBIN_Q

-0.000444

-0.000356



-0.000433



[-0.65]

[-0.47]



[-0.59]


KTGD




-0.00189

-0.00183



MBR




[-0.78]

[-0.77]


-0.000128







[-0.37]

_cons

0.0285

0.0317

0.0146

0.0205

0.0103

0.0343


[0.56]

[0.64]

[0.35]

[0.49]

[0.23]

[0.70]

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

N

1452

1452

1452

1452

1452

1452

R-sq

.

.

.

.

.

.

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

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Minh bạch và công bố thông tin của các công ty niêm yết trên thị trường chứng khoán Việt Nam - 36

t statistics in brackets

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


* PHUONG PHAP GIVE CHO CHI PHI VON


. ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK) HDQT SHQT QMCT DBTC ROA BGD TOBIN_Q,

endogtest(CS_CBTT) r

> obust


IV (2SLS) estimation

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


Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity

Number of obs = 1452

F( 8, 1443) = 6.61

Prob > F = 0.0000

Total (centered) SS = 2.209568123 Centered R2 = -0.0403

Total (uncentered) SS = 11.99136606 Uncentered R2 = 0.8083

Residual SS = 2.298653557 Root MSE = .03979


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

| Robust

CPV_CSH | Coef. 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

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

BGD

|

.0010637

.0007705

1.38

0.167

-.0004464

.0025738

TOBIN_Q

|

-.0004438

.0006795

-0.65

0.514

-.0017756

.000888

_cons

|

.0285232

.0505049

0.56

0.572

-.0704646

.1275109

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

Underidentification test (Kleibergen-Paap rk LM statistic): 31.391

Chi-sq(4) P-val = 0.0000

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

Weak identification test (Kleibergen-Paap rk Wald F statistic): 8.046

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

Hansen J statistic (overidentification test of all instruments): 18.366

Chi-sq(3) P-val = 0.0004

-endog- option:

Endogeneity test of endogenous regressors: 2.101

Chi-sq(1) P-val = 0.1472

Regressors tested: CS_CBTT

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

Instrumented: CS_CBTT

Included instruments: HDQT SHQT QMCT DBTC ROA BGD TOBIN_Q Excluded instruments: TVDL SHNN NAMNY SGDCK

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


. estimates store GIVE1

. ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK) HDQT BGD SHQT QMCT DBTC TOBIN_Q,

endogtest(CS_CBTT) robus

> t


IV (2SLS) estimation

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


Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity

Number of obs = 1452

F( 7, 1444) = 7.55

Prob > F = 0.0000

Total (centered) SS = 2.209568123 Centered R2 = -0.0471

Total (uncentered) SS = 11.99136606 Uncentered R2 = 0.8071

Residual SS = 2.313602407 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

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

Underidentification test (Kleibergen-Paap rk LM statistic): 33.143

Chi-sq(4) P-val = 0.0000

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

Weak identification test (Kleibergen-Paap rk Wald F statistic): 8.444

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

Hansen J statistic (overidentification test of all instruments): 18.262

Chi-sq(3) P-val = 0.0004

-endog- option:

Endogeneity test of endogenous regressors: 2.330

Chi-sq(1) P-val = 0.1269

Regressors tested: CS_CBTT

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

Instrumented: CS_CBTT

Included instruments: HDQT BGD SHQT QMCT DBTC TOBIN_Q Excluded instruments: TVDL SHNN NAMNY SGDCK

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


. estimates store GIVE2

. ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK ROE) SHQT QMCT DBTC, endogtest(CS_CBTT)

robust


IV (2SLS) estimation

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


Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity

Number of obs = 1452

F( 4, 1447) = 12.44

Prob > F = 0.0000

Total (centered) SS = 2.209568123 Centered R2 = -0.0356

Total (uncentered) SS = 11.99136606 Uncentered R2 = 0.8092

Residual SS = 2.288324086 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

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

Underidentification test (Kleibergen-Paap rk LM statistic): 40.352

Chi-sq(5) P-val = 0.0000

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

Weak identification test (Kleibergen-Paap rk Wald F statistic): 7.780

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

Hansen J statistic (overidentification test of all instruments): 19.312

Chi-sq(4) P-val = 0.0007

-endog- option:

Endogeneity test of endogenous regressors: 2.894

Chi-sq(1) P-val = 0.0889

Regressors tested: CS_CBTT

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

Instrumented: CS_CBTT Included instruments: SHQT QMCT DBTC

Excluded instruments: TVDL SHNN NAMNY SGDCK ROE

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


. estimates store GIVE3


. ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK ROE) KTGD SHQT QMCT DBTC,

endogtest(CS_CBTT) robust


IV (2SLS) estimation

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


Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity

Number of obs

=

1452

F( 5, 1446)

=

10.02

Prob > F

=

0.0000

Total (centered) SS

=

2.209568123

Centered R2

=

-0.0454

Total (uncentered) SS

=

11.99136606

Uncentered R2

=

0.8074

Residual SS

=

2.309990397

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

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

Underidentification test (Kleibergen-Paap rk LM statistic): 42.230

Chi-sq(5) P-val = 0.0000

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

Weak identification test (Kleibergen-Paap rk Wald F statistic): 8.247

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

Hansen J statistic (overidentification test of all instruments): 19.177

Chi-sq(4) P-val = 0.0007

-endog- option:

Endogeneity test of endogenous regressors: 3.429

Chi-sq(1) P-val = 0.0641

Regressors tested: CS_CBTT

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

Instrumented: CS_CBTT

Included instruments: KTGD SHQT QMCT DBTC Excluded instruments: TVDL SHNN NAMNY SGDCK ROE

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


. estimates store GIVE4


. ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK ROE) HDQT KTGD QMCT DBTC TOBIN_Q,

endogtest(CS_CBTT)robust


IV (2SLS) estimation

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


Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity


Number of obs = 1452

F( 6, 1445) = 8.84

Prob > F = 0.0000

Total (centered) SS

=

2.209568123

Centered R2

=

-0.0259

Total (uncentered) SS

=

11.99136606

Uncentered R2

=

0.8110

Residual SS

=

2.266689466

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

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

Underidentification test (Kleibergen-Paap rk LM statistic): 36.444

Chi-sq(5) P-val = 0.0000

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

Weak identification test (Kleibergen-Paap rk Wald F statistic): 7.136

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

Hansen J statistic (overidentification test of all instruments): 20.489

Chi-sq(4) P-val = 0.0004

-endog- option:

Endogeneity test of endogenous regressors: 2.071

Chi-sq(1) P-val = 0.1501

Regressors tested: CS_CBTT

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

Instrumented: CS_CBTT

Included instruments: HDQT KTGD QMCT DBTC TOBIN_Q Excluded instruments: TVDL SHNN NAMNY SGDCK ROE

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


. estimates store GIVE5


. ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK) HDQT BGD SHQT QMCT DBTC MBR,

endogtest(CS_CBTT)robust


IV (2SLS) estimation

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


Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity


Number of obs = 1452

F( 7, 1444) = 7.49

Prob > F = 0.0000

Total (centered) SS

=

2.209568123

Centered R2

=

-0.0533

Total (uncentered) SS

=

11.99136606

Uncentered R2

=

0.8059

Residual SS

=

2.327423467

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

|

-.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

HDQT

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

Underidentification test (Kleibergen-Paap rk LM statistic): 33.875

Chi-sq(4) P-val = 0.0000

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

Weak identification test (Kleibergen-Paap rk Wald F statistic): 8.633

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

Hansen J statistic (overidentification test of all instruments): 18.307

Chi-sq(3) P-val = 0.0004

-endog- option:

Endogeneity test of endogenous regressors: 2.590

Chi-sq(1) P-val = 0.1076

Regressors tested: CS_CBTT

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

Instrumented: CS_CBTT

Included instruments: HDQT BGD SHQT QMCT DBTC MBR Excluded instruments: TVDL SHNN NAMNY SGDCK

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


. estimates store GIVE6

. esttab GIVE1 GIVE2 GIVE3 GIVE4 GIVE5 GIVE6, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress


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

(1)

(2)

(3)

(4)

(5)

(6)

CPV_CSH

CPV_CSH

CPV_CSH

CPV_CSH

CPV_CSH

CPV_CSH

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

CS_CBTT

-0.00203*

-0.00211*

-0.00194**

-0.00206**

-0.00183*

-0.00218**


[-1.78]

[-1.89]

[-1.98]

[-2.13]

[-1.77]

[-1.96]

HDQT

-0.000633

-0.000632



-0.000378

-0.000629


[-0.85]

[-0.84]



[-0.52]

[-0.84]

SHQT

-0.0000193

-0.0000188

-0.0000202

-0.0000142


-0.0000188


QMCT

[-0.37] 0.00692***

[-0.36] 0.00699***

[-0.39] 0.00720***

[-0.27] 0.00729***


0.00721***

[-0.36] 0.00704***


[5.59]

[5.58]

[5.62]

[5.78]

[5.74]

[5.62]

DBTC

-0.0185***

-0.0191***

-0.0163***

-0.0167***

-0.0164***

-0.0193***


[-2.90]

[-2.85]

[-2.74]

[-2.82]

[-2.83]

[-2.86]

ROA

0.00212







[0.11]






BGD

0.00106

0.00110




0.00111


[1.38]

[1.40]




[1.42]

TOBIN_Q

-0.000444

-0.000356



-0.000433



[-0.65]

[-0.47]



[-0.59]


KTGD




-0.00189

-0.00183



MBR




[-0.78]

[-0.77]


-0.000128







[-0.37]

_cons

0.0285

0.0317

0.0146

0.0205

0.0103

0.0343


[0.56]

[0.64]

[0.35]

[0.49]

[0.23]

[0.70]

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

N

1452

1452

1452

1452

1452

1452

R-sq

-0.040

-0.047

-0.036

-0.045

-0.026

-0.053

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

t statistics in brackets

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

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