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Minh bạch và công bố thông tin của các công ty niêm yết trên thị trường chứng khoán Việt Nam - 38

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT


. estimates store GMM_A


. estat endogenous


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


GMM C statistic chi2(1) = .15369 (p = 0.6950)


. estat overid


Test of overidentifying restriction: Hansen's J chi2(2) = .591955 (p = 0.7438)

. esttab REM_A FEM_A SLS_A GMM_A, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress


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

(1)

(2)

(3)

(4)

ROA

ROA

ROA

ROA

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

CS_CBTT

0.00145***

0.0000689

0.00272***

0.00282***


[3.51]

[0.12]

[3.40]

[3.77]

HDQT

0.000952

0.00321

0.00103

0.000707


[0.57]

[1.38]

[0.55]

[0.39]

KTGD

-0.00824

-0.0174*

-0.00643

-0.00588


[-1.46]

[-1.90]

[-0.76]

[-0.82]

TVDL

-0.000535

0.000454




[-0.22]

[0.11]



SHQT

0.000190

0.0000512

0.000224*

0.000229**


[1.36]

[0.20]

[1.86]

[2.00]

QMCT

0.00345 0.0288***


[1.43]

[3.20]



DBTC

-0.123***

-0.154***

-0.112***

-0.109***


[-9.38]

[-5.28]

[-8.90]

[-9.13]

CTKT

-0.00687

-0.0112

-0.00123

-0.00163


[-0.99]

[-0.73]

[-0.15]

[-0.23]

SGDCK

0.0106

.

0.0116**

0.0109**


[1.54]

.

[2.23]

[2.15]

_cons

-0.0829

-0.677***

-0.0791

-0.0844*


[-1.36]

[-2.81]

[-1.63]

[-1.85]

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

N

1452

1452

968

968

R-sq


0.040

0.117

0.117

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

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Minh bạch và công bố thông tin của các công ty niêm yết trên thị trường chứng khoán Việt Nam - 38

t statistics in brackets

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


.

(R)

/ // //

/ / // / // 12.0 Copyright 1985-2011 StataCorp LP Statistics/Data Analysis StataCorp

4905 Lakeway Drive

Special Edition College Station, Texas 77845 USA

800-STATA-PC http://www.stata.com 979-696-4600 stata@stata.com

979-696-4601 (fax)


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


.

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

vce(robust)


Instrumental variables (2SLS) regression


Number of obs


=


968


Wald chi2(8)

=

60.67


Prob > chi2

=

0.0000


R-squared

=

0.0585


Root MSE

=

.18891


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

|

ROE |


Coef.

Robust

Std. Err.


z


P>|z|


[95% Conf. Interval]

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

CS_CBTT

|

.0041014

.0015176

2.70

0.007

.001127

.0070759

HDQT

|

-.0007454

.0039078

-0.19

0.849

-.0084045

.0069138

KTGD

|

-.0269817

.0178578

-1.51

0.131

-.0619824

.0080191

SHQT

|

.0007443

.0002478

3.00

0.003

.0002586

.00123

SHNN

|

.0013153

.0004448

2.96

0.003

.0004434

.0021872

DBTC

|

-.0906027

.0340135

-2.66

0.008

-.1572679

-.0239374

CTKT

|

.0065976

.0130144

0.51

0.612

-.0189101

.0321053

SGDCK

|

.0152292

.0124323

1.22

0.221

-.0091376

.039596

_cons

|

-.1491066

.0963493

-1.55

0.122

-.3379478

.0397346

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

Instrumented: CS_CBTT

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

.

. estimates store SLS_E


.

. ivreg2 ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK,

endogtest(CS_CBTT) robust


IV (2SLS) regression with robust standard errors

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

Number of obs = 968

F( 8, 959) = 7.51

Prob > F = 0.0000

Total (centered) SS = 36.69344374 Centered R2 = 0.0585

Total (uncentered) SS = 44.64018252 Uncentered R2 = 0.2261

Residual SS = 34.54657251 Root MSE = .19


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

| Robust

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

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

CS_CBTT

|

.0041014

.0015176

2.70

0.007

.001127

.0070759

HDQT

|

-.0007454

.0039078

-0.19

0.849

-.0084045

.0069138

KTGD

|

-.0269817

.0178578

-1.51

0.131

-.0619824

.0080191

SHQT

|

.0007443

.0002478

3.00

0.003

.0002586

.00123

SHNN

|

.0013153

.0004448

2.96

0.003

.0004434

.0021872

DBTC

|

-.0906027

.0340135

-2.66

0.008

-.1572679

-.0239374

CTKT

|

.0065976

.0130144

0.51

0.612

-.0189101

.0321053

SGDCK

|

.0152292

.0124323

1.22

0.221

-.0091376

.039596

_cons

|

-.1491066

.0963493

-1.55

0.122

-.3379478

.0397346

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

Hansen J statistic (overidentification test of all instruments): 4.140

Chi-sq(2) P-val = 0.12616

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

Instrumented: CS_CBTT

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

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


.

. estimates store IV_E


.

. ivreg2 ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK NGANH_PTC,

endogtest(CS_CBTT) robust


IV (2SLS) regression with robust standard errors

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


Number of obs = 968

F( 9, 958) = 7.11

Prob > F = 0.0000

Total (centered) SS = 36.69344374 Centered R2 = 0.0609

= 44.64018252

Uncentered R2 =

0.2281

Residual SS

= 34.45837194

Root MSE =

.19

Total (uncentered) SS


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

| Robust

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

-------------+---------------------------------------------------------------- CS_CBTT | .0043914 .0015117 2.90 0.004 .0014286 .0073543

HDQT | .0004049 .0041595 0.10 0.922 -.0077476 .0085574

KTGD | -.0278099 .0177625 -1.57 0.117 -.0626238 .007004

SHQT | .0006934 .000252 2.75 0.006 .0001995 .0011873

SHNN | .0012989 .0004426 2.93 0.003 .0004314 .0021665

DBTC | -.08689 .0339871 -2.56 0.011 -.1535034 -.0202766

CTKT | .0097959 .0132085 0.74 0.458 -.0160924 .0356841

SGDCK | .0121587 .0127018 0.96 0.338 -.0127364 .0370537

NGANH_PTC | .0368052 .0223027 1.65 0.099 -.0069073 .0805177

_cons | -.2078334 .1022232 -2.03 0.042 -.4081872 -.0074796

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

Hansen J statistic (overidentification test of all instruments): 6.300

Chi-sq(2) P-val = 0.04285

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

Instrumented: CS_CBTT

Instruments: L.CS_CBTT TVDL QMCT HDQT KTGD SHQT SHNN DBTC CTKT SGDCK NGANH_PTC

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


.

. estimates store IV_P


.

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

vce(robust)

Instrumental variables (GMM) regression Number of obs = 968

Wald chi2(8) = 58.70

Prob > chi2 = 0.0000

R-squared = 0.0537

GMM weight matrix: Robust Root MSE = .1894


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

| Robust

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

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

CS_CBTT

|

.0042714

.0015018

2.84

0.004

.0013279

.0072148

HDQT

|

-.0020561

.0038201

-0.54

0.590

-.0095433

.005431

KTGD

|

-.0104463

.0158422

-0.66

0.510

-.0414965

.0206038

SHQT

|

.0006001

.0002352

2.55

0.011

.0001392

.0010611

SHNN

|

.0013514

.0004287

3.15

0.002

.0005112

.0021915

DBTC

|

-.0500471

.0274683

-1.82

0.068

-.103884

.0037897

CTKT

|

.0017565

.0127108

0.14

0.890

-.0231562

.0266692

SGDCK

|

.0159923

.0123528

1.29

0.195

-.0082187

.0402034

_cons

|

-.1670966

.0955102

-1.75

0.080

-.3542932

.0201001

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

Instrumented: CS_CBTT

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


.

. estimates store GMM_E


.

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

NGANH_PTC, vce(robust)


Instrumental variables (GMM) regression

Number of obs

=

968


Wald chi2(9)

=

61.56


Prob > chi2

=

0.0000


R-squared

=

0.0534

GMM weight matrix: Robust

Root MSE

=

.18942


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

| Robust

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

-------------+---------------------------------------------------------------- CS_CBTT | .0044945 .0015018 2.99 0.003 .001551 .0074381

HDQT | -.0018339 .004022 -0.46 0.648 -.0097169 .0060492

KTGD | -.0091886 .016037 -0.57 0.567 -.0406205 .0222433

SHQT | .0005275 .0002405 2.19 0.028 .000056 .0009989

SHNN | .001363 .0004274 3.19 0.001 .0005253 .0022006

DBTC | -.0362966 .0271809 -1.34 0.182 -.0895701 .016977

CTKT | .0034843 .0128546 0.27 0.786 -.0217103 .0286789

SGDCK | .0146261 .0126222 1.16 0.247 -.0101129 .039365

NGANH_PTC | .0367795 .0218396 1.68 0.092 -.0060253 .0795842

_cons | -.2202543 .1022893 -2.15 0.031 -.4207376 -.0197709

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT SHNN DBTC CTKT SGDCK NGANH_PTC L.CS_CBTT TVDL QMCT


.

. estimates store GMM_P


.

. esttab SLS_E IV_E IV_P GMM_E GMM_P, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress


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

(1)

(2)

(3)

(4)

(5)

ROE

ROE

ROE

ROE

ROE

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

CS_CBTT

0.00410***

0.00410***

0.00439***

0.00427***

0.00449***


[2.70]

[2.70]

[2.90]

[2.84]

[2.99]

HDQT

-0.000745

-0.000745

0.000405

-0.00206

-0.00183


[-0.19]

[-0.19]

[0.10]

[-0.54]

[-0.46]

KTGD

-0.0270

-0.0270

-0.0278

-0.0104

-0.00919


[-1.51]

[-1.51]

[-1.57]

[-0.66]

[-0.57]

SHQT

0.000744***

0.000744***

0.000693***

0.000600**

0.000527**


[3.00]

[3.00]

[2.75]

[2.55]

[2.19]

SHNN

0.00132***

0.00132***

0.00130***

0.00135***

0.00136***


[2.96]

[2.96]

[2.93]

[3.15]

[3.19]

DBTC

-0.0906***

-0.0906***

-0.0869**

-0.0500*

-0.0363


[-2.66]

[-2.66]

[-2.56]

[-1.82]

[-1.34]

CTKT

0.00660

0.00660

0.00980

0.00176

0.00348


[0.51]

[0.51]

[0.74]

[0.14]

[0.27]

SGDCK

0.0152

0.0152

0.0122

0.0160

0.0146


[1.22]

[1.22]

[0.96]

[1.29]

[1.16]

NGANH_PTC



0.0368*


0.0368*




[1.65]


[1.68]

_cons

-0.149

-0.149

-0.208**

-0.167*

-0.220**


[-1.55]

[-1.55]

[-2.03]

[-1.75]

[-2.15]

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

N

968

968

968

968

968

R-sq

0.059

0.059

0.061

0.054

0.053

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

t statistics in brackets

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


.

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

vce(robust)


Instrumental variables (2SLS) regression


Number of obs


=


968


Wald chi2(7)

=

166.00


Prob > chi2

=

0.0000


R-squared

=

0.1173


Root MSE

=

.08799


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

|

ROA |


Coef.

Robust

Std. Err.


z


P>|z|


[95% Conf. Interval]

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

CS_CBTT

|

.0027197

.0008002

3.40

0.001

.0011514

.0042881

HDQT

|

.0010308

.001871

0.55

0.582

-.0026362

.0046978

KTGD

|

-.0064288

.0084715

-0.76

0.448

-.0230328

.0101751

SHQT

|

.0002242

.0001204

1.86

0.063

-.0000117

.00046

|

-.1117455

.0125505

-8.90

0.000

-.1363439

-.087147

CTKT

|

-.0012308

.0080368

-0.15

0.878

-.0169826

.014521

SGDCK

|

.0116214

.0052133

2.23

0.026

.0014035

.0218393

_cons

|

-.0791241

.048681

-1.63

0.104

-.1745372

.0162889

DBTC

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK

L.CS_CBTT TVDL QMCT


.

. estimates store SLS_A


.

. ivregress 2sls ROA ( CS_CBTT=l.CS_CBTT TVDL


QMCT) HDQT KTGD SHQT DBTC


CTKT SGDCK

NGANH_PTC, vce(robust)



Instrumental variables (2SLS) regression

Number of obs =

968


Wald chi2(8) =

194.17


Prob > chi2 =

0.0000


R-squared =

0.1255


Root MSE =

.08757


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

| Robust

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

-------------+---------------------------------------------------------------- CS_CBTT | .0029494 .00079 3.73 0.000 .001401 .0044978

HDQT | .0020596 .001962 1.05 0.294 -.0017859 .0059051

KTGD | -.0072201 .0084203 -0.86 0.391 -.0237236 .0092833

SHQT | .0001785 .0001222 1.46 0.144 -.000061 .000418

DBTC | -.1082678 .0123197 -8.79 0.000 -.1324141 -.0841216

CTKT | .0015836 .0081515 0.19 0.846 -.0143931 .0175603

SGDCK | .0088045 .0052345 1.68 0.093 -.0014551 .019064

NGANH_PTC | .0333724 .0095331 3.50 0.000 .0146878 .0520569

_cons | -.1303589 .0496892 -2.62 0.009 -.227748 -.0329697

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT DBTC CTKT

SGDCK NGANH_PTC L.CS_CBTT TVDL

QMCT

.

. estimates store SLS_P



.

. ivregress gmm ROA ( CS_CBTT=l.CS_CBTT


TVDL QMCT) HDQT KTGD SHQT DBTC


CTKT SGDCK,

vce(robust)



Instrumental variables (GMM) regression

Number of obs =

968


Wald chi2(7) =

167.11


Prob > chi2 =

0.0000


R-squared =

0.1171

GMM weight matrix: Robust

Root MSE =

.088

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

| Robust

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

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

CS_CBTT

|

.002819

.0007483

3.77

0.000

.0013523

.0042856

HDQT

|

.0007069

.0018193

0.39

0.698

-.0028588

.0042726

KTGD

|

-.0058822

.007201

-0.82

0.414

-.0199958

.0082315

SHQT

|

.0002285

.0001144

2.00

0.046

4.39e-06

.0004527

DBTC

|

-.1093649

.0119843

-9.13

0.000

-.1328536

-.0858761

CTKT

|

-.0016312

.0072387

-0.23

0.822

-.0158188

.0125564

SGDCK

|

.0108541

.0050448

2.15

0.031

.0009665

.0207417

_cons

|

-.0844453

.0455542

-1.85

0.064

-.1737299

.0048392

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT DBTC CTKT

SGDCK L.CS_CBTT TVDL QMCT


.

. estimates store GMM_A


.

. ivregress gmm ROA ( CS_CBTT=l.CS_CBTT


TVDL QMCT) HDQT KTGD SHQT DBTC


CTKT SGDCK

NGANH_PTC, vce(robust)



Instrumental variables (GMM) regression

Number of obs =

968


Wald chi2(8) =

190.28


Prob > chi2 =

0.0000


R-squared =

0.1247

GMM weight matrix: Robust

Root MSE =

.08761


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

| Robust

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

-------------+---------------------------------------------------------------- CS_CBTT | .0030453 .0007418 4.11 0.000 .0015915 .0044992

HDQT | .0010199 .0018562 0.55 0.583 -.0026181 .0046579

KTGD | -.0045523 .0072229 -0.63 0.529 -.018709 .0096044

SHQT | .0001828 .0001155 1.58 0.114 -.0000437 .0004093

DBTC | -.1047073 .0118946 -8.80 0.000 -.1280203 -.0813944

CTKT | .0017295 .0072686 0.24 0.812 -.0125167 .0159757

SGDCK | .0077767 .0051262 1.52 0.129 -.0022704 .0178238

NGANH_PTC | .0307297 .0091359 3.36 0.001 .0128236 .0486358

_cons | -.1296478 .0475713 -2.73 0.006 -.2228859 -.0364097

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK NGANH_PTC L.CS_CBTT TVDL QMCT


.

. estimates store GMM_C


.

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