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Mối quan hệ giữa quản trị công ty và mức độ chấp nhận rủi ro tại các công ty niêm yết trên thị trường chứng khoán Việt Nam - 21


Phụ lục 1: Tác động của cơ cấu HĐQT đến mức độ CNRR


Dynamic panel-data estimation, two-step system GMM


Group variable: id

Number of obs

=

2592

Time variable : year

Number of groups

=

507

Number of instruments = 399

Obs per group: min

=

0

F(30, 506) = 2778.43

avg

=

5.11

Prob > F = 0.000

max

=

10

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Mối quan hệ giữa quản trị công ty và mức độ chấp nhận rủi ro tại các công ty niêm yết trên thị trường chứng khoán Việt Nam - 21


stdret

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

stdret







L1.

.1383902

.0090051

15.37

0.000

.1206983

.1560822

bsize

-.0128246

.0047016

-2.73

0.007

-.0220616

-.0035876

ned

-.0084539

.0023327

-3.62

0.000

-.0130368

-.0038709

ceopower

.0078353

.0027687

2.83

0.005

.0023957

.013275

gender2

-.0136268

.004408

-3.09

0.002

-.0222871

-.0049665

size

.0004129

.000891

0.46

0.643

-.0013376

.0021634

lev

-.0518525

.0057005

-9.10

0.000

-.063052

-.040653

cashflows

-.070234

.028718

-2.45

0.015

-.1266552

-.0138128

q

.0079144

.0029778

2.66

0.008

.0020641

.0137647

roa

-.0318865

.0221317

-1.44

0.150

-.0753678

.0115948

capex

.1827692

.0204273

8.95

0.000

.1426364

.2229019


Dynamic panel-data estimation, two-step system GMM


Group variable: id

Number of obs

=

2300

Time variable : year

Number of groups

=

504

Number of instruments = 431

Obs per group: min

=

0

F(30, 503) = 365.37

avg

=

4.56

Prob > F = 0.000

max

=

9


ivol

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

ivol







L1.

.231182

.006799

34.00

0.000

.2178241

.2445399

bsize

-.0078033

.0011624

-6.71

0.000

-.0100869

-.0055196

ned

-.0029954

.0005794

-5.17

0.000

-.0041338

-.001857

ceopower

.0025475

.0009363

2.72

0.007

.0007081

.004387

gender2

-.0051935

.001882

-2.76

0.006

-.008891

-.001496

size

-.0022099

.0001425

-15.51

0.000

-.0024898

-.00193

lev

-.0058471

.00148

-3.95

0.000

-.0087549

-.0029393

cashflows

.0086208

.0074265

1.16

0.246

-.00597

.0232115

q

.0020463

.0006691

3.06

0.002

.0007317

.0033609

roa

-.0293175

.0060269

-4.86

0.000

-.0411586

-.0174765

capex

.0076564

.0030938

2.47

0.014

.0015781

.0137346


Phụ lục 2: Tác động của SH nhà nước đến mức độ CNRR


- Trường hợp 1: Biến SH nhà nước, đo bằng tỷ lệ phần trăm SH của nhà nước


Dynamic panel-data estimation, two-step system GMM


Group variable: id

Number of obs

=

2762

Time variable : year

Number of groups

=

544

Number of instruments = 403

Obs per group: min

=

0

F(27, 543) = 175.92

avg

=

5.08

Prob > F = 0.000

max

=

9


stdret

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

stdret







L1.

.1141636

.0080128

14.25

0.000

.0984237

.1299035

state

-.0227212

.0032051

-7.09

0.000

-.0290171

-.0164253

size

-.0042289

.0008611

-4.91

0.000

-.0059204

-.0025374

lev

-.012634

.005624

-2.25

0.025

-.0236815

-.0015864

capex

.1296429

.0176603

7.34

0.000

.094952

.1643339

cashflows

-.0466419

.0238306

-1.96

0.051

-.0934534

.0001696

q

.0163887

.0031513

5.20

0.000

.0101984

.022579

roa

-.0428647

.0176689

-2.43

0.016

-.0775724

-.008157


Dynamic panel-data estimation, two-step system GMM


Group variable: id

Number of obs

=

2708

Time variable : year

Number of groups

=

544

Number of instruments = 403

Obs per group: min

=

0

F(27, 543) = 4949.12

avg

=

4.98

Prob > F = 0.000

max

=

9


ivol

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

ivol







L1.

.2138202

.0085026

25.15

0.000

.1971183

.2305222

state

-.004471

.0010266

-4.36

0.000

-.0064876

-.0024544

size

-.0046136

.0003149

-14.65

0.000

-.0052321

-.0039951

lev

.0008859

.0020774

0.43

0.670

-.0031949

.0049666

capex

.0288022

.0054641

5.27

0.000

.0180689

.0395355

cashflows

.0127126

.008625

1.47

0.141

-.0042298

.0296549

q

.0045588

.0009284

4.91

0.000

.0027351

.0063825

roa

-.0191672

.0068981

-2.78

0.006

-.0327174

-.005617


- Trường hợp 2: Biến SH kiểm soát của nhà nước, bằng 1 nếu tỷ lệ SH của nhà nước chiếm tỷ lệ kiểm soát, còn lại bằng 0


Dynamic panel-data estimation, two-step system GMM


Group variable: id

Number of obs

=

2327

Time variable : year

Number of groups

=

518

Number of instruments = 190

Obs per group: min

=

0

F(27, 517) = 463.83

avg

=

4.49

Prob > F = 0.000

max

=

8


stdret

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

stdret







L1.

.1012471

.017005

5.95

0.000

.0678397

.1346546

SHNN

.0129485

.0055219

2.34

0.019

.0021003

.0237967

size

-.0023718

.0019066

-1.24

0.214

-.0061174

.0013737

lev

-.0296898

.0172536

-1.72

0.086

-.0635856

.0042061

capex

.1042521

.0534075

1.95

0.051

-.0006703

.2091745

cashflows

-.0318866

.0579329

-0.55

0.582

-.1456994

.0819263

q

-.0152801

.0075576

-2.02

0.044

-.0301276

-.0004327

roa

-.2417546

.0482961

-5.01

0.000

-.3366352

-.1468739


Dynamic panel-data estimation, two-step system GMM


Group variable: id

Number of obs

=

2549

Time variable : year

Number of groups

=

531

Number of instruments = 198

Obs per group: min

=

0

F(27, 530) = 26.69

avg

=

4.80

Prob > F = 0.000

max

=

9


ivol

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

ivol







L1.

.2079119

.0213514

9.74

0.000

.1659682

.2498556

SHNN

.004375

.0021277

2.06

0.040

.0001952

.0085549

size

-.0022289

.0007937

-2.81

0.005

-.003788

-.0006698

lev

.0103308

.0067281

1.54

0.125

-.0028863

.0235479

capex

.0325263

.020777

1.57

0.118

-.008289

.0733417

cashflows

-.1332055

.0269875

-4.94

0.000

-.1862212

-.0801899

q

.00512

.0030648

1.67

0.095

-.0009007

.0111407

roa

.0944548

.0180788

5.22

0.000

.0589399

.1299697


Phụ lục 3: Tác động của SH nước ngoài đến mức độ CNRR


Dynamic panel-data estimation, two-step system GMM


Group variable: id

Number of obs

=

2316

Time variable : year

Number of groups

=

524

Number of instruments = 219

Obs per group: min

=

0

F(27, 523) = 311.19

avg

=

4.42

Prob > F = 0.000

max

=

8


stdret

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

stdret







L1.

.1163085

.0194711

5.97

0.000

.0780574

.1545596

foreign

.0622717

.0263125

2.37

0.018

.0105806

.1139628

size

-.0116241

.0030887

-3.76

0.000

-.0176919

-.0055564

lev

.0735969

.0179862

4.09

0.000

.038263

.1089309

capex

.0446936

.0254916

1.75

0.080

-.0053849

.0947722

cashflows

.2280269

.0721228

3.16

0.002

.086341

.3697129

q

-.0195846

.0078518

-2.49

0.013

-.0350095

-.0041598

roa

-.1817523

.0644236

-2.82

0.005

-.3083132

-.0551915


Dynamic panel-data estimation, two-step system GMM


Group variable: id

Number of obs

=

2295

Time variable : year

Number of groups

=

524

Number of instruments = 205

Obs per group: min

=

0

F(27, 523) = 12.94

avg

=

4.38

Prob > F = 0.000

max

=

8


ivol

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

ivol







L1.

.2175301

.0210669

10.33

0.000

.1761439

.2589164

foreign

.0310549

.0090019

3.45

0.001

.0133707

.0487391

size

-.0079424

.0010559

-7.52

0.000

-.0100167

-.005868

lev

.0454372

.006634

6.85

0.000

.0324046

.0584698

capex

.0102713

.0171452

0.60

0.549

-.0234106

.0439532

cashflows

.0889671

.0262736

3.39

0.001

.0373522

.1405819

q

-.0056293

.0031718

-1.77

0.077

-.0118603

.0006016

roa

-.044109

.0234506

-1.88

0.061

-.090178

.00196

Number of obs

=

3001

Time variable : year

Number of groups

=

547

Number of instruments = 417

Obs per group: min

=

1

F(28, 546) = 252.46

avg

=

5.49

Prob > F = 0.000

max

=

10

Group variable: id


stdret

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

stdret







L1.

.1514469

.0077717

19.49

0.000

.1361808

.1667129

state

-.0535607

.0086402

-6.20

0.000

-.0705328

-.0365886

STATEsq

.0602952

.0128603

4.69

0.000

.0350335

.0855568

size

-.0034586

.0008986

-3.85

0.000

-.0052237

-.0016935

lev

-.008956

.005504

-1.63

0.104

-.0197675

.0018555

capex

.1642611

.0201377

8.16

0.000

.1247042

.203818

cashflows

.0342031

.0249994

1.37

0.172

-.0149037

.0833099

q

.0090553

.0029911

3.03

0.003

.0031799

.0149307

roa

-.089132

.019354

-4.61

0.000

-.1271495

-.0511146


Dynamic panel-data estimation, two-step system GMM


Group variable: id

Number of obs

=

2924

Time variable : year

Number of groups

=

547

Number of instruments = 480

Obs per group: min

=

1

F(28, 546) = 10462.90

avg

=

5.35

Prob > F = 0.000

max

=

10


ivol

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

ivol







L1.

.2280518

.0057573

39.61

0.000

.2167427

.2393609

state

-.0183248

.0037382

-4.90

0.000

-.0256678

-.0109818

STATEsq

.0240156

.0057863

4.15

0.000

.0126495

.0353817

size

-.0042267

.0001873

-22.57

0.000

-.0045945

-.0038589

lev

.0015909

.0012322

1.29

0.197

-.0008295

.0040113

capex

.0178854

.0033009

5.42

0.000

.0114014

.0243694

cashflows

.0009965

.0056283

0.18

0.860

-.0100594

.0120523

q

.0025879

.0006413

4.04

0.000

.0013283

.0038475

roa

-.010607

.0049107

-2.16

0.031

-.0202532

-.0009608

Number of obs

=

1454

Time variable : year

Number of groups

=

395

Number of instruments = 241

Obs per group: min

=

1

F(27, 394) = 185.25

avg

=

3.68

Prob > F = 0.000

max

=

10

Group variable: id


stdret

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

stdret







L1.

.0922984

.0147365

6.26

0.000

.0633265

.1212703

comp2

-.003347

.0011172

-3.00

0.003

-.0055435

-.0011505

size

-.0134647

.001767

-7.62

0.000

-.0169387

-.0099907

lev

.1105745

.0088909

12.44

0.000

.0930951

.128054

capex

.0386578

.0199249

1.94

0.053

-.0005147

.0778302

cashflows

.2323551

.0514197

4.52

0.000

.1312638

.3334464

q

-.0154462

.0042884

-3.60

0.000

-.0238773

-.0070152

roa

-.1383057

.0459932

-3.01

0.003

-.2287284

-.047883


Dynamic panel-data estimation, two-step system GMM


Group variable: id

Number of obs

=

1089

Time variable : year

Number of groups

=

352

Number of instruments = 231

Obs per group: min

=

0

F(27, 351) = 5999.59

avg

=

3.09

Prob > F = 0.000

max

=

10


ivol

Coef.

Std. Err.

t

P>|t|

[95% Conf.

Interval]

ivol







L1.

.1567848

.0101044

15.52

0.000

.1369119

.1766576

comp2

-.0028002

.0004531

-6.18

0.000

-.0036913

-.001909

size

-.0036877

.0004626

-7.97

0.000

-.0045975

-.0027779

lev

.0249944

.001788

13.98

0.000

.0214779

.0285109

capex

.0389158

.0047594

8.18

0.000

.0295552

.0482763

cashflows

.0490255

.0164777

2.98

0.003

.0166181

.081433

q

-.0036588

.0013081

-2.80

0.005

-.0062315

-.0010862

roa

-.0289005

.013284

-2.18

0.030

-.0550268

-.0027742

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