Kết quả hồi quy cột (5) Bảng 3.5
xtreg ret_annual relative_spread beta ln_asset_mv lev_mv profitability mtb year_dummy* sic*, fe cluster(firmid)
note: year_dummy10 omitted because of collinearity note: sic1 omitted because of collinearity
note: sic2 omitted because of collinearity note: sic3 omitted because of collinearity note: sic4 omitted because of collinearity note: sic5 omitted because of collinearity note: sic6 omitted because of collinearity note: sic7 omitted because of collinearity note: sic8 omitted because of collinearity note: sic9 omitted because of collinearity note: sic10 omitted because of collinearity note: sic11 omitted because of collinearity
Fixed-effects (within) regression Number of obs = 4,429 Group variable: firmid Number of groups = 596
R-sq: Obs per group:
within = 0.3494 min = 1
between = 0.1963 avg = 7.4
overall = 0.2640 max = 10
F(15,595) = 101.39
corr(u_i, Xb) = -0.4986 Prob > F = 0.0000
(Std. Err. adjusted for 596 clusters in firmid)
---------------------------------------------------------------------------------
| Robust
ret_annual | Coef. Std. Err. t P>|t| [95% Conf. Interval]
----------------+---------------------------------------------------------------- relative_spread | 2.907474 .6403908 4.54 0.000 1.649772 4.165175
beta | .0060056 .0192256 0.31 0.755 -.0317527 .043764
ln_asset_mv | .0818067 .0303585 2.69 0.007 .022184 .1414295
lev_mv | -.47985 .0841374 -5.70 0.000 -.6450925 -.3146076
profitability | 1.623984 .2076818 7.82 0.000 1.216106 2.031863
mtb | .1656526 .0357257 4.64 0.000 .0954889 .2358163
year_dummy1 | .4864192 .0587459 8.28 0.000 .3710446 .6017938
year_dummy2 | -.2050881 .0432379 -4.74 0.000 -.2900055 -.1201707
year_dummy3 | -.409273 .0383523 -10.67 0.000 -.4845954 -.3339507
year_dummy4 | .3617019 .0340193 10.63 0.000 .2948894 .4285143
year_dummy5 | .4194068 .0295629 14.19 0.000 .3613466 .4774671
year_dummy6 | .3898689 .0295715 13.18 0.000 .3317917 .4479461
year_dummy7 | .1351735 .0278464 4.85 0.000 .0804844 .1898627
year_dummy8 | .1677428 .0359773 4.66 0.000 .0970849 .2384007
year_dummy9 | .1710844 .0263452 6.49 0.000 .1193436 .2228253
year_dummy10 | 0 (omitted)
sic1 | 0 (omitted)
sic2 | 0 (omitted)
sic3 | 0 (omitted)
sic4 | 0 (omitted)
sic5 | 0 (omitted)
sic6 | 0 (omitted)
sic7 | 0 (omitted)
sic8 | 0 (omitted)
sic9 | 0 (omitted)
sic10 | 0 (omitted)
sic11 | 0 (omitted)
_cons | -1.186938 .2737743 -4.34 0.000 -1.724619 -.6492561
----------------+----------------------------------------------------------------
sigma_u | .35241947
sigma_e | .47155789
rho | .35837147 (fraction of variance due to u_i)
---------------------------------------------------------------------------------
Kết quả hồi quy cột (6) Bảng 3.5
xtreg ret_annual zeros_local beta ln_asset_mv lev_mv profitability mtb year_dummy* sic*, fe cluster(firmid)
note: year_dummy10 omitted because of collinearity note: sic1 omitted because of collinearity
note: sic2 omitted because of collinearity note: sic3 omitted because of collinearity note: sic4 omitted because of collinearity note: sic5 omitted because of collinearity note: sic6 omitted because of collinearity note: sic7 omitted because of collinearity note: sic8 omitted because of collinearity note: sic9 omitted because of collinearity note: sic10 omitted because of collinearity note: sic11 omitted because of collinearity
Number of obs = | 4,426 | |
Group variable: firmid | Number of groups = | 585 |
R-sq: within = 0.3477 | Obs per group: min = | 1 |
between = 0.2088 | avg = | 7.6 |
overall = 0.2676 | max = | 10 |
F(15,584) = | 106.66 | |
corr(u_i, Xb) = -0.4812 | Prob > F = | 0.0000 |
Có thể bạn quan tâm!
- Tóm Tắt Kết Quả Và Khuyến Nghị
- Nghiên cứu mối quan hệ giữa lợi suất cổ phiếu và thanh khoản thị trường - trường hợp các doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam - 15
- Kết Quả Hồi Quy Từ Phần Mềm Stata
- Nghiên cứu mối quan hệ giữa lợi suất cổ phiếu và thanh khoản thị trường - trường hợp các doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam - 18
Xem toàn bộ 147 trang tài liệu này.
(Std. Err. adjusted for 585 clusters in firmid)
-------------------------------------------------------------------------------
| Robust
ret_annual | Coef. Std. Err. t P>|t| [95% Conf. Interval]
--------------+---------------------------------------------------------------- zeros_local | 3.782192 .5841435 6.47 0.000 2.634914 4.92947
beta | .0057558 .0191234 0.30 0.764 -.0318033 .0433149
ln_asset_mv | .0611281 .0288035 2.12 0.034 .0045572 .1176991
lev_mv | -.4270917 .0809665 -5.27 0.000 -.5861128 -.2680706
profitability | 1.562579 .2126504 7.35 0.000 1.144927 1.980232
mtb | .1752663 .0364818 4.80 0.000 .1036148 .2469177
year_dummy1 | .4437195 .0566438 7.83 0.000 .3324691 .55497
year_dummy2 | -.2471029 .0405172 -6.10 0.000 -.3266801 -.1675257
year_dummy3 | -.4239371 .0373074 -11.36 0.000 -.49721 -.3506641
year_dummy4 | .3325314 .032586 10.20 0.000 .2685313 .3965315
year_dummy5 | .3972126 .028129 14.12 0.000 .3419662 .452459
year_dummy6 | .3699432 .028868 12.81 0.000 .3132455 .426641
year_dummy7 | .1118962 .0271101 4.13 0.000 .0586511 .1651414
year_dummy8 | .1469768 .035143 4.18 0.000 .0779546 .2159989
year_dummy9 | .1517683 .0258771 5.86 0.000 .1009446 .2025919
year_dummy10 | 0 (omitted)
sic1 | 0 (omitted)
sic2 | 0 (omitted)
sic3 | 0 (omitted)
sic4 | 0 (omitted)
sic5 | 0 (omitted)
sic6 | 0 (omitted)
sic7 | 0 (omitted)
sic8 | 0 (omitted)
sic9 | 0 (omitted)
sic10 | 0 (omitted)
sic11 | 0 (omitted)
_cons | -.9018918 .2469815 -3.65 0.000 -1.386972 -.4168117
--------------+----------------------------------------------------------------
sigma_u | .32945873
sigma_e | .47175917
rho | .32782583 (fraction of variance due to u_i)
-------------------------------------------------------------------------------
Kết quả hồi quy cột (3) Bảng 3.6
xtabond2 ret_annual l.ret_annual zeros_local beta ln_asset_mv lev_mv profitability mtb year_dummy* sic*, iv(year_dummy* sic*) gmm(ret_annual,lag(5 7) collapse) gmm(zeros_local, lag(2 4)) gmm( beta ln_asset_mv lev_mv profitability mtb,lag(5 7) collapse) cluster(firmid)
Favoring speed over space. To switch, type or click on mata: mata set matafavor space, perm. year_dummy1 dropped due to collinearity
year_dummy9 dropped due to collinearity sic4 dropped due to collinearity
sic8 dropped due to collinearity sic10 dropped due to collinearity sic11 dropped due to collinearity
Warning: Two-step estimated covariance matrix of moments is singular.
Using a generalized inverse to calculate robust weighting matrix for Hansen test. Difference-in-Sargan/Hansen statistics may be negative.
Group variable: firmid | Number of obs | = | 3940 | |||||
Time variable : year | Number of groups | = | 577 | |||||
Number of instruments = 69 | Obs per group: min | = | 1 | |||||
Wald chi2(22) = 1255.52 | avg | = | 6.83 | |||||
Prob > chi2 = 0.000 | max | = | 9 | |||||
(Std. Err. adjusted for clustering on firmid) ------------------------------------------------------------------------------- | ||||||||
| | Robust | |||||||
ret_annual | | Coef. | Std. Err. | z | P>|z| | [95% Conf. Interval] | |||
--------------+---------------------------------------------------------------- | ||||||||
ret_annual | | | |||||||
L1. | | | .0145207 | .0483613 | 0.30 | 0.764 | -.0802656 | .109307 | |
| | ||||||||
zeros_local | | | 7.011018 | 2.918066 | 2.40 | 0.016 | 1.291713 | 12.73032 | |
beta | | | .2542631 | .1054935 | 2.41 | 0.016 | .0474996 | .4610265 | |
ln_asset_mv | | | -.0667178 | .0427172 | -1.56 | 0.118 | -.150442 | .0170063 | |
lev_mv | | | -.1492851 | .2514069 | -0.59 | 0.553 | -.6420334 | .3434633 | |
profitability | | | 1.436769 | 1.057768 | 1.36 | 0.174 | -.636417 | 3.509956 | |
mtb | | | -.0469442 | .1048685 | -0.45 | 0.654 | -.2524827 | .1585944 | |
year_dummy2 | | | -.5853028 | .13647 | -4.29 | 0.000 | -.8527791 | -.3178266 | |
year_dummy3 | | | -.9129421 | .0947108 | -9.64 | 0.000 | -1.098572 | -.7273124 | |
year_dummy4 | | | -.2119937 | .0988385 | -2.14 | 0.032 | -.4057135 | -.0182738 | |
year_dummy5 | | | .0289527 | .0527029 | 0.55 | 0.583 | -.0743432 | .1322486 | |
year_dummy6 | | | .0114094 | .0663856 | 0.17 | 0.864 | -.1187041 | .1415228 | |
year_dummy7 | | | -.1582067 | .0436671 | -3.62 | 0.000 | -.2437927 | -.0726207 | |
year_dummy8 | | | -.123904 | .0420943 | -2.94 | 0.003 | -.2064073 | -.0414008 | |
year_dummy10 | | | -.245538 | .0340134 | -7.22 | 0.000 | -.3122031 | -.1788729 | |
sic1 | | | .0315245 | .0721078 | 0.44 | 0.662 | -.1098042 | .1728532 | |
sic2 | | | -.0978691 | .051278 | -1.91 | 0.056 | -.198372 | .0026339 | |
sic3 | | | -.0446045 | .0467957 | -0.95 | 0.341 | -.1363224 | .0471134 | |
sic5 | | | .0392375 | .0401922 | 0.98 | 0.329 | -.0395377 | .1180128 | |
sic6 | | | -.0593689 | .0354823 | -1.67 | 0.094 | -.1289129 | .0101751 | |
sic7 | | | .0562593 | .0606677 | 0.93 | 0.354 | -.0626472 | .1751659 | |
sic9 | | | -.0505244 | .0714002 | -0.71 | 0.479 | -.1904661 | .0894174 | |
_cons | | | .7233555 | .3570323 | 2.03 | 0.043 | .023585 | 1.423126 | |
------------------------------------------------------------------------------- Instruments for first differences equation |
Standard
D.(year_dummy1 year_dummy2 year_dummy3 year_dummy4 year_dummy5 year_dummy6 year_dummy7 year_dummy8 year_dummy9 year_dummy10 sic1 sic2 sic3 sic4 sic5 sic6 sic7 sic8 sic9 sic10 sic11)
GMM-type (missing=0, separate instruments for each period unless collapsed) L(5/7).(beta ln_asset_mv lev_mv profitability mtb) collapsed L(2/4).zeros_local
L(5/7).ret_annual collapsed Instruments for levels equation
Standard
year_dummy1 year_dummy2 year_dummy3 year_dummy4 year_dummy5 year_dummy6 year_dummy7 year_dummy8 year_dummy9 year_dummy10 sic1 sic2 sic3 sic4 sic5 sic6 sic7 sic8 sic9 sic10 sic11
_cons
GMM-type (missing=0, separate instruments for each period unless collapsed) DL4.(beta ln_asset_mv lev_mv profitability mtb) collapsed
DL.zeros_local DL4.ret_annual collapsed
------------------------------------------------------------------------------
Arellano-Bond test for AR(1) in first differences: z = -7.64 Pr > z = 0.000
Arellano-Bond test for AR(2) in first differences: z = -0.07 Pr > z = 0.941
------------------------------------------------------------------------------
Sargan test of overid. restrictions: chi2(46) = 44.12 Prob > chi2 = 0.551 (Not robust, but not weakened by many instruments.)
Hansen test of overid. restrictions: chi2(46) = 47.48 Prob > chi2 = 0.412 (Robust, but weakened by many instruments.)
Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels
Hansen test excluding group: chi2(32) = 25.96 Prob > chi2 = 0.765 Difference (null H = exogenous): chi2(14) = 21.51 Prob > chi2 = 0.089
gmm(ret_annual, collapse lag(5 7))
Hansen test excluding group: chi2(43) = 44.43 Prob > chi2 = 0.411 Difference (null H = exogenous): chi2(3) = 3.05 Prob > chi2 = 0.384
gmm(zeros_local, lag(2 4))
Hansen test excluding group: chi2(16) = 13.90 Prob > chi2 = 0.606 Difference (null H = exogenous): chi2(30) = 33.58 Prob > chi2 = 0.298
gmm(beta ln_asset_mv lev_mv profitability mtb, collapse lag(5 7))
Hansen test excluding group: chi2(26) = 23.86 Prob > chi2 = 0.584 Difference (null H = exogenous): chi2(20) = 23.62 Prob > chi2 = 0.260
iv(year_dummy1 year_dummy2 year_dummy3 year_dummy4 year_dummy5 year_dummy6 year_dummy7 year_d
> ummy8 year_dummy9 year_dummy10 sic1 sic2 sic3 sic4 sic5 sic6 sic7 sic8 sic9 sic10 sic11) Hansen test excluding group: chi2(31) = 26.59 Prob > chi2 = 0.693
Difference (null H = exogenous): chi2(15) = 20.89 Prob > chi2 = 0.140
Kết quả hồi quy cột (4) Bảng 3.7
xtreg ret_annual ln_amihud_local_yearly beta ln_asset_mv lev_mv profitability mtb year_dummy* sic* if investor_protection == 1, fe cluster(firmid)
note: year_dummy1 omitted because of collinearity note: year_dummy2 omitted because of collinearity note: year_dummy3 omitted because of collinearity note: year_dummy4 omitted because of collinearity note: year_dummy5 omitted because of collinearity note: year_dummy6 omitted because of collinearity note: year_dummy7 omitted because of collinearity note: year_dummy8 omitted because of collinearity note: year_dummy10 omitted because of collinearity note: sic1 omitted because of collinearity
note: sic2 omitted because of collinearity note: sic3 omitted because of collinearity note: sic4 omitted because of collinearity note: sic5 omitted because of collinearity note: sic6 omitted because of collinearity note: sic7 omitted because of collinearity note: sic8 omitted because of collinearity note: sic9 omitted because of collinearity note: sic10 omitted because of collinearity note: sic11 omitted because of collinearity
Number of obs = | 1,060 | |
Group variable: firmid | Number of groups = | 548 |
R-sq: within = 0.3845 | Obs per group: min = | 1 |
between = 0.0574 | avg = | 1.9 |
overall = 0.0574 | max = | 2 |
F(7,547) = | 32.56 | |
corr(u_i, Xb) = -0.9515 | Prob > F = | 0.0000 |
(Std. Err. adjusted for 548 clusters in firmid)
----------------------------------------------------------------------------------------
| Robust
ret_annual | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
ln_amihud_local_yearly | .0281093 .0297263 0.95 0.345 -.0302824 .0865011
beta | -.0256987 .0323424 -0.79 0.427 -.0892293 .0378319
ln_asset_mv | .6080829 .127164 4.78 0.000 .3582934 .8578724
lev_mv | -1.459275 .2795523 -5.22 0.000 -2.008402 -.9101472
profitability | .8881524 .4771537 1.86 0.063 -.0491255 1.82543
mtb | .2482551 .080089 3.10 0.002 .0909355 .4055748
year_dummy1 | 0 (omitted)
year_dummy2 | 0 (omitted)
year_dummy3 | 0 (omitted)
year_dummy4 | 0 (omitted)
year_dummy5 | 0 (omitted)
year_dummy6 | 0 (omitted)
year_dummy7 | 0 (omitted)
year_dummy8 | 0 (omitted)
year_dummy9 | .0841799 .0303698 2.77 0.006 .0245242 .1438355
year_dummy10 | 0 (omitted)
sic1 | 0 (omitted)
sic2 | 0 (omitted)
sic3 | 0 (omitted)
sic4 | 0 (omitted)
sic5 | 0 (omitted)
sic6 | 0 (omitted)
sic7 | 0 (omitted)
sic8 | 0 (omitted)
sic9 | 0 (omitted)
sic10 | 0 (omitted)
sic11 | 0 (omitted)
_cons | -6.270884 1.256743 -4.99 0.000 -8.739517 -3.802251
-----------------------+----------------------------------------------------------------
sigma_u | 1.1894168
sigma_e | .37792875
rho | .90829776 (fraction of variance due to u_i)
----------------------------------------------------------------------------------------
Kết quả hồi quy cột (5) Bảng 3.7
xtreg ret_annual relative_spread beta ln_asset_mv lev_mv profitability mtb year_dummy* sic* if investor_protection == 1, fe cluster(firmid)
note: year_dummy1 omitted because of collinearity note: year_dummy2 omitted because of collinearity note: year_dummy3 omitted because of collinearity note: year_dummy4 omitted because of collinearity note: year_dummy5 omitted because of collinearity note: year_dummy6 omitted because of collinearity note: year_dummy7 omitted because of collinearity note: year_dummy8 omitted because of collinearity note: year_dummy10 omitted because of collinearity note: sic1 omitted because of collinearity
note: sic2 omitted because of collinearity note: sic3 omitted because of collinearity note: sic4 omitted because of collinearity note: sic5 omitted because of collinearity note: sic6 omitted because of collinearity note: sic7 omitted because of collinearity note: sic8 omitted because of collinearity note: sic9 omitted because of collinearity note: sic10 omitted because of collinearity note: sic11 omitted because of collinearity
Fixed-effects (within) regression Number of obs = 1,076 Group variable: firmid Number of groups = 563
R-sq: Obs per group:
within = 0.3866 min = 1
between = 0.0595 avg = 1.9
overall = 0.0598 max = 2
F(7,562) = 34.54
corr(u_i, Xb) = -0.9467 Prob > F = 0.0000
(Std. Err. adjusted for 563 clusters in firmid)
---------------------------------------------------------------------------------
| Robust
ret_annual | Coef. Std. Err. t P>|t| [95% Conf. Interval]
----------------+---------------------------------------------------------------- relative_spread | 2.753289 1.876464 1.47 0.143 -.9324506 6.439029
beta | -.0259936 .0314649 -0.83 0.409 -.0877967 .0358096
ln_asset_mv | .5989198 .1213899 4.93 0.000 .3604865 .8373532
lev_mv | -1.436324 .2796857 -5.14 0.000 -1.985681 -.8869674
profitability | .9883344 .4958246 1.99 0.047 .0144386 1.96223
mtb | .2427329 .0794075 3.06 0.002 .0867612 .3987047
year_dummy1 | 0 (omitted)
year_dummy2 | 0 (omitted)
year_dummy3 | 0 (omitted)
year_dummy4 | 0 (omitted)
year_dummy5 | 0 (omitted)
year_dummy6 | 0 (omitted)
year_dummy7 | 0 (omitted)
year_dummy8 | 0 (omitted)
year_dummy9 | .094917 .0297056 3.20 0.001 .0365694 .1532646
year_dummy10 | 0 (omitted)
sic1 | 0 (omitted)
sic2 | 0 (omitted)
sic3 | 0 (omitted)
sic4 | 0 (omitted)
sic5 | 0 (omitted)
sic6 | 0 (omitted)
sic7 | 0 (omitted)
sic8 | 0 (omitted)
sic9 | 0 (omitted)
sic10 | 0 (omitted)
sic11 | 0 (omitted)
_cons | -6.173728 1.169546 -5.28 0.000 -8.470944 -3.876513
----------------+----------------------------------------------------------------
sigma_u | 1.1814647
sigma_e | .37696588
rho | .90760288 (fraction of variance due to u_i)
---------------------------------------------------------------------------------
Kết quả hồi quy cột (6) Bảng 3.7
xtreg ret_annual zeros_local beta ln_asset_mv lev_mv profitability mtb year_dummy* sic* if investor_protection == 1, fe cluster(firmid)
note: year_dummy1 omitted because of collinearity note: year_dummy2 omitted because of collinearity note: year_dummy3 omitted because of collinearity note: year_dummy4 omitted because of collinearity note: year_dummy5 omitted because of collinearity note: year_dummy6 omitted because of collinearity note: year_dummy7 omitted because of collinearity note: year_dummy8 omitted because of collinearity note: year_dummy10 omitted because of collinearity note: sic1 omitted because of collinearity
note: sic2 omitted because of collinearity note: sic3 omitted because of collinearity note: sic4 omitted because of collinearity note: sic5 omitted because of collinearity note: sic6 omitted because of collinearity note: sic7 omitted because of collinearity note: sic8 omitted because of collinearity note: sic9 omitted because of collinearity note: sic10 omitted because of collinearity note: sic11 omitted because of collinearity
Fixed-effects (within) regression Number of obs = 1,068 Group variable: firmid Number of groups = 552
R-sq: Obs per group:
within = 0.3824 min = 1
between = 0.0629 avg = 1.9
overall = 0.0591 max = 2
F(7,551) = 32.38
corr(u_i, Xb) = -0.9478 Prob > F = 0.0000
(Std. Err. adjusted for 552 clusters in firmid)
-------------------------------------------------------------------------------
| Robust
ret_annual | Coef. Std. Err. t P>|t| [95% Conf. Interval]
--------------+---------------------------------------------------------------- zeros_local | 2.740294 1.776101 1.54 0.123 -.7484623 6.229051
beta | -.0243081 .0314883 -0.77 0.440 -.0861599 .0375436
ln_asset_mv | .5662364 .1215682 4.66 0.000 .3274425 .8050303
lev_mv | -1.399297 .2811258 -4.98 0.000 -1.951507 -.8470881
profitability | .8377826 .4758433 1.76 0.079 -.0969062 1.772471
mtb | .2543571 .0807252 3.15 0.002 .0957904 .4129238
year_dummy1 | 0 (omitted)
year_dummy2 | 0 (omitted)
year_dummy3 | 0 (omitted)
year_dummy4 | 0 (omitted)
year_dummy5 | 0 (omitted)
year_dummy6 | 0 (omitted)
year_dummy7 | 0 (omitted)
year_dummy8 | 0 (omitted)
year_dummy9 | .0798226 .0260811 3.06 0.002 .0285919 .1310532
year_dummy10 | 0 (omitted)
sic1 | 0 (omitted)
sic2 | 0 (omitted)
sic3 | 0 (omitted)
sic4 | 0 (omitted)
sic5 | 0 (omitted)
sic6 | 0 (omitted)
sic7 | 0 (omitted)
sic8 | 0 (omitted)
sic9 | 0 (omitted)
sic10 | 0 (omitted)
sic11 | 0 (omitted)
_cons | -5.748466 1.137857 -5.05 0.000 -7.983533 -3.513398
--------------+----------------------------------------------------------------
sigma_u | 1.1548484
sigma_e | .3773069
rho | .90355212 (fraction of variance due to u_i)
-------------------------------------------------------------------------------
Kết quả hồi quy cột (3) Bảng 4.3
reg tobinq zeros_local ln_sales lev_mv profitability cash_ratio2 year_dummy* sic* if yhat != ., cluster(firmid)
note: year_dummy1 omitted because of collinearity note: sic1 omitted because of collinearity
note: sic8 omitted because of collinearity note: sic10 omitted because of collinearity note: sic11 omitted because of collinearity
Number of obs | = | 4,416 | |
F(21, 584) | = | 45.14 | |
Prob > F | = | 0.0000 | |
R-squared | = | 0.4539 | |
Root MSE | = | .37508 |
(Std. Err. adjusted for 585 clusters in firmid)
-------------------------------------------------------------------------------
Coef. | Robust Std. Err. | t | P>|t| | [95% Conf. Interval] | |||
--------------+---------------------------------------------------------------- | |||||||
zeros_local | | | -2.785914 | .536134 | -5.20 | 0.000 | -3.8389 | -1.732929 |
ln_sales | | | .031721 | .0112586 | 2.82 | 0.005 | .0096087 | .0538333 |
lev_mv | | | -.0380257 | .0493344 | -0.77 | 0.441 | -.1349202 | .0588687 |
profitability | | | 3.329816 | .2468715 | 13.49 | 0.000 | 2.844952 | 3.81468 |
cash_ratio2 | | | .2515308 | .0722375 | 3.48 | 0.001 | .1096537 | .3934078 |
year_dummy1 | | | 0 | (omitted) | ||||
year_dummy2 | | | -.0666542 | .0206607 | -3.23 | 0.001 | -.1072325 | -.026076 |
year_dummy3 | | | -.2984529 | .0250208 | -11.93 | 0.000 | -.3475947 | -.2493111 |
year_dummy4 | | | -.2131 | .024186 | -8.81 | 0.000 | -.2606021 | -.165598 |
year_dummy5 | | | -.087213 | .0229536 | -3.80 | 0.000 | -.1322947 | -.0421313 |
year_dummy6 | | | -.021396 | .0233569 | -0.92 | 0.360 | -.0672698 | .0244777 |
year_dummy7 | | | -.0176582 | .0243994 | -0.72 | 0.470 | -.0655794 | .030263 |
year_dummy8 | | | .0545383 | .0292062 | 1.87 | 0.062 | -.0028238 | .1119003 |
year_dummy9 | | | .084419 | .0290655 | 2.90 | 0.004 | .0273335 | .1415046 |
year_dummy10 | | | .0396727 | .0291024 | 1.36 | 0.173 | -.0174853 | .0968307 |
sic1 | | | 0 | (omitted) | ||||
sic2 | | | -.2220609 | .0982601 | -2.26 | 0.024 | -.4150472 | -.0290747 |
sic3 | | | -.2580206 | .0879372 | -2.93 | 0.003 | -.4307324 | -.0853089 |
sic4 | | | -.1197965 | .0866239 | -1.38 | 0.167 | -.2899289 | .0503359 |
sic5 | | | -.161185 | .0923707 | -1.74 | 0.082 | -.3426043 | .0202343 |
sic6 | | | -.2168106 | .0903754 | -2.40 | 0.017 | -.3943109 | -.0393102 |
sic7 | | | -.1833081 | .1041065 | -1.76 | 0.079 | -.3877769 | .0211607 |
sic8 | | | 0 | (omitted) | ||||
sic9 | | | -.1207327 | .1239368 | -0.97 | 0.330 | -.3641488 | .1226834 |
sic10 | | | 0 | (omitted) | ||||
sic11 | | | 0 | (omitted) | ||||
_cons | | | .3357979 | .1411373 | 2.38 | 0.018 | .0585994 | .6129964 |
------------------------------------------------------------------------------- |