Kết quả hồi quy cột (4) Bảng 4.4
xtreg tobinq ln_amihud_local_yearly_ln ln_sales lev_mv profitability cash_ratio2 year_dummy* sic* if yhat != .,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 = | 4,398 | |
Group variable: firmid | Number of groups = | 582 |
R-sq: within = 0.2633 | Obs per group: min = | 1 |
between = 0.4941 | avg = | 7.6 |
overall = 0.3907 | max = | 10 |
F(14,581) = | 45.56 | |
corr(u_i, Xb) = 0.3209 | Prob > F = | 0.0000 |
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- 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 - 17
Xem toàn bộ 147 trang tài liệu này.
(Std. Err. adjusted for 582 clusters in firmid)
-------------------------------------------------------------------------------------------
| Robust
tobinq | Coef. Std. Err. t P>|t| [95% Conf. Interval]
--------------------------+----------------------------------------------------------------
ln_amihud_local_yearly_ln | -.0423145 .0051817 -8.17 0.000 -.0524916 -.0321373
ln_sales | .0021791 .0145411 0.15 0.881 -.0263805 .0307387
lev_mv | -.0587457 .0495154 -1.19 0.236 -.1559968 .0385053
profitability | 1.588793 .2005795 7.92 0.000 1.194844 1.982743
cash_ratio2 | .0270454 .0555588 0.49 0.627 -.0820752 .136166
year_dummy1 | .0560952 .0285118 1.97 0.050 .0000964 .1120939
year_dummy2 | -.0281848 .0273711 -1.03 0.304 -.0819432 .0255735
year_dummy3 | -.191919 .021387 -8.97 0.000 -.2339242 -.1499138
year_dummy4 | -.15186 .0191119 -7.95 0.000 -.1893969 -.1143232
year_dummy5 | -.0628938 .0179505 -3.50 0.000 -.0981496 -.027638
year_dummy6 | -.0068099 .0178068 -0.38 0.702 -.0417834 .0281636
year_dummy7 | .0076145 .0168869 0.45 0.652 -.0255522 .0407813
year_dummy8 | .0421864 .0172757 2.44 0.015 .008256 .0761168
year_dummy9 | .0549854 .012357 4.45 0.000 .0307155 .0792553
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 | .8792619 .1535586 5.73 0.000 .5776643 1.180859
--------------------------+----------------------------------------------------------------
sigma_u | .39324209
sigma_e | .25369113
rho | .70612046 (fraction of variance due to u_i)
-------------------------------------------------------------------------------------------
Kết quả hồi quy cột (5) Bảng 4.4
xtreg tobinq relative_spread ln_sales lev_mv profitability cash_ratio2 year_dummy* sic* if yhat
!= .,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 = 4,419 Group variable: firmid Number of groups = 596
R-sq: Obs per group:
within = 0.2412 min = 1
between = 0.4801 avg = 7.4
overall = 0.3929 max = 10
F(14,595) = 44.61
corr(u_i, Xb) = 0.3568 Prob > F = 0.0000
(Std. Err. adjusted for 596 clusters in firmid)
---------------------------------------------------------------------------------
| Robust
tobinq | Coef. Std. Err. t P>|t| [95% Conf. Interval]
----------------+---------------------------------------------------------------- relative_spread | -1.42253 .4596388 -3.09 0.002 -2.325241 -.5198178
ln_sales | .0250413 .0139821 1.79 0.074 -.0024189 .0525015
lev_mv | -.1035031 .0509521 -2.03 0.043 -.2035709 -.0034354
profitability | 1.608527 .2019736 7.96 0.000 1.21186 2.005195
cash_ratio2 | .0498823 .0564316 0.88 0.377 -.060947 .1607116
year_dummy1 | .0650777 .0314149 2.07 0.039 .0033801 .1267752
year_dummy2 | -.003975 .0291949 -0.14 0.892 -.0613126 .0533626
year_dummy3 | -.230749 .0242609 -9.51 0.000 -.2783965 -.1831016
year_dummy4 | -.1893262 .0217611 -8.70 0.000 -.2320641 -.1465884
year_dummy5 | -.07584 .0187223 -4.05 0.000 -.1126098 -.0390702
year_dummy6 | -.008956 .0181244 -0.49 0.621 -.0445516 .0266395
year_dummy7 | .004538 .0169442 0.27 0.789 -.0287398 .0378157
year_dummy8 | .0463089 .0171284 2.70 0.007 .0126695 .0799483
year_dummy9 | .0648071 .0120779 5.37 0.000 .0410865 .0885277
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 | .4961673 .1405516 3.53 0.000 .2201297 .7722049
----------------+----------------------------------------------------------------
sigma_u | .42107813
sigma_e | .25741597
rho | .72795072 (fraction of variance due to u_i)
---------------------------------------------------------------------------------
Kết quả hồi quy cột (6) Bảng 4.4
xtreg tobinq zeros_local ln_sales lev_mv profitability cash_ratio2 year_dummy* sic* if yhat ! =
.,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 = | 4,416 | |
Group variable: firmid | Number of groups = | 585 |
R-sq: within = 0.2412 | Obs per group: min = | 1 |
between = 0.5118 | avg = | 7.5 |
overall = 0.4091 | max = | 10 |
F(14,584) = | 45.94 | |
corr(u_i, Xb) = 0.3830 | Prob > F = | 0.0000 |
(Std. Err. adjusted for 585 clusters in firmid)
-------------------------------------------------------------------------------
| Robust
tobinq | Coef. Std. Err. t P>|t| [95% Conf. Interval]
--------------+---------------------------------------------------------------- zeros_local | -2.204921 .3364788 -6.55 0.000 -2.865777 -1.544065
ln_sales | .0313021 .0141131 2.22 0.027 .0035835 .0590206
lev_mv | -.1163838 .0501586 -2.32 0.021 -.214897 -.0178706
profitability | 1.636305 .2075283 7.88 0.000 1.228712 2.043898
cash_ratio2 | .0600958 .0561304 1.07 0.285 -.0501462 .1703379
year_dummy1 | .0802877 .0287884 2.79 0.005 .0237464 .1368291
year_dummy2 | .011045 .0260822 0.42 0.672 -.0401813 .0622713
year_dummy3 | -.2312412 .0234933 -9.84 0.000 -.2773829 -.1850995
year_dummy4 | -.1802003 .0203296 -8.86 0.000 -.2201283 -.1402722
year_dummy5 | -.0679488 .0185278 -3.67 0.000 -.104338 -.0315596
year_dummy6 | -.0024853 .0182167 -0.14 0.892 -.0382635 .0332928
year_dummy7 | .0144154 .0169455 0.85 0.395 -.0188661 .047697
year_dummy8 | .0544224 .0175478 3.10 0.002 .019958 .0888868
year_dummy9 | .0724464 .0121941 5.94 0.000 .0484968 .096396
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 | .3873036 .1403222 2.76 0.006 .1117061 .6629012
--------------+----------------------------------------------------------------
sigma_u | .40718788
sigma_e | .25738637
rho | .71451056 (fraction of variance due to u_i)
-------------------------------------------------------------------------------
Kết quả hồi quy cột (3) Bảng 4.5
reg lev_mv zeros_local ln_sales fixed_assets profitability mtb tax_assets year_dummy* sic* if yhat != ., cluster(firmid)
note: year_dummy2 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 | = | 4,405 | |
F(22, 584) | = | 38.27 | |
Prob > F | = | 0.0000 | |
R-squared | = | 0.4641 | |
Root MSE | = | .20591 |
(Std. Err. adjusted for 585 clusters in firmid)
-------------------------------------------------------------------------------
Coef. | Robust Std. Err. | t | P>|t| | [95% Conf. Interval] | |||
--------------+---------------------------------------------------------------- | |||||||
zeros_local | | | 1.613429 | .3665282 | 4.40 | 0.000 | .8935546 | 2.333303 |
ln_sales | | | .0622568 | .005007 | 12.43 | 0.000 | .0524229 | .0720907 |
fixed_assets | | | .1849901 | .0356736 | 5.19 | 0.000 | .1149259 | .2550542 |
profitability | | | -.1129083 | .1346664 | -0.84 | 0.402 | -.3773977 | .1515811 |
mtb | | | -.0686224 | .0078416 | -8.75 | 0.000 | -.0840235 | -.0532213 |
tax_assets | | | -6.771832 | .6417547 | -10.55 | 0.000 | -8.03226 | -5.511403 |
year_dummy1 | | | -.0165923 | .0101631 | -1.63 | 0.103 | -.0365529 | .0033684 |
year_dummy2 | | | 0 | (omitted) | ||||
year_dummy3 | | | .0551282 | .0091513 | 6.02 | 0.000 | .0371547 | .0731018 |
year_dummy4 | | | .0377809 | .0099393 | 3.80 | 0.000 | .0182596 | .0573021 |
year_dummy5 | | | .0232876 | .0109938 | 2.12 | 0.035 | .0016953 | .0448798 |
year_dummy6 | | | -.0034082 | .010378 | -0.33 | 0.743 | -.023791 | .0169746 |
year_dummy7 | | | -.0007768 | .0110187 | -0.07 | 0.944 | -.0224179 | .0208642 |
year_dummy8 | | | -.0008433 | .0118987 | -0.07 | 0.944 | -.0242126 | .0225261 |
year_dummy9 | | | -.0129268 | .0121321 | -1.07 | 0.287 | -.0367547 | .010901 |
year_dummy10 | | | -.0117305 | .0125886 | -0.93 | 0.352 | -.0364549 | .0129939 |
sic1 | | | 0 | (omitted) | ||||
sic2 | | | .05736 | .0627492 | 0.91 | 0.361 | -.0658816 | .1806015 |
sic3 | | | .1872304 | .0575283 | 3.25 | 0.001 | .0742428 | .300218 |
sic4 | | | .1006651 | .0551693 | 1.82 | 0.069 | -.0076892 | .2090195 |
sic5 | | | .0146724 | .0572369 | 0.26 | 0.798 | -.0977428 | .1270875 |
sic6 | | | .0564625 | .0616338 | 0.92 | 0.360 | -.0645884 | .1775133 |
sic7 | | | .0325499 | .0629442 | 0.52 | 0.605 | -.0910746 | .1561744 |
sic8 | | | 0 | (omitted) | ||||
sic9 | | | -.0009072 | .0624797 | -0.01 | 0.988 | -.1236194 | .121805 |
sic10 | | | 0 | (omitted) | ||||
sic11 | | | 0 | (omitted) | ||||
_cons | | | -.2340763 | .0737978 | -3.17 | 0.002 | -.3790177 | -.0891349 |
------------------------------------------------------------------------------- |
Kết quả hồi quy cột (4) Bảng 4.6
xtreg lev_mv ln_amihud_local_yearly ln_sales fixed_assets profitability mtb tax_assets year_dummy* sic* if yhat != ., 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 | = | 4,387 | |
Group variable: firmid | Number of groups | = | 582 |
R-sq: within = 0.2919 | Obs per group: min = | 1 | |
between = 0.4521 | avg = | 7.5 | |
overall = 0.4244 | max = | 10 | |
F(15,581) | = | 38.77 | |
corr(u_i, Xb) = 0.2343 | Prob > F | = | 0.0000 |
(Std. Err. adjusted for 582 clusters in firmid)
----------------------------------------------------------------------------------------
| Robust
lev_mv | Coef. Std. Err. t P>|t| [95% Conf. Interval]
-----------------------+----------------------------------------------------------------
ln_amihud_local_yearly | .0121587 .0027481 4.42 0.000 .0067613 .0175561
ln_sales | .0604993 .009785 6.18 0.000 .0412811 .0797175
fixed_assets | .1623196 .0537247 3.02 0.003 .0568013 .2678379
profitability | -.4566168 .0885995 -5.15 0.000 -.6306311 -.2826025
mtb | -.0587549 .0067873 -8.66 0.000 -.0720857 -.0454242
tax_assets | -3.054999 .4335435 -7.05 0.000 -3.906503 -2.203495
year_dummy1 | -.0080074 .0160563 -0.50 0.618 -.0395428 .023528
year_dummy2 | -.0018181 .0134516 -0.14 0.893 -.0282379 .0246016
year_dummy3 | .0507736 .0132568 3.83 0.000 .0247366 .0768106
year_dummy4 | .044191 .0120591 3.66 0.000 .0205063 .0678758
year_dummy5 | .0252492 .0104074 2.43 0.016 .0048084 .04569
year_dummy6 | -.0012461 .0089738 -0.14 0.890 -.0188712 .016379
year_dummy7 | .0011589 .0081566 0.14 0.887 -.014861 .0171789
year_dummy8 | .0065695 .0065696 1.00 0.318 -.0063335 .0194726
year_dummy9 | -.0004906 .0049947 -0.10 0.922 -.0103005 .0093194
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 | -.2099865 .1083916 -1.94 0.053 -.4228735 .0029006
-----------------------+----------------------------------------------------------------
sigma_u | .186611
sigma_e | .12549518
rho | .68858617 (fraction of variance due to u_i)
----------------------------------------------------------------------------------------
Kết quả hồi quy cột (5) Bảng 4.6
xtreg lev_mv relative_spread ln_sales fixed_assets profitability mtb tax_assets year_dummy* sic* if yhat != ., 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 = 4,408 Group variable: firmid Number of groups = 596
R-sq: Obs per group:
within = 0.2988 min = 1
between = 0.4352 avg = 7.4
overall = 0.4128 max = 10
F(15,595) = 37.95
corr(u_i, Xb) = 0.2189 Prob > F = 0.0000
(Std. Err. adjusted for 596 clusters in firmid)
---------------------------------------------------------------------------------
| Robust
lev_mv | Coef. Std. Err. t P>|t| [95% Conf. Interval]
----------------+---------------------------------------------------------------- relative_spread | 1.089544 .1934723 5.63 0.000 .7095729 1.469516
ln_sales | .0612756 .0094263 6.50 0.000 .0427628 .0797884
fixed_assets | .1591804 .0530437 3.00 0.003 .0550047 .2633561
profitability | -.4444521 .0868562 -5.12 0.000 -.6150341 -.2738701
mtb | -.0591788 .0069064 -8.57 0.000 -.0727427 -.0456148
tax_assets | -2.987939 .425157 -7.03 0.000 -3.82293 -2.152948
year_dummy1 | .0072438 .0163379 0.44 0.658 -.0248432 .0393307
year_dummy2 | .0105063 .0138893 0.76 0.450 -.0167717 .0377843
year_dummy3 | .0696469 .0133132 5.23 0.000 .0435003 .0957934
year_dummy4 | .0624667 .012255 5.10 0.000 .0383984 .086535
year_dummy5 | .0337655 .0104785 3.22 0.001 .0131862 .0543448
year_dummy6 | .0083848 .0092492 0.91 0.365 -.0097802 .0265499
year_dummy7 | .008907 .0082219 1.08 0.279 -.0072405 .0250545
year_dummy8 | .0127349 .0067523 1.89 0.060 -.0005264 .0259962
year_dummy9 | .0032009 .0051565 0.62 0.535 -.0069262 .0133281
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 | -.2055945 .101117 -2.03 0.042 -.4041842 -.0070048
----------------+----------------------------------------------------------------
sigma_u | .18779465
sigma_e | .12501813
rho | .69291456 (fraction of variance due to u_i)
---------------------------------------------------------------------------------
Kết quả hồi quy cột (6) Bảng 4.6
xtreg lev_mv zeros_local ln_sales fixed_assets profitability mtb tax_assets year_dummy* sic* if yhat != ., 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 = | 4,405 | |
Group variable: firmid | Number of groups = | 585 |
R-sq: within = 0.2871 | Obs per group: min = | 1 |
between = 0.4339 | avg = | 7.5 |
overall = 0.4079 | max = | 10 |
F(15,584) = | 38.11 | |
corr(u_i, Xb) = 0.2016 | Prob > F = | 0.0000 |
(Std. Err. adjusted for 585 clusters in firmid)
-------------------------------------------------------------------------------
| Robust
lev_mv | Coef. Std. Err. t P>|t| [95% Conf. Interval]
--------------+---------------------------------------------------------------- zeros_local | .7621999 .2412985 3.16 0.002 .2882814 1.236118
ln_sales | .0556675 .0093831 5.93 0.000 .0372388 .0740963
fixed_assets | .1636994 .0531565 3.08 0.002 .0592983 .2681005
profitability | -.4672896 .0872038 -5.36 0.000 -.6385608 -.2960184
mtb | -.0606948 .0068339 -8.88 0.000 -.0741168 -.0472729
tax_assets | -3.046438 .4274109 -7.13 0.000 -3.885887 -2.206988
year_dummy1 | -.0154883 .0155743 -0.99 0.320 -.0460769 .0151002
year_dummy2 | -.011084 .0127672 -0.87 0.386 -.0361592 .0139912
year_dummy3 | .0609113 .0130325 4.67 0.000 .035315 .0865077
year_dummy4 | .0509964 .011952 4.27 0.000 .0275222 .0744706
year_dummy5 | .027168 .0103757 2.62 0.009 .0067897 .0475464
year_dummy6 | .0000157 .0089422 0.00 0.999 -.017547 .0175784
year_dummy7 | .0013684 .0081804 0.17 0.867 -.0146982 .017435
year_dummy8 | .0046756 .0065576 0.71 0.476 -.0082037 .0175549
year_dummy9 | -.0045404 .0048316 -0.94 0.348 -.0140297 .004949
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 | -.1005486 .0986476 -1.02 0.308 -.2942959 .0931986
--------------+----------------------------------------------------------------
sigma_u | .18841386
sigma_e | .12597862
rho | .69105529 (fraction of variance due to u_i)
-------------------------------------------------------------------------------