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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

Fixed-effects (within) regression

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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(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

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

Fixed-effects (within) regression

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

Linear regression

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)

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

lev_mv |

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

Fixed-effects (within) regression

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

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

Fixed-effects (within) regression

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)

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