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APPENDIX
Appendix 1: List of commercial banks selected for research
STT | Bank name | Symbol | Charter capital (billion VND) |
first | Bank for Agriculture and Rural Development of Vietnam | AGR | 29,605 |
2 | Joint Stock Commercial Bank for Foreign Trade of Vietnam | VCB | 35,978 |
3 | Joint Stock Commercial Bank for Industry and Trade of Vietnam | CTG | 37.234 |
4 | Vietnam Prosperity Joint Stock Commercial Bank | VPB | 15,706 |
5 | Joint Stock Commercial Bank for Investment and Development of Vietnam | BIDV | 34.187 |
6 | Asia Commercial Joint Stock Bank | ACB | 11.259 |
7 | Vietnam Export Import Commercial Joint Stock Bank | EIB | 12,355 |
8 | Vietnam Maritime Commercial Joint Stock Bank | MSB | 11,750 |
9 | Vietnam Technological and Commercial Joint Stock Bank | TCB | 34,966 |
ten | Saigon Industrial and Commercial Joint Stock Bank | SGB | 3.080 |
11 | Orient Commercial Joint Stock Bank | OCB | 5,000 won |
twelfth | International Commercial Joint Stock Bank | VIB | 5.644 |
13 | Ho Chi Minh City Housing Development Commercial Joint Stock Bank | HDB | 9,810 |
14 | South Asia Commercial Joint Stock Bank | NAB | 3.021 |
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Ownership structure and business performance of Vietnamese commercial banks - 5
STT | Bank name | Symbol | Charter capital (billion VND) |
15 | Joint Stock Commercial Bank Southeast Asia Bank | SeAB | 5.466 |
16 | Joint Stock Commercial Bank An Binh Bank | ABB | 5.319 |
17 | Saigon Thuong Tin Commercial Joint Stock Bank | STB | 18,853 |
18 | Military Commercial Joint Stock Bank | MBB | 18,155 |
19 | National Commercial Joint Stock Bank | NCB | 3.010 |
20 | Petrolimex Petroleum Commercial Joint Stock Bank | PG Bank | 3,000 won |
21 | Saigon-Hanoi Commercial Joint Stock Bank | SHB | 12,036 |
22 | Lien Viet Post Commercial Joint Stock Bank | LPB | 6,460 |
23 | Joint Stock Commercial Bank Tien Phong Bank | TPB | 6.718 |
24 | Bao Viet Commercial Joint Stock Bank | BVB | 3,500 |
25 | Saigon Commercial Joint Stock Bank | SCB | 14,295 |
26 | Joint Stock Commercial Bank Bac A Bank | BAB | 5.462 |
27 | Indovina Bank Ltd | INDO | 165 million won USD |
28 | Public Bank Vietnam | VID | 3,000 won |
29 | Commercial Siam bank in Vietnam | SIAM | Thailand |
30 | HSBC Bank (Vietnam) Ltd. | HSBC | 7.528 |
Source: Author's compilation
Variable | Obs Mean Std. Dev. Min Max
-------------+------------------------------------------------------- --------------------
ROA | | | 443 | 1.078758 | 1.168033 | -9.378 | 7.5 |
GOE | | | 443 | 13.56787 | 33.02558 | 0 | 100 |
FOE | | | 443 | 14.32707 | 21,97428 | 0 | 100 |
IOE | | | 443 | 39.51737 | 31.10862 | 0 | 97.45 |
INF | | | 443 | 7.642957 | 5.437313 | .6 | 19.9 |
-------------+------------------------------------------------------- --------------------
GDP | | | 443 | 6.651129 | 1.05083 | 5.03 | 8.48 |
LOD | | | 443 | .9236995 | .3083398 | .0008071 | 2.432482 |
LOE | | | 443 | 6.639658 | 15.58025 | .0025763 | 252.0612 |
Source: Author collects, synthesizes, calculates on Stata 13 . software
Source | SS df MS Number of obs = 443
------------+--------------------------------------- F( 7, 435) = 7.12
Model | 62.0243093 7 8.86061561 Prob > F = 0.0000
Residual | 540,99662 435 1.24367039 R-squared = 0.1029
-------------+--------------------------------------- Adj R-squared = 0.0884
Total | 603.020929 442 1.36430074 Root MSE = 1.1152
--------------------------------------------------- ----------------------------
ROA | Coef. Std. Err. t
|t| [95% Conf. Interval]
-------------+------------------------------------------------ ----------------------------
GOE | | | -.0061361 | .0022288 | -2.75 | 0.006 | -.0105168 | -.0017555 |
FOE | | | -.0029135 | .0030603 | -0.95 | 0.342 | -.0089283 | .0031013 |
IOE | | | -.001461 | .0024584 | -0.59 | 0.553 | -.0062927 | .0033708 |
INF | | | .0441076 | .0098771 | 4.47 | 0.000 | .0246948 | .0635203 |
GDP | | | .1957689 | .0516128 | 3.79 | 0.000 | .0943275 | .2972103 |
LOD | | | -.2229768 | .1783131 | -1.25 | 0.212 | -.5734392 | .1274856 |
LOE | | | -.0055924 | .0036078 | -1.55 | 0.122 | -.0126833 | .0014986 |
_cons | | | -.1346136 | .395774 | -0.34 | 0.734 | -.9124806 | .6432535 |
--------------------------------------------------- ----------------------------
Source: Author collects, synthesizes and analyzes on Stata 13 . software
(obs=443)
| ROA GOE FOE IOE INF GDP LOD LOE
-------------+------------------------------------------------ ------------------------------------
ROA | | 1,000 yen | |||||||
GOE | | -0.1531 | 1,000 yen | ||||||
FOE | | -0.0281 | -0.1944 | 1,000 yen | |||||
IOE | | 0.0905 | -0.5059 | -0.4010 | 1,000 yen | ||||
INF | | 0.2014 | 0.0141 | -0.0453 | 0.0069 | 1,000 yen | |||
GDP | | 0.1603 | 0.0439 | -0.1126 | 0.0475 | 0.0186 | 1,000 yen | ||
LOD | | -0.0066 | -0.0158 | -0.0057 | -0.0345 | 0.1424 | 0.1611 | 1,000 yen | |
LOE | | -0.1113 | 0.2888 | -0.0828 | -0.1056 | -0.0187 | 0.0926 | 0.1306 | 1,000 yen |
Source: Author collects, synthesizes, calculates on Stata 13 . software
Variable | VIF 1/VIF
-------------+----------------------------
IOE | | | 2.08 | 0.481093 |
GOE | | | 1.93 | 0.519309 |
FOE | | | 1.61 | 0.622197 |
LOE | | | 1.12 | 0.890522 |
LOD | | | 1.07 | 0.930802 |
GDP | | | 1.05 | 0.956541 |
INF | | | 1.03 | 0.975567 |
-------------+----------------------------
Mean VIF | 1.41
Source: Author collects, synthesizes, calculates on Stata 13 . software
overall = 0.0826 max = 16
Wald chi2(7) | = | 49.66 | ||
corr(u_i, X) | = 0 (assumed) | Prob > chi2 | = | 0.0000 |
--------------------------------------------------- ----------------------------
ROA | Coef. Std. Err. z
|z| [95% Conf. Interval]
-------------+------------------------------------------------ ----------------------------
GOE | | | -.0077201 | .0036628 | -2.11 | 0.035 | -.014899 | -.0005412 |
FOE | | | -.0038417 | .0044668 | -0.86 | 0.390 | -.0125965 | .0049131 |
IOE | | | -.003261 | .0036955 | -0.88 | 0.378 | -.0105041 | .0039822 |
INF | | | .04065 | .0091292 | 4.45 | 0.000 | .0227572 | .0585428 |
GDP | | | .1800536 | .0485316 | 3.71 | 0.000 | .0849334 | .2751739 |
LOD | | | .3344323 | .2032675 | 1.65 | 0.100 | -.0639647 | .7328293 |
LOE | | | -.0049379 | .0034811 | -1.42 | 0.156 | -.0117607 | .0018849 |
_cons | | | -.4124001 | .4237042 | -0.97 | 0.330 | -1.242845 | .4180448 |
-------------+------------------------------------------------ ----------------------------
sigma_u | | | .4406805 | |
sigma_e | | | 1.0072008 | |
rho | | | .1606742 | (fraction of variance due to u_i) |
Source: Author collects, synthesizes and analyzes on Stata 13 . software
max | = | 16 | |
F(7,406) | = | 8.58 | |
Prob > F | = | 0.0000 |
overall = 0.0537
corr(u_i, Xb) = -0.7007
--------------------------------------------------- ----------------------------
ROA | Coef. Std. Err. t
|t| [95% Conf. Interval]
-------------+------------------------------------------------ ----------------------------
GOE | | | -.026821 | .0143622 | -1.87 | 0.063 | -.0550545 | .0014125 |
FOE | | | -.0140063 | .0076788 | -1.82 | 0.069 | -.0291014 | .0010889 |
IOE | | | -.0078057 | .0059725 | -1.31 | 0.192 | -.0195467 | .0039353 |
INF | | | .038087 | .0090977 | 4.19 | 0.000 | .0202025 | .0559716 |
GDP | | | .1672888 | .049977 | 3.35 | 0.001 | .0690428 | .2655348 |
LOD | | | .7090213 | .2249466 | 3.15 | 0.002 | .2668158 | 1.151227 |
LOE | | | -.0048847 | .0034879 | -1.40 | 0.162 | -.0117413 | .001972 |
_cons | | | -.0744557 | .5335636 | -0.14 | 0.889 | -1.123348 | .9744365 |
-------------+------------------------------------------------ ----------------------------
sigma_u | | | .87556927 | |
sigma_e | | | 1.0072008 | |
rho | | | .43042633 | (fraction of variance due to u_i) |
--------------------------------------------------- ----------------------------
F test that all u_i=0: F(29, 406) = 4.39 Prob > F = 0.0000
Source: Author collects, synthesizes and analyzes on Stata 13 . software
Appendix 8: Hausman test results
---- Coefficients ----
| | (b) | (B) | (bB) | sqrt(diag(V_b-V_B)) |
| | FEM | REM | Difference | SE |
-------------+------------------------------------------------ ----------------------------
GOE | | | -.026821 | -.0077201 | -.01191009 | .0138873 |
FOE | | | -.0140063 | -.0038417 | -.0101646 | .0062459 |
IOE | | | -.0078057 | -.003261 | -.0045447 | .0046919 |
INF | | | .038087 | .04065 | -.002563 | . |
GDP | | | .1672888 | .1800536 | -.0127648 | .0119324 |
LOD | | | .7090213 | .3344323 | .374589 | .0963499 |
LOE | | | -.0048847 | -.0049379 | .0000533 | .0002187 |
--------------------------------------------------- ----------------------------
b = consistently under Ho and Ha; obtained from xtreg B = inconsistent under Ha, efficient under Ho; obtained from xtreg
Test: Ho: difference in coefficients not systematic chi2(7) = (bB)'[(V_b-V_B)^(-1)](bB)
= 27.88
Prob>chi2 = 0.0002
(V_b-V_B is not positive definite)
Source: Author collects, synthesizes and analyzes on Stata 13 . software
Appendix 9: Results of test of variance
Modified Wald test for groupwise heteroskedasticity in fixed effect regression model
H0: sigma(i)^2 = sigma^2 for all i chi2 (30) = 7283.41
Prob>chi2 = 0.0000
Source: Author collects, synthesizes and analyzes on Stata 13 . software
Appendix 10: Autocorrelation test results
Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation
F( 1.29) = 38,952
Prob > F = 0.0000
Source: Author collects, synthesizes and analyzes on Stata 13 . software
Appendix 11: Regression results by GLS method and handling of variable variance, autocorrelation treatment
Cross-sectional time-series FGLS regression Coefficients: generalized least squares Panels: heteroskedastic
Correlation: common AR(1) coefficient for all panels (0.4938)
Estimated covariances = 30 Number of obs = 443
Estimated autocorrelations = 1 Number of groups = 30
Estimated coefficients = 8 Obs per group: min = 7
avg = 14.76667
max = 16
Wald chi2(7) = 46.32
Prob > chi2 = 0.0000
--------------------------------------------------- ----------------------------
ROA | Coef. Std. Err. z
|z| [95% Conf. Interval]
-------------+------------------------------------------------ ----------------------------
GOE | | | -.0040306 | .0014428 | -2.79 | 0.005 | -.0068585 | -.0012028 |
FOE | | | .0064173 | .002898 | 2.21 | 0.027 | .0007374 | .0120973 |
IOE | | | -.0011928 | .0019061 | -0.63 | 0.531 | -.0049288 | .0025431 |
INF | | | .0083881 | .0044532 | 1.88 | 0.060 | -.00034 | .0171163 |
GDP | | | .0721791 | .0274803 | 2.63 | 0.009 | .0183188 | .1260395 |
LOD | | | .2750988 | .1293166 | 2.13 | 0.033 | .021643 | .5285546 |
LOE | | | -.0044765 | .0029638 | -1.51 | 0.131 | -.0102853 | .0013324 |
_cons | | | .3227337 | .244498 | 1.32 | 0.187 | -.15644737 | .801941 |
--------------------------------------------------- ----------------------------
Source: Author collects, synthesizes and analyzes on Stata 13 . software
Appendix 12: Summary of regression results
--------------------------------------------------- --------------------------
Pooled REM FEM GLS
--------------------------------------------------- --------------------------
GOE | -0.00614*** | -0.0268* | -0.00772** | -0.00403*** |
[-2.75] | [-1.87] | [-2.11] | [-2.79] | |
FOE | -0.00291 | -0.0140* | -0.00384 | 0.00642** |
[-0.95] | [-1.82] | [-0.86] | [2.21] | |
IOE | -0.00146 | -0.00781 | -0.00326 | -0.00119 |
[-0.59] | [-1.31] | [-0.88] | [-0.63] | |
INF | 0.0441*** | 0.0381*** | 0.0407*** | 0.00839* |
[4.47] | [4.19] | [4.45] | [1.88] | |
GDP | 0.196*** | 0.167*** | 0.180*** | 0.0722*** |
[3.79] | [3.35] | [3.71] | [2.63] | |
LOD | -0.223 | 0.709*** | 0.334* | 0.275** |
[-1.25] | [3.15] | [1.65] | [2.13] | |
LOE | -0.00559 | -0.00488 | -0.00494 | -0.00448 |
[-1.55] | [-1.40] | [-1.42] | [-1.51] | |
_cons | -0.135 | -0.0745 | -0.412 | 0.323 |
[-0.34] | [-0.14] | [-0.97] | [1.32] | |
--------------------------------------------------- -------------------------- | ||||
WOMEN | 443 | 443 | 443 | 443 |
R-sq | 0.103 | 0.129 | ||
--------------------------------------------------- --------------------------
t statistics in brackets
* p<0.1, **p<0.05, ***p<0.01
Source: Author collects, synthesizes and analyzes on Stata 13 . software