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PHỤ LỤC 1: BẢNG THỐNG KÊ MÔ TẢ BIẾN NGHIÊN CỨU

Variable

Obs	Mean	Std. Dev.	Min	Max
zscore	300	23.98102	11.48096	1.32173	62.19548
mp_i1	300	.0660692	.0255972	.04375	.1183333
mp_i2	300	.0854233	.024424	.06375	.1333333
cr	300	.1962818	.0859924	.0885	.3753
fxi	300	1.036094	.0333158	.9913957	1.09083
inf	300	.08424	.0690287	.0063	.2297
sm	300	.20431	.0542346	.12	.298
inc	300	.0176324	.0299349	.0005517	.3610977
gro	300	.0600761	.0052783	.0524737	.0681
lerner	300	.296084	.0839612	.0214135	.608538

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zscore	mp_i1	mp_i2	cr	fxi	inf	sm	inc	gro	lerner ins
zscore	1.0000
mp_i1	0.1203	1.0000
mp_i2	0.1222	0.9993	1.0000
cr	0.1430	-0.2086	-0.2082	1.0000
fxi	0.1461	0.4627	0.4488	0.4813	1.0000
inf	0.1978	0.8018	0.7976	0.1905	0.7298	1.0000
sm	0.0989	-0.1787	-0.1552	0.5685	0.0095	0.0182	1.0000
inc	0.0208	-0.0653	-0.0648	-0.0955	-0.1047	-0.0958	-0.0252	1.0000
gro	-0.1095	-0.3343	-0.3555	0.0328	0.0562	-0.2153	-0.4937	0.0116	1.0000
lerner	0.1612	0.1462	0.1485	0.5026	0.4026	0.3208	0.3448	-0.1788	-0.1120	1.0000
ins	0.1925	0.4753	0.4744	0.7025	0.5432	0.6008	0.3699	-0.1151	-0.2282	0.5134 1.0000

Dynamic panel-data estimation, two-step system GMM

Group variable: id

Number of obs	=	270
Time variable : nam	Number of groups	=	30
Number of instruments = 12	Obs per group: min	=	9
F(7, 29) = 97.10	avg	=	9.00
Prob > F = 0.000	max	=	9

zscore

Coef.	Std. Err.	t	P>\|t\|	[95% Conf.	Interval]
zscore
L1.	.7332959	.0349532	20.98	0.000	.6618084	.8047833
mp_i1	-77.6337	24.2307	-3.20	0.003	-127.191	-28.07635
lerner	-67.31281	15.25861	-4.41	0.000	-98.52016	-36.10546
inc	-5.837649	5.310698	-1.10	0.281	-16.69925	5.023949
gro	-4.069882	49.1818	-0.08	0.935	-104.658	96.5182
inf	17.60018	8.508213	2.07	0.048	.1989317	35.00143
ins	142.714	32.37464	4.41	0.000	76.50044	208.9276
_cons	-52.03248	15.46953	-3.36	0.002	-83.67123	-20.39373

Warning: Uncorrected two-step standard errors are unreliable.

Instruments for first differences equation Standard

D.(inc gro L.zscore ins)

GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/9).mp_i1 collapsed

Instruments for levels equation Standard

inc gro L.zscore ins

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed) D.mp_i1 collapsed

Arellano-Bond test for AR(1) in first differences: z = -3.76 Pr > z = 0.000 Arellano-Bond test for AR(2) in first differences: z = -0.79 Pr > z = 0.430

Sargan test of overid. restrictions: chi2(4) = 9.13 Prob > chi2 = 0.058 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(4) = 6.61 Prob > chi2 = 0.158 (Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets: iv(inc gro L.zscore ins)

Hansen test excluding group: chi2(1)

=	0.01	Prob >	chi2	=	0.943
Difference (null H = exogenous): chi2(3)	=	6.61	Prob >	chi2	=	0.085