có tính vững. Ngoài ra, có rất nhiều nghiên cứu khi đã sử dụng System GMM 2 bước thì chỉ báo cáo Hansen test p-value mà không báo cáo Sargan test p-value nữa; điển hình như nghiên cứu của Le và Ngo (2020), Nguyen, Tran và Ho (2021), Nguyen và Nguyen (2021).
Do luận án có tổng cộng 72 mô hình, việc trình bày hết tất cả mô hình (như 8 mô hình trên) sẽ khiến việc theo dõi gặp trở ngại. Chính vì vậy, từ mô hình 9 đến 72 chỉ trình bày câu lệnh và kết quả tổng hợp.
Đối với tỷ lệ nợ dài hạn trong mẫu tổng thể (mô hình 9 đến 16)
xtabond2 llev l.llev fmi size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.llev tang ptb roa,lag(5 .)) iv(size fmi gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
est store MH9
xtabond2 llev l.llev fma size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.llev tang ptb roa,lag(5 .)) iv(size fma gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
est store MH10
xtabond2 llev l.llev fmd size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.llev tang ptb roa,lag(5 .)) iv(size fmd gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
est store MH11
xtabond2 llev l.llev fme size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.llev tang ptb roa,lag(5 .)) iv(size fme gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
est store MH12
xtabond2 llev l.llev macap size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.llev tang ptb roa,lag(5 .)) iv(size macap gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
est store MH13
xtabond2 llev l.llev liq size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.llev tang ptb roa,lag(5 .)) iv(size liq gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
est store MH14
xtabond2 llev l.llev govbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.llev tang ptb roa,lag(5 .)) iv(size govbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
est store MH15
xtabond2 llev l.llev corpbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.llev tang ptb roa,lag(5 .)) iv(size corpbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
est store MH16
estout MH9 MH10 MH11 MH12 MH13 MH14 MH15 MH16, cells(b(star fmt(%9.3f)) se(par)) stats(r2_a N, fmt(%9.3f %9.0g) labels(R-squared)) legend label collabels(none) varlabels(_cons Constant)
Đối với tỷ lệ nợ ngắn hạn trong mẫu tổng thể (mô hình 17 đến 24)
xtabond2 slev l.slev fmi size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.slev tang ptb roa,lag(6 .)) iv(size fmi gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev fma size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.slev tang ptb roa,lag(6 .)) iv(size fma gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev fmd size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.slev tang ptb roa,lag(6 .)) iv(size fmd gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev fme size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.slev tang ptb roa,lag(6 .)) iv(size fme gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev macap size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.slev tang ptb roa,lag(6 .)) iv(size macap gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev liq size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.slev tang ptb roa,lag(6 .)) iv(size liq gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev govbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.slev tang ptb roa,lag(6 .)) iv(size govbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev corpbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7,gmm(l.slev tang ptb roa,lag(6 .)) iv(size corpbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
Đối với tỷ lệ tổng nợ trong nhóm GOV_LOW (mô hình 25 đến 32)
xtabond2 lev l.lev fmi size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.lev tang ptb roa,lag(7 .)) iv(size fmi gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev fma size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.lev tang ptb roa,lag(7 .)) iv(size fma gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev fmd size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.lev tang ptb roa,lag(7 .)) iv(size fmd gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev fme size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.lev tang ptb roa,lag(7 .)) iv(size fme gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev macap size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.lev tang ptb roa,lag(7 .)) iv(size macap gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev liq size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.lev tang ptb roa,lag(7 .)) iv(size liq gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev govbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.lev tang ptb roa,lag(7 .)) iv(size govbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev corpbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.lev tang ptb roa,lag(7 .)) iv(size corpbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
Đối với tỷ lệ nợ dài hạn trong nhóm GOV_LOW (mô hình 33 đến 40)
xtabond2 llev l.llev fmi size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size fmi gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev fma size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size fma gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev fmd size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size fmd gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev fme size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size fme gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev macap size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size macap gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev liq size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size liq gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev govbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size govbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev corpbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size corpbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
Đối với tỷ lệ nợ ngắn hạn trong nhóm GOV_LOW (mô hình 41 đến 48)
xtabond2 slev l.slev fmi size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.slev tang ptb roa,lag(6 .)) iv(size fmi gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev fma size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.slev tang ptb roa,lag(6 .)) iv(size fma gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev fmd size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.slev tang ptb roa,lag(6 .)) iv(size fmd gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev fme size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.slev tang ptb roa,lag(6 .)) iv(size fme gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev macap size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.slev tang ptb roa,lag(6 .)) iv(size macap gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev liq size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.slev tang ptb roa,lag(6 .)) iv(size liq gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev govbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.slev tang ptb roa,lag(6 .)) iv(size govbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev corpbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov<= -.0618477,gmm(l.slev tang ptb roa,lag(6 .)) iv(size corpbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
Đối với tỷ lệ tổng nợ trong nhóm GOV_HIGH (mô hình 49 đến 56)
xtabond2 lev l.lev fmi size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.lev tang ptb roa,lag(3 .)) iv(size fmi gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev fma size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.lev tang ptb roa,lag(3 .)) iv(size fma gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev fmd size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.lev tang ptb roa,lag(3 .)) iv(size fmd gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev fme size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.lev tang ptb roa,lag(3 .)) iv(size fme gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev macap size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.lev tang ptb roa,lag(3 .)) iv(size macap gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev liq size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.lev tang ptb roa,lag(3 .)) iv(size liq gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev govbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.lev tang ptb roa,lag(3 .)) iv(size govbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 lev l.lev corpbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.lev tang ptb roa,lag(3 .)) iv(size corpbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
Đối với tỷ lệ nợ dài hạn trong nhóm GOV_LOW (mô hình 57 đến 64)
xtabond2 llev l.llev fmi size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size fmi gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev fma size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size fma gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev fmd size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size fmd gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev fme size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size fme gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev macap size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size macap gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev liq size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size liq gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev govbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size govbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 llev l.llev corpbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.llev tang ptb roa,lag(7 .)) iv(size corpbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
Đối với tỷ lệ nợ ngắn hạn trong nhóm GOV_LOW (mô hình 65 đến 72)
xtabond2 slev l.slev fmi size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.slev tang ptb roa,lag(3 .)) iv(size fmi gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev fma size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.slev tang ptb roa,lag(3 .)) iv(size fma gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev fmd size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.slev tang ptb roa,lag(3 .)) iv(size fmd gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev fme size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.slev tang ptb roa,lag(3 .)) iv(size fme gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev macap size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.slev tang ptb roa,lag(3 .)) iv(size macap gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev liq size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.slev tang ptb roa,lag(3 .)) iv(size liq gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev govbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.slev tang ptb roa,lag(3 .)) iv(size govbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
xtabond2 slev l.slev corpbond size tang ptb roa gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 if gov> -.0618477,gmm(l.slev tang ptb roa,lag(3 .)) iv(size corpbond gdpgr inf ind1 ind2 ind3 ind4 ind5 ind6 ind7 ind8) two
MH10 | MH11 | MH12 | MH13 | MH14 | MH15 | MH16 | ||
L.llev | 0.738*** | 0.732*** | 0.727*** | 0.743*** | 0.709*** | 0.718*** | 0.724*** | 0.716*** |
(0.044) | (0.044) | (0.044) | (0.043) | (0.040) | (0.040) | (0.040) | (0.040) | |
fmi | -0.015* | |||||||
(0.007) | ||||||||
size | 0.009*** | 0.009*** | 0.009*** | 0.009*** | 0.009*** | 0.009*** | 0.009*** | 0.009*** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
tang | 0.026 | 0.025 | 0.027 | 0.026 | 0.018 | 0.018 | 0.017 | 0.016 |
(0.017) | (0.017) | (0.017) | (0.017) | (0.015) | (0.015) | (0.015) | (0.015) | |
ptb | 0.001 | 0.000 | 0.001 | 0.001 | -0.001 | -0.001 | -0.001 | -0.001 |
(0.002) | (0.002) | (0.002) | (0.002) | (0.001) | (0.001) | (0.001) | (0.001) | |
roa | -0.046 | -0.048 | -0.051 | -0.057 | -0.069 | -0.066 | -0.065 | -0.073 |
(0.047) | (0.046) | (0.046) | (0.047) | (0.041) | (0.041) | (0.041) | (0.041) | |
gdpgr | 0.054 | 0.082 | 0.067 | 0.083 | -0.027 | -0.037 | -0.036 | -0.033 |
(0.060) | (0.056) | (0.056) | (0.060) | (0.020) | (0.022) | (0.021) | (0.020) | |
inf | 0.025 | 0.037 | 0.021 | 0.050 | -0.008 | 0.013 | -0.008 | -0.003 |
(0.029) | (0.031) | (0.027) | (0.029) | (0.026) | (0.026) | (0.026) | (0.027) | |
ind1 | -0.036*** | -0.037*** | -0.038*** | -0.036*** | -0.041*** | -0.040*** | -0.040*** | -0.041*** |
(0.008) | (0.008) | (0.008) | (0.008) | (0.007) | (0.007) | (0.007) | (0.007) | |
ind2 | -0.030*** | -0.031*** | -0.032*** | -0.030*** | -0.033*** | -0.032*** | -0.031*** | -0.032*** |
(0.008) | (0.008) | (0.008) | (0.008) | (0.007) | (0.007) | (0.007) | (0.007) | |
ind3 | -0.037*** | -0.038*** | -0.039*** | -0.037*** | -0.040*** | -0.039*** | -0.038*** | -0.038*** |
(0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.007) | |
ind4 | -0.028*** | -0.028*** | -0.029*** | -0.027*** | -0.029*** | -0.028*** | -0.028*** | -0.029*** |
(0.008) | (0.007) | (0.008) | (0.007) | (0.007) | (0.007) | (0.007) | (0.007) | |
ind5 | -0.034*** | -0.034*** | -0.035*** | -0.033*** | -0.035*** | -0.034*** | -0.034*** | -0.034*** |
(0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.008) | |
ind6 | -0.027*** | -0.028*** | -0.028*** | -0.026*** | -0.031*** | -0.030*** | -0.030*** | -0.030*** |
(0.008) | (0.007) | (0.008) | (0.007) | (0.007) | (0.007) | (0.007) | (0.007) | |
ind7 | -0.028*** | -0.028*** | -0.028*** | -0.028*** | -0.031*** | -0.031*** | -0.030*** | -0.030*** |
(0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.008) | (0.008) | |
fma | -0.022 | |||||||
(0.013) | ||||||||
fmd | -0.011* | |||||||
(0.005) | ||||||||
fme | -0.003 | |||||||
(0.003) | ||||||||
macap | -0.010*** | |||||||
(0.002) | ||||||||
liq | -0.007* | |||||||
(0.004) | ||||||||
govbond | -0.015** | |||||||
(0.005) | ||||||||
corpbond | -0.020*** | |||||||
(0.005) | ||||||||
Constant | -0.110*** | -0.107*** | -0.119*** | -0.117*** | -0.103*** | -0.103*** | -0.097*** | -0.102*** |
(0.024) | (0.027) | (0.024) | (0.025) | (0.021) | (0.021) | (0.020) | (0.021) | |
R-squared | ||||||||
N | 14085 | 14085 | 14085 | 14085 | 16017 | 16017 | 16017 | 16017 |
Có thể bạn quan tâm!
-
Thống Kê Số Lượng Doanh Nghiệp Tại Các Quốc Gia Mỗi Năm -
Một Số Biến Đặc Điểm Doanh Nghiệp Được Sử Dụng Phổ Biến -
Tác động của sự phát triển thị trường tài chính đến cấu trúc vốn doanh nghiệp niêm yết trong Cộng đồng Kinh tế ASEAN - 28 -
Phương Pháp Ols, Fem, Rem, Gls Và Các Kiểm Định Mô Hình -
Tác động của sự phát triển thị trường tài chính đến cấu trúc vốn doanh nghiệp niêm yết trong Cộng đồng Kinh tế ASEAN - 31 -
Tác động của sự phát triển thị trường tài chính đến cấu trúc vốn doanh nghiệp niêm yết trong Cộng đồng Kinh tế ASEAN - 32
Xem toàn bộ 262 trang tài liệu này.
* p<0.05, ** p<0.01, *** p<0.001
MH17 | MH18 | MH19 | MH20 | MH21 | MH22 | MH23 | MH24 | |
L.slev | 0.921*** | 0.921*** | 0.914*** | 0.923*** | 0.852*** | 0.864*** | 0.857*** | 0.853*** |
(0.049) | (0.049) | (0.051) | (0.047) | (0.042) | (0.040) | (0.042) | (0.043) | |
fmi | 0.011 | |||||||
size | (0.006) 0.003*** | 0.003*** | 0.003*** | 0.003*** | 0.003*** | 0.002*** | 0.003*** | 0.003*** |
(0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | (0.001) | |
tang | 0.017 | 0.019 | 0.017 | 0.017 | -0.003 | -0.001 | -0.002 | -0.003 |
(0.021) | (0.021) | (0.021) | (0.021) | (0.018) | (0.018) | (0.018) | (0.018) | |
ptb | 0.002 | 0.002 | 0.002 | 0.002 | -0.001 | -0.001 | -0.001 | -0.001 |
(0.002) | (0.002) | (0.002) | (0.002) | (0.002) | (0.002) | (0.002) | (0.002) | |
roa | -0.160* | -0.162** | -0.155* | -0.164** | -0.129* | -0.128* | -0.130* | -0.133* |
(0.062) | (0.062) | (0.062) | (0.063) | (0.058) | (0.059) | (0.059) | (0.059) | |
gdpgr | 0.098 | 0.079 | 0.058 | 0.141 | -0.000 | 0.006 | -0.003 | -0.003 |
(0.082) | (0.075) | (0.077) | (0.084) | (0.024) | (0.027) | (0.025) | (0.024) | |
inf | 0.160*** | 0.158*** | 0.120** | 0.157*** | 0.088* | 0.128*** | 0.105** | 0.097** |
(0.039) | (0.039) | (0.037) | (0.035) | (0.035) | (0.035) | (0.035) | (0.035) | |
ind1 | 0.013* | 0.013* | 0.013* | 0.013* | 0.013* | 0.012* | 0.012* | 0.013* |
(0.006) | (0.006) | (0.006) | (0.006) | (0.005) | (0.005) | (0.005) | (0.005) | |
ind2 | 0.008 | 0.008 | 0.008 | 0.008 | 0.009* | 0.008 | 0.008* | 0.009* |
(0.005) | (0.005) | (0.005) | (0.005) | (0.004) | (0.004) | (0.004) | (0.004) | |
ind3 | 0.009* | 0.008 | 0.009* | 0.010* | 0.012** | 0.011** | 0.012** | 0.012** |
(0.004) | (0.004) | (0.004) | (0.004) | (0.004) | (0.004) | (0.004) | (0.004) | |
ind4 | 0.004 | 0.003 | 0.003 | 0.004 | 0.005 | 0.006 | 0.005 | 0.005 |
(0.004) | (0.004) | (0.004) | (0.004) | (0.004) | (0.004) | (0.004) | (0.004) | |
ind5 | 0.007 | 0.007 | 0.007 | 0.007 | 0.010* | 0.009* | 0.010* | 0.010* |
(0.004) | (0.004) | (0.004) | (0.004) | (0.004) | (0.004) | (0.004) | (0.004) | |
ind6 | 0.011* | 0.011* | 0.011* | 0.012* | 0.009 | 0.008 | 0.009 | 0.009* |
(0.005) | (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | |
ind7 | 0.007 | 0.006 | 0.007 | 0.008 | 0.004 | 0.003 | 0.004 | 0.004 |
(0.006) | (0.006) | (0.006) | (0.006) | (0.005) | (0.005) | (0.005) | (0.005) | |
fma | 0.022 | |||||||
fmd | (0.016) | -0.006 | ||||||
fme | (0.005) | 0.014** | ||||||
macap | (0.005) | -0.008** | ||||||
liq | (0.003) | 0.003 | ||||||
govbond | (0.004) | -0.006 | ||||||
corpbond | (0.005) | -0.014* | ||||||
(0.006) | ||||||||
Constant | -0.074** | -0.081** | -0.063** | -0.081*** | -0.031 | -0.035* | -0.032 | -0.033 |
(0.024) | (0.027) | (0.022) | (0.022) | (0.018) | (0.017) | (0.018) | (0.018) | |
R-squared N | 14085 | 14085 | 14085 | 14085 | 16017 | 16017 | 16017 | 16017 |
* p<0.05, ** p<0.01, *** p<0.001