ACKNOWLEDGEMENT I owe a deep sense of gratitude to all those who made me able to write this report I would like to thank the staff of Advanced Education Program, NEU for their precious help and relentless effort in allowing me to access research data It is my privilege to thank all the staff at Cong ty xay dung phat trien nha Joint Stock Company for helping me experience this happy three-month internship, especially my internship guide Mr Nguyen Anh Hao for taking good care of me More importantly, it is a genuine pleasure to express my deepest sense of thank and gratitude to my supervisor PhD Le Duc Hoang, whose dedication, encouragement, and support gave me a lot of strength and advice to complete this report i TABLE OF CONTENTS ACKNOWLEDGEMENT i TABLE OF CONTENTS ii STATUTORY DECLARATION .v ABBREVIATIONS vi LIST OF FIGURES vii LIST OF TABLES x EXECUTIVE SUMMARY xiii INTRODUCTION .1 Rationale .1 Research objectives Research question Research methodology Research scope and scale Research structure Literature review 7.1 International research papers 7.2 Vietnamese research papers CHAPTER 1: THEORETICAL FRAMEWORK AND DETERMINANTS OF CAPITAL STRUCTURE 1.1 Basis concepts of Capital Structure 1.1.1 Definition of Capital Structure 1.1.2 Theories of Capital Structure .6 1.1.2.1 Modigliani-Miller Theorem (MM) .6 1.1.2.2 Trade-off Theory of Capital Structure 10 1.1.2.3 Agency Theory of Capital Structure 12 1.1.2.4 Pecking Oder Theory 18 ii 1.2 Determinants of Capital Structure 19 1.2.1 Firm size 21 1.2.2 Tangibility 22 1.2.3 Growth opportunity 23 1.2.4 Liquidity 24 1.2.5 Market index .24 1.2.6 Corporate tax 25 1.2.7 Profitability .26 1.2.8 Non-debt tax shield 26 CHAPTER 2: REAL SITUATION OF CAPITAL STRUCTURE OF THE CONSTRUCTION INDUSTRY IN VIETNAM 28 2.1 Overview of the Construction Industry in Vietnam 28 2.2 Determinants of Capital Structure of the Construction Enterprises in Vietnam 30 2.2.1 Methods and Data .30 2.2.2 Data collection and Correlation matrix of the sample .33 2.2.3 Results of regression analysis 37 2.2.3.1 Debt to Asset model 37 2.2.3.2 Long-term Debt to Asset model 40 2.2.3.3 Debt to Equity model 43 2.2.3.4 Long-term Debt to Equity model 44 CHAPTER 3: RESEARCH OUTCOME 46 AND RECOMMENDATIONS .46 3.1 Research outcome 46 3.2 Development and Orientation 47 3.2.1 Opportunities 47 3.2.2 Challenges 48 3.3 Recommendations for the authorities 48 iii 3.4 Solutions for firms in the industry 49 CONCLUSION .51 REFERENCES 52 APPENDIX .58 iv STATUTORY DECLARATION I herewith formally declare that I myself have written the submitted Bachelor’s Thesis independently I did not use any outside support except for the quoted literature and other sources mentioned at the end of this paper Hanoi, 31/5/2016 v ABBREVIATIONS FDI: Foreign Direct Investment FTA: Free Trade Agreement FEM: Fixed Effect Model HNX: Hanoi Stock Exchange HOSE: Hochiminh Stock Exchange MM: Modigliani-Miller theorem REM: Random Effect Model TPP: Trans-Pacific Partnership WACC: Weighted Average Cost of Capital vi LIST OF FIGURES ACKNOWLEDGEMENT i TABLE OF CONTENTS ii STATUTORY DECLARATION .v ABBREVIATIONS vi LIST OF FIGURES vii LIST OF TABLES x EXECUTIVE SUMMARY xiii INTRODUCTION .1 Rationale .1 Research objectives Research question Research methodology Research scope and scale Research structure Literature review 7.1 International research papers 7.2 Vietnamese research papers CHAPTER 1: THEORETICAL FRAMEWORK AND DETERMINANTS OF CAPITAL STRUCTURE 1.1 Basis concepts of Capital Structure 1.1.1 Definition of Capital Structure 1.1.2 Theories of Capital Structure .6 1.1.2.1 Modigliani-Miller Theorem (MM) .6 MM’s Capital Structure Irrelevance Proposition Modigliani and Miller's Tradeoff Theory of Leverage vii 1.1.2.2 Trade-off Theory of Capital Structure 10 1.1.2.3 Agency Theory of Capital Structure 12 1.1.2.4 Pecking Oder Theory 18 1.2 Determinants of Capital Structure 19 1.2.1 Firm size 21 1.2.2 Tangibility 22 1.2.3 Growth opportunity 23 1.2.4 Liquidity 24 1.2.5 Market index .24 1.2.6 Corporate tax 25 1.2.7 Profitability .26 1.2.8 Non-debt tax shield 26 CHAPTER 2: REAL SITUATION OF CAPITAL STRUCTURE OF THE CONSTRUCTION INDUSTRY IN VIETNAM 28 2.1 Overview of the Construction Industry in Vietnam 28 2.2 Determinants of Capital Structure of the Construction Enterprises in Vietnam 30 2.2.1 Methods and Data .30 2.2.2 Data collection and Correlation matrix of the sample .33 2.2.3 Results of regression analysis 37 2.2.3.1 Debt to Asset model 37 Empirical results 38 Durbin-Watson tests of the models 40 2.2.3.2 Long-term Debt to Asset model 40 Empirical results 41 Durbin-Watson tests of the models 43 2.2.3.3 Debt to Equity model 43 viii Empirical results 43 Durbin-Watson tests of the models 44 2.2.3.4 Long-term Debt to Equity model 44 Empirical results 44 Durbin-Watson tests of the models 45 CHAPTER 3: RESEARCH OUTCOME 46 AND RECOMMENDATIONS .46 3.1 Research outcome 46 3.2 Development and Orientation 47 3.2.1 Opportunities 47 3.2.2 Challenges 48 3.3 Recommendations for the authorities 48 3.4 Solutions for firms in the industry 49 CONCLUSION .51 REFERENCES 52 APPENDIX .58 ix LIST OF TABLES ACKNOWLEDGEMENT i TABLE OF CONTENTS ii STATUTORY DECLARATION .v ABBREVIATIONS vi LIST OF FIGURES vii LIST OF TABLES x EXECUTIVE SUMMARY xiii INTRODUCTION .1 Rationale .1 Research objectives Research question Research methodology Research scope and scale Research structure Literature review 7.1 International research papers 7.2 Vietnamese research papers CHAPTER 1: THEORETICAL FRAMEWORK AND DETERMINANTS OF CAPITAL STRUCTURE 1.1 Basis concepts of Capital Structure 1.1.1 Definition of Capital Structure 1.1.2 Theories of Capital Structure .6 1.1.2.1 Modigliani-Miller Theorem (MM) .6 MM’s Capital Structure Irrelevance Proposition Modigliani and Miller's Tradeoff Theory of Leverage 1.1.2.2 Trade-off Theory of Capital Structure 10 x CONCLUSION Capital structure plays a driving force of firm success Hence, finding the optimal leverage ratio to maximize firm value is still a contentious issue to any manager Importantly, 2016 is expected to have tremendous change to construction industry, as Trans-Pacific Partnership is signed, urbanization rate keeps soaring, and new housing law is taken effect, attracting foreign investment stream into Vietnam Local firms not only face opportunities but also challenges in the more competitive market In this study, the fixed effect and random effect method are used to regress the panel data of 55 listed construction companies on the HOSE and HNX In conclusion, it is found out that there are six determinants, which are firm’s size, growth opportunity, tangibility, liquidity, non-debt tax shield and profitability have strong impacts on capital structure Firm’s size, growth opportunity, tangibility, and liquidity determinants reveal positive relation with leverage ratios The study indicates that larger firms, firms with higher tangibility, liquidity, and growth opportunity tend to use more debt to finance, but smaller firms would like to have lower debt proportion in capital structure On the contrary, firms with high profitability and non-debt tax shield would consume less debt in the capital structure The result indicates negative impacts of the capital structure or leverage ratio on profitability, suggesting that firms with high profit will less likely to borrow external funds Given that, construction companies are supposed to have a good opportunity of development in 2016 if they find out the optimal strategies in capital structure to maximize the efficiency in the context of globalization and world’s economic integration Optimal capital structure will bring a great competitive advantage that the firms can get Due to the limit of time, the deficiency and data limitation are unavoidable However, I hope that this study somehow gives an understanding of capital structure determinants of constructions companies in Vietnam and some recommendations of how to operate more 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(2011) Debt structure for Malaysian construction companies: Evidence from panel data analysis International Journal of Economics and Management Sciences, Vol 1, No 3, pp 01-07 Zaleha and Nurul (2011) The Determinants of Capital Structure: A Study on the Construction Companies in Malaysia Research paper, University Teknologi Mata, Malaysia Zeitun R and Tian, G G (2007) Capital Structure and Corporate performance: Evidence from Jordan Australasian Accounting, Business and Finance Journal, Vol 1, Issue 4, article 57 APPENDIX Figure A1: Hausman test (DA model) Source: Authors’ calculation Figure A.2: Hausman Test (LDA model) Source: Authors’ calculation 58 Figure A.3: Hausman Test (DE model) Source: Authors’ calculation Figure A.4: Hausman Test (LDE model) Source: Authors’ calculation 59 Table A.5: Financial Ratios of Listed Construction Companies Company year B82 2012 B82 B82 2013 2014 C92 2012 C92 2013 C92 2014 CID 2012 CID 2013 DA LDA TANG LOGSIZE 0.863 0.0127 0.1092 11.5200 0.8876 0.0097 0.1203 11.6210 0.9098 0.0207 0.1128 11.6920 0.843 0.0712 0.1617 11.3340 0.831 0.1607 0.1209 11.3680 0.753 0.143 0.1112 11.4050 0.541 0.073 0.2710 10.4740 0.5650 0.0601 0.2909 10.4010 PROF GROWTH MARKET TAX NTS LIQUID DE LDE 0.0190 0.1284 0.1821 0.2046 0.0851 1.0167 6.3161 0.0930 0.0211 0.0090 0.2605 0.1770 0.2062 0.0815 0.0265 0.0203 0.1821 0.1981 0.0878 0.7738 7.8989 0.0861 0.2589 0.0889 1.6547 10.0865 0.2293 0.166 0.0772 5.6924 5.3897 0.4547 0.0351 0.0813 0.2062 0.2542 0.0671 12.8556 4.9368 0.9540 0.0443 0.0842 0.0815 0.2200 0.0610 11.5000 3.0551 0.5829 0.0278 -0.3694 0.1821 0.0000 0.0331 -0.1551 0.2062 CID 2014 0.6601 0.0970 0.3851 10.1930 0.3506 -0.3809 0.0815 CTN 2012 0.8195 0.0071 0.0797 11.7750 0.0019 -0.0407 0.1821 CTN 2013 0.7809 0.0070 0.0683 11.6930 0.0013 -0.1728 0.2062 CTN 2014 0.9572 0.0000 0.0348 11.8160 0.0880 0.3291 0.0815 DC2 2012 0.6726 0.0000 0.0946 11.0510 -0.0278 0.0039 0.1821 DC2 2013 0.7001 0.0000 0.0356 11.6673 -0.0268 -0.0039 0.2062 DC2 2014 0.5927 0.0000 0.0625 10.8270 0.1505 -0.4243 0.0815 DIH 2012 12.2933 0.0776 -0.0370 0.1821 12.2638 0.0102 -0.0291 0.2062 12.2264 0.0196 -0.0367 0.0815 14.2546 0.0185 0.1515 0.1821 0.2761 0.0882 1.5523 9.1806 0.1975 HLC 2013 0.8858 0.0229 0.5727 14.5950 0.0181 0.4054 0.2062 0.2775 HLC 2014 14.7894 0.0178 0.2146 0.0815 0.2227 0.0878 2.0373 9.4101 0.2651 HUT 2012 12.6200 0.0032 -0.0575 0.1821 0.2004 0.0225 1.2195 5.8139 4.2806 HUT 2013 12.6790 0.0229 0.1446 0.2062 0.2046 0.0246 1.0480 5.1648 3.6495 HUT 2014 12.7930 0.0538 0.3025 0.0815 0.2260 0.0252 1.0369 3.6795 2.4988 ICG ICG 2012 2013 12.8636 0.0066 13.1805 0.0046 0.0643 0.3729 0.1821 0.2062 ICG 2014 0.3682 0.0000 0.0169 12.9310 0.0385 -0.2208 0.0815 L18 2012 12.1130 0.0143 0.1339 0.1821 L18 2013 11.8840 0.0803 0.1778 0.2062 L18 2014 12.1540 0.0171 0.0981 0.0815 LHC 2012 11.4080 0.1953 0.1073 0.1821 LHC 2013 11.2310 0.1640 0.6498 0.2062 0.2379 0.0362 0.0000 0.0532 0.036 0.0910 0.556 0.076 3 0.081 0.5851 0.083 0.5889 0.161 0.0507 0.1809 0.0297 DIH DIH HLC 0.730 0.030 0.0171 0.035 2013 0.7529 0.0118 0.740 0.036 2014 0.0088 0.019 2012 0.9018 0.6900 0.903 0.0255 0.5421 0.8532 0.6282 0.1773 0.837 0.5920 0.1490 0.786 0.534 0.1103 0.3622 0.0000 0.0218 0.5322 0.0000 0.0144 0.843 0.0810 0.0693 0.046 0.8586 0.0683 0.031 0.8625 0.0686 0.507 0.0000 0.1052 0.2973 0.000 0.3544 60 0.046 0.0000 0.0505 0.056 0.0000 0.263 0.0812 0.077 0.2127 0.0000 0.0957 0.067 0.0885 0.0000 0.0700 0.059 0.0000 0.244 0.0700 0.370 0.0718 0.070 0.2460 5.8730 1.1801 0.1600 4.8055 1.2986 0.1381 7.7634 1.9419 0.2855 0.5693 4.5414 0.0394 0.5636 3.5644 0.0322 0.9589 22.3375 0.0000 1.1359 2.0545 0.0000 1.2240 2.3347 0.0000 1.5256 1.4552 0.0000 2.4097 2.7043 0.1116 2.8253 3.0469 0.1429 2.8766 2.8509 0.1385 0.086 1.8315 7.7565 0.2005 2.1904 0.5678 0.0000 1.5961 1.1377 0.0000 2.1961 0.5829 0.0000 6.4783 5.4016 0.5184 3.6783 6.0733 0.3252 2.5150 6.2730 0.2286 1.3260 1.0295 0.0000 0.0221 0.4230 0.0004 LHC 0.000 2014 0.2880 0.3328 11.4300 0.1319 0.0525 0.0815 0.4871 0.1821 11.5920 0.0765 0.0305 0.2062 11.6630 0.0054 0.1755 0.0815 13.2780 0.1307 0.1235 0.1821 13.2180 0.1444 -0.1286 0.2062 0.395 0.0288 0.042 0.2122 0.044 0.2808 0.049 0.1951 0.063 0.0000 0.0000 0.0755 13.1780 0.0031 -0.0870 0.0815 0.7817 0.0705 8.7407 4.3712 0.5869 12.2695 0.0174 -0.0511 0.1821 0.1752 12.2014 0.0549 -0.0681 0.2062 12.2642 0.1303 11.8810 0.0202 11.8830 0.0449 0.0648 0.0608 0.0048 0.0815 0.1821 0.2062 11.9320 0.0125 0.1178 0.0815 12.1890 0.0219 0.5178 0.1821 12.3240 0.0530 0.3650 0.2062 12.2950 0.0363 -0.0648 0.0815 0.2416 0.0607 1.0530 2.7754 0.4854 12.0630 0.0458 0.0315 0.1821 0.1249 0.0692 2.9730 2.6889 0.1371 12.1270 0.0336 0.1584 0.2062 0.2774 0.0599 1.2154 2.0336 0.2158 12.1140 0.0705 -0.0293 0.0815 0.2205 0.0561 3.4885 1.5294 0.1103 0.0000 0.0516 0.0655 0.0570 0.053 0.1106 0.154 0.0625 0.054 0.2498 0.053 0.2620 0.135 0.0320 0.0210 0.4046 0.0004 LUT 2012 0.5214 0.0972 0.2152 11.5790 0.0080 LUT 2013 LUT 2014 PVX 2012 PVX 2013 PVX 2014 S99 2012 S99 2013 S99 SD2 SD2 2014 2012 2013 SD2 2014 SD5 2012 SD5 2013 SD5 2014 SD6 2012 SD6 2013 SD6 2014 SD7 SD7 2012 2013 12.3360 0.0087 12.2900 0.0188 -0.0258 -0.9101 0.1821 0.2062 SD7 2014 0.7570 0.2240 0.3346 12.2960 0.0049 0.0139 0.0815 SDT 2012 0.0200 0.1821 0.2756 0.2062 0.2782 0.0815 13.4564 0.0039 0.0353 0.1821 13.4559 0.0252 -0.0005 0.2062 0.1532 0.0282 4.7408 3.5720 2.2843 13.4267 0.0013 -0.0288 0.0815 0.5908 0.0298 2.4269 3.4332 2.1103 11.9500 0.0239 0.0429 0.1821 0.1241 0.0688 1.7705 2.4523 0.0764 10.7550 0.0706 11.9630 0.0046 0.0391 0.0294 0.2062 0.0815 11.7280 0.0189 -0.2686 0.1821 11.7390 0.0146 0.0248 0.2062 11.6540 0.0430 -0.1786 0.0815 0.2803 0.0717 0.2190 0.0612 0.083 0.2627 0.083 0.2988 0.544 0.0768 SDT 0.536 0.0922 0.2358 0.606 0.1090 0.2427 0.731 0.093 0.0973 0.8269 0.0718 0.1197 0.813 0.109 0.0856 0.353 0.0029 0.0814 0.309 0.0000 0.0979 0.2623 0.0000 0.0672 0.7060 0.1061 0.0618 0.6976 0.0955 0.0512 0.143 0.7506 0.0607 0.738 0.2021 0.0962 0.811 0.163 0.2916 0.735 0.1286 0.2839 0.7289 0.0372 0.1720 0.670 0.0711 0.1745 0.604 0.043 0.1673 6 0.7982 0.2818 0.0665 0.7620 0.1917 0.0624 0.649 0.024 0.0842 12.3740 0.0471 0.151 2013 0.6951 0.0443 11.6220 0.0410 SDT 2014 0.6898 0.1532 0.2190 12.4810 0.0323 SIC 2012 SIC 2013 SIC 2014 SJE 2012 SJE SJE 2013 2014 V12 2012 V12 2013 V12 2014 0.778 0.458 0.3130 0.781 0.499 0.2807 0.774 0.476 0.2448 0.710 0.0221 0.1378 0.7204 0.0032 0.1223 0.6842 0.0717 0.1224 0.830 0.0000 0.0287 0.838 0.0000 0.0437 0.799 0.031 0.0284 61 0.035 0.031 0.2575 0.2246 0.0262 0.2978 0.0600 0.3829 0.0602 0.494 0.0608 0.053 0.1509 0.454 0.064 7.7775 1.0894 0.2031 7.3752 1.1566 0.1988 8.7191 1.5409 0.2769 7.4860 2.7183 0.3479 5.7470 4.7773 0.4150 0.2299 0.5475 0.0044 2.1087 0.4483 0.0000 2.9485 0.3556 0.0000 1.4793 2.4012 0.3610 1.5146 2.3067 0.3158 1.4758 3.0093 0.5732 1.1098 2.8305 0.7743 1.0035 4.2996 0.8687 0.8557 3.9553 1.3963 0.8957 3.2014 0.8054 0.9018 3.1155 0.9217 1.9409 1.8492 0.0691 1.3009 2.2796 0.4964 1.2727 2.2240 0.4940 1.9406 3.5110 2.0666 0.2542 2.5769 0.0114 5.7352 2.1661 0.2270 1.1821 4.9137 0.0000 1.1073 5.1720 0.0000 2.5400 3.9821 0.1582 VC2 0.913 2012 0.0892 0.1048 0.903 2013 0.1595 0.1098 0.014 2014 0.8897 0.1099 2012 0.6675 0.0011 0.0376 0.047 2013 0.6700 0.0269 0.614 0.069 2014 0.0244 0.093 2012 0.7966 0.0372 0.816 2013 0.0175 0.0285 2014 0.8281 0.0266 0.0218 12.2070 0.0140 0.0825 0.0815 VC3 2012 0.8462 0.1152 0.0278 12.1260 0.0160 -0.0821 0.1821 VC3 2013 0.8273 0.1581 0.0271 12.0740 0.0459 0.836 2014 0.1096 0.0218 12.1130 0.0173 -0.1133 0.2062 0.2648 0.0802 2.1250 4.8171 0.1545 0.073 0.2469 1.1152 5.5027 0.7490 0.2249 0.0669 1.1581 4.7907 0.9154 0.0953 0.0815 0.2162 0.0727 1.1096 5.1008 0.6684 VC5 2012 0.8462 0.1152 0.0278 12.1260 0.0289 -0.0821 0.1821 VC5 2013 0.8612 0.007 0.0434 11.8160 0.0263 -0.5103 0.2062 VC5 2014 -0.0153 0.0815 -0.0417 0.1821 0.5800 0.0672 1.1778 2.8703 0.2683 -0.1006 0.2062 0.2785 0.0710 1.2746 3.4164 0.2813 V21 V21 V21 VC1 VC1 VC1 VC2 VC2 VC3 VC7 VC7 0.1121 0.1821 0.2751 0.0824 7.1327 11.5880 0.0459 -0.1517 0.2062 0.5816 11.5360 0.0050 -0.1127 0.0815 11.8840 0.0332 -0.0277 0.1821 0.738 0.0875 1.1414 8.0635 0.1293 0.2524 0.0666 0.0899 2.0077 0.0034 11.8840 0.0329 -0.0009 0.2062 0.2475 0.0622 3.8100 2.0306 0.1443 11.7990 0.0228 -0.1785 0.0815 0.1826 12.1730 0.0109 0.0271 0.1821 10.7830 0.0858 0.0738 0.2062 0.2951 0.0799 1.3995 4.4434 0.0952 0.893 0.1089 0.0353 11.8090 0.0268 0.741 0.069 2012 0.0776 11.6830 0.0119 0.773 0.063 2013 0.0672 11.9870 0.0214 VC7 2014 0.7175 0.1790 0.0710 11.6050 0.0215 -0.1632 0.0815 VC9 2012 0.8688 0.2477 0.0736 12.2110 0.0091 0.0677 0.1821 VC9 2013 0.8799 0.0569 0.0585 11.2570 0.0082 0.0406 0.2062 VC9 2014 0.881 0.2046 0.0502 12.1980 0.0070 -0.0295 0.0815 VCG 2012 0.7575 0.2325 0.2620 13.4540 0.0315 -0.0567 0.1821 VCG 2013 0.6896 0.2258 0.0876 13.3610 0.0385 -0.1923 0.2062 VCG 2014 13.3580 0.0184 -0.0057 0.0815 VE1 2012 10.5670 0.0639 -0.2049 0.1821 VE1 2013 10.5640 0.0464 -0.2301 0.2062 VE1 2014 10.5640 0.1254 -0.0062 0.0815 VE2 2012 10.7960 0.1270 0.4132 0.1821 VE2 2013 0.5918 0.2342 0.0163 10.9330 0.0778 0.6742 0.2062 VE2 2014 -0.3468 0.0815 0.2212 0.1821 0.2247 0.2062 VE9 VE9 0.681 0.231 0.0722 0.5701 0.0000 0.0808 0.421 0.003 0.0775 0.2924 0.0000 0.0476 0.391 0.0005 0.0325 10.531 1.0281 11.6590 0.0006 0.385 0.0178 0.0244 10.6110 0.1141 0.460 0.003 2012 0.0733 11.2570 0.0639 0.545 2013 0.0000 0.0555 11.4320 0.0271 62 0.074 12.7613 9.3185 1.6460 0.054 5.5477 1.5951 0.1800 0.070 0.2497 7.4767 3.9157 0.4594 0.233 0.073 1.0651 5.5027 0.7490 0.085 0.2618 0.5913 6.2053 0.0533 0.078 0.0000 1.2250 8.3678 1.0201 0.444 0.053 1.6327 2.5396 0.6338 0.2675 0.0621 1.3345 6.6237 1.8887 0.313 0.0823 4.5533 7.3253 0.4738 0.5842 0.0677 1.2346 7.4268 1.7241 0.584 0.0525 0.046 0.2666 0.045 0.1223 0.0000 0.0570 0.041 0.6819 0.0000 0.0292 0.039 0.1679 0.035 0.2500 0.036 0.2391 0.184 0.045 0.346 0.054 1.0301 3.1246 0.9591 1.2145 2.2218 0.7276 1.2037 2.1382 0.7262 1.4349 1.3263 0.0000 0.2973 0.7284 0.0064 3.1133 0.4132 0.0000 0.0369 0.6435 0.0008 18.7346 1.4495 0.5736 1.4270 0.6275 0.0290 0.2812 0.8548 0.0065 1.1107 1.1991 0.0000 1.7326 0.0815 VMC 0.704 0.5081 0.7962 11.6930 0.0113 2012 0.7832 0.0162 0.1172 11.9790 0.0176 -0.1248 0.1821 VMC 2013 0.7501 0.0100 0.0989 11.9180 0.0234 -0.1302 0.2062 VMC 2014 0.793 0.0197 0.0818 12.0210 0.0234 0.2669 0.0815 ASM 2012 0.5697 0.0985 0.0164 12.1980 0.0096 0.1448 0.1821 ASM 2013 0.5791 0.2407 0.0218 12.2240 0.0175 0.0607 0.2062 ASM 2014 0.485 0.1712 0.0279 12.3950 0.0434 0.4827 0.0815 BCE 2012 0.4912 0.0000 0.0288 11.8850 0.0873 0.0710 0.1821 BCE 2013 0.5151 0.0256 0.0216 11.6360 0.0293 0.0439 0.2062 BCE 2014 0.630 0.0000 0.0131 11.9780 0.0289 0.2384 0.0815 C47 2012 0.9016 0.2286 0.2502 12.2050 0.0149 0.2199 0.1821 C47 2013 0.904 0.338 0.2229 12.2760 0.0727 8 0.1787 0.2062 0.2326 0.0566 12.3292 9.5054 3.5596 C47 2014 0.8971 0.3020 0.2087 12.3370 0.0172 0.1488 0.0815 0.173 0.0595 1.1550 8.7149 2.9339 CDC 2012 0.1530 0.1821 0.4229 0.0605 5.8449 2.1086 0.2271 -0.0208 0.2062 0.2661 0.0504 0.0815 12.8220 0.0203 0.3276 0.1821 0.2207 0.0265 3.8828 3.0087 1.9456 12.9040 0.0438 0.2077 0.2062 0.2691 12.9560 0.0664 0.1271 0.0815 12.5660 0.0864 0.4957 0.1821 12.6580 0.1242 0.2374 0.2062 12.6870 0.0955 0.0683 0.0815 VE9 CDC CDC 2014 0.678 0.073 0.0198 11.8950 0.0029 0.086 2013 0.6708 0.0166 11.8810 0.0037 2014 0.6860 0.1986 0.0131 11.9080 0.0127 HBC 0.485 0.0119 0.448 2013 0.7510 0.0094 0.644 0.380 2014 0.0096 0.417 0.003 2012 0.0377 0.457 2013 0.0178 0.0329 0.442 0.003 2014 0.0307 2012 0.8297 0.0526 0.0992 12.6610 0.0343 0.3942 0.1821 HBC 2013 0.7975 0.1568 0.0798 12.6750 0.0093 0.0320 0.2062 HBC 2014 0.8282 0.0512 0.0614 0.553 0.503 2012 0.0005 0.596 2013 0.6797 0.2972 0.710 2014 0.1299 0.1672 12.7640 0.0154 0.2278 0.0815 11.8360 0.0398 0.3539 0.1821 11.9970 0.1448 0.4478 0.2062 12.0870 0.0315 0.2293 0.0815 HU1 2012 0.8068 0.0000 0.0140 11.9750 0.0106 -0.1777 0.1821 HU1 2013 0.813 0.0006 0.0113 11.8130 0.0287 -0.0203 0.2062 HU1 2014 0.8238 0.0100 0.0113 11.8130 0.0287 -0.2145 0.0815 CII CII CII CTD CTD CTD HTI HTI HTI 2012 0.7505 63 0.409 0.0196 0.2256 0.0767 0.321 0.074 0.077 0.2184 0.047 0.1296 0.033 0.1299 0.031 0.1729 0.183 0.049 0.048 0.2972 0.063 0.2198 0.067 0.2262 0.6745 2.3784 1.7164 1.2969 3.6134 0.0748 0.8036 3.0018 0.0402 1.5738 3.8432 0.0953 1.3136 1.3240 0.2288 1.8886 1.3758 0.5720 2.5079 0.9419 0.3324 1.9120 0.9654 0.0000 2.0502 1.0622 0.0529 1.3927 1.7076 0.0000 1.0372 9.1660 2.3243 0.058 6.9118 2.0380 0.2625 0.048 0.2281 1.5889 2.1847 0.6325 0.030 3.5836 3.0166 1.7993 0.093 0.0264 0.041 0.2709 0.044 0.2881 0.044 0.2301 0.0000 0.0777 0.457 0.064 0.2284 0.0777 0.004 0.0500 0.047 0.008 0.048 0.0580 0.330 0.0807 0.081 0.2589 0.235 0.081 3.0433 1.8088 1.0685 0.3137 0.7161 0.0067 1.4212 0.8441 0.0328 0.2373 0.7949 0.0053 4.2061 4.8732 0.3088 1.2541 3.9389 0.7742 4.0942 4.8199 0.2978 4.0288 1.2371 1.1266 4.7701 2.1220 1.8615 1.0396 2.4529 0.4487 1.1955 4.1747 0.0000 0.0444 4.3695 0.0030 1.2725 4.6756 0.0568 HU3 11.8270 0.0309 0.0593 0.1821 0.2501 0.0756 4.9261 3.0905 0.2519 11.5510 0.0624 -0.0517 0.2062 0.2539 0.0685 3.1326 2.9420 0.1544 11.8150 0.0248 -0.0307 0.0815 0.2196 11.9670 0.0365 0.1146 0.1821 0.1762 11.7910 0.0617 0.1556 0.2062 0.246 11.9850 0.0359 0.0388 0.0815 0.2299 12.1120 0.0423 -0.0184 0.1821 0.2198 10.6540 -0.2409 0.1811 0.2062 0.248 12.1570 0.0438 0.1087 0.0815 0.2235 0.0798 4.2787 5.7461 0.3608 MCG 2012 0.7282 0.1240 0.0308 12.4150 0.0003 0.1560 0.1821 0.3526 MCG 2013 0.8088 0.2332 0.1124 0.745 0.234 2014 0.0143 6 0.604 0.068 2012 0.0159 0.597 2013 0.0626 0.0789 0.631 2014 0.0017 0.0891 12.4440 -0.0634 0.0678 0.2062 12.3530 0.0186 -0.1882 0.0815 11.6690 0.0132 -0.0760 0.1821 11.6500 0.0055 -0.0419 0.2062 11.5670 -0.1388 -0.1726 0.0815 HU3 HU3 L10 L10 L10 LM8 LM8 LM8 MCG MDG MDG MDG 2012 0.7555 0.0616 0.0027 0.746 2013 0.0392 0.0045 0.733 2014 0.2907 0.0154 0.420 2012 0.8029 0.3162 0.811 2013 0.0221 0.2891 0.411 2014 0.8060 0.1701 0.074 2012 0.8567 0.0549 0.858 2013 0.0200 0.0518 0.053 2014 0.8518 0.0474 PTC 2012 0.4692 0.0050 0.1902 11.5570 0.0036 -0.1695 0.1821 PTC 2013 0.4120 0.0079 0.1498 11.5220 0.0336 -0.0774 0.2062 PTC 2014 -0.0205 0.0815 -0.2392 0.1821 0.044 0.045 0.039 0.039 0.074 0.078 0.060 0.0000 0.0576 0.084 0.0511 0.301 0.053 0.053 0.2827 0.063 0.2145 0.046 0.0000 0.040 0.0000 0.038 0.0000 0.2949 0.0623 0.398 0.0685 0.239 0.074 0.053 0.2605 0.048 0.2560 0.041 0.2209 2.1575 2.7581 1.0924 1.0068 4.0741 2.1333 1.7676 4.3000 0.1171 1.7553 4.1544 2.1199 1.1547 5.9770 0.5205 1.5963 6.0583 0.1408 9.9211 2.6796 0.4563 1.2238 4.2308 1.2196 1.1403 2.9310 0.9223 5.4665 1.5282 0.1728 5.0096 1.4839 0.1555 0.1333 1.7136 0.0045 0.3999 0.8841 0.0094 0.6338 0.7007 0.0135 PXI 0.389 0.0080 0.0160 11.5130 0.0102 2012 0.6290 0.0061 0.0772 12.0300 0.0040 PXI 2013 0.6971 0.0123 0.0541 11.7150 0.0824 0.1714 0.2062 PXI 2014 0.7662 0.0264 0.0359 12.1690 0.0260 0.3641 0.0815 PXS 2012 0.6326 0.0960 0.5391 14.0801 0.0700 -0.2117 0.1821 PXS 2013 0.5968 0.113 0.4354 14.2488 0.0662 0.1838 0.2062 PXS 2014 0.6002 0.1870 0.4000 14.3201 0.0960 0.0738 0.0815 TDC 2012 0.2926 0.1821 0.2409 0.0575 1.5634 1.8033 0.1906 0.2584 0.2062 0.2497 0.4216 0.0815 TDC TDC 0.643 0.0680 0.0615 12.5430 0.0603 0.716 2013 0.0224 0.0490 12.6440 0.0442 0.083 2014 0.8065 0.0398 12.7960 0.0240 THG 2012 0.6006 0.0899 0.2557 11.6010 0.0616 -0.1025 0.1821 THG 2013 0.5596 0.048 0.2735 11.5590 0.0459 -0.0930 0.2062 THG 2014 0.5980 0.0142 0.2259 11.6080 0.0461 0.4214 0.0815 TV1 2012 0.8402 0.389 0.0181 12.2680 0.0291 0.4214 0.1821 64 0.6400 0.6379 0.0131 0.4869 1.6956 0.0164 0.9854 2.3018 0.0407 2.1117 3.2770 0.1129 1.2339 1.7220 0.2613 9.0480 1.4801 0.2805 1.1134 1.5012 0.4676 0.069 1.7909 2.5247 0.0789 0.248 0.0723 1.2638 4.1675 0.240 0.0511 1.2638 1.5038 0.179 0.0511 3.9020 1.2705 0.058 0.0908 1.1360 1.4875 0.233 0.047 0.9874 5.2565 0.4321 0.2252 0.1107 0.0353 2.4361 TV1 2013 0.843 0.0000 0.4894 12.0630 0.1448 0.0512 0.2062 TV1 2014 0.8252 0.3752 0.4806 12.2800 0.0306 0.0285 0.0815 VSI 2012 0.7765 0.448 0.1336 11.8810 0.0163 -0.0652 0.1821 VSI 2013 0.7899 0.4286 0.1262 11.8950 0.0071 0.0337 0.2062 VSI 2014 0.765 0.5016 0.1210 11.8740 0.0256 -0.0467 0.0815 Source: Authors’ calculation 65 0.045 0.0032 5.3737 0.045 0.2357 1.0063 4.7194 0.319 0.0328 1.1343 3.4750 0.396 0.036 1.0247 3.7605 0.2711 0.0003 2.1459 2.0078 2.0402 0.2676 0.0264 1.2524 3.2609 2.1374