B GIÁO D I H C KINH T THÀNH PH O H CHÍ MINH CÔNG TY LU TP H CHÍ MINH B GIÁO D O I H C KINH T THÀNH PH H CHÍ MINH CÔNG TY CHUYÊN NGÀNH: TÀI CHÍNH NGÂN HÀNG MÃ S : 60340201 LU NG D N KHOA H C: PGS TS PHAN TH BÍCH NGUY T TP H CHÍ MINH , c tiên, tơi xin chân thành c n tình ch b o, ng viên su t trình th c hi n lu il ic truy t ki n th Nh ng l i c t u ki n t t nh t nghi p n Q Th y Cơ, nh n tình c cao h c v a qua xin c , c lu t lòng quan tâm t nghi p Trang 1: .1 1.1 1.2 1.3 .5 1.4 2: .7 2.1 2.2 2.3 2.3.1 2.3.2 2.3.3 , 10 , 12 , 13 2.3.4 , 14 2.3.5 NG 3: 3.1 16 20 20 3.1.1 20 3.1.2 20 3.1.3 20 3.1.4 23 3.2 24 3.3 28 3.3.1 28 3.3.2 Thu 28 4: 34 4.1 , .34 4.2 37 4.3 39 4.4 50 5: 55 5.1 55 5.2 theo 57 5.2.1 H 5.2.2 57 57 CTCP DNNN ETF Exchange traded fund FDI Foreign direct investment HOSE Hochiminh city Securities Exchange IRRC Investor Responsibility Research Center ISS International Shareholder Services GLS General least square OECD Organisation for Economic Co-operation and Development ROA Return on assets ROE Return on equity TNHH TTCK D Trang 3.1: 29 4.1: , 34 B ng 4.2: Ma tr a bi n nghiên c u 38 B ng 4.3: K t qu h 40 B ng 4.4: K t qu h doanh ng 4.5: Ki nh t 41 c cho mơ hình 1a, 1c, 2a, 2c 42 4.6: Ki c cho mơ hình 1b, 2b 43 B ng 4.7: K t qu kh c ph c mơ hình 1a, 1b, 1c b 44 B ng 4.8: K t qu kh c ph c mơ hình 2a, 2b, 2c b 45 , ? 246 công ty niêm 2010 HCM (HOSE), 2010-2013 (panel data) : pooled OLS, random effect , ( effect ( ) ki ) trên, nh Likelihood, , LM GLS (General least square - ) ng, , nh l n nh t, t , , _ SCORE , - 1b ( ) xtgls roe top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage, corr(1) panel(h) Cross-sectional time-series FGLS regression Coefficients: Panels: Correlation: generalized least squares heteroskedastic common AR(1) coefficient for all panels Estimated covariances = Estimated autocorrelations = Estimated coefficients = roe Coef top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage _cons 186771 3749843 0236721 0326575 -.0328247 0744675 0425293 0033414 -.0002242 0186887 -.0804917 -.0279348 246 12 z 0176333 1299265 0073592 0084785 0077586 0143669 004132 0026754 0000795 0046537 0137317 0543214 10.59 2.89 3.22 3.85 -4.23 5.18 10.29 1.25 -2.82 4.02 -5.86 -0.51 P>|z| 0.000 0.004 0.001 0.000 0.000 0.000 0.000 0.212 0.005 0.000 0.000 0.607 = = = = = 984 246 579.72 0.0000 [95% Conf Interval] 1522104 120333 0092484 01604 -.0480312 0463089 0344307 -.0019023 -.00038 0095677 -.1074055 -.1344028 2213316 6296357 0380959 049275 -.0176182 1026261 0506279 0085851 -.0000685 0278098 -.053578 0785333 (1c) reg Number of obs Number of groups Time periods Wald chi2(11) Prob > chi2 Std Err 6: (0.5013) OLS tobinsq top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage Source SS df MS Model Residual 7.26246175 94.2275374 11 972 660223795 096941911 Total 101.489999 983 Number of obs F( 11, 972) Prob > F R-squared Adj R-squared Root MSE 103245167 tobinsq Coef top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage _cons 2626642 1.644778 -.0205127 0443542 -.0395167 1506089 039643 0473923 -.0007077 0089146 0231042 -.2872159 Std Err .0730932 5844587 0362962 0387406 0317309 0683776 0209446 009589 0002702 0104899 0541706 1980264 t 3.59 2.81 -0.57 1.14 -1.25 2.20 1.89 4.94 -2.62 0.85 0.43 -1.45 P>|t| 0.000 0.005 0.572 0.253 0.213 0.028 0.059 0.000 0.009 0.396 0.670 0.147 = = = = = = 984 6.81 0.0000 0.0716 0.0611 31135 [95% Conf Interval] 1192256 4978321 -.0917406 -.0316707 -.1017856 0164243 -.0014587 0285748 -.0012379 -.0116709 -.0832006 -.6758245 4061029 2.791724 0507152 120379 0227522 2847936 0807448 0662099 -.0001774 0295001 1294089 1013927 vif Variable VIF 1/VIF state institution foreign leverage lassets dual top1 top2_10 isratio csratio independent 2.55 2.35 2.05 1.33 1.17 1.10 1.08 1.07 1.05 1.04 1.02 0.391977 0.425328 0.487009 0.752432 0.851996 0.910547 0.929919 0.938796 0.954620 0.963062 0.977322 Mean VIF 1.44 xtreg tobinsq top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage, fe Fixed-effects (within) regression Group variable: id Number of obs Number of groups = = 984 246 R-sq: Obs per group: = avg = max = 4.0 within = 0.0198 between = 0.0298 overall = 0.0233 corr(u_i, Xb) F(11,727) Prob > F = -0.2681 tobinsq Coef top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage _cons -.0225813 7448388 -.0273212 0588071 -.0370151 -.2681684 0181482 094809 -.000177 0184953 0258685 -.9931729 2380242 8408314 0823549 1087892 0848865 1698201 0297473 0468723 0002508 0133984 1132751 9660042 sigma_u sigma_e rho 25949742 2282689 56376216 F(245, 727) = t -0.09 0.89 -0.33 0.54 -0.44 -1.58 0.61 2.02 -0.71 1.38 0.23 -1.03 P>|t| 1.34 0.1987 (fraction of variance due to u_i) F test that all u_i=0: Std Err = = 0.924 0.376 0.740 0.589 0.663 0.115 0.542 0.043 0.480 0.168 0.819 0.304 4.41 [95% Conf Interval] -.489878 -.9059087 -.189003 -.1547714 -.203667 -.6015648 -.0402527 0027879 -.0006694 -.007809 -.1965168 -2.889664 4447154 2.395586 1343605 2723856 1296368 0652281 076549 1868302 0003153 0447995 2482538 903318 Prob > F = 0.0000 xtreg tobinsq top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage, re Random-effects GLS regression Group variable: id Number of obs Number of groups = = 984 246 R-sq: Obs per group: = avg = max = 4.0 within = 0.0102 between = 0.1013 overall = 0.0662 corr(u_i, X) Wald chi2(11) Prob > chi2 = (assumed) tobinsq Coef Std Err z top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage _cons 2115162 1.194563 -.0136766 0550503 -.038692 0564825 0272561 0486816 -.0003684 0130649 0441305 -.2611078 1037679 6563457 0476928 0530951 0435594 0930831 0232317 0142226 0002344 0110521 0685501 2936516 sigma_u sigma_e rho 21397228 2282689 46770608 (fraction of variance due to u_i) 2.04 1.82 -0.29 1.04 -0.89 0.61 1.17 3.42 -1.57 1.18 0.64 -0.89 P>|z| 0.042 0.069 0.774 0.300 0.374 0.544 0.241 0.001 0.116 0.237 0.520 0.374 0081348 -.0918509 -.1071527 -.0490141 -.1240669 -.1259571 -.0182773 0208059 -.0008278 -.0085969 -.0902252 -.8366543 xttest0 Breusch and Pagan Lagrangian multiplier test for random effects Estimated results: Var tobinsq e u Test: sd = sqrt(Var) 1032452 0521067 0457841 3213179 2282689 2139723 Var(u) = chibar2(01) = Prob > chibar2 = 301.16 0.0000 33.92 0.0004 [95% Conf Interval] - tobinsq[id,t] = Xb + u[id] + e[id,t] = = 4148975 2.480977 0797996 1591147 0466829 238922 0727894 0765574 000091 0347267 1784862 3144388 hausman fix3 random3 Coefficients (b) (B) fix3 random3 top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage -.0225813 7448388 -.0273212 0588071 -.0370151 -.2681684 0181482 094809 -.000177 0184953 0258685 (b-B) Difference sqrt(diag(V_b-V_B)) S.E -.2340974 -.4497242 -.0136447 0037568 0016769 -.3246508 -.0091079 0461274 0001914 0054303 -.018262 2142142 5255548 0671396 0949526 072858 1420367 0185792 0446624 0000892 0075741 0901783 2115162 1.194563 -.0136766 0550503 -.038692 0564825 0272561 0486816 -.0003684 0130649 0441305 b = consistent 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(11) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 13.92 Prob>chi2 = 0.2372 - xtserial tobinsq top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 245) = 31.698 Prob > F = 0.0000 - (1c) xtgls tobinsq top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage, corr(1) Cross-sectional time-series FGLS regression Coefficients: Panels: Correlation: generalized least squares homoskedastic common AR(1) coefficient for all panels Estimated covariances = Estimated autocorrelations = Estimated coefficients = tobinsq Coef top1 top2_10 institution foreign state independent dual lassets csratio isratio leverage _cons 2931552 1.358828 -.0210719 0487595 -.0353916 1003672 0362744 0434731 -.0004582 0042077 0135367 -.1672221 1 12 Number of obs Number of groups Time periods Wald chi2(11) Prob > chi2 Std Err z 0906056 6256813 0428518 0468904 0384783 0835324 0224121 0121911 0002337 0100275 0618005 2519375 (0.5006) 3.24 2.17 -0.49 1.04 -0.92 1.20 1.62 3.57 -1.96 0.42 0.22 -0.66 P>|z| 0.001 0.030 0.623 0.298 0.358 0.230 0.106 0.000 0.050 0.675 0.827 0.507 = = = = = 984 246 43.79 0.0000 [95% Conf Interval] 1155715 132515 -.1050598 -.043144 -.1108077 -.0633533 -.0076525 0195789 -.0009163 -.0154458 -.10759 -.6610105 470739 2.585141 062916 1406629 0400246 2640876 0802013 0673672 -1.52e-07 0238611 1346634 3265663 2: - 7: (2a) reg ed OLS roa gov_scr lassets csratio isratio leverage Source SS df MS Model Residual 3.14625477 5.48544272 978 629250953 005608837 Total 8.63169748 983 Number of obs F( 5, 978) Prob > F R-squared Adj R-squared Root MSE 008780974 roa Coef gov_scr lassets csratio isratio leverage _cons 0166474 -.0006476 -.0001278 0107999 -.1721924 -.2493459 Std Err .0012276 0022903 0000649 0024923 0123955 0523273 t 13.56 -0.28 -1.97 4.33 -13.89 -4.77 P>|t| 0.000 0.777 0.049 0.000 0.000 0.000 = = = = = = 984 112.19 0.0000 0.3645 0.3613 07489 [95% Conf Interval] 0142384 -.0051421 -.0002551 005909 -.1965173 -.3520326 0190563 0038469 -5.10e-07 0156908 -.1478675 -.1466592 vif Variable VIF 1/VIF leverage lassets gov_scr csratio isratio 1.20 1.16 1.07 1.03 1.02 0.831429 0.864092 0.933411 0.966838 0.978426 Mean VIF 1.10 - effect xtreg roa gov_scr lassets csratio isratio leverage, fe Fixed-effects (within) regression Group variable: id Number of obs Number of groups = = 984 246 R-sq: within = 0.1227 between = 0.4187 overall = 0.3079 Obs per group: = avg = max = 4.0 corr(u_i, Xb) = -0.2636 F(5,733) Prob > F roa Coef gov_scr lassets csratio isratio leverage _cons 0192519 -.0260545 -.0000396 0140115 -.1428807 1971931 0031718 0125796 0000673 0035755 0302645 2566133 sigma_u sigma_e rho 05930146 06144249 48227357 F(245, 733) = t 6.07 -2.07 -0.59 3.92 -4.72 0.77 P>|t| 20.50 0.0000 (fraction of variance due to u_i) F test that all u_i=0: Std Err = = 0.000 0.039 0.556 0.000 0.000 0.442 2.94 [95% Conf Interval] 013025 -.0507509 -.0001718 0069921 -.2022962 -.3065915 0254788 -.0013582 0000926 0210309 -.0834651 7009777 Prob > F = 0.0000 xtreg roa gov_scr lassets csratio isratio leverage, re Random-effects GLS regression Group variable: id Number of obs Number of groups = = 984 246 R-sq: Obs per group: = avg = max = 4.0 within = 0.1175 between = 0.5060 overall = 0.3639 corr(u_i, X) Wald chi2(5) Prob > chi2 = (assumed) roa Coef Std Err z P>|z| gov_scr lassets csratio isratio leverage _cons 0170705 -.0018714 -.0000823 0117698 -.1692807 -.2363351 0015734 0031478 0000611 0027331 0155779 0709523 sigma_u sigma_e rho 04302634 06144249 32902936 = = 345.23 0.0000 (fraction of variance due to u_i) 10.85 -0.59 -1.35 4.31 -10.87 -3.33 0.000 0.552 0.178 0.000 0.000 0.001 [95% Conf Interval] 0139867 -.0080409 -.000202 0064131 -.1998127 -.3753992 0201542 0042981 0000375 0171264 -.1387487 -.0972711 xttest0 Breusch and Pagan Lagrangian multiplier test for random effects roa[id,t] = Xb + u[id] + e[id,t] Estimated results: Var roa e u Test: sd = sqrt(Var) 008781 0037752 0018513 0937069 0614425 0430263 Var(u) = chibar2(01) = Prob > chibar2 = 152.46 0.0000 hausman fix4 random4 Coefficients (b) (B) fix4 random4 gov_scr lassets csratio isratio leverage 0192519 -.0260545 -.0000396 0140115 -.1428807 0170705 -.0018714 -.0000823 0117698 -.1692807 (b-B) Difference 0021814 -.0241831 0000426 0022418 0264 sqrt(diag(V_b-V_B)) S.E .0027541 0121794 0000283 0023053 0259475 b = consistent 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(5) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 6.63 Prob>chi2 = 0.2498 - xtserial roa gov_scr lassets csratio isratio leverage Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 245) = 120.104 Prob > F = 0.0000 - xtgls roa gov_scr lassets csratio isratio leverage, corr(1) Cross-sectional time-series FGLS regression Coefficients: generalized least squares Panels: homoskedastic Correlation: common AR(1) coefficient for all panels (0.4828) Estimated covariances = Estimated autocorrelations = Estimated coefficients = roa Coef gov_scr lassets csratio isratio leverage _cons 0171659 -.0021346 -.0000287 0094647 -.1641635 -.2338946 1 Std Err .001567 003116 0000611 0025955 015385 0704084 Number of obs Number of groups Time periods Wald chi2(5) Prob > chi2 z 10.95 -0.69 -0.47 3.65 -10.67 -3.32 P>|z| 0.000 0.493 0.638 0.000 0.000 0.001 = = = = = 984 246 331.27 0.0000 [95% Conf Interval] 0140946 -.0082418 -.0001484 0043776 -.1943176 -.3718926 0202372 0039727 000091 0145517 -.1340095 -.0958966 8: p (2b) - OLS reg roe gov_scr lassets csratio isratio leverage Source SS df MS 71345351 0138968 Model Residual 3.56726755 13.59107 978 Total 17.1583375 Number of obs F( 5, 978) Prob > F R-squared Adj R-squared Root MSE 983 017455074 roe Coef gov_scr lassets csratio isratio leverage _cons 0226801 0067593 -.0002662 0182579 -.1145928 -.5316288 Std Err .0019322 0036051 0001021 0039231 0195113 0823663 vif Variable VIF 1/VIF leverage lassets gov_scr csratio isratio 1.20 1.16 1.07 1.03 1.02 0.831429 0.864092 0.933411 0.966838 0.978426 Mean VIF 1.10 t 11.74 1.87 -2.61 4.65 -5.87 -6.45 P>|t| 0.000 0.061 0.009 0.000 0.000 0.000 = = = = = = 984 51.34 0.0000 0.2079 0.2039 11788 [95% Conf Interval] 0188883 -.0003153 -.0004666 0105593 -.1528816 -.6932638 026472 0138338 -.0000658 0259565 -.076304 -.3699938 xtreg roe gov_scr lassets csratio isratio leverage, fe Fixed-effects (within) regression Group variable: id Number of obs Number of groups = = 984 246 R-sq: within = 0.0981 between = 0.1158 overall = 0.0934 Obs per group: = avg = max = 4.0 corr(u_i, Xb) = -0.4828 F(5,733) Prob > F roe Coef gov_scr lassets csratio isratio leverage _cons 0193708 -.0494323 -.0000795 0269152 -.1683146 7419604 004924 0195289 0001045 0055506 0469833 3983722 sigma_u sigma_e rho 10874187 0953847 56515676 t 3.93 -2.53 -0.76 4.85 -3.58 1.86 F(245, 733) = P>|t| 15.94 0.0000 (fraction of variance due to u_i) F test that all u_i=0: Std Err = = 0.000 0.012 0.447 0.000 0.000 0.063 [95% Conf Interval] 009704 -.0877715 -.0002847 0160182 -.2605525 -.040126 3.11 0290376 -.011093 0001257 0378122 -.0760766 1.524047 Prob > F = 0.0000 xtreg roe gov_scr lassets csratio isratio leverage, re Random-effects GLS regression Group variable: id Number of obs Number of groups = = 984 246 R-sq: Obs per group: = avg = max = 4.0 within = 0.0798 between = 0.3006 overall = 0.2048 corr(u_i, X) Wald chi2(5) Prob > chi2 = (assumed) roe Coef Std Err z gov_scr lassets csratio isratio leverage _cons 0215671 0048422 -.0001771 0211513 -.136784 -.4537091 0024886 0049927 0000959 0043016 024621 112473 sigma_u sigma_e rho 06829409 0953847 33890228 (fraction of variance due to u_i) 8.67 0.97 -1.85 4.92 -5.56 -4.03 P>|z| 0.000 0.332 0.065 0.000 0.000 0.000 = = 166.67 0.0000 [95% Conf Interval] 0166896 -.0049434 -.000365 0127203 -.1850403 -.6741521 0264446 0146278 0000108 0295823 -.0885277 -.2332662 xttest0 Breusch and Pagan Lagrangian multiplier test for random effects roe[id,t] = Xb + u[id] + e[id,t] Estimated results: Var roe e u Test: sd = sqrt(Var) 0174551 0090982 0046641 1321177 0953847 0682941 Var(u) = chibar2(01) = Prob > chibar2 = 156.00 0.0000 hausman fix5 random5 Coefficients (b) (B) fix5 random5 gov_scr lassets csratio isratio leverage 0193708 -.0494323 -.0000795 0269152 -.1683146 0215671 0048422 -.0001771 0211513 -.136784 (b-B) Difference sqrt(diag(V_b-V_B)) S.E -.0021963 -.0542744 0000976 0057639 -.0315306 0042488 0188799 0000417 0035079 0400155 b = consistent 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(5) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 22.27 Prob>chi2 = 0.0005 - xttest3 Modified Wald test for groupwise heteroskedasticity in fixed effect regression model H0: sigma(i)^2 = sigma^2 for all i chi2 (246) = Prob>chi2 = 8.6e+06 0.0000 xtserial roe gov_scr lassets csratio isratio leverage Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 245) = 80.918 Prob > F = 0.0000 - xtgls roe gov_scr lassets csratio isratio leverage, corr(1) panel(h) Cross-sectional time-series FGLS regression Coefficients: Panels: Correlation: generalized least squares heteroskedastic common AR(1) coefficient for all panels Estimated covariances = Estimated autocorrelations = Estimated coefficients = roe Coef gov_scr lassets csratio isratio leverage _cons 0221253 0017815 -.0002248 0217104 -.1051915 -.4165103 246 Number of obs Number of groups Time periods Wald chi2(5) Prob > chi2 Std Err z 00125 0028194 0000943 0048209 013376 0565414 17.70 0.63 -2.38 4.50 -7.86 -7.37 9: p P>|z| 0.000 0.527 0.017 0.000 0.000 0.000 = = = = = 984 246 472.69 0.0000 [95% Conf Interval] 0196754 -.0037445 -.0004097 0122615 -.131408 -.5273294 0245752 0073074 -.0000399 0311593 -.0789749 -.3056911 2c reg (0.6243) OlS tobinsq gov_scr lassets csratio isratio leverage Source SS df MS Model Residual 24.5276855 76.9623137 978 4.90553709 078693572 Total 101.489999 983 Number of obs F( 5, 978) Prob > F R-squared Adj R-squared Root MSE 103245167 tobinsq Coef gov_scr lassets csratio isratio leverage _cons 0757063 0283993 -.0004093 0113523 1478647 -1.665996 Std Err .0045981 0085788 000243 0093355 04643 1960025 vif Variable VIF 1/VIF leverage lassets gov_scr csratio isratio 1.20 1.16 1.07 1.03 1.02 0.831429 0.864092 0.933411 0.966838 0.978426 Mean VIF 1.10 t 16.46 3.31 -1.68 1.22 3.18 -8.50 P>|t| 0.000 0.001 0.092 0.224 0.001 0.000 = = = = = = 984 62.34 0.0000 0.2417 0.2378 28052 [95% Conf Interval] 0666831 0115644 -.0008861 -.0069677 0567509 -2.050629 0847295 0452343 0000675 0296722 2389786 -1.281362 xtreg tobinsq gov_scr lassets csratio isratio leverage, fe Fixed-effects (within) regression Group variable: id Number of obs Number of groups = = 984 246 R-sq: Obs per group: = avg = max = 4.0 within = 0.0494 between = 0.3094 overall = 0.2103 corr(u_i, Xb) F(5,733) Prob > F = -0.0262 tobinsq Coef gov_scr lassets csratio isratio leverage _cons 0603316 0754941 -.0002025 0188864 0446899 -2.208613 0115574 0458373 0002454 0130282 110277 9350397 sigma_u sigma_e rho 21052009 22388232 46926904 t 5.22 1.65 -0.83 1.45 0.41 -2.36 F(245, 733) = P>|t| 7.61 0.0000 (fraction of variance due to u_i) F test that all u_i=0: Std Err = = 0.000 0.100 0.409 0.148 0.685 0.018 [95% Conf Interval] 0376422 -.0144938 -.0006842 -.0066906 -.1718065 -4.044288 3.28 0830211 1654821 0002792 0444634 2611864 -.3729378 Prob > F = 0.0000 xtreg tobinsq gov_scr lassets csratio isratio leverage, re Random-effects GLS regression Group variable: id Number of obs Number of groups = = 984 246 R-sq: Obs per group: = avg = max = 4.0 within = 0.0474 between = 0.3615 overall = 0.2412 corr(u_i, X) Wald chi2(5) Prob > chi2 = (assumed) tobinsq Coef Std Err z gov_scr lassets csratio isratio leverage _cons 0728786 0309334 -.0003018 0142647 1290906 -1.639273 005969 0120768 0002244 0101716 0589278 2715766 sigma_u sigma_e rho 17060024 22388232 36735168 (fraction of variance due to u_i) 12.21 2.56 -1.34 1.40 2.19 -6.04 P>|z| 0.000 0.010 0.179 0.161 0.028 0.000 = = 172.09 0.0000 [95% Conf Interval] 0611796 0072634 -.0007416 -.0056713 0135942 -2.171554 0845777 0546035 0001381 0342007 244587 -1.106993 xttest0 Breusch and Pagan Lagrangian multiplier test for random effects tobinsq[id,t] = Xb + u[id] + e[id,t] Estimated results: Var tobinsq e u Test: sd = sqrt(Var) 1032452 0501233 0291044 3213179 2238823 1706002 Var(u) = chibar2(01) = Prob > chibar2 = 191.44 0.0000 hausman fix6 random6 Coefficients (b) (B) fix6 random6 gov_scr lassets csratio isratio leverage 0603316 0754941 -.0002025 0188864 0446899 0728786 0309334 -.0003018 0142647 1290906 (b-B) Difference sqrt(diag(V_b-V_B)) S.E -.012547 0445607 0000993 0046217 -.0844006 0098966 0442177 0000992 0081407 0932123 b = consistent 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(5) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 3.56 Prob>chi2 = 0.6149 xtserial tobinsq gov_scr lassets csratio isratio leverage Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 245) = 29.919 Prob > F = 0.0000 - xtgls tobinsq gov_scr lassets csratio isratio leverage, corr(1) Cross-sectional time-series FGLS regression Coefficients: generalized least squares Panels: homoskedastic Correlation: common AR(1) coefficient for all panels (0.3989) Estimated covariances = Estimated autocorrelations = Estimated coefficients = tobinsq Coef gov_scr lassets csratio isratio leverage _cons 0754761 0263773 -.0003185 0084375 1219861 -1.59021 1 Std Err .0053513 0104428 0002227 0093461 053027 2367607 Number of obs Number of groups Time periods Wald chi2(5) Prob > chi2 z 14.10 2.53 -1.43 0.90 2.30 -6.72 P>|z| 0.000 0.012 0.153 0.367 0.021 0.000 = = = = = 984 246 223.17 0.0000 [95% Conf Interval] 0649878 0059097 -.0007549 -.0098804 0180551 -2.054253 0859644 0468448 0001178 0267555 225917 -1.126168 ... ph (có s h u niêm y t sàn HOSE : finance.vietstock.vn S li Báo ng niên c a công ty niêm y t sàn HOSE : finance.vietstock.vn S li Báo ng niên c a công ty t 5% tr lên t ng s niêm y t sàn HOSE c phi... c (T (Phó t c c) c a công ty con, công ty liên k t, công ty công ty i chúng n m quy n ki m sốt - Khơng ph i c n ho c có liên quan c a c - i di n c a c n ho i n c a công ty Không làm vi c t i... 2.1 Công ty c ph n T u 77 lu t doanh nghi p 2005, công ty c ph n (CTCP) doanh nghi p ul c chia thành nhi u ph n b ng (c ph n) có t ba thành viên tr lên (c ch u trách nhi m v n tài s n khác c a công