B GIÁO D O I H C KINH T THÀNH PH VI H CHÍ MINH IH C - - NGUY N TH THÙY LINH M I QUAN H GI A CHÍNH SÁCH C TRÚC S T C VÀ C U H U C A CÁC CÔNG TY NIÊM Y T T I VI T NAM LU TP H CHÍ MINH, 2013 B GIÁO D O I H C KINH T THÀNH PH VI H CHÍ MINH IH C - - NGUY N TH THÙY LINH M I QUAN H GI A CHÍNH SÁCH C TRÚC S T C VÀ C U H U C A CÁC CÔNG TY NIÊM Y T T I VI T NAM CHUYÊN NGÀNH: TÀI CHÍNH – NGÂN HÀNG MÃ S : 60340201 LU NG D N KHOA H C PGS TS LÊ TH LANH TP H CHÍ MINH, 2013 L TP H Chí Minh, ngày 14 tháng 10 Tác gi Nguy n Th Thùy Linh M CL C TRANG PH BÌA L M CL C DANH M C B NG BI U, HÌNH V TĨM T T I GI I THI U II T NG QUAN CÁC K T QU NGHIÊN C U .16 16 3.2 M u nghiên c u, cách thu th p x lý d li u .16 3.3 16 3.4 17 .17 19 IV N I DUNG VÀ K T QU NGHIÊN C U 21 4.1 Th ng kê mô t 21 4.2 Phân tích ma tr n h s 22 4.3 K t qu h i quy 22 4.3.1 K t qu h i quy b 22 4.3.1.1 Mơ hình 23 4.3.1.2 Mơ hình 25 4.3.1.3 Mơ hình 26 4.3.1.4 Mơ hình 27 4.3.1.5 Ki nh Wald 28 4.3.1.6 Ki nh ph 29 4.3.2 K t qu h i quy b pháp Tobit .30 4.3.2.1 Mơ hình 31 4.3.2.2 Mơ hình 32 4.3.2.3 Mơ hình 33 4.3.2.4 Mơ hình 34 4.3.2.5 Mơ hình 36 4.3.2.6 Mô hình 10 37 4.3.2.7 Ki nh Wald 38 4.3.2.8 Ki nh t 39 4.3.3 So sánh k t qu hai OLS .40 V K T LU N 45 5.1 K t lu n c a lu 45 5.2 Ki n ngh 46 5.3 H n ch c a lu TÀI LI U THAM KH O PH L C ng nghiên c u ti p theo 47 DANH M C B NG BI U, HÌNH V B ng 2.1: Tóm t t k t qu nghiên c B ng 3.4.1: K v ng d ki n c a mơ hình B ng 4.1: K t qu th ng kê mô t bi n s d ng phân tích B ng 4.2: H s p gi a bi n s d ng mơ hình h i quy B ng 4.3.1.1: K t qu h i quy mơ hình B ng 4.3.1.2: K t qu h i quy mô hình B ng 4.3.1.3: K t qu h i quy mơ hình B ng 4.3.1.4: K t qu h i quy mơ hình B ng 4.3.1.5: K t qu ki B ng 4.3.2.1: K t qu h i quy mơ hình B ng 4.3.2.2: K t qu h i quy mơ hình B ng 4.3.2.3: K t qu h i quy mơ hình B ng 4.3.2.4: K t qu h i quy mơ hình B ng 4.3.2.5: K t qu h i quy mơ hình B ng 4.3.2.6: K t qu h i quy mơ hình 10 B ng 4.3.2.7: K t qu ki pháp Tobit B ng 4.3.2.8: K t qu ki nh t B ng 4.3.3: So sánh k t qu h Hình 4.3.1.6: K t qu ki nh ph khoán thành p HOSE) (HNX) (OLS) (ROA) quy mô công ty (SIZE công ty) u nhà I - 2010 Theo Jensen Meckling (1976): c ác - - Tr , … ty p , p II Jensen Meckling (1976) lên Morck, Shleifer Vishny (1988): danh sách Fortune 500, nghiên 1980 g 0-5% 5- 25% 25% T , ” Jensen (1986): liên q Rozeff (1982), Easterbrook (1984): mô h K công ty Faccio, Lang Young (2001): c 42 & Belanes (2007) Yordying Thanatawee (2013) gia tài chính, các nh bên cơng ty , Chính 43 -Nawaiseh (2013), AlMalkawi (2005) Yordying Thanatawee (2013) - thành viên Al-Nawaiseh (2013), Al-Malkawi (2005), Neo & Rebello (1996), Manos (2002), Jensen & Solberg & Zorn (1992), Rozeff (1982) Easterbrook - bám sát vào chi 17,59501 “ cho công ty gây 44 ,… - 0,001301 cơng ty thích cơng ty có Trong (0,012343), INSD (-0,000708) -T công ty -0,001301) H tài chính, 45 g góp Nam Kumar (2004) Al-Malkawi (2005) -S công ty p N ty, ch Mahmoud Al- Amman - Jordan, - 46 h công ty - - - - 5.2 ban hai bên nhà công ty , cá , 47 g, - ty thu hút thông tin , lý hoàn toàn 5.3 - - 12 : Thành : Aasia Asif, Waqas Rasool and Yasir Kamal, 2010 Impact of financial leverage on dividend policy: Empirical evidence from Karachi Stock Exchange - listed companies African Journal of Business Management, 5(4), 1312-1324 Alexander Dehaene and Hubert Ooghe, 1998 Board composition, corporate performance and dividend policy Working Paper Ghent University Anders Wallgren, 2006 Dividend policy and ownership structure in Swedish firms Master Thesis Stockholm School of Economics Andrei Shleifer and Robert W Vishny, 1986 Large shareholders and corporate control Journal of Political Economy, 94(3), 461-481 Andrei Shleifer and Robert W.Vishny, 1997 A survey of corporate governance The Journal of Finance, 52, 737-782 Clifford G Holderness, 2003 A survey of blockholders and corporate control Economic Policy Review, 9, 51-64 Douglas O Cook, & Jin Q Jeon, 2006 “Foreign ownership, domestic ownership, and payout policy” Working Paper University of Alabama Duha Al-Kuwari, 2012 Are large shareholders conducting influential monitoring in emerging markets? An investigation into the impact of large shareholders on dividend decisions: The case of Kuwait Research in World Economy, 3(2), 52-67 Frank H Easterbrook, 1984 Two agency-cost explanation of dividends The American Economic Review, 74(4), 650-659 Gerald R Jensen, Donald P Solberg and Thomas S Zorn, 1992 Simultaneous determination of insider ownership, debt and dividend policies Journal of Financial and Quantitative Analysis, 27(2), 247-263 Husam- ALdin Nizar Y AL-Malkawi, 2005 Dividend policy of publicly quoted companies in emerging markets - The case of Jordan PhD thesis University of Western Sydney James S Ang, Rebel A Cole and James Wuh Lin, 2000 Agency costs and ownership structure The Journal of Finance, 14(1), 81-106 Jayesh Kumar, 2004 Corporate governance and dividends payout in India Working Paper The Research Conference on India's Financial System Joseph E Stiglitz, 1985 Credit markets and the control of capital Journal of Money, Credit and Banking, 17(2), 133-153 Julie Ann Elston, Richard Hofler and Junsoo Lee, 2004 Dividend policy and institutional ownership: Empirical evidence using a propensity score matching estimator Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group Ki C Han, Suk Hun Lee and David Y Suk, 1999 Institutional shareholders and dividends Journal of financial and strategic decisions, 12(1), 53-62 Klaus Gugler and B Burcin Yurtoglu, 2003 Corporate governance and dividend payout policy in Germany European Economic Review, 47, 731758 Klaus Gugler, 2003 Corporate governance, dividend payout policy and the interrelation between dividends, R&D and capital investment Journal of Banking & Finance, 27(7), 1297-1321 Mahmoud Al-Nawaiseh, 2013 Dividend Policy and Ownership Structure: An Applied Study on Industrial Companies in Amman Stock Exchange Journal of Management Research, 5(2), 83-106 Mancinelli, Luciana, Ozkan and Aydin, 2006 Ownership structure and dividend policy: Evidence from Italian firms The European Journal of Finance, 12(3), 265-282 Mara Faccico, Lary H P Lang and Leslie Young, 2001 Dividends and expropriation The American Economic Review, 91(1), 54- 78 Michael C Jensen and William H Meckling, 1976 Theory of the firm: Managerial behavior, agency costs and ownership structure Journal of Financial Economics, 3, 305-360 Michael C Jensen, 1986 Agency costs of free cash flow, corporate finance and takeovers The American Economic Review, 76(2), 323-329 Michael S Rozeff, 1982 Growth, beta and agency costs as determinants of dividend payout ratios The Journal of Financial Research, 5(3), 249-259 Nikolaos Eriotis, 2005 The effect of distributed earnings and size of the firm to its dividend policy: Some Greek Data International Business and Economics Journal, 4(1), 67-74 Randall Morck, Andrei Shleifer and Robert W Vishny, 1988 Management ownership and market valuation: An empirical analysis Journal of Financial Economic, 20, 293-315 Ronny Manos, 2002 Dividend policy and agency theory: Evidence from Indian firms Working Paper University of Manchester Samy Ben Naceur, Mohamed Goaied and Amel Belanes, 2007 On the determinants and Dynamics of Dividend policy Journal of International Review of Finance Tehmina S Khan, 2006 Company dividends and ownership structure: Evidence from UK panel data The Economic Journal, 116(510), C172-C189 Yordying Thanatawee, 2013 Ownership structure and dividend policy: Evidence from Thailand International Journal of Economics and Finance, 5(1), 121-132 : http://cafef.vn/ http://www.hsx.vn/hsx/Default.aspx http://www.hnx.vn/web/guest/home Mã DYLD LEV ROA SIZE FAMI STATE INSTIT STOCK INSD FOREIN 2010 BTP 0.03125 0.58991 0.01082 28.34752 7.75961 1.12159 0.92882 2011 BTP 0.24138 0.55979 0.03113 28.50994 7.66435 1.15465 0.05147 2012 BTP 0.18033 0.56046 0.06162 28.00963 7.63289 1.12638 0.07608 2010 HCM 0.05686 0.37062 0.07220 26.87795 1 7.83992 1.33371 48.99999 2011 HCM 0.11429 0.22800 0.07397 26.89829 1 7.91571 1.24231 49.04329 2012 HCM 0.09259 0.32399 0.07702 27.05597 1 7.81400 1.36088 48.99999 2010 EIB 0.08710 0.89695 0.01384 29.72347 0 9.95475 26.69230 29.99997 2011 EIB 0.13497 0.91119 0.01655 30.5348 0 9.72591 26.80999 30.00005 2012 EIB 0.08599 0.90707 0.01257 30.48419 0 9.72591 26.81299 28.60128 2010 KBC 0.00000 0.54221 0.09704 28.14025 0 8.74528 42.05000 25.65000 2011 KBC 0.00000 0.55542 0.00651 27.4927 0 8.56751 41.95041 23.51498 2012 KBC 0.00000 0.58956 -0.04109 26.50988 0 8.56751 41.91205 22.32729 2010 VNS 0.06601 0.53004 0.10185 28.13117 0 6.76041 20.92505 19.62789 2011 VNS 0.07075 0.51693 0.07432 28.45407 0 6.48616 20.92505 22.46979 2012 VNS 0.05952 0.47237 0.08500 28.6296 0 6.43294 37.75837 26.77602 2010 RAL 0.09302 0.62941 0.03144 27.95021 7.94733 21.68771 10.14614 2011 RAL 0.09434 0.67331 0.04287 28.20395 7.94733 22.51671 10.14614 2012 RAL 0.11858 0.68167 0.04857 28.36973 7.94733 22.87671 10.14614 2010 NTL 0.04688 0.54830 0.27352 28.00519 0 7.46221 17.10674 23.22046 2011 NTL 0.19685 0.58077 0.05063 27.2113 0 7.80832 17.96656 17.97272 2012 NTL 0.09259 0.46382 0.04341 27.301 0 7.81923 18.02119 18.18346 2010 VHC 0.00000 0.45935 0.12545 28.75903 0 6.25767 49.77796 22.82088 2011 VHC 0.08803 0.45722 0.17153 29.06962 0 6.11368 49.77796 25.76070 2012 VHC 0.04016 0.54286 0.07572 29.0949 0 5.99396 49.77777 25.98406 2010 DPR 0.02206 0.24649 0.25123 27.73066 1 7.02909 0.07721 30.76881 2011 DPR 0.03240 0.20207 0.33043 28.29593 1 6.84162 0.07721 35.12593 2012 DPR 0.02778 0.19742 0.19079 28.02484 1 6.69580 0.09405 36.67684 2010 DPM 0.05263 0.16019 0.23008 29.57575 1 9.05462 1.53046 25.26932 2011 DPM 0.14706 0.09502 0.33788 29.91397 1 9.06335 0.86898 25.26932 2012 DPM 0.12570 0.13374 0.28993 30.27024 1 8.84980 0.01426 29.48669 2010 LSS 0.09859 0.23186 0.19451 27.9606 7.45066 3.83700 11.72688 2011 LSS 0.12315 0.35872 0.18843 28.35774 7.43603 3.50528 14.80000 2012 LSS 0.02830 0.52339 0.01392 28.27189 7.69166 3.63484 16.53959 2010 SGT 0.00000 0.63678 0.01386 26.87031 0 7.55224 45.55759 13.49585 2011 SGT 0.00000 0.73572 -0.05159 25.11025 0 7.43248 45.52203 13.29278 2012 SGT 0.00000 0.79994 -0.12031 26.64064 0 7.37526 45.45530 12.85333 2010 PXL 0.04206 0.27982 0.03236 25.63186 9.50413 0.04231 0.10597 2011 PXL 0.00000 0.14707 0.01127 26.04358 9.48820 0.02708 0.17516 2012 PXL 0.00000 0.13938 0.00019 25.33993 9.48075 3.49350 0.24552 2010 PPI 0.03524 0.61232 0.05627 26.82102 0 6.86589 36.86333 1.52353 2011 PPI 0.00000 0.64743 0.00933 25.80642 0 6.54535 39.35500 0.29393 2012 PPI 0.00000 0.63416 0.00126 25.98219 0 6.45834 33.39567 0.23361 2010 PAN 0.08380 0.12323 0.06756 26.14037 0 8.19589 0.77229 6.68087 2011 PAN 0.07634 0.12889 0.04661 26.2644 0 7.54115 0.29000 8.34147 2012 PAN 0.05000 0.11132 0.22036 26.45606 0 7.30519 38.87489 8.23723 2010 KSH 0.05038 0.22161 0.13765 25.11296 0 7.44483 4.78186 0.39743 2011 KSH 0.00000 0.39590 0.00200 24.90037 0 6.75926 4.78186 0.85458 2012 KSH 0.00000 0.47119 -0.06778 24.97791 0 6.75926 4.27000 1.33524 2010 SZL 0.09615 0.38806 0.07054 25.84378 1 7.31055 0.35645 1.53515 2011 SZL 0.15385 0.50766 0.06209 25.94346 1 6.98472 0.32645 2.44155 2012 SZL 0.14754 0.52698 0.04209 25.89357 1 6.74641 0.32645 3.97220 2010 SVC 0.06000 0.62664 0.03761 29.07726 1 7.57250 2.19379 8.55611 2011 SVC 0.08571 0.67095 0.02989 29.4609 1 7.51371 3.27842 8.42930 2012 SVC 0.07353 0.66755 0.01723 29.32871 1 7.42178 3.27842 4.94876 2010 NBC 0.04286 0.76133 0.08350 28.41426 7.48156 0.21895 11.32333 2011 NBC 0.13433 0.74503 0.07664 28.46199 7.40914 0.11438 11.22583 2012 NBC 0.08197 0.75585 0.04781 28.38187 7.44483 0.10062 7.67837 2010 BT6 0.01439 0.58884 0.08187 27.75089 1 6.65415 18.44065 9.46779 2011 BT6 0.08065 0.72856 0.01761 27.93552 1 6.92067 18.44065 9.38247 2012 BT6 0.00000 0.70839 0.01014 27.93531 1 6.81344 18.29596 1.34369 2010 PPC 0.00000 0.67701 0.00036 29.15551 1 9.61854 1.70349 17.34501 2011 PPC 0.00000 0.74729 0.00066 29.06601 1 9.46258 13.67801 12.97505 2012 PPC 0.08403 0.65283 0.04251 29.19729 1 9.33335 0.07763 13.49077 2010 VNI 0.00000 0.45133 0.00907 24.02537 0 6.81124 57.28000 2.93046 2011 VNI 0.00000 0.48394 0.00036 24.03707 0 6.68336 57.28000 0.08301 2012 VNI 0.00000 0.54123 -0.00797 24.17421 0 6.58893 57.27445 0.08850 2010 VHG 0.05590 0.16020 0.02741 26.45386 0 7.86634 27.01308 0.53299 2011 VHG 0.00000 0.26011 -0.05730 26.26114 0 7.64252 27.01308 0.31499 2012 VHG 0.00000 0.28079 -0.07246 25.86004 0 7.33237 27.01338 0.21428 2010 VFG 0.03846 0.39924 0.13230 27.70432 0 6.27099 2.55567 16.00000 2011 VFG 0.07500 0.46976 0.12528 27.97464 0 6.28413 3.06987 12.99364 2012 VFG 0.06329 0.52467 0.07802 28.06391 0 6.27476 2.99882 12.74467 2010 VCB 0.03692 0.93220 0.01399 30.7448 1 9.93431 0.00238 2.92555 2011 VCB 0.05505 0.92152 0.01150 31.20204 1 9.98879 0.00238 3.64243 2012 VCB 0.04412 0.89938 0.01068 31.15731 1 9.95428 0.00238 4.48172 2010 TMT 0.06790 0.48011 0.06053 28.00757 1 6.10479 25.05141 3.33771 2011 TMT 0.00000 0.46590 0.00419 27.52831 1 6.08450 32.06272 1.15309 2012 TMT 0.00000 0.45821 0.00197 27.09311 1 5.91889 39.47351 1.22938 2010 TLG 0.06410 0.45756 0.09433 27.44549 0 6.00141 69.13942 5.33916 2011 TLG 0.06849 0.49690 0.08717 27.69151 0 6.23245 71.09229 4.98334 2012 TLG 0.05405 0.42679 0.10405 27.85454 0 6.20456 73.17934 4.89046 2010 DCL 0.05714 0.64671 0.01477 27.09404 7.20192 6.66061 18.70232 2011 DCL 0.00000 0.72418 -0.03662 27.25941 7.15149 13.33037 15.10043 2012 DCL 0.00000 0.62505 0.02862 27.18843 7.07750 3.75188 14.82394 2010 BVH 0.01860 0.73161 0.02176 30.05785 1 8.56579 0.00000 25.02450 2011 BVH 0.02927 0.70214 0.02760 30.16212 1 8.59508 0.00361 25.04164 2012 BVH 0.03906 0.69325 0.03096 30.24553 1 8.84318 0.00361 24.51229 2010 BTT 0.11070 0.21486 0.09856 26.37349 6.46614 1.79876 0.18341 2011 BTT 0.17647 0.23855 0.09911 26.50646 6.30628 1.79876 0.03489 2012 BTT 0.12264 0.21602 0.10368 26.55101 6.24222 6.92335 0.03830 2010 AGR 0.05263 0.83452 0.01369 28.13579 0 7.23634 1.14400 0.40632 2011 AGR 0.08636 0.62551 0.01751 27.91434 0 7.80139 0.97000 0.38951 2012 AGR 0.04545 0.61828 0.01108 27.49973 0 7.94591 2.36000 0.31514 2010 ELC 0.06536 0.51829 0.14728 27.36264 0 5.90536 37.15723 3.32908 2011 ELC 0.05714 0.48123 0.10046 26.97731 0 5.80814 37.15723 9.73706 2012 ELC 0.06618 0.28230 0.12361 26.97211 0 5.76519 37.70503 9.84260 2010 DTL 0.14085 0.60014 0.09538 28.23768 0 6.82002 48.49747 0.76204 2011 DTL 0.12987 0.57788 0.08977 28.25302 0 6.04263 50.13609 0.59071 2012 DTL 0.00000 0.62102 0.00689 28.10478 0 5.83188 50.13609 0.58014 2010 DXV 0.05594 0.82033 0.03918 27.1293 6.80572 0.08889 0.78071 2011 DXV 0.18571 0.85318 0.01137 27.10581 6.72982 0.08889 0.37081 2012 DXV 0.00000 0.87008 0.00620 27.20142 6.56103 0.08889 0.31828 2010 KSS 0.01786 0.45594 0.09480 27.10057 0 7.90027 16.53576 0.00000 2011 KSS 0.00000 0.51124 0.01030 26.64493 0 7.90360 16.53576 0.00000 2012 KSS 0.00000 0.70483 0.00211 26.83095 0 8.05357 6.40761 0.00000 2010 PGD 0.07375 0.26554 0.22192 28.39255 7.69166 0.28382 3.71642 2011 PGD 0.10000 0.49188 0.17575 28.84717 7.50769 0.15097 5.51573 2012 PGD 0.10490 0.51410 0.11127 29.34251 7.50108 0.19928 10.09359 2010 TV1 0.14423 0.74310 0.04026 26.91899 7.45703 5.93342 0.12529 2011 TV1 0.00000 0.79588 0.02775 26.93785 7.43248 9.32481 0.15340 2012 TV1 0.29333 0.84016 0.01815 26.8971 7.41758 11.34257 0.26115 2010 UDC 0.02551 0.66065 0.01830 26.88102 6.59715 0.41971 0.47086 2011 UDC 0.05868 0.72179 0.00872 26.84892 6.86485 0.41971 0.47857 2012 UDC 0.07895 0.72914 0.00470 26.74606 6.68960 0.41971 0.25800 2010 VPH 0.00000 0.65578 0.00489 25.50544 0 7.46279 25.37012 0.51441 2011 VPH 0.00000 0.68989 0.00215 25.42564 0 7.25134 25.37012 0.18463 2012 VPH 0.20000 0.70229 0.00317 25.63122 0 7.29912 25.37012 2.87318 2010 BHS 0.10836 0.51076 0.14369 28.33673 1 7.95507 55.31842 5.36981 2011 BHS 0.20115 0.57207 0.11487 28.58693 1 7.94058 24.74058 4.08608 2012 BHS 0.12500 0.72829 0.05656 28.76305 8.05611 48.62326 5.14518 2010 CLC 0.10309 0.66562 0.07111 27.82842 6.48768 1.28592 4.79700 2011 CLC 0.20661 0.63812 0.09597 28.05896 6.52796 1.32609 0.79553 2012 CLC 0.13333 0.58916 0.08402 27.95444 6.44731 1.32609 1.90790 2010 FPT 0.02326 0.58966 0.13749 30.65172 1 9.39449 26.24904 42.46140 2011 FPT 0.04024 0.58337 0.13914 30.88719 1 9.47178 22.39602 48.92064 2012 FPT 0.05682 0.50073 0.13973 30.86027 1 9.49409 34.99568 48.98280 2010 SGC 0.00000 0.33296 0.07562 25.69972 6.32077 6.76817 1.68318 2011 SGC 0.15244 0.17250 0.32916 26.06005 6.36475 6.76817 1.53060 2012 SGC 0.12360 0.14865 0.13285 25.91796 6.30079 6.82413 2.40798 2010 SSC 0.05792 0.20112 0.19147 26.56027 1 7.04316 21.30662 36.68784 2011 SSC 0.07143 0.26993 0.18489 26.74546 1 6.97261 21.33677 34.30174 2012 SSC 0.06061 0.36614 0.15992 26.92946 1 6.92363 20.22937 26.14432 2010 KHP 0.11765 0.53165 0.08373 27.85616 8.48364 0.29738 1.48629 2011 KHP 0.17647 0.49555 0.07338 28.10353 8.35397 0.17416 2.73543 2012 KHP 0.17073 0.49213 0.10236 28.292 8.25739 0.17416 4.02338 2010 IMP 0.03577 0.21537 0.10714 27.37825 1 7.10168 28.17333 46.79360 2011 IMP 0.05685 0.14338 0.09376 27.39535 1 7.16935 29.51271 48.90566 2012 IMP 0.06232 0.17111 0.09008 27.4464 1 7.22184 29.07099 48.99995 2010 VTC 0.07895 0.23726 0.01391 25.01658 7.80629 1.99932 13.34497 2011 VTC 0.00000 0.30755 -0.07836 24.85861 7.77905 1.95936 13.25330 2012 VTC 0.00000 0.24416 -0.02694 25.07588 7.75319 1.95936 12.31608 2010 POM 0.06993 0.63116 0.08610 30.053 0 6.78446 67.89520 6.44609 2011 POM 0.16304 0.67014 0.04677 30.11985 0 6.90174 67.89520 6.63359 2012 POM 0.00000 0.70584 0.00058 30.09656 0 6.75926 69.28320 6.53799 2010 CII 0.05000 0.58680 0.10664 27.27706 8.70864 21.49835 40.15642 2011 CII 0.08333 0.74925 0.02616 27.14041 8.44527 20.52167 32.08243 2012 CII 0.05150 0.75055 0.07358 27.7059 8.52079 20.92275 39.46224 2010 DHG 0.03333 0.29163 0.21065 28.36953 1 7.66200 0.76328 46.94397 2011 DHG 0.03571 0.30177 0.21033 28.57092 1 7.82724 0.80212 48.97815 2012 DHG 0.04110 0.28373 0.20658 28.72678 1 7.87360 0.82834 48.98933 ... CHÍ MINH IH C - - NGUY N TH THÙY LINH M I QUAN H GI A CHÍNH SÁCH C TRÚC S T C VÀ C U H U C A CÁC CÔNG TY NIÊM Y T T I VI T NAM CHUYÊN NGÀNH: TÀI CHÍNH – NGÂN HÀNG MÃ S : 60340201 LU NG D N... (+) INSD (-) - LEV FOREIN (+) (H ): Có quan âm H0: K - (H ): quan H0: K 20 - ): quy mô công ty H0 - ): âm H0 ): - g quan H0 ): - H0 - ): quan H0 - ): quan âm H0 - ): H0 21 : tích Trung bình... Easterbrook - bám sát vào chi 17,59501 ngồi “ cho cơng ty gây 44 ,… - 0,001301 cơng ty thích cơng ty có Trong (0,012343), INSD (-0,000708) -T cơng ty -0,001301) H tài chính, 45 g góp Nam Kumar (2004)