Luận án Ảnh hưởng của cấu trúc sở hữu đến điều chỉnh lợi nhuận tại các công ty phi tài chính niêm yết trên thị trường chứng khoản Việt Nam

-0.3499 -0.3319 0.0665 0.1099 -0.0707 | 0.0000 0.0000 0.0000 0.0000 0.0044 0.0000 0.0000 | | FO BL LOSS SUSPECT AbnDA SIZE LEV -------------+--------------------------------------------------------------- FO | 1.0000 | BL | 0.0476 1.0000 | 0.0031 | LOSS | -0.0418 -0.0917 1.0000 | 0.0093 0.0000 | SUSPECT | -0.0744 -0.0429 -0.0626 1.0000 | 0.0000 0.0007 0.0000 | AbnDA | -0.0024 -0.0261 -0.0384 0.0043 1.0000 | 0.8895 0.0601 0.0053 0.7529 | SIZE | 0.2514 0.1495 -0.0501 0.0270 0.0194 1.0000 | 0.0000 0.0000 0.0001 0.0317 0.1582 | LEV | -0.0320 0.0931 0.0051 0.0373 -0.0333 0.3708 1.0000 | 0.0465 0.0000 0.6828 0.0030 0.0155 0.0000 | ROA | 0.1668 0.0854 -0.4359 -0.2017 -0.0000 -0.0371 -0.1545 | 0.0000 0.0000 0.0000 0.0000 1.0000 0.0031 0.0000 | | ROA -------------+--------- 46 ROA | 1.0000 Phụ lục 5.14: Kết quả hồi quy mô hình Pooled OLS Mô hình hồi quy dòng tiền bất thường từ hoạt động kinh doanh (AbnCFO) AbnCFO = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Source | SS df MS Number of obs = 466 -------------+---------------------------------- F(11, 454) = 207.82 Model | 5.82778401 11 .529798547 Prob > F = 0.0000 Residual | 1.1573983 454 .002549335 R-squared = 0.8343 -------------+---------------------------------- Adj R-squared = 0.8303 Total | 6.98518231 465 .015021897 Root MSE = .05049 ------------------------------------------------------------------------------ AbnCFO | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0002781 .0001642 1.69 0.091 -.0000445 .0006007 INST | .0003032 .0000984 3.08 0.002 .0001098 .0004966 MAN | .0001318 .0002888 0.46 0.648 -.0004358 .0006993 FO | .000087 .0002006 0.43 0.665 -.0003073 .0004813 BL | .0000177 .0001714 0.10 0.918 -.0003191 .0003545 LOSS | .04703 .0146233 3.22 0.001 .0182922 .0757678 SUSPECT | .012317 .0116358 1.06 0.290 -.0105498 .0351838 AbnDA | -.9160432 .0225053 -40.70 0.000 -.9602706 -.8718158 SIZE | .0018626 .0020212 0.92 0.357 -.0021096 .0058347 LEV | -.0035709 .0208561 -0.17 0.864 -.0445575 .0374156 ROA | .6599001 .0347191 19.01 0.000 .5916701 .7281302 _cons | -.1170759 .0538632 -2.17 0.030 -.222928 -.0112237 ------------------------------------------------------------------------------ Mô hình hồi quy chi phí tùy ý bất thường (AbnDEXP) AbnDEXP = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Source | SS df MS Number of obs = 616 -------------+---------------------------------- F(11, 604) = 9.51 Model | .962102475 11 .087463861 Prob > F = 0.0000 Residual | 5.5535901 604 .009194686 R-squared = 0.1477 -------------+---------------------------------- Adj R-squared = 0.1321 Total | 6.51569258 615 .010594622 Root MSE = .09589 ------------------------------------------------------------------------------ AbnDEXP | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0001802 .0002814 0.64 0.522 -.0003724 .0007329 INST | .0000495 .0001653 0.30 0.765 -.000275 .000374 MAN | .0002495 .0004795 0.52 0.603 -.0006922 .0011912 FO | .0025308 .0003379 7.49 0.000 .0018672 .0031943 BL | .0005903 .0002876 2.05 0.041 .0000254 .0011551 LOSS | -.0082841 .0243579 -0.34 0.734 -.0561206 .0395525 SUSPECT | .0013256 .0185194 0.07 0.943 -.0350447 .0376959 AbnDA | -.0595894 .0375208 -1.59 0.113 -.1332765 .0140977 SIZE | -.0112307 .0033174 -3.39 0.001 -.0177457 -.0047157 LEV | -.0469045 .0341779 -1.37 0.170 -.1140265 .0202175 ROA | .0405382 .0545001 0.74 0.457 -.0664945 .147571 _cons | .2453665 .0881922 2.78 0.006 .072166 .418567 ------------------------------------------------------------------------------ 47 Phụ lục 5.14: Kết quả hồi quy mô hình Pooled OLS (tiếp) Mô hình hồi quy chi phí sản xuất bất thường (AbnPROD) AbnPROD = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Source | SS df MS Number of obs = 564 -------------+---------------------------------- F(11, 552) = 34.72 Model | 6.18004679 11 .561822436 Prob > F = 0.0000 Residual | 8.93332726 552 .016183564 R-squared = 0.4089 -------------+---------------------------------- Adj R-squared = 0.3971 Total | 15.1133741 563 .026844359 Root MSE = .12721 ------------------------------------------------------------------------------ AbnPROD | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | -.0007048 .0003969 -1.78 0.076 -.0014843 .0000748 INST | .0000106 .0002307 0.05 0.963 -.0004425 .0004637 MAN | -.0011461 .0006721 -1.71 0.089 -.0024663 .0001741 FO | -.0031631 .0004663 -6.78 0.000 -.0040791 -.0022471 BL | -.0008 .0004094 -1.95 0.051 -.0016043 4.22e-06 LOSS | -.0668287 .0333318 -2.00 0.045 -.1323014 -.0013559 SUSPECT | -.0358139 .026832 -1.33 0.183 -.0885193 .0168914 AbnDA | .4358156 .051989 8.38 0.000 .3336952 .537936 SIZE | .0070308 .0047499 1.48 0.139 -.0022994 .0163609 LEV | .0223304 .0480376 0.46 0.642 -.0720284 .1166891 ROA | -.8966498 .077708 -11.54 0.000 -1.049289 -.7440103 _cons | -.0318126 .1270574 -0.25 0.802 -.2813878 .2177626 ------------------------------------------------------------------------------ Mô hình hồi quy REM kết hợp (COM_REM) COM_REM = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Source | SS df MS Number of obs = 616 -------------+---------------------------------- F(11, 604) = 47.97 Model | 24.4228812 11 2.22026192 Prob > F = 0.0000 Residual | 27.9548087 604 .046282796 R-squared = 0.4663 -------------+---------------------------------- Adj R-squared = 0.4566 Total | 52.3776898 615 .085166975 Root MSE = .21513 ------------------------------------------------------------------------------ COM_REM | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | -.0010456 .0006314 -1.66 0.098 -.0022855 .0001944 INST | -.0003182 .0003708 -0.86 0.391 -.0010464 .0004099 MAN | -.0012426 .0010758 -1.16 0.249 -.0033554 .0008702 FO | -.0059214 .0007581 -7.81 0.000 -.0074102 -.0044327 BL | -.0012612 .0006453 -1.95 0.051 -.0025284 6.07e-06 LOSS | -.0772506 .054649 -1.41 0.158 -.1845757 .0300744 SUSPECT | -.0393834 .0415498 -0.95 0.344 -.1209831 .0422162 AbnDA | 1.205414 .0841809 14.32 0.000 1.040091 1.370737 SIZE | .016513 .0074428 2.22 0.027 .0018961 .03113 LEV | .1046781 .0766809 1.37 0.173 -.0459154 .2552716 ROA | -1.288927 .1222754 -10.54 0.000 -1.529063 -1.04879 _cons | -.2025244 .1978661 -1.02 0.306 -.5911135 .1860647 ------------------------------------------------------------------------------ 48 Phụ lục 5.14: Kết quả hồi quy mô hình Pooled OLS (tiếp) Mô hình hồi quy khoản dồn tích bất thường (AbnDA) AbnDA = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7SIZE+ β8LEV+ β9ROA + εi Source | SS df MS Number of obs = 622 -------------+---------------------------------- F(10, 611) = 1.33 Model | .168677852 10 .016867785 Prob > F = 0.2123 Residual | 7.7699887 611 .012716839 R-squared = 0.0212 -------------+---------------------------------- Adj R-squared = 0.0052 Total | 7.93866656 621 .012783682 Root MSE = .11277 ------------------------------------------------------------------------------ AbnDA | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | -.0000589 .0003305 -0.18 0.858 -.0007079 .00059 INST | -.0004255 .0001923 -2.21 0.027 -.0008031 -.000048 MAN | -.0006058 .0005622 -1.08 0.282 -.0017099 .0004983 FO | .0002435 .0003904 0.62 0.533 -.0005231 .0010102 BL | .0002911 .0003365 0.87 0.387 -.0003697 .0009518 LOSS | -.009697 .0286239 -0.34 0.735 -.0659102 .0465163 SUSPECT | .0119967 .021771 0.55 0.582 -.0307584 .0547518 SIZE | .0032384 .0038441 0.84 0.400 -.0043108 .0107875 LEV | -.0932188 .0396576 -2.35 0.019 -.1711005 -.0153371 ROA | -.0360162 .0638452 -0.56 0.573 -.1613988 .0893663 _cons | -.0898765 .1020408 -0.88 0.379 -.2902698 .1105167 ------------------------------------------------------------------------------ 49 Phụ lục 5.15: Kết quả hồi quy mô hình tác động cố định FEM Mô hình hồi quy dòng tiền bất thường từ hoạt động kinh doanh (AbnCFO) AbnCFO = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Fixed-effects (within) regression Number of obs = 466 Group variable: C2ec Number of groups = 198 R-sq: Obs per group: within = 0.8521 min = 1 between = 0.8133 avg = 2.4 overall = 0.8220 max = 7 F(11,257) = 134.58 corr(u_i, Xb) = -0.1213 Prob > F = 0.0000 ------------------------------------------------------------------------------ AbnCFO | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0006781 .0004122 1.65 0.101 -.0001336 .0014898 INST | .0002086 .0001192 1.75 0.081 -.0000261 .0004433 MAN | -.0003193 .0005628 -0.57 0.571 -.0014276 .0007889 FO | .0003082 .0004281 0.72 0.472 -.0005349 .0011513 BL | -.0000122 .0003745 -0.03 0.974 -.0007497 .0007252 LOSS | .0483478 .0180862 2.67 0.008 .0127317 .0839639 SUSPECT | .0185862 .015431 1.20 0.230 -.0118011 .0489735 AbnDA | -.9444958 .0251685 -37.53 0.000 -.9940585 -.8949331 SIZE | .0063257 .0114609 0.55 0.581 -.0162436 .028895 LEV | -.0812958 .0562718 -1.44 0.150 -.1921083 .0295168 ROA | .6575132 .0692705 9.49 0.000 .5211033 .7939232 _cons | -.2445437 .3113448 -0.79 0.433 -.8576557 .3685682 -------------+---------------------------------------------------------------- sigma_u | .04791769 sigma_e | .04057391 rho | .58242078 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(197, 257) = 2.26 Prob > F = 0.0000 50 Phụ lục 5.15: Kết quả hồi quy mô hình tác động cố định FEM (tiếp) Mô hình hồi quy chi phí tùy ý bất thường (AbnDEXP) AbnDEXP = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Fixed-effects (within) regression Number of obs = 616 Group variable: C2ec Number of groups = 228 R-sq: Obs per group: within = 0.0309 min = 1 between = 0.0335 avg = 2.7 overall = 0.0476 max = 9 F(11,377) = 1.09 corr(u_i, Xb) = -0.0056 Prob > F = 0.3658 ------------------------------------------------------------------------------ AbnDEXP | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0001696 .0003498 0.48 0.628 -.0005181 .0008573 INST | .0001176 .000093 1.26 0.207 -.0000653 .0003004 MAN | .0001945 .0004214 0.46 0.645 -.000634 .0010231 FO | .0007287 .0003632 2.01 0.046 .0000145 .0014429 BL | -.0003212 .000287 -1.12 0.264 -.0008856 .0002431 LOSS | -.0130747 .0150277 -0.87 0.385 -.0426234 .0164739 SUSPECT | -.010381 .0114739 -0.90 0.366 -.0329418 .0121799 AbnDA | .0073361 .0204776 0.36 0.720 -.0329285 .0476007 SIZE | -.0160143 .009385 -1.71 0.089 -.0344678 .0024391 LEV | .0082501 .0462589 0.18 0.859 -.0827077 .0992078 ROA | .0144619 .0452766 0.32 0.750 -.0745644 .1034881 _cons | .4480329 .2545096 1.76 0.079 -.0524033 .9484691 -------------+---------------------------------------------------------------- sigma_u | .10767114 sigma_e | .03884203 rho | .88484744 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(227, 377) = 14.56 Prob > F = 0.0000 51 Phụ lục 5.15: Kết quả hồi quy mô hình tác động cố định FEM (tiếp) Mô hình hồi quy chi phí sản xuất bất thường (AbnPROD) AbnPROD = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Fixed-effects (within) regression Number of obs = 564 Group variable: C2ec Number of groups = 213 R-sq: Obs per group: within = 0.2784 min = 1 between = 0.2437 avg = 2.6 overall = 0.2199 max = 9 F(11,340) = 11.93 corr(u_i, Xb) = -0.1628 Prob > F = 0.0000 ------------------------------------------------------------------------------ AbnPROD | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | -.001719 .0008593 -2.00 0.046 -.0034092 -.0000288 INST | -.0002042 .0002288 -0.89 0.373 -.0006543 .000246 MAN | -.0013305 .0010165 -1.31 0.191 -.0033299 .0006689 FO | -.0004028 .000876 -0.46 0.646 -.002126 .0013203 BL | -.0000106 .0007269 -0.01 0.988 -.0014403 .0014192 LOSS | -.0798604 .0344578 -2.32 0.021 -.1476377 -.0120832 SUSPECT | .0120698 .0290432 0.42 0.678 -.0450572 .0691968 AbnDA | .4209377 .0475162 8.86 0.000 .327475 .5144005 SIZE | .0425677 .0237341 1.79 0.074 -.0041164 .0892518 LEV | -.1426675 .1110541 -1.28 0.200 -.361107 .0757721 ROA | -.7914633 .1170167 -6.76 0.000 -1.021631 -.5612955 _cons | -1.027413 .6417266 -1.60 0.110 -2.289667 .2348414 -------------+---------------------------------------------------------------- sigma_u | .13957617 sigma_e | .08745162 rho | .71809859 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(212, 340) = 3.91 Prob > F = 0.0000 52 Phụ lục 5.15: Kết quả hồi quy mô hình tác động cố định FEM (tiếp) Mô hình hồi quy REM kết hợp (COM_REM) COM_REM = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Fixed-effects (within) regression Number of obs = 616 Group variable: C2ec Number of groups = 228 R-sq: Obs per group: within = 0.5018 min = 1 between = 0.3422 avg = 2.7 overall = 0.3759 max = 9 F(11,377) = 34.52 corr(u_i, Xb) = 0.0700 Prob > F = 0.0000 ------------------------------------------------------------------------------ COM_REM | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | -.0018741 .0011218 -1.67 0.096 -.0040799 .0003317 INST | -.000384 .0002983 -1.29 0.199 -.0009705 .0002025 MAN | -.0001683 .0013516 -0.12 0.901 -.0028258 .0024893 FO | -.0015053 .001165 -1.29 0.197 -.0037961 .0007855 BL | -.0003632 .0009205 -0.39 0.693 -.0021732 .0014468 LOSS | -.0801743 .0481987 -1.66 0.097 -.1749463 .0145977 SUSPECT | -.0119207 .0368006 -0.32 0.746 -.0842807 .0604394 AbnDA | 1.191776 .0656782 18.15 0.000 1.062634 1.320917 SIZE | .0385292 .0301007 1.28 0.201 -.0206571 .0977154 LEV | -.0788391 .1483672 -0.53 0.595 -.3705701 .2128919 ROA | -1.034779 .1452167 -7.13 0.000 -1.320315 -.7492424 _cons | -.8829829 .8162949 -1.08 0.280 -2.488044 .7220786 -------------+---------------------------------------------------------------- sigma_u | .23449701 sigma_e | .12457901 rho | .77988655 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(227, 377) = 6.27 Prob > F = 0.0000 53 Phụ lục 5.15: Kết quả hồi quy mô hình tác động cố định FEM (tiếp) Mô hình hồi quy khoản dồn tích bất thường (AbnDA) AbnDA = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7SIZE+ β8LEV+ β9ROA + εi Fixed-effects (within) regression Number of obs = 622 Group variable: C2ec Number of groups = 229 R-sq: Obs per group: within = 0.0265 min = 1 between = 0.0000 avg = 2.7 overall = 0.0003 max = 9 F(10,383) = 1.04 corr(u_i, Xb) = -0.4268 Prob > F = 0.4076 ------------------------------------------------------------------------------ AbnDA | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0006817 .0009355 0.73 0.467 -.0011576 .002521 INST | .0000847 .0002475 0.34 0.733 -.000402 .0005713 MAN | -.0011524 .0011224 -1.03 0.305 -.0033592 .0010545 FO | .0010277 .000878 1.17 0.243 -.0006986 .0027539 BL | -.0001647 .000733 -0.22 0.822 -.0016058 .0012765 LOSS | -.0277999 .039609 -0.70 0.483 -.1056782 .0500784 SUSPECT | .0146925 .0306694 0.48 0.632 -.045609 .0749939 SIZE | -.0223706 .0218357 -1.02 0.306 -.0653034 .0205622 LEV | .0226785 .1155715 0.20 0.845 -.2045556 .2499125 ROA | .1843715 .1204385 1.53 0.127 -.052432 .421175 _cons | .5517697 .5945604 0.93 0.354 -.6172413 1.720781 -------------+---------------------------------------------------------------- sigma_u | .10084963 sigma_e | .10407271 rho | .48427561 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(228, 383) = 1.47 Prob > F = 0.0005 54 Phụ lục 5.16: Kết quả hồi quy mô hình tác động cố định REM Mô hình hồi quy dòng tiền bất thường từ hoạt động kinh doanh (AbnCFO) AbnCFO = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Random-effects GLS regression Number of obs = 466 Group variable: C2ec Number of groups = 198 R-sq: Obs per group: within = 0.8508 min = 1 between = 0.8245 avg = 2.4 overall = 0.8330 max = 7 Wald chi2(11) = 2382.05 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 ------------------------------------------------------------------------------ AbnCFO | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0003698 .0001899 1.95 0.052 -2.41e-06 .0007419 INST | .0002596 .0000927 2.80 0.005 .0000779 .0004413 MAN | -.0000374 .0003016 -0.12 0.901 -.0006286 .0005538 FO | .0000995 .0002451 0.41 0.685 -.0003808 .0005798 BL | -.0000449 .0001949 -0.23 0.818 -.0004269 .0003371 LOSS | .0483857 .0141158 3.43 0.001 .0207192 .0760522 SUSPECT | .0149517 .0113557 1.32 0.188 -.007305 .0372084 AbnDA | -.922194 .020736 -44.47 0.000 -.9628358 -.8815522 SIZE | .0018786 .0024607 0.76 0.445 -.0029444 .0067016 LEV | -.034389 .0242548 -1.42 0.156 -.0819275 .0131496 ROA | .6444678 .0391534 16.46 0.000 .5677286 .721207 _cons | -.1106319 .0656359 -1.69 0.092 -.2392759 .0180121 -------------+---------------------------------------------------------------- sigma_u | .03383896 sigma_e | .04057391 rho | .41022752 (fraction of variance due to u_i) ------------------------------------------------------------------------------ 55 Phụ lục 5.16: Kết quả hồi quy mô hình tác động cố định REM (tiếp) Mô hình hồi quy chi phí tùy ý bất thường (AbnDEXP) AbnDEXP = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Random-effects GLS regression Number of obs = 616 Group variable: C2ec Number of groups = 228 R-sq: Obs per group: within = 0.0250 min = 1 between = 0.0751 avg = 2.7 overall = 0.1038 max = 9 Wald chi2(11) = 25.69 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0072 ------------------------------------------------------------------------------ AbnDEXP | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0001568 .0002677 0.59 0.558 -.0003679 .0006814 INST | .0001028 .0000889 1.16 0.248 -.0000715 .0002771 MAN | .0001076 .00036 0.30 0.765 -.000598 .0008132 FO | .001023 .0003172 3.22 0.001 .0004012 .0016448 BL | -.0001809 .0002435 -0.74 0.457 -.0006582 .0002963 LOSS | -.0109024 .0142935 -0.76 0.446 -.038917 .0171123 SUSPECT | -.0094439 .0109273 -0.86 0.387 -.0308609 .0119732 AbnDA | -.0031465 .0197824 -0.16 0.874 -.0419193 .0356262 SIZE | -.0109842 .0044445 -2.47 0.013 -.0196953 -.0022732 LEV | -.0206067 .0358502 -0.57 0.565 -.0908719 .0496585 ROA | .0546504 .0412701 1.32 0.185 -.0262376 .1355384 _cons | .2988711 .1188991 2.51 0.012 .0658332 .5319089 -------------+---------------------------------------------------------------- sigma_u | .10128472 sigma_e | .03884203 rho | .87178846 (fraction of variance due to u_i) ------------------------------------------------------------------------------ 56 Phụ lục 5.16: Kết quả hồi quy mô hình tác động cố định REM (tiếp) Mô hình hồi quy chi phí sản xuất bất thường (AbnPROD) AbnPROD = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Random-effects GLS regression Number of obs = 564 Group variable: C2ec Number of groups = 213 R-sq: Obs per group: within = 0.2604 min = 1 between = 0.4239 avg = 2.6 overall = 0.3831 max = 9 Wald chi2(11) = 263.72 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 ------------------------------------------------------------------------------ AbnPROD | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | -.0007579 .0004656 -1.63 0.104 -.0016704 .0001547 INST | -.0000889 .0001973 -0.45 0.652 -.0004756 .0002977 MAN | -.0008828 .0006756 -1.31 0.191 -.0022071 .0004414 FO | -.0015568 .0005862 -2.66 0.008 -.0027056 -.0004079 BL | .0000604 .0004648 0.13 0.897 -.0008506 .0009715 LOSS | -.0733952 .0294485 -2.49 0.013 -.1311132 -.0156772 SUSPECT | -.009036 .0248731 -0.36 0.716 -.0577864 .0397144 AbnDA | .4387701 .0427931 10.25 0.000 .3548972 .5226429 SIZE | .0108706 .0064102 1.70 0.090 -.0016931 .0234343 LEV | .0126557 .0587648 0.22 0.829 -.1025212 .1278327 ROA | -.9476316 .0856132 -11.07 0.000 -1.11543 -.7798329 _cons | -.1990694 .1714263 -1.16 0.246 -.5350588 .1369199 -------------+---------------------------------------------------------------- sigma_u | .10345924 sigma_e | .08745162 rho | .58326326 (fraction of variance due to u_i) ------------------------------------------------------------------------------ 57 Phụ lục 5.16: Kết quả hồi quy mô hình tác động cố định REM (tiếp) Mô hình hồi quy REM kết hợp (COM_REM) COM_REM = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Random-effects GLS regression Number of obs = 616 Group variable: C2ec Number of groups = 228 R-sq: Obs per group: within = 0.4928 min = 1 between = 0.4200 avg = 2.7 overall = 0.4438 max = 9 Wald chi2(11) = 527.82 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 ------------------------------------------------------------------------------ COM_REM | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | -.0010506 .0007119 -1.48 0.140 -.0024459 .0003446 INST | -.0003141 .0002727 -1.15 0.249 -.0008486 .0002204 MAN | -.0001607 .0010059 -0.16 0.873 -.0021321 .0018108 FO | -.0029345 .0008897 -3.30 0.001 -.0046783 -.0011907 BL | -.0000486 .0006818 -0.07 0.943 -.0013849 .0012876 LOSS | -.0854533 .0433106 -1.97 0.048 -.1703405 -.000566 SUSPECT | -.0196204 .033229 -0.59 0.555 -.084748 .0455072 AbnDA | 1.198706 .0609852 19.66 0.000 1.079177 1.318235 SIZE | .0201434 .0102642 1.96 0.050 .000026 .0402609 LEV | .1077518 .0933183 1.15 0.248 -.0751488 .2906524 ROA | -1.263922 .1200934 -10.52 0.000 -1.499301 -1.028543 _cons | -.4190134 .2731715 -1.53 0.125 -.9544197 .1163929 -------------+---------------------------------------------------------------- sigma_u | .20112165 sigma_e | .12457901 rho | .72270908 (fraction of variance due to u_i) ------------------------------------------------------------------------------ 58 Phụ lục 5.16: Kết quả hồi quy mô hình tác động cố định REM (tiếp) Mô hình hồi quy khoản dồn tích bất thường (AbnDA) AbnDA = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7SIZE+ β8LEV+ β9ROA + εi Random-effects GLS regression Number of obs = 622 Group variable: C2ec Number of groups = 229 R-sq: Obs per group: within = 0.0022 min = 1 between = 0.0494 avg = 2.7 overall = 0.0192 max = 9 Wald chi2(10) = 9.97 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.4431 ------------------------------------------------------------------------------ AbnDA | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0000896 .0003646 0.25 0.806 -.000625 .0008043 INST | -.000362 .0001923 -1.88 0.060 -.0007389 .0000149 MAN | -.0006072 .0005835 -1.04 0.298 -.0017508 .0005365 FO | .0004686 .0004497 1.04 0.297 -.0004128 .00135 BL | .0001101 .0003695 0.30 0.766 -.0006142 .0008344 LOSS | -.018425 .0290112 -0.64 0.525 -.075286 .038436 SUSPECT | .0130043 .0224122 0.58 0.562 -.0309228 .0569315 SIZE | .00154 .0043727 0.35 0.725 -.0070303 .0101102 LEV | -.0764648 .0442845 -1.73 0.084 -.1632608 .0103311 ROA | -.0184091 .069779 -0.26 0.792 -.1551733 .1183551 _cons | -.0469598 .1161124 -0.40 0.686 -.2745359 .1806162 -------------+---------------------------------------------------------------- sigma_u | .04689881 sigma_e | .10407271 rho | .16879452 (fraction of variance due to u_i) ------------------------------------------------------------------------------ 59 Phụ lục 5.17: Kết quả kiểm định Hausman Mô hình hồi quy dòng tiền bất thường từ hoạt động kinh doanh (AbnCFO) AbnCFO = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi ---- Coefficients ---- | (b) (B) (b-B) sqrt(diag(V_b-V_B)) | FEMCFO REMCFO Difference S.E. -------------+---------------------------------------------------------------- GOV | .0006781 .0003698 .0003084 .0003658 INST | .0002086 .0002596 -.000051 .0000749 MAN | -.0003193 -.0000374 -.0002819 .0004752 FO | .0003082 .0000995 .0002087 .0003511 BL | -.0000122 -.0000449 .0000326 .0003198 LOSS | .0483478 .0483857 -.0000379 .0113073 SUSPECT | .0185862 .0149517 .0036345 .0104482 AbnDA | -.9444958 -.922194 -.0223018 .0142643 SIZE | .0063257 .0018786 .0044471 .0111937 LEV | -.0812958 -.034389 -.0469068 .0507762 ROA | .6575132 .6444678 .0130454 .0571438 ------------------------------------------------------------------------------ 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) = 5.80 Prob>chi2 = 0.8863 Phụ lục 5.17: Kết quả kiểm định Hausman (tiếp) Mô hình hồi quy chi phí tùy ý bất thường (AbnDEXP) AbnDEXP = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi ---- Coefficients ---- | (b) (B) (b-B) sqrt(diag(V_b-V_B)) | FEMDEXP REMDEXP Difference S.E. -------------+---------------------------------------------------------------- GOV | .0001696 .0001568 .0000128 .0002251 INST | .0001176 .0001028 .0000148 .0000273 MAN | .0001945 .0001076 .0000869 .000219 FO | .0007287 .001023 -.0002943 .0001769 BL | -.0003212 -.0001809 -.0001403 .0001519 LOSS | -.0130747 -.0109024 -.0021724 .0046399 SUSPECT | -.010381 -.0094439 -.0009371 .0034994 AbnDA | .0073361 -.0031465 .0104826 .0052904 SIZE | -.0160143 -.0109842 -.0050301 .0082659 LEV | .0082501 -.0206067 .0288567 .0292343 ROA | .0144619 .0546504 -.0401886 .018621 ------------------------------------------------------------------------------ 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) = 14.64 Prob>chi2 = 0.1995 60 Phụ lục 5.17: Kết quả kiểm định Hausman (tiếp) Mô hình hồi quy chi phí sản xuất bất thường (AbnPROD) AbnPROD = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi ---- Coefficients ---- | (b) (B) (b-B) sqrt(diag(V_b-V_B)) | FEMPROD REMPROD Difference S.E. -------------+---------------------------------------------------------------- GOV | -.001719 -.0007579 -.0009611 .0007222 INST | -.0002042 -.0000889 -.0001153 .000116 MAN | -.0013305 -.0008828 -.0004477 .0007594 FO | -.0004028 -.0015568 .0011539 .000651 BL | -.0000106 .0000604 -.000071 .0005588 LOSS | -.0798604 -.0733952 -.0064653 .017892 SUSPECT | .0120698 -.009036 .0211058 .0149945 AbnDA | .4209377 .4387701 -.0178324 .0206529 SIZE | .0425677 .0108706 .0316971 .0228521 LEV | -.1426675 .0126557 -.1553232 .0942322 ROA | -.7914633 -.9476316 .1561683 .0797702 ------------------------------------------------------------------------------ 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) = 16.31 Prob>chi2 = 0.1300 Phụ lục 5.17: Kết quả kiểm định Hausman (tiếp) Mô hình hồi quy REM kết hợp (COM_REM) COM_REM = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi ---- Coefficients ---- | (b) (B) (b-B) sqrt(diag(V_b-V_B)) | FEMCM REMCM Difference S.E. -------------+---------------------------------------------------------------- GOV | -.0018741 -.0010506 -.0008234 .000867 INST | -.000384 -.0003141 -.0000699 .0001208 MAN | -.0001683 -.0001607 -7.59e-06 .0009028 FO | -.0015053 -.0029345 .0014292 .0007522 BL | -.0003632 -.0000486 -.0003146 .0006185 LOSS | -.0801743 -.0854533 .005279 .0211496 SUSPECT | -.0119207 -.0196204 .0076997 .0158151 AbnDA | 1.191776 1.198706 -.0069304 .024381 SIZE | .0385292 .0201434 .0183857 .0282966 LEV | -.0788391 .1077518 -.1865909 .1153452 ROA | -1.034779 -1.263922 .2291434 .0816423 ------------------------------------------------------------------------------ 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) = 15.65 Prob>chi2 = 0.1547 61 Phụ lục 5.17: Kết quả kiểm định Hausman (tiếp) Mô hình hồi quy khoản dồn tích bất thường (AbnDA) AbnDA = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7SIZE+ β8LEV+ β9ROA + εi ---- Coefficients ---- | (b) (B) (b-B) sqrt(diag(V_b-V_B)) | FEMADA REMADA Difference S.E. -------------+---------------------------------------------------------------- GOV | .0006817 .0000896 .0005921 .0008615 INST | .0000847 -.000362 .0004467 .0001559 MAN | -.0011524 -.0006072 -.0005452 .0009588 FO | .0010277 .0004686 .0005591 .0007541 BL | -.0001647 .0001101 -.0002748 .000633 LOSS | -.0277999 -.018425 -.0093749 .026967 SUSPECT | .0146925 .0130043 .0016881 .0209357 SIZE | -.0223706 .00154 -.0239105 .0213934 LEV | .0226785 -.0764648 .0991433 .1067504 ROA | .1843715 -.0184091 .2027806 .0981649 ------------------------------------------------------------------------------ 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(10) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 17.92 Prob>chi2 = 0.0564 62 Phụ lục 5.18: Kiểm định tự tương quan mô hình (Wooldridge) Mô hình hồi quy dòng tiền bất thường từ hoạt động kinh doanh (AbnCFO) AbnCFO = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 47) = 0.373 Prob > F = 0.5444 Mô hình hồi quy chi phí tùy ý bất thường (AbnDEXP) AbnDEXP = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 74) = 2.160 Prob > F = 0.1459 Mô hình hồi quy chi phí sản xuất bất thường (AbnPROD) AbnPROD = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 65) = 2.478 Prob > F = 0.1203 Mô hình hồi quy REM kết hợp (COM_REM) COM_REM = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 74) = 1.410 Prob > F = 0.2388 Mô hình hồi quy khoản dồn tích bất thường (AbnDA) AbnDA = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7SIZE+ β8LEV+ β9ROA + εi Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 75) = 0.007 Prob > F = 0.9354 63 Phụ lục 5.19: Kiểm định phương sai sai số thay đổi của mô hình FEM (Modified Wald) Mô hình hồi quy dòng tiền bất thường từ hoạt động kinh doanh (AbnCFO) AbnCFO = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Modified Wald test for groupwise heteroskedasticity in fixed effect regression model H0: sigma(i)^2 = sigma^2 for all i chi2 (198) = 1.1e+33 Prob>chi2 = 0.0000 Mô hình hồi quy chi phí tùy ý bất thường (AbnDEXP) AbnDEXP = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Modified Wald test for groupwise heteroskedasticity in fixed effect regression model H0: sigma(i)^2 = sigma^2 for all i chi2 (228) = 6.6e+05 Prob>chi2 = 0.0000 Mô hình hồi quy chi phí sản xuất bất thường (AbnPROD) AbnPROD = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Modified Wald test for groupwise heteroskedasticity in fixed effect regression model H0: sigma(i)^2 = sigma^2 for all i chi2 (213) = 1.0e+05 Prob>chi2 = 0.0000 Mô hình hồi quy REM kết hợp (COM_REM) COM_REM = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Modified Wald test for groupwise heteroskedasticity in fixed effect regression model H0: sigma(i)^2 = sigma^2 for all i chi2 (228) = 1.6e+33 Prob>chi2 = 0.0000 Mô hình hồi quy khoản dồn tích bất thường (AbnDA) AbnDA = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7SIZE+ β8LEV+ β9ROA + εi Modified Wald test for groupwise heteroskedasticity in fixed effect regression model H0: sigma(i)^2 = sigma^2 for all i chi2 (229) = 2.6e+08 Prob>chi2 = 0.0000 64 Phụ lục 5.20: Kiểm định phương sai sai số thay đổi của mô hình REM (Lagrange) Mô hình hồi quy dòng tiền bất thường từ hoạt động kinh doanh (AbnCFO) AbnCFO = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Breusch and Pagan Lagrangian multiplier test for random effects AbnCFO[C2ec,t] = Xb + u[C2ec] + e[C2ec,t] Estimated results: | Var sd = sqrt(Var) ---------+----------------------------- AbnCFO | .0150219 .1225639 e | .0016462 .0405739 u | .0011451 .033839 Test: Var(u) = 0 chibar2(01) = 47.33 Prob > chibar2 = 0.0000 Mô hình hồi quy chi phí tùy ý bất thường (AbnDEXP) AbnDEXP = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Breusch and Pagan Lagrangian multiplier test for random effects AbnDEXP[C2ec,t] = Xb + u[C2ec] + e[C2ec,t] Estimated results: | Var sd = sqrt(Var) ---------+----------------------------- AbnDEXP | .0105946 .1029302 e | .0015087 .038842 u | .0102586 .1012847 Test: Var(u) = 0 chibar2(01) = 557.16 Prob > chibar2 = 0.0000 Mô hình hồi quy chi phí sản xuất bất thường (AbnPROD) AbnPROD = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Breusch and Pagan Lagrangian multiplier test for random effects AbnPROD[C2ec,t] = Xb + u[C2ec] + e[C2ec,t] Estimated results: | Var sd = sqrt(Var) ---------+----------------------------- AbnPROD | .0268444 .1638425 e | .0076478 .0874516 u | .0107038 .1034592 Test: Var(u) = 0 chibar2(01) = 167.14 Prob > chibar2 = 0.0000 65 Phụ lục 5.20: Kiểm định phương sai sai số thay đổi của mô hình REM (Lagrange) (tiếp) Mô hình hồi quy REM kết hợp (COM_REM) COM_REM = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Breusch and Pagan Lagrangian multiplier test for random effects COM_REM[C2ec,t] = Xb + u[C2ec] + e[C2ec,t] Estimated results: | Var sd = sqrt(Var) ---------+----------------------------- COM_REM | .085167 .2918338 e | .0155199 .124579 u | .0404499 .2011216 Test: Var(u) = 0 chibar2(01) = 313.10 Prob > chibar2 = 0.0000 Mô hình hồi quy khoản dồn tích bất thường (AbnDA) AbnDA = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7SIZE+ β8LEV+ β9ROA + εi Breusch and Pagan Lagrangian multiplier test for random effects AbnDA[C2ec,t] = Xb + u[C2ec] + e[C2ec,t] Estimated results: | Var sd = sqrt(Var) ---------+----------------------------- AbnDA | .0127837 .1130649 e | .0108311 .1040727 u | .0021995 .0468988 Test: Var(u) = 0 chibar2(01) = 3.69 Prob > chibar2 = 0.0274 66 Phụ lục 5.21: Kết quả hồi quy mô hình sai số chuẩn mạnh (Robust standard errors) Mô hình hồi quy dòng tiền bất thường từ hoạt động kinh doanh (AbnCFO) AbnCFO = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Random-effects GLS regression Number of obs = 466 Group variable: C2ec Number of groups = 198 R-sq: Obs per group: within = 0.8508 min = 1 between = 0.8245 avg = 2.4 overall = 0.8330 max = 7 Wald chi2(11) = 1622.68 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 (Std. Err. adjusted for 198 clusters in C2ec) ------------------------------------------------------------------------------ | Robust AbnCFO | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0003698 .0002068 1.79 0.074 -.0000356 .0007752 INST | .0002596 .000092 2.82 0.005 .0000792 .00044 MAN | -.0000374 .0002972 -0.13 0.900 -.00062 .0005452 FO | .0000995 .0002279 0.44 0.662 -.0003472 .0005462 BL | -.0000449 .000171 -0.26 0.793 -.0003801 .0002904 LOSS | .0483857 .0180166 2.69 0.007 .0130738 .0836976 SUSPECT | .0149517 .0072558 2.06 0.039 .0007306 .0291728 AbnDA | -.922194 .0258851 -35.63 0.000 -.9729278 -.8714602 SIZE | .0018786 .0022363 0.84 0.401 -.0025045 .0062617 LEV | -.034389 .0198002 -1.74 0.082 -.0731967 .0044187 ROA | .6444678 .0544711 11.83 0.000 .5377064 .7512293 _cons | -.1106319 .0619177 -1.79 0.074 -.2319883 .0107245 -------------+---------------------------------------------------------------- sigma_u | .03383896 sigma_e | .04057391 rho | .41022752 (fraction of variance due to u_i) ------------------------------------------------------------------------------ 67 Phụ lục 5.21: Kết quả hồi quy mô hình sai số chuẩn mạnh (Robust standard errors) (tiếp) Mô hình hồi quy chi phí tùy ý bất thường (AbnDEXP) AbnDEXP = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Random-effects GLS regression Number of obs = 616 Group variable: C2ec Number of groups = 228 R-sq: Obs per group: within = 0.0250 min = 1 between = 0.0751 avg = 2.7 overall = 0.1038 max = 9 Wald chi2(11) = 16.49 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.1238 (Std. Err. adjusted for 228 clusters in C2ec) ------------------------------------------------------------------------------ | Robust AbnDEXP | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0001568 .0002612 0.60 0.548 -.0003552 .0006687 INST | .0001028 .0000948 1.08 0.278 -.000083 .0002886 MAN | .0001076 .000244 0.44 0.659 -.0003706 .0005858 FO | .001023 .0003639 2.81 0.005 .0003098 .0017361 BL | -.0001809 .0003704 -0.49 0.625 -.000907 .0005451 LOSS | -.0109024 .024073 -0.45 0.651 -.0580845 .0362798 SUSPECT | -.0094439 .0079164 -1.19 0.233 -.0249597 .006072 AbnDA | -.0031465 .0182038 -0.17 0.863 -.0388253 .0325322 SIZE | -.0109842 .005486 -2.00 0.045 -.0217366 -.0002319 LEV | -.0206067 .0320513 -0.64 0.520 -.083426 .0422126 ROA | .0546504 .082849 0.66 0.509 -.1077307 .2170315 _cons | .2988711 .1566826 1.91 0.056 -.0082211 .6059632 -------------+---------------------------------------------------------------- sigma_u | .10128472 sigma_e | .03884203 rho | .87178846 (fraction of variance due to u_i) ------------------------------------------------------------------------------ 68 Phụ lục 5.21: Kết quả hồi quy mô hình sai số chuẩn mạnh (Robust standard errors) (tiếp) Mô hình hồi quy chi phí sản xuất bất thường (AbnPROD) AbnPROD = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Random-effects GLS regression Number of obs = 564 Group variable: C2ec Number of groups = 213 R-sq: Obs per group: within = 0.2604 min = 1 between = 0.4239 avg = 2.6 overall = 0.3831 max = 9 Wald chi2(11) = 127.45 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 (Std. Err. adjusted for 213 clusters in C2ec) ------------------------------------------------------------------------------ | Robust AbnPROD | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | -.0007579 .00038 -1.99 0.046 -.0015026 -.0000131 INST | -.0000889 .0001875 -0.47 0.635 -.0004564 .0002786 MAN | -.0008828 .0006671 -1.32 0.186 -.0021903 .0004247 FO | -.0015568 .0006795 -2.29 0.022 -.0028886 -.0002249 BL | .0000604 .0004829 0.13 0.900 -.000886 .0010068 LOSS | -.0733952 .0321592 -2.28 0.022 -.1364261 -.0103642 SUSPECT | -.009036 .0175151 -0.52 0.606 -.0433649 .025293 AbnDA | .4387701 .0719797 6.10 0.000 .2976925 .5798477 SIZE | .0108706 .0057706 1.88 0.060 -.0004397 .0221809 LEV | .0126557 .0433871 0.29 0.771 -.0723814 .0976929 ROA | -.9476316 .1407852 -6.73 0.000 -1.223565 -.6716978 _cons | -.1990694 .1564907 -1.27 0.203 -.5057856 .1076468 -------------+---------------------------------------------------------------- sigma_u | .10345924 sigma_e | .08745162 rho | .58326326 (fraction of variance due to u_i) ------------------------------------------------------------------------------ 69 Phụ lục 5.21: Kết quả hồi quy mô hình sai số chuẩn mạnh (Robust standard errors) (tiếp) Mô hình hồi quy REM kết hợp (COM_REM) COM_REM = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Random-effects GLS regression Number of obs = 616 Group variable: C2ec Number of groups = 228 R-sq: Obs per group: within = 0.4928 min = 1 between = 0.4200 avg = 2.7 overall = 0.4438 max = 9 Wald chi2(11) = 292.58 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 (Std. Err. adjusted for 228 clusters in C2ec) ------------------------------------------------------------------------------ | Robust COM_REM | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | -.0010506 .0006233 -1.69 0.092 -.0022723 .0001711 INST | -.0003141 .00027 -1.16 0.245 -.0008433 .0002151 MAN | -.0001607 .0009625 -0.17 0.867 -.0020471 .0017258 FO | -.0029345 .0010474 -2.80 0.005 -.0049873 -.0008817 BL | -.0000486 .0007827 -0.06 0.950 -.0015826 .0014854 LOSS | -.0854533 .0604126 -1.41 0.157 -.2038598 .0329533 SUSPECT | -.0196204 .0235492 -0.83 0.405 -.0657759 .0265351 AbnDA | 1.198706 .0835376 14.35 0.000 1.034976 1.362437 SIZE | .0201434 .0094024 2.14 0.032 .001715 .0385718 LEV | .1077518 .0743713 1.45 0.147 -.0380133 .2535168 ROA | -1.263922 .1951388 -6.48 0.000 -1.646387 -.881457 _cons | -.4190134 .26211 -1.60 0.110 -.9327396 .0947128 -------------+---------------------------------------------------------------- sigma_u | .20112165 sigma_e | .12457901 rho | .72270908 (fraction of variance due to u_i) ------------------------------------------------------------------------------ 70 Phụ lục 5.21: Kết quả hồi quy mô hình sai số chuẩn mạnh (Robust standard errors) (tiếp) Mô hình hồi quy khoản dồn tích bất thường (AbnDA) AbnDA = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7SIZE+ β8LEV+ β9ROA + εi Random-effects GLS regression Number of obs = 622 Group variable: C2ec Number of groups = 229 R-sq: Obs per group: within = 0.0022 min = 1 between = 0.0494 avg = 2.7 overall = 0.0192 max = 9 Wald chi2(10) = 10.84 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.3704 (Std. Err. adjusted for 229 clusters in C2ec) ------------------------------------------------------------------------------ | Robust AbnDA | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- GOV | .0000896 .0003101 0.29 0.773 -.0005182 .0006974 INST | -.000362 .0002575 -1.41 0.160 -.0008667 .0001427 MAN | -.0006072 .000512 -1.19 0.236 -.0016107 .0003964 FO | .0004686 .0004751 0.99 0.324 -.0004625 .0013997 BL | .0001101 .000367 0.30 0.764 -.0006092 .0008294 LOSS | -.018425 .034746 -0.53 0.596 -.0865259 .0496759 SUSPECT | .0130043 .013845 0.94 0.348 -.0141313 .04014 SIZE | .00154 .0057781 0.27 0.790 -.0097849 .0128649 LEV | -.0764648 .0377209 -2.03 0.043 -.1503965 -.0025332 ROA | -.0184091 .063727 -0.29 0.773 -.1433118 .1064935 _cons | -.0469598 .1647392 -0.29 0.776 -.3698427 .275923 -------------+---------------------------------------------------------------- sigma_u | .04689881 sigma_e | .10407271 rho | .16879452 (fraction of variance due to u_i) ------------------------------------------------------------------------------ 71 Phụ lục 5.22: Kết quả kiểm định hiện tượng đa cộng tuyến (VIF) Mô hình hồi quy dòng tiền bất thường từ hoạt động kinh doanh (AbnCFO) AbnCFO = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Variable | VIF 1/VIF -------------+---------------------- GOV | 1.82 0.550461 SIZE | 1.57 0.635590 FO | 1.55 0.643483 BL | 1.50 0.666820 ROA | 1.42 0.704831 LEV | 1.34 0.748078 MAN | 1.28 0.784293 INST | 1.24 0.804248 LOSS | 1.14 0.877918 SUSPECT | 1.07 0.938941 AbnDA | 1.02 0.980444 -------------+---------------------- Mean VIF | 1.36 Mô hình hồi quy chi phí tùy ý bất thường (AbnDEXP) AbnDEXP = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Variable | VIF 1/VIF -------------+---------------------- GOV | 1.92 0.519744 FO | 1.54 0.649768 BL | 1.52 0.656614 SIZE | 1.50 0.668039 ROA | 1.39 0.718811 LEV | 1.32 0.757607 MAN | 1.29 0.775644 INST | 1.24 0.804895 LOSS | 1.13 0.886876 SUSPECT | 1.06 0.939384 AbnDA | 1.02 0.978938 -------------+---------------------- Mean VIF | 1.36 Mô hình hồi quy chi phí sản xuất bất thường (AbnPROD) AbnPROD = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Variable | VIF 1/VIF -------------+---------------------- GOV | 1.87 0.535886 FO | 1.57 0.636436 BL | 1.52 0.658166 SIZE | 1.51 0.663311 ROA | 1.40 0.715723 LEV | 1.31 0.765995 MAN | 1.27 0.788834 INST | 1.24 0.809306 LOSS | 1.13 0.883484 SUSPECT | 1.06 0.940845 AbnDA | 1.02 0.981868 72 -------------+---------------------- Mean VIF | 1.35 Phụ lục 5.22: Kết quả kiểm định hiện tượng đa cộng tuyến (VIF) (tiếp) Mô hình hồi quy REM kết hợp (COM_REM) COM_REM = α + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7AbnDA + β8SIZE+ β9LEV+ β10ROA + εi Variable | VIF 1/VIF -------------+---------------------- GOV | 1.92 0.519744 FO | 1.54 0.649768 BL | 1.52 0.656614 SIZE | 1.50 0.668039 ROA | 1.39 0.718811 LEV | 1.32 0.757607 MAN | 1.29 0.775644 INST | 1.24 0.804895 LOSS | 1.13 0.886876 SUSPECT | 1.06 0.939384 AbnDA | 1.02 0.978938 -------------+---------------------- Mean VIF | 1.36 Mô hình hồi quy khoản dồn tích bất thường (AbnDA) + β0GOV + β1INST + β2MAN + β3FO + β4BL + β5LOSS + β6SUSPECT + β7SIZE+ β8LEV+ β9ROA + εi Variable | VIF 1/VIF -------------+---------------------- GOV | 1.95 0.512342 FO | 1.53 0.655260 BL | 1.52 0.656882 SIZE | 1.47 0.679200 ROA | 1.38 0.723328 LEV | 1.29 0.772850 MAN | 1.28 0.778490 INST | 1.23 0.811875 LOSS | 1.13 0.887976 SUSPECT | 1.06 0.939658 -------------+---------------------- Mean VIF | 1.39