Luận án Minh bạch và công bố thông tin của các công ty niêm yết trên thị trường chứng khoán Việt Nam

------------- | Robust CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | -.0018306 .0010351 -1.77 0.077 -.0038594 .0001982 HDQT | -.0003783 .0007251 -0.52 0.602 -.0017994 .0010428 KTGD | -.0018321 .0023884 -0.77 0.443 -.0065133 .0028491 QMCT | .0072127 .0012574 5.74 0.000 .0047482 .0096773 DBTC | -.0164275 .0058089 -2.83 0.005 -.0278128 -.0050422 TOBIN_Q | -.0004334 .000737 -0.59 0.557 -.0018778 .0010111 _cons | .010292 .0439854 0.23 0.815 -.0759178 .0965019 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD QMCT DBTC TOBIN_Q TVDL SHNN NAMNY SGDCK ROE . estat endogenous Tests of endogeneity Ho: variables are exogenous Robust score chi2(1) = 4.21384 (p = 0.0401) Robust regression F(1,1444) = 4.3954 (p = 0.0362) . estat overid Test of overidentifying restrictions: Score chi2(4) = 20.4893 (p = 0.0004) . estimates store SLS_C5 . ivregress 2sls CPV_CSH (CS_CBTT=TVDL SHNN NAMNY SGDCK) HDQT BGD SHQT QMCT DBTC MBR, vce(robust) Instrumental variables (2SLS) regression Number of obs = 1452 Wald chi2(7) = 52.73 Prob > chi2 = 0.0000 R-squared = . Root MSE = .04004 ------------------------------------------------------------------------------ | Robust CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | -.0021751 .0011072 -1.96 0.049 -.0043451 -5.10e-06 HDQT | -.0006287 .0007504 -0.84 0.402 -.0020995 .0008421 BGD | .0011137 .0007832 1.42 0.155 -.0004214 .0026488 SHQT | -.0000188 .0000526 -0.36 0.720 -.0001219 .0000842 QMCT | .0070396 .0012527 5.62 0.000 .0045845 .0094948 DBTC | -.0192668 .0067376 -2.86 0.004 -.0324722 -.0060614 MBR | -.0001275 .0003481 -0.37 0.714 -.0008098 .0005547 _cons | .034332 .0491555 0.70 0.485 -.0620111 .1306751 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT BGD SHQT QMCT DBTC MBR TVDL SHNN NAMNY SGDCK . estat endogenous Tests of endogeneity Ho: variables are exogenous Robust score chi2(1) = 5.15065 (p = 0.0232) Robust regression F(1,1443) = 5.25914 (p = 0.0220) . estat overid Test of overidentifying restrictions: Score chi2(3) = 18.3073 (p = 0.0004) . estimates store SLS_C6 . esttab SLS_C1 SLS_C2 SLS_C3 SLS_C4 SLS_C5 SLS_C6, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress ---------------------------------------------------------------------------------------- (1) (2) (3) (4) (5) (6) CPV_CSH CPV_CSH CPV_CSH CPV_CSH CPV_CSH CPV_CSH ---------------------------------------------------------------------------------------- CS_CBTT -0.00203* -0.00211* -0.00194** -0.00206** -0.00183* -0.00218** [-1.78] [-1.89] [-1.98] [-2.13] [-1.77] [-1.96] HDQT -0.000633 -0.000632 -0.000378 -0.000629 [-0.85] [-0.84] [-0.52] [-0.84] SHQT -0.0000193 -0.0000188 -0.0000202 -0.0000142 -0.0000188 [-0.37] [-0.36] [-0.39] [-0.27] [-0.36] BGD 0.00106 0.00110 0.00111 [1.38] [1.40] [1.42] QMCT 0.00692*** 0.00699*** 0.00720*** 0.00729*** 0.00721*** 0.00704*** [5.59] [5.58] [5.62] [5.78] [5.74] [5.62] DBTC -0.0185*** -0.0191*** -0.0163*** -0.0167*** -0.0164*** -0.0193*** [-2.90] [-2.85] [-2.74] [-2.82] [-2.83] [-2.86] ROA 0.00212 [0.11] TOBIN_Q -0.000444 -0.000356 -0.000433 [-0.65] [-0.47] [-0.59] KTGD -0.00189 -0.00183 [-0.78] [-0.77] MBR -0.000128 [-0.37] _cons 0.0285 0.0317 0.0146 0.0205 0.0103 0.0343 [0.56] [0.64] [0.35] [0.49] [0.23] [0.70] ---------------------------------------------------------------------------------------- N 1452 1452 1452 1452 1452 1452 R-sq . . . . . . ---------------------------------------------------------------------------------------- t statistics in brackets * p<0.1, ** p<0.05, *** p<0.01 * PHUONG PHAP GIVE CHO CHI PHI VON . ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK) HDQT SHQT QMCT DBTC ROA BGD TOBIN_Q, endogtest(CS_CBTT) r > obust IV (2SLS) estimation -------------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity Number of obs = 1452 F( 8, 1443) = 6.61 Prob > F = 0.0000 Total (centered) SS = 2.209568123 Centered R2 = -0.0403 Total (uncentered) SS = 11.99136606 Uncentered R2 = 0.8083 Residual SS = 2.298653557 Root MSE = .03979 ------------------------------------------------------------------------------ | Robust CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | -.0020284 .0011411 -1.78 0.075 -.0042649 .0002082 HDQT | -.0006328 .0007463 -0.85 0.396 -.0020955 .0008299 SHQT | -.0000193 .0000521 -0.37 0.711 -.0001215 .0000829 QMCT | .0069204 .0012385 5.59 0.000 .0044931 .0093478 DBTC | -.0185104 .006385 -2.90 0.004 -.0310248 -.005996 ROA | .0021164 .0188631 0.11 0.911 -.0348545 .0390873 BGD | .0010637 .0007705 1.38 0.167 -.0004464 .0025738 TOBIN_Q | -.0004438 .0006795 -0.65 0.514 -.0017756 .000888 _cons | .0285232 .0505049 0.56 0.572 -.0704646 .1275109 ------------------------------------------------------------------------------ Underidentification test (Kleibergen-Paap rk LM statistic): 31.391 Chi-sq(4) P-val = 0.0000 ------------------------------------------------------------------------------ Weak identification test (Kleibergen-Paap rk Wald F statistic): 8.046 ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 18.366 Chi-sq(3) P-val = 0.0004 -endog- option: Endogeneity test of endogenous regressors: 2.101 Chi-sq(1) P-val = 0.1472 Regressors tested: CS_CBTT ------------------------------------------------------------------------------ Instrumented: CS_CBTT Included instruments: HDQT SHQT QMCT DBTC ROA BGD TOBIN_Q Excluded instruments: TVDL SHNN NAMNY SGDCK ------------------------------------------------------------------------------ . estimates store GIVE1 . ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK) HDQT BGD SHQT QMCT DBTC TOBIN_Q, endogtest(CS_CBTT) robus > t IV (2SLS) estimation -------------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity Number of obs = 1452 F( 7, 1444) = 7.55 Prob > F = 0.0000 Total (centered) SS = 2.209568123 Centered R2 = -0.0471 Total (uncentered) SS = 11.99136606 Uncentered R2 = 0.8071 Residual SS = 2.313602407 Root MSE = .03992 ------------------------------------------------------------------------------ | Robust CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | -.0021059 .0011167 -1.89 0.059 -.0042947 .0000829 HDQT | -.0006319 .0007483 -0.84 0.398 -.0020986 .0008348 BGD | .0010953 .0007802 1.40 0.160 -.0004338 .0026243 SHQT | -.0000188 .0000524 -0.36 0.720 -.0001215 .000084 QMCT | .0069878 .0012522 5.58 0.000 .0045335 .0094422 DBTC | -.0190677 .0066942 -2.85 0.004 -.0321881 -.0059473 TOBIN_Q | -.0003556 .0007613 -0.47 0.640 -.0018477 .0011364 _cons | .0316642 .0493802 0.64 0.521 -.0651193 .1284477 ------------------------------------------------------------------------------ Underidentification test (Kleibergen-Paap rk LM statistic): 33.143 Chi-sq(4) P-val = 0.0000 ------------------------------------------------------------------------------ Weak identification test (Kleibergen-Paap rk Wald F statistic): 8.444 ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 18.262 Chi-sq(3) P-val = 0.0004 -endog- option: Endogeneity test of endogenous regressors: 2.330 Chi-sq(1) P-val = 0.1269 Regressors tested: CS_CBTT ------------------------------------------------------------------------------ Instrumented: CS_CBTT Included instruments: HDQT BGD SHQT QMCT DBTC TOBIN_Q Excluded instruments: TVDL SHNN NAMNY SGDCK ------------------------------------------------------------------------------ . estimates store GIVE2 . ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK ROE) SHQT QMCT DBTC, endogtest(CS_CBTT) robust IV (2SLS) estimation -------------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity Number of obs = 1452 F( 4, 1447) = 12.44 Prob > F = 0.0000 Total (centered) SS = 2.209568123 Centered R2 = -0.0356 Total (uncentered) SS = 11.99136606 Uncentered R2 = 0.8092 Residual SS = 2.288324086 Root MSE = .0397 ------------------------------------------------------------------------------ | Robust CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | -.0019441 .0009826 -1.98 0.048 -.0038699 -.0000182 SHQT | -.0000202 .0000516 -0.39 0.696 -.0001213 .000081 QMCT | .0072041 .0012827 5.62 0.000 .00469 .0097181 DBTC | -.0162687 .0059384 -2.74 0.006 -.0279078 -.0046297 _cons | .0146428 .0412971 0.35 0.723 -.066298 .0955836 ------------------------------------------------------------------------------ Underidentification test (Kleibergen-Paap rk LM statistic): 40.352 Chi-sq(5) P-val = 0.0000 ------------------------------------------------------------------------------ Weak identification test (Kleibergen-Paap rk Wald F statistic): 7.780 ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 19.312 Chi-sq(4) P-val = 0.0007 -endog- option: Endogeneity test of endogenous regressors: 2.894 Chi-sq(1) P-val = 0.0889 Regressors tested: CS_CBTT ------------------------------------------------------------------------------ Instrumented: CS_CBTT Included instruments: SHQT QMCT DBTC Excluded instruments: TVDL SHNN NAMNY SGDCK ROE ------------------------------------------------------------------------------ . estimates store GIVE3 . ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK ROE) KTGD SHQT QMCT DBTC, endogtest(CS_CBTT) robust IV (2SLS) estimation -------------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity Number of obs = 1452 F( 5, 1446) = 10.02 Prob > F = 0.0000 Total (centered) SS = 2.209568123 Centered R2 = -0.0454 Total (uncentered) SS = 11.99136606 Uncentered R2 = 0.8074 Residual SS = 2.309990397 Root MSE = .03989 ------------------------------------------------------------------------------ | Robust CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | -.002064 .0009706 -2.13 0.033 -.0039662 -.0001617 KTGD | -.0018891 .0024199 -0.78 0.435 -.0066319 .0028537 SHQT | -.0000142 .0000525 -0.27 0.787 -.000117 .0000886 QMCT | .0072879 .0012616 5.78 0.000 .0048153 .0097605 DBTC | -.016724 .0059345 -2.82 0.005 -.0283555 -.0050925 _cons | .0204759 .0414945 0.49 0.622 -.0608519 .1018036 ------------------------------------------------------------------------------ Underidentification test (Kleibergen-Paap rk LM statistic): 42.230 Chi-sq(5) P-val = 0.0000 ------------------------------------------------------------------------------ Weak identification test (Kleibergen-Paap rk Wald F statistic): 8.247 ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 19.177 Chi-sq(4) P-val = 0.0007 -endog- option: Endogeneity test of endogenous regressors: 3.429 Chi-sq(1) P-val = 0.0641 Regressors tested: CS_CBTT ------------------------------------------------------------------------------ Instrumented: CS_CBTT Included instruments: KTGD SHQT QMCT DBTC Excluded instruments: TVDL SHNN NAMNY SGDCK ROE ------------------------------------------------------------------------------ . estimates store GIVE4 . ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK ROE) HDQT KTGD QMCT DBTC TOBIN_Q, endogtest(CS_CBTT)robust IV (2SLS) estimation -------------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity Number of obs = 1452 F( 6, 1445) = 8.84 Prob > F = 0.0000 Total (centered) SS = 2.209568123 Centered R2 = -0.0259 Total (uncentered) SS = 11.99136606 Uncentered R2 = 0.8110 Residual SS = 2.266689466 Root MSE = .03951 ------------------------------------------------------------------------------ | Robust CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | -.0018306 .0010351 -1.77 0.077 -.0038594 .0001982 HDQT | -.0003783 .0007251 -0.52 0.602 -.0017994 .0010428 KTGD | -.0018321 .0023884 -0.77 0.443 -.0065133 .0028491 QMCT | .0072127 .0012574 5.74 0.000 .0047482 .0096773 DBTC | -.0164275 .0058089 -2.83 0.005 -.0278128 -.0050422 TOBIN_Q | -.0004334 .000737 -0.59 0.557 -.0018778 .0010111 _cons | .010292 .0439854 0.23 0.815 -.0759178 .0965019 ------------------------------------------------------------------------------ Underidentification test (Kleibergen-Paap rk LM statistic): 36.444 Chi-sq(5) P-val = 0.0000 ------------------------------------------------------------------------------ Weak identification test (Kleibergen-Paap rk Wald F statistic): 7.136 ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 20.489 Chi-sq(4) P-val = 0.0004 -endog- option: Endogeneity test of endogenous regressors: 2.071 Chi-sq(1) P-val = 0.1501 Regressors tested: CS_CBTT ------------------------------------------------------------------------------ Instrumented: CS_CBTT Included instruments: HDQT KTGD QMCT DBTC TOBIN_Q Excluded instruments: TVDL SHNN NAMNY SGDCK ROE ------------------------------------------------------------------------------ . estimates store GIVE5 . ivreg2 CPV_CSH ( CS_CBTT= TVDL SHNN NAMNY SGDCK) HDQT BGD SHQT QMCT DBTC MBR, endogtest(CS_CBTT)robust IV (2SLS) estimation -------------------- Estimates efficient for homoskedasticity only Statistics robust to heteroskedasticity Number of obs = 1452 F( 7, 1444) = 7.49 Prob > F = 0.0000 Total (centered) SS = 2.209568123 Centered R2 = -0.0533 Total (uncentered) SS = 11.99136606 Uncentered R2 = 0.8059 Residual SS = 2.327423467 Root MSE = .04004 ------------------------------------------------------------------------------ | Robust CPV_CSH | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | -.0021751 .0011072 -1.96 0.049 -.0043451 -5.10e-06 HDQT | -.0006287 .0007504 -0.84 0.402 -.0020995 .0008421 BGD | .0011137 .0007832 1.42 0.155 -.0004214 .0026488 SHQT | -.0000188 .0000526 -0.36 0.720 -.0001219 .0000842 QMCT | .0070396 .0012527 5.62 0.000 .0045845 .0094948 DBTC | -.0192668 .0067376 -2.86 0.004 -.0324722 -.0060614 MBR | -.0001275 .0003481 -0.37 0.714 -.0008098 .0005547 _cons | .034332 .0491555 0.70 0.485 -.0620111 .1306751 ------------------------------------------------------------------------------ Underidentification test (Kleibergen-Paap rk LM statistic): 33.875 Chi-sq(4) P-val = 0.0000 ------------------------------------------------------------------------------ Weak identification test (Kleibergen-Paap rk Wald F statistic): 8.633 ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 18.307 Chi-sq(3) P-val = 0.0004 -endog- option: Endogeneity test of endogenous regressors: 2.590 Chi-sq(1) P-val = 0.1076 Regressors tested: CS_CBTT ------------------------------------------------------------------------------ Instrumented: CS_CBTT Included instruments: HDQT BGD SHQT QMCT DBTC MBR Excluded instruments: TVDL SHNN NAMNY SGDCK ------------------------------------------------------------------------------ . estimates store GIVE6 . esttab GIVE1 GIVE2 GIVE3 GIVE4 GIVE5 GIVE6, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress ---------------------------------------------------------------------------------------- (1) (2) (3) (4) (5) (6) CPV_CSH CPV_CSH CPV_CSH CPV_CSH CPV_CSH CPV_CSH ---------------------------------------------------------------------------------------- CS_CBTT -0.00203* -0.00211* -0.00194** -0.00206** -0.00183* -0.00218** [-1.78] [-1.89] [-1.98] [-2.13] [-1.77] [-1.96] HDQT -0.000633 -0.000632 -0.000378 -0.000629 [-0.85] [-0.84] [-0.52] [-0.84] SHQT -0.0000193 -0.0000188 -0.0000202 -0.0000142 -0.0000188 [-0.37] [-0.36] [-0.39] [-0.27] [-0.36] QMCT 0.00692*** 0.00699*** 0.00720*** 0.00729*** 0.00721*** 0.00704*** [5.59] [5.58] [5.62] [5.78] [5.74] [5.62] DBTC -0.0185*** -0.0191*** -0.0163*** -0.0167*** -0.0164*** -0.0193*** [-2.90] [-2.85] [-2.74] [-2.82] [-2.83] [-2.86] ROA 0.00212 [0.11] BGD 0.00106 0.00110 0.00111 [1.38] [1.40] [1.42] TOBIN_Q -0.000444 -0.000356 -0.000433 [-0.65] [-0.47] [-0.59] KTGD -0.00189 -0.00183 [-0.78] [-0.77] MBR -0.000128 [-0.37] _cons 0.0285 0.0317 0.0146 0.0205 0.0103 0.0343 [0.56] [0.64] [0.35] [0.49] [0.23] [0.70] ---------------------------------------------------------------------------------------- N 1452 1452 1452 1452 1452 1452 R-sq -0.040 -0.047 -0.036 -0.045 -0.026 -0.053 ---------------------------------------------------------------------------------------- t statistics in brackets * p<0.1, ** p<0.05, *** p<0.01 ** PHAN TICH HIEU QUA TAI CHINH ** TY SO ROE . xtreg ROE CS_CBTT HDQT KTGD TVDL SHQT SHNN QMCT DBTC CTKT SGDCK, re Random-effects GLS regression Number of obs = 1452 Group variable: CONGTY Number of groups = 484 R-sq: within = 0.0399 Obs per group: min = 3 between = 0.0637 avg = 3.0 overall = 0.0438 max = 3 Wald chi2(10) = 58.83 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 ------------------------------------------------------------------------------ ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0018587 .0010624 1.75 0.080 -.0002236 .0039409 HDQT | -.0016223 .0042972 -0.38 0.706 -.0100448 .0068001 KTGD | -.0237073 .0139533 -1.70 0.089 -.0510552 .0036406 TVDL | -.0024364 .0061154 -0.40 0.690 -.0144224 .0095496 SHQT | .0008767 .0003389 2.59 0.010 .0002124 .0015411 SHNN | .0007403 .0004743 1.56 0.119 -.0001894 .00167 QMCT | .0189175 .0057651 3.28 0.001 .0076181 .030217 DBTC | -.17156 .0319822 -5.36 0.000 -.2342439 -.1088761 CTKT | -.0205841 .0168599 -1.22 0.222 -.0536289 .0124606 SGDCK | .0014455 .0159532 0.09 0.928 -.0298222 .0327132 _cons | -.4580192 .1456784 -3.14 0.002 -.7435436 -.1724948 -------------+---------------------------------------------------------------- sigma_u | .09249667 sigma_e | .17892379 rho | .21088907 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store REM_E . xtreg ROE CS_CBTT HDQT KTGD TVDL SHQT SHNN QMCT DBTC CTKT SGDCK, fe note: SGDCK omitted because of collinearity Fixed-effects (within) regression Number of obs = 1452 Group variable: CONGTY Number of groups = 484 R-sq: within = 0.1057 Obs per group: min = 3 between = 0.0146 avg = 3.0 overall = 0.0159 max = 3 F(9,959) = 12.60 corr(u_i, Xb) = -0.8461 Prob > F = 0.0000 ------------------------------------------------------------------------------ ROE | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | -.0023927 .0015761 -1.52 0.129 -.0054857 .0007003 HDQT | .0059882 .0064504 0.93 0.353 -.0066703 .0186467 KTGD | -.0798518 .0255489 -3.13 0.002 -.1299899 -.0297137 TVDL | .0049186 .0114086 0.43 0.666 -.0174701 .0273074 SHQT | .0009997 .0007258 1.38 0.169 -.0004246 .002424 SHNN | -.0029815 .0010356 -2.88 0.004 -.0050139 -.0009492 QMCT | .1792852 .0251859 7.12 0.000 .1298593 .2287111 DBTC | -.6961485 .0818755 -8.50 0.000 -.8568243 -.5354727 CTKT | -.050065 .0425013 -1.18 0.239 -.1334713 .0333413 SGDCK | 0 (omitted) _cons | -4.31321 .6761306 -6.38 0.000 -5.640077 -2.986344 -------------+---------------------------------------------------------------- sigma_u | .28149718 sigma_e | .17892379 rho | .71224754 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(483, 959) = 1.99 Prob > F = 0.0000 . estimates store FEM_E . xttest3 Modified Wald test for groupwise heteroskedasticity in fixed effect regression model H0: sigma(i)^2 = sigma^2 for all i chi2 (484) = 1.3e+09 Prob>chi2 = 0.0000 . hausman FEM_E REM_E ---- Coefficients ---- | (b) (B) (b-B) sqrt(diag(V_b-V_B)) | FEM_E REM_E Difference S.E. -------------+---------------------------------------------------------------- CS_CBTT | -.0023927 .0018587 -.0042513 .0011642 HDQT | .0059882 -.0016223 .0076105 .0048105 KTGD | -.0798518 -.0237073 -.0561445 .0214021 TVDL | .0049186 -.0024364 .007355 .0096311 SHQT | .0009997 .0008767 .000123 .0006417 SHNN | -.0029815 .0007403 -.0037218 .0009206 QMCT | .1792852 .0189175 .1603677 .0245172 DBTC | -.6961485 -.17156 -.5245885 .0753706 CTKT | -.050065 -.0205841 -.0294809 .0390142 ------------------------------------------------------------------------------ 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(9) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 99.57 Prob>chi2 = 0.0000 . xtserial ROE CS_CBTT HDQT KTGD TVDL SHQT SHNN QMCT DBTC CTKT SGDCK Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 483) = 0.710 Prob > F = 0.3999 . ivregress 2sls ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK, vce(robust) Instrumental variables (2SLS) regression Number of obs = 968 Wald chi2(8) = 60.67 Prob > chi2 = 0.0000 R-squared = 0.0585 Root MSE = .18891 ------------------------------------------------------------------------------ | Robust ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0041014 .0015176 2.70 0.007 .001127 .0070759 HDQT | -.0007454 .0039078 -0.19 0.849 -.0084045 .0069138 KTGD | -.0269817 .0178578 -1.51 0.131 -.0619824 .0080191 SHQT | .0007443 .0002478 3.00 0.003 .0002586 .00123 SHNN | .0013153 .0004448 2.96 0.003 .0004434 .0021872 DBTC | -.0906027 .0340135 -2.66 0.008 -.1572679 -.0239374 CTKT | .0065976 .0130144 0.51 0.612 -.0189101 .0321053 SGDCK | .0152292 .0124323 1.22 0.221 -.0091376 .039596 _cons | -.1491066 .0963493 -1.55 0.122 -.3379478 .0397346 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT SHNN DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT . estat endogenous Tests of endogeneity Ho: variables are exogenous Robust score chi2(1) = .0016 (p = 0.9681) Robust regression F(1,958) = .001582 (p = 0.9683) . estat overid Test of overidentifying restrictions: Score chi2(2) = 4.14038 (p = 0.1262) . estimates store SLS_E . ivregress gmm ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK Instrumental variables (GMM) regression Number of obs = 968 Wald chi2(8) = 58.70 Prob > chi2 = 0.0000 R-squared = 0.0537 GMM weight matrix: Robust Root MSE = .1894 ------------------------------------------------------------------------------ | Robust ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0042714 .0015018 2.84 0.004 .0013279 .0072148 HDQT | -.0020561 .0038201 -0.54 0.590 -.0095433 .005431 KTGD | -.0104463 .0158422 -0.66 0.510 -.0414965 .0206038 SHQT | .0006001 .0002352 2.55 0.011 .0001392 .0010611 SHNN | .0013514 .0004287 3.15 0.002 .0005112 .0021915 DBTC | -.0500471 .0274683 -1.82 0.068 -.103884 .0037897 CTKT | .0017565 .0127108 0.14 0.890 -.0231562 .0266692 SGDCK | .0159923 .0123528 1.29 0.195 -.0082187 .0402034 _cons | -.1670966 .0955102 -1.75 0.080 -.3542932 .0201001 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT SHNN DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT . estat endogenous Test of endogeneity (orthogonality conditions) Ho: variables are exogenous GMM C statistic chi2(1) = .661357 (p = 0.4161) . estat overid Test of overidentifying restriction: Hansen's J chi2(2) = 4.14038 (p = 0.1262) . estimates store GMM_E . esttab REM_E FEM_E SLS_E GMM_E, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress -------------------------------------------------------------- (1) (2) (3) (4) ROE ROE ROE ROE -------------------------------------------------------------- CS_CBTT 0.00186* -0.00239 0.00410*** 0.00427*** [1.75] [-1.52] [2.70] [2.84] HDQT -0.00162 0.00599 -0.000745 -0.00206 [-0.38] [0.93] [-0.19] [-0.54] KTGD -0.0237* -0.0799*** -0.0270 -0.0104 [-1.70] [-3.13] [-1.51] [-0.66] TVDL -0.00244 0.00492 [-0.40] [0.43] SHQT 0.000877*** 0.001000 0.000744*** 0.000600** [2.59] [1.38] [3.00] [2.55] SHNN 0.000740 -0.00298*** 0.00132*** 0.00135*** [1.56] [-2.88] [2.96] [3.15] QMCT 0.0189*** 0.179*** [3.28] [7.12] DBTC -0.172*** -0.696*** -0.0906*** -0.0500* [-5.36] [-8.50] [-2.66] [-1.82] CTKT -0.0206 -0.0501 0.00660 0.00176 [-1.22] [-1.18] [0.51] [0.14] SGDCK 0.00145 . 0.0152 0.0160 [0.09] . [1.22] [1.29] _cons -0.458*** -4.313*** -0.149 -0.167* [-3.14] [-6.38] [-1.55] [-1.75] -------------------------------------------------------------- N 1452 1452 968 968 R-sq 0.106 0.059 0.054 -------------------------------------------------------------- t statistics in brackets * p<0.1, ** p<0.05, *** p<0.01 ** TY SO ROA . xtreg ROA CS_CBTT HDQT KTGD TVDL SHQT QMCT DBTC CTKT SGDCK, re Random-effects GLS regression Number of obs = 1452 Group variable: CONGTY Number of groups = 484 R-sq: within = 0.0256 Obs per group: min = 3 between = 0.1837 avg = 3.0 overall = 0.1239 max = 3 Wald chi2(9) = 132.59 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 ------------------------------------------------------------------------------ ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .001453 .0004136 3.51 0.000 .0006423 .0022637 HDQT | .0009525 .0016775 0.57 0.570 -.0023353 .0042403 KTGD | -.0082431 .0056564 -1.46 0.145 -.0193295 .0028433 TVDL | -.0005349 .0024852 -0.22 0.830 -.0054058 .004336 SHQT | .00019 .0001399 1.36 0.175 -.0000842 .0004642 QMCT | .0034494 .0024166 1.43 0.153 -.001287 .0081859 DBTC | -.1231889 .0131279 -9.38 0.000 -.1489192 -.0974586 CTKT | -.006865 .0069583 -0.99 0.324 -.020503 .0067729 SGDCK | .0105829 .0068571 1.54 0.123 -.0028567 .0240225 _cons | -.0829143 .0608637 -1.36 0.173 -.2022049 .0363764 -------------+---------------------------------------------------------------- sigma_u | .04967796 sigma_e | .06435643 rho | .37337828 (fraction of variance due to u_i) ------------------------------------------------------------------------------ . estimates store REM_A . xtreg ROA CS_CBTT HDQT KTGD TVDL SHQT QMCT DBTC CTKT SGDCK, FE option FE not allowed r(198); . xtreg ROA CS_CBTT HDQT KTGD TVDL SHQT QMCT DBTC CTKT SGDCK, fe note: SGDCK omitted because of collinearity Fixed-effects (within) regression Number of obs = 1452 Group variable: CONGTY Number of groups = 484 R-sq: within = 0.0397 Obs per group: min = 3 between = 0.0493 avg = 3.0 overall = 0.0390 max = 3 F(8,960) = 4.96 corr(u_i, Xb) = -0.4289 Prob > F = 0.0000 ------------------------------------------------------------------------------ ROA | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0000689 .0005621 0.12 0.902 -.0010341 .001172 HDQT | .0032083 .0023176 1.38 0.167 -.0013398 .0077564 KTGD | -.017416 .0091817 -1.90 0.058 -.0354344 .0006025 TVDL | .000454 .0041031 0.11 0.912 -.007598 .008506 SHQT | .0000512 .0002609 0.20 0.845 -.0004608 .0005631 QMCT | .0287701 .0089859 3.20 0.001 .0111359 .0464043 DBTC | -.1542856 .0291965 -5.28 0.000 -.2115819 -.0969893 CTKT | -.0112302 .0152864 -0.73 0.463 -.0412287 .0187684 SGDCK | 0 (omitted) _cons | -.6765673 .2411891 -2.81 0.005 -1.149886 -.2032487 -------------+---------------------------------------------------------------- sigma_u | .07437296 sigma_e | .06435643 rho | .57182745 (fraction of variance due to u_i) ------------------------------------------------------------------------------ F test that all u_i=0: F(483, 960) = 2.81 Prob > F = 0.0000 . estimates store FEM_A . xttest3 Modified Wald test for groupwise heteroskedasticity in fixed effect regression model H0: sigma(i)^2 = sigma^2 for all i chi2 (484) = 2.7e+08 Prob>chi2 = 0.0000 . xtserial ROA CS_CBTT HDQT KTGD TVDL SHQT QMCT DBTC CTKT SGDCK Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation F( 1, 483) = 4.926 Prob > F = 0.0269 . hausman FEM_A REM_A ---- Coefficients ---- | (b) (B) (b-B) sqrt(diag(V_b-V_B)) | FEM_A REM_A Difference S.E. -------------+---------------------------------------------------------------- CS_CBTT | .0000689 .001453 -.0013841 .0003806 HDQT | .0032083 .0009525 .0022558 .0015991 KTGD | -.017416 -.0082431 -.0091729 .0072324 TVDL | .000454 -.0005349 .0009889 .0032648 SHQT | .0000512 .00019 -.0001388 .0002202 QMCT | .0287701 .0034494 .0253207 .0086548 DBTC | -.1542856 -.1231889 -.0310967 .0260786 CTKT | -.0112302 -.006865 -.0043651 .0136109 ------------------------------------------------------------------------------ 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(8) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 21.20 Prob>chi2 = 0.0066 . ivregress 2sls ROA ( CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT DBTC CTKT SGDCK, vce(robust) Instrumental variables (2SLS) regression Number of obs = 968 Wald chi2(7) = 166.00 Prob > chi2 = 0.0000 R-squared = 0.1173 Root MSE = .08799 ------------------------------------------------------------------------------ | Robust ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0027197 .0008002 3.40 0.001 .0011514 .0042881 HDQT | .0010308 .001871 0.55 0.582 -.0026362 .0046978 KTGD | -.0064288 .0084715 -0.76 0.448 -.0230328 .0101751 SHQT | .0002242 .0001204 1.86 0.063 -.0000117 .00046 DBTC | -.1117455 .0125505 -8.90 0.000 -.1363439 -.087147 CTKT | -.0012308 .0080368 -0.15 0.878 -.0169826 .014521 SGDCK | .0116214 .0052133 2.23 0.026 .0014035 .0218393 _cons | -.0791241 .048681 -1.63 0.104 -.1745372 .0162889 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT . estat endogenous Tests of endogeneity Ho: variables are exogenous Robust score chi2(1) = .037923 (p = 0.8456) Robust regression F(1,959) = .037649 (p = 0.8462) . estat overid Test of overidentifying restrictions: Score chi2(2) = .591955 (p = 0.7438) . estimates store SLS_A . ivregress gmm ROA ( CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT DBTC CTKT SGDCK Instrumental variables (GMM) regression Number of obs = 968 Wald chi2(7) = 167.11 Prob > chi2 = 0.0000 R-squared = 0.1171 GMM weight matrix: Robust Root MSE = .088 ------------------------------------------------------------------------------ | Robust ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .002819 .0007483 3.77 0.000 .0013523 .0042856 HDQT | .0007069 .0018193 0.39 0.698 -.0028588 .0042726 KTGD | -.0058822 .007201 -0.82 0.414 -.0199958 .0082315 SHQT | .0002285 .0001144 2.00 0.046 4.39e-06 .0004527 DBTC | -.1093649 .0119843 -9.13 0.000 -.1328536 -.0858761 CTKT | -.0016312 .0072387 -0.23 0.822 -.0158188 .0125564 SGDCK | .0108541 .0050448 2.15 0.031 .0009665 .0207417 _cons | -.0844453 .0455542 -1.85 0.064 -.1737299 .0048392 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT . estimates store GMM_A . estat endogenous Test of endogeneity (orthogonality conditions) Ho: variables are exogenous GMM C statistic chi2(1) = .15369 (p = 0.6950) . estat overid Test of overidentifying restriction: Hansen's J chi2(2) = .591955 (p = 0.7438) . esttab REM_A FEM_A SLS_A GMM_A, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress -------------------------------------------------------------- (1) (2) (3) (4) ROA ROA ROA ROA -------------------------------------------------------------- CS_CBTT 0.00145*** 0.0000689 0.00272*** 0.00282*** [3.51] [0.12] [3.40] [3.77] HDQT 0.000952 0.00321 0.00103 0.000707 [0.57] [1.38] [0.55] [0.39] KTGD -0.00824 -0.0174* -0.00643 -0.00588 [-1.46] [-1.90] [-0.76] [-0.82] TVDL -0.000535 0.000454 [-0.22] [0.11] SHQT 0.000190 0.0000512 0.000224* 0.000229** [1.36] [0.20] [1.86] [2.00] QMCT 0.00345 0.0288*** [1.43] [3.20] DBTC -0.123*** -0.154*** -0.112*** -0.109*** [-9.38] [-5.28] [-8.90] [-9.13] CTKT -0.00687 -0.0112 -0.00123 -0.00163 [-0.99] [-0.73] [-0.15] [-0.23] SGDCK 0.0106 . 0.0116** 0.0109** [1.54] . [2.23] [2.15] _cons -0.0829 -0.677*** -0.0791 -0.0844* [-1.36] [-2.81] [-1.63] [-1.85] -------------------------------------------------------------- N 1452 1452 968 968 R-sq 0.040 0.117 0.117 -------------------------------------------------------------- t statistics in brackets * p<0.1, ** p<0.05, *** p<0.01 . ___ ____ ____ ____ ____ (R) /__ / ____/ / ____/ ___/ / /___/ / /___/ 12.0 Copyright 1985-2011 StataCorp LP Statistics/Data Analysis StataCorp 4905 Lakeway Drive Special Edition College Station, Texas 77845 USA 800-STATA-PC 979-696-4600 stata@stata.com 979-696-4601 (fax) Single-user Stata network perpetual license: Serial number: 93611859953 Licensed to: STATAforAll STATA Notes: 1. (/v# option or -set maxvar-) 5000 maximum variables . use "E:\LUAN AN\CHUONG LUAN AN\KET QUA\TTCK_VN_506_cb.dta", clear . . xtset CONGTY NAM panel variable: CONGTY (strongly balanced) time variable: NAM, 2014 to 2016 delta: 1 unit . . ivregress 2sls ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK, vce(robust) Instrumental variables (2SLS) regression Number of obs = 968 Wald chi2(8) = 60.67 Prob > chi2 = 0.0000 R-squared = 0.0585 Root MSE = .18891 ------------------------------------------------------------------------------ | Robust ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0041014 .0015176 2.70 0.007 .001127 .0070759 HDQT | -.0007454 .0039078 -0.19 0.849 -.0084045 .0069138 KTGD | -.0269817 .0178578 -1.51 0.131 -.0619824 .0080191 SHQT | .0007443 .0002478 3.00 0.003 .0002586 .00123 SHNN | .0013153 .0004448 2.96 0.003 .0004434 .0021872 DBTC | -.0906027 .0340135 -2.66 0.008 -.1572679 -.0239374 CTKT | .0065976 .0130144 0.51 0.612 -.0189101 .0321053 SGDCK | .0152292 .0124323 1.22 0.221 -.0091376 .039596 _cons | -.1491066 .0963493 -1.55 0.122 -.3379478 .0397346 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT SHNN DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT . . estimates store SLS_E . . ivreg2 ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK, endogtest(CS_CBTT) robust IV (2SLS) regression with robust standard errors ------------------------------------------------ Number of obs = 968 F( 8, 959) = 7.51 Prob > F = 0.0000 Total (centered) SS = 36.69344374 Centered R2 = 0.0585 Total (uncentered) SS = 44.64018252 Uncentered R2 = 0.2261 Residual SS = 34.54657251 Root MSE = .19 ------------------------------------------------------------------------------ | Robust ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0041014 .0015176 2.70 0.007 .001127 .0070759 HDQT | -.0007454 .0039078 -0.19 0.849 -.0084045 .0069138 KTGD | -.0269817 .0178578 -1.51 0.131 -.0619824 .0080191 SHQT | .0007443 .0002478 3.00 0.003 .0002586 .00123 SHNN | .0013153 .0004448 2.96 0.003 .0004434 .0021872 DBTC | -.0906027 .0340135 -2.66 0.008 -.1572679 -.0239374 CTKT | .0065976 .0130144 0.51 0.612 -.0189101 .0321053 SGDCK | .0152292 .0124323 1.22 0.221 -.0091376 .039596 _cons | -.1491066 .0963493 -1.55 0.122 -.3379478 .0397346 ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 4.140 Chi-sq(2) P-val = 0.12616 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: L.CS_CBTT TVDL QMCT HDQT KTGD SHQT SHNN DBTC CTKT SGDCK ------------------------------------------------------------------------------ . . estimates store IV_E . . ivreg2 ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK NGANH_PTC, endogtest(CS_CBTT) robust IV (2SLS) regression with robust standard errors ------------------------------------------------ Number of obs = 968 F( 9, 958) = 7.11 Prob > F = 0.0000 Total (centered) SS = 36.69344374 Centered R2 = 0.0609 Total (uncentered) SS = 44.64018252 Uncentered R2 = 0.2281 Residual SS = 34.45837194 Root MSE = .19 ------------------------------------------------------------------------------ | Robust ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0043914 .0015117 2.90 0.004 .0014286 .0073543 HDQT | .0004049 .0041595 0.10 0.922 -.0077476 .0085574 KTGD | -.0278099 .0177625 -1.57 0.117 -.0626238 .007004 SHQT | .0006934 .000252 2.75 0.006 .0001995 .0011873 SHNN | .0012989 .0004426 2.93 0.003 .0004314 .0021665 DBTC | -.08689 .0339871 -2.56 0.011 -.1535034 -.0202766 CTKT | .0097959 .0132085 0.74 0.458 -.0160924 .0356841 SGDCK | .0121587 .0127018 0.96 0.338 -.0127364 .0370537 NGANH_PTC | .0368052 .0223027 1.65 0.099 -.0069073 .0805177 _cons | -.2078334 .1022232 -2.03 0.042 -.4081872 -.0074796 ------------------------------------------------------------------------------ Hansen J statistic (overidentification test of all instruments): 6.300 Chi-sq(2) P-val = 0.04285 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: L.CS_CBTT TVDL QMCT HDQT KTGD SHQT SHNN DBTC CTKT SGDCK NGANH_PTC ------------------------------------------------------------------------------ . . estimates store IV_P . . ivregress gmm ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK, vce(robust) Instrumental variables (GMM) regression Number of obs = 968 Wald chi2(8) = 58.70 Prob > chi2 = 0.0000 R-squared = 0.0537 GMM weight matrix: Robust Root MSE = .1894 ------------------------------------------------------------------------------ | Robust ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0042714 .0015018 2.84 0.004 .0013279 .0072148 HDQT | -.0020561 .0038201 -0.54 0.590 -.0095433 .005431 KTGD | -.0104463 .0158422 -0.66 0.510 -.0414965 .0206038 SHQT | .0006001 .0002352 2.55 0.011 .0001392 .0010611 SHNN | .0013514 .0004287 3.15 0.002 .0005112 .0021915 DBTC | -.0500471 .0274683 -1.82 0.068 -.103884 .0037897 CTKT | .0017565 .0127108 0.14 0.890 -.0231562 .0266692 SGDCK | .0159923 .0123528 1.29 0.195 -.0082187 .0402034 _cons | -.1670966 .0955102 -1.75 0.080 -.3542932 .0201001 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT SHNN DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT . . estimates store GMM_E . . ivregress gmm ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK NGANH_PTC, vce(robust) Instrumental variables (GMM) regression Number of obs = 968 Wald chi2(9) = 61.56 Prob > chi2 = 0.0000 R-squared = 0.0534 GMM weight matrix: Robust Root MSE = .18942 ------------------------------------------------------------------------------ | Robust ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0044945 .0015018 2.99 0.003 .001551 .0074381 HDQT | -.0018339 .004022 -0.46 0.648 -.0097169 .0060492 KTGD | -.0091886 .016037 -0.57 0.567 -.0406205 .0222433 SHQT | .0005275 .0002405 2.19 0.028 .000056 .0009989 SHNN | .001363 .0004274 3.19 0.001 .0005253 .0022006 DBTC | -.0362966 .0271809 -1.34 0.182 -.0895701 .016977 CTKT | .0034843 .0128546 0.27 0.786 -.0217103 .0286789 SGDCK | .0146261 .0126222 1.16 0.247 -.0101129 .039365 NGANH_PTC | .0367795 .0218396 1.68 0.092 -.0060253 .0795842 _cons | -.2202543 .1022893 -2.15 0.031 -.4207376 -.0197709 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT SHNN DBTC CTKT SGDCK NGANH_PTC L.CS_CBTT TVDL QMCT . . estimates store GMM_P . . esttab SLS_E IV_E IV_P GMM_E GMM_P, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress --------------------------------------------------------------------------- (1) (2) (3) (4) (5) ROE ROE ROE ROE ROE --------------------------------------------------------------------------- CS_CBTT 0.00410*** 0.00410*** 0.00439*** 0.00427*** 0.00449*** [2.70] [2.70] [2.90] [2.84] [2.99] HDQT -0.000745 -0.000745 0.000405 -0.00206 -0.00183 [-0.19] [-0.19] [0.10] [-0.54] [-0.46] KTGD -0.0270 -0.0270 -0.0278 -0.0104 -0.00919 [-1.51] [-1.51] [-1.57] [-0.66] [-0.57] SHQT 0.000744*** 0.000744*** 0.000693*** 0.000600** 0.000527** [3.00] [3.00] [2.75] [2.55] [2.19] SHNN 0.00132*** 0.00132*** 0.00130*** 0.00135*** 0.00136*** [2.96] [2.96] [2.93] [3.15] [3.19] DBTC -0.0906*** -0.0906*** -0.0869** -0.0500* -0.0363 [-2.66] [-2.66] [-2.56] [-1.82] [-1.34] CTKT 0.00660 0.00660 0.00980 0.00176 0.00348 [0.51] [0.51] [0.74] [0.14] [0.27] SGDCK 0.0152 0.0152 0.0122 0.0160 0.0146 [1.22] [1.22] [0.96] [1.29] [1.16] NGANH_PTC 0.0368* 0.0368* [1.65] [1.68] _cons -0.149 -0.149 -0.208** -0.167* -0.220** [-1.55] [-1.55] [-2.03] [-1.75] [-2.15] --------------------------------------------------------------------------- N 968 968 968 968 968 R-sq 0.059 0.059 0.061 0.054 0.053 --------------------------------------------------------------------------- t statistics in brackets * p<0.1, ** p<0.05, *** p<0.01 . . ivregress 2sls ROA ( CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT DBTC CTKT SGDCK, vce(robust) Instrumental variables (2SLS) regression Number of obs = 968 Wald chi2(7) = 166.00 Prob > chi2 = 0.0000 R-squared = 0.1173 Root MSE = .08799 ------------------------------------------------------------------------------ | Robust ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0027197 .0008002 3.40 0.001 .0011514 .0042881 HDQT | .0010308 .001871 0.55 0.582 -.0026362 .0046978 KTGD | -.0064288 .0084715 -0.76 0.448 -.0230328 .0101751 SHQT | .0002242 .0001204 1.86 0.063 -.0000117 .00046 DBTC | -.1117455 .0125505 -8.90 0.000 -.1363439 -.087147 CTKT | -.0012308 .0080368 -0.15 0.878 -.0169826 .014521 SGDCK | .0116214 .0052133 2.23 0.026 .0014035 .0218393 _cons | -.0791241 .048681 -1.63 0.104 -.1745372 .0162889 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT . . estimates store SLS_A . . ivregress 2sls ROA ( CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT DBTC CTKT SGDCK NGANH_PTC, vce(robust) Instrumental variables (2SLS) regression Number of obs = 968 Wald chi2(8) = 194.17 Prob > chi2 = 0.0000 R-squared = 0.1255 Root MSE = .08757 ------------------------------------------------------------------------------ | Robust ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0029494 .00079 3.73 0.000 .001401 .0044978 HDQT | .0020596 .001962 1.05 0.294 -.0017859 .0059051 KTGD | -.0072201 .0084203 -0.86 0.391 -.0237236 .0092833 SHQT | .0001785 .0001222 1.46 0.144 -.000061 .000418 DBTC | -.1082678 .0123197 -8.79 0.000 -.1324141 -.0841216 CTKT | .0015836 .0081515 0.19 0.846 -.0143931 .0175603 SGDCK | .0088045 .0052345 1.68 0.093 -.0014551 .019064 NGANH_PTC | .0333724 .0095331 3.50 0.000 .0146878 .0520569 _cons | -.1303589 .0496892 -2.62 0.009 -.227748 -.0329697 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK NGANH_PTC L.CS_CBTT TVDL QMCT . . estimates store SLS_P . . ivregress gmm ROA ( CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT DBTC CTKT SGDCK, vce(robust) Instrumental variables (GMM) regression Number of obs = 968 Wald chi2(7) = 167.11 Prob > chi2 = 0.0000 R-squared = 0.1171 GMM weight matrix: Robust Root MSE = .088 ------------------------------------------------------------------------------ | Robust ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .002819 .0007483 3.77 0.000 .0013523 .0042856 HDQT | .0007069 .0018193 0.39 0.698 -.0028588 .0042726 KTGD | -.0058822 .007201 -0.82 0.414 -.0199958 .0082315 SHQT | .0002285 .0001144 2.00 0.046 4.39e-06 .0004527 DBTC | -.1093649 .0119843 -9.13 0.000 -.1328536 -.0858761 CTKT | -.0016312 .0072387 -0.23 0.822 -.0158188 .0125564 SGDCK | .0108541 .0050448 2.15 0.031 .0009665 .0207417 _cons | -.0844453 .0455542 -1.85 0.064 -.1737299 .0048392 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT . . estimates store GMM_A . . ivregress gmm ROA ( CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT DBTC CTKT SGDCK NGANH_PTC, vce(robust) Instrumental variables (GMM) regression Number of obs = 968 Wald chi2(8) = 190.28 Prob > chi2 = 0.0000 R-squared = 0.1247 GMM weight matrix: Robust Root MSE = .08761 ------------------------------------------------------------------------------ | Robust ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval] -------------+---------------------------------------------------------------- CS_CBTT | .0030453 .0007418 4.11 0.000 .0015915 .0044992 HDQT | .0010199 .0018562 0.55 0.583 -.0026181 .0046579 KTGD | -.0045523 .0072229 -0.63 0.529 -.018709 .0096044 SHQT | .0001828 .0001155 1.58 0.114 -.0000437 .0004093 DBTC | -.1047073 .0118946 -8.80 0.000 -.1280203 -.0813944 CTKT | .0017295 .0072686 0.24 0.812 -.0125167 .0159757 SGDCK | .0077767 .0051262 1.52 0.129 -.0022704 .0178238 NGANH_PTC | .0307297 .0091359 3.36 0.001 .0128236 .0486358 _cons | -.1296478 .0475713 -2.73 0.006 -.2228859 -.0364097 ------------------------------------------------------------------------------ Instrumented: CS_CBTT Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK NGANH_PTC L.CS_CBTT TVDL QMCT . . estimates store GMM_C . . esttab SLS_A SLS_P GMM_A GMM_C, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress -------------------------------------------------------------- (1) (2) (3) (4) ROA ROA ROA ROA -------------------------------------------------------------- CS_CBTT 0.00272*** 0.00295*** 0.00282*** 0.00305*** [3.40] [3.73] [3.77] [4.11] HDQT 0.00103 0.00206 0.000707 0.00102 [0.55] [1.05] [0.39] [0.55] KTGD -0.00643 -0.00722 -0.00588 -0.00455 [-0.76] [-0.86] [-0.82] [-0.63] SHQT 0.000224* 0.000178 0.000229** 0.000183 [1.86] [1.46] [2.00] [1.58] DBTC -0.112*** -0.108*** -0.109*** -0.105*** [-8.90] [-8.79] [-9.13] [-8.80] CTKT -0.00123 0.00158 -0.00163 0.00173 [-0.15] [0.19] [-0.23] [0.24] SGDCK 0.0116** 0.00880* 0.0109** 0.00778 [2.23] [1.68] [2.15] [1.52] NGANH_PTC 0.0334*** 0.0307*** [3.50] [3.36] _cons -0.0791 -0.130*** -0.0844* -0.130*** [-1.63] [-2.62] [-1.85] [-2.73] -------------------------------------------------------------- N 968 968 968 968 R-sq 0.117 0.126 0.117 0.125 -------------------------------------------------------------- t statistics in brackets * p<0.1, ** p<0.05, *** p<0.01 .