Luận án Quản trị lợi nhuận trong trường hợp mua bán, sáp nhập: Bằng chứng từ các công ty niêm yết trên thị trường chứng khoán Việt Nam
Trong thương vụ M&A, tỷ lệ hoán đổi cổ phiếu cho biết số lượng cổ phiếu
cần thiết mà công ty mua và công ty mục tiêu đem trao đổi – nhận về. Theo quy
định tại Việt Nam, việc chấp thuận tỷ lệ hoán đổi cổ phiếu cần có sự đồng ý từ đơn
vị độc lập có chức năng. Dù vậy, chỉ tiêu lợi nhuận kế toán sẽ có những ảnh hưởng
trực tiếp và gián tiếp trong việc xác định tỷ lệ hoán đổi cổ phiếu. Thông qua tổng
quan các nghiên cứu trên thế giới, lợi ích đạt được từ thương vụ M&A theo phương
thức hoán đổi cổ phiếu là động cơ thúc đẩy người quản lý công ty mua thực hiện
quản trị lợi nhuận nhằm tăng lợi nhuận trong những năm liền trước khi thương vụ
M&A được công bố. Bằng chứng nghiên cứu được cung cấp tại nhiều quốc gia có
luật pháp, quản lý phát triển như Mỹ, Anh, Pháp, và ngay cả những quốc gia có
thị trường chứng khoán còn trong giai đoạn đang pháp triển như Malaysia, Hy
Lạp, Nhìn về thị trường chứng khoán Việt Nam, quản trị lợi nhuận mà chủ yếu là
điều chỉnh tăng lợi nhuận của người quản lý được minh chứng trong nhiều trường
hợp như phát hành thêm cổ phiếu, tránh lỗ và suy giảm lợi nhuận, Đặt ra không
chỉ cho quản lý Nhà nước, cổ đông, nhà đầu tư tìm kiếm các giải pháp nhằm hạn
chế và kiểm soát quản trị lợi nhuận. Do đó, nghiên cứu xác định việc nghiên cứu về
quản trị lợi nhuận trong thương vụ M&A là cần thiết và yếu tố quan trọng làm cơ sở
cho việc xây dựng hàm ý chính sách, cũng như là nền tảng phát triển các nghiên cứu
sau này trên thế giới và tại Việt Nam.
Để đạt được mục tiêu và giải quyết các câu hỏi nghiên cứu đã đặt ra, nghiên
cứu sử dụng mô hình đo lường AEM của Kothari và cộng sự (2005) và mô hình đo
lường các biến thuộc REM của Roychowdhury (2006) cho các thương vụ M&A từ
năm 2009 đến 2018. Theo đó, kết quả nghiên cứu cho thấy các công ty mua lựa
chọn hoán đổi cổ phiếu thực hiện điều chỉnh tăng lợi nhuận từ một đến hai năm
trước khi công bố thông tin về thương vụ M&A. Đây là giai đoạn người quản lý ưu
tiên lựa chọn REM để thực hiện quản trị lợi nhuận. Trong năm thương vụ M&A
diễn ra, người quản lý thực hiện cả AEM và REM để tăng lợi nhuận. Ngoài ra,
nghiên cứu còn thực hiện nghiên cứu ảnh hưởng từ 10 nhân tố độc lập gồm: quy mô
thương vụ M&A, sở hữu người quản lý, sở hữu tổ chức, sở hữu nước ngoài, sở hữu
Nhà nước, sở hữu tập trung, số lượng thành viên HĐQT, tỷ lệ thành viên độc lập
của HĐQT, sự kiêm nhiệm của chủ tịch HĐQT, kiểm toán độc lập và 3 biến kiểm
soát gồm đòn bẩy tài chính, quy mô công ty mua và hiệu quả kinh doanh công ty
mua. Ngoài ra, nghiên cứu còn thực hiện đánh giá vai trò điều tiết từ quy mô thương
vụ M&A và mô hình kiêm nhiệm của chủ tịch HĐQT tại các công ty có lợi ích từ
thương vụ M&A cao.
270 trang |
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obs = 231
. eststo: xtreg Ab_PROD $xlist3, fe vce(robust)
49
Kết quả ước lượng từ mô hình:
Ab_PRODvw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ FOvw + β78Control + >9:
rho .50315148 (fraction of variance due to u_i)
sigma_e .25772535
sigma_u .25935494
_cons -1.174268 1.494963 -0.79 0.437 -4.198116 1.849579
DFO .040476 .0705111 0.57 0.569 -.1021462 .1830981
ROA -.0117968 .2147948 -0.05 0.956 -.4462603 .4226668
Size .0391015 .0486957 0.80 0.427 -.0593948 .1375979
Lev .6511344 .4009934 1.62 0.112 -.1599514 1.46222
Big4 -.0496551 .0523601 -0.95 0.349 -.1555633 .0562532
Dual -.0195952 .0858791 -0.23 0.821 -.1933019 .1541116
BIndep -.1035269 .1624157 -0.64 0.528 -.4320436 .2249898
BSize .0550803 .1759438 0.31 0.756 -.3007997 .4109603
CO .2242597 .2666632 0.84 0.405 -.3151175 .7636369
SO -.215231 .2209142 -0.97 0.336 -.6620722 .2316102
FO .4290862 .2248838 1.91 0.064 -.0257843 .8839566
IO -.5476946 .3401595 -1.61 0.115 -1.235732 .140343
MO -.4547267 .1930222 -2.36 0.024 -.845151 -.0643024
D .0270568 .0084433 3.20 0.003 .0099787 .044135
Ab_PROD Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.7508 Prob > F = 0.0000
F(14,39) = 21.16
overall = 0.0432 max = 7
between = 0.0000 avg = 5.8
within = 0.2369 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg Ab_PROD $xlist4, fe vce(robust)
50
Kết quả ước lượng từ mô hình:
Ab_PRODvw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ SOvw + β78Control + >9:
rho .52557551 (fraction of variance due to u_i)
sigma_e .25752351
sigma_u .27105093
_cons -1.233715 1.509033 -0.82 0.419 -4.286022 1.818592
DSO -.9456853 .9891991 -0.96 0.345 -2.946529 1.055159
ROA -.0023261 .216752 -0.01 0.991 -.4407483 .4360961
Size .0424089 .0500492 0.85 0.402 -.0588251 .143643
Lev .6427468 .4007029 1.60 0.117 -.1677513 1.453245
Big4 -.0458179 .0534997 -0.86 0.397 -.1540312 .0623954
Dual -.0225051 .0854145 -0.26 0.794 -.1952723 .150262
BIndep -.1131226 .1650373 -0.69 0.497 -.4469421 .2206969
BSize .0536571 .1772796 0.30 0.764 -.3049249 .412239
CO .2043628 .2628465 0.78 0.442 -.3272945 .7360201
SO .0602969 .4626933 0.13 0.897 -.8755886 .9961823
FO .4690899 .2088612 2.25 0.030 .0466282 .8915516
IO -.5911176 .368694 -1.60 0.117 -1.336872 .1546365
MO -.4546863 .1911667 -2.38 0.022 -.8413575 -.0680151
D .0271047 .0080303 3.38 0.002 .0108618 .0433476
Ab_PROD Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.7654 Prob > F = 0.0000
F(14,39) = 9.67
overall = 0.0310 max = 7
between = 0.0044 avg = 5.8
within = 0.2381 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg Ab_PROD $xlist5, fe vce(robust)
51
Kết quả ước lượng từ mô hình:
Ab_PRODvw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ COvw + β78Control + >9:
rho .90790085 (fraction of variance due to u_i)
sigma_e .25296259
sigma_u .79423259
_cons -.369109 1.597032 -0.23 0.818 -3.599411 2.861193
DCO -.2442833 .1036453 -2.36 0.024 -.4539257 -.034641
ROA .0063289 .2090829 0.03 0.976 -.4165811 .4292389
Size .0135132 .0595841 0.23 0.822 -.107007 .1340333
Lev .6792152 .4081308 1.66 0.104 -.1463073 1.504738
Big4 -.0261148 .0544391 -0.48 0.634 -.1362283 .0839986
Dual .0272651 .0933107 0.29 0.772 -.1614736 .2160037
BIndep -.0722375 .16314 -0.44 0.660 -.4022193 .2577444
BSize .04861 .1660806 0.29 0.771 -.2873197 .3845397
CO .3198695 .2635885 1.21 0.232 -.2132884 .8530275
SO -.2104032 .2123697 -0.99 0.328 -.6399615 .219155
FO .428271 .2150884 1.99 0.054 -.0067863 .8633284
IO -.5457536 .3640629 -1.50 0.142 -1.28214 .1906332
MO -.4198663 .1980244 -2.12 0.040 -.8204085 -.0193242
D .0133005 .004535 2.93 0.006 .0041277 .0224734
Ab_PROD Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.9757 Prob > F = 0.0000
F(14,39) = 7.77
overall = 0.0418 max = 7
between = 0.0838 avg = 5.8
within = 0.2648 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg Ab_PROD $xlist6, fe vce(robust)
52
Kết quả ước lượng từ mô hình:
Ab_PRODvw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw
+ βeBIndepvw + βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ BSizevw
+ β77Control + >9:
rho .47700386 (fraction of variance due to u_i)
sigma_e .26624164
sigma_u .25426564
_cons -.8607406 1.367991 -0.63 0.533 -3.627763 1.906282
DDualBSize .3776814 .3087361 1.22 0.229 -.2467964 1.002159
ROA -.0972397 .1760123 -0.55 0.584 -.4532581 .2587787
Size .043423 .0484809 0.90 0.376 -.0546388 .1414849
Lev .4157314 .1979102 2.10 0.042 .0154202 .8160427
Big4 -.0248845 .0395603 -0.63 0.533 -.1049027 .0551337
Dual -.6774291 .5545863 -1.22 0.229 -1.799186 .4443275
BIndep -.1354367 .1699282 -0.80 0.430 -.4791489 .2082756
BSize -.0685016 .1319517 -0.52 0.607 -.335399 .1983959
CO .1689958 .2586508 0.65 0.517 -.3541748 .6921664
SO -.1645228 .243507 -0.68 0.503 -.6570622 .3280166
FO .4046096 .2215076 1.83 0.075 -.0434318 .852651
IO -.6411909 .3063526 -2.09 0.043 -1.260848 -.0215343
MO -.4869059 .2145646 -2.27 0.029 -.9209036 -.0529081
Ab_PROD Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.7689 Prob > F = 0.0066
F(13,39) = 2.79
overall = 0.0343 max = 7
between = 0.0047 avg = 5.8
within = 0.1810 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg Ab_PROD $xlist7, fe vce(robust)
53
Kết quả ước lượng từ mô hình:
Ab_PRODvw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw
+ βeBIndepvw + βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ BIndepvw
+ β77Control + >9:
rho .48102994 (fraction of variance due to u_i)
sigma_e .26636021
sigma_u .2564391
_cons -.8431737 1.457583 -0.58 0.566 -3.791414 2.105067
DDualBIndep .4957772 .3142151 1.58 0.123 -.1397829 1.131337
ROA -.0605601 .1676622 -0.36 0.720 -.399689 .2785688
Size .0385872 .0490336 0.79 0.436 -.0605926 .1377669
Lev .4164222 .1921993 2.17 0.036 .0276625 .8051819
Big4 -.0380585 .0522521 -0.73 0.471 -.1437483 .0676313
Dual -.246569 .1602973 -1.54 0.132 -.570801 .077663
BIndep -.2078354 .2062413 -1.01 0.320 -.6249979 .209327
BSize .0171162 .1663339 0.10 0.919 -.3193259 .3535582
CO .1823218 .2801882 0.65 0.519 -.3844123 .7490559
SO -.1757307 .2358119 -0.75 0.461 -.6527054 .301244
FO .5163161 .2205289 2.34 0.024 .0702542 .9623779
IO -.6202757 .3125741 -1.98 0.054 -1.252517 .0119651
MO -.5069041 .214708 -2.36 0.023 -.9411921 -.0726161
Ab_PROD Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.7724 Prob > F = 0.0049
F(13,39) = 2.91
overall = 0.0290 max = 7
between = 0.0007 avg = 5.8
within = 0.1803 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg Ab_PROD $xlist8, fe vce(robust)
54
Kết quả ước lượng từ mô hình:
Ab_PRODvw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw
+ βeBIndepvw + βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ Big4vw
+ β77Control + >9:
rho .47117035 (fraction of variance due to u_i)
sigma_e .26655288
sigma_u .25160222
_cons -1.232783 1.509379 -0.82 0.419 -4.28579 1.820224
DDualBig4 .0882215 .0574855 1.53 0.133 -.028054 .2044969
ROA -.0492845 .172204 -0.29 0.776 -.3976 .299031
Size .0482129 .0507645 0.95 0.348 -.054468 .1508937
Lev .4472509 .1981023 2.26 0.030 .0465512 .8479506
Big4 -.0625303 .0530609 -1.18 0.246 -.1698562 .0447956
Dual -.0056148 .0065986 -0.85 0.400 -.0189618 .0077323
BIndep -.1055484 .1757361 -0.60 0.552 -.4610082 .2499113
BSize .0355852 .1698355 0.21 0.835 -.3079396 .37911
CO .2147933 .2800725 0.77 0.448 -.3517069 .7812934
SO -.0910632 .2643361 -0.34 0.732 -.6257335 .443607
FO .4345742 .1960134 2.22 0.033 .0380997 .8310487
IO -.6410331 .3054942 -2.10 0.042 -1.258953 -.0231126
MO -.5071103 .2133681 -2.38 0.022 -.9386881 -.0755326
Ab_PROD Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.7635 Prob > F = 0.0237
F(13,39) = 2.28
overall = 0.0334 max = 7
between = 0.0038 avg = 5.8
within = 0.1791 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg Ab_PROD $xlist9, fe vce(robust)
55
Phụ lục 5d: Kết quả ước lượng cho mô hình AB_SGA
Kết quả ước lượng từ mô hình:
Ab_SGAvw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Control + >9:
rho .39725019 (fraction of variance due to u_i)
sigma_e .05748697
sigma_u .04666948
_cons -.3466813 .1956728 -1.77 0.076 -.7301929 .0368303
ROA -.147875 .1245234 -1.19 0.235 -.3919365 .0961864
Size .0211996 .0085718 2.47 0.013 .0043993 .038
Lev -.1163546 .0728863 -1.60 0.110 -.2592092 .0265
Big4 -.0189862 .0139141 -1.36 0.172 -.0462572 .0082849
Dual .0108929 .0172406 0.63 0.528 -.0228981 .0446839
BIndep .0584091 .0347926 1.68 0.093 -.0097833 .1266014
BSize -.1164134 .0564613 -2.06 0.039 -.2270755 -.0057512
CO .0335155 .0504247 0.66 0.506 -.0653151 .1323461
SO -.0056125 .0351816 -0.16 0.873 -.0745673 .0633422
FO -.0293898 .0474895 -0.62 0.536 -.1224674 .0636879
IO -.0279739 .0417921 -0.67 0.503 -.1098849 .0539371
MO .0659709 .0367406 1.80 0.073 -.0060393 .137981
D .0017284 .0012993 1.33 0.183 -.0008182 .0042749
Ab_SGA Coef. Std. Err. z P>|z| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wald chi2(13) = 327.12
overall = 0.2523 max = 7
between = 0.3119 avg = 5.8
within = 0.2027 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Random-effects GLS regression Number of obs = 231
. eststo: xtreg Ab_SGA $xlist1, re vce(robust)
56
Kết quả ước lượng từ mô hình:
Ab_SGAvw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ MOvw + β78Control + >9:
rho .42203758 (fraction of variance due to u_i)
sigma_e .05597992
sigma_u .04783635
_cons -.5397424 .3187764 -1.69 0.090 -1.164533 .0850479
DMO .0075557 .0020285 3.72 0.000 .00358 .0115315
ROA -.1409392 .1226074 -1.15 0.250 -.3812453 .099367
Size .0280382 .01343 2.09 0.037 .0017159 .0543605
Lev -.1211897 .0731543 -1.66 0.098 -.2645695 .0221902
Big4 -.0215319 .0142931 -1.51 0.132 -.0495459 .0064822
Dual .0115855 .016355 0.71 0.479 -.0204697 .0436407
BIndep .0518945 .0333185 1.56 0.119 -.0134086 .1171977
BSize -.1130718 .0566859 -1.99 0.046 -.2241741 -.0019695
CO .0425708 .0497539 0.86 0.392 -.0549451 .1400867
SO .0058279 .0380601 0.15 0.878 -.0687686 .0804243
FO -.032521 .0480817 -0.68 0.499 -.1267595 .0617175
IO -.0293013 .0412941 -0.71 0.478 -.1102364 .0516337
MO .0484356 .0292833 1.65 0.098 -.0089586 .1058298
D .0018732 .0011765 1.59 0.111 -.0004327 .0041791
Ab_SGA Coef. Std. Err. z P>|z| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wald chi2(14) = 216.86
overall = 0.2583 max = 7
between = 0.2873 avg = 5.8
within = 0.2469 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Random-effects GLS regression Number of obs = 231
. eststo: xtreg Ab_SGA $xlist2, re vce(robust)
57
Kết quả ước lượng từ mô hình:
Ab_SGAvw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ IOvw + β78Control + >9:
rho .40820069 (fraction of variance due to u_i)
sigma_e .05751164
sigma_u .04776452
_cons -.4327697 .2736809 -1.58 0.114 -.9691744 .103635
DIO .0097726 .007362 1.33 0.184 -.0046567 .0242019
ROA -.1421901 .1236152 -1.15 0.250 -.3844714 .1000912
Size .0241563 .0115306 2.09 0.036 .0015568 .0467559
Lev -.1156194 .0707927 -1.63 0.102 -.2543706 .0231319
Big4 -.0199375 .0140339 -1.42 0.155 -.0474433 .0075684
Dual .0103758 .0169904 0.61 0.541 -.0229248 .0436765
BIndep .054062 .0346205 1.56 0.118 -.0137929 .1219169
BSize -.1148828 .0562698 -2.04 0.041 -.2251696 -.0045961
CO .0361882 .0498543 0.73 0.468 -.0615244 .1339009
SO -.0026279 .0357815 -0.07 0.941 -.0727584 .0675026
FO -.0296536 .0471962 -0.63 0.530 -.1221564 .0628492
IO -.0286296 .0406615 -0.70 0.481 -.1083248 .0510656
MO .0647845 .0368281 1.76 0.079 -.0073972 .1369662
D .0013009 .001348 0.97 0.334 -.001341 .0039429
Ab_SGA Coef. Std. Err. z P>|z| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wald chi2(14) = 841.04
overall = 0.2565 max = 7
between = 0.3166 avg = 5.8
within = 0.2050 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Random-effects GLS regression Number of obs = 231
. eststo: xtreg Ab_SGA $xlist3, re vce(robust)
58
Kết quả ước lượng từ mô hình:
Ab_SGAvw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ FOvw + β78Control + >9:
rho .38908343 (fraction of variance due to u_i)
sigma_e .05761941
sigma_u .0459832
_cons -.3533079 .1999146 -1.77 0.077 -.7451334 .0385176
DFO .008005 .0162081 0.49 0.621 -.0237623 .0397723
ROA -.1473061 .1254639 -1.17 0.240 -.3932109 .0985987
Size .0213902 .0087629 2.44 0.015 .0042153 .0385651
Lev -.1161346 .0728389 -1.59 0.111 -.2588963 .026627
Big4 -.0185849 .0138016 -1.35 0.178 -.0456356 .0084658
Dual .0114054 .0173584 0.66 0.511 -.0226165 .0454273
BIndep .059744 .0348375 1.71 0.086 -.0085363 .1280243
BSize -.1163863 .0562543 -2.07 0.039 -.2266428 -.0061298
CO .0331883 .0504007 0.66 0.510 -.0655952 .1319718
SO -.0058527 .0353312 -0.17 0.868 -.0751006 .0633952
FO -.0354384 .0537316 -0.66 0.510 -.1407503 .0698735
IO -.0268257 .041893 -0.64 0.522 -.1089344 .055283
MO .0661576 .0368452 1.80 0.073 -.0060578 .1383729
D .001673 .0012175 1.37 0.169 -.0007132 .0040591
Ab_SGA Coef. Std. Err. z P>|z| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wald chi2(14) = 553.23
overall = 0.2518 max = 7
between = 0.3128 avg = 5.8
within = 0.2030 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Random-effects GLS regression Number of obs = 231
. eststo: xtreg Ab_SGA $xlist4, re vce(robust)
59
Kết quả ước lượng từ mô hình:
Ab_SGAvw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ SOvw + β78Control + >9:
rho .38129282 (fraction of variance due to u_i)
sigma_e .05764841
sigma_u .04525578
_cons -.3601346 .1914975 -1.88 0.060 -.7354629 .0151936
DSO .1970328 .1028798 1.92 0.055 -.0046078 .3986735
ROA -.1480063 .1243381 -1.19 0.234 -.3917045 .0956919
Size .0219395 .0081322 2.70 0.007 .0060006 .0378784
Lev -.1168488 .0717719 -1.63 0.104 -.2575191 .0238216
Big4 -.0218895 .0145647 -1.50 0.133 -.0504358 .0066567
Dual .0129845 .0174274 0.75 0.456 -.0211726 .0471416
BIndep .0609196 .0354159 1.72 0.085 -.0084943 .1303335
BSize -.1234966 .0542781 -2.28 0.023 -.2298798 -.0171134
CO .035007 .0499056 0.70 0.483 -.0628062 .1328203
SO -.0642297 .0387189 -1.66 0.097 -.1401174 .0116579
FO -.0272315 .0472764 -0.58 0.565 -.1198915 .0654285
IO -.0181387 .0420656 -0.43 0.666 -.1005858 .0643084
MO .0676566 .0361613 1.87 0.061 -.0032183 .1385315
D .0017447 .0012751 1.37 0.171 -.0007544 .0042439
Ab_SGA Coef. Std. Err. z P>|z| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wald chi2(14) = 334.59
overall = 0.2835 max = 7
between = 0.3723 avg = 5.8
within = 0.2006 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Random-effects GLS regression Number of obs = 231
. eststo: xtreg Ab_SGA $xlist5, re vce(robust)
60
Kết quả ước lượng từ mô hình:
Ab_SGAvw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ COvw + β78Control + >9:
rho .41233125 (fraction of variance due to u_i)
sigma_e .05719819
sigma_u .04791143
_cons -.4477839 .2832387 -1.58 0.114 -1.002922 .1073538
DCO .0037624 .0023738 1.58 0.113 -.0008902 .008415
ROA -.1420072 .1228455 -1.16 0.248 -.38278 .0987657
Size .0247209 .0119864 2.06 0.039 .001228 .0482137
Lev -.1170111 .0710727 -1.65 0.100 -.256311 .0222887
Big4 -.0201773 .0141123 -1.43 0.153 -.0478368 .0074823
Dual .0100727 .0169165 0.60 0.552 -.0230829 .0432284
BIndep .0530342 .0344715 1.54 0.124 -.0145287 .1205971
BSize -.1146018 .0563706 -2.03 0.042 -.2250861 -.0041174
CO .0343793 .0498077 0.69 0.490 -.0632421 .1320007
SO -.0015546 .0360886 -0.04 0.966 -.072287 .0691778
FO -.0300815 .0473461 -0.64 0.525 -.1228781 .0627151
IO -.0258055 .0401755 -0.64 0.521 -.1045481 .0529371
MO .0647101 .0363043 1.78 0.075 -.006445 .1358652
D .0013947 .0013201 1.06 0.291 -.0011926 .003982
Ab_SGA Coef. Std. Err. z P>|z| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000
Wald chi2(14) = 777.37
overall = 0.2547 max = 7
between = 0.3094 avg = 5.8
within = 0.2084 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Random-effects GLS regression Number of obs = 231
. eststo: xtreg Ab_SGA $xlist6, re vce(robust)
61
Kết quả ước lượng từ mô hình:
Ab_SGAvw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw + βeBIndepvw
+ βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ BSizevw + β77Control + >9:
rho .44400772 (fraction of variance due to u_i)
sigma_e .05668849
sigma_u .0506589
_cons -.2986631 .1809146 -1.65 0.099 -.6532491 .055923
DDualBSize .1828689 .0645742 2.83 0.005 .0563058 .3094319
ROA -.1572298 .1243869 -1.26 0.206 -.4010237 .086564
Size .0234386 .0084669 2.77 0.006 .0068438 .0400334
Lev -.1379476 .0712777 -1.94 0.053 -.2776492 .0017541
Big4 -.0105481 .0129339 -0.82 0.415 -.0358981 .0148018
Dual -.3221898 .1163501 -2.77 0.006 -.5502319 -.0941478
BIndep .044483 .0299749 1.48 0.138 -.0142667 .1032327
BSize -.165198 .0587555 -2.81 0.005 -.2803567 -.0500394
CO .0322084 .0471015 0.68 0.494 -.0601088 .1245256
SO -.0017182 .0367874 -0.05 0.963 -.0738202 .0703839
FO -.0566787 .0505706 -1.12 0.262 -.1557951 .0424378
IO -.040685 .0383082 -1.06 0.288 -.1157677 .0343977
MO .0684963 .0371561 1.84 0.065 -.0043283 .1413208
Ab_SGA Coef. Std. Err. z P>|z| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0472
Wald chi2(13) = 22.57
overall = 0.2683 max = 7
between = 0.3090 avg = 5.8
within = 0.2382 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Random-effects GLS regression Number of obs = 231
. eststo: xtreg Ab_SGA $xlist7, re vce(robust)
62
Kết quả ước lượng từ mô hình:
Ab_SGAvw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw + βeBIndepvw
+ βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ BIndepvw + β77Control + >9:
rho .45017473 (fraction of variance due to u_i)
sigma_e .05734914
sigma_u .05189256
_cons -.4039055 .2114829 -1.91 0.056 -.8184044 .0105933
DDualBIndep -.1651817 .1090585 -1.51 0.130 -.3789324 .0485689
ROA -.1466452 .1240489 -1.18 0.237 -.3897765 .0964861
Size .02284 .0089936 2.54 0.011 .0052128 .0404672
Lev -.12997 .0742703 -1.75 0.080 -.2755371 .0155971
Big4 -.0192269 .0138702 -1.39 0.166 -.0464119 .0079582
Dual .0890767 .0540865 1.65 0.100 -.0169308 .1950842
BIndep .0728521 .0287473 2.53 0.011 .0165085 .1291957
BSize -.1102109 .056139 -1.96 0.050 -.2202413 -.0001804
CO .042954 .0495785 0.87 0.386 -.054218 .140126
SO -.0001036 .0365677 -0.00 0.998 -.071775 .0715677
FO -.0439928 .0445778 -0.99 0.324 -.1313637 .0433782
IO -.0346874 .0397579 -0.87 0.383 -.1126114 .0432365
MO .0650868 .0363627 1.79 0.073 -.0061827 .1363563
Ab_SGA Coef. Std. Err. z P>|z| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0062
Wald chi2(13) = 29.16
overall = 0.2501 max = 7
between = 0.2917 avg = 5.8
within = 0.2191 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Random-effects GLS regression Number of obs = 231
. eststo: xtreg Ab_SGA $xlist8, re vce(robust)
63
Kết quả ước lượng từ mô hình:
Ab_SGAvw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw + βeBIndepvw
+ βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ Big4vw + β77Control + >9:
rho .3962529 (fraction of variance due to u_i)
sigma_e .05752893
sigma_u .04660634
_cons -.3558918 .1993857 -1.78 0.074 -.7466806 .034897
DDualBig4 .0154376 .0208815 0.74 0.460 -.0254893 .0563645
ROA -.1473841 .1241914 -1.19 0.235 -.3907946 .0960265
Size .0218399 .0087747 2.49 0.013 .0046419 .0390379
Lev -.1276958 .0735862 -1.74 0.083 -.271922 .0165304
Big4 -.0216916 .0161147 -1.35 0.178 -.0532758 .0098926
Dual .005925 .0047209 1.26 0.209 -.0033279 .0151779
BIndep .0577422 .0315637 1.83 0.067 -.0041214 .1196059
BSize -.1145391 .0546016 -2.10 0.036 -.2215563 -.0075219
CO .0339367 .0499856 0.68 0.497 -.0640332 .1319066
SO -.0039049 .0366506 -0.11 0.915 -.0757388 .0679289
FO -.0383633 .0467171 -0.82 0.412 -.129927 .0532005
IO -.032033 .0419878 -0.76 0.446 -.1143275 .0502615
MO .0625369 .0362486 1.73 0.084 -.0085091 .1335829
Ab_SGA Coef. Std. Err. z P>|z| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0329
Wald chi2(13) = 23.81
overall = 0.2434 max = 7
between = 0.2890 avg = 5.8
within = 0.2084 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Random-effects GLS regression Number of obs = 231
. eststo: xtreg Ab_SGA $xlist9, re vce(robust)
64
Phụ lục 5e: Kết quả ước lượng cho mô hình REM1
Kết quả ước lượng từ mô hình:
REM1vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Control + >9:
rho .54942378 (fraction of variance due to u_i)
sigma_e .25487487
sigma_u .28144699
_cons -1.718845 1.641612 -1.05 0.302 -5.039318 1.601628
ROA -.1331253 .2484841 -0.54 0.595 -.6357319 .3694813
Size .0681402 .0523962 1.30 0.201 -.0378412 .1741216
Lev .4990279 .325626 1.53 0.133 -.1596129 1.157669
Big4 -.0736986 .0606011 -1.22 0.231 -.1962759 .0488788
Dual -.0391095 .0894999 -0.44 0.665 -.2201402 .1419212
BIndep -.1190082 .1686919 -0.71 0.485 -.4602198 .2222033
BSize -.0466925 .2043025 -0.23 0.820 -.4599333 .3665483
CO .3168879 .27901 1.14 0.263 -.247463 .8812388
SO -.2111806 .2380395 -0.89 0.380 -.6926609 .2702996
FO .4681083 .2288932 2.05 0.048 .0051282 .9310885
IO -.584383 .3334001 -1.75 0.087 -1.258748 .0899824
MO -.3957362 .1817808 -2.18 0.036 -.7634225 -.0280499
D .0279476 .0067147 4.16 0.000 .0143658 .0415293
REM1 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6743 Prob > F = 0.0000
F(13,39) = 10.52
overall = 0.0342 max = 7
between = 0.0016 avg = 5.8
within = 0.2384 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM1 $xlist1, fe vce(robust)
65
Kết quả ước lượng từ mô hình:
REM1vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ MOvw + β78Control + >9:
rho .54070276 (fraction of variance due to u_i)
sigma_e .25400348
sigma_u .27559545
_cons -1.463977 1.645068 -0.89 0.379 -4.791442 1.863488
DMO -.0217485 .0076654 -2.84 0.007 -.0372533 -.0062437
ROA -.1308196 .2490738 -0.53 0.602 -.6346188 .3729797
Size .0589938 .054206 1.09 0.283 -.0506481 .1686358
Lev .5097164 .3278394 1.55 0.128 -.1534014 1.172834
Big4 -.0679925 .0601494 -1.13 0.265 -.1896561 .0536712
Dual -.0403433 .0876961 -0.46 0.648 -.2177254 .1370388
BIndep -.1234705 .1684445 -0.73 0.468 -.4641817 .2172407
BSize -.0469929 .1991429 -0.24 0.815 -.4497975 .3558117
CO .291632 .2842226 1.03 0.311 -.2832625 .8665266
SO -.2154131 .2375159 -0.91 0.370 -.6958343 .2650082
FO .4714615 .2297447 2.05 0.047 .006759 .9361641
IO -.5758169 .3482178 -1.65 0.106 -1.280154 .1285202
MO -.3380806 .1984006 -1.70 0.096 -.7393837 .0632225
D .0251201 .0069948 3.59 0.001 .0109718 .0392685
REM1 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6591 Prob > F = 0.0000
F(14,39) = 221.57
overall = 0.0477 max = 7
between = 0.0000 avg = 5.8
within = 0.2478 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM1 $xlist2, fe vce(robust)
66
Kết quả ước lượng từ mô hình:
REM1vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ IOvw + β78Control + >9:
rho .94364282 (fraction of variance due to u_i)
sigma_e .2516522
sigma_u 1.0297456
_cons -1.431227 1.493161 -0.96 0.344 -4.451431 1.588976
DIO -.9731869 .5995826 -1.62 0.113 -2.185957 .2395834
ROA -.1177576 .255392 -0.46 0.647 -.6343365 .3988214
Size .0646104 .0480706 1.34 0.187 -.0326216 .1618425
Lev .4099503 .3281159 1.25 0.219 -.2537267 1.073627
Big4 -.0463413 .0600471 -0.77 0.445 -.1677981 .0751155
Dual -.0129925 .0885712 -0.15 0.884 -.1921447 .1661597
BIndep -.087025 .1561894 -0.56 0.581 -.4029478 .2288978
BSize -.0615676 .1963354 -0.31 0.756 -.4586935 .3355582
CO .2206744 .2350631 0.94 0.354 -.2547856 .6961344
SO -.3734521 .1644255 -2.27 0.029 -.7060341 -.0408702
FO .3902733 .1703685 2.29 0.027 .0456705 .7348761
IO -.0748534 .2992123 -0.25 0.804 -.6800675 .5303606
MO -.3451083 .1384056 -2.49 0.017 -.6250602 -.0651565
D .0254172 .0088693 2.87 0.007 .0074773 .043357
REM1 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.9793 Prob > F = 0.0000
F(14,39) = 5.77
overall = 0.0151 max = 7
between = 0.0129 avg = 5.8
within = 0.2617 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM1 $xlist3, fe vce(robust)
67
Kết quả ước lượng từ mô hình:
REM1vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ FOvw + β78Control + >9:
rho .54722759 (fraction of variance due to u_i)
sigma_e .25549113
sigma_u .28087938
_cons -1.725381 1.644157 -1.05 0.300 -5.051002 1.60024
DFO .0543665 .0708864 0.77 0.448 -.0890147 .1977478
ROA -.1319929 .2484982 -0.53 0.598 -.6346281 .3706422
Size .0681739 .0525215 1.30 0.202 -.0380609 .1744087
Lev .4964115 .3274113 1.52 0.138 -.1658403 1.158663
Big4 -.071532 .0602739 -1.19 0.242 -.1934475 .0503836
Dual -.034008 .0903927 -0.38 0.709 -.2168444 .1488285
BIndep -.1173549 .1695763 -0.69 0.493 -.4603554 .2256456
BSize -.04584 .2049504 -0.22 0.824 -.4603912 .3687113
CO .3253063 .280941 1.16 0.254 -.2429504 .893563
SO -.2123881 .2380971 -0.89 0.378 -.693985 .2692088
FO .4206717 .2534827 1.66 0.105 -.0920453 .9333888
IO -.5814832 .3351074 -1.74 0.091 -1.259302 .0963355
MO -.3963549 .182454 -2.17 0.036 -.7654029 -.027307
D .0275822 .0073112 3.77 0.001 .0127939 .0423706
REM1 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6738 Prob > F = 0.0000
F(14,39) = 21.43
overall = 0.0350 max = 7
between = 0.0012 avg = 5.8
within = 0.2390 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM1 $xlist4, fe vce(robust)
68
Kết quả ước lượng từ mô hình:
REM1vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ SOvw + β78Control + >9:
rho .57282743 (fraction of variance due to u_i)
sigma_e .25532017
sigma_u .29566189
_cons -1.784764 1.66239 -1.07 0.290 -5.147266 1.577738
DSO -.9693021 1.060374 -0.91 0.366 -3.11411 1.175506
ROA -.122554 .2512536 -0.49 0.628 -.6307625 .3856544
Size .0715559 .0540471 1.32 0.193 -.0377646 .1808764
Lev .4884343 .325458 1.50 0.141 -.1698667 1.146735
Big4 -.0681123 .0609228 -1.12 0.270 -.1913402 .0551156
Dual -.0381992 .0894358 -0.43 0.672 -.2191002 .1427018
BIndep -.1275819 .1718263 -0.74 0.462 -.4751333 .2199695
BSize -.0475007 .206033 -0.23 0.819 -.4642418 .3692403
CO .3029181 .2768784 1.09 0.281 -.2571214 .8629576
SO .0703066 .4839436 0.15 0.885 -.9085618 1.049175
FO .4729125 .229265 2.06 0.046 .0091803 .9366446
IO -.6266775 .3640829 -1.72 0.093 -1.363105 .1097497
MO -.3961669 .1804071 -2.20 0.034 -.7610747 -.0312591
D .0277178 .0068014 4.08 0.000 .0139607 .0414749
REM1 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.7035 Prob > F = 0.0000
F(14,39) = 10.04
overall = 0.0217 max = 7
between = 0.0105 avg = 5.8
within = 0.2400 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM1 $xlist5, fe vce(robust)
69
Kết quả ước lượng từ mô hình:
REM1vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ COvw + β78Control + >9:
rho .88717625 (fraction of variance due to u_i)
sigma_e .25204982
sigma_u .70679113
_cons -1.034638 1.625034 -0.64 0.528 -4.32158 2.252304
DCO -.2088489 .0822599 -2.54 0.015 -.3752353 -.0424626
ROA -.1169081 .2454888 -0.48 0.637 -.613456 .3796398
Size .046285 .0565961 0.82 0.418 -.0681915 .1607615
Lev .5213701 .3321541 1.57 0.125 -.1504751 1.193215
Big4 -.0521939 .0596984 -0.87 0.387 -.1729453 .0685576
Dual .0042006 .0944031 0.04 0.965 -.1867476 .1951488
BIndep -.0912051 .1699212 -0.54 0.594 -.4349031 .2524929
BSize -.0516816 .1974529 -0.26 0.795 -.4510679 .3477046
CO .4039875 .2757437 1.47 0.151 -.1537568 .9617317
SO -.2078217 .2286324 -0.91 0.369 -.6702743 .2546309
FO .4372176 .2374031 1.84 0.073 -.0429755 .9174107
IO -.5808778 .35351 -1.64 0.108 -1.295919 .1341637
MO -.3663263 .1933588 -1.89 0.066 -.7574314 .0247788
D .0159541 .004666 3.42 0.001 .0065163 .025392
REM1 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.9561 Prob > F = 0.0000
F(14,39) = 11.55
overall = 0.0263 max = 7
between = 0.0195 avg = 5.8
within = 0.2594 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM1 $xlist6, fe vce(robust)
70
Kết quả ước lượng từ mô hình:
REM1vw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw + βeBIndepvw
+ βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ BSizevw + β77Control + >9:
rho .52435356 (fraction of variance due to u_i)
sigma_e .26374976
sigma_u .27692493
_cons -1.315359 1.440903 -0.91 0.367 -4.22986 1.599141
DDualBSize .5451703 .3146546 1.73 0.091 -.0912787 1.181619
ROA -.2349855 .2310883 -1.02 0.315 -.7024058 .2324348
Size .0719265 .0504259 1.43 0.162 -.0300695 .1739225
Lev .2552308 .1571276 1.62 0.112 -.0625898 .5730514
Big4 -.0362528 .0451427 -0.80 0.427 -.1275625 .0550569
Dual -.9727754 .5656006 -1.72 0.093 -2.116811 .1712598
BIndep -.1408818 .1759256 -0.80 0.428 -.496725 .2149614
BSize -.2147785 .1546221 -1.39 0.173 -.5275312 .0979743
CO .2533805 .2698427 0.94 0.354 -.2924279 .7991889
SO -.1632935 .2604688 -0.63 0.534 -.6901414 .3635544
FO .3742101 .2486537 1.50 0.140 -.1287394 .8771596
IO -.6772818 .308384 -2.20 0.034 -1.301047 -.0535163
MO -.430712 .1970198 -2.19 0.035 -.8292222 -.0322018
REM1 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6933 Prob > F = 0.0438
F(13,39) = 2.03
overall = 0.0295 max = 7
between = 0.0011 avg = 5.8
within = 0.1844 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM1 $xlist7, fe vce(robust)
71
Kết quả ước lượng từ mô hình:
REM1vw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw + βeBIndepvw
+ βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ BIndepvw + β77Control + >9:
rho .5275404 (fraction of variance due to u_i)
sigma_e .26518519
sigma_u .2802172
_cons -1.40181 1.567089 -0.89 0.377 -4.571546 1.767926
DDualBIndep .3863869 .2987053 1.29 0.203 -.2178017 .9905755
ROA -.1861007 .2167729 -0.86 0.396 -.6245653 .2523639
Size .0670857 .0523392 1.28 0.207 -.0387803 .1729518
Lev .2629508 .1550532 1.70 0.098 -.0506738 .5765754
Big4 -.0576176 .0593428 -0.97 0.338 -.1776498 .0624145
Dual -.1867585 .1529473 -1.22 0.229 -.4961236 .1226065
BIndep -.1897672 .2125239 -0.89 0.377 -.6196374 .240103
BSize -.0841233 .1980603 -0.42 0.673 -.4847381 .3164915
CO .2830106 .293373 0.96 0.341 -.3103922 .8764134
SO -.1486665 .2622464 -0.57 0.574 -.67911 .381777
FO .4997033 .2421523 2.06 0.046 .009904 .9895025
IO -.6616882 .3166124 -2.09 0.043 -1.302097 -.0212791
MO -.451883 .1987839 -2.27 0.029 -.8539614 -.0498046
REM1 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6998 Prob > F = 0.0789
F(13,39) = 1.80
overall = 0.0191 max = 7
between = 0.0011 avg = 5.8
within = 0.1755 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM1 $xlist8, fe vce(robust)
72
Kết quả ước lượng từ mô hình:
REM1vw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw + βeBIndepvw
+ βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ Big4vw + β77Control + >9:
rho .51861527 (fraction of variance due to u_i)
sigma_e .26504945
sigma_u .27510812
_cons -1.756904 1.626675 -1.08 0.287 -5.047163 1.533356
DDualBig4 .0892709 .0630073 1.42 0.164 -.0381735 .2167152
ROA -.173269 .2237871 -0.77 0.443 -.6259212 .2793831
Size .0760767 .0542786 1.40 0.169 -.0337122 .1858657
Lev .2917922 .1600111 1.82 0.076 -.0318609 .6154452
Big4 -.0815582 .0584455 -1.40 0.171 -.1997753 .036659
Dual -.0003927 .0095369 -0.04 0.967 -.0196829 .0188975
BIndep -.1057388 .1847149 -0.57 0.570 -.47936 .2678824
BSize -.0679097 .2029001 -0.33 0.740 -.4783139 .3424944
CO .3122287 .2947373 1.06 0.296 -.2839339 .9083912
SO -.0737784 .289733 -0.25 0.800 -.6598187 .5122619
FO .4295075 .2215842 1.94 0.060 -.0186888 .8777037
IO -.6775814 .3101938 -2.18 0.035 -1.305007 -.0501552
MO -.4547864 .196986 -2.31 0.026 -.8532282 -.0563445
REM1 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6880 Prob > F = 0.1342
F(13,39) = 1.58
overall = 0.0245 max = 7
between = 0.0001 avg = 5.8
within = 0.1764 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM1 $xlist9, fe vce(robust)
73
Phụ lục 5g: Kết quả ước lượng cho mô hình REM2
Kết quả ước lượng từ mô hình:
REM2vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Control + >9:
rho .55754059 (fraction of variance due to u_i)
sigma_e .16405745
sigma_u .18416092
_cons .9696333 .8461574 1.15 0.259 -.7418817 2.681148
ROA -.3430171 .1814565 -1.89 0.066 -.7100475 .0240133
Size -.0153662 .0270509 -0.57 0.573 -.0700818 .0393495
Lev -.2462187 .1973681 -1.25 0.220 -.6454333 .1529959
Big4 -.0330716 .056592 -0.58 0.562 -.1475398 .0813966
Dual -.0050496 .0370627 -0.14 0.892 -.0800159 .0699167
BIndep -.1470048 .1245775 -1.18 0.245 -.3989865 .1049769
BSize -.1312694 .1156669 -1.13 0.263 -.3652277 .102689
CO .0532132 .1771965 0.30 0.766 -.3052006 .411627
SO -.4282283 .1368179 -3.13 0.003 -.7049686 -.151488
FO .3357024 .1983852 1.69 0.099 -.0655696 .7369744
IO -.0126892 .1666392 -0.08 0.940 -.3497488 .3243704
MO .0228183 .0922599 0.25 0.806 -.163795 .2094316
D .0060099 .003106 1.93 0.060 -.0002726 .0122924
REM2 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6491 Prob > F = 0.0000
F(13,39) = 34.77
overall = 0.0215 max = 7
between = 0.0031 avg = 5.8
within = 0.1507 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM2 $xlist1, fe vce(robust)
74
Kết quả ước lượng từ mô hình:
REM2vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ MOvw + β78Control + >9:
rho .60632322 (fraction of variance due to u_i)
sigma_e .16273238
sigma_u .20195573
_cons .7530814 .8993683 0.84 0.408 -1.066063 2.572226
DMO .0184789 .0034909 5.29 0.000 .0114178 .02554
ROA -.3449762 .1814653 -1.90 0.065 -.7120243 .0220719
Size -.0075948 .0298012 -0.25 0.800 -.0678734 .0526838
Lev -.2553003 .1996325 -1.28 0.209 -.6590951 .1484945
Big4 -.0379199 .0571682 -0.66 0.511 -.1535534 .0777137
Dual -.0040013 .0355249 -0.11 0.911 -.0758572 .0678547
BIndep -.1432134 .125923 -1.14 0.262 -.3979166 .1114899
BSize -.1310141 .1182994 -1.11 0.275 -.3702972 .108269
CO .0746721 .1811949 0.41 0.683 -.2918292 .4411735
SO -.4246322 .1368015 -3.10 0.004 -.7013393 -.147925
FO .3328533 .1966447 1.69 0.098 -.0648982 .7306048
IO -.0199675 .1620032 -0.12 0.903 -.34765 .307715
MO -.0261695 .0792254 -0.33 0.743 -.186418 .134079
D .0084122 .0028932 2.91 0.006 .0025602 .0142643
REM2 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.7184 Prob > F = 0.0000
F(14,39) = 618.88
overall = 0.0163 max = 7
between = 0.0014 avg = 5.8
within = 0.1691 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM2 $xlist2, fe vce(robust)
75
Kết quả ước lượng từ mô hình:
REM2vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ IOvw + β78Control + >9:
rho .68861372 (fraction of variance due to u_i)
sigma_e .16442831
sigma_u .24452018
_cons .9342623 .842364 1.11 0.274 -.7695798 2.638104
DIO .1196819 .2093144 0.57 0.571 -.3036965 .5430602
ROA -.344907 .1806558 -1.91 0.064 -.7103178 .0205038
Size -.0149321 .0269203 -0.55 0.582 -.0693835 .0395193
Lev -.235264 .2022901 -1.16 0.252 -.6444344 .1739064
Big4 -.036436 .0549148 -0.66 0.511 -.1475116 .0746397
Dual -.0082615 .0381162 -0.22 0.830 -.0853587 .0688357
BIndep -.1509381 .1233422 -1.22 0.228 -.4004212 .0985451
BSize -.12944 .1172779 -1.10 0.276 -.366657 .107777
CO .0650455 .1662392 0.39 0.698 -.271205 .4012959
SO -.4082723 .1491521 -2.74 0.009 -.7099609 -.1065836
FO .3452745 .2076571 1.66 0.104 -.0747517 .7653007
IO -.0753508 .2378654 -0.32 0.753 -.556479 .4057773
MO .0165921 .0943883 0.18 0.861 -.1743263 .2075105
D .006321 .0033134 1.91 0.064 -.000381 .0130231
REM2 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.8252 Prob > F = 0.0000
F(14,39) = 35.32
overall = 0.0072 max = 7
between = 0.0009 avg = 5.8
within = 0.1517 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM2 $xlist3, fe vce(robust)
76
Kết quả ước lượng từ mô hình:
REM2vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ FOvw + β78Control + >9:
rho .5986345 (fraction of variance due to u_i)
sigma_e .16040838
sigma_u .19590156
_cons .9366572 .8364467 1.12 0.270 -.755216 2.62853
DFO .2742802 .0585268 4.69 0.000 .1558985 .3926618
ROA -.3373042 .1813297 -1.86 0.070 -.7040782 .0294698
Size -.0151963 .026736 -0.57 0.573 -.069275 .0388825
Lev -.2594182 .1987897 -1.30 0.200 -.6615083 .1426718
Big4 -.0221411 .0565169 -0.39 0.697 -.1364573 .092175
Dual .0206877 .0464198 0.45 0.658 -.0732052 .1145807
BIndep -.1386637 .1211057 -1.14 0.259 -.3836231 .1062956
BSize -.1269683 .1204614 -1.05 0.298 -.3706244 .1166878
CO .0956843 .1828018 0.52 0.604 -.2740673 .4654358
SO -.43432 .135875 -3.20 0.003 -.7091531 -.1594869
FO .0963838 .186208 0.52 0.608 -.2802574 .473025
IO .0019404 .1661743 0.01 0.991 -.3341789 .3380597
MO .0196967 .0941136 0.21 0.835 -.1706661 .2100595
D .0041668 .0032582 1.28 0.209 -.0024235 .0107571
REM2 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6791 Prob > F = 0.0000
F(14,39) = 13.45
overall = 0.0267 max = 7
between = 0.0024 avg = 5.8
within = 0.1927 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM2 $xlist4, fe vce(robust)
77
Kết quả ước lượng từ mô hình:
REM2vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ SOvw + β78Control + >9:
rho .55359192 (fraction of variance due to u_i)
sigma_e .16420607
sigma_u .18285972
_cons 1.026285 .8699684 1.18 0.245 -.733392 2.785963
DSO .8330375 .6032556 1.38 0.175 -.3871622 2.053237
ROA -.3521023 .184171 -1.91 0.063 -.7246232 .0204187
Size -.0183017 .0284782 -0.64 0.524 -.0759043 .039301
Lev -.2371143 .1991927 -1.19 0.241 -.6400196 .1657909
Big4 -.0378726 .0594365 -0.64 0.528 -.1580942 .082349
Dual -.005832 .0357744 -0.16 0.871 -.0781924 .0665285
BIndep -.1396364 .1277352 -1.09 0.281 -.3980053 .1187324
BSize -.1305747 .1157866 -1.13 0.266 -.3647752 .1036257
CO .0652191 .1807089 0.36 0.720 -.3002992 .4307374
SO -.6701441 .2605227 -2.57 0.014 -1.197101 -.1431872
FO .3315737 .1998303 1.66 0.105 -.0726213 .7357686
IO .0236596 .1745558 0.14 0.893 -.3294128 .3767319
MO .0231884 .0921458 0.25 0.803 -.163194 .2095709
D .0062073 .0031366 1.98 0.055 -.0001371 .0125517
REM2 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6603 Prob > F = 0.0000
F(14,39) = 34.85
overall = 0.0319 max = 7
between = 0.0110 avg = 5.8
within = 0.1540 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM2 $xlist5, fe vce(robust)
78
Kết quả ước lượng từ mô hình:
REM2vw = α7 + β7Dvw + β8MOvw + βEIOvw + βbFOvw + βcSOvw + βdCOvw + βeBSizevw
+ βiBIndepvw + βmDualvw + β7DBig4vw + β77Dvw ∗ COvw + β78Control + >9:
rho .80701834 (fraction of variance due to u_i)
sigma_e .16387101
sigma_u .33510879
_cons .7340993 1.004726 0.73 0.469 -1.298152 2.76635
DCO .0718949 .0893057 0.81 0.426 -.1087429 .2525327
ROA -.3485998 .1814428 -1.92 0.062 -.7156025 .0184029
Size -.0078426 .0339593 -0.23 0.819 -.0765318 .0608465
Lev -.2539099 .2009712 -1.26 0.214 -.6604125 .1525928
Big4 -.0404745 .0585121 -0.69 0.493 -.1588263 .0778773
Dual -.0199589 .044795 -0.45 0.658 -.1105654 .0706476
BIndep -.1565759 .1258384 -1.24 0.221 -.411108 .0979563
BSize -.1295519 .1165818 -1.11 0.273 -.3653608 .1062571
CO .0232297 .186616 0.12 0.902 -.3542368 .4006963
SO -.4293846 .1371177 -3.13 0.003 -.7067314 -.1520378
FO .3463363 .2029595 1.71 0.096 -.0641881 .7568607
IO -.0138959 .165534 -0.08 0.934 -.34872 .3209283
MO .0126941 .0817924 0.16 0.877 -.1527465 .1781348
D .0101385 .004694 2.16 0.037 .0006441 .019633
REM2 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.9114 Prob > F = 0.0000
F(14,39) = 35.12
overall = 0.0016 max = 7
between = 0.0000 avg = 5.8
within = 0.1574 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM2 $xlist6, fe vce(robust)
79
Kết quả ước lượng từ mô hình:
REM2vw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw + βeBIndepvw
+ βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ BSizevw + β77Control + >9:
rho .58441564 (fraction of variance due to u_i)
sigma_e .16263443
sigma_u .19286073
_cons 1.199602 .7950245 1.51 0.139 -.4084865 2.807691
DDualBSize .4333479 .1644822 2.63 0.012 .1006512 .7660446
ROA -.3898513 .1874259 -2.08 0.044 -.7689559 -.0107467
Size -.0138673 .0265993 -0.52 0.605 -.0676694 .0399348
Lev -.3079315 .1835447 -1.68 0.101 -.6791857 .0633228
Big4 -.0088259 .0564241 -0.16 0.877 -.1229544 .1053026
Dual -.7647775 .2967083 -2.58 0.014 -1.364927 -.1646284
BIndep -.155365 .1067259 -1.46 0.153 -.3712385 .0605084
BSize -.2484323 .1049627 -2.37 0.023 -.4607395 -.0361252
CO .0120048 .1732809 0.07 0.945 -.3384888 .3624984
SO -.4447792 .1496915 -2.97 0.005 -.7475588 -.1419995
FO .2593714 .2007576 1.29 0.204 -.1466993 .665442
IO -.0335349 .1466383 -0.23 0.820 -.3301388 .2630691
MO .0181735 .0853219 0.21 0.832 -.1544062 .1907533
REM2 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6749 Prob > F = 0.0010
F(13,39) = 3.59
overall = 0.0308 max = 7
between = 0.0120 avg = 5.8
within = 0.1654 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM2 $xlist7, fe vce(robust)
80
Kết quả ước lượng từ mô hình:
REM2vw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw + βeBIndepvw
+ βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ BIndepvw + β77Control + >9:
rho .57939173 (fraction of variance due to u_i)
sigma_e .16426568
sigma_u .19279425
_cons 1.112082 .8773841 1.27 0.212 -.662595 2.886759
DDualBIndep .2517644 .3166036 0.80 0.431 -.3886267 .8921556
ROA -.3516764 .176265 -2.00 0.053 -.7082059 .0048531
Size -.0173554 .0274668 -0.63 0.531 -.0729121 .0382014
Lev -.3006644 .1941565 -1.55 0.130 -.693383 .0920542
Big4 -.0262035 .055791 -0.47 0.641 -.1390514 .0866444
Dual -.1123907 .1605704 -0.70 0.488 -.437175 .2123937
BIndep -.1848699 .130886 -1.41 0.166 -.4496119 .079872
BSize -.1433877 .1136435 -1.26 0.215 -.3732534 .0864779
CO .0373053 .1824771 0.20 0.839 -.3317894 .4064
SO -.4279719 .1494906 -2.86 0.007 -.7303452 -.1255987
FO .3531119 .2124365 1.66 0.104 -.0765816 .7828053
IO -.0235944 .1584687 -0.15 0.882 -.3441277 .2969389
MO .0026392 .0885057 0.03 0.976 -.1763805 .1816589
REM2 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6810 Prob > F = 0.0033
F(13,39) = 3.08
overall = 0.0142 max = 7
between = 0.0003 avg = 5.8
within = 0.1486 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM2 $xlist8, fe vce(robust)
81
Kết quả ước lượng từ mô hình:
REM2vw = α7 + β7MOvw + β8IOvw + βEFOvw + βbSOvw + βcCOvw + βdBSizevw + βeBIndepvw
+ βiDual(D)vw + βmBig4vw + β7DDual(D)vw ∗ Big4vw + β77Control + >9:
rho .56587274 (fraction of variance due to u_i)
sigma_e .16454392
sigma_u .1878593
_cons 1.079087 .8768395 1.23 0.226 -.694488 2.852663
DDualBig4 -.0209337 .0408045 -0.51 0.611 -.1034685 .0616011
ROA -.3589082 .1819902 -1.97 0.056 -.727018 .0092017
Size -.0172388 .0279535 -0.62 0.541 -.0737801 .0393024
Lev -.3004368 .1934728 -1.55 0.129 -.6917724 .0908988
Big4 -.0230317 .058131 -0.40 0.694 -.1406127 .0945493
Dual .0145306 .0081894 1.77 0.084 -.002034 .0310951
BIndep -.1467382 .1149976 -1.28 0.209 -.3793429 .0858665
BSize -.1398392 .1150889 -1.22 0.232 -.3726285 .09295
CO .0412625 .1818811 0.23 0.822 -.3266268 .4091518
SO -.4135001 .1379592 -3.00 0.005 -.692549 -.1344512
FO .3323966 .2050403 1.62 0.113 -.0823366 .7471298
IO -.0350458 .1680307 -0.21 0.836 -.37492 .3048284
MO .0113226 .0894143 0.13 0.900 -.1695349 .1921801
REM2 Coef. Std. Err. t P>|t| [95% Conf. Interval]
Robust
(Std. Err. adjusted for 40 clusters in id)
corr(u_i, Xb) = -0.6650 Prob > F = 0.0027
F(13,39) = 3.15
overall = 0.0179 max = 7
between = 0.0021 avg = 5.8
within = 0.1457 min = 3
R-sq: Obs per group:
Group variable: id Number of groups = 40
Fixed-effects (within) regression Number of obs = 231
. eststo: xtreg REM2 $xlist9, fe vce(robust)