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

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)