Luận án Trách nhiệm xã hội và hiệu quả tài chính: Bằng chứng từ các công ty niêm yết Việt Nam

TINDEX + DUALITY + CEONOM + PCTDIRSHR + PCTINDEP + LOGBLKS + PCTINSTI + LOGANAL + LOGTA + DEBTR + RNDR + FAMFIRM + STATELAW + ROA + CHGROA + SEGDIV + ε (1) CSR-combined scores = GINDEX + ENTINDEX + DUALITY + CEONOM + PCTDIRSHR + PCTINDEP + LOGBLKS + PCTINSTI + LOGANAL + LOGTA + DEBTR + RNDR + FAMFIRM + STATELAW + ROA + SEGDIV + ε (2) CSR = LOGANAL+ GINDEX + DUALITY + CEONOM + PCTDIRSH + PCTINDEP + LOGBLKS + PCTINSTI + LOGTA + DEBTR + RNDR + CAPXR + ADVR + FAMFIRM + STATELAW + ROA + SEGDIV SEGDIV + ε (3a) LOGANAL = CSR+ GINDEX + DUALITY + CEONOM + PCTDIRSH + PCTINDEP + LOGBLKS + PCTINSTI + LOGTA + DEBTR + RNDR + CAPXR + ADVR + FAMFIRM + SEGDIV SEGDIV+ SP500 + FIRMAGE + ε (3b) (7) Mô hình của Reverte (2012) CCit = √ espi,t+2 − epsi,t+1 P0i 204 CCit = β0 + β1BETAit + β2MBit + β3SIZEit + εit (1) CCit = β0 + β1BETAit + β2MBit + β3SIZEit + β4CSR_SCOREit + εit (2) CCit = β0 + β1BETAit + β2MBit + β3SIZEit + β4CSR_RANKit + εit (3) CCit = β0 + β1BETAit + β2MBit + β3SIZEit + β4CSR_SCOREit + β5CSR_SCORE ∗ IND_SENSit + εit (4) (8) Mô hình của Bayoud et al (2012) FP = 𝛼 + 𝛽1 CSRD + 𝛽2 SIZE + 𝛽3 AGE + 𝛽4 INDTY +𝜀 EC (Employee Commitment) = 𝛼 + 𝛽1 CSRD + 𝛽2 SIZE + 𝛽3 AGE + 𝛽4 INDTY +𝜀 CR (Corporate Reputation) = 𝛼 + 𝛽1 CSRD + 𝛽2 SIZE + 𝛽3 AGE + 𝛽4 INDTY +𝜀 (9) Mô hình của Li et al (2013) Prob(Dis) = α0 + α1Perf + α2SOE + ∑ αkControlsk + ε (1) Score = β 0 + β 1 Perf + β 2 SOE + ∑ β k Controlsk + η (2) Prob(Dis) = α0 + α1Perf + α2SOE + α3Perf ∗ SOE + ∑ αkControlsk + ε (3) Score = β 0 + β 1 Perf + β 2 SOE + β 3 Perf ∗ SOE + ∑ β k Controlsk + η (4) (10) Pascal Nguyen và Anna Nguyen (2015) 𝐹𝑖𝑟𝑚 𝑟𝑖𝑠𝑘 (𝑅𝑂𝐴, 𝑇𝐵𝑄) = 𝛽0 + 𝛽1𝐶𝑆𝑅 𝐴𝑔𝑔𝑟𝑒𝑔𝑎𝑡𝑒 𝑠𝑡𝑟𝑒𝑛𝑔𝑡ℎ𝑠 + 𝛽2𝐹𝑖𝑟𝑚 𝑎𝑔𝑒 + 𝛽3𝐹𝑖𝑟𝑚𝑠𝑖𝑧𝑒 + 𝛽4𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑦𝑖𝑒𝑙𝑑 + 𝛽5𝐿𝑒𝑣 + 𝛽6𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠𝑒𝑔𝑚𝑒𝑛𝑡𝑠 + 𝛽7𝐶𝑎𝑝𝑒𝑥/𝑠𝑎𝑙𝑒𝑠 + 𝛽8𝑅&𝐷 + 𝜀 (1a) 𝐹𝑖𝑟𝑚 𝑟𝑖𝑠𝑘 (𝑅𝑂𝐴, 𝑇𝐵𝑄) = 𝛽0 + 𝛽1𝐶𝑆𝑅𝑐𝑜𝑚 + 𝛽2𝐶𝑆𝑅𝑑𝑖𝑣 + 𝛽3𝐶𝑆𝑅𝑒𝑚𝑝𝑙 + 𝛽4𝐶𝑆𝑅𝑒𝑛𝑣 + 𝛽5𝐶𝑆𝑅𝑝𝑟𝑜𝑑 + 𝛽6𝐶𝑆𝑅_𝐶𝐺 + 𝛽7𝐹𝑖𝑟𝑚 𝑎𝑔𝑒 + 𝛽8𝐹𝑖𝑟𝑚𝑠𝑖𝑧𝑒 + 𝛽9𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑦𝑖𝑒𝑙𝑑 + 𝛽10𝐿𝑒𝑣 + 𝛽11𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠𝑒𝑔𝑚𝑒𝑛𝑡𝑠 + 𝛽12𝐶𝑎𝑝𝑒𝑥/𝑠𝑎𝑙𝑒𝑠 + 𝛽13𝑅&𝐷 + 𝜀 (1b) 205 𝐹𝑖𝑟𝑚 𝑟𝑖𝑠𝑘 (𝑅𝑂𝐴, 𝑇𝐵𝑄) = 𝛽0 + 𝛽1𝐶𝑆𝑅 𝐴𝑔𝑔𝑟𝑒𝑔𝑎𝑡𝑒 𝑠𝑡𝑟𝑒𝑛𝑔𝑡ℎ𝑠 + 𝛽2𝐹𝑖𝑟𝑚 𝑎𝑔𝑒 + 𝛽3𝐹𝑖𝑟𝑚𝑠𝑖𝑧𝑒 + 𝛽4𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑦𝑖𝑒𝑙𝑑 + 𝛽5𝐿𝑒𝑣 + 𝛽6𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠𝑒𝑔𝑚𝑒𝑛𝑡𝑠 + 𝛽7𝐶𝑎𝑝𝑒𝑥/𝑠𝑎𝑙𝑒𝑠 + 𝛽8𝑅&𝐷 + 𝜀 (2a) 𝐹𝑖𝑟𝑚 𝑟𝑖𝑠𝑘 (𝑅𝑂𝐴, 𝑇𝐵𝑄) = 𝛽0 + 𝛽1𝐶𝑆𝑅𝑐𝑜𝑚 + 𝛽2𝐶𝑆𝑅𝑑𝑖𝑣 + 𝛽3𝐶𝑆𝑅𝑒𝑚𝑝𝑙 + 𝛽4𝐶𝑆𝑅𝑒𝑛𝑣 + 𝛽5𝐶𝑆𝑅𝑝𝑟𝑜𝑑 + 𝛽6𝐶𝑆𝑅_𝐶𝐺 + 𝛽7𝐹𝑖𝑟𝑚 𝑎𝑔𝑒 + 𝛽8𝐹𝑖𝑟𝑚𝑠𝑖𝑧𝑒 + 𝛽9𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑦𝑖𝑒𝑙𝑑 + 𝛽10𝐿𝑒𝑣 + 𝛽11𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠𝑒𝑔𝑚𝑒𝑛𝑡𝑠 + 𝛽12𝐶𝑎𝑝𝑒𝑥/𝑠𝑎𝑙𝑒𝑠 + 𝛽13𝑅&𝐷 + 𝜀 (2b) (11) Minna Yu và Ronald Zhao (2015) Trong đó: TOBINSQit: (VHTT + Nợ NH + Nợ DH)/Tổng TS DJSIit = 1 nếu công ty thứ i nằm trong chỉ số DJSI ở năm t, ngược lại = 0 Sizeit = log (tổng TS) XLISTit = 1 công ty thứ i được niêm yết trên TTCK Mỹ vào năm t 206 DTOAit = Tổng nợ phải trả/tổng TS CAPEXit = Chi đầu tư/tổng TS INV_PROTECTIONC (Bảo vệ nhà đầu tư cấp quốc gia): nguồn gốc hợp pháp hoặc chỉ số quyền đối với giám đốc DJSIit* INV_PROTECTIONC: sự tương tác giữa DJSIit và INV_PROTECTIONC TRANSPARENCYC (Minh bạch tài chính cấp quốc gia): được đánh giá bởi xếp hạng CIGAR DJSIit* TRANSPARENCYC:sự tương tác giữa DJSIit và TRANSPARENCYC 207 Phụ lục 3: Danh sách các công ty niêm yết có công bố CSR và các công ty niêm yết không công bố CSR TT Năm INDUS CTNY có công bố CSR CTNY không công bố CSR MCK ROA FR TBQ SIZE LEV MCK ROA FR TBQ SIZE LEV 1 2012 0 BVH 0.031 0.485 0.585 6.136 0.020 VCB 0.011 0.358 0.258 8.330 0.101 2 2012 1 VNM 0.330 0.460 3.724 5.283 0.000 MSN 0.051 0.315 2.244 5.958 0.373 3 2012 1 PAC 0.055 0.484 0.604 2.438 0.256 DSN 0.376 0.288 2.151 0.547 0.000 4 2012 1 HBC 0.029 0.875 0.414 3.824 0.307 LGC 0.002 0.531 0.664 1.361 0.432 5 2012 1 DQC 0.027 0.462 0.491 2.843 0.255 ITA 0.003 0.465 0.451 4.606 0.242 6 2012 1 DPM 0.285 0.340 1.281 4.662 0.003 HT1 0.001 0.475 0.873 4.891 0.758 7 2012 1 BMP 0.278 0.378 1.097 2.655 0.003 CII 0.074 0.444 1.026 4.195 0.654 8 2012 1 SPM 0.058 0.399 0.535 2.412 0.134 IMP 0.090 0.310 0.672 2.154 0.000 9 2012 1 KDC 0.065 0.371 1.208 4.010 0.106 VCF 0.263 0.309 3.753 2.428 0.000 10 2012 1 SMC 0.032 0.238 0.532 3.064 0.360 NKG 0.006 0.403 0.722 2.965 0.575 11 2013 1 HSG 0.093 0.420 1.240 4.265 0.475 NKG 0.022 0.585 0.615 3.146 0.501 12 2013 0 CTG 0.014 0.255 1.010 8.659 0.906 VCB 0.009 0.302 0.234 8.453 0.097 13 2013 0 STB 0.014 0.257 1.011 7.386 0.889 PTB 0.110 0.431 1.008 2.220 0.509 14 2013 0 BVH 0.022 0.449 0.472 6.312 0.005 EIB 0.004 0.193 0.317 7.437 0.180 15 2013 0 HAG 0.033 0.347 0.972 5.698 0.478 PGI 0.027 0.417 0.286 3.179 0.000 16 2013 1 VNM 0.307 0.231 4.935 5.433 0.016 MSN 0.043 0.304 1.698 6.142 0.402 17 2013 1 VIC 0.094 0.252 1.187 6.630 0.361 KBC 0.006 0.573 0.534 4.831 0.308 18 2013 1 SSI 0.054 0.248 0.866 4.344 0.047 BMI 0.020 0.402 0.197 3.830 0.000 19 2013 1 REE 0.140 0.343 1.116 4.242 0.075 LGC 0.009 0.668 0.720 1.481 0.279 20 2013 1 PVD 0.093 0.351 1.042 5.370 0.261 PVT 0.033 0.477 0.736 4.559 0.451 21 2013 1 PDR 0.0004 0.505 0.886 4.036 0.490 KDH -0.078 0.435 0.660 2.857 0.323 22 2013 1 PAC 0.048 0.333 0.696 2.661 0.335 SVC 0.024 0.336 0.423 2.696 0.170 208 23 2013 1 NSC 0.219 0.401 1.757 1.481 0.000 LIX 0.129 0.394 1.336 1.671 0.084 24 2013 1 HBC 0.005 0.311 0.439 3.856 0.291 ITA 0.008 0.509 0.559 4.678 0.180 25 2013 1 FPT 0.131 0.211 0.893 5.169 0.240 ELC 0.034 0.505 0.774 2.251 0.086 26 2013 0 BCI 0.027 0.393 0.553 3.538 0.150 AGR 0.005 0.382 0.361 3.643 0.096 27 2013 1 EVE 0.100 0.491 0.916 2.183 0.001 DSN 0.397 0.276 2.898 0.525 0.000 28 2013 1 DQC 0.074 0.377 0.734 2.815 0.290 VSC 0.212 0.317 1.348 2.427 0.008 29 2013 1 DPM 0.198 0.242 1.466 4.683 0.006 HT1 0.000 0.441 0.857 4.877 0.627 30 2013 1 DMC 0.108 0.368 0.933 2.322 0.107 OPC 0.104 0.399 1.661 1.684 0.133 31 2013 1 DHG 0.191 0.277 2.460 3.428 0.041 IMP 0.070 0.279 0.704 2.163 0.000 32 2013 1 BMP 0.238 0.337 1.915 2.822 0.021 CII 0.015 0.327 0.860 4.384 0.588 33 2013 1 SPM 0.016 0.544 0.476 2.414 0.141 JVC 0.026 0.291 0.900 2.791 0.262 34 2013 1 KDC 0.077 0.232 1.302 4.155 0.089 VCF 0.161 0.444 2.384 2.781 0.143 35 2013 1 SMC 0.008 0.279 0.527 3.424 0.406 DTL 0.008 0.401 0.673 3.126 0.430 36 2013 1 TTF -0.001 0.443 0.695 3.560 0.563 HTL 0.092 0.499 0.595 0.826 0.000 37 2013 1 PGS 0.079 0.251 0.527 3.424 0.175 PXS 0.049 0.421 0.767 2.736 0.290 38 2013 1 PVS 0.071 0.225 0.529 5.473 0.148 PGC 0.039 0.476 0.715 3.015 0.404 39 2013 1 VCS 0.020 0.468 0.751 3.320 0.492 TLG 0.116 0.495 1.228 2.312 0.247 40 2014 1 HSG 0.047 0.378 1.013 4.614 0.560 NKG 0.026 0.482 0.536 3.380 0.354 41 2014 0 STB 0.013 0.286 1.019 7.543 0.910 PTB 0.111 0.393 1.085 2.390 0.497 42 2014 0 HCM 0.108 0.440 1.029 3.653 0.000 AGR 0.017 0.503 0.538 3.308 0.066 43 2014 0 BVH 0.028 0.372 0.458 6.165 0.000 ACB 0.005 0.161 0.110 7.493 0.016 44 2014 0 HAG 0.043 0.311 0.980 5.896 0.500 BMI 0.023 0.408 0.236 3.978 0.000 45 2014 1 VNM 0.249 0.186 3.769 5.552 0.063 MSN 0.143 0.294 2.124 5.479 0.345 46 2014 1 VIC 0.042 0.270 1.079 6.808 0.368 KBC 0.024 0.479 0.717 4.873 0.242 47 2014 1 VHC 0.125 0.422 1.238 3.805 0.467 LIX 0.131 0.289 1.242 1.818 0.120 48 2014 1 TRA 0.132 0.273 1.464 2.427 0.030 OPC 0.123 0.342 1.463 1.673 0.056 49 2014 0 SSI 0.084 0.390 1.260 4.490 0.169 IVS 0.038 0.532 7.775 3.239 0.000 209 50 2014 1 SSC 0.172 0.501 1.608 1.681 0.108 CLC 0.099 0.291 1.051 1.980 0.481 51 2014 1 SHI 0.021 0.508 0.667 2.819 0.505 RAL 0.029 0.322 0.898 3.113 0.668 52 2014 1 REE 0.130 0.297 0.987 4.431 0.085 ITA 0.008 0.423 0.639 4.678 0.180 53 2014 1 PVD 0.108 0.392 1.021 5.451 0.182 PVT 0.043 0.472 0.797 4.538 0.414 54 2014 1 PGD 0.055 0.287 0.532 3.544 0.000 GAS 0.267 0.349 2.624 6.288 0.141 55 2014 1 PDR 0.007 0.496 0.804 4.103 0.458 KDH 0.020 0.361 0.898 3.441 0.413 56 2014 1 PAN 0.071 0.494 1.247 3.115 0.098 HVG 0.047 0.423 0.918 4.503 0.526 57 2014 1 PAC 0.056 0.334 0.870 2.527 0.389 SVC 0.033 0.374 0.459 3.273 0.307 58 2014 1 NSC 0.178 0.330 1.122 2.254 0.027 TAC 0.052 0.359 0.978 2.493 0.258 59 2014 1 KHP 0.057 0.278 0.692 2.573 0.273 SBA 0.045 0.327 0.965 2.673 0.505 60 2014 1 HQC 0.007 0.478 0.540 3.703 0.192 ASM 0.036 0.510 0.749 3.211 0.377 61 2014 1 HPG 0.147 0.353 1.478 5.398 0.305 HT1 0.024 0.489 1.006 4.841 0.569 62 2014 1 HBC 0.012 0.408 0.466 4.061 0.330 TLG 0.133 0.396 1.460 2.405 0.179 63 2014 1 FPT 0.107 0.314 1.031 5.423 0.303 ELC 0.057 0.409 0.572 2.387 0.099 64 2014 1 FCN 0.060 0.388 0.682 3.090 0.251 SAM 0.023 0.435 0.695 3.476 0.169 65 2014 1 EVE 0.105 0.509 0.800 2.288 0.053 DSN 0.386 0.225 2.915 0.570 0.000 66 2014 1 DQC 0.130 0.409 0.953 2.925 0.167 IJC 0.034 0.448 0.843 4.209 0.293 67 2014 1 DPM 0.108 0.288 1.167 4.616 0.009 POM -0.003 0.356 0.844 4.540 0.677 68 2014 1 DMC 0.142 0.316 1.175 2.232 0.000 JVC 0.086 0.353 0.892 3.239 0.156 69 2014 1 DHG 0.153 0.228 2.451 3.550 0.051 IMP 0.083 0.521 1.068 2.332 0.000 70 2014 1 CTD 0.074 0.312 0.494 3.884 0.000 CII 0.060 0.389 0.978 4.504 0.559 71 2014 0 BID 0.008 0.237 0.951 8.780 0.948 EIB 0.002 0.246 0.373 7.379 0.256 72 2014 1 BMP 0.209 0.257 1.752 2.959 0.030 LGC 0.143 0.802 0.638 2.818 0.147 73 2014 0 BSI 0.045 0.536 0.620 2.914 0.127 OGC -0.308 0.447 0.422 4.491 0.183 74 2014 1 CNG 0.177 0.309 1.461 1.859 0.097 PGC 0.042 0.356 0.858 3.016 0.523 75 2014 0 CTG 0.012 0.182 0.994 8.797 0.916 VCB 0.008 0.325 0.261 8.660 0.110 76 2014 0 MBB 0.013 0.218 0.990 7.603 0.914 SHB 0.005 0.336 0.105 7.433 0.039 210 77 2014 0 BCI 0.029 0.384 0.626 3.477 0.137 PGI 0.024 0.480 0.202 3.597 0.000 78 2014 1 SPM 0.031 0.417 0.490 2.450 0.149 VMD 0.005 0.372 0.220 4.063 0.192 79 2014 1 KDC 0.068 0.365 1.560 4.366 0.070 VCF 0.161 0.453 2.062 3.214 0.214 80 2014 1 SBT 0.049 0.245 0.925 3.495 0.357 BBC 0.065 0.424 0.967 2.190 0.000 81 2014 1 TSC 0.148 0.587 1.750 1.435 0.135 DLG 0.013 0.572 0.832 3.716 0.473 82 2014 1 KHA 0.158 0.438 0.731 1.475 0.000 NBB 0.012 0.479 0.749 3.446 0.345 83 2014 1 SMC -0.019 0.303 0.757 3.714 0.680 DTL 0.003 0.371 0.679 3.162 0.449 84 2014 1 TTF 0.017 0.487 0.749 3.692 0.488 HTL 0.182 0.531 0.620 1.233 0.000 85 2014 1 PGS 0.045 0.442 0.457 3.467 0.137 PXS 0.075 0.542 0.974 2.807 0.286 86 2014 1 PVS 0.075 0.446 0.552 5.577 0.098 GSP 0.071 0.407 0.793 1.805 0.181 87 2014 1 VCS 0.080 0.485 1.025 3.276 0.591 VSC 0.166 0.334 1.158 2.705 0.009 88 2015 1 HSG 0.066 0.414 1.033 4.494 0.565 NKG 0.035 0.392 0.708 3.576 0.554 89 2015 0 STB 0.066 0.314 1.004 7.981 0.923 PTB 0.148 0.313 1.296 2.519 0.385 90 2015 0 HCM 0.056 0.325 1.271 3.583 0.182 AGR -0.083 0.396 0.320 3.110 0.000 91 2015 0 BVH 0.020 0.468 0.616 6.373 0.001 ACB 0.005 0.275 0.131 7.608 0.027 92 2015 0 HAG 0.012 0.256 0.717 6.199 0.550 BMI 0.025 0.414 0.376 3.936 0.000 93 2015 1 VNM 0.290 0.319 5.658 5.616 0.067 MSN 0.165 0.275 2.406 5.170 0.128 94 2015 1 VIC 0.010 0.200 0.824 7.283 0.237 KBC 0.044 0.301 0.638 4.917 0.187 95 2015 1 VHC 0.073 0.315 1.026 3.774 0.407 HVG 0.010 0.351 0.758 4.973 0.585 96 2015 1 TRA 0.157 0.266 1.696 2.562 0.012 DCL 0.078 0.375 0.834 2.055 0.190 97 2015 0 SSI 0.064 0.275 1.139 4.898 0.343 IVS 0.023 0.336 11.941 0.835 0.000 98 2015 1 SSC 0.091 0.474 1.898 1.612 0.200 FMC 0.072 0.376 1.029 2.598 0.645 99 2015 1 SHI 0.046 0.483 0.834 2.883 0.487 PDN 0.079 0.469 1.100 1.862 0.375 100 2015 1 REE 0.090 0.215 0.810 4.565 0.103 ITA 0.011 0.339 0.494 4.847 0.125 101 2015 1 PVD 0.072 0.395 0.627 5.518 0.257 PVT 0.045 0.362 0.645 4.570 0.375 102 2015 1 PGD 0.077 0.449 1.151 3.304 0.073 PPC 0.051 0.327 0.920 4.707 0.394 103 2015 1 PDR 0.021 0.358 0.721 4.323 0.365 KDH 0.032 0.275 0.797 4.448 0.342 211 104 2015 1 PAN 0.085 0.275 1.096 3.609 0.146 TAC 0.057 0.268 0.925 2.506 0.323 105 2015 1 PAC 0.072 0.299 1.145 2.187 0.000 PNJ 0.051 0.299 1.841 3.393 0.424 106 2015 1 NSC 0.101 0.353 1.109 2.746 0.177 CLC 0.138 0.391 1.234 2.000 0.436 107 2015 1 KHP 0.066 0.196 0.640 2.653 0.316 SBA 0.036 0.196 0.892 2.679 0.489 108 2015 1 HQC 0.100 0.327 0.455 4.156 0.127 DXG 0.125 0.366 0.743 3.576 0.123 109 2015 1 HPG 0.137 0.305 1.108 5.542 0.269 HT1 0.062 0.341 1.215 4.781 0.500 110 2015 1 HBC 0.011 0.560 0.478 4.289 0.281 VSC 0.124 0.273 1.625 3.102 0.191 111 2015 1 FPT 0.104 0.210 1.075 5.562 0.338 ELC 0.064 0.440 0.983 2.434 0.176 112 2015 1 FCN 0.052 0.270 0.554 3.384 0.237 PET 0.041 0.240 0.581 3.941 0.362 113 2015 1 EVE 0.102 0.494 0.776 2.405 0.094 COM 0.223 0.519 1.665 1.503 0.000 114 2015 1 DQC 0.139 0.366 1.092 2.717 0.000 RAL 0.047 0.355 0.897 2.989 0.581 115 2015 1 DPM 0.109 0.232 1.034 4.693 0.021 POM 0.004 0.470 0.794 4.266 0.614 116 2015 1 DMC 0.143 0.210 1.122 2.291 0.000 OPC 0.119 0.287 1.519 1.778 0.022 117 2015 1 DHG 0.176 0.246 1.800 3.515 0.080 IMP 0.085 0.280 0.993 2.391 0.000 118 2015 1 CTD 0.094 0.322 0.916 4.359 0.000 CII 0.053 0.361 0.845 5.015 0.532 119 2015 0 BID 0.008 0.413 1.033 9.049 0.950 EIB 0.000 0.299 0.202 7.130 0.068 120 2015 1 BMP 0.238 0.283 2.468 3.194 0.025 LGC 0.056 0.622 1.168 4.301 0.551 121 2015 0 BSI 0.042 0.346 0.590 3.174 0.261 OGC 0.098 0.560 0.419 4.237 0.229 122 2015 1 CNG 0.185 0.196 1.433 1.862 0.117 PGC 0.048 0.252 0.783 3.013 0.454 123 2015 0 CTG 0.010 0.344 1.017 8.961 0.928 VCB 0.008 0.360 0.269 8.816 0.092 124 2015 0 MBB 0.012 0.248 1.001 7.701 0.895 SHB 0.004 0.290 0.089 7.624 0.019 125 2015 0 BCI 0.089 0.301 0.753 3.515 0.136 PGI 0.025 0.402 0.313 3.615 0.000 126 2015 1 SPM 0.017 0.498 0.326 2.450 0.118 JVC -1.587 0.559 0.770 2.130 0.061 127 2015 1 HNG 0.00003 0.268 1.204 5.602 0.451 BBC 0.085 0.518 0.850 2.309 0.000 128 2015 1 KDC 0.784 0.606 0.766 4.208 0.023 VCF 0.117 0.453 1.531 3.231 0.102 129 2015 1 SBT 0.027 0.320 1.173 4.138 0.472 LIX 0.229 0.280 1.722 2.070 0.140 130 2015 1 TSC 0.058 0.505 1.175 2.973 0.126 ST8 0.153 0.350 1.038 1.190 0.000 212 131 2015 1 BHS 0.040 0.349 0.991 3.190 0.485 LSS 0.015 0.381 0.559 3.195 0.301 132 2015 1 C32 0.247 0.238 0.892 1.494 0.027 DLG 0.012 0.420 0.648 4.222 0.474 133 2015 1 DCM 0.050 0.199 0.960 4.975 0.488 DPR 0.046 0.285 0.517 3.524 0.092 134 2015 1 DGW 0.081 0.545 1.161 2.530 0.355 CMG 0.095 0.370 1.220 2.097 0.008 135 2015 1 DIG 0.003 0.342 0.621 3.930 0.273 HHS 0.164 0.458 0.642 3.380 0.026 136 2015 1 GMD 0.054 0.281 0.772 4.500 0.209 TLG 0.145 0.398 2.125 2.560 0.188 137 2015 1 HOT 0.063 0.548 0.191 0.376 0.191 HTL 0.306 0.521 2.710 1.488 0.000 138 2015 1 KHA 0.188 0.581 0.910 1.451 0.013 DRH 0.044 0.470 1.269 1.184 0.132 139 2015 1 LHG 0.050 0.449 0.423 2.624 0.098 NBB 0.011 0.267 0.642 3.565 0.311 140 2015 1 NAF 0.180 0.266 1.765 1.707 0.133 ABT 0.118 0.317 1.184 1.766 0.231 141 2015 1 NT2 0.100 0.300 1.129 4.757 0.504 GAS 0.156 0.337 1.317 6.341 0.107 142 2015 1 SHP 0.054 0.188 1.141 3.372 0.530 TMP 0.129 0.391 1.514 2.801 0.272 143 2015 1 SKG 0.382 0.369 4.085 1.663 0.000 SAM 0.015 0.308 0.668 3.570 0.237 144 2015 1 SMC 0.000 0.368 0.695 3.410 0.625 DTL -0.026 0.422 0.628 3.183 0.431 145 2015 1 STK 0.041 0.301 1.339 2.844 0.475 DRC 0.132 0.237 1.598 3.448 0.330 146 2015 1 SVI 0.100 0.423 0.874 2.027 0.304 VFG 0.107 0.524 0.768 2.562 0.000 147 2015 1 TCM 0.067 0.340 1.065 3.223 0.462 SVC 0.045 0.401 0.956 2.429 0.045 148 2015 1 TTF 0.045 0.379 1.143 3.826 0.258 DSN 0.357 0.207 3.419 0.682 0.000 149 2015 1 CHP 0.001 0.208 1.245 3.483 0.444 VSH 0.050 0.222 1.055 3.922 0.401 150 2015 1 DBT 0.058 0.326 0.777 1.505 0.426 VMD 0.004 0.409 0.204 4.152 0.164 151 2015 1 HDO 0.630 0.524 0.358 1.255 0.273 DAG 0.043 0.461 0.795 2.251 0.308 152 2015 1 NTP 0.126 0.373 1.498 3.482 0.351 VNS 0.118 0.392 1.064 3.326 0.322 153 2015 1 PGS 0.038 0.399 0.536 3.276 0.166 PXS 0.062 0.424 0.631 2.870 0.236 154 2015 1 PVS 0.057 0.328 0.367 5.577 0.085 GSP 0.100 0.267 0.824 1.898 0.140 155 2015 1 TIG 0.150 0.422 0.734 2.158 0.007 ASM 0.022 0.385 1.182 3.666 0.253 156 2015 1 VCS 0.150 0.444 1.989 3.320 0.543 IJC 0.017 0.365 0.523 4.295 0.254 157 2016 1 HSG 0.145 0.905 1.332 4.690 0.413 BFC 0.102 0.394 0.975 3.534 0.483 213 158 2016 0 STB 0.138 0.329 0.725 4.090 0.529 PTB 0.154 0.353 1.833 2.896 0.378 159 2016 0 HCM 0.084 0.852 1.233 3.588 0.276 AGR -0.244 0.448 0.432 2.810 0.000 160 2016 0 BVH 0.016 0.331 0.002 6.593 0.002 ACB 0.006 0.210 0.098 7.757 0.030 161 2016 0 HAG -0.028 1.732 0.586 6.268 0.505 BMI 0.036 0.285 0.430 3.937 0.000 162 2016 1 VNM 0.319 2.417 6.262 5.683 0.056 BHN 0.081 0.421 3.022 4.583 0.046 163 2016 1 VIC 0.019 0.321 0.792 7.498 0.220 NVL 6.055 0.019 29.484 2.809 8.138 164 2016 1 VHC 0.127 2.584 1.510 3.796 0.311 GTN 0.005 0.357 0.868 3.468 0.046 165 2016 1 TRA 0.166 2.357 2.870 2.623 0.011 DCL 0.107 0.580 1.697 2.135 0.137 166 2016 0 SSI 0.066 0.408 1.090 4.885 0.364 IVS 0.000 0.326 1.453 1.242 0.000 167 2016 1 SSC 0.090 1.363 1.494 1.380 0.026 DAT 0.022 0.380 1.244 2.394 0.556 168 2016 1 SHI 0.048 0.994 0.740 3.061 0.502 HTI 0.047 0.309 0.942 2.602 0.611 169 2016 1 REE 0.103 0.214 0.803 4.736 0.131 CAV 0.109 0.654 1.050 3.085 0.287 170 2016 1 PVD 0.008 1.117 0.578 5.444 0.235 PXS 0.046 0.400 0.482 2.952 0.181 171 2016 1 PGD 0.078 0.353 1.311 3.341 0.062 PPC 0.052 2.032 0.899 4.662 0.397 172 2016 1 PDR 0.027 0.274 0.654 4.500 0.360 DXG 0.119 0.361 0.691 4.019 0.123 173 2016 1 PAN 0.089 0.372 1.295 3.627 0.130 TAC 0.056 1.286 1.557 2.480 0.294 174 2016 1 PAC 0.072 0.565 1.256 2.824 0.350 CSM 0.077 0.430 1.102 3.519 0.479 175 2016 1 NSC 0.129 1.646 1.039 2.699 0.088 HVG 0.001 0.909 0.642 5.112 0.525 176 2016 1 KHP 0.038 0.735 0.606 2.848 0.353 SBA 0.046 0.241 0.954 2.641 0.464 177 2016 1 HQC 0.003 0.380 0.247 4.228 0.104 TDH 0.039 0.978 0.453 3.332 0.204 178 2016 1 HPG 0.199 2.511 1.290 5.806 0.194 HT1 0.069 0.920 1.101 4.769 0.437 179 2016 1 HBC 0.050 0.659 0.529 4.741 0.275 LGC 0.048 1.467 1.118 4.421 0.555 180 2016 1 FPT 0.086 0.261 1.011 5.698 0.333 ELC 0.081 0.897 1.183 2.451 0.122 181 2016 1 FCN 0.053 0.511 0.541 3.506 0.276 AMD 0.033 0.364 0.806 2.569 0.089 182 2016 1 EVE 0.080 0.624 0.956 2.411 0.053 GDT 0.263 0.378 2.221 1.293 0.059 183 2016 1 DQC 0.128 0.345 1.275 2.766 0.030 RAL 0.070 1.291 1.046 3.043 0.521 184 2016 1 DPM 0.122 0.195 0.916 4.561 0.000 POM 0.043 1.103 0.766 4.256 0.552 214 185 2016 1 DMC 0.156 0.485 2.162 2.383 0.000 OPC 0.102 0.301 1.338 2.047 0.067 186 2016 1 DHG 0.181 0.327 2.255 3.675 0.090 IMP 0.088 3.302 1.399 2.447 0.000 187 2016 1 CTD 0.121 0.412 1.197 4.766 0.000 ROS 0.057 0.694 5.798 4.407 0.016 188 2016 0 BID 0.006 0.305 0.183 9.217 0.135 EIB 0.002 0.991 0.120 7.161 0.034 189 2016 1 BMP 0.217 0.282 3.041 3.364 0.037 TCH 0.108 0.707 1.321 3.838 0.000 190 2016 0 BSI 0.080 0.362 0.828 2.671 0.173 OGC -0.132 0.503 0.294 4.098 0.229 191 2016 1 CNG 0.185 0.312 0.509 1.872 0.073 PGC 0.057 2.129 0.804 2.985 0.411 192 2016 0 CTG 0.007 2.136 0.136 9.158 0.076 VCB 0.009 1.769 0.199 8.972 0.037 193 2016 0 MBB 0.011 2.296 0.155 7.849 0.061 SHB 0.004 0.309 0.124 7.758 0.102 194 2016 0 BCI 0.010 0.190 0.759 3.423 0.115 PGI 0.024 0.352 0.362 3.760 0.000 195 2016 1 SPM 0.007 0.867 0.296 2.492 0.096 VMD 0.003 3.626 0.163 4.342 0.112 196 2016 1 HNG -0.029 1.795 0.681 5.871 0.547 BBC 0.078 0.446 1.382 2.343 0.000 197 2016 1 KDC 0.134 0.365 1.054 4.483 0.208 FMC 0.048 1.230 0.962 2.733 0.587 198 2016 1 SBT 0.043 0.522 1.254 4.225 0.568 LIX 0.202 1.506 2.454 2.055 0.092 199 2016 1 TSC 0.001 0.512 0.200 3.146 0.035 ITD 0.108 2.400 0.790 1.739 0.010 200 2016 1 BHS 0.049 0.337 0.822 4.090 0.529 LSS 0.033 0.464 0.558 3.203 0.223 201 2016 1 C32 0.169 0.460 1.069 1.710 0.113 SC5 0.021 0.900 0.368 2.989 0.159 202 2016 1 DCM 0.048 0.171 0.871 4.865 0.455 DPR 0.047 0.329 0.509 3.540 0.079 203 2016 1 DGW 0.051 0.462 0.640 2.570 0.262 CMG 0.071 0.320 0.613 3.089 0.160 204 2016 1 DIG 0.011 0.348 0.608 4.073 0.296 PC1 0.067 0.485 0.781 3.813 0.246 205 2016 1 GMD 0.044 0.483 0.727 4.617 0.248 CII 0.098 0.221 1.023 4.619 0.352 206 2016 1 HOT 0.072 0.825 1.689 0.385 0.056 DAH 0.041 0.788 0.681 1.974 0.414 207 2016 1 KHA 0.096 1.561 1.283 1.542 0.012 HDC 0.042 1.118 0.666 2.656 0.336 208 2016 1 LHG 0.108 1.855 0.357 2.726 0.047 D2D 0.041 0.406 0.289 2.621 0.008 209 2016 1 NAF 0.097 1.609 1.748 1.825 0.234 CLC 0.143 0.392 1.285 2.057 0.398 210 2016 1 NT2 0.084 1.609 0.965 4.866 0.365 GAS 0.126 0.372 2.176 6.341 0.133 211 2016 1 SHP 0.037 0.406 1.219 3.276 0.514 TMP 0.084 0.326 1.555 2.564 0.153 215 212 2016 1 SKG 0.298 4.342 3.558 1.967 0.000 STG 0.049 1.198 0.777 3.131 0.292 213 2016 1 SMC 0.079 0.887 0.718 3.840 0.583 DTL 0.064 0.379 1.107 3.214 0.391 214 2016 1 STK 0.014 2.267 1.041 3.008 0.515 GDT 0.263 0.378 2.221 1.293 0.059 215 2016 1 SVI 0.100 0.484 1.041 2.015 0.281 VFG 0.098 0.325 1.010 2.709 0.085 216 2016 1 TCM 0.041 1.005 0.708 3.339 0.456 SVC 0.052 0.444 0.754 3.508 0.395 217 2016 1 TTF -0.361 0.717 0.953 3.579 0.736 VNG 0.014 3.489 0.749 1.426 0.327 218 2016 1 CHP 0.084 0.137 1.261 3.429 0.416 VSH 0.042 0.213 1.020 4.113 0.497 219 2016 1 DBT 0.045 0.515 0.599 1.671 0.371 JVC -0.043 1.166 0.602 1.991 0.049 220 2016 1 HDO -0.123 0.636 0.441 1.050 0.327 HAS 0.052 1.792 0.494 0.990 0.247 221 2016 1 NTP 0.110 0.349 2.027 3.532 0.342 ITA 0.003 0.390 0.406 4.861 0.116 222 2016 1 PGS 0.152 0.318 0.496 3.113 0.143 PLC 0.061 0.238 1.046 3.518 0.385 223 2016 1 PVS 0.036 0.390 0.349 5.543 0.062 GSP 0.094 0.312 0.679 1.596 0.016 224 2016 1 TIG 0.047 0.412 0.294 2.247 0.014 NTL 0.055 0.313 0.435 2.622 0.018 225 2016 1 VCS 0.203 0.475 2.685 3.508 0.377 DVP 0.268 0.282 2.749 2.370 0.057 226 2016 1 PVT 0.053 0.354 0.687 4.508 0.327 PJT 0.114 0.555 0.813 1.025 0.313 227 2016 1 PNJ 0.126 0.320 2.242 3.580 0.420 MWG 0.106 1.412 1.939 5.001 0.322 228 2016 1 TCO 0.113 0.469 0.768 0.903 0.000 MHC 0.116 0.471 0.423 1.639 0.023 229 2016 1 TIP 0.123 0.354 0.909 1.626 0.018 TV1 0.019 0.382 0.787 2.981 0.573 230 2016 1 TBC 0.125 0.341 1.804 2.175 0.000 SJD 0.101 0.209 1.021 2.647 0.190 231 2016 1 NLG 0.062 0.198 0.598 4.129 0.113 FLC 0.057 0.464 0.387 5.188 0.202 232 2016 1 SRF 0.072 0.401 0.842 2.592 0.340 LCG 0.027 1.164 0.237 3.263 0.120 233 2016 1 GMC 0.007 0.333 0.083 4.481 0.039 TMT 0.024 0.743 0.867 3.007 0.606 234 2016 1 QBS 0.006 0.494 0.664 3.107 0.518 RDP 0.049 0.423 1.074 2.377 0.482 235 2016 1 KDH 0.051 0.480 0.828 4.374 0.239 KBC 0.049 0.738 0.580 4.988 0.134 236 2016 1 VNE 0.004 0.446 0.544 2.729 0.109 THG 0.125 1.925 1.165 1.937 0.203 237 2016 1 LBM 0.204 2.271 1.134 0.918 0.000 MCP 0.071 0.748 1.205 1.125 0.193 238 2016 1 NKG 0.081 0.455 1.102 4.157 0.650 KSB 0.211 0.436 1.569 2.276 0.000 216 239 2016 1 TIE 0.019 0.916 0.345 1.106 0.000 CMT 0.022 0.447 0.549 1.195 0.271 240 2016 1 HU1 0.005 0.568 0.449 1.878 0.380 HU3 0.026 0.574 0.368 1.808 0.240 241 2016 1 ADS 0.028 0.375 0.876 2.538 0.599 SFC 0.083 0.770 0.980 1.647 0.374 242 2016 1 BCG 0.014 0.463 0.196 3.800 0.073 ST8 0.158 1.361 1.354 1.409 0.000 243 2016 1 SAB 0.243 0.124 6.669 5.257 0.063 VCF 0.121 1.481 1.615 3.447 0.108 244 2016 1 MSN 0.052 0.282 1.244 6.594 0.563 ANV 0.004 0.551 0.580 3.407 0.459 245 2016 1 TLG 0.173 2.829 2.934 2.628 0.139 VSC 0.109 0.324 1.332 3.177 0.268 246 2016 1 ALT 0.026 0.096 0.333 0.809 0.016 PIT 0.011 0.696 0.793 1.953 0.634 247 2016 1 AMC 0.150 0.342 1.182 -0.170 0.135 CDO 0.048 0.464 0.704 1.585 0.123 248 2016 0 BVS 0.055 0.279 0.724 2.921 0.086 FIT 0.033 0.411 0.305 3.770 0.073 249 2016 1 HUT 0.043 0.350 0.705 4.535 0.491 BCI 0.010 0.190 0.759 3.423 0.115 250 2016 1 L44 -0.081 0.544 0.434 1.186 0.410 PXI -0.012 1.142 0.477 2.517 0.390 251 2016 1 NAG 0.034 0.443 0.562 1.229 0.349 HID 0.068 0.478 2.178 1.527 0.037 252 2016 1 PMC 0.249 0.357 2.165 1.089 0.000 DHT 0.111 0.470 1.003 1.637 0.328 253 2016 0 SHS 0.026 0.317 0.568 3.501 0.429 TVS 0.049 0.343 0.816 2.611 0.468 254 2016 0 VDS 0.031 0.303 0.689 2.768 0.316 CTS 0.059 0.269 0.573 2.654 0.165 255 2016 1 VTV 0.035 0.353 0.808 2.801 0.435 VTO 0.042 0.355 0.666 3.033 0.362 256 2016 1 VXB 0.032 0.199 0.585 0.662 0.395 BGM 0.014 0.681 0.101 1.582 0.002 217 Phụ lục 4: Tóm tắt mô tả và phương pháp đo lường các biến sử dụng cho nghiên cứu Biến Mô tả Trách nhiệm xã hội (CSR) CSRjt Biến trách nhiệm xã hội của công ty j trong giai đoạn t. Nó phụ thuộc vào số lượng các câu hỏi mà công ty công bố trong tổng số 23 câu hỏi thuộc 4 nhóm. ΔCSRjt Sự biến động trách nhiệm xã hội của công ty j trong giai đoạn t. Nó được tính bằng (CSR1 – CSRt-1) Hiệu quả tài chính công ty (CFP) ROAjt Suất sinh lợi/tổng tài sản của công ty trong giai đoạn t. Nó được tính bằng lợi nhuận sau thuế/tổng tài sản. TBQjt Giá trị thị trường tổng tài sản công ty của công ty thứ j trong giai đoạn t. Nó được tính bằng (nợ dài hạn + nợ ngắn hạn + vốn hóa thị trường)/giá trị sổ sách tổng tài sản. Rủi ro công ty FRjt Rủi ro công ty của công ty thứ j trong giai đoạn t. Nó được tính bằng độ lệch chuẩn của tỷ suất sinh lợi ngày của 250 phiên trong năm nhân √250 σngày = √ ∑ (ln p1 p0 )250i=1 n => σnăm = σngày × √250 Kiểm soát Sizejt Quy mô công ty của công ty thứ j trong giai đoạn t. nó được tính bằng Ln (tổng tài sản tính bằng trăm tỷ VND). Levjt Đòn bẩy tài chính của công ty thứ j trong giai đoạn t. Nó được tính bằng tỷ lệ nợ/tổng tài sản Indusjt Ngành công nghiệp của công ty thứ j trong giai đoạn t (=0 nếu công ty thuộc ngành tài chính – bất động sản, ngược lại = 1) εij Sai số ngẫu nhiên của công ty thứ j trong giai đoạn t. (Nguồn: tác giả tự tổng hợp) 218 Phụ lục 5: Kết quả chạy hồi quy trên Stata I. Mối quan hệ giữa CSR và CFP . reg roa totalcsr size lev indus Source SS df MS Number of obs = 256 Model .593059372 4 .148264843 F( 4, 251) = 26.58 Residual 1.40011452 251 .005578145 Prob > F = 0.0000 Total 1.99317389 255 .007816368 R-squared = 0.2975 Adj R-squared = 0.2864 Root MSE = .07469 roa Coef. Std. Err. t P>|t| [95% Conf. Interval] totalcsr .0678135 .0348959 1.94 0.053 -.0009127 .1365397 size .0077497 .0033191 2.33 0.020 .001213 .0142865 lev -.1946255 .0233905 -8.32 0.000 -.2406922 -.1485587 indus .0318484 .0151931 2.10 0.037 .0019262 .0617707 cons -.1130539 .0992091 -1.14 0.256 -.3084423 .0823345 . xtreg roa totalcsr size lev indus, re Random-effects GLS regression Number of obs = 256 Group variable: ctyGroup variable: cty Number of groups = 101 R-sq: within = 0.0267 Obs per group: min = 1 between = 0.3895 avg = 2.5 overall = 0.2975 max = 5 Wald chi2(4) = 106.32 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 roa Coef. Std. Err. z P>|z| [95% Conf. Interval] totalcsr .0678135 .0348959 1.94 0.052 -.0009127 .1365397 size .0077497 .0033191 2.33 0.020 .001213 .0142865 lev -.1946255 .0233905 -8.32 0.000 -.2406922 -.1485587 indus .0318484 .0151931 2.10 0.036 .0019262 .0617707 cons -.1130539 .0992091 -1.14 0.254 -.3084423 .0823345 sigma_u 0 sigma_e .07446063 rho 0 (fraction of variance due to u_i) . xttest0 Breusch and Pagan Lagrangian multiplier test for random effects Test: Var(u) = 0 chibar2 (01) = 0.00 Prob > chibar2 = 1.0000 219 . xtreg roa totalcsr size lev indus, fe Fixed-effects (within) regression Number of obs = 256 Group variable: cty Number of groups = 101 R-sq: within = 0.0666 Obs per group: min = 1 between = 0.2397 avg = 2.5 overall = 0.1990 max = 5 F(4,151) = 2.69 corr(u_i, Xb) = -0.4985 Prob > chi2 = 0.0332 roa Coef. Std. Err. t P>|t| [95% Conf. Interval] totalcsr 0.765 -.0.0140243 .0467986 0.30 784404 .106489 size -.0133512 .0113552 -1.18 0.242 -.0357868 .0090845 lev -.2637931 .0951615 -2.77 0.006 -.451813 -.0757732 indus -.0543179 .0871131 -0.62 0.534 -.2264359 .1178001 cons 6387288 .3342677 1.91 0.058 -.0217169 1.299175 sigma_u .06787818 sigma_e .07446063 rho .45385368 (fraction of variance due to u_i) test that all u_i=0: F(100, 151) = 1.02 Prob > F = 0.4620 . hausman fe re Test: Ho: difference in coefficients not systematic chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 9.77 Prob>chi2 = 0.0444 . reg tbq totalcsr size lev indus Source SS df MS Number of obs = 256 Model 27.0867493 4 6.77168734 F( 4, 251) = 10.38 Residual 163.760709 251 .652433104 Prob > F = 0.0000 Total 190.847459 255 .748421406 R-squared = 0.1419 Adj R-squared = 0.1283 Root MSE = .80773 tbq Coef. Std. Err. t P>|t| [95% Conf. Interval] totalcsr 1.791476 .3684726 4.86 0.000 1.065784 2.517168 size .0749367 .0349993 2.14 0.033 .006007 .1438664 lev -.5703587 .2457849 -2.32 0.021 -1.054422 -.0862951 indus .3534258 .1625628 2.17 0.031 .0332649 .6735868 cons -.3597854 .2998888 -1.20 0.231 -.9504044 .2308335 . xtreg tbq totalcsr size lev indus, re Random-effects GLS regression Number of obs = 256 Group variable: ctyGroup variable: cty Number of groups = 101 R-sq: within = 0.0228 Obs per group: min = 1 between = 0.0292 avg = 2.5 overall = 0.0412 max = 5 220 Wald chi2(4) = 6.27 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.1796 tbq Coef. Std. Err. z P>|z| [95% Conf. Interval] totalcsr .4611491 .2303523 2.00 0.045 .0096668 .9126314 size .0055885 .0463207 0.12 0.904 -.0851985 .0963755 lev .2897913 .224942 1.29 0.198 -.1510868 .7306695 indus .2585995 .2306373 1.12 0.262 -.1934412 .7106402 cons .4939503 .3237767 1.53 0.127 -.1406403 1.128541 sigma_u .74712365 sigma_e .36564731 rho .80676462 (fraction of variance due to u_i) . xttest0 Breusch and Pagan Lagrangian multiplier test for random effects Test: Var(u) = 0 chibar2 (01) = 143.64 Prob > chibar2 = 0.0000 . xtreg tbq totalcsr size lev indus, fe Fixed-effects (within) regression Number of obs = 256 Group variable: cty Number of groups = 101 R-sq: within = 0.0541 Obs per group: min = 1 between = 0.0297 avg = 2.5 overall = 0.0106 max = 5 F(4,151) = 2.16 corr(u_i, Xb) = -0.3031 Prob > chi2 = 0.0762 tbq Coef. Std. Err. t P>|t| [95% Conf. Interval] totalcsr .3550763 .2399382 1.48 0.141 -.1189934 .8291459 size -.092027 .0908671 -1.01 0.313 -.271562 .087508 lev .6759829 .2513143 2.69 0.008 .1794364 1.172529 indus -.1242397 .428464 -0.29 0.772 -.9707984 .722319 cons 1.170645 .5111354 2.29 0.023 .1607442 2.180546 sigma_u .91981927 sigma_e .36564731 rho .86354085 (fraction of variance due to u_i) F test that all u_i=0: F(100, 151) = 10.74 Prob > F = 0.0000 . hausman fe re Test: Ho: difference in coefficients not systematic chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 75.51 Prob>chi2 = 0.0000 II. Mối quan hệ giữa các khía cạnh CSR và CFP . reg roa csr_env csr_empl csr_com csr_prod size lev indus 221 Source SS df MS Number of obs = 256 Model .641858949 7 .091694136 F( 4, 251) = 16.83 Residual 1.35131494 248 .005448851 Prob > F = 0.0000 Total 1.99317389 255 .007816368 R-squared = 0.3220 Adj R-squared = 0.3029 Root MSE = .07382 roa Coef. Std. Err. t P>|t| [95% Conf. Interval] csr_env 0587786 .0256667 2.29 0.023 .0082261 .1093311 csr_empl -.054724 .0327495 -1.67 0.906 -.1192265 .0097786 csr_com -.0108512 .0282683 -0.38 0.701 -.0665278 .0448253 csr_prod .0390257 .0213248 1.83 0.068 -.002975 .0810264 size .0075909 .003401 2.23 0.027 .0008924 .0142893 lev -.1841161 .0235737 -7.81 0.000 -.2305463 -.137686 indus .0285423 .0151985 1.88 0.062 -.0013924 .0584769 cons -.072644 .1018753 -0.71 0.476 -.2732952 .1280072 . xtreg roa csr_env csr_empl csr_com csr_prod size lev indus, re Random-effects GLS regression Number of obs = 256 Group variable: ctyGroup variable: cty Number of groups = 101 R-sq: within = 0.0299 Obs per group: min = 1 between = 0.4191 avg = 2.5 overall = 0.3220 max = 5 Wald chi2(4) = 117.80 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 roa Coef. Std. Err. z P>|z| [95% Conf. Interval] csr_env 0587786 .0256667 2.29 0.023 .0082261 .1093311 csr_empl -.054724 .0327495 -1.67 0.906 -.1192265 .0097786 csr_com -.0108512 .0282683 -0.38 0.701 -.0665278 .0448253 csr_prod .0390257 .0213248 1.83 0.068 -.002975 .0810264 size .0075909 .003401 2.23 0.027 .0008924 .0142893 lev -.1841161 .0235737 -7.81 0.000 -.2305463 -.137686 indus .0285423 .0151985 1.88 0.062 -.0013924 .0584769 cons -.072644 .1018753 -0.71 0.476 -.2732952 .1280072 sigma_u 0 sigma_e .07496648 rho 0 (fraction of variance due to u_i) . xttest0 Breusch and Pagan Lagrangian multiplier test for random effects Test: Var(u) = 0 chibar2 (01) = 0.00 Prob > chibar2 = 1.0000 222 . xtreg roa csr_env csr_empl csr_commu csr_prod size lev indus, fe Fixed-effects (within) regression Number of obs = 256 Group variable: cty Number of groups = 101 R-sq: within = 0.0727 Obs per group: min = 1 between = 0.2512 avg = 2.5 overall = 0.2102 max = 5 F(4,151) = 1.66 corr(u_i, Xb) = -0.5032 Prob > chi2 = 0.1240 roa Coef. Std. Err. t P>|t| [95% Conf. Interval] csr_env 0289798 .042255 0.69 0.494 -.0545212 .1124809 csr_empl -.0407572 .048047 -0.85 0.398 -.1357039 .0541896 csr_com .0051545 .0429887 0.12 0.905 -.0797965 .0901054 csr_prod .0079145 .0300309 0.26 0.792 -.0514302 .0672593 size -.013345 .0115392 -1.16 0.249 -.0361479 .0094578 lev -.2644499 .0970434 -2.73 0.007 -.4562194 -.0726803 indus -.0597366 .0878986 -0.68 0.498 -.233435 .1139618 cons .6603864 .3393788 1.95 0.054 -.0102676 1.331041 sigma_u .06745493 sigma_e .07496648 rho .44740459 (fraction of variance due to u_i) F test that all u_i=0: F(100, 148) = 0.92 Prob > F = 0.6610 . hausman fe re Test: Ho: difference in coefficients not systematic chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 10.43 Prob>chi2 = 0.1653 . reg tbq csr_env csr_empl csr_com csr_prod size lev Indus Source SS df MS Number of obs = 256 Model 36.9752946 7 5.28218495 F( 4, 251) = 8.51 Residual 153.872164 248 .620452274 Prob > F = 0.0000 Total 190.847459 255 .748421406 R-squared = 0.1937 Adj R-squared = 0.1710 Root MSE = .78769 223 tbq Coef. Std. Err. t P>|t| [95% Conf. Interval] csr_env 1.081792 .2721601 3.97 0.000 .5457521 1.617832 csr_empl -.3331228 .349025 -0.95 0.341 -1.020554 .3543083 csr_com -.1871974 .3027308 -0.62 0.537 -.7834487 .4090539 csr_prod .7252227 .2248748 3.23 0.001 .2823148 1.168131 size .0867724 .0355402 2.44 0.015 .0167733 .1567714 lev -.538482 .2416563 -2.23 0.027 -1.014442 -.0625216 indus .280935 .1605175 1.75 0.081 -.0352163 .5970863 cons .168034 .3332534 0.50 0.615 -.4883338 .8244019 . xtreg tbq csr_env csr_empl csr_com csr_prod size lev indus, re Random-effects GLS regression Number of obs = 256 Group variable: ctyGroup variable: cty Number of groups = 101 R-sq: within = 0.0226 Obs per group: min = 1 between = 0.0623 avg = 2.5 overall = 0.0841 max = 5 Wald chi2(4) = 8.17 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.3183 tbq Coef. Std. Err. z P>|z| [95% Conf. Interval] csr_env .2577799 .1983137 1.30 0.194 -.1309077 .6464676 csr_empl -.1361836 .2337141 -0.58 0.560 -.5942549 .3218877 csr_com .1060434 .2091965 0.51 0.612 -.3039741 .5160609 csr_prod .1783351 .1467581 1.22 0.224 -.1093056 .4659758 size .0037788 .0465902 0.08 0.935 -.0875363 .0950939 lev .2598454 .227237 1.14 0.253 -.185531 .7052218 indus .2440726 .2316059 1.05 0.292 -.2098666 .6980119 cons .6175579 .3453047 1.79 0.074 -.0592269 1.294343 sigma_u .73924093 sigma_e .36841111 rho .80104666 (fraction of variance due to u_i) . xttest0 Breusch and Pagan Lagrangian multiplier test for random effects Test: Var(u) = 0 chibar2 (01) = 112.87 Prob > chibar2 = 0.0000 . xtreg tbq csr_env csr_empl csr_com csr_prod size lev indus, fe Fixed-effects (within) regression Number of obs = 256 Group variable: cty Number of groups = 101 R-sq: within = 0.0588 Obs per group: min = 1 between = 0.0303 avg = 2.5 overall = 0.0098 max = 5 F(4,151) = 1.32 corr(u_i, Xb) = -0.2983 Prob > chi2 = 0.2437 224 tbq Coef. Std. Err. t P>|t| [95% Conf. Interval] csr_env .1051335 .2090332 0.50 0.616 -.3079418 .5182088 csr_empl -.0224332 .238298 -0.09 0.925 -.4933392 .4484729 csr_com .2066766 .2126219 0.97 0.333 -.2134904 .6268437 csr_prod .0831377 .147416 0.56 0.574 -.2081744 .3744498 size -.0952917 .092547 -1.03 0.305 -.2781759 .0875924 lev .6743048 .2558401 2.64 0.009 .1687334 1.179876 indus -.1291446 .4333461 -0.30 0.766 -.9854895 .7272004 cons 1.191842 .5359533 2.22 0.028 .1327325 2.250951 sigma_u .91931257 sigma_e .36841111 rho .86162508 (fraction of variance due to u_i) F test that all u_i=0: F(100, 148) = 9.86 Prob > F = 0.0000 . hausman fe re Test: Ho: difference in coefficients not systematic chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 30.29 Prob>chi2 = 0.0001 III. Mối quan hệ giữa CSRt-1 và CFP . reg roa totalcsrt-1 size lev indus Source SS df MS Number of obs = 156 Model .499008972 4 .124752243 F( 4, 151) = 20.47 Residual .9203879 151 .006095284 Prob > F = 0.0000 Total 1.41939687 155 .009157399 R-squared = 0.3516 Adj R-squared = 0.3344 Root MSE = .07807 roa Coef. Std. Err. t P>|t| [95% Conf. Interval] Totalcsrt-1 0545289 .0457316 1.19 0.235 -.0358275 .1448853 size .014222 .0047723 2.98 0.003 .0047929 .0236511 lev -.2394848 .031406 -7.63 0.000 -.3015367 -.1774329 indus .0380831 .0186357 2.04 0.043 .0012627 .0749036 cons -.2747799 .1413698 -1.94 0.054 -.5540981 .0045384 . xtreg roa totalcsrt-1 size lev indus, re Random-effects GLS regression Number of obs = 156 Group variable: ctyGroup variable: cty Number of groups = 70 R-sq: within = 0.0539 Obs per group: min = 1 between = 0.4985 avg = 2.2 overall = 0.3516 max = 4 Wald chi2(4) = 81.87 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 225 roa Coef. Std. Err. z P>|z| [95% Conf. Interval] Totalcsrt-1 0545289 .0457316 1.19 0.235 -.0358275 .1448853 size .014222 .0047723 2.98 0.003 .0047929 .0236511 lev -.2394848 .031406 -7.63 0.000 -.3015367 -.1774329 indus .0380831 .0186357 2.04 0.043 .0012627 .0749036 cons -.2747799 .1413698 -1.94 0.054 -.5540981 .0045384 sigma_u 0 sigma_e .07931726 rho 0 (fraction of variance due to u_i) . xttest0 Breusch and Pagan Lagrangian multiplier test for random effects Test: Var(u) = 0 chibar2 (01) = 0.00 Prob > chibar2 = 1.0000 . xtreg roa totalcsrt-1 size lev indus, fe Fixed-effects (within) regression Number of obs = 156 Group variable: cty Number of groups = 70 R-sq: within = 0.1162 Obs per group: min = 1 between = 0.3566 avg = 2.2 overall = 0.2621 max = 4 F(4,82) = 2.70 corr(u_i, Xb) = -0.6848 Prob > chi2 = 0.0363 roa Coef. Std. Err. t P>|t| [95% Conf. Interval] Totalcsrt-1 .0333408 .0722775 0.46 0.646 -.1104422 .1771238 size -.0120201 .0195236 -0.62 0.540 -.0508589 .0268186 lev -.391487 .1346885 -2.91 0.005 -.6594253 -.1235487 indus -.028695 .0520598 -0.55 0.583 -.1322586 .0748686 cons .6352718 .5660211 1.12 0.265 -.4907243 1.761268 sigma_u .07970372 sigma_e .07931726 rho .50243023 (fraction of variance due to u_i) F test that all u_i=0: F(69, 82) = 0.93 Prob > F = 0.6170 . hausman fe re Test: Ho: difference in coefficients not systematic chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 6.61 Prob>chi2 = 0.1579 . predict r, rstudent . reg roa csr_totalt1 size lev Indus 226 Source SS df MS Number of obs = 154 Model .253122616 4 .063280654 F( 4, 149) = 17.92 Residual .526068743 149 .003530663 Prob > F = 0.0003 Total .779191359 153 .005092754 R-squared = 0.3249 Adj R-squared = 0.3067 Root MSE = .05942 tbq Coef. Std. Err. t P>|t| [95% Conf. Interval] Totalcsrt-1 .1386621 .0344662 4.02 0.000 .0705565 .2067676 size .0006967 .0010776 0.65 0.519 -.0014327 .0028261 lev -.1141618 .022456 -5.08 0.000 -.1585352 -.0697884 indus .0339779 .01252 2.71 0.007 .0092382 .0587177 cons .0041914 .0239186 0.18 0.861 -.0430721 .0514549 . reg tbq csr_totalt-1 size lev Indus Source SS df MS Number of obs = 156 Model 15.5715178 4 3.89287946 F( 4, 151) = 5.68 Residual 103.476714 151 .685276249 Prob > F = 0.0003 Total 119.048231 155 .768053106 R-squared = 0.1308 Adj R-squared = 0.1078 Root MSE = .82781 tbq Coef. Std. Err. t P>|t| [95% Conf. Interval] Totalcsrt-1 1.685087 .4759321 3.54 0.001 .7447408 2.625433 size .0037408 .0148662 0.25 0.802 -.0256318 .0331134 lev -.3830839 .3050729 -1.26 0.211 -.9858466 .2196788 indus .3026722 .1738957 1.74 0.084 -.0409107 .6462552 cons .0502558 .3319205 0.15 0.880 -.6055524 .706064 . xtreg tbq csr_totalt-1 size lev indus, re Random-effects GLS regression Number of obs = 156 Group variable: ctyGroup variable: cty Number of groups = 70 R-sq: within = 0.0545 Obs per group: min = 1 between = 0.0009 avg = 2.2 overall = 0.0004 max = 4 Wald chi2(4) = 2.60 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.6260 tbq Coef. Std. Err. z P>|z| [95% Conf. Interval] Totalcsrt-1 -.1797198 .3296294 -0.55 0.586 -.8257815 .4663419 size -.0054866 .0083725 -0.66 0.512 -.0218965 .0109232 lev .1470418 .2541077 0.58 0.563 -.3510001 .6450837 indus .1840706 .178396 1.03 0.302 -.165579 .5337203 cons 1.023302 .2625302 3.90 0.000 .5087522 1.537852 sigma_u .6024691 sigma_e .35395698 rho .74340118 (fraction of variance due to u_i) . xttest0 227 Breusch and Pagan Lagrangian multiplier test for random effects Test: Var(u) = 0 chibar2 (01) = 135.18 Prob > chibar2 = 0.0000 . xtreg tbq csr_totalt-1 size lev indus, fe Fixed-effects (within) regression Number of obs = 156 Group variable: cty Number of groups = 70 R-sq: within = 0.1215 Obs per group: min = 1 between = 0.2129 avg = 2.2 overall = 0.1104 max = 4 F(4,82) = 2.83 corr(u_i, Xb) = -0.5125 Prob > chi2 = 0.0296 tbq Coef. Std. Err. t P>|t| [95% Conf. Interval] Totalcsrt-1 .7176049 .3358078 2.14 0.036 1.385633 .0495763 size -.0081239 .0082046 -0.99 0.325 -.0244454 .0081976 lev .4864735 .2835132 1.72 0.090 -.0775246 1.050472 indus -.1036937 .2406161 -0.43 0.668 -.5823558 .3749684 cons 1.518133 .2848994 5.33 0.000 .9513777 2.084889 sigma_u .81687753 sigma_e .35395698 rho .84192583 (fraction of variance due to u_i) F test that all u_i=0: F(69, 82) = 10.78 Prob > F = 0.0000 . hausman fe re Test: Ho: difference in coefficients not systematic chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 1019.08 Prob>chi2 = 0.0000 IV. Mối quan hệ giữa các khía cạnh CSRt-1 và CFP . reg roa csr_envt-1 csr_emplt-1 csr_comt-1 csr_prodt-1 size lev indus Source SS df MS Number of obs = 156 Model .376304794 7 .053757828 F( 4, 148) = 7.29 Residual 1.09161587 148 .007375783 Prob > F = 0.0000 Total 1.46792067 155 .009470456 R-squared = 0.2564 Adj R-squared = 0.2212 Root MSE = .08588 228 roa Coef. Std. Err. t P>|t| [95% Conf. Interval] csr_envt-1 .066654 .03695 1.80 0.073 -.0063637 .1396718 csr_emplt-1 -.0581227 .0455769 -1.28 0.204 -.1481882 .031942 csr_comt-1 .0045706 .0399896 0.11 0.909 -.0744538 .083595 csr_prodt-1 .0337087 .0317501 1.06 0.290 -.0290334 .0964509 size .0021671 .0016744 1.29 0.198 -.0011417 .005476 lev -.1595979 .0319229 -5.00 0.000 -.2226815 -.0965143 indus .0333682 .0188127 1.77 0.078 -.0038081 .0705444 cons .0697273 .0410952 1.70 0.092 -.0114819 .1509364 . xtreg roa csr_envt-1 csr_emplt-1 csr_comt-1 csr_prodt-1 size lev Indus, re Random-effects GLS regression Number of obs = 156 Group variable: ctyGroup variable: cty Number of groups = 70 R-sq: within = 0.0151 Obs per group: min = 1 between = 0.4009 avg = 2.1 overall = 0.2564 max = 4 Wald chi2(4) = 51.02 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000 roa Coef. Std. Err. z P>|z| [95% Conf. Interval] csr_envt-1 .066654 .03695 1.80 0.071 -.0057667 .1390748 csr_emplt-1 -.0581227 .0455769 -1.28 0.202 -.1474518 .0312064 csr_comt-1 .0045706 .0399896 0.11 0.909 -.0738076 .0829488 csr_prodt-1 .0337087 .0317501 1.06 0.288 -.0285204 .0959379 size .0021671 .0016744 1.29 0.196 -.0011147 .0054489 lev -.1595979 .0319229 -5.00 0.000 -.2221656 -.0970301 indus .0333682 .0188127 1.77 0.076 -.0035041 .0702405 cons .0697273 .0410952 1.70 0.090 -.0108178 .1502724 sigma_u 0 sigma_e .07909034 rho 0 (fraction of variance due to u_i) . xttest0 Breusch and Pagan Lagrangian multiplier test for random effects Test: Var(u) = 0 chibar2 (01) = 0.00 Prob > chibar2 = 1.0000 . xtreg roa csr_envt-1 csr_emplt-1 csr_comt-1 csr_prodt-1 size lev Indus, fe Fixed-effects (within) regression Number of obs = 156 Group variable: cty Number of groups = 70 R-sq: within = 0.0832 Obs per group: min = 1 between = 0.0223 avg = 2.2 overall = 0.0228 max = 4 F(4,151) = 1.02 corr(u_i, Xb) = -0.2862 Prob > chi2 = 0.4209 229 roa Coef. Std. Err. t P>|t| [95% Conf. Interval] csr_envt-1 -.0666836 .0591125 -1.13 0.263 -.184344 .0509768 csr_emplt-1 -.0223332 .0709925 -0.31 0.754 -.1636404 .1189739 csr_comt-1 .0361751 .076923 0.47 0.639 -.1169364 .1892866 csr_prodt-1 -.0280215 .0466832 -0.60 0.550 -.1209421 .0648991 size .0015229 .0020268 0.75 0.455 -.0025115 .0055572 lev -.1435245 .0638904 -2.25 0.027 -.2706952 -.0163538 indus -.0364479 .0543266 -0.67 0.504 -.1445823 .0716866 cons .1669392 .0711436 2.35 0.021 .0253313 .308547 sigma_u .07700929 sigma_e .07909034 rho .48667082 (fraction of variance due to u_i) F test that all u_i=0: F(69, 79) = 1.38 Prob > F = 0.0811 . hausman fe re Test: Ho: difference in coefficients not systematic chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 17.74 Prob>chi2 = 0.0132 . predict r, rstudent Source SS df MS Number of obs = 152 Model .235026405 6 .039171068 F( 4, 148) = 12.91 Residual .439799064 145 .003033097 Prob > F = 0.0000 Total .674825469 151 .004469043 R-squared = 0.3483 Adj R-squared = 0.3213 Root MSE = .05507 tbq Coef. Std. Err. t P>|t| [95% Conf. Interval] csr_envt-1 .088271 .0236806 3.73 0.000 .0414673 .1350747 csr_emplt-1 -.0246743 .0294939 -0.84 0.404 -.0829679 .0336193 csr_comt-1 .0032355 .0250544 0.13 0.897 -.0462834 .0527544 csr_prodt-1 .0506677 .0201021 2.52 0.013 .0109367 .0903988 size .0004823 .0010614 0.45 0.650 -.0016156 .0025802 lev -.1084802 .0223446 -4.85 0.000 -.1526408 -.0643197 indus .031063 .0128652 2.41 0.017 .0056369 .0564891 cons .029676 .028225 1.05 0.295 -.0261063 .0854583 . reg tbq csr_envt-1 csr_emplt-1 csr_comt-1 csr_prodt-1 size lev indus Source SS df MS Number of obs = 156 Model 22.815633 7 3.25937614 F( 4, 148) = 5.01 Residual 96.2325984 148 .650220259 Prob > F = 0.0000 Total 119.048231 155 .768053106 R-squared = 0.1917 Adj R-squared = 0.1534 Root MSE = .80636 230 tbq Coef. Std. Err. t P>|t| [95% Conf. Interval] csr_envt-1 1.15974 .3469293 3.34 0.001 .4741649 1.845314 csr_emplt-1 -.4424418 .4279283 -1.03 0.303 -1.288081 .403197 csr_comt-1 -.1318652 .3754684 -0.35 0.726 -.8738367 .6101063 csr_prodt-1 .6644098 .2981068 2.23 0.027 .0753143 1.253505 size .0010848 .0157214 0.07 0.945 -.0299826 .0321522 lev -.270884 .299729 -0.90 0.368 -.8631851 .3214172 indus .1966037 .1766356 1.11 0.267 -.15245 .5456574 cons .6011673 .3858488 1.56 0.121 -.1613172 1.363652 . xtreg tbq csr_envt-1 csr_emplt-1 csr_comt-1 csr_prodt-1 size lev Indus, re Random-effects GLS regression Number of obs = 156 Group variable: ctyGroup variable: cty Number of groups = 70 R-sq: within = 0.0651 Obs per group: min = 1 between = 0.0172 avg = 2.1 overall = 0.0466 max = 4 Wald chi2(4) = 6.75 corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.4550 tbq Coef. Std. Err. z P>|z| [95% Conf. Interval] csr_envt-1 .1471566 .2491368 0.59 0.555 -.3411426 .6354558 csr_emplt-1 -.4057848 .3051497 -1.33 0.184 -1.003867 .1922976 csr_comt-1 -.3554758 .3034373 -1.17 0.241 -.950202 .2392503 csr_prodt-1 .1934139 .2019555 0.96 0.338 -.2024116 .5892394 size -.0076902 .0092069 -0.84 0.404 -.0257353 .010355 lev .1553579 .2543216 0.61 0.541 -.3431034 .6538191 indus .1585279 .1794003 0.88 0.377 -.1930903 .5101461 cons 1.28645 .2985685 4.31 0.000 .7012669 1.871634 sigma_u .60709245 sigma_e .3560916 rho .74402331 (fraction of variance due to u_i) . xttest0 Breusch and Pagan Lagrangian multiplier test for random effects Test: Var(u) = 0 chibar2 (01) = 115.34 Prob > chibar2 = 0.0000 . xtreg tbq csr_envt-1 csr_emplt-1 csr_comt-1 csr_prodt-1 size lev Indus, fe Fixed-effects (within) regression Number of obs = 156 Group variable: cty Number of groups = 70 R-sq: within = 0.1434 Obs per group: min = 1 between = 0.1668 avg = 2.2 overall = 0.0669 max = 4 F(4,151) = 1.89 corr(u_i, Xb) = -0.4510 Prob > chi2 = 0.0824 231 tbq Coef. Std. Err. t P>|t| [95% Conf. Interval] csr_envt-1 -.2740917 .2661445 -1.03 0.306 -.8038391 .2556556 csr_emplt-1 -.4146488 .3196326 -1.30 0.198 -1.050862 .221564 csr_comt-1 -.3387031 .3463337 -0.98 0.331 -1.028063 .3506569 csr_prodt-1 .0903544 .2101837 0.43 0.668 -.3280058 .5087146 size -.0119963 .0091255 -1.31 0.192 -.0301602 .0061676 lev .4641397 .2876564 1.61 0.111 -.1084261 1.036706 indus -.1134701 .2445969 -0.46 0.644 -.6003281 .3733879 cons 1.716539 .3203129 5.36 0.000 1.078972 2.354106 sigma_u .81227039 sigma_e .35609164 rho .83879512 (fraction of variance due to u_i) F test that all u_i=0: F(69, 79) = 9.85 Prob > F = 0.0000 . hausman fe re Test: Ho: difference in coefficients not systematic chi2(4) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 200.49 Prob>chi2 = 0.0000