MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY OF HCMC NGUYEN THI THUY NHIEN “OWNERSHIP STRUCTURE AND CORPORATE INVESTMENT EFFICIENCY A CASE STUDY OF VIETNAMESE LISTED FIR.
MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY OF HCMC NGUYEN THI THUY NHIEN “OWNERSHIP STRUCTURE AND CORPORATE INVESTMENT EFFICIENCY: A CASE STUDY OF VIETNAMESE LISTED FIRMS” GRADUATION DISSERTATION MAJOR: FINANCE -BANKING CODE: 7340201 HO CHI MINH CITY,2022 MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY OF HCMC NGUYEN THI THUY NHIEN “OWNERSHIP STRUCTURE AND CORPORATE INVESTMENT EFFICIENCY: A CASE STUDY OF VIETNAMESE LISTED FIRMS” GRADUATION DISSERTATION MAJOR: FINANCE -BANKING CODE: 52340201 SUPERVISOR DR LUU THU QUANG HO CHI MINH CITY,2022 i ABSTRACT In this study, the author investigates the influence of ownership structure on the investment efficiency of companies listed on the Ho Chi Minh City Stock Exchange The investment opportunities sensitivity is used as a proxy for investment efficiency in this study In which, investment opportunities are measured by investment expenditure and Tobin‟s Q Control variables include state ownership, foreign ownership, financial leverage, firm size, growth net sales, and GDP The research sample includes 165 firms that were listed on the Ho Chi Minh City Stock Exchange from 2013 to 2020 Although the stock market has a larger number of listed firms, the author focuses on non-financial companies Because the factors influencing their investment efficiencies are different from those influencing finance companies In particular, businesses in the financial sector have different balance sheets than the balance sheet of nonfinancial businesses Furthermore, the study excluded companies that are no longer listed or companies about which there is not enough information on Financial Statements The empirical investigations are divided into two categories Firstly, descriptive analysis, correlation analysis, and the regression process are used to analyze the correlations Secondly, run the regression model and select the best one to make a consensus The model results show that state ownership has a negative impact on the investment efficiency of enterprises while foreign ownership has a positive effect on investment efficiency Overall, the findings highlight the important role of ownership type in investment efficiency The findings of this study are useful for business administrators and help business managers make the necessary policies to improve investment efficiency ii TÓM TẮT Trong nghiên cứu này, tác giả nghiên cứu ảnh hưởng cấu trúc sở hữu đến hiệu đầu tư công ty niêm yết Sở Giao dịch Chứng khốn Thành phố Hồ Chí Minh Độ nhạy hội đầu tư sử dụng làm đại lượng cho hiệu đầu tư nghiên cứu Trong đó, hội đầu tư đo lường chi tiêu đầu tư Tobin‟s Q Các biến kiểm soát bao gồm sở hữu nhà nước, sở hữu nước ngồi, địn bẩy tài chính, quy mơ doanh nghiệp, tăng trưởng doanh thu GDP Mẫu nghiên cứu bao gồm 165 doanh nghiệp niêm yết thị trường chứng khốn Thành phố Hồ Chí Minh từ năm 2013 đến năm 2020 Mặc dù thị trường chứng khoán cho nhiều công ty niêm yết tác giả phân tích cơng ty phi tài Bởi yếu tố định đến định đầu tư cơng ty phi tài khác với cơng ty tài Cụ thể, doanh nghiệp hoạt động lĩnh vực tài có Bảng cân đối kế toán khác với bảng cân đối kế toán doanh nghiệp phi tài Bên cạnh đó, nghiên cưú loại trừ doanh nghiệp khơng cịn niêm yết doanh nghiệp khơng có đủ thơng tin Báo cáo tài Điều tra thực nghiệm chia thành hai phần Thứ nhất, phân tích mơ tả, phân tích tương quan q trình hồi quy sử dụng để phân tích mối tương quan Thứ hai, tiến hành thực mơ hình hồi quy lựa chọn mơ hình tốt nhát để đến kết luận Kết mơ hình cho thấy sở hữu nhà nước có tác động tiêu cực đến hiệu đầu tư doanh nghiệp sở hữu nước ngồi có tác động tích cực đến hiệu đầu tư Nhìn chung, phát nêu bật vai trị quan trọng loại hình sở hữu hiệu đầu tư Những phát nghiên cứu hữu ích cho nhà quản trị doanh nghiệp giúp nhà quản lý doanh nghiệp đưa sách phù hợp nhằm nâng cao hiệu đầu tư iii DECLARATION OF AUTHENTICITY Full name: Nguyen Thi Thuy Nhien Student class: HQ6-GE05, faculty of Banking and Finance, Banking University of Ho Chi Minh city Student code: 050606180284 I declare that this thesis entitled: “Ownership structure and corporate investment efficiency: A case study of Vietnamese listed firms”, is my own work, and none of this work has been published before submission The content on this topic is honest and has not been published in any way before The data in the tables used for the analysis, comment, and evaluation are collected from the various sources indicated in the reference section If any fraud is found, I am fully responsible for the contents of my dissertation Ho Chi Minh , 20th April 2022 Nguyen Thi Thuy Nhien iv ACKNOWLEDGEMENTS I would like to send my sincere thanks and deep gratitude to the lecturers of the Banking University of HCMC, who use their knowledge and enthusiasm to impart precious knowledge to us in during school time I sincerely thank you Dr Luu Thu Quang has devoted himself to teaching and giving comments to complete the graduation thesis With time for the implementation of the limited course and experience and knowledge is limited, so inevitably the shortcomings, I very much want to receive the valuable comments of teachers Lastly, I would like to wish lecturers at the University of Banking Ho Chi Minh City a lot of health and faith to continue its noble mission is to imparting knowledge to future generations v TABLE OF CONTENTS ABSTRACT I DECLARATION OF AUTHENTICITY III ACKNOWLEDGEMENTS IV LIST OF ABBREVIATIONS VII LIST OF TABLES VIII CHAPTER : INTRODUCTION 1.1 THE URGENCY OF THE SUBJECT 1.2 RESEARCH OBJECTIVES 1.2.1 General objectives 1.2.2 Detail objective 1.3 RESEARCH QUESTION 1.4 THE RESEARCH SUBJECTS AND SCOPE OF STUDY 1.4.1 The research subjects 1.4.2 Scope of the research 1.5 RESEARCH METHODOLOGY 1.6 CONTRIBUTION 1.6.1 In the empirical literature 1.6.2 In practice 1.7 RESEARCH STRUCTURE 1.8 CHAPTER CONCLUSION CHAPTER : THEORETICAL BASIS AND PRIOR EXPERIENCE RESEARCH INTRODUCTION 2.1 THEORETICAL BASIS 2.1.1 The company's ownership structure 2.1.2 Investment concept 2.2 PRIOR EXPERIENCE RESEARCH 2.2.1 Ownership structure and corporate efficiency 2.2.2 State ownership and corporate investment efficiency 10 2.2.3 Foreign ownership and corporate investment efficiency 11 2.3 RESEARCH HYPOTHESES 12 2.5 CHAPTER CONCLUSION 17 CHAPTER : RESEARCH METHODS 18 vi INTRODUCTION 18 3.1 RESEARCH DATA 18 3.2 REGRESSION MODELS AND VARIABLES 18 3.3 RESEARCH METHODS 20 3.3.1 Descriptive statistics 21 3.3.2 Correlation matrix of variables and multicollinearity test 21 3.3.3 Residual Diagnostics 21 3.4 CONCLUSION 22 CHAPTER : RESEARCH RESULTS 23 INTRODUCTION 23 4.1 RESEARCH RESULTS 23 4.1.1 Descriptive statistics 23 4.1.2 Correlation coefficient matrix between the variables 24 4.1.3 The variance inflation factor (VIF) 25 4.1.4 Selection of estimation method 25 4.2 DISCUSSING RESEARCH RESULTS 30 4.3 CONCLUSION 34 CHAPTER : CONCLUSIONS AND RECOMMENDATIONS 35 5.1 CONCLUSION 35 5.2 SOME SUGGESTED SOLUTIONS 36 5.3 LIMITATIONS OF THE STUDY AND DIRECTIONS FOR FURTHER RESEARCH 38 5.3.1 Limitations of the study 38 5.3.2 Directions for further research 38 REFERENCE 40 APPENDIX 44 vii LIST OF ABBREVIATIONS ACRONYMS MEANING HOSE Ho Chi Minh City Stock Exchange GDP Gross Domestic Product SOEs State-owned Enterprises NPFs Newly privatized firms OLS Ordinary Least Squares FEM Fixed Effect Mode REM Random Effect Mode VIF Variance inflation factor viii LIST OF TABLES Table 2.1 Table 3.1 Table 4.1 Table 4.2 Describe the research hypothesis Description of variables in the research model Descriptive statistics of all variables Correlation coefficients amongst variables Table 4.3 Variance Inflation Factor Table 4.4 Regression results (OLS, FEM, REM) Table 4.5 White test Table 4.6 Hausman test Table 4.7 Modified Wals test Table 4.8 Wooldridge test Table 4.9 FGLS model results Research results (FEM, FGLS) Table 4.10 68 ID YEAR INV LCG.HM 2014 LCG.HM STATE FOREIGN TOBINQ LEV SZ GR GDP -0.04605 0.19350 0.83871 0.48773 28.24435 -0.81691 0.05980 2015 0.22525 0.19350 0.80404 0.56813 28.44749 4.11262 0.06680 LCG.HM 2016 0.15501 0.19350 0.71552 0.59969 28.59160 1.13033 0.06210 LCG.HM 2017 0.36395 0.20470 0.93742 0.69670 28.90199 -0.65265 0.06810 LCG.HM 2018 0.18666 0.26470 0.86071 0.67558 29.07313 -0.79096 0.07080 LCG.HM 2019 0.11564 0.28120 0.86275 0.68568 29.18256 5.91316 0.07020 LCG.HM 2020 0.29961 0.06090 0.99022 0.70927 29.44462 0.02885 0.02910 LCM.HM 2013 -0.95077 0.65005 0.00198 26.32120 0.46797 0.05420 LCM.HM 2014 -0.10214 0.60828 0.05365 26.16546 0.21251 0.05980 LCM.HM 2015 0.01460 0.26968 0.04892 26.17996 0.37257 0.06680 LCM.HM 2016 -0.02839 0.23207 0.06004 26.15116 0.23100 0.06210 LCM.HM 2017 0.04348 0.19485 0.09117 26.19372 0.24495 0.06810 LCM.HM 2018 -0.03607 0.12983 0.05776 26.15699 0.11116 0.07080 LCM.HM 2019 0.02719 0.13740 0.06619 26.18382 0.18713 0.07020 LCM.HM 2020 0.06209 0.22054 0.12858 26.26247 -0.01141 0.02910 LGC.HM 2013 0.12707 0.91193 0.47094 26.80950 -0.41278 0.05420 LGC.HM 2014 2.80784 1.23209 0.74116 28.14657 1.69122 0.05980 LGC.HM 2015 3.40596 0.15560 1.28884 0.67196 29.62952 -0.33884 0.06680 LGC.HM 2016 0.12783 0.44940 1.26341 0.70022 29.74982 0.57620 0.06210 LGC.HM 2017 0.18313 0.44940 1.20846 0.74909 29.91798 3.47448 0.06810 LGC.HM 2018 -0.04899 0.44940 1.44382 0.71670 29.86775 0.36750 0.07080 LGC.HM 2019 0.20267 0.44940 1.41053 0.73401 30.05230 0.09509 0.07020 LGC.HM 2020 0.05732 0.44940 1.85776 0.74006 30.10804 -0.86693 0.02910 LGL.HM 2013 -0.92146 0.71011 0.61798 27.32714 -0.07155 0.05420 LGL.HM 2014 -0.19528 0.74484 0.56165 27.28785 0.30017 0.05980 LGL.HM 2015 -0.03706 0.78696 0.61160 27.43383 -0.25743 0.06680 LGL.HM 2016 0.15430 0.90554 0.81836 28.23670 1.06791 0.06210 LGL.HM 2017 0.21892 0.94679 0.76876 28.43508 0.01630 0.06810 LGL.HM 2018 0.07916 0.87266 0.72974 28.51217 -0.11845 0.07080 LGL.HM 2019 -0.26759 0.86966 0.63755 28.20354 0.39193 0.07020 LGL.HM 2020 0.02057 0.83280 0.64649 28.21845 0.07466 0.02910 LHG.HM 2013 -0.07657 0.55600 0.17100 0.77066 0.60973 28.13089 0.06438 0.05420 LHG.HM 2014 -0.00921 0.55600 0.17100 0.79619 0.56703 28.02006 0.14266 0.05980 LHG.HM 2015 -0.10490 0.45000 0.92536 0.60090 27.95224 0.03023 0.06680 LHG.HM 2016 -0.06557 0.49900 0.87027 0.56103 28.05409 0.11153 0.06210 LHG.HM 2017 0.30240 0.48670 0.06790 0.88890 0.45634 28.30678 0.08401 0.06810 LHG.HM 2018 0.06472 0.48670 0.06790 0.89672 0.45849 28.38101 0.09046 0.07080 LHG.HM 2019 0.05583 0.48670 0.06610 0.81193 0.46735 28.43533 0.09422 0.07020 LHG.HM 2020 0.16306 0.48670 1.16632 0.50646 28.58639 0.14871 0.02910 LIX.HM 2013 -0.82408 0.51000 1.64128 0.38994 26.99926 -0.02196 0.05420 LIX.HM 2014 0.16256 0.51000 1.52816 0.40621 27.14662 -0.06190 0.05980 0.05470 69 ID YEAR INV STATE LIX.HM 2015 0.15326 LIX.HM 2016 LIX.HM FOREIGN TOBINQ LEV SZ GR GDP 0.51000 2.01002 0.42841 27.39796 -0.57543 0.06680 0.28493 0.51000 2.78395 0.42196 27.38321 1.73214 0.06210 2017 -0.00282 0.51000 2.18931 0.39137 27.37831 0.18091 0.06810 LIX.HM 2018 0.00520 0.51000 2.38797 0.39467 27.38284 -0.43408 0.07080 LIX.HM 2019 0.14913 0.51000 1.93454 0.38084 27.52199 0.30866 0.07020 0.51000 LIX.HM 2020 0.13536 2.09280 0.37357 27.64854 -0.03575 0.02910 LSS.HM 2013 -0.98896 0.67520 0.40950 28.41169 -0.57231 0.05420 LSS.HM 2014 -0.18430 0.64239 0.34570 28.43812 0.49506 0.05980 LSS.HM 2015 0.02664 0.65325 0.39567 28.52544 -0.68812 0.06680 LSS.HM 2016 0.09125 0.70970 0.40558 28.62594 -0.11858 0.06210 LSS.HM 2017 0.10361 0.67049 0.36855 28.58967 -0.60348 0.06810 LSS.HM 2018 -0.03361 0.62171 0.46314 28.68339 -0.18339 0.07080 LSS.HM 2019 0.09825 0.49270 0.35785 28.47260 0.11403 0.07020 LSS.HM 2020 -0.19121 0.55429 0.31520 28.42058 0.05276 0.02910 MCG.HM 2013 -0.99473 0.91134 0.81037 28.65484 0.13575 0.05420 MCG.HM 2014 0.06779 0.89687 0.74946 28.44628 -0.02000 0.05980 MCG.HM 2015 -0.18825 0.05000 0.81976 0.71736 28.36539 0.02919 0.06680 MCG.HM 2016 -0.07770 0.05000 0.73958 0.68336 28.26690 0.01853 0.06210 MCG.HM 2017 -0.09380 0.90048 0.78625 28.23130 -0.06810 0.06810 MCG.HM 2018 0.07360 0.94181 0.85867 28.14105 -0.04529 0.07080 MCG.HM 2019 -0.17873 0.91119 0.85782 28.18263 -0.21478 0.07020 MCG.HM 2020 0.04247 0.87734 0.75881 27.61452 1.53800 0.02910 MCP.HM 2013 -0.71948 0.39890 1.01701 0.48978 26.49482 0.24586 0.05420 MCP.HM 2014 0.16358 0.39110 0.99732 0.57556 26.64195 -0.22546 0.05980 MCP.HM 2015 0.15850 0.39010 0.83719 0.37757 26.51477 0.51316 0.06680 MCP.HM 2016 -0.11942 1.33809 0.32665 26.45357 0.27506 0.06210 MCP.HM 2017 -0.05936 1.58842 0.33726 26.46884 -0.33076 0.06810 MCP.HM 2018 0.01539 1.52215 0.21381 26.30372 -0.14818 0.07080 MCP.HM 2019 -0.15221 1.03159 0.34900 26.42675 1.45380 0.07020 MCP.HM 2020 0.13092 1.39512 0.42614 26.64438 -0.37477 0.02910 MDG.HM 2013 0.24955 0.19330 0.70142 0.59742 26.82522 -0.46758 0.05420 MDG.HM 2014 -0.04190 0.19330 0.77953 0.63149 26.63580 0.09212 0.05980 MDG.HM 2015 -0.19696 0.19330 0.79260 0.61595 26.61592 -0.02429 0.06680 MDG.HM 2016 -0.01730 0.92977 0.59402 26.56514 0.05744 0.06210 MDG.HM 2017 -0.03790 0.94062 0.39629 26.30150 -0.02117 0.06810 MDG.HM 2018 -0.24341 0.92180 0.45994 26.31520 -0.21984 0.07080 MDG.HM 2019 0.02119 0.94883 0.60870 26.66197 -0.39123 0.07020 MDG.HM 2020 0.44796 0.88114 0.57018 26.57728 -0.31929 0.02910 MHC.HM 2013 -0.32643 0.05150 0.74624 0.50977 26.15829 0.14949 0.05420 MHC.HM 2014 -0.02356 0.05150 1.10254 0.23448 26.24413 0.34979 0.05980 MHC.HM 2015 0.11940 0.94437 0.04829 26.86078 0.90004 0.06680 70 ID YEAR INV MHC.HM 2016 MHC.HM STATE FOREIGN TOBINQ LEV SZ GR GDP 0.80344 0.46347 0.06001 26.96309 0.41362 0.06210 2017 0.11276 0.58030 0.23353 27.18771 -0.13110 0.06810 MHC.HM 2018 0.24619 0.58097 0.33380 27.36454 0.01507 0.07080 MHC.HM 2019 0.19342 0.47737 0.31248 27.34780 -0.02183 0.07020 MHC.HM 2020 -0.01660 0.78881 0.40527 27.49070 1.06718 0.02910 MSN.HM 2013 0.20163 0.16540 1.99344 0.68963 31.47052 0.08861 0.05420 MSN.HM 2014 0.13898 0.16330 1.86955 0.71649 31.60065 0.11577 0.05980 MSN.HM 2015 0.35655 0.12160 1.57420 0.76876 31.90560 -0.14535 0.06680 MSN.HM 2016 0.01655 0.05210 1.46409 0.79085 31.92202 -0.40649 0.06210 MSN.HM 2017 -0.13021 0.10660 2.03110 0.76646 31.78251 -0.03500 0.06810 MSN.HM 2018 0.01653 0.09450 1.93928 0.54340 31.79890 -0.11934 0.07080 MSN.HM 2019 0.50665 0.15040 1.23912 0.56032 32.20879 0.17037 0.07020 MSN.HM 2020 0.18952 0.18280 1.76460 0.86229 32.38234 -0.32716 0.02910 NBB.HM 2013 0.01763 0.25890 0.75831 0.57530 28.75727 0.19388 0.05420 NBB.HM 2014 0.01773 0.36480 0.99696 0.59286 28.77484 0.41481 0.05980 NBB.HM 2015 0.12547 0.34020 0.99349 0.64761 28.89303 1.58287 0.06680 NBB.HM 2016 0.41101 0.20380 0.97303 0.75124 29.23734 0.00691 0.06210 NBB.HM 2017 -0.00060 0.24450 1.03617 0.64499 29.23674 -0.38277 0.06810 NBB.HM 2018 0.02755 0.19350 1.01413 0.62582 29.26392 0.13296 0.07080 NBB.HM 2019 0.10774 0.96354 0.63437 29.36624 0.62419 0.07020 NBB.HM 2020 -0.27856 1.03400 0.57013 29.03974 -0.04967 0.02910 NHA.HM 2013 -0.76446 0.50940 0.22659 25.49995 0.59316 0.05420 NHA.HM 2014 0.00326 0.70230 0.20310 25.52825 0.25131 0.05980 NHA.HM 2015 0.02871 0.83004 0.32076 25.96530 -0.01451 0.06680 NHA.HM 2016 0.50008 1.05817 0.07338 25.69103 0.55392 0.06210 NHA.HM 2017 -0.21552 0.06500 0.97290 0.04547 25.78727 0.41215 0.06810 NHA.HM 2018 0.10102 0.06500 0.59557 0.05011 25.95780 0.17374 0.07080 NHA.HM 2019 0.18594 0.07100 0.52501 0.08385 26.31843 -0.17790 0.07020 NHA.HM 2020 0.43423 1.70039 0.11112 26.48382 -0.05068 0.02910 NKG.HM 2013 1.57803 0.97129 0.85804 28.47404 0.15412 0.05420 NKG.HM 2014 0.02093 1.00960 0.82755 28.70835 0.21328 0.05980 NKG.HM 2015 0.26403 0.97572 0.82092 28.90426 0.29493 0.06680 NKG.HM 2016 0.78878 0.24230 1.11483 0.75315 29.48579 0.14944 0.06210 NKG.HM 2017 0.59215 0.24980 1.20675 0.71100 29.95090 -0.00316 0.06810 NKG.HM 2018 -0.20170 0.28460 0.81143 0.63418 29.72560 -0.00821 0.07080 NKG.HM 2019 -0.00710 0.29540 0.78163 0.62591 29.71848 -0.10513 0.07020 NKG.HM 2020 -0.03736 0.07330 0.92031 0.57830 29.65172 -0.22251 0.02910 NNC.HM 2013 -0.98359 0.32430 0.07110 1.88166 0.22804 26.20800 0.07894 0.05420 NNC.HM 2014 0.09409 0.37730 0.06750 2.09823 0.27898 26.57264 0.20131 0.05980 NNC.HM 2015 0.41369 0.37730 0.06750 2.17739 0.28632 26.71450 -0.04749 0.06680 NNC.HM 2016 0.25872 2.60077 0.17686 26.92670 0.18632 0.06210 71 ID YEAR INV NNC.HM 2017 NNC.HM STATE FOREIGN TOBINQ LEV SZ GR GDP 0.15328 0.08000 2.15913 0.17631 27.06772 -0.15309 0.06810 2018 -0.21655 0.09160 2.58438 0.25499 26.82579 0.13439 0.07080 NNC.HM 2019 -0.13829 0.09620 2.99712 0.24404 26.68157 -0.00209 0.07020 NNC.HM 2020 -0.01674 0.06960 2.51327 0.24972 26.66241 -0.20532 0.02910 NT2.HM 2013 -0.09639 0.72800 0.05000 0.90149 0.77124 30.13132 -0.34702 0.05420 NT2.HM 2014 0.02440 0.67800 0.05000 1.08841 0.65982 30.15543 -0.49705 0.05980 NT2.HM 2015 -0.06720 0.65860 1.21622 0.59050 30.08587 1.07276 0.06680 NT2.HM 2016 0.11467 0.60000 1.22101 0.62184 30.19442 -0.08427 0.06210 NT2.HM 2017 -0.23234 0.59370 1.46754 0.49968 29.93001 -0.36485 0.06810 NT2.HM 2018 -0.11159 1.38389 0.58389 29.81169 1.59447 0.07080 NT2.HM 2019 -0.14552 1.27836 0.45441 29.65444 0.16940 0.07020 NT2.HM 2020 -0.15637 1.43631 0.32654 29.48440 -0.21823 0.02910 NTL.HM 2013 -0.73510 1.01184 0.35740 27.91119 0.00650 0.05420 NTL.HM 2014 -0.21578 1.00254 0.37793 27.94365 0.01569 0.05980 NTL.HM 2015 0.03184 0.90703 0.31030 27.87599 -0.54368 0.06680 NTL.HM 2016 0.07759 0.73625 0.31982 27.95072 0.98557 0.06210 NTL.HM 2017 0.16045 0.80743 0.37436 28.05957 0.21877 0.06810 NTL.HM 2018 0.05161 1.09811 0.40836 28.14984 0.15877 0.07080 NTL.HM 2019 -0.03372 1.23239 0.34200 28.11554 0.03117 0.07020 NTL.HM 2020 0.11491 1.20759 0.35674 28.22431 -0.24030 0.02910 NVT.HM 2013 -0.99182 0.43270 0.81909 0.39602 27.96062 0.88884 0.05420 NVT.HM 2014 0.17706 0.43270 0.73837 0.40986 27.99046 -0.39371 0.05980 NVT.HM 2015 0.03186 0.43270 0.63913 0.45285 27.90241 -0.41536 0.06680 NVT.HM 2016 -0.08568 0.43270 0.57004 0.45410 27.90805 0.25929 0.06210 NVT.HM 2017 -0.59461 0.43270 1.12554 0.55017 27.00513 -0.03165 0.06810 NVT.HM 2018 -0.03526 0.43270 1.70531 0.53005 26.96924 0.09616 0.07080 NVT.HM 2019 0.21056 0.18970 1.44124 0.56894 27.16032 -0.02720 0.07020 NVT.HM 2020 -0.14327 0.18970 1.38610 0.48238 26.99756 -0.25261 0.02910 OGC.HM 2013 -0.92450 0.06760 1.00298 0.71938 30.06678 0.11928 0.05420 OGC.HM 2014 -0.00838 0.06250 0.88598 0.70766 30.11128 0.08574 0.05980 OGC.HM 2015 0.04536 0.05100 0.99656 0.80581 29.56545 0.08340 0.06680 OGC.HM 2016 -0.42127 0.95603 0.89275 29.42627 0.19178 0.06210 OGC.HM 2017 -0.12869 1.06805 0.95487 29.30900 0.19540 0.06810 OGC.HM 2018 -0.11052 0.12020 1.17086 0.94547 29.18109 0.06099 0.07080 OGC.HM 2019 -0.11942 0.12020 1.17908 0.93353 29.08120 -0.01306 0.07020 OGC.HM 2020 -0.09570 1.51217 0.87376 28.95527 -0.02405 0.02910 OPC.HM 2013 -0.86752 0.19000 1.85498 0.32689 27.01200 0.13420 0.05420 OPC.HM 2014 0.08094 0.18470 1.67615 0.26877 27.00187 0.00563 0.05980 OPC.HM 2015 -0.01229 0.14080 1.72561 0.22826 27.10618 -0.08020 0.06680 OPC.HM 2016 0.11044 1.65621 0.38531 27.37580 -0.07232 0.06210 OPC.HM 2017 0.30960 1.95506 0.52587 27.69177 0.08310 0.06810 72 ID YEAR INV OPC.HM 2018 OPC.HM STATE FOREIGN TOBINQ LEV SZ GR GDP 0.37089 1.63898 0.53066 27.80446 0.03632 0.07080 2019 0.11975 1.51071 0.47467 27.79656 -0.09768 0.07020 OPC.HM 2020 -0.00744 1.81181 0.43986 27.77306 0.34418 0.02910 PET.HM 2013 -0.72680 0.35240 0.09450 1.16126 0.80229 29.46177 -0.04258 0.05420 PET.HM 2014 0.46142 0.25230 0.08640 1.12947 0.76486 29.38010 -0.03450 0.05980 PET.HM 2015 -0.10725 0.24790 0.09800 1.24659 0.72487 29.26898 -0.14848 0.06680 PET.HM 2016 0.21063 0.24220 0.09580 1.18949 0.76494 29.45992 -0.07448 0.06210 PET.HM 2017 -0.00868 0.24220 0.09800 2.04140 0.75752 29.45117 0.24381 0.06810 PET.HM 2018 -0.09931 0.24700 0.10000 1.95551 0.73443 29.34717 0.10229 0.07080 PET.HM 2019 -0.10673 0.24700 0.10000 2.42418 0.69561 29.23370 -0.02802 0.07020 PET.HM 2020 0.27272 0.24220 3.96477 0.73687 29.47486 -0.10886 0.02910 PGC.HM 2013 -0.76133 0.52400 1.38670 0.67431 28.34359 0.17031 0.05420 PGC.HM 2014 0.35067 0.52400 1.40635 0.69791 28.34433 0.08447 0.05980 PGC.HM 2015 -0.00304 1.24749 0.68979 28.33290 -0.29139 0.06680 PGC.HM 2016 -0.03075 1.08776 0.63685 28.31319 -0.04681 0.06210 PGC.HM 2017 0.16792 1.10619 0.66347 28.46748 0.44253 0.06810 PGC.HM 2018 -0.13434 0.92969 0.57898 28.32423 0.19981 0.07080 PGC.HM 2019 -0.00464 0.89469 0.56981 28.31848 -0.01956 0.07020 PGC.HM 2020 -0.04154 1.30489 0.60041 28.28117 -0.05709 0.02910 PGD.HM 2013 0.07793 0.50500 0.84677 0.59805 28.56607 -0.12304 0.05420 PGD.HM 2014 0.24303 0.50500 0.86166 0.66400 28.87223 -0.06765 0.05980 PGD.HM 2015 -0.21304 0.77957 0.53358 28.63265 1.30778 0.06680 PGD.HM 2016 0.03799 0.78547 0.51005 28.66993 0.20426 0.06210 PGD.HM 2017 0.04710 0.24900 0.84186 0.52174 28.71596 0.43730 0.06810 PGD.HM 2018 -0.10642 0.24900 0.81191 0.48105 28.60344 0.49601 0.07080 PGD.HM 2019 0.11980 0.24900 0.84272 0.53910 28.71659 0.17764 0.07020 PGD.HM 2020 0.10476 0.45900 0.96276 0.59386 28.81622 -0.58686 0.02910 PHC.HM 2013 -0.86633 1.79164 0.76291 27.22669 -0.14408 0.05420 PHC.HM 2014 0.05790 1.83854 0.76290 27.25364 -0.15338 0.05980 PHC.HM 2015 0.09156 2.30911 0.75624 27.34101 -0.23533 0.06680 PHC.HM 2016 0.30005 2.40912 0.81123 27.60339 -0.04000 0.06210 PHC.HM 2017 0.65227 2.06833 0.81539 28.10560 0.40359 0.06810 PHC.HM 2018 0.52280 1.51498 0.85889 28.52610 -0.05799 0.07080 PHC.HM 2019 -0.01847 1.55896 0.83882 28.50745 0.05203 0.07020 PHC.HM 2020 -0.15470 1.77541 0.81830 28.32756 -0.00439 0.02910 PHR.HM 2013 0.52714 0.66620 0.37957 0.36677 28.85573 0.19011 0.05420 PHR.HM 2014 0.10150 0.66620 0.35973 0.34290 28.86324 0.63471 0.05980 PHR.HM 2015 -0.03712 0.66620 0.37891 0.35658 28.81514 -0.11987 0.06680 PHR.HM 2016 0.16171 0.66620 0.44581 0.42070 28.98178 -0.23308 0.06210 PHR.HM 2017 0.11242 0.66620 0.52727 0.45332 29.08869 -0.17610 0.06810 PHR.HM 2018 0.18694 0.54387 0.48590 29.25777 -0.28316 0.07080 73 ID YEAR INV STATE PHR.HM 2019 0.15079 PHR.HM 2020 0.11825 PNC.HM 2013 -0.73891 0.15010 PNC.HM 2014 -0.09423 0.15010 PNC.HM 2015 0.03631 PNC.HM 2016 PNC.HM 2017 PNC.HM FOREIGN TOBINQ LEV SZ GR GDP 0.61756 0.56808 29.39823 -0.39647 0.07020 0.55977 0.51055 29.50879 -0.39565 0.02910 1.30692 0.78597 26.54079 0.32714 0.05420 1.67522 0.81765 26.61511 0.03198 0.05980 0.15010 1.23874 0.79228 26.86961 -0.16232 0.06680 0.27918 0.15380 1.26515 0.81954 26.99115 0.11141 0.06210 0.12907 0.15050 1.70600 0.94388 26.95901 0.28165 0.06810 2018 -0.03322 0.15050 2.36010 0.63869 26.77390 0.32744 0.07080 PNC.HM 2019 0.08699 0.15050 2.26451 0.63674 26.85587 0.16674 0.07020 PNC.HM 2020 0.09973 0.15050 1.99177 0.66895 26.95012 0.03001 0.02910 PNJ.HM 2013 0.16269 0.09510 0.57461 0.55416 28.71509 -0.15803 0.05420 PNJ.HM 2014 -0.04330 0.09840 0.58899 0.54165 28.67083 0.09237 0.05980 PNJ.HM 2015 0.05205 0.10380 0.60884 0.55803 28.72156 -0.09230 0.06680 PNJ.HM 2016 0.20568 0.05630 0.63211 0.58185 28.90861 -0.05207 0.06210 PNJ.HM 2017 0.27406 0.05530 0.39382 0.33747 29.15082 0.22294 0.06810 PNJ.HM 2018 0.40833 0.09130 0.44847 0.41828 29.49322 0.18451 0.07080 PNJ.HM 2019 0.33630 0.06930 0.48589 0.46794 29.78313 -0.10932 0.07020 PNJ.HM 2020 -0.01393 0.17290 0.39437 0.38209 29.76910 -0.18136 0.02910 POM.HM 2013 0.04925 0.98982 0.68115 29.64516 0.59507 0.05420 POM.HM 2014 -0.14921 1.07220 0.75028 29.86852 0.13560 0.05980 POM.HM 2015 0.25071 1.25952 0.66767 29.59440 0.02446 0.06680 POM.HM 2016 -0.23976 1.54849 0.62150 29.58404 -0.23472 0.06210 POM.HM 2017 -0.01030 2.49361 0.56091 29.66740 0.06310 0.06810 POM.HM 2018 0.08692 2.06906 0.65508 30.02961 0.14125 0.07080 POM.HM 2019 0.07186 2.34575 0.70437 30.09902 0.14980 0.07020 POM.HM 2020 -0.05293 2.31104 0.69223 30.06293 -0.03098 0.02910 PPC.HM 2013 -0.77933 0.51000 0.05000 0.67317 0.54631 30.10721 0.23332 0.05420 PPC.HM 2014 -0.00013 0.51000 0.05850 0.76134 0.49891 30.05795 0.14351 0.05980 PPC.HM 2015 -0.04807 0.51000 0.05850 0.66648 0.48508 30.03519 0.24226 0.06680 PPC.HM 2016 -0.02250 0.51000 0.08010 0.63455 0.49904 30.00361 0.20212 0.06210 PPC.HM 2017 -0.04351 0.51000 0.09130 0.74676 0.27443 29.65236 0.08461 0.06810 PPC.HM 2018 -0.28705 0.09130 1.26307 0.18996 29.57335 0.18828 0.07080 PPC.HM 2019 -0.07598 0.09130 3.87357 0.17790 29.61280 0.17590 0.07020 PPC.HM 2020 0.04024 0.08960 4.50658 0.10365 29.60977 0.00939 0.02910 PTB.HM 2013 -0.89730 9.37530 0.69909 27.54809 -0.38061 0.05420 PTB.HM 2014 0.23894 8.38652 0.68744 27.71807 0.16459 0.05980 PTB.HM 2015 0.18491 5.28495 0.59508 27.84730 0.38432 0.06680 PTB.HM 2016 0.13793 3.51229 0.57768 28.22464 0.97968 0.06210 PTB.HM 2017 0.45852 3.41978 0.59423 28.57936 -0.51811 0.06810 PTB.HM 2018 0.42577 2.23485 0.52768 28.85457 -0.81169 0.07080 PTB.HM 2019 0.31684 2.58015 0.58775 29.09629 -0.93861 0.07020 0.06040 0.13420 0.05030 74 ID YEAR INV PTB.HM 2020 0.27346 PTC.HM 2013 -0.92449 PTC.HM 2014 -0.07791 PTC.HM 2015 PTC.HM STATE FOREIGN TOBINQ LEV SZ GR GDP 2.23838 0.59745 29.19487 -1.28443 0.02910 0.30000 1.80757 0.42433 26.52925 0.24622 0.05420 0.30000 2.37333 0.40070 26.50854 0.40477 0.05980 -0.02050 2.52000 0.69305 27.15099 -0.30837 0.06680 2016 0.90210 5.00998 0.65389 27.14065 -0.62892 0.06210 PTC.HM 2017 -0.01028 6.37842 0.63159 27.10865 -0.27412 0.06810 PTC.HM 2018 -0.03165 6.74076 0.64548 26.91024 0.41366 0.07080 PTC.HM 2019 -0.18799 11.38683 0.21001 26.41442 -0.20583 0.07020 PTC.HM 2020 -0.38481 9.49499 0.14410 26.43838 0.19701 0.02910 PVD.HM 2013 0.12622 0.50460 5.92478 5.78252 28.33184 0.11226 0.05420 PVD.HM 2014 0.08433 0.50390 4.89930 4.77554 28.53783 0.06174 0.05980 PVD.HM 2015 0.06910 0.50400 2.81797 2.77878 29.08683 0.09375 0.06680 PVD.HM 2016 -0.07114 0.50400 2.06301 2.01098 29.22863 0.16873 0.06210 PVD.HM 2017 -0.05726 0.50400 1.67241 1.59458 29.31723 -0.08702 0.06810 PVD.HM 2018 -0.03729 0.50400 1.26057 1.21299 29.44084 0.22374 0.07080 PVD.HM 2019 -0.00534 0.50410 1.00123 0.94164 29.66108 0.03127 0.07020 PVD.HM 2020 -0.00170 0.50400 0.99321 0.90920 29.68094 -0.04842 0.02910 PVT.HM 2013 -0.61696 0.66720 10.77939 3.08398 28.41122 -0.19264 0.05420 PVT.HM 2014 0.20261 0.57500 0.06200 10.58909 2.55600 28.52021 0.32307 0.05980 PVT.HM 2015 -0.02041 0.51000 0.06200 7.77123 3.14173 28.32031 0.26063 0.06680 PVT.HM 2016 0.03266 0.51000 6.74948 2.76434 28.31847 -0.59334 0.06210 PVT.HM 2017 -0.06145 0.51000 0.05150 6.72427 2.56589 28.39638 -0.35592 0.06810 PVT.HM 2018 0.01290 0.51000 0.06140 6.01039 3.15583 28.30301 0.89798 0.07080 PVT.HM 2019 0.10762 0.51000 7.29909 3.72789 28.20468 -0.16815 0.07020 PVT.HM 2020 0.07536 0.51000 7.80722 3.73065 28.14596 -0.98242 0.02910 PXI.HM 2013 -0.91674 0.51000 0.16174 0.03512 30.69872 -0.15668 0.05420 PXI.HM 2014 0.17130 0.51000 0.20308 0.04938 30.77968 0.66337 0.05980 PXI.HM 2015 0.37826 0.14091 0.03616 30.84650 0.03939 0.06680 PXI.HM 2016 -0.15768 0.18164 0.04058 30.77270 -0.11271 0.06210 PXI.HM 2017 -0.00360 0.28668 0.04352 30.71373 -0.46016 0.06810 PXI.HM 2018 -0.02622 0.24470 0.03433 30.67573 -0.72179 0.07080 PXI.HM 2019 -0.18896 0.24283 0.01651 30.67037 0.74361 0.07020 PXI.HM 2020 -0.37053 0.22930 0.01204 30.66867 1.80411 0.02910 PXS.HM 2013 0.18381 0.50970 0.10000 0.71765 0.62944 28.01110 3.34378 0.05420 PXS.HM 2014 0.08227 0.50970 0.10000 0.90185 0.73279 27.94314 -0.46187 0.05980 PXS.HM 2015 0.05701 0.10000 0.95270 0.81591 27.83652 -0.26314 0.06680 PXS.HM 2016 0.08538 0.10000 0.91667 0.83330 27.90089 3.11743 0.06210 PXS.HM 2017 -0.08082 0.10000 0.74920 0.69767 28.00639 -0.46064 0.06810 PXS.HM 2018 -0.07300 0.10230 0.75875 0.70727 28.00341 -0.14535 0.07080 PXS.HM 2019 -0.27773 0.10000 0.72322 0.65584 27.87965 0.17248 0.07020 PXS.HM 2020 0.12443 0.10000 0.69893 0.63510 28.06977 1.17588 0.02910 75 ID YEAR INV QCG.HM 2013 QCG.HM STATE FOREIGN TOBINQ LEV SZ GR GDP 0.01029 0.09180 11.99474 10.15276 26.71229 -0.08887 0.05420 2014 0.08246 0.09180 0.17761 0.12974 30.80140 0.30087 0.05980 QCG.HM 2015 0.15890 0.06200 0.18283 0.15675 30.91507 0.15424 0.06680 QCG.HM 2016 0.02973 0.06200 0.18721 0.16549 30.90579 0.15328 0.06210 QCG.HM 2017 0.38071 0.31178 0.28759 30.87131 -0.37252 0.06810 QCG.HM 2018 -0.02416 0.29840 0.28591 30.84387 0.48306 0.07080 QCG.HM 2019 0.02970 0.33643 0.32188 30.77040 -0.18216 0.07020 QCG.HM 2020 -0.09365 0.25978 0.24282 30.88927 -0.46757 0.02910 SBA.HM 2013 1.65877 0.39090 0.62574 0.54218 28.06656 -0.08592 0.05420 SBA.HM 2014 0.03303 0.39090 1.95058 1.67874 26.84143 0.12711 0.05980 SBA.HM 2015 -0.04797 0.39090 2.20484 1.93073 26.72690 0.02817 0.06680 SBA.HM 2016 0.00588 0.39090 2.35853 2.09950 26.55287 0.02782 0.06210 SBA.HM 2017 -0.03685 0.39090 2.80305 2.35375 26.37714 0.33719 0.06810 SBA.HM 2018 -0.01229 0.39090 3.06864 2.56130 26.10961 0.32012 0.07080 SBA.HM 2019 -0.04027 0.39090 3.49314 2.78837 25.88618 -0.13924 0.07020 SBA.HM 2020 0.03963 0.39090 5.16807 3.49446 25.71252 -0.14909 0.02910 SC5.HM 2013 1.65153 0.14040 0.12503 0.08025 30.72269 0.16774 0.05420 SC5.HM 2014 0.04325 0.12128 0.08301 30.73860 0.04849 0.05980 SC5.HM 2015 0.02921 0.10560 0.07206 30.92547 -0.45059 0.06680 SC5.HM 2016 -0.11834 0.09495 0.06093 30.94065 -0.19629 0.06210 SC5.HM 2017 0.01318 19.65214 12.42947 25.62270 0.16660 0.06810 SC5.HM 2018 -0.04817 13.68482 10.84970 25.69636 0.08071 0.07080 SC5.HM 2019 -0.11996 11.63084 9.65196 25.65543 -0.37067 0.07020 SC5.HM 2020 0.28693 12.99963 10.96027 25.83609 0.01461 0.02910 SFI.HM 2013 0.51850 0.22859 0.11465 28.49236 0.25223 0.05420 SFI.HM 2014 0.07164 0.05710 0.19493 0.09464 28.73780 -0.15039 0.05980 SFI.HM 2015 0.02423 0.20170 0.14204 0.05840 28.78478 1.44184 0.06680 SFI.HM 2016 0.11708 0.22490 0.16694 0.06515 28.75937 0.31614 0.06210 SFI.HM 2017 0.06274 0.19000 0.16457 0.06961 28.78502 0.12412 0.06810 SFI.HM 2018 0.23999 0.23260 0.19154 0.09998 28.75200 -0.15107 0.07080 SFI.HM 2019 -0.23807 0.33320 0.11215 0.03169 28.73505 0.02153 0.07020 SFI.HM 2020 0.30265 0.06230 0.16546 0.07463 28.71903 -0.32133 0.02910 SJS.HM 2013 0.01705 0.36300 9.56071 6.80442 27.10259 0.07669 0.05420 SJS.HM 2014 -0.03342 0.36300 5.70537 4.06778 27.52752 0.13118 0.05980 SJS.HM 2015 0.05803 0.36300 4.83539 3.66197 27.65677 -0.07975 0.06680 SJS.HM 2016 0.04094 0.36450 1.75527 1.34077 28.69163 -0.06027 0.06210 SJS.HM 2017 0.05286 0.36300 1.48755 1.17366 28.86585 0.34032 0.06810 SJS.HM 2018 0.02663 1.51328 1.30228 28.80870 0.30128 0.07080 SJS.HM 2019 0.03114 1.50224 1.44610 28.75436 0.02245 0.07020 SJS.HM 2020 0.05914 1.79628 1.72679 28.67810 -0.06540 0.02910 SMC.HM 2013 0.43344 1.13374 1.10176 28.45014 0.02587 0.05420 0.08940 0.07040 0.05000 76 ID YEAR INV SMC.HM 2014 SMC.HM STATE FOREIGN TOBINQ LEV SZ GR GDP 0.33739 0.05000 1.66895 1.63180 28.40562 0.26434 0.05980 2015 -0.26227 0.05000 6.05125 5.85278 26.84322 0.08025 0.06680 SMC.HM 2016 0.53643 0.05000 4.06664 3.96010 27.62959 -0.23526 0.06210 SMC.HM 2017 0.08687 0.25910 3.64223 3.48268 27.74566 0.38039 0.06810 SMC.HM 2018 0.00563 0.25730 3.31235 3.11020 27.84020 -0.38568 0.07080 SMC.HM 2019 -0.00135 0.25520 3.12784 2.92557 27.89164 0.26042 0.07020 SMC.HM 2020 0.32404 0.25120 4.39127 4.24530 27.83390 0.23863 0.02910 SPM.HM 2013 -0.83351 0.63609 0.35269 27.89468 -0.09737 0.05420 SPM.HM 2014 0.00190 0.69190 0.41188 27.75121 0.01111 0.05980 SPM.HM 2015 0.03626 0.75994 0.51450 27.48681 -0.03324 0.06680 SPM.HM 2016 0.00035 1.23175 0.53739 27.53152 -0.05333 0.06210 SPM.HM 2017 -0.21248 1.53575 0.23326 27.47755 0.02715 0.06810 SPM.HM 2018 0.02266 1.57949 0.33712 27.22493 -0.00910 0.07080 SPM.HM 2019 0.05087 1.59939 0.45474 27.09152 0.00150 0.07020 SPM.HM 2020 0.03099 2.87094 0.56106 26.96610 0.45610 0.02910 SRC.HM 2013 -0.49349 0.51000 0.75153 0.28878 27.40472 0.31342 0.05420 SRC.HM 2014 -0.01587 0.51000 0.73126 0.24832 27.41295 0.00919 0.05980 SRC.HM 2015 -0.00810 0.69750 0.14358 0.06638 28.75204 -0.14209 0.06680 SRC.HM 2016 0.02881 0.51000 0.15164 0.09258 29.04276 -0.16315 0.06210 SRC.HM 2017 0.18396 0.51000 0.23221 0.16989 28.73858 0.25995 0.06810 SRC.HM 2018 -0.01274 0.51000 0.14498 0.10885 29.16804 0.10550 0.07080 SRC.HM 2019 -0.04698 0.36000 0.11809 0.08417 29.25134 0.00469 0.07020 SRC.HM 2020 0.74186 0.36000 0.22853 0.19223 29.25696 -0.26327 0.02910 SSC.HM 2013 -0.99763 0.18600 2.61349 0.83773 26.02221 -0.14406 0.05420 SSC.HM 2014 0.09130 0.18600 3.66335 0.77117 26.09037 1.15217 0.05980 SSC.HM 2015 0.14765 3.86414 0.67301 26.08727 -0.01086 0.06680 SSC.HM 2016 -0.07006 2.80000 0.26158 25.98266 0.58042 0.06210 SSC.HM 2017 -0.20945 17.11784 3.86982 24.02723 0.18495 0.06810 SSC.HM 2018 0.02543 3.93594 1.00542 25.58524 0.26734 0.07080 SSC.HM 2019 0.16895 2.36098 0.52159 26.34972 -0.11922 0.07020 SSC.HM 2020 -0.00046 2.76936 0.55364 26.30190 0.34987 0.02910 STG.HM 2013 0.10757 0.47730 11.58004 0.03041 28.16250 0.21579 0.05420 STG.HM 2014 0.36650 0.47730 12.65031 0.06308 28.12194 0.20477 0.05980 STG.HM 2015 1.62255 12.63750 0.26504 28.27797 0.24712 0.06680 STG.HM 2016 2.40706 9.41896 0.71589 28.30317 0.38010 0.06210 STG.HM 2017 0.08029 0.19508 0.00968 32.45941 0.00968 0.06810 STG.HM 2018 -0.05102 0.16023 0.00681 32.57614 0.07912 0.07080 STG.HM 2019 -0.03057 0.12015 0.00499 32.68980 0.22826 0.07020 STG.HM 2020 0.03051 0.17349 0.00434 32.82513 -0.11948 0.02910 SVT.HM 2013 -0.87925 2.82016 0.11433 25.67914 0.18750 0.05420 SVT.HM 2014 -0.03082 2.92885 0.08706 25.69726 0.17004 0.05980 0.17400 77 ID YEAR INV SVT.HM 2015 SVT.HM STATE FOREIGN TOBINQ LEV SZ GR GDP 0.00616 3.12324 0.20570 25.72307 0.05862 0.06680 2016 0.20606 3.83583 0.16576 25.76863 0.48387 0.06210 SVT.HM 2017 -0.02719 3.68718 0.00609 25.79413 0.13907 0.06810 SVT.HM 2018 -0.14104 3.24341 0.00384 26.01182 0.13727 0.07080 SVT.HM 2019 0.03015 4.51862 0.00204 25.95714 0.01696 0.07020 SVT.HM 2020 0.07433 4.51186 0.00474 26.26939 -0.03165 0.02910 TAC.HM 2013 0.22031 0.51000 0.26186 0.18669 29.10249 0.17452 0.05420 TAC.HM 2014 -0.01135 0.51000 0.23359 0.16318 29.18453 0.04192 0.05980 TAC.HM 2015 0.01379 0.27055 0.18205 29.08390 -0.19475 0.06680 TAC.HM 2016 -0.03348 6.67700 3.57237 26.01176 -0.03985 0.06210 TAC.HM 2017 0.30900 5.22928 3.08194 26.46817 0.42210 0.06810 TAC.HM 2018 0.30609 4.55616 3.25976 26.79211 0.15527 0.07080 TAC.HM 2019 -0.15049 3.01344 1.72701 27.13815 -0.25036 0.07020 TAC.HM 2020 0.33265 4.24113 2.76006 27.22963 0.79518 0.02910 TBC.HM 2013 0.03436 0.54000 0.92079 0.03315 27.53064 -0.27427 0.05420 TBC.HM 2014 0.04435 0.30000 0.85209 0.05213 27.71633 0.17721 0.05980 TBC.HM 2015 -0.10971 0.30000 17.60510 0.68659 24.49925 -0.11211 0.06680 TBC.HM 2016 0.00848 0.30000 6.34472 0.17028 26.22200 0.09513 0.06210 TBC.HM 2017 0.00941 0.30000 6.09619 0.10066 26.29452 0.01411 0.06810 TBC.HM 2018 0.13280 4.40757 0.48121 26.24556 0.06563 0.07080 TBC.HM 2019 0.63112 6.21534 2.67770 26.23676 0.07229 0.07020 TBC.HM 2020 -0.02566 9.41045 2.47558 26.16592 0.14527 0.02910 TCL.HM 2013 -0.01453 0.51000 0.55564 0.21712 28.05276 0.11864 0.05420 TCL.HM 2014 0.12500 0.51000 0.57589 0.27276 27.96428 0.00665 0.05980 TCL.HM 2015 -0.05078 0.51000 0.08110 0.67533 0.24603 27.88057 0.08574 0.06680 TCL.HM 2016 -0.01680 0.51000 0.08110 5.41749 0.21125 27.79511 0.09983 0.06210 TCL.HM 2017 0.01862 0.51000 0.08110 6.88573 0.18314 27.76680 0.04509 0.06810 TCL.HM 2018 0.14630 0.51000 0.08110 5.36611 0.23718 27.83199 0.14114 0.07080 TCL.HM 2019 0.09243 0.51000 0.08110 9.79409 0.25716 27.82118 -0.00486 0.07020 TCL.HM 2020 -0.10881 0.51000 6.02178 0.27311 27.83476 -0.04788 0.02910 TCM.HM 2013 0.01107 0.43220 1.48845 1.04988 27.80823 0.21984 0.05420 TCM.HM 2014 0.03549 0.43220 1.22781 0.79905 28.08085 -0.02565 0.05980 TCM.HM 2015 0.21821 0.43230 1.11177 0.79590 28.34180 -0.04394 0.06680 TCM.HM 2016 0.12173 0.43230 1.45410 1.10448 28.17986 -0.09062 0.06210 TCM.HM 2017 0.07575 0.43240 1.10873 0.85877 28.46210 0.01618 0.06810 TCM.HM 2018 0.06508 0.43320 2.36004 1.86636 27.68985 -0.00919 0.07080 TCM.HM 2019 -0.09773 0.43250 1.80319 1.27832 27.79475 0.01645 0.07020 TCM.HM 2020 0.01808 0.43260 1.73735 1.06323 27.86693 0.05684 0.02910 TCO.HM 2013 0.00782 0.79470 0.05816 27.94820 0.15740 0.05420 TCO.HM 2014 -0.08398 1.71699 0.04248 27.56733 0.18113 0.05980 TCO.HM 2015 0.17709 1.58145 0.03818 27.61073 -0.08622 0.06680 0.05000 78 ID YEAR INV TCO.HM 2016 TCO.HM STATE FOREIGN TOBINQ LEV SZ GR GDP -0.06055 0.84600 0.02993 27.49451 -0.25595 0.06210 2017 -0.05820 1.69683 0.02389 27.50295 -0.11560 0.06810 TCO.HM 2018 -0.02570 1.42257 0.02068 27.51232 -0.00631 0.07080 TCO.HM 2019 -0.05553 1.12405 0.01870 27.63701 -0.18381 0.07020 TCO.HM 2020 0.03004 1.97813 0.01440 28.12628 -0.16467 0.02910 TCR.HM 2013 -0.00167 0.29200 0.74942 0.65944 28.10029 0.29553 0.05420 TCR.HM 2014 -0.00420 0.29200 19.77405 16.88922 24.85196 0.24204 0.05980 TCR.HM 2015 -0.05219 0.46060 19.01163 15.35375 24.81858 0.41606 0.06680 TCR.HM 2016 -0.17049 0.44640 12.77646 9.86712 24.89976 -0.21985 0.06210 TCR.HM 2017 0.02365 0.44640 15.94547 12.27727 24.84010 0.13909 0.06810 TCR.HM 2018 -0.01065 0.44640 16.58434 13.44864 24.87435 0.09709 0.07080 TCR.HM 2019 -0.22116 0.44640 12.03134 8.93175 24.86439 0.03115 0.07020 TCR.HM 2020 -0.09471 0.44640 15.17687 11.03260 24.52557 -0.75616 0.02910 TCT.HM 2013 0.13340 0.16000 0.05380 6.76745 0.40048 24.02940 -0.05705 0.05420 TCT.HM 2014 0.09530 0.15000 0.20626 0.00545 27.98124 0.07877 0.05980 TCT.HM 2015 0.02517 0.06620 0.21701 0.00900 27.86467 -0.06830 0.06680 TCT.HM 2016 0.12189 0.07000 0.15697 0.00735 27.90918 -0.10886 0.06210 TCT.HM 2017 -0.00119 0.07000 0.10539 0.00655 28.05661 -0.06579 0.06810 TCT.HM 2018 0.24119 0.06289 0.00497 28.25505 0.25231 0.07080 TCT.HM 2019 0.17225 0.06096 0.01138 28.29492 -0.07863 0.07020 TCT.HM 2020 -0.11735 0.56350 0.07419 26.50684 0.02165 0.02910 TDC.HM 2013 0.26289 0.60700 1.72749 1.59345 28.32592 1.04807 0.05420 TDC.HM 2014 0.37966 0.60700 3.60094 2.97210 28.16647 0.38777 0.05980 TDC.HM 2015 0.20701 0.60700 0.03790 0.03230 32.88848 0.55276 0.06680 TDC.HM 2016 -0.01009 0.60700 0.02885 0.02585 33.09215 0.20164 0.06210 TDC.HM 2017 0.08080 0.60700 0.02776 0.02472 33.22719 0.73538 0.06810 TDC.HM 2018 -0.14051 0.01965 0.01732 33.40243 0.30437 0.07080 TDC.HM 2019 -0.07649 0.01465 0.01320 33.58088 0.63722 0.07020 0.09380 0.14910 TDC.HM 2020 -0.09099 0.01094 0.01006 33.71689 -0.50093 0.02910 TDH.HM 2013 0.01953 0.08820 0.12290 0.25936 0.14240 29.47315 0.17978 0.05420 TDH.HM 2014 0.07944 0.08820 0.13060 0.20995 0.12181 29.78932 0.08431 0.05980 TDH.HM 2015 0.03694 0.08820 0.18500 2.49865 1.44096 27.40177 0.13758 0.06680 TDH.HM 2016 0.10726 0.06000 0.14350 2.98390 1.26790 27.51955 0.15087 0.06210 TDH.HM 2017 0.02596 0.06000 0.16800 1.55423 1.37799 27.46744 0.13317 0.06810 TDH.HM 2018 0.58755 0.06000 0.15100 3.46835 3.40568 27.45049 0.10187 0.07080 TDH.HM 2019 0.16789 0.06000 0.11510 4.22668 4.19217 27.46893 0.11445 0.07020 0.11020 TDH.HM 2020 0.03755 0.06000 3.84462 3.79810 27.63319 0.18985 0.02910 TDW.HM 2013 -0.86389 0.51000 0.77908 0.15289 27.90616 -0.11573 0.05420 TDW.HM 2014 0.02821 0.51000 0.88587 0.16739 27.89545 0.21470 0.05980 TDW.HM 2015 0.10127 0.51000 1.34997 0.22298 27.64550 0.33220 0.06680 TDW.HM 2016 0.05001 0.51000 1.03867 0.25478 27.54600 0.18606 0.06210 79 ID YEAR INV STATE TDW.HM 2017 0.00220 TDW.HM 2018 TDW.HM FOREIGN TOBINQ LEV SZ GR GDP 0.51000 6.95648 1.13430 26.02697 0.09672 0.06810 -0.03778 0.51000 8.36796 0.95861 26.11816 0.05147 0.07080 2019 0.06635 0.51000 11.89289 1.00075 26.14293 0.35367 0.07020 TDW.HM 2020 0.20100 11.91467 1.11999 26.25810 0.37613 0.02910 THG.HM 2013 -0.10994 0.31619 0.19602 27.69025 0.15609 0.05420 THG.HM 2014 0.11861 0.27678 0.18524 27.92161 0.14747 0.05980 THG.HM 2015 0.49526 0.36263 0.26442 28.05117 0.16743 0.06680 THG.HM 2016 0.15168 0.42723 0.30580 27.95600 0.14788 0.06210 THG.HM 2017 0.24481 1.09617 0.83425 27.20269 0.15497 0.06810 THG.HM 2018 0.13675 0.80633 0.71053 27.51024 0.14350 0.07080 THG.HM 2019 0.27767 0.55837 0.52755 28.10846 0.13891 0.07020 THG.HM 2020 0.16484 0.54414 0.52670 28.23577 -0.17461 0.02910 TLG.HM 2013 0.53906 0.11190 1.11561 0.52879 27.29954 0.08216 0.05420 TLG.HM 2014 0.04869 0.11190 0.90945 0.43605 27.48294 0.22027 0.05980 TLG.HM 2015 0.07027 0.06590 0.70008 0.33197 27.98158 -0.03616 0.06680 TLG.HM 2016 0.17400 0.05790 0.94485 0.25448 28.22322 0.12594 0.06210 TLG.HM 2017 0.07231 2.59158 1.81674 26.35781 0.22984 0.06810 TLG.HM 2018 0.13418 1.27739 1.02702 26.96189 0.19730 0.07080 TLG.HM 2019 0.34810 0.07070 0.80318 0.70514 27.48595 -0.09356 0.07020 TLG.HM 2020 -0.04190 0.07070 0.84768 0.59854 27.57572 -0.24298 0.02910 TLH.HM 2013 -0.30025 1.91957 0.97354 27.67661 -0.03818 0.05420 TLH.HM 2014 0.23795 2.20768 0.95162 27.75371 0.38394 0.05980 TLH.HM 2015 0.09124 2.32689 0.65629 28.03616 -0.17800 0.06680 TLH.HM 2016 -0.16141 2.63920 0.58797 28.26572 -0.20595 0.06210 TLH.HM 2017 0.32120 11.67704 2.44142 27.03841 0.56058 0.06810 TLH.HM 2018 0.20810 10.89502 2.48957 26.95422 0.26628 0.07080 TLH.HM 2019 0.25535 9.34556 3.80875 27.05229 -0.24102 0.07020 TLH.HM 2020 -0.22363 6.45032 1.95601 27.23809 -0.34130 0.02910 TMP.HM 2013 -0.47157 0.51920 6.25085 3.00281 25.87673 0.28947 0.05420 TMP.HM 2014 -0.00679 0.51920 8.16117 3.58557 25.77914 0.11043 0.05980 TMP.HM 2015 0.09361 0.51920 8.05827 5.10545 25.47257 0.10500 0.06680 TMP.HM 2016 0.03275 0.51920 12.87803 3.38851 25.39968 0.25953 0.06210 TMP.HM 2017 -0.21123 0.51920 3.91626 0.96911 26.57916 2.46263 0.06810 TMP.HM 2018 0.03757 0.51920 3.02187 1.25483 26.48660 0.09002 0.07080 TMP.HM 2019 0.04755 0.51920 1.48768 0.62026 26.97901 0.00705 0.07020 TMP.HM 2020 0.14114 0.51920 1.91476 0.76447 27.22306 0.46077 0.02910 TMS.HM 2013 -0.62696 0.05960 0.24900 1.24977 0.18496 27.73035 0.02914 0.05420 TMS.HM 2014 0.10404 0.05960 0.24900 2.63119 0.30752 27.48551 1.71805 0.05980 TMS.HM 2015 0.21053 0.05790 0.24170 3.83090 0.81436 27.24182 1.46276 0.06680 TMS.HM 2016 0.40414 0.24010 2.55564 0.86297 27.70355 -0.24876 0.06210 TMS.HM 2017 0.41476 0.24340 5.50008 2.10759 27.26174 -0.07580 0.06810 80 ID YEAR INV TMS.HM 2018 TMS.HM STATE FOREIGN TOBINQ LEV SZ GR GDP 0.36440 0.17700 4.99921 2.17297 27.41097 -0.46322 0.07080 2019 0.04549 0.32390 7.71435 2.99832 26.99594 0.07869 0.07020 TMS.HM 2020 0.18407 0.07930 6.27476 2.35666 27.34620 0.29086 0.02910 TNA.HM 2013 -0.62828 0.20680 1.10292 0.24639 28.22537 -0.25664 0.05420 TNA.HM 2014 0.52872 0.20680 0.05480 0.55581 0.33551 28.50391 -0.55034 0.05980 TNA.HM 2015 0.04646 0.05480 0.40190 0.28841 28.69297 0.30573 0.06680 TNA.HM 2016 0.20693 0.05530 0.46725 0.34820 28.67714 -0.29592 0.06210 TNA.HM 2017 0.00046 0.05350 0.32309 0.26664 28.90456 0.30335 0.06810 TNA.HM 2018 0.31283 0.05350 0.56115 0.48977 28.65143 -0.10652 0.07080 TNA.HM 2019 -0.02408 1.71434 1.00102 27.80773 -0.12923 0.07020 TNA.HM 2020 0.21798 5.30969 2.32580 27.23700 -0.09839 0.02910 TNC.HM 2013 -0.82160 0.51000 0.27529 0.03917 27.42416 0.14909 0.05420 TNC.HM 2014 -0.04442 0.51000 0.14812 0.01859 28.10463 0.06289 0.05980 TNC.HM 2015 -0.03670 0.51000 0.11896 0.00725 28.57484 -0.04692 0.06680 TNC.HM 2016 0.01282 0.51000 1.58358 0.04831 26.62462 -0.00694 0.06210 TNC.HM 2017 0.03334 1.48283 0.07566 26.45087 0.04733 0.06810 TNC.HM 2018 0.01643 1.22750 0.09180 26.41474 -0.02945 0.07080 TNC.HM 2019 0.03792 2.11565 0.07850 26.59465 0.09441 0.07020 TNC.HM 2020 0.08520 0.51000 1.36155 0.09607 26.73764 0.11165 0.02910 TRA.HM 2013 0.38066 0.35670 0.32812 0.21867 28.24416 -0.18683 0.05420 TRA.HM 2014 0.12236 0.35670 0.23267 0.15431 28.43109 -0.13518 0.05980 TRA.HM 2015 0.04048 0.35670 0.20986 0.15988 28.58478 0.10800 0.06680 TRA.HM 2016 0.14525 0.35670 0.20149 0.14810 28.73873 2.10958 0.06210 TRA.HM 2017 0.06184 0.35670 0.19762 0.13477 28.89885 -0.52101 0.06810 TRA.HM 2018 0.09567 0.35670 1.66715 1.19091 26.89260 0.00764 0.07080 TRA.HM 2019 0.05071 0.35670 1.69916 1.21635 26.81906 -0.14915 0.07020 TRA.HM 2020 -0.01044 0.35670 1.54689 1.10971 26.96753 0.06430 0.02910 UIC.HM 2013 -0.56533 0.51000 0.80040 2.17072 1.29594 25.99320 0.08685 0.05420 UIC.HM 2014 -0.11089 0.51000 0.80040 1.55711 0.83301 26.27940 0.29401 0.05980 UIC.HM 2015 -0.06236 0.51000 0.44580 0.27493 27.34537 0.00862 0.06680 UIC.HM 2016 0.04359 0.27567 0.20343 27.59118 0.10336 0.06210 UIC.HM 2017 0.06004 2.05130 1.20702 25.76121 -0.01839 0.06810 UIC.HM 2018 0.03355 1.31447 0.69503 26.33835 0.05728 0.07080 UIC.HM 2019 0.02223 0.40923 0.23625 27.36765 -0.09825 0.07020 UIC.HM 2020 0.08897 0.44522 0.22403 27.61943 -0.06333 0.02910 VIP.HM 2013 1.06354 0.51000 0.06000 0.85834 0.76088 27.67743 0.23338 0.05420 VIP.HM 2014 -0.08373 0.47670 0.05970 0.70624 0.62150 27.84195 1.67750 0.05980 VIP.HM 2015 -0.15720 0.51000 0.51804 0.39269 27.83128 0.19218 0.06680 VIP.HM 2016 0.12468 0.47660 0.56158 0.48161 27.84987 0.63139 0.06210 VIP.HM 2017 -0.06984 0.47660 0.53915 0.37987 27.87686 0.42416 0.06810 VIP.HM 2018 -0.02810 0.51000 0.48435 0.34094 27.85176 0.17170 0.07080 81 ID YEAR INV STATE VIP.HM 2019 -0.07565 0.49850 VIP.HM 2020 VIX.HM TOBINQ LEV SZ GR GDP 0.03162 0.02411 30.31107 -0.03400 0.07020 0.11505 0.04953 0.03219 30.37104 0.64415 0.02910 2013 -0.82654 0.00227 0.00003 33.29442 0.09026 0.05420 VIX.HM 2014 0.14856 0.00217 0.00011 33.63179 0.65750 0.05980 VIX.HM 2015 1.16121 0.00156 0.00012 33.67722 0.22705 0.06680 VIX.HM 2016 0.16326 1.92818 0.71570 26.82387 0.34213 0.06210 VIX.HM 2017 0.21092 2.37265 1.01490 26.69706 0.70232 0.06810 VIX.HM 2018 0.15632 1.97877 0.96972 26.80837 0.26072 0.07080 VIX.HM 2019 0.15419 1.33491 0.68818 26.94210 -0.02093 0.07020 VIX.HM 2020 0.19738 1.36317 0.55277 27.21802 0.41708 0.02910 VND.HM 2013 -0.96383 0.78566 0.38439 28.29596 0.37373 0.05420 VND.HM 2014 0.18925 0.63208 0.37611 28.71001 0.18576 0.05980 VND.HM 2015 0.51293 0.77678 0.66385 29.38155 0.00844 0.06680 VND.HM 2016 -0.10135 1.19120 0.62346 29.27469 -0.25813 0.06210 VND.HM 2017 0.55610 8.91794 0.68865 29.71687 0.17393 0.06810 VND.HM 2018 0.30653 6.89489 0.71643 29.98424 -0.18382 0.07080 VND.HM 2019 0.09867 7.34551 0.71892 30.07833 0.66076 0.07020 VND.HM 2020 0.29422 5.12236 0.74466 30.33624 0.05501 0.02910 VNE.HM 2013 -0.87897 0.29660 0.19106 0.10736 30.11966 0.06847 0.05420 VNE.HM 2014 0.08393 0.29660 0.13999 0.04264 30.62988 -0.04455 0.05980 VNE.HM 2015 -0.17635 0.08850 0.02925 31.08602 0.61855 0.06680 VNE.HM 2016 -0.18130 0.06524 0.01496 31.29679 1.81458 0.06210 VNE.HM 2017 0.01740 0.09490 0.01331 31.51995 2.73913 0.06810 VNE.HM 2018 -0.03427 0.08449 0.01185 31.48304 -0.00689 0.07080 VNE.HM 2019 -0.04905 7.08033 0.96982 26.92074 -0.00488 0.07020 VNE.HM 2020 0.46135 13.62336 2.08023 27.01841 -0.49660 0.02910 VNL.HM 2013 -0.91554 0.07910 0.09565 0.04845 27.91022 0.16516 0.05420 VNL.HM 2014 0.19858 0.06900 0.13863 0.05872 28.45411 0.13323 0.05980 VNL.HM 2015 0.40755 0.16186 0.07283 28.34602 0.14280 0.06680 VNL.HM 2016 -0.01310 0.20088 0.09049 28.09459 0.16751 0.06210 VNL.HM 2017 0.01908 1.07799 0.10572 27.90871 0.09075 0.06810 VNL.HM 2018 0.03915 1.73093 0.13360 27.70020 0.02980 0.07080 VNL.HM 2019 -0.03743 0.38894 0.02539 29.25986 0.07146 0.07020 VNL.HM 2020 0.18101 0.30719 0.03123 29.39169 0.05892 0.02910 VOS.HM 2013 0.05311 0.60000 0.27930 17.00151 11.01402 26.64793 2.50551 0.05420 VOS.HM 2014 -0.03240 0.60000 0.28310 12.77127 7.73131 26.94096 -0.30726 0.05980 VOS.HM 2015 -0.10257 0.51000 0.38350 12.25093 7.82387 26.86741 -0.07383 0.06680 VOS.HM 2016 -0.08624 0.51000 0.37320 11.37254 7.00237 26.96846 0.65644 0.06210 VOS.HM 2017 -0.08838 0.51000 0.26260 5.80683 4.38244 27.32457 2.21968 0.06810 VOS.HM 2018 -0.05663 0.26260 5.63651 4.01498 27.33653 -0.48900 0.07080 VOS.HM 2019 -0.14402 0.26260 4.38196 3.36828 27.29736 -0.76984 0.07020 0.51000 FOREIGN 82 ID YEAR INV STATE FOREIGN TOBINQ LEV SZ GR GDP VOS.HM 2020 -0.10394 0.51000 0.26260 3.24403 2.44861 27.56294 0.65263 0.02910 VPH.HM 2013 -0.00711 0.09445 0.05433 31.01129 0.13504 0.05420 VPH.HM 2014 -0.04535 0.08518 0.04142 31.17682 -0.55425 0.05980 VPH.HM 2015 -0.02684 0.07494 0.03244 31.25179 1.99581 0.06680 VPH.HM 2016 0.04914 0.06006 0.02310 31.43099 -0.64264 0.06210 VPH.HM 2017 0.10681 0.05068 0.01843 31.51119 0.70090 0.06810 VPH.HM 2018 0.07684 0.10510 0.02196 29.48147 -0.54369 0.07080 VPH.HM 2019 -0.14155 0.13768 0.03687 29.42852 -0.71242 0.07020 VPH.HM 2020 0.17405 0.22751 0.11474 29.49747 -0.11090 0.02910 VRC.HM 2013 -0.18681 0.08160 3.30815 0.72525 28.59785 0.13504 0.05420 VRC.HM 2014 -0.19688 0.08160 4.00277 0.76229 28.35292 -0.55425 0.05980 VRC.HM 2015 0.03802 0.08160 5.09513 3.90595 26.30097 1.99581 0.06680 VRC.HM 2016 -0.32905 0.08160 6.37877 4.77121 26.33600 -0.64264 0.06210 VRC.HM 2017 0.11301 4.69621 3.40475 26.60900 0.70090 0.06810 VRC.HM 2018 0.39361 2.84138 2.20313 26.91489 -0.54369 0.07080 VRC.HM 2019 0.17985 1.89091 1.53884 27.29155 -0.71242 0.07020 VRC.HM 2020 0.00517 2.28959 1.69278 27.07554 -0.11090 0.02910 ...MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM BANKING UNIVERSITY OF HCMC NGUYEN THI THUY NHIEN ? ?OWNERSHIP STRUCTURE AND CORPORATE INVESTMENT EFFICIENCY: A CASE STUDY OF VIETNAMESE LISTED FIRMS? ??... 2020 Analytical data are collected from annual reports and financial statements of listed companies, so they are mainly book data, excluding market value Investment efficiency is a complicated... coefficients that summarise a data set, which can be a representation of the full population or a sample of it Descriptive statistics are used to present information in terms of mean and standard deviation