Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.Ownership structure, Accounting Conservatism and Firm Performance: Evidence from Vietnam.
i MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY … Vo Thi Thuc OWNERSHIP STRUCTURE, ACCOUNTING CONSERVATISM AND FIRM PERFORMANCE: EVIDENCE FROM VIETNAM A DOCTORAL THESIS Ho Chi Minh City, 2023 i MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY … Vo Thi Thuc OWNERSHIP STRUCTURE, ACCOUNTING CONSERVATISM AND FIRM PERFORMANCE: EVIDENCE FROM VIETNAM Major: Accounting Code: 9340301 A DOCTORAL THESIS Supervisors: Prof, Dr Vo, Xuan Vinh Prof Jonathan A, Batten Ho Chi Minh City, 2023 ii STATEMENT OF AUTHENTICATION I hereby declare that this thesis was carried out by myself under the guidance of supervisors The data and figures presented in this thesis are honest The results of the thesis have not previously been published in any other research Vo Thi Thuc iii ACKNOWLEDGMENT Firstly, I would like to express deeply respect and gratitude to my two supervisors, Professor Vo Xuan Vinh and Professor Jonathan A Batten for their support and guidance I sincerely thank Prof Vo Xuan Vinh for creating conditions for me to learn research methods and skills from the first days I would like to thank Prof Vo Xuan Vinh for always accompanying, encouraging and supporting me to overcome the most difficult period in the process of implementing the thesis I sincerely thanks Prof Johnathan Batten for his comments and support me the references so that I can complete the thesis I would like to thank the University of Economics Ho Chi Minh City, and the School of Accounting at University of Economics Ho Chi Minh City imparting knowledge during the study process and providing valuable comments during the thesis so that I can complete this thesis I would like to express sincere thanks to the leadership and the colleagues of the Faculty of Accounting, Ton Duc Thang University, for motivating and encouraging me to complete the PhD program Finally, I would like to express my deep gratitude to my family, my mother, especially my husband and daughter, who have always listened, understood and shared everything so that I can focus on completing this thesis Vo Thi Thuc iv TABLE OF CONTENTS ABBREVIATIONS ix LIST OF TABLES x LIST OF FIGURES xii ABSTRACT xiii INTRODUCTION .1 Motivation for research .1 Research objective Research questions .5 Methodology 5 Research subjects and research scope Contribution of the thesis 7 Thesis structure 10 CHAPTER 1: LITERATURE REVIEW 11 1.1 Research concepts 11 1.1.1 Accounting conservatism 11 1.1.2 Ownership structure 13 1.1.2.1 Ownership concentration 13 1.1.2.2 Ownership structure types 13 1.1.3 Firm performance 14 1.2 Summary methods on the measurement of accounting conservatism 15 1.2.1 Balance sheet measures 15 1.2.1.1 Book-to-market ratio 15 1.2.1.2 Bias component 15 1.2.2 Income statement measures 16 1.2.2.1 Accrual-based measures 16 1.2.2.2 Cash-flow-based measures 18 1.2.2.3 Basu’s PEC model 18 1.2.3 Earnings/stock return relation measures 19 v 1.2.3.1 Basu’s asymmetric timeliness model .19 1.2.3.2 Khan and Watts’ (2009) model 20 1.3 Research on the relationship between ownership structure and accounting conservatism 22 1.3.1 Ownership concentration and accounting conservatism 22 1.3.2 Ownership types and accounting conservatism .23 1.3.2.1 Managerial ownership and accounting conservatism 23 1.3.2.2 Institutional ownership and accounting conservatism .24 1.3.2.3 Foreign ownership and accounting conservatism 26 1.3.2.4 State ownership and accounting conservatism 27 1.4 Research on the relationship between accounting conservatism and firm performance 28 1.5 Research gaps 31 CONCLUSION OF CHAPTER 33 CHAPTER 2: CONCEPTUAL FRAMEWORK AND HYPOTHESES 34 2.1 Theoretical framework 34 2.1.1 The agency theory 34 2.1.2 Political cost theory 35 2.1.3 The signaling theory 36 2.1.4 The positive accounting theory 37 2.2 Hypotheses and conceptual framework 38 2.2.1 Hypotheses development 38 2.2.1.1 The relationship between ownership concentration and accounting conservatism 38 2.2.1.2 The relationship between managerial ownership and accounting conservatism 39 2.2.1.3 The relationship between institutional ownership and accounting conservatism 40 vi 2.2.1.4 The relationship between foreign ownership and accounting conservatism 41 2.2.1.5 The relationship between state ownership and accounting conservatism42 2.2.1.6 The relationship between accounting conservatism and firm performance 42 2.2.1.7 Other factors that not belong to the ownership structure which affect to accounting conservatism 43 2.2.2 Conceptual framework 45 CONCLUSION OF CHAPTER .47 CHAPTER 3: RESEARCH METHODOLOGY 48 3.1 Research method and research process 48 3.1.1 Research method 48 3.1.2 Research process 48 3.2 Regression model 50 3.2.1 Model to analyze the feature of accounting conservatism in Vietnamese listed firms 50 3.2.2 Model to investigate the effect of ownership structure on accounting conservatism 51 3.2.3 Model to investigate the effect of accounting conservatism on firm performance 53 3.3 Measurement variables 54 3.3.1 Accounting conservatism 54 3.3.2 Ownership structures 59 3.3.2.1 Ownership concentration 59 3.3.2.2 Ownership types 59 3.3.3 Firm performance 61 3.3.4 Control variables 62 3.4 Research design 63 3.4.1 Sample and data collection methods 63 vii 3.4.2 Data analysis .66 3.4.2.1 Panel data analysis 66 3.4.2.2 Selecting the best regression equation .66 3.4.2.3 Diagnostic Tests 67 3.4.2.4 Remedying defects with FGLS 68 CONCLUSION OF CHAPTER 69 CHAPTER 4: RESULTS AND DISCUSSION 70 4.1 Accounting conservatism of listed firms on the Vietnamese stock market 70 4.1.1 The feature of accounting conservatism in Vietnamese listed firms 70 4.1.2 Measuring level of accounting conservatism .71 4.1.2.1 The level of accounting conservatism measured by asymmetric timeliness score according to Khan and Watts (2009) 72 4.1.2.2 The level of accounting conservatism measured by accumulated accruals according to Ahmed and Duellman (2007) 73 4.2 Descriptive Statistics 74 4.2.1 Group of factor variables related to ownership structure 74 4.2.2 Group of factor variables related to firm performance 74 4.2.3 Group of factor variables related to firm characteristics 74 4.3 Correlation and regression statistics 75 4.3.1 Correlation analysis 75 4.3.2 Multivariate analysis 77 4.3.2.1 Ownership structure and accounting conservatism measured follow to Khan and Watts (2009) 77 4.3.2.2 Ownership structure and accounting conservatism measured follow to Ahmed and Duellman (2007) .82 4.3.2.3 Accounting conservatism and firm performance (Accounting conservatism measured follow to Khan and Watts (2009)) 87 4.3.2.4 Accounting conservatism and firm performance (Accounting conservatism measured follow to Ahmed and Duellman (2007)) 91 viii 4.4 Summarize the results of the regression analysis and discuss the results 95 4.4.1 Relationship between ownership structure and accounting conservatism 98 4.4.2 Relationship between accounting conservatism and firm performance 101 4.4.3 Control variables and conservatism 102 CONCLUSION OF CHAPTER 104 CHAPTER 5: CONCLUSION AND RECOMMENDATION 105 5.1 Summary of findings 105 5.1.1 The relationship between ownership structure and accounting conservatism 106 5.1.2 The relationship between accounting conservatism and firm performance 108 5.2 Proposing a number of recommendations related to the adopting of accounting conservatism principle of companies listed on the Vietnamese stock market 109 5.2.1 For policy makers 109 5.2.2 For listed firms 111 5.2.3 For users of financial statements 112 5.3 The significance of research 113 5.4 Limitations of this thesis and Future research 115 CONCLUSION OF CHAPTER 116 CONCLUSION 117 LIST OF PAPERS 119 REFERENCE 120 xxxv No Stock Code 236 REE 237 RIC 238 ROS 239 S4A 240 SAB 241 SAM Refrigeration Electrical Engineering Corporation The Royal International Corporation FLC Faros Construction Joint Stock Company Se San 4A Hydro Power JSC Saigon Beer - Alcohol - Beverage Corporation SAM Holdings Corporation 242 SAV Savimex Corporation 243 244 245 SBA SBV SC5 246 SCD 247 248 249 250 251 SCR SCS SFG SFI SGN 252 SGR 253 SGT 254 255 256 SHA SHI SHP Song Ba JSC Siam Brothers Vietnam JSC Construction JSC No Chuong Duong Beverages Joint Stock Company Sai Gon Thuong Tin Real Estate JSC SCSC Cargo Service Corporation The Southern Fertilizer JSC Sea & Air Freight International Saigon Ground Services JSC Saigon Reai Estate Group Joint Stock Company Sai Gon Telecommunication & Technologies Corporation Son Ha Sai Gon Joint Stock Company Son Ha International Corporation Southern Hydropower JSC 257 SII Sai Gon Water Infrastructure Corporation CTCP Hạ tầng Nước Sài Gòn 258 SJD Candon HydroPower Joint Stock Company CTCP Thủy điện Cần Đơn 259 SJF 260 SJS 261 262 263 SKG SMA SMB CTCP Đầu tư Sao Thái Dương CTCP Đầu tư Phát triển Đô thị Khu công nghiệp Sông Đà CTCP Tàu cao tốc Superdong - Kiên Gian CTCP Thiết bị Phụ tùng Sài Gòn CTCP Bia Sài Gòn - Miền Trung 264 SMC 265 266 267 268 SPM SRC SRF SSC Sunstar Investment Joint Stock Company Song Da Urban & Industrial Zone Investment & Development JSC Superdong Fast Ferry Kieng Giang JSC Sai Gon Machinery Spare Parts JSC Sai Gon - Mien Trung Beer JSC SMC Trading Investment Joint Stock Company SPM Joint Stock Company Sao Vang Rubber Joint Stock Company Searefico Corporation Southern Seed Corporation Company name (English) Company name (Vietnamese) CTCP Cơ Điện Lạnh CTCP Quốc tế Hoàng Gia CTCP Xây dựng FLC Faros CTCP Thủy điện Sê San 4A Tổng Công ty cổ phần Bia - Rượu - Nước giải khát Sài Gòn CTCP SAM HOLDINGS CTCP Hợp tác Kinh tế Xuất nhập Savimex CTCP Sông Ba CTCP Siam Brothers Việt Nam CTCP Xây dựng Số CTCP Nước giải khát Chương Dương CTCP Địa ốc Sài Gịn Thương Tín CTCP Dịch vụ Hàng hóa Sài Gịn CTCP Phân Bón Miền Nam CTCP Đại lý Vận tải SAFI CTCP Phục vụ Mặt đất Sài Gòn CTCP Tổng CTCP Địa ốc Sài Gịn CTCP Cơng nghệ Viễn Thơng Sài Gịn CTCP Sơn Hà Sài Gòn CTCP Quốc tế Sơn Hà CTCP Thủy điện Miền Nam CTCP Đầu tư Thương mại SMC CTCP SPM CTCP Cao su Sao Vàng CTCP Searefico CTCP Giống trồng Miền Nam xxxvi 269 270 271 272 273 274 275 Stock Code ST8 STG STK SVC SVD SVI SVT 276 SZC 277 SZL 278 TAC 279 TBC 280 TCD 281 TCL 282 TCM 283 TCO Duyen Hai Multi Modal Transport JSC 284 285 TCR TCT Taicera Enterprise Company Tay Ninh Cable Car Tour Company 286 TDC Binh Duong Trade And Development JSC 287 TDG TDG Global Investment Joint Stock Company CTCP Đầu tư TDG GLOBAL 288 TDH Thu Duc Housing Development Corporation CTCP Phát triển Nhà Thủ Đức 289 TDM Thu Dau Mot Water Joint Stock Company CTCP Nước Thủ Dầu Một 290 TDP CTCP Thuận Đức 291 TDW Thuan Duc Joint Stock Company Thu Duc Water Supply Joint Stock Company 292 TEG Truong Thanh Energy and Real Estate JSC 293 TGG 294 THG 295 THI Louis Capital JSC Tien Giang Investment And Construction JSC Electronical Equipment Joint Stock Company No Company name (English) Company name (Vietnamese) Sieu Thanh Joint Stock Company South Logistics Joint Stock Company Century Synthetic Fiber Corporation Saigon General Service Corporation Vu Dang Investment & Trading JSC Bien Hoa Packaging Company Sai Gon Vien Dong Technology , JSC SONADEZI Chau Duc Shareholding Company Sonadezi Long Thanh Shareholding Company TuongAn Vegetable Oil Joint Stock Company CTCP Siêu Thanh CTCP Kho vận Miền Nam CTCP Sợi Thế Kỷ CTCP Dịch vụ Tổng hợp Sài Gòn CTCP Đầu tư & Thương mại Vũ Đăng CTCP Bao bì Biên Hịa CTCP Cơng nghệ Sài Gịn Viễn Đơng Thac Ba Hydropower Joint Stock Company CTCP Thủy điện Thác Bà Transport and Industry Development Investment JSC Tan Cang Logistics & Stevedoring Joint Stock Company Thanh Cong Textile Garment Investment Trading Joint Stock Company CTCP Đầu tư Phát triển Công nghiệp Vận tải CTCP Đại lý Giao nhận Vận tải Xếp dỡ Tân Cảng CTCP Dệt may - Đầu tư - Thương mại Thành Công CTCP Vận tải Đa phương thức Duyên Hải CTCP Công nghiệp Gốm sứ Taicera CTCP Cáp treo Núi Bà Tây Ninh CTCP Kinh doanh Phát triển Bình Dương CTCP Sonadezi Châu Đức CTCP Sonadezi Long Thành CTCP Dầu thực vật Tường An CTCP Cấp nước Thủ Đức CTCP Năng lượng Bất động sản Trường Thành CTCP Louis Capital CTCP Đầu tư Xây dựng Tiền Giang CTCP Thiết bị Điện xxxvii No Stock Code Company name (English) 296 TIP Tin Nghia Industrial Park Development JSC 297 TLD 298 Company name (Vietnamese) TLG Thang Long Urban Development And Construction Investment JSC Thien Long Group Corporation CTCP Phát triển Khu Cơng nghiệp Tín Nghĩa CTCP Đầu tư Xây dựng Phát triển Đô thị Thăng Long CTCP Tập đoàn Thiên Long 299 TLH Tien Len Steel Group Joint Stock Company CTCP Tập đoàn Thép Tiến Lên 300 TMP CTCP Thủy điện Thác Mơ 301 302 TMS TMT Thac Mo Hydro Power Joint Stock Company Transimex Corporation TMT Motors Corporation 303 TN1 TNS Holdings Trading Service JSC 304 TNA Thien Nam Trading Import Export JSC 305 TNC Thong Nhat Rubber Joint Stock Company CTCP Cao su Thống Nhất 306 307 308 TNH TNI TNT Thai Nguyen International Hospital JSC Thanh Nam Group JSC TNT Group JSC CTCP Bệnh viện Quốc tế Thái Nguyên CTCP Tập đoàn Thành Nam CTCP Tập đoàn TNT 309 TPC Tan Dai Hung Plastic Joint Stock Company CTCP Nhựa Tân Đại Hưng 310 311 TRA TRC 312 TSC CTCP Traphaco CTCP Cao su Tây Ninh CTCP Vật tư Kỹ thuật nông nghiệp Cần Thơ 313 TTA 314 TTB 315 TTE Traphaco Joint Stock Company Tay Ninh Rubber Joint Stock Company Techno - Agricultural Supplying Joint Stock Company Truong Thanh Development and Constrution Investment Joint Stock Company Tien Bo Group JSC Truong Thinh Energy Investment Joint Stock Company 316 TTF Truong Thanh Furniture Corporation 317 318 TV2 TVT 319 TYA 320 UDC Power Engineering Consulting JSC Viet Thang Corporation Taya (Vietnam) Electric Wire And Cable JSC Urban Development & Construction Corporation 321 UIC Idico Urban & House Development JSC 322 VAF Van Dien Fused Magnesium Phosphate Fertilizer JSC CTCP Transimex CTCP Ô tô TMT CTCP Thương mại Dịch vụ TNS Holdings CTCP Thương mại Xuất nhập Thiên Nam CTCP Đầu tư Xây dựng Phát triển Trường Thành CTCP Tập đoàn Tiến Bộ CTCP Đầu tư Năng lượng Trường Thịnh CTCP Tập đoàn Kỹ nghệ gỗ Trường Thành CTCP Tư vấn Xây dựng Điện Tổng Công ty Việt Thắng - CTCP CTCP Dây Cáp Điện Taya Việt Nam CTCP Xây dựng Phát triển Đô thị Tỉnh Bà Rịa Vũng Tàu CTCP Đầu tư Phát triển Nhà Đô thị IDICO CTCP Phân lân Nung chảy Văn Điển xxxviii 323 324 Stock Code VCA VCF 325 VCG 326 VDP 327 VFG Viet Nam Fumigation Joint Stock Company CTCP Khử trùng Việt Nam 328 329 330 331 VGC VHC VHM VIC 332 VID 333 VIP Viglacera Corporation - JSC Vinh Hoan Corporation Vinhomes JSC Vingroup Joint Stock Company Vien Dong Investment Development Trading Corporation Vietnam Petroleum Transport JSC Tổng Cơng ty Viglacera - CTCP CTCP Vĩnh Hồn CTCP Vinhomes Tập đoàn VINGROUP - CTCP CTCP Đầu tư Phát triển Thương mại Viễn Đông CTCP Vận tải Xăng dầu Vipco 334 VIS Vietnam – Italy Steel Joint Stock Company CTCP Thép Việt Ý 335 VJC CTCP Hàng không Vietjet 336 VMD 337 VNE 338 VNG 339 VNL 340 VNM 341 342 VNS VOS 343 VPD 344 VPG 345 VPH 346 VPI Vietjet Aviation Joint Stock Company Vimedimex Medi - Pharma Joint Stock Company Vietnam Electricity Construction Joint Stock Corporation Thanh Thanh Cong Tourist Joint Stock Company Vinalink Logistics Joint Stock Company Viet Nam Dairy Products Joint Stock Company VietNam Sun Copporation Viet Nam Ocean Shipping JSC Vietnam Power Development Joint Stock Company Viet Phat Import Export Trading Investment JSC Van Phat Hung Corporation Van Phu - Invest Investment Joint Stock Company 347 VPS Vietnam Pesticide Joint Stock Company 348 349 VRC VRE 350 VSC 351 VSH VRC Real Estate and Investment JSC Vincom Retail Joint Stock Company Vietnam Container Shipping Joint Stock Corporation Vinh Son - Song Hinh Hydropower Joint Stock Company No Company name (English) Company name (Vietnamese) VNSTEEL - VICASA JSC Vinacafé Bienhoa Joint Stock Company Vietnam Construction And Import-Export Joint Stock Corporation Vidipha Central Pharmaceutical Joint Stock Company CTCP Thép VICASA - VNSTEEL CTCP Vinacafé Biên Hòa Tổng Công ty cổ phần Xuất nhập Xây dựng Việt Nam CTCP Dược phẩm Trung ương VIDIPHA CTCP Y Dược phẩm Vimedimex Tổng Công ty cổ phần Xây dựng Điện Việt Nam CTCP Du lịch Thành Thành Công CTCP Logistics Vinalink CTCP Sữa Việt Nam CTCP Ánh Dương Việt Nam CTCP Vận tải Biển Việt Nam CTCP Phát triển Điện lực Việt Nam CTCP Đầu tư Thương mại Xuất nhập Việt Phát CTCP Vạn Phát Hưng CTCP Đầu tư Văn Phú - INVEST CTCP Thuốc sát trùng Việt Nam (VIPESCO) CTCP Bất động sản Đầu tư VRC CTCP Vincom Retail CTCP Container Việt Nam CTCP Thủy điện Vĩnh Sơn - Sông Hinh xxxix No Stock Code 352 VSI 353 354 355 356 VTB VTO YBM YEG Company name (English) Company name (Vietnamese) CTCP Đầu tư Xây dựng Cấp nước CTCP Viettronics Tân Bình CTCP Vận tải Xăng dầu Vitaco CTCP Khống sản Cơng nghiệp Yên Bái CTCP Tập đoàn Yeah1 Water Supply Sewerage Contruction & Invesment JSC Viettronics Tan Binh JSC Viet Nam Tanker Joint Stock Company Yen Bai Industry Mineral JSC Yeah1 Group Corporation Appendix 05: Regression results of Basu’s Asymmetric Timeliness reg X DR R DR_R Source SS df MS Model Residual 8.27984055 383.810722 2,533 2.75994685 15152417 Total 392.090562 2,536 154609843 X Coef DR R DR_R _cons -.0092879 0132901 3022167 1980386 Std Err .0241542 0114347 0718137 0123549 t Number of obs F(3, 2533) Prob > F R-squared Adj R-squared Root MSE P>|t| -0.38 1.16 4.21 16.03 0.701 0.245 0.000 0.000 = = = = = = 2,537 18.21 0.0000 0.0211 0.0200 38926 [95% Conf Interval] -.0566518 -.0091323 1613971 1738119 0380761 0357124 4430363 2222654 Appendix 06: Descriptive statistics of variables sum C_SCORE CONS_ACC ROA_w ROE_w TBQ_w LIQ_w MANA_w INSTI_w CON_w FORE_w STATE_w FSIZE_w LEV_w M > TB_w GROWS_w Variable Obs Mean C_SCORE CONS_ACC ROA_w ROE_w TBQ_w 2,637 2,937 3,024 3,024 3,024 1906068 -.0431117 0638428 1208706 1.071659 LIQ_w MANA_w INSTI_w CON_w FORE_w 2,634 3,204 3,204 3,204 2,797 STATE_w FSIZE_w LEV_w MTB_w GROWS_w 2,797 2,950 3,204 3,204 3,204 Std Dev Min Max 6310258 0766722 0715625 1260911 6446075 -6.93475 -.454642 -.16892 -.6043521 0973844 4.877562 6482617 3785088 6523626 7.129385 9240076 098187 3517276 4565902 0515281 1.338078 1478202 2975642 2708344 1058358 0010953 0 0 11.26179 6749761 9879 9946 5169 1608381 7.245041 1.536728 9352717 1993661 2496197 1.377733 2.31084 1.047256 7354533 4.306899 0 -.9024466 9444 11.48555 16.38384 9.204129 7.196564 xl Appendix 07: Pearson (Spearman) Correlations pwcorr CONS_ACC C_SCORE ROA_w ROE_w TBQ_w LIQ_w MANA_w INSTI_w CON_w FORE_w STATE_w FSIZE_w LEV_ > w MTB_w GROWS_w, sig CONS_ACC ROA_w ROE_w TBQ_w LIQ_w MANA_w CONS_ACC 1.0000 C_SCORE 0.0537 0.0060 1.0000 ROA_w -0.3677 0.0000 -0.0416 0.0328 1.0000 ROE_w -0.3434 0.0000 -0.0636 0.0011 0.8427 0.0000 1.0000 TBQ_w -0.1970 0.0000 -0.1056 0.0000 0.5336 0.0000 0.4108 0.0000 1.0000 LIQ_w -0.0818 0.0000 0.0351 0.0717 -0.1452 0.0000 -0.1232 0.0000 -0.1607 0.0000 1.0000 MANA_w -0.0217 0.2401 -0.0123 0.5292 -0.1053 0.0000 -0.0719 0.0001 -0.0179 0.3244 0.0248 0.2032 1.0000 INSTI_w 0.0438 0.0176 -0.0286 0.1419 0.1882 0.0000 0.1203 0.0000 0.2656 0.0000 -0.3876 0.0000 -0.4098 0.0000 CON_w 0.0238 0.1982 -0.0474 0.0150 0.1297 0.0000 0.0769 0.0000 0.2775 0.0000 -0.4687 0.0000 0.0774 0.0000 FORE_w -0.0298 0.1167 -0.0335 0.0864 0.0635 0.0008 0.0449 0.0178 0.1186 0.0000 -0.0670 0.0006 -0.0786 0.0000 STATE_w 0.0762 0.0001 0.1235 0.0000 0.0963 0.0000 0.0725 0.0001 0.0382 0.0435 -0.2361 0.0000 -0.3669 0.0000 FSIZE_w 0.0616 0.0008 -0.1854 0.0000 -0.1314 0.0000 -0.0178 0.3333 0.1227 0.0000 0.0546 0.0051 -0.0090 0.6235 LEV_w 0.2569 0.0000 0.1360 0.0000 -0.3713 0.0000 -0.2782 0.0000 -0.1564 0.0000 0.0743 0.0001 0.1349 0.0000 MTB_w -0.1628 0.0000 -0.1357 0.0000 0.4129 0.0000 0.3319 0.0000 0.7178 0.0000 -0.1455 0.0000 0.0577 0.0011 GROWS_w -0.0727 0.0001 0.0167 0.3908 0.0235 0.1972 0.0637 0.0005 -0.0342 0.0601 0.1150 0.0000 0.0213 0.2275 INSTI_w CON_w FORE_w STATE_w FSIZE_w LEV_w MTB_w INSTI_w 1.0000 CON_w 0.8122 0.0000 1.0000 FORE_w 0.2065 0.0000 0.1643 0.0000 1.0000 STATE_w 0.5262 0.0000 0.3781 0.0000 -0.1113 0.0000 1.0000 FSIZE_w 0.1221 0.0000 0.1084 0.0000 0.1434 0.0000 0.0931 0.0000 1.0000 LEV_w -0.0049 0.7799 0.0586 0.0009 -0.0766 0.0001 0.0178 0.3477 0.1092 0.0000 1.0000 MTB_w 0.2993 0.0000 0.3280 0.0000 0.1223 0.0000 -0.0062 0.7438 0.1815 0.0000 -0.1304 0.0000 1.0000 GROWS_w -0.0819 0.0000 -0.0665 0.0002 0.0120 0.5253 -0.1039 0.0000 -0.0603 0.0010 -0.0466 0.0083 -0.0523 0.0031 GROWS_w GROWS_w C_SCORE 1.0000 xli Appendix 08: Results of regression OLS, FEM, REM_Model 2: Ownership structure and C_SCORE esttab OLS2_MANA > ckets nogap OLS2_INSTI (1) C_SCORE MANA_w FSIZE_w LEV_w ROA_w GROWS_w -0.114 [-1.46] -0.0961*** [-10.61] 0.0410*** [7.40] -0.0321 [-0.17] 0.0196 [1.13] INSTI_w OLS2_CON OLS2_FORE OLS2_STATE, r2 star(* 0.1 ** 0.05 *** 0.01) bra (2) C_SCORE -0.0964*** [-10.57] 0.0412*** [7.41] -0.0229 [-0.12] 0.0195 [1.12] 0.0310 [0.71] CON_w (3) C_SCORE -0.0951*** [-10.46] 0.0407*** [7.32] 0.00994 [0.05] 0.0181 [1.04] (4) C_SCORE -0.0961*** [-10.45] 0.0416*** [7.46] 0.0528 [0.28] 0.0204 [1.17] -0.0992*** [-11.01] 0.0386*** [7.00] -0.0973 [-0.53] 0.0309* [1.78] -0.0305 [-0.55] FORE_w 0.0537 [0.47] STATE_w _cons (5) C_SCORE 0.825*** [11.56] 0.802*** [11.32] 2633 0.060 2633 0.059 N R-sq 0.819*** [11.15] 2633 0.059 0.801*** [11.34] 2614 0.059 0.346*** [7.04] 0.786*** [11.25] 2614 0.076 t statistics in brackets * p