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BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ THÀNH PHỐ HỒ CHÍ MINH t to ng hi ep HOÀNG ANH TUẤN w n lo ad ju y th yi pl MỐI QUAN HỆ GIỮA PHÁT TRIỂN TÀI CHÍNH, al n ua HẠN CHẾ TÀI CHÍNH VÀ QUYẾT ĐỊNH ĐẦU TƯ va n CỦA CÁC DOANH NGHIỆP VIỆT NAM ll fu oi m at nh z z ht vb LUẬN VĂN THẠC SĨ KINH TẾ k jm om l.c gm n a Lu n va y te re THÀNH PHỐ HỒ CHÍ MINH, NĂM 2019 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ THÀNH PHỐ HỒ CHÍ MINH t to ng hi ep HOÀNG ANH TUẤN w n lo ad ju y th MỐI QUAN HỆ GIỮA PHÁT TRIỂN TÀI CHÍNH, yi HẠN CHẾ TÀI CHÍNH VÀ QUYẾT ĐỊNH ĐẦU TƯ pl n ua al CỦA CÁC DOANH NGHIỆP VIỆT NAM n va fu ll CHUYÊN NGÀNH: TÀI CHÍNH – NGÂN HÀNG m oi MÃ NGÀNH: 8340201 at nh z LUẬN VĂN THẠC SĨ KINH TẾ z ht vb jm k NGƯỜI HƯỚNG DẪN KHOA HỌC: om l.c gm PGS.TS NGUYỄN THỊ LIÊN HOA n a Lu n va y te re THÀNH PHỐ HỒ CHÍ MINH, NĂM 2019 TRANG PHỤ BÌA t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re LỜI CAM ĐOAN t to Tôi xin cam đoan luận văn “Mối quan hệ phát triển tài chính, hạn chế ng tài định đầu tư doanh nghiệp Việt Nam” cơng trình nghiên hi ep cứu riêng rơi có hỗ trợ giảng viên hướng dẫn PGS TS Nguyễn thị liên hoa Các thông tin, liệu sử dụng luận văn trung thực; nội dung w n trích dẫn ghi rõ nguồn gốc, kết nghiên cứu trình bày lo ad luận văn chưa công bố công trình nghiên cứu khác ju y th Hồ Chí Minh, năm 2019 Người thực yi pl ua al n Hoàng Anh Tuấn n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re MỤC LỤC t to TRANG PHỤ BÌA ng LỜI CAM ĐOAN hi ep MỤC LỤC DANH MỤC BẢNG BIỂU w n TÓM TẮT lo ad ABSTRACT ju y th CHƯƠNG 1: GIỚI THIỆU 1.1 ĐẶT VẤN ĐỀ NGHIÊN CỨU .1 yi pl 1.2 MỤC TIÊU NGHIÊN CỨU ua al 1.3 CÂU HỎI NGHIÊN CỨU n 1.4 PHẠM VI NGHIÊN CỨU VÀ PHƯƠNG PHÁP NGHIÊN CỨU va 1.5 KẾT CẤU BÀI NGHIÊN CỨU n ll fu CHƯƠNG 2: TỔNG QUAN LÝ THUYẾT m 2.1 KHUNG LÝ THUYẾT oi 2.2 TỔNG QUAN CÁC NGHIÊN CỨU TRƯỚC ĐÂY 13 nh at CHƯƠNG 3: PHƯƠNG PHÁP NGHIÊN CỨU 17 z 3.1 MƠ HÌNH NGHIÊN CỨU 17 z ht vb 3.2 MÔ TẢ BIẾN NGHIÊN CỨU 19 jm 3.3 DỮ LIỆU VÀ MẪU NGHIÊN CỨU 23 k CHƯƠNG 4: KẾT QUẢ NGHIÊN CỨU 24 gm 4.1 PHÂN TÍCH THỐNG KÊ MƠ TẢ .24 l.c 4.2 MA TRẬN HỆ SỐ TƯƠNG QUAN 25 om 4.3 KẾT QUẢ HỒI QUY 26 a Lu CHƯƠNG 5: KẾT LUẬN 44 n 5.1 KẾT LUẬN Error! Bookmark not defined TÀI LIỆU THAM KHẢO PHỤ LỤC y 5.4 HƯỚNG NGHIÊN CỨU TIẾP THEO .46 te re 5.3 HẠN CHẾ CỦA ĐỀ TÀI NGHIÊN CỨU 46 n va 5.2 ĐÓNG GÓP CỦA ĐỀ TÀI NGHIÊN CỨU .44 t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re DANH MỤC BẢNG BIỂU t to Bảng 3.1 : Tổng hợp biến ng Bảng 4.1 : Thống kê mô tả biến sử dụng mơ hình: hi ep Bảng 4.2 : Ma trận hệ số tương quan Bảng 4.3 : Kiểm định nội sinh w n Bảng 4.4 : Kết hồi quy cho thấy mối tương quan hạn chế tài đầu lo ad tư doanh nghiệp với độ trễ k=1 ju y th Bảng 4.5 : Kết hồi quy cho thấy mối tương quan hạn chế tài đầu tư doanh nghiệp với độ trễ k=2 yi pl Bảng 4.6 : Kết hồi quy cho thấy tác động phát triển tài lên ảnh hưởng al ua hạn chế tài lên đầu tư doanh nghiệp với độ trễ k=1 n Bảng 4.7 : Kết hồi quy cho thấy tác động phát triển tài lên ảnh hưởng va n hạn chế tài lên đầu tư doanh nghiệp với độ trễ k=2 fu ll Bảng 4.8 : Kết hồi quy cho thấy tác động hạn chế tài lên đầu tư m oi doanh nghiệp với độ trễ k=1, chia theo ngành at nh Bảng 4.9 : Kết hồi quy cho thấy tác động phát triển tài (FD1), hạn z chế tài lên đầu tư doanh nghiệp với độ trễ k=1, chia theo ngành z vb Bảng 4.10 : Kết hồi quy cho thấy tác động phát triển tài (FD2), hạn ht chế tài lên đầu tư doanh nghiệp với độ trễ k=1, chia theo ngành jm k Bảng 4.11 : Kết hồi quy cho thấy tác động hạn chế tài lên đầu tư gm doanh nghiệp với độ trễ k=2, chia theo ngành om l.c Bảng 4.12 : Kết hồi quy cho thấy tác động phát triển tài (FD1), hạn chế tài lên đầu tư doanh nghiệp với độ trễ k=2, chia theo ngành a Lu Bảng 4.13: Kết hồi quy cho thấy tác động phát triển tài (FD2), hạn n n va chế tài lên đầu tư doanh nghiệp với độ trễ k=2, chia theo ngành y te re t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re TÓM TẮT t to Các nghiên cứu tác động hạn chế tài phát triển tài lên ng định đầu tư doanh nghiệp trước chủ yếu tập trung quốc gia phát hi ep triển Dẫn đến nhiều thiếu sót chứng thực nghiệm quốc gia phát triển, đại diện Việt Nam w n Vì thế, nghiên cứu kiểm tra xem mối quan hệ giữa phát triển tài chính, hạn lo ad chế tài định đầu tư doanh nghiệp Việt Nam với liệu ju y th 566 doanh nghiệp giai đoạn từ năm 2009 đến năm 2017 Tác giả thực hồi quy liệu bảng dựa phương trình Euler với mơ hình hồi yi pl quy GMM nhằm đánh giá mối tương quan phát triển tài hạn chế tài al ua đến mức độ đầu tư doanh nghiệp hoạt động Việt Nam n Kết nghiên cứu cho thấy hạn chế tài có tác động đến mức độ đầu tư va n doanh nghiệp Dòng tiền doanh thu doanh nghiệp có tác động chiều fu ll đến đầu tư doanh nghiệp, tỷ lệ địn bẩy doanh nghiệp lại có tác động ngược m oi chiều Điều cho thấy doanh nghiệp có khẳ khoản tốt at nh hội tăng trưởng tăng đầu tư doanh nghiệp tăng lên Doanh nghiệp có tỷ z lệ nợ cao làm giảm mức độ đầu tư doanh nghiệp z vb Trong đó, phát triển tài làm suy yếu ảnh hưởng hạn chế tài ht lên định đầu tư doanh nghiệp Điều cho thấy phát triển tài jm k quy mơ hoạt động dẫn đến gia tăng tính khoản thị trường tài chính, gm giúp doanh nghiệp có hội tiếp xúc nhiều với nguồn tài trợ bên ngồi chế tài lên đầu tư doanh nghiệp om l.c với chi phí sử dụng vốn thấp hơn, điều giúp làm suy yếu ảnh hưởng hạn a Lu Bài nghiên cứu hỗ trợ phủ nhà hoạch định sách áp n dụng sách phát triển tài để kiểm sốt kinh tế, đặc biệt thơng qua n y te re Từ khóa : Hạn chế tài chính, phát triển tài chính, đầu tư doanh nghiệp, GMM va khu vực doanh nghiệp tương lai KẾT QUẢ HỒI QUY (T-2): t to ng hi ep xtabond2 IK IK2 IK2sq YK2 CK2 DK2sq , gmm( CK2 YK2) iv( IK2 IK2sq DK2sq ) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM w Number of obs Number of groups Obs per group: avg max n Group variable: nfirm Time variable : Year Number of instruments = 74 F(5, 565) = 5.51 Prob > F = 0.000 lo ad ju y th IK yi IK2 IK2sq YK2 CK2 DK2sq _cons -.0828766 0002728 0085484 0532383 -4.86e-06 1.203394 Corrected Std Err Coef t P>|t| = = = = = 3941 566 6.96 [95% Conf Interval] pl n ua al 0.091 0.125 0.185 0.303 0.000 0.000 n va -1.69 1.54 1.33 1.03 -4.78 18.79 -.1791444 -.0000762 -.0040975 -.0481221 -6.85e-06 1.077605 0133912 0006218 0211943 1545987 -2.86e-06 1.329183 ll fu 0490119 0001777 0064383 0516047 1.02e-06 0640417 oi m Instruments for first differences equation Standard D.(IK2 IK2sq DK2sq) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/7).(CK2 YK2) Instruments for levels equation Standard IK2 IK2sq DK2sq _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(CK2 YK2) at nh z z ht vb k jm gm n y chi2 = 0.259 chi2 = 0.024 te re chi2 = 0.175 chi2 = 0.216 n va Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(54) = 63.55 Prob > Difference (null H = exogenous): chi2(14) = 17.80 Prob > iv(IK2 IK2sq DK2sq) Hansen test excluding group: chi2(65) = 71.96 Prob > Difference (null H = exogenous): chi2(3) = 9.39 Prob > a Lu overid restrictions: chi2(68) = 296.32 Prob > chi2 = 0.000 but not weakened by many instruments.) overid restrictions: chi2(68) = 81.35 Prob > chi2 = 0.128 weakened by many instruments.) om Sargan test of (Not robust, Hansen test of (Robust, but l.c Arellano-Bond test for AR(1) in first differences: z = -1.52 Pr > z = 0.127 Arellano-Bond test for AR(2) in first differences: z = 0.54 Pr > z = 0.591 t to xtabond2 IK IK2 IK2sq YK2 CK2 DK2sq CK2FD12 DK2sqFD22, gmm(CK2) iv( CK2FD12 IK2 DK2sq DK2sqFD > 12) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative ng hi ep Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max w Group variable: nfirm Time variable : Year Number of instruments = 40 F(7, 565) = 9.86 Prob > F = 0.000 n lo ad yi ua al t P>|t| 3941 566 6.96 [95% Conf Interval] 0.047 0.163 0.586 0.058 0.755 0.078 0.781 0.000 n va -1.99 1.40 0.55 1.90 -0.31 -1.77 0.28 4.24 -1.5889 -.0015002 -.0123564 -.0249066 -.0002084 -.0108987 -1.10e-06 1.175018 -.0110141 0088916 0218559 1.486464 0001512 0005776 1.47e-06 3.200334 ll fu 4016669 0026453 0087091 3847348 0000915 0029214 6.55e-07 5155651 n -.7999568 0036957 0047497 7307785 -.0000286 -.0051605 1.82e-07 2.187676 pl IK2 IK2sq YK2 CK2 DK2sq CK2FD12 DK2sqFD22 _cons Corrected Std Err Coef ju y th IK = = = = = oi m Instruments for first differences equation Standard D.(CK2FD12 IK2 DK2sq DK2sqFD12) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/7).CK2 Instruments for levels equation Standard CK2FD12 IK2 DK2sq DK2sqFD12 _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.CK2 at nh z z ht vb 0.063 0.784 Prob > chi2 = 0.000 Prob > chi2 = 0.106 om l.c n a Lu 0.388 0.013 y chi2 = chi2 = te re 0.068 0.538 n chi2 = chi2 = va Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(25) = 36.24 Prob > Difference (null H = exogenous): chi2(7) = 6.01 Prob > iv(CK2FD12 IK2 DK2sq DK2sqFD12) Hansen test excluding group: chi2(28) = 29.50 Prob > Difference (null H = exogenous): chi2(4) = 12.75 Prob > overid restrictions: chi2(32) = 249.26 but not weakened by many instruments.) overid restrictions: chi2(32) = 42.25 weakened by many instruments.) Pr > z = Pr > z = gm Sargan test of (Not robust, Hansen test of (Robust, but -1.86 -0.27 k jm Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = t to xtabond2 IK IK2 IK2sq YK2 CK2 DK2sq CK2FD22 DK2sqFD22, gmm(CK2FD22 YK2 ) iv( CK2 IK2 DK2sq DK > 2sqFD22) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative ng hi ep Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max w Group variable: nfirm Time variable : Year Number of instruments = 75 F(7, 565) = 6.43 Prob > F = 0.000 n lo ad yi ua al t P>|t| 3941 566 6.96 [95% Conf Interval] 0.009 0.055 0.166 0.033 0.490 0.048 0.533 0.000 n va -2.63 1.92 1.39 2.14 -0.69 -1.98 0.62 8.00 -1.149615 -.0000611 -.0038435 0538643 -.000132 -.0100975 -4.79e-07 1.453292 -.1658413 0060109 0223406 1.250022 0000633 -.0000382 9.26e-07 2.398531 ll fu 2504298 0015457 0066654 3044943 0000497 0025607 3.58e-07 2406201 n -.6577284 0029749 0092485 6519433 -.0000344 -.0050678 2.23e-07 1.925912 pl IK2 IK2sq YK2 CK2 DK2sq CK2FD22 DK2sqFD22 _cons Corrected Std Err Coef ju y th IK = = = = = oi m Instruments for first differences equation Standard D.(CK2 IK2 DK2sq DK2sqFD22) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/7).(CK2FD22 YK2) Instruments for levels equation Standard CK2 IK2 DK2sq DK2sqFD22 _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(CK2FD22 YK2) at nh z z ht vb 0.069 0.780 Prob > chi2 = 0.000 Prob > chi2 = 0.101 om l.c n a Lu 0.066 0.846 y chi2 = chi2 = te re 0.178 0.137 n chi2 = chi2 = va Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(53) = 62.33 Prob > Difference (null H = exogenous): chi2(14) = 19.79 Prob > iv(CK2 IK2 DK2sq DK2sqFD22) Hansen test excluding group: chi2(63) = 80.73 Prob > Difference (null H = exogenous): chi2(4) = 1.39 Prob > overid restrictions: chi2(67) = 297.58 but not weakened by many instruments.) overid restrictions: chi2(67) = 82.12 weakened by many instruments.) Pr > z = Pr > z = gm Sargan test of (Not robust, Hansen test of (Robust, but -1.82 -0.28 k jm Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = T1_HÀNG TIÊU DÙNG t to ng hi ep xtabond2 IK IK1 IK1sq YK1 CK1 DK1sq, gmm( YK1 IK1 ) iv( CK1 DK1sq IK1sq ) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM w Number of obs Number of groups Obs per group: avg max n Group variable: nfirm Time variable : Year Number of instruments = 92 F(5, 92) = 9.96 Prob > F = 0.000 lo ad ju y th Coef pl t P>|t| n 0.025 0.002 0.666 0.636 0.384 0.000 n va 2.27 -3.19 0.43 -0.47 0.87 7.90 704 93 7.57 [95% Conf Interval] 0338166 -.0551342 -.0016089 -.0054156 -.00003 7400498 5056617 -.0127881 0025047 0033264 0000772 1.236862 ll fu 1187877 0106607 0010356 0022008 000027 1250732 ua 2697391 -.0339612 0004479 -.0010446 0000236 9884559 Corrected Std Err al IK1 IK1sq YK1 CK1 DK1sq _cons yi IK = = = = = m oi Instruments for first differences equation Standard D.(CK1 DK1sq IK1sq) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/8).(YK1 IK1) Instruments for levels equation Standard CK1 DK1sq IK1sq _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(YK1 IK1) at nh z z ht vb k jm gm n n va chi2 = 0.313 chi2 = 0.898 y chi2 = 0.239 chi2 = 0.789 te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(70) = 78.02 Prob > Difference (null H = exogenous): chi2(16) = 11.32 Prob > iv(CK1 DK1sq IK1sq) Hansen test excluding group: chi2(83) = 88.74 Prob > Difference (null H = exogenous): chi2(3) = 0.59 Prob > a Lu overid restrictions: chi2(86) = 285.92 Prob > chi2 = 0.000 but not weakened by many instruments.) overid restrictions: chi2(86) = 89.34 Prob > chi2 = 0.381 weakened by many instruments.) om Sargan test of (Not robust, Hansen test of (Robust, but l.c Arellano-Bond test for AR(1) in first differences: z = -2.99 Pr > z = 0.003 Arellano-Bond test for AR(2) in first differences: z = -0.56 Pr > z = 0.573 t to xtabond2 IK IK1 IK1sq YK1 CK1 DK1sq CK1FD11 DK1sqFD11 , gmm( CK1FD11 ) iv( CK1 DK1sqFD11 DK1s > q YK1) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative ng hi ep Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max w Group variable: nfirm Time variable : Year Number of instruments = 49 F(7, 92) = 17.76 Prob > F = 0.000 n lo ad y th Coef yi pl t P>|t| n 704 93 7.57 [95% Conf Interval] 0.568 0.388 0.097 0.002 0.950 0.002 0.924 0.000 n va 0.57 -0.87 1.68 -3.25 0.06 3.18 0.10 3.76 ll fu 2618709 0200212 0007919 0304141 0000775 000217 6.03e-07 2834054 ua 1500084 -.0173745 0013289 -.0987305 4.92e-06 000691 5.73e-08 1.066203 al IK1 IK1sq YK1 CK1 DK1sq CK1FD11 DK1sqFD11 _cons Corrected Std Err ju IK = = = = = -.3700899 -.0571383 -.0002439 -.1591355 -.0001491 0002601 -1.14e-06 5033356 6701067 0223894 0029017 -.0383254 0001589 0011219 1.25e-06 1.629071 m oi Instruments for first differences equation Standard D.(CK1 DK1sqFD11 DK1sq YK1) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/8).CK1FD11 Instruments for levels equation Standard CK1 DK1sqFD11 DK1sq YK1 _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.CK1FD11 at nh z z ht vb k jm 0.027 0.978 Prob > chi2 = 0.919 Prob > chi2 = 0.121 om n a Lu n va 0.331 0.045 chi2 = chi2 = 0.081 0.696 y chi2 = chi2 = te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(33) = 35.98 Prob > Difference (null H = exogenous): chi2(8) = 15.80 Prob > iv(CK1 DK1sqFD11 DK1sq YK1) Hansen test excluding group: chi2(37) = 49.57 Prob > Difference (null H = exogenous): chi2(4) = 2.22 Prob > l.c overid restrictions: chi2(41) = 29.04 but not weakened by many instruments.) overid restrictions: chi2(41) = 51.78 weakened by many instruments.) Pr > z = Pr > z = Sargan test of (Not robust, Hansen test of (Robust, but -2.21 0.03 gm Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = t to xtabond2 IK IK1 IK1sq YK1 CK1 DK1sq CK1FD21 DK1sqFD21 , gmm( CK1FD21 DK1sqFD21 ) iv( CK1 DK1s > q IK1sq YK1) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative ng hi ep Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max w Group variable: nfirm Time variable : Year Number of instruments = 93 F(7, 92) = 17.54 Prob > F = 0.000 n lo ad y th Coef yi pl t P>|t| n 704 93 7.57 [95% Conf Interval] 0.087 0.012 0.210 0.000 0.846 0.000 0.845 0.000 n va 1.73 -2.56 1.26 -3.68 -0.20 3.71 0.20 5.17 ll fu 1723238 0172707 001217 0290898 0000649 0002232 5.76e-07 1868552 ua 2981597 -.0441686 0015373 -.1071372 -.0000127 0008283 1.13e-07 965966 al IK1 IK1sq YK1 CK1 DK1sq CK1FD21 DK1sqFD21 _cons Corrected Std Err ju IK = = = = = -.0440903 -.0784697 -.0008797 -.164912 -.0001416 000385 -1.03e-06 5948553 6404098 -.0098675 0039543 -.0493625 0001162 0012715 1.26e-06 1.337077 m oi Instruments for first differences equation Standard D.(CK1 DK1sq IK1sq YK1) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/8).(CK1FD21 DK1sqFD21) Instruments for levels equation Standard CK1 DK1sq IK1sq YK1 _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(CK1FD21 DK1sqFD21) at nh z z ht vb k jm gm n n va chi2 = 0.319 chi2 = 0.515 y chi2 = 0.115 chi2 = 0.984 te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(69) = 83.35 Prob > Difference (null H = exogenous): chi2(16) = 6.37 Prob > iv(CK1 DK1sq IK1sq YK1) Hansen test excluding group: chi2(81) = 86.45 Prob > Difference (null H = exogenous): chi2(4) = 3.26 Prob > a Lu overid restrictions: chi2(85) = 94.69 Prob > chi2 = 0.221 but not weakened by many instruments.) overid restrictions: chi2(85) = 89.72 Prob > chi2 = 0.342 weakened by many instruments.) om Sargan test of (Not robust, Hansen test of (Robust, but l.c Arellano-Bond test for AR(1) in first differences: z = -2.92 Pr > z = 0.004 Arellano-Bond test for AR(2) in first differences: z = -0.88 Pr > z = 0.376 T1_NGUYÊN VẬT LIỆU t to ng hi ep xtabond2 IK IK1 IK1sq YK1 CK1 DK1sq, gmm( CK1 YK1 ) iv( DK1sq IK1sq YK1) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM w Number of obs Number of groups Obs per group: avg max n Group variable: nfirm Time variable : Year Number of instruments = 92 F(5, 91) = 2.95 Prob > F = 0.016 lo ad ju y th pl al ua P>|t| 1.51 -1.79 0.86 1.74 -1.89 0.82 0.134 0.076 0.390 0.085 0.062 0.417 687 92 7.47 [95% Conf Interval] -.2940259 -.2356243 -.0010774 -.0040163 -.0000603 -.6743729 2.161409 0119843 0027382 0605261 1.56e-06 1.614308 ll fu 6180686 0623267 0009605 0162463 0000156 5760942 t n 9336913 -.11182 0008304 0282549 -.0000294 4699675 va yi IK1 IK1sq YK1 CK1 DK1sq _cons Coef n IK Corrected Std Err = = = = = oi m Instruments for first differences equation Standard D.(DK1sq IK1sq YK1) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/8).(CK1 YK1) Instruments for levels equation Standard DK1sq IK1sq YK1 _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(CK1 YK1) at nh z z ht vb k jm Pr > z = 0.006 Pr > z = 0.663 om n a Lu overid restrictions: chi2(86) = 87.45 Prob > chi2 = 0.436 but not weakened by many instruments.) overid restrictions: chi2(86) = 86.39 Prob > chi2 = 0.468 weakened by many instruments.) l.c Sargan test of (Not robust, Hansen test of (Robust, but gm Arellano-Bond test for AR(1) in first differences: z = -2.74 Arellano-Bond test for AR(2) in first differences: z = -0.44 n va chi2 = 0.223 chi2 = 0.957 y te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(70) = 78.68 Prob > Difference (null H = exogenous): chi2(16) = 7.71 Prob > iv(DK1sq IK1sq YK1) Hansen test excluding group: chi2(83) = 85.30 Prob > Difference (null H = exogenous): chi2(3) = 1.09 Prob > chi2 = 0.410 chi2 = 0.779 t to xtabond2 IK IK1 IK1sq YK1 CK1 DK1sq CK1FD11 DK1sqFD11 , gmm( CK1FD11 ) iv( CK1 DK1sq DK1sqFD1 > YK1) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative ng hi ep Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max w Group variable: nfirm Time variable : Year Number of instruments = 49 F(7, 91) = 2.23 Prob > F = 0.039 n lo ad y th Coef yi pl t P>|t| n 687 92 7.47 [95% Conf Interval] 0.864 0.908 0.111 0.074 0.304 0.084 0.388 0.016 n va -0.17 0.12 1.61 1.81 -1.03 -1.74 0.87 2.46 ll fu 590436 0512174 0011753 1953102 0002794 0013946 2.08e-06 5756505 ua -.1013639 005929 0018923 3527869 -.0002888 -.0024335 1.81e-06 1.414516 al IK1 IK1sq YK1 CK1 DK1sq CK1FD11 DK1sqFD11 _cons Corrected Std Err ju IK = = = = = -1.274192 -.0958081 -.0004423 -.0351728 -.0008437 -.0052037 -2.33e-06 2710571 1.071465 1076662 0042269 7407465 0002662 0003367 5.94e-06 2.557975 oi m at nh Instruments for first differences equation Standard D.(CK1 DK1sq DK1sqFD11 YK1) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/8).CK1FD11 Instruments for levels equation Standard CK1 DK1sq DK1sqFD11 YK1 _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.CK1FD11 z z ht vb k jm n n va chi2 = 0.490 chi2 = 0.064 y chi2 = 0.616 chi2 = 0.052 te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(33) = 30.03 Prob > Difference (null H = exogenous): chi2(8) = 15.39 Prob > iv(CK1 DK1sq DK1sqFD11 YK1) Hansen test excluding group: chi2(37) = 36.55 Prob > Difference (null H = exogenous): chi2(4) = 8.87 Prob > a Lu overid restrictions: chi2(41) = 23.52 Prob > chi2 = 0.987 but not weakened by many instruments.) overid restrictions: chi2(41) = 45.42 Prob > chi2 = 0.293 weakened by many instruments.) om Sargan test of (Not robust, Hansen test of (Robust, but l.c gm Arellano-Bond test for AR(1) in first differences: z = -2.25 Pr > z = 0.024 Arellano-Bond test for AR(2) in first differences: z = 0.14 Pr > z = 0.887 t to xtabond2 IK IK1 IK1sq YK1 CK1 DK1sq CK1FD21 DK1sqFD21 , gmm( CK1FD21 ) iv( CK1 DK1sq DK1sqFD2 > IK1sq YK1) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative ng hi ep Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max w Group variable: nfirm Time variable : Year Number of instruments = 50 F(7, 91) = 4.06 Prob > F = 0.001 n lo ad y th Coef yi pl t P>|t| n 687 92 7.47 [95% Conf Interval] 0.800 0.507 0.078 0.064 0.289 0.069 0.358 0.083 n va 0.25 -0.67 1.78 1.88 -1.07 -1.84 0.92 1.75 ll fu 6870192 0627722 0010937 2125431 0003286 0016543 2.69e-06 6795253 ua 1742006 -.0418042 0019511 3990907 -.0003505 -.0030467 2.49e-06 1.189417 al IK1 IK1sq YK1 CK1 DK1sq CK1FD21 DK1sqFD21 _cons Corrected Std Err ju IK = = = = = -1.190479 -.1664935 -.0002215 -.0231002 -.0010032 -.0063328 -2.86e-06 -.1603766 1.53888 0828851 0041236 8212815 0003023 0002393 7.83e-06 2.53921 oi m at nh Instruments for first differences equation Standard D.(CK1 DK1sq DK1sqFD21 IK1sq YK1) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/8).CK1FD21 Instruments for levels equation Standard CK1 DK1sq DK1sqFD21 IK1sq YK1 _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.CK1FD21 z z ht vb k jm n n va chi2 = 0.599 chi2 = 0.030 y chi2 = 0.624 chi2 = 0.046 te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(34) = 30.83 Prob > Difference (null H = exogenous): chi2(8) = 15.76 Prob > iv(CK1 DK1sq DK1sqFD21 IK1sq YK1) Hansen test excluding group: chi2(37) = 34.24 Prob > Difference (null H = exogenous): chi2(5) = 12.35 Prob > a Lu overid restrictions: chi2(42) = 26.51 Prob > chi2 = 0.970 but not weakened by many instruments.) overid restrictions: chi2(42) = 46.59 Prob > chi2 = 0.289 weakened by many instruments.) om Sargan test of (Not robust, Hansen test of (Robust, but l.c gm Arellano-Bond test for AR(1) in first differences: z = -2.41 Pr > z = 0.016 Arellano-Bond test for AR(2) in first differences: z = -1.02 Pr > z = 0.307 t to T2_HÀNG TIÊU DÙNG ng hi ep xtabond2 IK IK2 IK2sq YK2 CK2 DK2sq, gmm( YK2 ) iv( IK2 CK2 IK2sq DK2sq ) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative w n Dynamic panel-data estimation, two-step system GMM lo Number of obs Number of groups Obs per group: avg max ad Group variable: nfirm Time variable : Year Number of instruments = 40 F(5, 88) = 9.10 Prob > F = 0.000 ju y th = = = = = 613 89 6.89 yi pl IK2 IK2sq YK2 CK2 DK2sq _cons 0332912 -.0027454 0014331 -.0008414 -.0000287 1.143156 Corrected Std Err t ua n 0709858 0048858 0004683 0028326 0000173 0915227 P>|t| [95% Conf Interval] 0.640 0.576 0.003 0.767 0.100 0.000 n va 0.47 -0.56 3.06 -0.30 -1.66 12.49 fu ll Coef al IK -.1077781 -.012455 0005024 -.0064706 -.0000631 961274 1743605 0069641 0023638 0047879 5.61e-06 1.325038 oi m at nh Instruments for first differences equation Standard D.(IK2 CK2 IK2sq DK2sq) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/7).YK2 Instruments for levels equation Standard IK2 CK2 IK2sq DK2sq _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.YK2 z z ht vb k jm n a Lu n va chi2 = 0.119 chi2 = 0.356 y chi2 = 0.057 chi2 = 0.757 te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(27) = 39.49 Prob > Difference (null H = exogenous): chi2(7) = 4.20 Prob > iv(IK2 CK2 IK2sq DK2sq) Hansen test excluding group: chi2(30) = 39.29 Prob > Difference (null H = exogenous): chi2(4) = 4.39 Prob > om overid restrictions: chi2(34) = 20.50 Prob > chi2 = 0.967 but not weakened by many instruments.) overid restrictions: chi2(34) = 43.68 Prob > chi2 = 0.124 weakened by many instruments.) l.c Sargan test of (Not robust, Hansen test of (Robust, but gm Arellano-Bond test for AR(1) in first differences: z = -2.31 Pr > z = 0.021 Arellano-Bond test for AR(2) in first differences: z = 1.07 Pr > z = 0.285 t to xtabond2 IK IK2 IK2sq YK2 CK2 DK2sq CK2FD12 DK2sqFD12 , gmm( CK2FD12 DK2sqFD12 ) iv( IK2 CK2 > YK2 IK2sq DK2sq ) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative ng hi ep Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max w Group variable: nfirm Time variable : Year Number of instruments = 76 F(7, 88) = 41.50 Prob > F = 0.000 n lo ad ju y th pl 0712629 0044649 0009772 0536545 0001266 0003735 9.05e-07 0921875 P>|t| n ua n va 0.668 0.522 0.060 0.633 0.829 0.639 0.624 0.000 fu 0.43 -0.64 1.91 -0.48 0.22 0.47 -0.49 12.82 ll 030697 -.002873 0018627 -.0257078 0000274 000176 -4.45e-07 1.18165 t al IK2 IK2sq YK2 CK2 DK2sq CK2FD12 DK2sqFD12 _cons Corrected Std Err Coef yi IK = = = = = 613 89 6.89 [95% Conf Interval] -.1109231 -.0117461 -.0000793 -.1323348 -.0002243 -.0005663 -2.24e-06 9984462 1723171 0060001 0038047 0809193 000279 0009183 1.35e-06 1.364853 m oi Instruments for first differences equation Standard D.(IK2 CK2 YK2 IK2sq DK2sq) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/7).(CK2FD12 DK2sqFD12) Instruments for levels equation Standard IK2 CK2 YK2 IK2sq DK2sq _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(CK2FD12 DK2sqFD12) at nh z z ht vb k jm gm n n va chi2 = 0.090 chi2 = 0.818 y chi2 = 0.031 chi2 = 0.972 te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(54) = 74.95 Prob > Difference (null H = exogenous): chi2(14) = 5.75 Prob > iv(IK2 CK2 YK2 IK2sq DK2sq) Hansen test excluding group: chi2(63) = 78.48 Prob > Difference (null H = exogenous): chi2(5) = 2.22 Prob > a Lu overid restrictions: chi2(68) = 60.06 Prob > chi2 = 0.743 but not weakened by many instruments.) overid restrictions: chi2(68) = 80.70 Prob > chi2 = 0.139 weakened by many instruments.) om Sargan test of (Not robust, Hansen test of (Robust, but l.c Arellano-Bond test for AR(1) in first differences: z = -2.30 Pr > z = 0.021 Arellano-Bond test for AR(2) in first differences: z = 1.04 Pr > z = 0.298 t to ng hi ep xtabond2 IK IK2 IK2sq YK2 CK2 DK2sq CK2FD22 DK2sqFD22 , gmm( CK2FD22 DK2sqFD22 ) iv( IK2 CK2 > YK2 IK2sq DK2sq ) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative w Dynamic panel-data estimation, two-step system GMM n Number of obs Number of groups Obs per group: avg max lo Group variable: nfirm Time variable : Year Number of instruments = 76 35.56 = F(7, 88) 0.000 = Prob > F ad ju y th yi 0301542 -.0027826 0016378 -.0104221 8.72e-06 0000738 -3.11e-07 1.185036 al n ua 0709909 0044496 000808 0520651 0001397 0003967 1.06e-06 0923597 n va fu 0.42 -0.63 2.03 -0.20 0.06 0.19 -0.29 12.83 [95% Conf Interval] P>|t| t -.1109252 -.0116251 0000321 -.1138905 -.0002688 -.0007145 -2.42e-06 1.00149 0.672 0.533 0.046 0.842 0.950 0.853 0.771 0.000 1712336 00606 0032435 0930463 0002863 0008621 1.80e-06 1.368581 oi m IK2 IK2sq YK2 CK2 DK2sq CK2FD22 DK2sqFD22 _cons Corrected Std Err ll Coef pl IK 613 89 6.89 = = = = = at nh Instruments for first differences equation Standard D.(IK2 CK2 YK2 IK2sq DK2sq) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/7).(CK2FD22 DK2sqFD22) Instruments for levels equation Standard IK2 CK2 YK2 IK2sq DK2sq _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(CK2FD22 DK2sqFD22) z z ht vb k jm 0.743 Prob > chi2 = 0.137 n va 0.031 0.971 chi2 = chi2 = 0.087 0.841 y chi2 = chi2 = te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels chi2(54) = 75.03 Prob > Hansen test excluding group: 5.79 Prob > Difference (null H = exogenous): chi2(14) = iv(IK2 CK2 YK2 IK2sq DK2sq) chi2(63) = 78.76 Prob > Hansen test excluding group: 2.06 Prob > = Difference (null H = exogenous): chi2(5) n Prob > chi2 = a Lu 0.021 0.304 om overid restrictions: chi2(68) = 60.04 but not weakened by many instruments.) overid restrictions: chi2(68) = 80.82 weakened by many instruments.) Pr > z = Pr > z = -2.30 1.03 l.c Sargan test of (Not robust, Hansen test of (Robust, but gm Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = T2_NGUYÊN VẬT LIỆU t to ng hi ep xtabond2 IK IK2 IK2sq YK2 CK2 DK2sq, gmm( CK2 YK2 ) iv( IK2 IK2sq DK2sq ) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM w Number of obs Number of groups Obs per group: avg max n Group variable: nfirm Time variable : Year Number of instruments = 74 F(5, 90) = 1.59 Prob > F = 0.171 lo ad ju y th Coef pl t P>|t| n 0.046 0.036 0.568 0.566 0.647 0.000 n va -2.02 2.13 0.57 -0.58 -0.46 13.13 595 91 6.54 [95% Conf Interval] -.2398043 0006271 -.0013179 -.0202668 -.0000221 1.238659 -.0021825 0184368 0023847 0111468 0000138 1.680176 ll fu 0598039 0044823 0009319 0079061 9.02e-06 1111196 ua -.1209934 009532 0005334 -.00456 -4.15e-06 1.459417 Corrected Std Err al IK2 IK2sq YK2 CK2 DK2sq _cons yi IK = = = = = m oi Instruments for first differences equation Standard D.(IK2 IK2sq DK2sq) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/7).(CK2 YK2) Instruments for levels equation Standard IK2 IK2sq DK2sq _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(CK2 YK2) at nh z z ht vb k jm gm n n va chi2 = 0.277 chi2 = 0.054 y chi2 = 0.439 chi2 = 0.046 te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(54) = 54.95 Prob > Difference (null H = exogenous): chi2(14) = 23.96 Prob > iv(IK2 IK2sq DK2sq) Hansen test excluding group: chi2(65) = 71.26 Prob > Difference (null H = exogenous): chi2(3) = 7.65 Prob > a Lu overid restrictions: chi2(68) = 134.10 Prob > chi2 = 0.000 but not weakened by many instruments.) overid restrictions: chi2(68) = 78.91 Prob > chi2 = 0.172 weakened by many instruments.) om Sargan test of (Not robust, Hansen test of (Robust, but l.c Arellano-Bond test for AR(1) in first differences: z = -2.71 Pr > z = 0.007 Arellano-Bond test for AR(2) in first differences: z = 0.85 Pr > z = 0.397 t to xtabond2 IK IK2 IK2sq YK2 CK2 DK2sq CK2FD12 DK2sqFD12 , gmm( CK2FD12 DK2sqFD12 ) iv( IK2 CK2 > YK2 IK2sq DK2sq ) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative ng hi ep Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max w Group variable: nfirm Time variable : Year Number of instruments = 76 F(7, 90) = 6.92 Prob > F = 0.000 n lo ad yi ua al t P>|t| 595 91 6.54 [95% Conf Interval] 0.032 0.098 0.287 0.587 0.610 0.671 0.545 0.000 n va -2.18 1.67 1.07 -0.55 0.51 0.43 -0.61 12.20 -.3226257 -.0031281 -.0006602 -.1081022 -.000153 -.0004866 -1.99e-06 1.253762 -.0149758 0360715 0022077 0615233 0002591 000752 1.06e-06 1.741292 ll fu 0774284 0098656 0007218 0426908 0001037 0003117 7.67e-07 1227 n -.1688007 0164717 0007738 -.0232895 000053 0001327 -4.66e-07 1.497527 pl IK2 IK2sq YK2 CK2 DK2sq CK2FD12 DK2sqFD12 _cons Corrected Std Err Coef ju y th IK = = = = = oi m Instruments for first differences equation Standard D.(IK2 CK2 YK2 IK2sq DK2sq) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/7).(CK2FD12 DK2sqFD12) Instruments for levels equation Standard IK2 CK2 YK2 IK2sq DK2sq _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(CK2FD12 DK2sqFD12) at nh z z ht vb 0.006 0.576 Prob > chi2 = 0.032 Prob > chi2 = 0.190 om n a Lu 0.323 0.064 y chi2 = chi2 = te re 0.073 0.874 n chi2 = chi2 = va l.c Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(54) = 69.75 Prob > Difference (null H = exogenous): chi2(14) = 8.29 Prob > iv(IK2 CK2 YK2 IK2sq DK2sq) Hansen test excluding group: chi2(63) = 67.61 Prob > Difference (null H = exogenous): chi2(5) = 10.42 Prob > overid restrictions: chi2(68) = 91.07 but not weakened by many instruments.) overid restrictions: chi2(68) = 78.03 weakened by many instruments.) Pr > z = Pr > z = gm Sargan test of (Not robust, Hansen test of (Robust, but -2.76 0.56 k jm Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = t to xtabond2 IK IK2 IK2sq YK2 CK2 DK2sq CK2FD22 DK2sqFD22 , gmm( CK2FD22 DK2sqFD22 ) iv( CK2 IK2 > IK2sq YK2 DK2sq ) two robust small Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative ng hi ep Dynamic panel-data estimation, two-step system GMM Number of obs Number of groups Obs per group: avg max w Group variable: nfirm Time variable : Year Number of instruments = 76 F(7, 90) = 6.96 Prob > F = 0.000 n lo ad y th Coef yi pl t P>|t| n 595 91 6.54 [95% Conf Interval] 0.032 0.098 0.286 0.613 0.555 0.697 0.500 0.000 n va -2.18 1.67 1.07 -0.51 0.59 0.39 -0.68 12.24 ll fu 077384 0098233 0007343 0481648 0001171 0003926 9.53e-07 1223088 ua -.1687459 0164342 0007888 -.024467 0000694 0001531 -6.46e-07 1.496951 al IK2 IK2sq YK2 CK2 DK2sq CK2FD22 DK2sqFD22 _cons Corrected Std Err ju IK = = = = = -.3224827 -.0030814 -.0006701 -.1201547 -.0001632 -.0006268 -2.54e-06 1.253963 -.0150091 0359498 0022476 0712207 0003021 0009331 1.25e-06 1.739939 m oi Instruments for first differences equation Standard D.(CK2 IK2 IK2sq YK2 DK2sq) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/7).(CK2FD22 DK2sqFD22) Instruments for levels equation Standard CK2 IK2 IK2sq YK2 DK2sq _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.(CK2FD22 DK2sqFD22) at nh z z ht vb k jm 0.006 0.573 Prob > chi2 = 0.034 Prob > chi2 = 0.182 om l.c n a Lu overid restrictions: chi2(68) = 90.75 but not weakened by many instruments.) overid restrictions: chi2(68) = 78.40 weakened by many instruments.) Pr > z = Pr > z = Sargan test of (Not robust, Hansen test of (Robust, but -2.76 0.56 gm Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = n va 0.076 0.839 chi2 = chi2 = 0.271 0.108 y chi2 = chi2 = te re Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(54) = 69.53 Prob > Difference (null H = exogenous): chi2(14) = 8.87 Prob > iv(CK2 IK2 IK2sq YK2 DK2sq) Hansen test excluding group: chi2(63) = 69.37 Prob > Difference (null H = exogenous): chi2(5) = 9.03 Prob >
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