Factors affecting investment rate of vietnamese enterprises listed on stock market in 2021

NATIONAL ECONOMICS UNIVERSITY Faculty of Mathematical Economics -*** - ASSIGNMENT SUBJECT: ECONOMETRICS GROUP 10 – TOPIC FACTORS AFFECTING INVESTMENT RATE OF VIETNAMESE ENTERPRISES LISTED ON STOCK MARKET IN 2021 Group members – 11219243 – Nguyen Thi Lan Nhi – 11219238 – Nguyen Ngoc Minh – 11213889 – Nguyen Sy Minh Instructor: Bui Duong Hai Hanoi, 2023 ASSESSMENT OF CONTRIBUTION Student ID Contribution Order Full name Contribution Percentage - Brainstorm topic - Collecting Data - Literature Review and Hypotheses 11219243 -Nguyen Thi Lan Nhi - Writing Data and Methodology - Running models 40% - Estimation results - Diagnostic tests results - Plotting residuals - Proof-reading - Collecting Data - Writing Introduction, Research Questions 11219238 -Nguyen Ngoc Minh - Descriptive Statistics and Correlation Analysis - Discussion 35% - Conclusion - Limitation - Reference 11213889 -Nguyen Sy Minh - Collecting Data - Calculating variables - Proof-reading 25% - Editing format Total 100% INSTRUCTOR COMMENT Table of Contents Introduction .5 Research Questions Literature review and Research Hypotheses 3.1 Literature Review 3.2 Research Hypotheses Data and Methodology 4.1 Data 4.2 Methodology Empirical Results .9 5.1 Descriptive Statistics 5.2 Correlation analysis 10 5.3 Regression Model 10 5.4 Estimation Results 10 5.5 Diagnostic Test Results 10 5.6 Residual plot 12 Discussion .14 Conclusion 15 Limitation .16 References .16 10 Appendix 17 Introduction Vietnam is developing and has a strong economic integration with the rest of the world On the basis of the demands of market growth and global economic integration, the development of business enterprises is essential for the development cooperation process of investment cooperation connections Finance in economic enterprises, in which the issue of capital investment always needs to be studied Researching and evaluating the model of variables influencing investment rate of economic organizations listed on the Vietnamese stock market thereby helps to identify the influencing elements The originality of the research lies in the identification of crucial determinants of Vietnam listed enterprises’ finance that can predict the fluctuation of investment rate of one business Fazzari et al (1988) examined investments under the effect of cash flow, investment possibilities, and the ratio of return to price equity value while utilizing the dividend payment ratio as a measure of financial constraints This author group's research demonstrates that enterprises with financial restrictions are more receptive to investments than those with little or none The creation of the regression model serves the paper's primary goal of expanding our understanding of the identification and impact of investment rate in relation to the company's financial status The purpose of the paper is to measure investment rates in terms of enterprises’ cash flows and other financial indicators The research problem includes the formation of an econometric model of the corporate finances, using the results of the regression analysis, based on the significant financial indicators We consider the identification of the most significant predictors affecting the investment rate of Vietnam enterprises to be the main contribution of the paper; those are cash flows, sales growth, firm size, fixed capital intensity and leverage In addition to the introduction, the paper includes 05 main contents: Research Questions, Literature Review and Research Hypotheses, Data and Methodology, Empirical Results, Discussion, and Conclusion Research Questions Investment rate is commonly one of the most fundamental issues in corporate finance, as shown by modern corporate finance theory Since it provides value for enterprises, the capital investment choice is regarded as the most crucial decision in an enterprise's or economic group's financial decisions A good investment choice will contribute to raising the value of the organization, hence increasing the value of the owner's assets; on the other hand, a bad investment decision will reduce the value of the business Understanding the importance of investment rate and its impact on a business’ financial health, our group were intrigued to seek answers to the following questions: What are factors affecting the investment rate in Vietnam’s enterprises in 2021? How can those factors influence the investment rate? Literature review and Research Hypotheses 3.1 Literature Review The factors that influence investment rate at the firm level have been a subject of inquiry since the Modigliani and Miler theorem (1958) proposed that there is no connection between a firm’s financial structure and its financial policy regarding real investment rate in specific circumstances This concept was later applied to neoclassical investment model, such as Jorgenson (1963) and Hall & Jorgenson (1967) Furthermore, Fazzari et al (1988) conducted a pioneering study of the sensitivity between cash flow and investment under limited or unrestricted financial conditions, in financially constrained firms that had a relationship between cash flow and investment, are more sensitive than businesses with no financial constraints Additionally, there are two other factors - agency costs and transaction costs - that can account for fluctuations in investment Firstly, the agency costs theory, developed by Jensen and Meckling (1976), addresses why a firm facing higher interest costs does not seek funding from alternative sources such as debt or equity markets The conflict of interests among managers, shareholders, and creditors with differing goals leads to agency problems Secondly, the combination of transaction costs and debt and equity issues can increase external financing costs Debt financing obliges the firm to make interest payments to creditors and repay the principal at the end of the term If the scheduled payments are not made, the firm's assets are sold to raise funds However, durable assets in a specific investment project are usually not easily recoverable, making it challenging to recoup funds through liquidation As a result, creditors may impose higher interest payments and limit loan sizes to protect their interests and create disadvantages for the debtors Numerous empirical studies have been conducted on the determinants of investment in scientific firms, including the works of Hall et al (1998) and Hubbard (1998) Hall et al used the Panel Data version of the VAR methodology to examine the relationship between investments, profits, sales, and cash flow in the United States, France, and Japan from 1979 to 1989 Their findings suggest that this relationship varies across countries On the other hand, Hubbard analysed several factors that affect the link between cash flow and investment rate in the United States, such as inventory investment, research and development, employment, Document continues below Discover more from: Econometrics 112 documents Go to course Bai giang Kinh te luong - co Hong Van 66 Econometrics 100% (6) Vi mô - laaaaa 92 Econometrics 100% (2) Baitap KTL - Exercise on chapter 30 Econometrics 100% (2) Huong Dan Su Dung Stata 2014 Tuan Anh UEH 65 Econometrics 100% (2) Lý thuyết tập kinh tế lượng chương có lời giải 19 20 Econometrics 100% (2) KTL Maianh - tập nhóm kinh tế lượng lớp thầy bùi dương hải Econometrics 100% (1) business formation and survival, pricing, and corporate risk management His results strongly support the notion that there is a significant connection between investment and changes in net worth Moreover, Carpenter and Guariglia (2008) conducted a study on the financial factors that influence investment rate and found evidence to support their findings Specifically, they used investment regressions to estimate the impact of financial constraints on UK firms from 1983 to 2000 Their research revealed that for large firms, cash flow was not a sufficient explanation for the sensitivity of investment decisions However, for small firms, the explanatory power of cash flow remained unchanged This suggests that the significance of cash flow in the investment equation may be due to information asymmetries in the capital market On the other hand, Kaplan and Zingales (1997) disputed the findings of Fazzari et al (1988) regarding the relationship between investment sensitivity and cash flow Their research demonstrated that the more financially unconstrained a company is, the more sensitive its investment rate are to cash flow availability Furthermore, Gomes (2001) found that financial constraints alone are neither necessary nor sufficient to generate significant cash flow effects on investment rate Bokpin and Onumah (2009) conducted a study on the micro factors that affect investment rate including past investment, firm size, cash flow and growth opportunities They found that all these factors play a significant role in predicting investment decisions Ruiz-Porras and Lopez-Mateo (2011) also examined the effects of firm size and cash flow on investment decisions and found that they have a positive impact In contrast, Saquido (2003) concluded that liquidity and firm size are insignificantly related to investment; but there remains a significant relationship between investment and revenue growth and fixed capital intensity Aviazian et al (2005) showed that the link between leverage and investment is negative, and that effect is significantly stronger for firm with low growth opportunities than those with high growth opportunities Nevertheless, the findings of Li et al (2010) mixed significantly the relationship between debt financing and corporate investment rate, by using the method of the multiple linear regression on the data from 2006-2008 of 60 Chinese real estate listed companies These researchers however have only focused on developed economies and some emerging countries, namely the US, the UK, Canada, India, China, etc In Vietnam, Ninh L.K et al (2007) analysed some factors that affect the investment rate made by private enterprises operating in the Mekong River Delta However, their research did not consider other potential variables that could impact such decisions, such as investment firm size, sales growth As a result, the paper’s aim to explore these additional factors on Vietnam’s enterprises to address the concerning issues 3.2 Research Hypotheses Table Describe the research hypotheses Hypotheses H1 Content There will be a Literature Review Aivazian et al (2005), Azzoni and Expected sign positive relationship between cash flow and investment rate Kalatzis (2006), Adelegan and Ariyo (2008), Jangili and Kumar (2010), Nair (2011), Ruiz-Porras and Lopez-Mateo (2011) H2 There will be a positive relationship between fixed capital intensity and investment rate Erickson & Whited (2000), Gomes (2001), Saquido (2003), Carpenter and Guariglia (2008), Bokpin and Onumah (2009), Ruiz-Porras and Lopez-Mateo (2011), and Nair (2011) H3 There will be a positive or negative relationship between leverage and investment rate Azzoni and Kalatzis (2006), Adelegan and Ariyo (2008), Jangili and Kumar (2010), and Nair (2011) H4 There will be a positive relationship between sales growth and investment rate Erickson & Whited (2000), Gomes (2001), Saquido (2003), Carpenter and Guariglia (2008), Bokpin and Onumah (2009), Ruiz-Porras and Lopez-Mateo (2011), and Nair (2011) H5 There will be a positive or negative relationship between firm size and investment rate Adelegan and Ariyo (2008), Jangili and Kumar (2010), Ruiz-Porras and LopezMateo (2011) Data and Methodology 4.1 Data The data used in the research were collected from the financial statements of 52 enterprises listed on Vietnam Stock Market in 2021 from database Vietstock The financial ratios are calculated using the Excel Microsoft, with the formula detailed in Table below The data can be found in Appendix Table B Table Description of variables in the research model Variable name Investme nt rate Cash flow Co de Formula/Description Unit IR times CF times Expected sign Sales growth GR times Leverage LE V times Fixed capital intensity FCI times Size SZ Industry variables IN D1 IN D2 4.2 Methodology Objective of the paper is to estimate the factors affecting the investment rate of Vietnam's enterprises in 2021 Therefore, based on the previous studies, we decided to choose the following linear regression model: where ● Dependent variable: Investment rate ● Independent variables: Cash flow , Sales growth , Leverage , Fixed capital intensity , Size and Industry variables We built and fitted our model and used the OLS method to estimate the coefficients and standard errors We also conducted diagnostic tests along with every model, including Overall significant test, Ramsey’s RESET test, Multicollinearity test, Heteroscedasticity test (Breusch-Pagan test, White test), and Reduced model test Moreover, we detected unusual points in each model using observation leverages, adjusted standardized residuals and Cook’s distance Based on the residual plot, we were able to show the linearity of the data, the residuals have a mean of 0, the residuals are normally distributed, and the variance of the residuals is constant Finally, we compare and evaluate the results of the tests to choose the most suitable model The model comparison can be found at Appendix Table A Empirical Results 5.1 Descriptive Statistics Table exhibits the overall observations, mean, standard deviation, minimum, and maximum values of variables that included in the model It shows that there is a distinction among the investment rate and the factors influencing the investment rate of listed Vietnamese enterprises On average, companies in the sample had their investment rate near 0.22; the investment rate has a minor variation among enterprises, the maximum value reaches 0.5812 while the smallest is 0.0587 Remarkable disparities occur in Sales growth , Cash flow and Size in listed Vietnamese companies Table Descriptive statistics Variable Observations Mean S.D Min Max IR GR CF LEV FCI SZ 52 52 52 52 52 52 0.2206 0.2616 0.2055 0.5366 0.1536 15.7480 0.1544 0.6642 0.2983 0.1663 0.1311 0.0587 0.5812 3.5273 1.4532 0.8163 0.5045 19.8755 10 0.1815 0.0001 12.6524 5.2 Correlation analysis Table shows the correlation coefficient between the dependent variable and the independent variables and between the independent variables The correlation coefficient between the independent variables is not greater than 0.8, so there is no multicollinearity phenomenon The variables Sales growth , Leverage , Fixed capital intensity and Size were inversely correlated with the variable Investment rate (IR), while the variable Cash flow is positively correlated with the dependent variable Investment rate Table Correlation analysis Variable IR IR GR CF LEV FCI SZ GR CF LEV 0.1393 0.0838 0.1273 FCI SZ 0.5411 1 0.2787 0.1675 5.3 Regression Model After evaluating 06 models and testing outcomes of each model, we decide to choose model (3) become our best regression model: 5.4 Estimation Results Table Estimated coefficients and standard errors before fixing heteroscedasticity issue Intercept CF GR LEV Coefficients Std Error Table Estimated coefficients and standard errors after fixing heteroscedasticity issue Intercept CF Coefficients Std Error (.), (*), (**), (***): significant at 10%, 5%, 1%, 0.1% 11 GR LEV 5.5 Diagnostic Test Results Overall Significant Test Hypotheses pair Table Overall significant test result F-stat P-value At significant level 5%, we can conclude that our model is overall significant Reduced Model Test Full model Reduced model – Model (6) Hypotheses pair Table Reduced model test result F-stat P-value At significant level 5%, we can conclude that reduced model is correct Ramsey’s RESET Test Auxiliary regression Hypotheses pair Table Ramsey’s RESET test result F-stat P-value At significant level 5%, we can conclude that our model has no omitted variable 12 Multicollinearity Test Table 10 Multicollinearity test result Variables CF GR LEV VIF All VIFs , we can conclude that our model does not suffer from high multicollinearity Unusual Points Detection Table 11 Sequential change-points detection results Number of observations High leverage points Outliers Influential points There are 03 high leverage points in our model after calculating observation leverages, adjusted standardized residuals and Cook’s distance Heteroscedasticity Tests Hypotheses pair Table 12 Heteroscedasticity tests results -stat P-value Breusch-Pagan test White test Breusch-Pagan test: At significance level 5%, we can conclude that heteroscedasticity exists in our model White test: At significance level 5%, we can conclude that heteroscedasticity does not exist in our model However, at significant level 10%, heteroscedasticity may occur in our model 13 5.6 Residual plot Figure Residuals vs Fitted This plot is used to test the linearity of the date and assume that the residuals have a mean of If the red line on the scatter plot is a horizontal line and not a curve, then the linearity assumption of the data is satisfied The assumption that the residual has a mean of is satisfied if the red line is close to the horizontal line It can be seen that the assumption of linearity of the data is slightly violated However, the assumption of the mean of the residuals can be considered satisfied Figure Normal Q-Q The plot is used to test the hypothesis that the residuals have a normal distribution If the residual points lie on the same line, then the condition for the normal distribution is satisfied The Normal Q-Q plot shows that the assumption of normally distributed residuals is satisfied 14 Figure Scale – Location The plot is used to test the hypothesis that the residual variance is constant Because the red line has a curve and the residuals are unevenly distributed around the line, this assumption is violated The plot along with the results of Breusch-Pagan and White test show that our model occur the heteroscedasticity issue Therefore, we decided to resolve by re-estimating our standard errors, which be displayed in Table of section 5.4 Discussion The analysis results offer concrete proof on the factors influencing the investment rate of Vietnamese enterprises listed on the stock market Primarily, the cash flow has a positive effect on the investment rate of enterprises listed on the stock market with a significance of 0.1% This result shows that an increase of one unit in cash-flow might lead to an increase by 0.2080 in investment whilst other independent variables are constant In other words, this indicates that cash-flow is an important determinant of enterprises’ investment rate and can help stimulate investment This result is also matched with the findings of Aivazian et al (2005), Azzoni and Kalatzis (2006), Adelegan and Ariyo (2008), Jangili and Kumar (2010), Nair (2011), Ruiz-Porras and LopezMateo (2011) The way a cash flow statement is presented in Vietnam has no bearing on how loan decisions are made (Nguyen, 2020) Secondarily, the sales growth has a negative impact on the investment rate of listed enterprises with a significance of 5% This result shows that an increase in one unit in sales growth might lead to a decrease of 0.0674 in investment whilst other independent variables are constant This result is in contrast with the findings of Erickson & Whited (2000), Gomes (2001), 15 Saquido (2003), Carpenter and Guariglia (2008), Bokpin and Onumah (2009), Ruiz-Porras and Lopez-Mateo (2011), and Nair (2011) This can be explained by the severe impact of COVID-19 on Vietnam economy An enormous number of companies had to close temporarily during social distancing, which was a factor for the severe descent in sales Sale did not increase as significantly as pre-pandemic, but firms still had to pay a majority of fees, such as office renting, wages, websites and billboard maintenances, etc In addition, Technology, Energy, and Real Estate are the most vulnerable under pandemic influences (Truong, 2020) Increasing the portion of investment back at the time was risky due to the stagnation of Vietnam economy Thirdly, leverage has a negative influence on the investment rate of listed enterprises with a significance of 0.1% This result implies that an increase by one unit in leverage might lead to a decrease of 0.5028 in investment while other independent variables are constant This result contrasts with the studies of Azzoni and Kalatzis (2006), Adelegan and Ariyo (2008), Jangili and Kumar (2010), and Nair (2011) Helping explain the result, the underinvestment theory posits that the cost of external capital and the possibility of default induce levered firms to decrease investment This implies a negative relationship between leverage and investment According to Myers (1977), high leverage “overhang” reduces the incentives of high growth firms to invest in new positive net present value (NPV) projects because their profits would have to be shared with debt holders rather than with shareholders This makes highly levered firms less likely to exploit valuable growth opportunities, leading to the underinvestment problem of debt financing, which may negatively affect the firm’s value Higher leverage can also discourage investment by increasing the risk of default and consequently raising the cost of obtaining further external finance (Mills et al., 1994) Fixed capital intensity has a negative impact on the investment rate of listed enterprises, which is in the contrary with Erickson & Whited (2000), Gomes (2001), Saquido (2003), Carpenter and Guariglia (2008), Bokpin and Onumah (2009), Ruiz-Porras and Lopez-Mateo (2011), and Nair (2011), but not statistically significant Because the business characteristic of each enterprise is distinctive and the motion and level of using assets is different, fixed capital intensity does not play a remarkable role on the investment rate of listed enterprises Eventually, firm size has a negative impact on investment rate but is not statistically decided This result contrasts with the studies of Adele and Ariyo (2008), Jangili and Kumar (2010), Ruiz-Porras and Lopez-Mateo (2011) This shows that the size of a company does not have a great impact on the investment rate of enterprises in Vietnam Conclusion Through a data set collected from 52 enterprises including state-owned economic groups and private economic groups listed on the Vietnam stock market in 2021, our group has analysed the impact of factors affecting the investment rate of business companies and answered the question we had conducted before: “What are factors affecting the investment rate in Vietnam’s enterprises in 2021?” “How can those factors influence the investment rate?” 16 Experimental results from regression show that cash flow have a positive impact on investment rate of economic corporations: one unit increase in cash flow might lead to an increase by 0.2080 in investment rate whilst other factor remain constant In addition, sales growth, leverage have a negative impact on the capital investment rate of economic corporations For sales growth, an increase in one unit in sales growth might lead to a decrease of 0.0674 in investment whilst other independent variables are constant Much as for leverage an increase by one unit in leverage may lead to a decrease of 0.5028 in investment while other independent variables are unchanged The remaining factors consisting fixed capital intensity, firm size and industry variables have weak and insignificant impact on capital investment rate of listed enterprises Limitation Our team is aware that the research may have certain flaws and restrictions The sample size of the listed enterprises is insufficient to generalize the study's findings Despite the fact that there are many factors influencing financial success, this study only exhibits 07 independent variables Furthermore, this study only analyses cross-sectional data for the year 2021, which may not correctly reflect the businesses' overall status References Modigliani, Franco, and Merton H Miller “The Cost of Capital, Corporation Finance and the Theory of Investment.” The American Economic Review 48, no (1958): 261–97 Jorgenson, Dale “Capital Theory and Investment Behavior.” American Economic Review 53, no (1963): 247-259 Hall, Robert E., and Dale W Jorgenson “Tax Policy and Investment Behavior: Reply and Further Results.” The American Economic Review 59, no (1969): 388–401 Fazzari, Steven M., R Glenn Hubbard, Bruce C Petersen, Alan S Blinder, and James M Poterba “Financing Constraints and Corporate Investment.” Brookings Papers on Economic Activity 1988, no (1988): 141–206 Jensen, Michael C & Meckling, William H "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol 3(4) (1976), pages 305-360 Hall, C R., Mack, D E., Paivio, A., & Hausenblas, H A (1998) Sport Imagery Questionnaire (SIQ) Hubbard, R Glenn “Capital-Market Imperfections and Investment.” Journal of Economic Literature 36, no (1998): 193–225 Robert E Carpenter, Alessandra Guariglia, “Cash flow, investment, and investment opportunities: New tests using UK panel data”, Journal of Banking & Finance, vol 32, Issue 9, (2008), pages 1894-1906 Kaplan, Steven N., and Luigi Zingales “Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?” The Quarterly Journal of Economics 112, no (1997): 169–215 17 10 Bokpin, G A., & Onumah, J M “An empirical analysis of the determinants of corporate investment decisions: Evidence from emerging market firms.” International Research Journal of Finance and Economics, vol 33 (2009), 134-141 11 Saquido, “A P Determinants of corporate investment”, Philippine Management Review, Discussion Paper no 0402 (2003) 12 Aivazian, V A, Ge, J., & Qiu, J “The impact of leverage on firm investment: Canadian evidence”, Journal of Corporate Finance, 11 (2005), pages 277-291 13 Jangili, R., & Kumar, S., “Determinants of private corporate sector investment in India”, Reserve Bank of India Occasional Papers, 31(3) (2010), pages 67-89 10 Appendix Table A Comparison model Var Model (1) Model (2) Model (3) Intercept CF GR LEV FCI SZ ID1 ID2 R-sq Adj R-sq F-test (P-value) RESET test 18 Model (4) Model (5) Model (6) (P-value) BP test (P-value) White test (P-value) (.), (*), (**), (***): significant at 10%, 5%, 1%, 0.1% Table B Dataset Code IR 0.26623 PLX 0.10542 HPG 0.12242 VIC 0.20103 MSN 0.19096 GEX 0.27477 REE 0.19648 VCG 0.18373 GVR 0.10265 API 0.40820 DVN 0.15309 AAA 0.40931 VNM 0.46294 ABR 0.38309 BHN 0.06309 CC1 0.09788 CII 0.15774 SBT GR CF LEV FCI SZ 0.36386 0.66092 0.13754 0.14777 0.59222 0.03015 0.03558 0.24025 1.38352 0.23046 0.54300 0.02860 0.17136 0.28329 0.20852 0.12487 0.13153 0.77297 0.11393 0.15713 0.69268 0.34999 0.24776 0.17064 0.02261 0.06514 0.56382 0.49067 0.62750 0.66424 0.66501 0.48603 0.75370 0.34264 0.70349 0.48913 0.45508 0.32779 0.18159 0.31785 0.81638 0.72858 0.59756 0.22809 0.38870 0.30509 0.33827 0.28224 0.50453 0.08279 0.41206 0.04313 0.05647 0.20988 0.23825 0.04707 0.30826 0.09253 0.30497 0.19161 17.9866 18.9986 19.8755 18.6525 17.9294 17.2758 17.2485 18.1851 14.8628 15.5840 16.1190 17.7920 12.6524 15.7738 16.3022 17.2453 16.8345 0.76926 0.02151 0.15798 19 IND1 IND2 0 1 0 1 1 0 1 0 1 0 1 0 SHI APH HAG ABT TTL VNE MIE FIT VHI CEO LHG SCR SRF KOS KDC TN1 SNZ SAM PET BSR THD CTD IDJ CRE KBC 0.06567 0.09265 0.09986 0.31505 0.06137 0.53636 0.05871 0.53453 0.57861 0.18677 0.58123 0.16028 0.14909 0.06212 0.31544 0.53424 0.26329 0.26769 0.13766 0.06287 0.08999 0.19937 0.08835 0.25466 0.13417 0.31986 0.74355 0.07399 0.73035 0.53809 0.02703 0.21453 0.83322 0.26109 0.18262 0.04271 0.30810 0.74398 3.52733 1.17520 1.64349 0.97399 0.20401 0.13603 0.03521 0.14644 0.17045 1.45326 0.04237 0.17446 0.07111 0.04273 0.39371 0.08176 0.06689 0.09445 0.13396 0.40930 0.16757 0.06589 0.30200 0.25938 0.19480 0.09973 0.47067 0.28533 0.43210 0.76903 0.51793 0.74656 0.29561 0.72350 0.70608 0.40858 0.21463 0.28124 0.49867 0.48544 0.48629 0.69044 0.41583 0.51007 0.46909 0.57798 0.39073 0.77161 0.43763 0.40153 0.40769 0.71404 0.45169 0.47159 20 0.12866 0.24236 0.15237 0.10540 0.19488 0.09238 0.26393 0.11141 0.13423 0.20484 0.02447 0.02112 0.14720 0.16256 0.18055 0.01216 0.21112 0.09575 0.03075 0.30145 0.09552 0.03814 0.01005 0.03744 0.00812 15.5917 16.3273 16.7300 13.2950 14.6030 15.0635 14.7267 15.6046 13.9328 15.7685 14.8612 16.0976 14.4324 15.1700 16.4597 14.2911 16.9055 15.8363 15.9547 18.0171 16.1737 16.4491 15.0555 15.6514 17.2366 1 1 1 0 1 0 1 1 0 1 0 0 1 1 1 DRH PVL SDU KHA AAT DBT PMG VFG TNA CLM 0.28864 0.50380 0.17820 0.16329 0.06995 0.08335 0.26214 0.10696 0.10415 0.10246 0.02217 0.01963 0.07056 0.07003 0.28546 0.64812 0.10322 0.27923 0.10223 0.04110 0.47820 0.10759 0.37537 0.68487 0.38160 0.70438 0.42327 0.31524 0.74643 0.62251 0.46733 0.75315 0.75246 21 0.00017 0.00791 0.00071 0.01760 0.44534 0.06925 0.30610 0.08562 0.01606 0.00018 4 14.8178 12.9224 13.9854 13.1904 13.7918 13.5759 14.3648 14.4519 14.6649 13.5764 1 1 0 0 0 0 0 0