MINISTRY OF EDUCATION AND TRAINING THE STATE BANK OF VIETNAM HO CHI MINH UNIVERSITY OF BANKING ********************* NGUYEN DANG KHANH HUYEN FACTORS AFFECTING CAPITAL ADEQUACY RATIO OF COMMERCIAL BANK[.]
MINISTRY OF EDUCATION AND TRAINING THE STATE BANK OF VIETNAM HO CHI MINH UNIVERSITY OF BANKING ********************* NGUYEN DANG KHANH HUYEN FACTORS AFFECTING CAPITAL ADEQUACY RATIO OF COMMERCIAL BANKS IN VIETNAM GRADUATION THESIS Major: Banking and Financial Code: 7340201 Ho Chi Minh City – 2023 Tai ngay!!! Ban co the xoa dong chu nay!!! MINISTRY OF EDUCATION AND TRAINING THE STATE BANK OF VIETNAM HO CHI MINH UNIVERSITY OF BANKING ********************* NGUYEN DANG KHANH HUYEN STUDENT CODE: 050607190175 CLASS: HQ7 – GE07 FACTORS AFFECTING CAPITAL ADEQUACY RATIO OF COMMERCIAL BANKS IN VIETNAM GRADUATION THESIS Major: Banking and Financial Code: 7340201 SUPERVISOR: DR DU THI LAN QUYNH Ho Chi Minh City – 2023 ABSTRACT The topic “FACTORS AFFECTING CAPITAL ADEQUACY RATIO OF COMMERCIAL BANKS IN VIETNAM” is based on previous researches related to factors affecting the capital adequacy ratio of commercial banks The scope of the study is 20 commercial banks in Vietnam in the period 2012 – 2021 Furthermore, this research data is secondary data collected from audited consolidated financial statements of commercial banks and the World Bank The topic uses a univariate regression model with the dependent variable being the bank’s capital adequacy, and the independent variables being bank size (SIZE), deposits ratio (DEP), return on assets (ROA), loans (LOA), non-performing loans (NPL), and inflation rate (INF) Through the regression models Pooled-OLS, FEM, REM, FGLS along with some tests to find a complete model and have statistical significance The model estimation results show that SIZE and DEP negatively impact the bank's capital adequacy ratio Meanwhile, NPL shows a positive effect on banks’ capital adequacy ratio On the other hand, ROA, LOA, and INF are nonstatistically significant Based on this research results, the study provides suggestions and policy implications for bank administrators to manage the capital adequacy of Vietnamese commercial banks by at least 8% Keywords: Capital Adequacy Ratio, Basel, Commercial Banks, Vietnam DECLARATION OF AUTHENTICITY I hereby declare that this is my independent thesis The data used in the thesis are of clear origin and published following the law The research results in the thesis are my research and analysis, honestly, objectively, and by following the reality of Vietnam These results have not been published in any previous papers Ho Chi Minh City, April 2023 The Author Nguyen Dang Khanh Huyen ACKNOWLEDGEMENT Firstly, I would like to send my profound gratitude to all the lecturers at Banking University, in the Office of Academic Affairs, and especially to the Faculty of Finance and the Faculty of Banking lecturer while studying for a bachelor’s degree at the Ho Chi Minh University of Banking Secondly, I would like to express my sincerest and most profound thankfulness to Dr Du Thi Lan Quynh for her guidance and patience in giving me valuable recommendations during my study period I am happy and fortunate to carry out this study under her supervisor Lastly, I would like to thank my family for their support during my study and life Without encouragement and sacrifice, I would not have finished this thesis, so I express my special love and gratitude to them However, the study cannot avoid certain drawbacks due to the limitation of experience and time All the comments and advice which are contributed by the examiners are gratefully welcomed and appreciated Ho Chi Minh City, April 2023 The Author Nguyen Dang Khanh Huyen TABLE OF CONTENT ABSTRACT DECLARATION OF AUTHENTICITY ACKNOWLEDGEMENT TABLE OF CONTENT LIST OF ABBREVIATIONS LIST OF TABLES LIST OF GRAPHS CHAPTER 1: INTRODUCTION .1 1.1 Reason for choosing the topic .1 1.2 The research objectives 1.2.1 Overall objectives 1.2.2 Specific objectives 1.3 The research question 1.4 Subject and scope of the research 1.5 Methodology 1.6 Research content 1.7 Contribution of the thesis 1.8 The proposed layout of the thesis SUMMARY OF CHAPTER CHAPTER 2: THEORETICAL FRAMEWORK .8 2.1 The capital adequacy ratio of commercial banks 2.1.1 The concept of the capital adequacy ratio 2.1.2 Meaning of the capital adequacy ratio 2.1.3 Measure the capital adequacy ratio .10 2.2 Empirical research overview .11 2.2.1 Foreign research 11 2.2.2 Domestic research 15 2.2.3 Research gap 18 SUMMARY OF CHAPTER 20 CHAPTER 3: RESEARCH METHODS 21 3.1 Analysis process 21 3.2 Samples and research data 22 3.2.1 Research samples 22 3.2.2 Research data 23 3.2.3 Research tools .23 3.3 Regression methods and tests 23 3.3.1 Ordinary least square method (OLS) 23 3.3.2 Fixed Effect Model (FEM) 24 3.3.3 Random Effect Model (REM) 24 3.4 Research model and hypothesis 24 3.4.1 Research model .24 3.4.2 Description of variables and hypothesis .25 3.5 Model selection test .29 3.5.1 Testing the appropriateness between the Pooled OLS and FEM 29 3.5.2 Testing the appropriateness between the FEM and REM 29 SUMMARY OF CHAPTER 30 CHAPTER 4: RESEARCH RESULTS 31 4.1 Descriptive statistics 31 4.2 Research results 33 4.2.1 Correlation analysis 33 4.2.2 Multicollinearity test .34 4.3 Regression results of the research model 34 4.3.1 Regression models results .34 4.3.2 Defect tests 37 4.3.3 Final model 38 4.4 Summary 40 4.4.1 Bank size (SIZE) 40 4.4.2 The loans ratio (LOA) 41 4.4.3 Returns on assets (ROA) .41 4.4.4 Non-performing loans ratio (NPL) .41 4.4.5 The deposits ratio (DEP) .42 4.4.6 Inflation rate (INF) 42 SUMMARY OF CHAPTER 44 CHAPTER 5: CONCLUSION AND POLICY IMPLICATIONS 45 5.1 Conclusion 45 5.2 Policy Implications 45 5.3 Limitation of the thesis 46 5.4 Proposing directions for further research 47 SUMMARY OF CHAPTER 48 REFERENCES APPENDIX 1: LIST OF COMMERCIAL BANKS IN VIETNAM IN THE RESEARCH SAMPLE APPENDIX 2: CALCULATED DATASET APPENDIX 3: REGRESSION RESULTS WITH STATA 16.0 21 Peter, K (2008) A guide to econometrics (6 ed.) Malden: Mass: Blackwell Publishing 22 Shingjergji, A., Xhuvani, U., & Hyseni, M (2015) THE DETERMINANTS OF THE CAPITAL ADEQUACY RATIO IN THE ALBANIAN BANKING SYSTEM DURING 2007-2014 International Journal of Economics, Commerce and Management, 3(1), 1-10 23 The State Bank of Vietnam (2014, 11) CIRCULAR No 36/2014/TT-NHNN on stipulating minimum safety limits and ratios for transactions performed by credit institutions and branches of foreign banks 24 The State Bank of Vietnam (2016, 12) CIRCULAR 41/2016/TT-NHNN on stipulating the capital adequacy ratio for foreign-owned banks and branches of foreign-owned banks 25 Thoa, P., Anh, N., & Minh, N (2020) The determinant of capital adequacy ratio: empirical evidence from Vietnamese banks (a panel data analysis) Afro-Asian Journal of Finance and Accounting, 10(1), 60-70 26 Triyuwono, I., Aulia Rahman, F., Abusharba, M., Ismail, M., & Rahman, A (2013) Determinants of Capital Adequacy Ratio (CAR) in Indonesian Islamic Commercial Banks 27 Vu, H., & Dang, N (2020) Determinants influencing capital adequacy ratio of Vietnamese commercial banks Accounting, 871-878 APPENDIX 1: LIST OF COMMERCIAL BANKS IN VIETNAM IN THE RESEARCH SAMPLE No Name Ticker An Binh Commercial Joint Stock Bank ABB Asia Commercial Joint Stock Bank ACB Joint Stock Commercial Bank for Investment and Development of Vietnam BID Vietnam Joint Stock Commercial Bank for Industry and Trade CTG Joint Stock Vietnam Export Import Commercial Joint Stock Bank EIB Ho Chi Minh City Development Joint Stock Commercial Bank HDB Kien Long Commercial Joint Stock Bank KLB Military Commercial Joint Stock Bank MBB Maritime Commercial Joint Stock Bank MSB 10 Nam A Commercial Joint Stock Bank NAB 11 Ocean Commercial Joint Stock Bank OCB 12 Petrolimex Group Commercial Joint Stock Bank PGB 13 Saigon-Hanoi Commercial Joint Stock Bank SHB 14 Thuong Tin Commercial Joint Stock Bank STB 15 Vietnam Technology and Commercial Joint Stock Bank TCB 16 Tien Phong Commercial Joint Stock Bank TPB 17 Viet A Commercial Joint Stock Bank VAB 18 Joint Stock Commercial Bank For Foreign Trade Of Vietnam VCB 19 Vietnam International Commercial Joint Stock Bank VIB 20 Vietnam Prosperity Joint Stock Commercial Bank VPB Source: Author’s compilation APPENDIX 2: CALCULATED DATASET Ticker Year CAR SIZE DEP ROA LOA NPL INF ABB 2012 0.0500 31.4600 62.45% 0.91% 40.76% 2.84% 9.0947 ABB 2013 0.1345 31.6850 64.49% 0.27% 41.03% 7.63% 6.5927 ABB 2014 0.1490 31.8426 66.85% 0.19% 38.49% 4.51% 4.0846 ABB 2015 0.1750 31.7957 73.83% 0.14% 48.02% 2.42% 0.6312 ABB 2016 0.1507 31.9374 69.47% 0.35% 53.65% 2.56% 2.6682 ABB 2017 0.1340 32.0678 68.52% 0.62% 56.69% 2.77% 3.5203 ABB 2018 0.1282 32.1308 69.18% 0.82% 57.98% 1.89% 3.5396 ABB 2019 0.1107 32.2614 67.84% 1.04% 55.39% 2.31% 2.7958 ABB 2020 0.0905 32.3878 62.31% 1.02% 54.39% 2.09% 3.2209 ABB 2021 0.1200 32.4263 56.10% 1.31% 57.04% 2.34% 1.8347 ACB 2012 0.1350 32.8033 71.03% 0.34% 58.32% 2.50% 9.0947 ACB 2013 0.1470 32.7466 82.90% 0.48% 64.34% 3.03% 6.5927 ACB 2014 0.1410 32.8218 86.08% 0.55% 64.76% 2.18% 4.0846 ACB 2015 0.1280 32.9366 86.83% 0.54% 67.18% 1.31% 0.6312 ACB 2016 0.1319 33.0850 88.60% 0.61% 69.92% 0.87% 2.6682 ACB 2017 0.1149 33.2811 84.90% 0.82% 69.82% 0.70% 3.5203 ACB 2018 0.1281 33.4281 81.98% 1.67% 70.00% 0.73% 3.5396 ACB 2019 0.1091 33.5804 80.34% 1.69% 70.06% 0.54% 2.7958 ACB 2020 0.1106 33.7280 79.45% 1.86% 70.07% 0.59% 3.2209 ACB 2021 0.1120 33.8997 71.99% 1.98% 68.57% 0.77% 1.8347 BID 2012 0.0965 33.8147 62.51% 0.58% 70.12% 2.70% 9.0947 BID 2013 0.1023 33.9380 61.80% 0.78% 71.31% 2.26% 6.5927 BID 2014 0.0927 34.1085 67.73% 0.83% 68.53% 2.03% 4.0846 BID 2015 0.0981 34.3769 66.39% 0.85% 70.36% 1.68% 0.6312 BID 2016 0.0950 34.5452 72.14% 0.67% 71.91% 1.99% 2.6682 BID 2017 0.1090 34.7230 71.53% 0.63% 72.10% 1.62% 3.5203 BID 2018 0.1034 34.8111 75.37% 0.60% 75.30% 1.90% 3.5396 BID 2019 0.0934 34.9375 74.78% 0.61% 74.97% 1.75% 2.7958 BID 2020 0.0950 34.9553 80.88% 0.48% 80.06% 1.76% 3.2209 BID 2021 0.0900 35.1051 78.36% 0.66% 76.89% 1.00% 1.8347 CTG 2012 0.1033 33.8527 57.42% 1.28% 66.20% 1.47% 9.0947 CTG 2013 0.1320 33.9878 63.24% 1.08% 65.29% 1.00% 6.5927 CTG 2014 0.1040 34.1251 64.15% 0.93% 66.52% 1.12% 4.0846 CTG 2015 0.1060 34.2897 63.24% 0.79% 69.03% 0.92% 0.6312 CTG 2016 0.1040 34.4860 69.06% 0.79% 69.79% 1.02% 2.6682 CTG 2017 0.0940 34.6296 68.76% 0.73% 72.20% 1.14% 3.5203 CTG 2018 0.0930 34.6909 70.93% 0.47% 74.29% 1.59% 3.5396 CTG 2019 0.0950 34.7545 71.96% 0.79% 75.38% 1.16% 2.7958 CTG 2020 0.0950 34.8325 73.83% 1.07% 75.69% 0.94% 3.2209 CTG 2021 0.0910 34.9651 75.86% 0.99% 73.82% 1.26% 1.8347 EIB 2012 0.1294 32.7677 41.41% 1.21% 44.03% 1.32% 9.0947 EIB 2013 0.1447 32.7659 46.79% 0.39% 49.08% 1.98% 6.5927 EIB 2014 0.1362 32.7071 63.30% 0.21% 54.42% 2.46% 4.0846 EIB 2015 0.1652 32.4581 78.84% 0.03% 67.89% 1.86% 0.6312 EIB 2016 0.1712 32.4893 79.46% 0.24% 67.46% 2.95% 2.6682 EIB 2017 0.1598 32.6374 78.69% 0.59% 67.83% 2.27% 3.5203 EIB 2018 0.1505 32.6592 77.75% 0.44% 68.16% 1.85% 3.5396 EIB 2019 0.1381 32.7522 83.13% 0.54% 67.60% 1.71% 2.7958 EIB 2020 0.1181 32.7089 83.47% 0.65% 62.81% 2.52% 3.2209 EIB 2021 0.1230 32.7420 82.84% 0.59% 69.15% 1.96% 1.8347 HDB 2012 0.1401 31.5972 64.91% 0.67% 40.07% 2.35% 9.0947 HDB 2013 0.1220 32.0880 72.35% 0.31% 51.06% 3.67% 6.5927 HDB 2014 0.1070 32.2314 65.72% 0.51% 42.06% 2.28% 4.0846 HDB 2015 0.1340 32.2990 70.00% 0.61% 53.11% 1.59% 0.6312 HDB 2016 0.1253 32.6436 68.73% 0.71% 54.71% 1.46% 2.6682 HDB 2017 0.1350 32.8745 63.66% 1.15% 55.19% 1.52% 3.5203 HDB 2018 0.1210 33.0066 59.27% 1.58% 56.99% 1.53% 3.5396 HDB 2019 0.1120 33.0668 54.92% 1.80% 63.76% 1.36% 2.7958 HDB 2020 0.1210 33.3966 54.72% 1.69% 55.88% 1.32% 3.2209 HDB 2021 0.1440 33.5569 48.93% 1.86% 54.25% 1.65% 1.8347 KLB 2012 0.3340 30.5532 57.27% 1.93% 52.11% 2.93% 9.0947 KLB 2013 0.2074 30.6931 62.25% 1.57% 56.75% 2.47% 6.5927 KLB 2014 0.1838 30.7710 71.72% 0.79% 58.55% 1.95% 4.0846 KLB 2015 0.1980 30.8627 79.30% 0.68% 64.05% 1.13% 0.6312 KLB 2016 0.1635 31.0471 75.17% 0.43% 64.91% 1.06% 2.6682 KLB 2017 0.1578 31.2507 69.99% 0.60% 66.13% 0.84% 3.5203 KLB 2018 0.1662 31.3760 69.03% 0.58% 69.66% 0.94% 3.5396 KLB 2019 0.1342 31.5648 64.42% 0.14% 65.52% 1.02% 2.7958 KLB 2020 0.1205 31.6790 73.35% 0.23% 60.61% 5.42% 3.2209 KLB 2021 0.1000 32.0597 61.32% 1.09% 45.80% 1.89% 1.8347 MBB 2012 0.1115 32.7993 67.05% 1.48% 42.41% 1.84% 9.0947 MBB 2013 0.1291 32.8261 75.45% 1.28% 48.64% 2.45% 6.5927 MBB 2014 0.1211 32.9318 83.60% 1.31% 50.16% 2.73% 4.0846 MBB 2015 0.1285 33.0294 82.14% 1.19% 54.90% 1.61% 0.6312 MBB 2016 0.1250 33.1772 76.02% 1.21% 58.82% 1.32% 2.6682 MBB 2017 0.1200 33.3800 70.15% 1.22% 58.68% 1.20% 3.5203 MBB 2018 0.1090 33.5236 66.23% 1.83% 59.25% 1.33% 3.5396 MBB 2019 0.1068 33.6508 66.27% 2.09% 60.84% 1.16% 2.7958 MBB 2020 0.1042 33.8355 62.82% 1.90% 60.26% 1.09% 3.2209 MBB 2021 0.1000 34.0398 63.36% 2.40% 59.88% 0.90% 1.8347 MSB 2012 0.1193 32.3308 54.21% 0.20% 26.33% 0.00% 9.0947 MSB 2013 0.1056 32.3049 61.14% 0.30% 25.59% 2.71% 6.5927 MSB 2014 0.1570 32.2790 60.57% 0.14% 22.53% 5.16% 4.0846 MSB 2015 0.2453 32.2784 60.03% 0.11% 26.93% 3.41% 0.6312 MSB 2016 0.2359 32.1594 62.18% 0.14% 37.92% 2.36% 2.6682 MSB 2017 0.1948 32.3517 50.65% 0.12% 32.26% 2.23% 3.5203 MSB 2018 0.1217 32.5566 46.11% 0.69% 35.39% 3.01% 3.5396 MSB 2019 0.1025 32.6871 51.52% 0.71% 40.51% 2.04% 2.7958 MSB 2020 0.1060 32.8055 49.53% 1.21% 44.90% 1.96% 3.2209 MSB 2021 0.1150 32.9475 46.46% 2.12% 49.87% 1.74% 1.8347 NAB 2012 0.2144 30.4041 54.52% 1.03% 42.78% 2.48% 9.0947 NAB 2013 0.1347 30.9908 47.53% 0.60% 40.20% 1.48% 6.5927 NAB 2014 0.1066 31.2498 54.49% 0.57% 42.53% 1.47% 4.0846 NAB 2015 0.1292 31.1997 68.70% 0.53% 58.83% 0.91% 0.6312 NAB 2016 0.1118 31.3888 79.53% 0.08% 56.10% 2.94% 2.6682 NAB 2017 0.1263 31.6281 73.22% 0.49% 66.76% 1.95% 3.5203 NAB 2018 0.1115 31.9493 72.19% 0.91% 67.70% 1.54% 3.5396 NAB 2019 0.0966 32.1816 74.71% 0.86% 71.34% 1.97% 2.7958 NAB 2020 0.0957 32.5312 73.15% 0.70% 66.39% 0.83% 3.2209 NAB 2021 0.0950 32.6630 75.26% 1.00% 66.99% 1.57% 1.8347 OCB 2012 0.2350 30.9424 55.69% 0.87% 62.86% 0.00% 9.0947 OCB 2013 0.2241 31.1213 58.29% 0.80% 61.53% 5.14% 6.5927 OCB 2014 0.1710 31.2970 61.13% 0.61% 54.90% 0.00% 4.0846 OCB 2015 0.1290 31.5319 59.67% 0.47% 56.01% 0.00% 0.6312 OCB 2016 0.1110 31.7870 67.48% 0.68% 60.34% 1.75% 2.6682 OCB 2017 0.1160 32.0654 63.11% 1.10% 57.16% 1.79% 3.5203 OCB 2018 0.1208 32.2358 60.38% 1.91% 56.34% 2.29% 3.5396 OCB 2019 0.1119 32.4031 58.52% 2.37% 60.16% 1.84% 2.7958 OCB 2020 0.1205 32.6584 57.15% 2.61% 58.51% 1.69% 3.2209 OCB 2021 0.1230 32.8486 53.56% 2.61% 55.31% 1.32% 1.8347 PGB 2012 0.2260 30.5886 64.06% 1.30% 71.62% 8.44% 9.0947 PGB 2013 0.1910 30.8449 55.72% 0.17% 55.74% 2.98% 6.5927 PGB 2014 0.1710 30.8806 69.84% 0.52% 56.27% 2.48% 4.0846 PGB 2015 0.2140 30.8371 68.33% 0.16% 64.35% 2.75% 0.6312 PGB 2016 0.1810 30.8429 73.71% 0.50% 70.63% 2.47% 2.6682 PGB 2017 0.1491 31.0085 78.09% 0.24% 73.11% 3.34% 3.5203 PGB 2018 0.1455 31.0289 78.08% 0.43% 73.75% 3.06% 3.5396 PGB 2019 0.1389 31.0834 80.41% 0.24% 75.05% 3.16% 2.7958 PGB 2020 0.1224 31.2188 79.49% 0.50% 71.02% 2.44% 3.2209 PGB 2021 0.1240 31.3328 69.28% 0.67% 67.86% 2.52% 1.8347 SHB 2012 0.1418 32.3892 66.59% 1.80% 48.86% 8.81% 9.0947 SHB 2013 0.1238 32.5982 63.19% 0.65% 53.27% 4.06% 6.5927 SHB 2014 0.1133 32.7611 72.90% 0.51% 61.58% 2.02% 4.0846 SHB 2015 0.1140 32.9526 72.70% 0.43% 64.20% 1.72% 0.6312 SHB 2016 0.1300 33.0861 71.20% 0.42% 69.41% 1.87% 2.6682 SHB 2017 0.1130 33.2870 68.14% 0.59% 69.33% 2.33% 3.5203 SHB 2018 0.1179 33.4095 69.67% 0.55% 67.12% 2.40% 3.5396 SHB 2019 0.1174 33.5316 70.97% 0.70% 72.60% 1.91% 2.7958 SHB 2020 0.1008 33.6537 73.56% 0.67% 74.06% 1.83% 3.2209 SHB 2021 0.1190 33.8588 64.59% 1.09% 71.54% 1.69% 1.8347 STB 2012 0.0953 32.6557 70.64% 0.68% 63.33% 2.05% 9.0947 STB 2013 0.1022 32.7148 81.58% 1.42% 68.51% 1.46% 6.5927 STB 2014 0.0987 32.8770 85.91% 1.26% 67.45% 1.19% 4.0846 STB 2015 0.0951 33.3079 89.37% 0.27% 63.66% 5.80% 0.6312 STB 2016 0.0961 33.4362 87.84% 0.03% 59.89% 6.91% 2.6682 STB 2017 0.1130 33.5404 86.81% 0.34% 60.51% 4.67% 3.5203 STB 2018 0.1188 33.6375 86.05% 0.46% 63.20% 2.13% 3.5396 STB 2019 0.1153 33.7482 88.37% 0.57% 65.27% 1.94% 2.7958 STB 2020 0.0953 33.8305 86.90% 0.57% 69.09% 1.70% 3.2209 STB 2021 0.0990 33.8870 82.01% 0.67% 74.44% 1.50% 1.8347 TCB 2012 0.1260 32.8236 61.95% 0.42% 37.94% 2.70% 9.0947 TCB 2013 0.1403 32.6993 75.51% 0.39% 44.23% 3.65% 6.5927 TCB 2014 0.1565 32.8009 74.87% 0.65% 45.65% 2.38% 4.0846 TCB 2015 0.1474 32.8885 74.09% 0.83% 58.43% 1.66% 0.6312 TCB 2016 0.1312 33.0922 73.69% 1.47% 60.59% 1.58% 2.6682 TCB 2017 0.0940 33.2272 63.47% 2.55% 59.71% 1.61% 3.5203 TCB 2018 0.1460 33.4024 62.75% 2.87% 49.83% 1.75% 3.5396 TCB 2019 0.1550 33.5809 60.28% 2.90% 60.15% 1.33% 2.7958 TCB 2020 0.1610 33.7169 63.12% 3.06% 63.13% 0.47% 3.2209 TCB 2021 0.1500 33.9744 55.34% 3.65% 61.07% 0.66% 1.8347 TPB 2012 0.1800 30.3471 61.31% 0.58% 40.23% 3.66% 9.0947 TPB 2013 0.1981 31.0995 44.66% 1.62% 37.17% 2.33% 6.5927 TPB 2014 0.1504 31.5722 42.01% 1.28% 38.54% 1.22% 4.0846 TPB 2015 0.1213 31.9647 51.83% 0.88% 37.05% 0.81% 0.6312 TPB 2016 0.0923 32.2974 51.81% 0.62% 43.87% 0.75% 2.6682 TPB 2017 0.0931 32.4523 56.64% 0.84% 51.10% 1.10% 3.5203 TPB 2018 0.1024 32.5450 55.91% 1.39% 56.68% 1.12% 3.5396 TPB 2019 0.1069 32.7336 56.22% 2.06% 58.16% 1.29% 2.7958 TPB 2020 0.1259 32.9604 56.18% 1.89% 58.16% 1.18% 3.2209 TPB 2021 0.1340 33.3106 47.66% 1.93% 48.23% 0.82% 1.8347 VAB 2012 0.1624 30.8341 60.95% 0.70% 52.38% 0.00% 9.0947 VAB 2013 0.1520 30.9281 69.63% 0.23% 53.23% 2.88% 6.5927 VAB 2014 0.1749 31.2031 55.58% 0.15% 44.46% 2.33% 4.0846 VAB 2015 0.1910 31.3658 58.36% 0.21% 48.40% 2.26% 0.6312 VAB 2016 0.1577 31.7495 52.37% 0.19% 49.48% 2.14% 2.6682 VAB 2017 0.1024 31.7967 53.39% 0.16% 53.12% 2.68% 3.5203 VAB 2018 0.1009 31.8978 58.03% 0.17% 53.18% 0.00% 3.5396 VAB 2019 0.0931 31.9676 62.04% 0.28% 55.76% 0.00% 2.7958 VAB 2020 0.0850 32.0915 68.50% 0.41% 55.91% 2.30% 3.2209 VAB 2021 0.0840 32.2465 67.00% 0.70% 53.90% 1.89% 1.8347 VCB 2012 0.1483 33.6581 68.85% 1.13% 58.18% 2.40% 9.0947 VCB 2013 0.1313 33.7816 70.84% 0.99% 58.49% 2.73% 6.5927 VCB 2014 0.1161 33.9889 73.17% 0.88% 56.04% 2.31% 4.0846 VCB 2015 0.1104 34.1448 74.31% 0.85% 57.49% 1.84% 0.6312 VCB 2016 0.1113 34.3004 74.94% 0.94% 58.48% 1.50% 2.6682 VCB 2017 0.1163 34.5735 68.44% 1.00% 52.49% 1.14% 3.5203 VCB 2018 0.1214 34.6102 74.67% 1.39% 58.83% 0.98% 3.5396 VCB 2019 0.0934 34.7399 75.93% 1.61% 60.09% 0.79% 2.7958 VCB 2020 0.0956 34.8211 77.82% 1.45% 63.32% 0.62% 3.2209 VCB 2021 0.0930 34.8857 80.25% 1.60% 67.91% 0.64% 1.8347 VIB 2012 0.1943 31.8058 60.07% 0.64% 52.12% 2.62% 9.0947 VIB 2013 0.1770 31.9732 56.25% 0.07% 45.84% 2.82% 6.5927 VIB 2014 0.1804 32.0213 60.81% 0.66% 47.33% 2.51% 4.0846 VIB 2015 0.1780 32.0655 63.22% 0.63% 56.67% 2.07% 0.6312 VIB 2016 0.1330 32.2804 56.70% 0.59% 57.58% 2.58% 2.6682 VIB 2017 0.1307 32.4445 55.52% 0.99% 64.85% 2.64% 3.5203 VIB 2018 0.1000 32.5667 60.98% 1.67% 69.08% 2.52% 3.5396 VIB 2019 0.0970 32.8488 66.31% 2.02% 70.02% 1.96% 2.7958 VIB 2020 0.1012 33.1310 61.45% 2.16% 69.28% 1.74% 3.2209 VIB 2021 0.1170 33.3660 56.08% 2.31% 65.11% 2.32% 1.8347 VPB 2012 0.1251 32.2626 57.96% 0.69% 35.94% 2.72% 9.0947 VPB 2013 0.1250 32.4290 69.14% 0.91% 43.27% 2.81% 6.5927 VPB 2014 0.1140 32.7263 66.38% 0.88% 48.01% 2.54% 4.0846 VPB 2015 0.1220 32.8982 67.19% 1.34% 60.25% 2.69% 0.6312 VPB 2016 0.1320 33.0637 54.11% 1.86% 63.24% 2.91% 2.6682 VPB 2017 0.1260 33.2578 48.08% 2.54% 65.77% 3.39% 3.5203 VPB 2018 0.1120 33.4096 52.85% 2.45% 68.66% 3.50% 3.5396 VPB 2019 0.1110 33.5638 56.72% 2.36% 68.18% 3.42% 2.7958 VPB 2020 0.1170 33.6690 55.71% 2.62% 69.40% 3.41% 3.2209 VPB 2021 0.1430 33.9362 44.18% 2.38% 64.90% 4.57% 1.8347 Source: Author’s compilation APPENDIX 3: REGRESSION RESULTS WITH STATA 16.0 Descriptive statistics Correlation matrix between variables Multicollinearity test Pooled OLS regression result FEM regression result REM regression result Summary of research results Hausman test Heteroskedasticity test Autocorrelation test FGLS regression