STATE BANK OF VIETNAM MINISTRY OF EDUCATION & TRAINING HO CHI MINH UNIVERSITY OF BANKING ********************* Vo Minh Tin THE IMPACT OF CAPITAL STRUCTURE ON FIRM PERFORMANCE EVIDENCE FROM RETAIL COMP[.]
STATE BANK OF VIETNAM MINISTRY OF EDUCATION & TRAINING HO CHI MINH UNIVERSITY OF BANKING ********************* Vo Minh Tin THE IMPACT OF CAPITAL STRUCTURE ON FIRM PERFORMANCE: EVIDENCE FROM RETAIL COMPANIES ON THE VIETNAM STOCK MARKET GRADUATION THESIS Major: BANKING AND FINANCE CODE: 34 02 01 HO CHI MINH CITY- 2023 Tai ngay!!! Ban co the xoa dong chu nay!!! STATE BANK OF VIETNAM MINISTRY OF EDUCATION & TRAINING HO CHI MINH UNIVERSITY OF BANKING ********************* GRADUATION THESIS MAJOR: BANKING AND FINANCE CODE: 73 02 01 THE IMPACT OF CAPITAL STRUCTURE ON FIRM PERFORMANCE: EVIDENCE FROM RETAIL COMPANIES ON THE VIETNAM STOCK MARKET VO MINH TIN STUDENT CODE:050606180340 HQ6-GE04 Supervisor: Dr NGUYEN THI NHU QUYNH HO CHI MINH CITY- 2023 iii ABSTRACT The thesis titled "The impact of capital structure on firm performance: Evidence from retail companies on the Vietnam stock market" is based on previous research related to capital structure and other factors affecting firm performance The scope of the study is 25 Vietnamese retail companies in the period 2015-2022 The research aims to examine the relationship between capital structure and firm performance in the retail industry in Vietnam and provide evidence on the impact of capital structure on the development and success of companies in this sector The research topic utilizes multivariate regression models to analyze the impact of various independent variables on the efficiency of business operations The dependent variable in the models is the return on assets (ROA), and the independent variables include capital structure (CS), liquidity (LIQ), firm size (Size), tangible assets (Tang), business growth (GROW), economic growth (GDP), and inflation rate (INF) The regression models used in the study include Pooled-OLS, Fixed Effects Model (FEM), Random Effects Model (REM), Feasible Generalized Least Squares (FGLS), and System Generalized Method of Moments (S-GMM) Along with the models already mentioned, statistical tests were used to determine a comprehensive and statistically significant model.The estimation results of the models indicate that the variables CS, SIZE, LIQ, and GDP positively impact business efficiency In contrast, the variables Tang and INF have a negative impact Furthermore, the variable GROW does not show statistical significance in the study Based on the research results, the study contributes to providing suggestions and policy implications for retail companies to enhance business efficiency Keywords: Capital structure, Firm performance, S-GMM, Retail companies, Vietnam Stock market iv TĨM TẮT Khố luận có tựa đề "Tác động cấu trúc vốn đến hiệu hoạt động doanh nghiệp từ doanh nghiệp bán lẻ thị trường chứng khoán Việt Nam" dựa nghiên cứu trước liên quan đến cấu trúc vốn yếu tố khác ảnh hưởng đến hiệu suất doanh nghiệp thực doanh nghiệp Nghiên cứu tập trung vào 25 công ty bán lẻ Việt Nam khoảng thời gian từ năm 2015 đến năm 2022 Mục tiêu nghiên cứu xem xét mối quan hệ cấu trúc vốn hiệu suất doanh nghiệp ngành bán lẻ Việt Nam, cung cấp chứng tác động cấu trúc vốn phát triển thành công công ty lĩnh vực Bài nghiên cứu sử dụng mô hình hồi quy đa biến để phân tích tác động biến độc lập khác lên hiệu hoạt động kinh doanh Biến phụ thuộc mơ hình lợi nhuận tài sản (ROA), biến độc lập bao gồm cấu trúc vốn (CS), khoản (LIQ), kích thước doanh nghiệp (Size), tài sản vật chất (Tang), tăng trưởng kinh doanh (GROW), tăng trưởng kinh tế (GDP) tỷ lệ lạm phát (INF) Các mơ hình sử dụng nghiên cứu bao gồm Pooled-OLS, Fixed Effects Model (FEM), Random Effects Model (REM), Feasible Generalized Least Squares (FGLS), System Generalized Method of Moments (S-GMM) Cùng với mơ hình đề cập, kiểm định thống kê sử dụng để xác định mơ hình tồn diện có ý nghĩa thống kê Kết ước lượng mơ hình cho thấy biến CS, SIZE, LIQ GDP có tác động tích cực đến hiệu suất kinh doanh Ngược lại, biến Tang INF có tác động tiêu cực Ngồi ra, biến GROW khơng cho thấy ý nghĩa thống kê nghiên cứu Trên sở kết nghiên cứu, viết góp phần đưa đề xuất hàm ý sách cho cơng ty bán lẻ nhằm nâng cao hiệu hoạt động doanh nghiệp Keywords: Cấu trúc vốn, hiệu hoạt động doanh nghiệp, System Generalized Method of Moments (S-GMM), doanh nghiệp bán lẻ, thị trường chứng khoán Việt Nam v vi CONTENTS ABSTRACT iii TÓM TẮT .iv LIST OF ACRONYMS x LIST OF TABLES xi LIST OF GRAPH xi CHAPTER INTRODUCTION 1.1 REASON OF CHOOSING 1.2 THE OBJECTIVE RESEARCH 1.2.1 Overall objectives 1.2.2 Specific objectives 1.3 RESEARCH QUESTION 1.4 OBJECT AND SCOPE OF THE STUDY 1.4.1 Research object 1.4.2 Research scope 1.5 METHODOLOGY 1.6 CONTRIBUTION OF THE THESIS 1.7 THESIS STRUCTURE SUMMARY OF CHAPTER CHAPTER THEORETICAL FRAMEWORK AND LITERATURE REVIEW 2.1 THEORETICAL FOUNDATIONS OF BUSINESS PERFORMANCE 2.1.1 Definition of Firm Performance 2.1.2 Measuring the business performance 2.2 THE CONCEPT OF CAPITAL STRUCTURE 10 2.2.1 Perspectives on capital structure 10 2.2.2 Indicators proxy for capital structure 11 2.3 THEORETICAL BACKGROUND 16 2.4 EMPIRICAL EVIDENCE ON THE IMPACT OF CAPITAL STRUCTURE ON FIRM PERFORMANCE 22 vii 2.4.1 Foreign studies 23 2.4.2 Domestic studies 27 2.5 THE RESEARCH GAPS 28 SUMMARY OF CHAPTER 29 CHAPTER METHODOLOGY 30 3.1 METHODOLOGY 30 3.2 RESEARCH MODEL 38 3.2.1 Explain the variables and develop the thesis hypothesis 39 3.2.2 Independent variable 40 3.3 DATA 49 SUMMARY OF CHAPTER 51 CHAPTER RESEARCH RESULTS 52 4.1 DESCRIPTIVE STATISTICS 52 4.2 REGRESSION RESULTS OF THE RESEARCH MODEL 58 4.3 RESEARCH RESULTS AND DISCUSSION 64 SUMMARY OF CHAPTER 67 CHAPTER CONCLUSION AND POLICY IMPLICATIONS 68 5.1 CONCLUSION 68 5.2 POLICY IMPLICATIONS 69 5.3 LIMITATIONS OF THE THESIS AND PROPOSING DIRECTIONS FOR FURTHER RESEARCH 70 REFERENCES 72 viii DECLARATION OF AUTHENTICITY I 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 theory, 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, May 2023 The Author VO MINH TIN ix 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 lecturer of 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 Nguyen Thi Nhu 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 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 In the implementation process, mistakes are inevitable despite consulting, exchanging and absorbing suggestions from teachers and friends With the effort to improve more and more, I look forward to receiving valuable advice from teachers and friends I sincerely thank you! x LIST OF ACRONYMS CPI Consumer Price Index CS Capital structure FEM Fixed Effects Model FGLS Feasible Generalized Least Squares GDP Gross Domestic Product HNX Hanoi Stock Exchange HOSE Ho Chi Minh city Stock Exchange JSC Joint Stock Company MM theory Modigliani-Miller theorem POLS Pooled Ordinary Least Square REM Random Effects Model ROA Return on assets ROE Return on equity S-GMM Structural Generalized Method of Moments Tobin‘s Q the ratio between a physical asset's market value and its replacement value UPCOM Unlisted Public Company Market VIF Variance Inflation Factor 73 Bessler, W., Drobetz, W., & Pensa, P (2008) Do managers adjust the capital structure to market value changes? Evidence from Europe Zeitschrift für Betriebswirtschaft, 6(2008), 113-145 10 Tarazi, R E (2013, May) Determinants of capital structure: evidence from Thailand panel data In Proceedings of 3rd Global Accounting, Finance and Economics Conference (No 1958, pp 1-9) 11 Thippayana, P 2014, ―Determinants of capital structure in Thailand‖, Procedia -Social and Behavioral Sciences, vol 143, pp 1074-1077 12 Modigliani, F., & Miller, M H (1958) The cost of capital, corporation finance and the theory of investment The American economic review, 48(3), 261-297 13 Cai, K., Fairchild, R., & Guney, Y (2008) Debt maturity structure of Chinese companies Pacific-Basin Finance Journal, 16(3), 268-297 14 Chen, J J (2004) Determinants of capital structure of Chinese-listed companies Journal of Business research, 57(12), 1341-1351 15 Lim, T., Zhao, D., & Chai, R (2012) Capital structure of real estate firms in Chinese stock market International Journal of Management Sciences and Business Research, 1(9) 16 Ali, I (2011) Determinants of capital structure: Empirical evidence from Pakistan Available at SSRN 1977024 17 Gharaibeh, A M O (2015) The determinants of capital structure: Empirical evidence from Kuwait European Journal of Business, Economics and Accountancy, 3(6), 1-25 18 Vătavu, S (2015) The impact of capital structure on financial performance in Romanian listed companies Procedia Economics and Finance, 32, 1314-1322 19 Harris, M., & Raviv, A (1991) The theory of capital structure the Journal of Finance, 46(1), 297-355 74 20 Roden, D M., & Lewellen, W G (1995) Corporate capital structure decisions: evidence from leveraged buyouts Financial Management, 76-87 21 Hadlock, C J., & James, C M (2002) Do banks provide financial slack? the Journal of Finance, 57(3), 1383-1419 22 Majumdar, S K., & Chhibber, P (1999) Capital structure and performance: Evidence from a transition economy on an aspect of corporate governance Public choice, 287-305 23 Demsetz, H., & Lehn, K (1985) The structure of corporate ownership: Causes and consequences Journal of political economy, 93(6), 1155-1177 24 Shleifer, A., & Vishny, R W (1988) Value maximization and the acquisition process Journal of economic perspectives, 2(1), 7-20 25 Caglayan, E., & Sak, N (2010) The determinants of capital structure: evidence from the Turkish banks Journal of Money, Investment and Banking, 15(1), 5764 26 Ahmeti, F., & Prenaj, B (2015) A critical review of Modigliani and Miller‘s theorem of capital structure International Journal of Economics, Commerce and Management (IJECM), 3(6) 27 Bandyopadhyay, A., & Barua, N M (2016) Factors determining capital structure and corporate performance in India: Studying the business cycle effects The Quarterly Review of Economics and Finance, 61, 160-172 28 Harrison, B., & Widjaja, T W (2014) The determinants of capital structure: Comparison between before and after financial crisis Economic Issues, 19(2), 55-82 29 Miller, E M (1977) Risk, uncertainty, and divergence of opinion The Journal of finance, 32(4), 1151-1168 75 30 Jensen, M C., & Meckling, W H (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure Journal of financial economics, 3(4), 305-360 31 Jensen, M C (1986) Agency costs of free cash flow, corporate finance, and takeovers The American economic review, 76(2), 323-329 32 Eisenhardt, K M (1989) Building theories from case study research Academy of management review, 14(4), 532-550 33 Hart, O., & Moore, J (1994) A theory of debt based on the inalienability of human capital The Quarterly Journal of Economics, 109(4), 841-879 34 Jerzemowska, M (2006) The main agency problems and their consequences Acta Oeconomica Pragensia, 14(3), 9-17 35 Berger, A N., & Di Patti, E B (2006) Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry Journal of Banking & Finance, 30(4), 1065-1102 36 Margaritis, D., & Psillaki, M (2010) Capital structure, equity ownership and firm performance Journal of banking & finance, 34(3), 621-632 37 Becker, B., & Strömberg, P (2012) Fiduciary duties and equity-debtholder conflicts The Review of Financial Studies, 25(6), 1931-1969 38 Myers, S C (1977) Determinants of corporate borrowing Journal of financial economics, 5(2), 147-175 39 Myers, S C., & Majluf, N S (1984) Corporate financing and investment decisions when firms have information that investors not have Journal of financial economics, 13(2), 187-221 40 Abdullah, H., & Tursoy, T (2021) Capital structure and firm performance: evidence of Germany Science, 15(2), 379-398 under IFRS adoption Review of Managerial 76 41 Frank, M Z., & Goyal, V K (2009) Capital structure decisions: which factors are reliably important? Financial management, 38(1), 1-37 42 Lemmon, M L., & Zender, J F (2016) Asymmetric Information Debt Capacity, And Capital Structure 43 Roodman, D (2009) How to xtabond2: An introduction to difference and system GMM in Stata The stata journal, 9(1), 86-136 44 Samuelson, P., & Nordhaus, W (1985) Principles of economics McCraw-liill, New York, any edition 45 Smith, A (1937) The wealth of nations [1776] (Vol 11937) na 46 Brounen, D., Kok, N., & Quigley, J M (2012) Residential energy use and conservation: Economics and demographics European Economic Review, 56(5), 931-945 47 Demsetz, H (2008) Succeeding in economics The American Economist, 52(2), 1-5 48 Nguyen, T T., & Ramiah, V (2014) Firm performance: The role of corporate governance in an emerging market Pacific-Basin Finance Journal, 30, 126-141 49 Erol, C., & Nabi, M S (2016) Capital structure and profitability: An empirical analysis of the Turkish manufacturing sector International Journal of Economics, Commerce and Management, 4(1), 28-40 50 Saeed, A., Lodhi, A., Butt, B Z., & Arif, M (2017) The effect of capital structure on profitability: Evidence from the financial sector of Pakistan Journal of Finance and Economics, 5(5), 176-187 51 Raza, S A., Shahzad, S J H., Nishat, M., & Nawaz, K (2018) Impact of capital structure on firm performance: A case of listed companies in Pakistan Cogent Economics & Finance, 6(1), 1470372 77 52 Smith, J., Johnson, L., & Williams, K (2019) The impact of capital structure on firm performance: Evidence from European countries International Journal of Economics and Finance 53 Al-Tamimi, H A H., Al-Fayoumi, N A., & Al-Khatib, K A (2018) The impact of capital structure on firm performance: Evidence from Gulf cooperation council countries International Journal of Business and Social Science 54 Li, X., Liu, H., & Ma, Q (2017) The impact of capital structure on firm performance: An empirical study of listed companies in China International Journal of Economics and Finance 55 Aivazian, V., Ge, Y., & Qiu, J (2017) The impact of capital structure on operational efficiency: Evidence from publicly listed companies in the Russian stock market Journal of Finance and Economics, 25(2), 45-60 56 Sharma, R., & Goyal, A (2019) Capital structure and operational efficiency: A study of manufacturing companies in India International Journal of Business and Management, 12(4), 78-92 57 Nnadi, M., Adegbite, E., & Amaeshi, K (2020) The relationship between capital structure and operational efficiency: Evidence from oil and gas companies in Nigeria Journal of Accounting, Finance and Economics, 30(1), 102-118 58 Huang, G., Song, F M., & Zhang, H (2018) Capital structure, speed of adjustment and bank performance in China Research in International Business and Finance, 43, 1-12 Vietnamese Documents Đỗ Văn Thắng cộng (2010), ảnh hưởng cấu trúc vốn lên giá trị doanh nghiệp cơng ty niêm yết sàn chứng khốn TP HCM, Tạp chí Phát triển Kinh tế 238 78 Thắng, Đ V., & Thiều, T Q (2021) Ảnh hưởng cấu trúc vốn lên giá trị doanh nghiệp cơng ty niêm yết sàn chứng khốn TP Hồ Chí Minh Tạp chí phát triển kinh tế, 36-41 Quỳnh, N T N Các yếu tố tác động đến cấu trúc vốn doanh nghiệp niêm yết Sở Giao dịch Chứng khốn Hồ Chí Minh Tạp chí Khoa học & Đạo tạo ngân hàng số 222 Chí, L Đ (2013) Các nhân tố ảnh hưởng đến việc hoạch định cấu trúc vốn nhà quản trị tài Việt Nam Tạp chí Phát triển Hội nhập (9 (19)), 22, 28 Ngân, N H K (2012) Các nhân tố ảnh hưởng đến cấu trúc vốn công ty bất động sản niêm yết thị trường chứng khoán Việt Nam Quách, Đ T Q A., & Yến, T H (2014) Tác động số nhân tố đến tối đa hố lợi nhuận doanh nghiệp Tạp chí Phát triển Hội nhập Ngơ Văn Tồn Vũ Văn Thành 2017, ‗ Tác động đòn bẩy lên hiệu hoạt động doanh công ty niêm yết Việt Nam‘ Tạp chí cơng thương ngày 15 tháng năm 2017 truy cập (http://tapchicongthuong.vn/bai-viet/tac-dongcua-don-bay-len-hieu-qua-hoat-dong-cong-ty-niem-yet-tai-viet-nam48450.htm> Le, T P V., & Phan, T B N (2017) Capital structure and firm performance: Empirical evidence from a small transition country Research in international business and finance, 42, 710-726 Nguyễn, T C (2009) Financial development Hồ Chí Minh City National University Publishing House 79 APPENDIX Appendix List of retail Businesses in Vietnam in the research sample Serial Companies Stock Exchange Ticker Ben Thanh Trading Service JSC HOSE BTT Ca Mau Trading JSC HOSE CMV City Auto Corporation HOSE CTF Digiworld Corporation HOSE DGW FPT Digital Retail JSC HOSE FRT Hang Xanh Motors Service JSC HOSE HAX Mobile World Investment Corporation HOSE MWG Masan Group Corporation HOSE MSN Phu Nhuan Jewelry JSC HOSE PNJ 10 Vincom Retail JSC HOSE VRE 11 Saigon General Service Corporation HOSE SVC 12 Taseco Air Services JSC HOSE AST 13 Viet Brand Invest JSC HOSE ABR 14 Materials - Petroleum JSC HOSE COM 15 SaiGon Fuel JSC HOSE SFC 16 Phuong Nam Cultural JSC HOSE PNC 17 Cam Ranh International Airport Service JSC HNX CIA 18 Hoc Mon Trading JSC HNX HTC 19 Thu Duc Import-Export Trading JSC HNX TMC 20 Binh Dinh Book and Equipment JSC HNX BDB 21 Viet Nam Herbs and Foods JSC HNX VHE 80 22 Sao Thang Long Investment JSC HNX DST 23 Tien Thanh Service and Trading JSC HNX TTH 24 VICEM Cement Trading JSC HNX TMX 25 Vexilla Viet Nam Group JSC HNX SVN Source: Author’s compilation Appendix Regression results with Stata 17.0 Descriptive statistics Variable Obs Mean Std dev Min Max ROA CS LIQ Size Tang 180 180 180 180 180 071145 446661 2.245359 6.018405 1091725 0612687 2200329 2.101891 8702265 1030391 -.1076 0199054 7298528 4.180126 0001139 2963 8906186 23.27821 8.150274 374132 Grow GDP CPI 180 180 180 0101962 0592478 0266333 0974396 -.5718484 019032 0258 0091371 0063 9541263 0802 0354 Variables correlation CS CS LIQ Size Tang Grow GDP CPI LIQ Tang Grow GDP CPI 1.0000 -0.5201 1.0000 0.4545 -0.3198 1.0000 -0.1020 -0.0521 0.0670 1.0000 0.0852 -0.3137 0.0455 0.2524 -0.0015 0.0246 -0.0259 -0.0239 -0.0772 0.0773 0.0762 0.0376 1.0000 0.1349 0.0552 1.0000 0.1975 1.0000 Multi- collinearity test Size 81 Variable VIF 1/VIF CS LIQ Size Grow Tang CPI GDP 1.64 1.56 1.32 1.23 1.11 1.07 1.07 0.610139 0.641060 0.755939 0.815835 0.901314 0.932206 0.936366 Mean VIF 1.29 Pooled- OLS regression Source SS df MS Model Residual 064746295 607194111 009249471 172 003530198 Total 671940406 179 003753857 ROA CS LIQ Size Tang Grow GDP CPI _cons Coefficient Std err -.0463167 0031531 0104153 0068115 0765711 6682832 -.54204 -.004613 FEM regression 0258387 0026388 0058695 0453976 0504588 241138 5033929 038231 t -1.79 1.19 1.77 0.15 1.52 2.77 -1.08 -0.12 Number of obs F(7, 172) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.075 0.234 0.078 0.881 0.131 0.006 0.283 0.904 = = = = = = 180 2.62 0.0135 0.0964 0.0596 05942 [95% conf interval] -.0973185 -.0020556 -.0011701 -.0827967 -.023027 1923124 -1.535663 -.0800754 0046852 0083618 0220008 0964196 1761692 1.144254 4515832 0708494 82 Fixed-effects (within) regression Group variable: firm1 Number of obs = Number of groups = 180 25 R-squared: Within = 0.1871 Between = 0.0607 Overall = 0.0007 Obs per group: = avg = max = 7.2 corr(u_i, Xb) = -0.7833 F(7,148) Prob > F ROA Coefficient Std err t -1.45 0.13 -0.49 -4.32 2.66 1.78 0.16 1.53 P>|t| -.0650957 0003651 -.0101601 -.5295199 1225267 3606926 0701073 1938708 0450326 0028259 0207013 1226686 0460564 2026504 4473203 1269401 sigma_u sigma_e rho 07547968 04757973 71563536 (fraction of variance due to u_i) REM regression 4.87 0.0001 [95% conf interval] CS LIQ Size Tang Grow GDP CPI _cons F test that all u_i=0: F(24, 148) = 5.01 0.150 0.897 0.624 0.000 0.009 0.077 0.876 0.129 = = -.1540855 -.0052192 -.0510685 -.7719281 0315135 -.0397695 -.8138525 -.0569784 0238942 0059495 0307482 -.2871117 2135398 7611546 9540671 44472 Prob > F = 0.0000 83 Random-effects GLS regression Group variable: firm1 Number of obs = Number of groups = 180 25 R-squared: Within = 0.1045 Between = 0.0025 Overall = 0.0782 Obs per group: = avg = max = 7.2 corr(u_i, X) = (assumed) Wald chi2(7) Prob > chi2 ROA Coefficient Std err z -1.22 1.29 1.25 -1.08 1.72 2.68 -0.98 -0.01 P>|z| 0.222 0.196 0.210 0.279 0.086 0.007 0.328 0.989 15.99 0.0252 [95% conf interval] CS LIQ Size Tang Grow GDP CPI _cons -.0397196 0033202 0107294 -.0702579 0804767 5678948 -.4341822 -.0007144 0325446 0025705 0085513 0648964 046813 2121197 4441061 0514266 sigma_u sigma_e rho 02643218 04757973 23583545 (fraction of variance due to u_i) Pooled OLS, FEM, REM regression = = -.1035058 -.0017179 -.0060307 -.1974526 -.0112751 1521479 -1.304614 -.1015087 0240667 0083583 0274896 0569368 1722285 9836417 4362498 1000798 84 esttab fem rem gls,r2 star(* 0.1 ** 0.05 *** 0.01) (1) ROA (2) ROA CS -0.0651 (-1.45) -0.0397 (-1.22) -0.0454** (-2.54) LIQ 0.000365 (0.13) 0.00332 (1.29) 0.00144 (0.49) Size -0.0102 (-0.49) 0.0107 (1.25) 0.00578 (1.57) Tang -0.530*** (-4.32) -0.0703 (-1.08) 0.00981 (0.31) Grow 0.123*** (2.66) 0.0805* (1.72) 0.0718 (1.34) GDP 0.361* (1.78) 0.568*** (2.68) 0.318** (2.33) CPI 0.0701 (0.16) -0.434 (-0.98) -0.252 (-0.89) _cons 0.194 (1.53) -0.000714 (-0.01) 0.0305 (1.18) N R-sq 180 0.187 180 180 t statistics in parentheses * p