Sở hữu CEO và tỷ suất sinh lợi trên thị trường chứng khoán Việt Nam Luận văn thạc sĩ 2014

B O I H C KINH T TP H S H UC SU T SINH L I NG CH VI T NAM LU TP H B O I H C KINH T TP H S H UC SU T SINH L I NG CH VI T NAM : 60340201 LU NG D N KHOA H C TS TR N TH H TP H C I CH T NAM c l p - T - H -L n ng ch t qu c kinh t S h uc t Nam u lu n su t sinh l i uc c H M cl c Trang ph L M cl c ng t i thi u uv ng c a s h u c n tr doanh nghi p uv c ng s h u c n tr n hi u qu ho ng uv th ng ch ng s h u c n tr n t su t sinh l i tr .8 u 19 3.1 D li u 19 3.2 u 20 3.2.1 3.2.1.1 3.2.1.2 3.2.2 H 20 ng danh m 20 22 n 23 3.2.2.1 n 24 3.2.2.2 n 27 t qu u 28 4.1 K t qu 28 4.1.1 K t qu c Long-Only 28 4.1.1.1 K t qu c long-only value-weighted 28 4.1.1.2 K t qu c long-only equal-weighted 30 4.1.1.3 ng c a t l s h n t su t sinh l ch ng -Only .32 4.1.2 K t qu c Long-Short 33 4.1.2.1 K t qu -Short value-weighted 33 4.1.2.2 K t qu c long-short equal-weighted 36 4.1.2.3 ng c a t l s h n t su t sinh l ch 4.1.3 -Short 39 ng c a t l s h t Nam 4.2 ng c 4.2.1 ng n t su t sinh l 40 41 ng c nh 4.2.1.1 K t qu h ng ch ng h u c a CEO h u c a CEO t 10% tr 41 n (2): 41 4.2.1.2 K t qu h 4.2.1.3 n (3) 44 ng s h u c n t su t sinh l ng Vi t 46 4.2.2 ng c h uc a CEO cao nh h u c a CEO th .47 4.2.2.1 K t qu h i quy n (4) 48 4.2.2.2 K t qu h n (5) 49 4.2.2.3 ng s h u c n t su t sinh l ng Vi t 52 4.2.3 ng c a t l s h n t su t sinh l ng ch ng 53 4.3 ng c a t l s h u c n t su t sinh l ng ch ng n 12/2013 54 t lu u tham kh o Ph l c t s th o lu n 57 ng B ng 4.1 K t qu danh m c Long-only value-weighted nt ng ch Vi t Nam 29 B ng 4.2 K t qu -only equal-weighted nt ng ch Vi t Nam 31 B ng 4.3 K t qu danh m c long-short value-weighted nt ng ch Vi t Nam 34 B ng 4.4 K t qu m c long-short equal-weight nt th ng ch Vi t Nam 37 B ng 4.5 K t qu h ng ch B ng 4.6 K t qu h ng ch B ng 4.7 K t qu h ng ch B ng 4.8 K t qu h ng ch n (2) nt n t Nam 42 nt n t Nam 44 nt n t Nam 48 nt t Nam 50 n t Lu i quan h gi a s h u c phi v i t su t sinh l i c a c phi a ng ch n t u s h u c phi l s h su t sinh l i b v ng ch i s h u c phi i t su t sinh l i b T it h u CEO, t su t sinh l i c phi u c b ng ng Gi i thi u K t c gi n tr tv il ng th o lu n v l ac ch ng t i v ph n tr s h Nhi u cho th y s h u c a u su t ho n tr ng m nh t ng (Morck, Shleifer, and Vishny (1988)) nh m i quan h gi a t l s h n tr u qu ho u quan tr ng xem x ng c a ng c a s h qu n tr (1999), t t c nh it l s h im n tr G u tr l i th ng n hi u qu ho t u m i v m i quan h gi a s h u v m i quan h gi a s h c a ch i l p lu c n tr v i n tr v i t su t sinh l i n tr im c u quy n s h n tr d m s h u c ph n c ph n c gi cho vi nh nguy n n tr h c m t ph ib ng t danh m Lilienfeld-Toal, Ulf von CEO Ownership, Stock Market Performance, and Managerial Discretion Journal of Finance, Volume 69 c as h uc a n tr v m tra xem li i di s h u c a CEO n su t sinh l ng ng ch K t qu c l s h u c a CEO cao u cho th y t mang l i t su t sinh l i b ng ch n M u D u c a Lilienfeld-Toal, Ulf von n ng t vi c (s h u c a CEO) s h u c phi u c n t su t sinh l i c phi ch nt m 1/2008 s tr l i cho Li ng 12/2013 i : l s h u c a CEO su t sinh l i b ng v i im tt ng ch s h u c a CEO su t sinh l t tr s h u c a CEO hay s h u c a CEO th a lu tr l i cho m u, lu u l s h u c phi c hi n d ng bi n ki m a CEO su t sinh l i c a i di m i quan h gi a t l s h u c phi c phi ng ch n 12/2013 C th : d u ch n t su t sinh l i c ut ch ng t nh b c u t r i ro h th ng c a B ng Ph l c III: K t qu K t qu c Long-Short Value-Weighted c Top 10% long-short value-weighted Dependent Variable: TOP_10_VALUE_S Method: Least Squares Sample: 2008M01 2013M12 Included observations: 72 White heteroskedasticity-consistent standard errors & covariance Variable Coefficient Std Error t-Statistic Prob C MKTR SMB HML UMD -0.073047 0.237276 -0.283174 -0.735566 -0.600190 0.018908 0.127693 0.414678 0.424240 0.384164 -3.863259 1.858176 -0.682876 -1.733844 -1.562329 0.0003 0.0675 0.4970 0.0875 0.1229 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Prob(Wald F-statistic) K t qu 0.112722 0.059750 0.089571 0.537537 74.14369 2.127967 0.086912 0.175517 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat Wald F-statistic -0.099687 0.092373 -1.920658 -1.762556 -1.857717 1.652494 1.635721 c Top 20% long-short value-weighted Dependent Variable: TOP_20_VALUE_S Method: Least Squares Sample: 2008M01 2013M12 Included observations: 72 White heteroskedasticity-consistent standard errors & covariance Variable Coefficient Std Error t-Statistic Prob C MKTR SMB HML UMD 0.021155 0.210250 -0.346403 -0.518999 -0.145251 0.011862 0.076660 0.225859 0.294176 0.243212 1.783362 2.742639 -1.533713 -1.764246 -0.597217 0.0791 0.0078 0.1298 0.0822 0.5524 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Prob(Wald F-statistic) 0.184642 0.135964 0.055090 0.203341 109.1397 3.793126 0.007702 0.003366 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat Wald F-statistic -0.002310 0.059267 -2.892769 -2.734667 -2.829828 1.903310 4.369252 Ph l c IV: K t qu c Long-Short Equal-Weighted K t qu -short equal-weighted Dependent Variable: _5 EQUAL_S Method: Least Squares Sample: 2008M01 2013M12 Included observations: 72 White heteroskedasticity-consistent standard errors & covariance Variable Coefficient Std Error t-Statistic Prob C MKTR SMB HML UMD 0.013195 0.065346 -0.166832 -0.211787 -0.075822 0.003977 0.023141 0.067623 0.155355 0.089724 3.317733 2.823826 -2.467093 -1.363241 -0.845061 0.0015 0.0062 0.0162 0.1774 0.4011 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Prob(Wald F-statistic) 0.114741 0.061890 0.025306 0.042906 165.1512 2.171014 0.081667 0.002561 K t qu Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat Wald F-statistic 0.005846 0.026127 -4.448646 -4.290544 -4.385705 2.078101 4.561156 -short equal-weighted Dependent Variable: _10 EQUAL_S Method: Least Squares Sample: 2008M01 2013M12 Included observations: 72 White heteroskedasticity-consistent standard errors & covariance Variable Coefficient Std Error t-Statistic Prob C MKTR SMB HML UMD 0.006861 0.046806 -0.099504 -0.115815 -0.287172 0.005992 0.039794 0.112919 0.203233 0.163909 1.144899 1.176195 -0.881204 -0.569862 -1.752016 0.2563 0.2437 0.3814 0.5707 0.0843 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Prob(Wald F-statistic) 0.153912 0.103400 0.030900 0.063973 150.7710 3.047001 0.022789 0.118093 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat Wald F-statistic 0.002866 0.032633 -4.049193 -3.891091 -3.986253 1.902601 1.914882 Ph l c IV: K t qu K t qu c Long-Short Equal-Weighted c Top 10% long-short equal-weighted Dependent Variable: TOP_10_EQUAL_S Method: Least Squares Sample: 2008M01 2013M12 Included observations: 72 White heteroskedasticity-consistent standard errors & covariance Variable Coefficient Std Error t-Statistic Prob C MKTR SMB HML UMD -0.081202 0.131080 -0.132211 -0.075613 -0.261643 0.008375 0.059140 0.139475 0.275386 0.245046 -9.695255 2.216418 -0.947923 -0.274573 -1.067727 0.0000 0.0301 0.3466 0.7845 0.2895 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Prob(Wald F-statistic) K t qu 0.160245 0.110111 0.042166 0.119124 128.3897 3.196304 0.018328 0.034448 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat Wald F-statistic -0.093054 0.044699 -3.427491 -3.269389 -3.364550 1.281205 2.764036 c Top 20% long-short equal-weighted Dependent Variable: TOP_20_EQUAL_S Method: Least Squares Sample: 2008M01 2013M12 Included observations: 72 White heteroskedasticity-consistent standard errors & covariance Variable Coefficient Std Error t-Statistic Prob C MKTR SMB HML UMD 0.014901 0.102827 -0.436471 -0.279030 -0.051636 0.004075 0.028568 0.105362 0.181374 0.117139 3.656417 3.599319 -4.142604 -1.538424 -0.440810 0.0005 0.0006 0.0001 0.1287 0.6608 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Prob(Wald F-statistic) 0.359417 0.321173 0.023800 0.037952 169.5680 9.398054 0.000004 0.000005 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat Wald F-statistic 0.004503 0.028887 -4.571332 -4.413231 -4.508392 2.114899 9.334384 Ph l c V: K t qu h K t qu h n ki Sample: 2008M01 2013M12 Included observations: 72 Test of Hypothesis: Mean = 0.000000 Variable Coefficient Std Error t-Statistic Prob C D0_5 D5 NGANH -0.006099 0.007946 0.007344 -0.000306 0.024666 0.024666 0.026725 0.006059 -0.402482 2.733315 2.331786 -0.428210 0.6885 0.0079 0.0226 0.6698 K t qu h ng FMB n ki Sample: 2008M01 2013M12 Included observations: 72 Test of Hypothesis: Mean = 0.000000 Variable Coefficient Std Error t-Statistic Prob C D5 D0_5 NGANH DHNX LOGBM LOGSIZE LOGVOL LOGRET_2_3 LOGRET_4_6 LOGRET_7_12 PRICE SALES ASSETS 0.036726 0.004008 0.007964 0.000385 -0.001149 0.008468 -0.010624 0.009009 -0.002988 0.000385 -0.000594 0.000318 0.007441 0.019914 0.210809 0.026063 0.022866 0.005466 0.036788 0.034829 0.021241 0.020523 0.020457 0.024608 0.010471 0.001000 0.019643 0.027237 1.478243 1.304948 2.955353 0.598441 -0.265128 2.062961 -4.244146 3.724759 -1.239283 0.132600 -0.481107 2.695083 3.214208 6.203979 0.1438 0.1961 0.0042 0.5515 0.7917 0.0428 0.0001 0.0004 0.2193 0.8949 0.6319 0.0088 0.0020 0.0000 Ph l c V: K t qu h K t qu h n ki Dependent Variable: TSSL Method: Panel Least Squares Sample: 2008M01 2013M12 Periods included: 72 Cross-sections included: 732 Total panel (unbalanced) observations: 36593 Period weights (PCSE) standard errors & covariance (d.f corrected) Variable Coefficient Std Error t-Statistic Prob C D0_5 D5 NGANH -0.006865 0.009244 0.006074 0.000206 0.003149 0.002581 0.002959 0.000365 -2.180008 3.580919 2.052542 0.566279 0.0293 0.0003 0.0401 0.5712 Effects Specification Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.327484 0.326121 0.142013 736.4794 19537.99 240.3048 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.001976 0.172996 -1.063755 -1.046318 -1.058212 2.023990 Ph l c V: K t qu h K t qu h bi n ki Dependent Variable: TSSL Method: Panel Least Squares Sample: 2008M01 2013M12 Periods included: 72 Cross-sections included: 720 Total panel (unbalanced) observations: 35468 Period weights (PCSE) standard errors & covariance (d.f corrected) Variable Coefficient Std Error t-Statistic Prob C D5 D0_5 NGANH DHNX LOGBM LOGSIZE LOGVOL LOGRET_2_3 LOGRET_4_6 LOGRET_7_12 PRICE SALES ASSETS 0.052500 0.001332 0.006882 0.000750 -0.003120 0.007443 -0.009131 0.006552 -0.003436 -0.002652 0.000728 0.000180 0.000460 0.016860 0.009551 0.003021 0.002635 0.000371 0.001822 0.001842 0.000836 0.000409 0.000674 0.000599 0.000549 5.21E-05 0.000322 0.001965 5.496816 0.440888 2.611173 2.022753 -1.712689 4.041010 -10.91900 16.03942 -5.097166 -4.425634 1.326021 3.442598 1.429546 8.580025 0.0000 0.6593 0.0090 0.0431 0.0868 0.0001 0.0000 0.0000 0.0000 0.0000 0.1848 0.0006 0.1529 0.0000 Effects Specification Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.341484 0.339921 0.139919 692.7002 19470.37 218.4335 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.002207 0.172217 -1.093119 -1.072805 -1.086652 2.044083 Ph l c VI: K t qu h K t qu h n ki Sample: 2008M01 2013M12 Included observations: 72 Test of Hypothesis: Mean = 0.000000 Variable Coefficient Std Error t-Statistic Prob C D0_10 D10 NGANH -0.004945 0.006636 0.002087 -0.000350 0.128655 0.017806 0.017328 0.006032 -0.326158 3.162297 1.022119 -0.492138 0.7453 0.0023 0.3102 0.6241 K t qu h n ki Sample: 2008M01 2013M12 Included observations: 72 Test of Hypothesis: Mean = 0.000000 Variable Coefficient Std Error t-Statistic Prob C D0_10 D10 NGANH DHNX LOGBM LOGSIZE LOGVOL LOGRET_2_3 LOGRET_4_6 LOGRET_7_12 PRICE SALES ASSETS 0.037713 0.007441 -0.000384 0.000340 -0.001275 0.008416 -0.010595 0.009014 -0.002939 0.000346 -0.000276 0.000307 0.007563 0.019947 0.209491 0.014936 0.013035 0.005447 0.037065 0.035056 0.020905 0.020540 0.020183 0.025586 0.010005 0.000994 0.019767 0.027618 1.527548 4.227292 -0.250134 0.528980 -0.291815 2.037151 -4.300687 3.723859 -1.235807 0.114705 -0.234111 2.618721 3.246369 6.128642 0.1311 0.0001 0.8032 0.5985 0.7713 0.0454 0.0001 0.0004 0.2206 0.9090 0.8156 0.0108 0.0018 0.0000 Ph l c VI: K t qu h n K t qu h n ki Dependent Variable: TSSL Method: Panel Least Squares Sample: 2008M01 2013M12 Periods included: 72 Cross-sections included: 732 Total panel (unbalanced) observations: 36593 Period weights (PCSE) standard errors & covariance (d.f corrected) Variable Coefficient Std Error t-Statistic Prob C D10 D0_10 NGANH -0.005328 0.001215 0.007540 0.000159 0.002627 0.001509 0.001829 0.000364 -2.028409 0.804925 4.123344 0.436677 0.0425 0.4209 0.0000 0.6623 Effects Specification Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.327539 0.326176 0.142007 736.4194 19539.48 240.3645 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.001976 0.172996 -1.063836 -1.046399 -1.058294 2.024229 Ph l c VI: K t qu h K t qu h n ki Dependent Variable: TSSL Method: Panel Least Squares Date: 17/10/14 Time: 22:58 Sample: 2008M01 2013M12 Periods included: 72 Cross-sections included: 720 Total panel (unbalanced) observations: 35468 Period weights (PCSE) standard errors & covariance (d.f corrected) Variable Coefficient Std Error t-Statistic Prob C D10 D0_10 NGANH DUMMY_HASTC LOGBM LOGSIZE LOGVOL LOGRET_2_3 LOGRET_4_6 LOGRET_7_12 PRICE SALES ASSETS 0.053270 -0.001101 0.006647 0.000728 -0.003257 0.007401 -0.009124 0.006540 -0.003432 -0.002654 0.000711 0.000174 0.000462 0.016749 0.009499 0.001538 0.001850 0.000371 0.001817 0.001842 0.000842 0.000408 0.000674 0.000599 0.000549 5.22E-05 0.000322 0.001963 5.608190 -0.715608 3.592328 1.963778 -1.792881 4.017853 -10.83457 16.01776 -5.092528 -4.429358 1.294119 3.332102 1.433638 8.530961 0.0000 0.4742 0.0003 0.0496 0.0730 0.0001 0.0000 0.0000 0.0000 0.0000 0.1956 0.0009 0.1517 0.0000 Effects Specification Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.341504 0.339941 0.139916 692.6787 19470.92 218.4534 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.002207 0.172217 -1.093150 -1.072836 -1.086683 2.044034 Ph l c VII: K t qu h K t qu h n ki m Sample: 2008M01 2013M12 Included observations: 72 Test of Hypothesis: Mean = 0.000000 Variable Coefficient Std Error t-Statistic Prob C DTOP20 DMID60 NGANH -0.003266 0.004761 0.005372 -0.000314 0.123506 0.028637 0.023097 0.006155 -0.224415 1.410802 1.973489 -0.432949 0.8231 0.1627 0.0523 0.6664 K t qu h n ki Sample: 2008M01 2013M12 Included observations: 72 Test of Hypothesis: Mean = 0.000000 Variable Coefficient Std Error t-Statistic Prob C DTOP20 DMID60 NGANH DHNX LOGBM LOGSIZE LOGVOL LOGRET_2_3 LOGRET_4_6 LOGRET_7_12 PRICE SALES ASSETS 0.040038 -0.000887 0.002794 0.000369 -0.001257 0.008351 -0.010444 0.008960 -0.002965 0.000641 -0.000465 0.000313 0.007404 0.019854 0.216598 0.022610 0.017746 0.005546 0.037309 0.035013 0.021163 0.020537 0.020293 0.025348 0.010178 0.000995 0.019647 0.027167 1.568509 -0.332959 1.336089 0.565241 -0.285889 2.023726 -4.187583 3.702052 -1.239889 0.214440 -0.387487 2.666199 3.197617 6.200968 0.1212 0.7401 0.1858 0.5737 0.7758 0.0468 0.0001 0.0004 0.2191 0.8308 0.6996 0.0095 0.0021 0.0000 Ph l c VII: K t qu h K t qu h n ki Dependent Variable: TSSL Method: Panel Least Squares Sample: 2008M01 2013M12 Periods included: 72 Cross-sections included: 732 Total panel (unbalanced) observations: 36593 Period weights (PCSE) standard errors & covariance (d.f corrected) Variable Coefficient Std Error t-Statistic Prob C DTOP20 DMID60 NGANH -0.002803 0.002645 0.005439 0.000184 0.002570 0.002364 0.001928 0.000364 -1.090588 1.118833 2.820767 0.503812 0.2755 0.2632 0.0048 0.6144 Effects Specification Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.327381 0.326018 0.142023 736.5915 19535.21 240.1931 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.001976 0.172996 -1.063603 -1.046166 -1.058060 2.023684 Ph l c VII: K t qu h K t qu h n ki Dependent Variable: TSSL Method: Panel Least Squares Date: 17/10/14 Time: 23:22 Sample: 2008M01 2013M12 Periods included: 72 Cross-sections included: 720 Total panel (unbalanced) observations: 35468 Period weights (PCSE) standard errors & covariance (d.f corrected) Variable Coefficient Std Error t-Statistic Prob C DTOP20 DMID60 NGANH DUMMY_HASTC LOGBM LOGSIZE LOGVOL LOGRET_2_3 LOGRET_4_6 LOGRET_7_12 PRICE SALES ASSETS 0.055709 -0.002817 0.001913 0.000739 -0.003187 0.007452 -0.009014 0.006547 -0.003402 -0.002619 0.000768 0.000179 0.000461 0.016831 0.009841 0.002441 0.002011 0.000371 0.001826 0.001843 0.000854 0.000409 0.000674 0.000599 0.000549 5.23E-05 0.000322 0.001965 5.660787 -1.153820 0.950987 1.990727 -1.745169 4.044323 -10.55119 16.00310 -5.047247 -4.371260 1.398232 3.415226 1.428888 8.566183 0.0000 0.2486 0.3416 0.0465 0.0810 0.0001 0.0000 0.0000 0.0000 0.0000 0.1621 0.0006 0.1530 0.0000 Effects Specification Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.341352 0.339788 0.139933 692.8392 19466.81 218.3051 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.002207 0.172217 -1.092918 -1.072604 -1.086452 2.043720 Ph l c VIII: K t qu h K t qu h n ki Sample: 2008M01 2013M12 Included observations: 72 Test of Hypothesis: Mean = 0.000000 Variable Coefficient Std Error t-Statistic Prob C DTOP10 DMID80 NGANH -0.005232 0.002599 0.007341 -0.000309 0.128880 0.032408 0.022639 0.006020 -0.344482 0.680582 2.751646 -0.435829 0.7315 0.4983 0.0075 0.6643 K t qu h n ki Sample: 2008M01 2013M12 Included observations: 72 Test of Hypothesis: Mean = 0.000000 Variable Coefficient Std Error t-Statistic Prob C DTOP10 DMID80 NGANH DHNX LOGBM LOGSIZE LOGVOL LOGRET_2_3 LOGRET_4_6 LOGRET_7_12 PRICE SALES ASSETS 0.036762 -0.000300 0.006378 0.000389 -0.001153 0.008422 -0.010506 0.008990 -0.003009 0.000225 -0.000360 0.000309 0.007760 0.019745 0.213020 0.031598 0.020959 0.005433 0.036956 0.034984 0.021355 0.020630 0.020415 0.024474 0.010071 0.000987 0.020492 0.027354 1.464356 -0.080554 2.582133 0.607499 -0.264695 2.042675 -4.174415 3.697518 -1.250794 0.077885 -0.303230 2.654407 3.213231 6.125049 0.1475 0.9360 0.0119 0.5455 0.7920 0.0448 0.0001 0.0004 0.2151 0.9381 0.7626 0.0098 0.0020 0.0000 Ph l c VIII: K t qu h K t qu h i n ki Dependent Variable: TSSL Method: Panel Least Squares Sample: 2008M01 2013M12 Periods included: 72 Cross-sections included: 732 Total panel (unbalanced) observations: 36593 Period weights (PCSE) standard errors & covariance (d.f corrected) Variable Coefficient Std Error t-Statistic Prob C DTOP10 DMID80 NGANH -0.006034 0.002945 0.008297 0.000204 0.003102 0.003339 0.002495 0.000365 -1.944925 0.882179 3.324959 0.559816 0.0518 0.3777 0.0009 0.5756 Effects Specification Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.327487 0.326124 0.142012 736.4763 19538.07 240.3078 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.001976 0.172996 -1.063759 -1.046322 -1.058217 2.023999 Ph l c VIII: K t qu h K t qu h n ki Dependent Variable: TSSL Method: Panel Least Squares Sample: 2008M01 2013M12 Periods included: 72 Cross-sections included: 720 Total panel (unbalanced) observations: 35468 Period weights (PCSE) standard errors & covariance (d.f corrected) Variable Coefficient Std Error t-Statistic Prob C DTOP10 DMID80 NGANH DUMMY_HASTC LOGBM LOGSIZE LOGVOL LOGRET_2_3 LOGRET_4_6 LOGRET_7_12 PRICE SALES ASSETS 0.052308 -0.001269 0.004811 0.000760 -0.003128 0.007475 -0.008962 0.006508 -0.003409 -0.002631 0.000736 0.000173 0.000466 0.016653 0.009605 0.003391 0.002549 0.000371 0.001825 0.001842 0.000836 0.000408 0.000674 0.000599 0.000549 5.22E-05 0.000322 0.001961 5.446038 -0.374324 1.887668 2.048818 -1.713605 4.058004 -10.72368 15.93776 -5.058037 -4.391891 1.340980 3.307972 1.446195 8.489850 0.0000 0.7082 0.0591 0.0405 0.0866 0.0000 0.0000 0.0000 0.0000 0.0000 0.1799 0.0009 0.1481 0.0000 Effects Specification Period fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.341397 0.339833 0.139928 692.7917 19468.03 218.3490 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.002207 0.172217 -1.092987 -1.072673 -1.086520 2.043716 ... h u c a CEO h u nh s h u c a CEO l T su t sinh l s h u c a CEO c cb t tr i so v s h u c a CEO s h u c a CEO c a c h s h u c a CEO l ng 10% mang l i t su t sinh l t tr i 0,41 s h u c a CEO cao... t su t sinh l s h u c a CEO t tr s h u 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