Determinants of capital structure of listed construction companies in vietnam

1 ACKNOWLEDGEMENT I owe a deep sense of gratitude to all those who made me able to write this report I would like to thank the staff of Advanced Education Program, NEU for their precious help and relentless effort in allowing me to access research data It is my privilege to thank all the staff at Cong ty xay dung phat trien nha Joint Stock Company for helping me experience this happy three-month internship, especially my internship guide Mr Nguyen Anh Hao for taking good care of me More importantly, it is a genuine pleasure to express my deepest sense of thank and gratitude to my supervisor PhD Le Duc Hoang, whose dedication, encouragement, and support gave me a lot of strength and advice to complete this report 2 TABLE OF CONTENTS 3 STATUTORY DECLARATION I herewith formally declare that I myself have written the submitted Bachelor’s Thesis independently I did not use any outside support except for the quoted literature and other sources mentioned at the end of this paper Hanoi, 31/5/2016 4 ABBREVIATIONS FDI: Foreign Direct Investment FTA: Free Trade Agreement FEM: Fixed Effect Model HNX: Hanoi Stock Exchange HOSE: Hochiminh Stock Exchange MM: Modigliani-Miller theorem REM: Random Effect Model TPP: Trans-Pacific Partnership WACC: Weighted Average Cost of Capital 5 LIST OF FIGURES 6 LIST OF TABLES 7 EXECUTIVE SUMMARY This study aims to examine capital structure determinants of 55 listed construction companies in Vietnam from 2011 to 2014 by using panel data regression analysis The result suggests that there are six determinants, which are firm’s size, growth opportunity, tangibility, liquidity, non-debt tax shield and profitability have strong impacts on capital structure Firm’s size, growth opportunity, tangibility, and liquidity determinants reveal positive relation with leverage ratios The study indicates that larger firms, firms with higher tangibility, liquidity, and growth opportunity tend to use more debt to finance On the contrary, firms with high profitability and non-debt tax shield would consume less debt in the capital structure The result indicates negative impacts of the capital structure or leverage ratio on profitability, suggesting that profitbale firms prefer retained earnings to external financial resources in order to avoid risks Meanwhile, non-debt tax shield move in the opposite direction to leverage ratio, implying that businesses with large non-debt tax shields have fewer incentives to use debt The study outcome supports pecking order theory and trade-off theory Construction industry has contributed significantly to Vietnam economy and is expected to grow in upcoming years due to government regulations, stable economy, high urbanization rate, and new trade agreements Hence, the paper come up with some some recommendations and solutions for construction companies in order to approach the optimal capital structure and increase firm’s value 8 INTRODUCTION Rationale Since the ultimate goal of any enterprise is to maximize its value and operate effectively, managers always ponder over many methods to find the optimal leverage ratio, which is considered to be one of the most important features influencing company performance Although there are many different lending resources for enterprises, for example, bank loans, borrowing from credit institutions, or stocks and bonds, managers still find it tough to figure out the optimal capital structure for the firm Therefore, in order to get a closer approach of how to implement an appropriate leverage ratio, managers need to understand capital structure’s determinants and its impacts on firm performance Despite many capital structure research papers gave empirical proofs regarding determinants of capital structure in the real business world, the results of these studies about the relationship between determinants of capital structure and leverage ratio are varied In addition, there are very limited studies conducted to assess the impacts of determinants of capital structure on leverage ratio of construction industry in Vietnam The assets and investments of these companies in the sector are especially large compared to other sector, hence, they need to be analyzed to operate more productively According to General Statistics Office of Vietnam’s 2015 industry report, construction sector has shown a positive perspective with continuous growth rate during the last five years, reaching the highest increase of 10.82% in 2015 Construction industry also contributes significantly to Vietnam economy, as this is the third highest growing sector last year In addition, although most of Vietnam construction companies are small and medium enterprises, they constitute a large proportion of long-term capital The amended housing law No 65/2014/QH13, which was passed on November 25, 2014, and has taken effect from July 1, 2015, allows foreign individuals, organizations to buy and own residential houses in Vietnam The new law is expected to have positive impact on real estate and infrastructure development With the stable economy growth rate, increasing urbanization rate, and amendment to housing law, construction industry 9 is forecasted to expand rigorously in the upcoming years Nonetheless, the sector has to deal with many other obstacles such as rising cost of raw material, unqualified management skills, and employee quality Thus, an optimal capital structure will improve company operation, bringing competitive advantages For those reasons, the topic “Determinants of capital structure of listed construction companies in Vietnam” is chosen so as to assess the factors that affect capital structure Research objectives The paper aims to understand the idea of four basic theories of corporate capital structure, to firgure out the factors that affect capital structure and their impacts of construction companies in Vietnam Then, several solutions and recommendations are proposed for the companies in the industry Research question What are the factors and how they have impact on capital structure of 55 listed construction companies in Vietnam? What are the recommendations and solutions for the listed construction companies to build optimal capital structure? Research methodology I was able to collect data in the audited financial statements of 55 listed construction companies in the Hanoi Stock Exchange (HNX) and Hochiminh Stock Exchange (HOSE) from 2012 to 2014 Hence, fixed effect and random effect model are run to evaluate the determinants of capital structure and impacts on firm performance of construction companies in Vietnam There are 165 observations in the sample The data are provided from the audited financial statements of these firms, including balance sheets and income statements The data are reliable as they are collected from audited financial statements of the listed construction enterprises on two websites namely hnx.vn and hsx.vn 10 10 Research scope and scale The study focuses on analyzing the determinants of capital structure of 55 listed construction companies on HNX and HOSE from 2012 to 2014, and I will propose some recommendations and solutions for the whole industry Research structure The thesis is organized into three chapters The first chapter gives an overview of theoritical framework and determinants of capital structure Then, I go over the current situation of capital structure of construction firms in Vietnam and run regression models to analyze the relationship among determinants of capital structure and leverage ratios The thesis is ended by the conclusion in which I come up with several solutions and recommendations Details are as follows: Chapter 1: Theoretical overview and determinants of capital structure Chapter 2: Situation of capital structure of the construction industry in Vietnam Chapter 3: Conclusion and Recommendations Literature review 7.1 International research papers The research paper of Zarariah S et al (2011) was conducted to find the impacts of determinants on capital structure of 43 listed Malaysian construction companies in the period of years from 2001 to 2008 Both fixed effect model and random effect model were run, showing that growth opportunity factor has negative impact on leverage ratio while company size moves in the same direction with leverage ratio The results support the trade-off theory and pecking order theory The empirical finding interprets that larger construction companies tend to have higher leverage ratio Whereas, companies that need to expand business are more likely to use their own equity, as the shareholders not want to share the benefit of growing business with creditors Moreover, according to trade-off theory, growth opportunity factor is considered to be intangible asset, which could not be pledged as collateral Hence, companies with high growth opportunity would probably constrain the amount of 61 61 Hadlock C and James C (2002) Do banks provide financial slack? 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University, Turkey Baskent University, Turkey Ministry of Finance Samiran, M B (2010) Capital structure determinants: Empirical research on construction firms in Malaysia, Master Thesis, Universiti Utara Malaysia Songul K A (2015) The Determinants of Capital Structure: Evidence from the Turkish Manufacturing Sector Mustafa Kemal University, Turkey International Journal of Economics and Financial Issues, Vol 5, No 1, 2015, pp.158-171 Titman, S and Issels, R (1998) The determinants of capital structure choice Journal of Finance, Vol 43, pp 1-19 T.Y Huat, (2008) Managed Float Regime and Capital Structure Determinants: Evidence from Malaysia, Faculty of Accountancy, Universiti Malaysia Warner J (1977) Bankruptcy Costs: Some Evidence Journal of Finance, Vol 17, No 6, pp 337 -347 Y Qian, Y Tian and T Wirjanto (2008) Capital-Structure Determinants of Publicly Listed Chinese Companies, Research Paper, University of Zhejian Zarariah S., Wan M W M., Fathiyah I., Faridah P., Ani A., and Maizatul A S (2011) Debt structure for Malaysian construction companies: Evidence from panel data analysis International Journal of Economics and Management Sciences, Vol 1, No 3, pp 01-07 65 65 Zaleha and Nurul (2011) The Determinants of Capital Structure: A Study on the Construction Companies in Malaysia Research paper, University Teknologi Mata, Malaysia Zeitun R and Tian, G G (2007) Capital Structure and Corporate performance: Evidence from Jordan Australasian Accounting, Business and Finance Journal, Vol 1, Issue 4, article 66 66 APPENDIX Figure A1: Hausman test (DA model) Source: Authors’ calculation 67 67 Figure A.2: Hausman Test (LDA model) Source: Authors’ calculation Figure A.3: Hausman Test (DE model) Source: Authors’ calculation 68 68 Figure A.4: Hausman Test (LDE model) Source: Authors’ calculation 69 69 Table A.5: Financial Ratios of Listed Construction Companies Compan year y B82 2012 B82 2013 B82 2014 C92 2012 C92 2013 C92 2014 CID 2012 CID 2013 CID 2014 CTN 2012 CTN 2013 CTN 2014 DC2 2012 DC2 2013 DC2 2014 DIH 2012 DIH 2013 DIH 2014 HLC 2012 HLC 2013 HLC 2014 HUT 2012 HUT 2013 HUT 2014 ICG 2012 ICG 2013 ICG 2014 DA LDA 0.863 0.887 0.909 0.843 0.831 0.753 0.541 0.565 0.660 0.819 0.780 0.957 0.672 0.700 0.592 0.730 0.752 0.740 0.901 0.885 0.903 0.853 0.837 0.786 0.362 0.532 0.368 0.012 0.009 0.020 0.071 0.160 0.143 0.073 0.060 0.097 0.007 0.007 0.000 0.000 0.000 0.000 0.030 0.035 0.036 0.019 0.022 0.025 0.628 0.592 0.534 0.000 0.000 0.000 TAN G 0.109 0.120 0.112 0.161 0.120 0.111 0.271 0.290 0.385 0.079 0.068 0.034 0.094 0.035 0.062 0.017 0.011 0.008 0.690 0.572 0.542 0.177 0.149 0.110 0.021 0.014 0.016 LOGSIZ GROWT MARKE PROF TAX E H T 0.204 11.5200 0.0190 0.1284 0.1821 0.198 11.6210 0.0211 0.2605 0.2062 0.258 11.6920 0.0090 0.1770 0.0815 0.166 11.3340 0.0265 0.0203 0.1821 0.254 11.3680 0.0351 0.0813 0.2062 0.220 11.4050 0.0443 0.0842 0.0815 0.000 10.4740 0.0278 -0.3694 0.1821 0.000 10.4010 0.0331 -0.1551 0.2062 0.000 10.1930 0.3506 -0.3809 0.0815 0.263 11.7750 0.0019 -0.0407 0.1821 0.212 11.6930 0.0013 -0.1728 0.2062 0.000 11.8160 0.0880 0.3291 0.0815 0.088 11.0510 0.0039 0.1821 0.0278 0.000 11.6673 -0.0039 0.2062 0.0268 0.000 10.8270 0.1505 -0.4243 0.0815 0.244 12.2933 0.0776 -0.0370 0.1821 0.370 12.2638 0.0102 -0.0291 0.2062 0.246 12.2264 0.0196 -0.0367 0.0815 0.276 14.2546 0.0185 0.1515 0.1821 0.277 14.5950 0.0181 0.4054 0.2062 0.222 14.7894 0.0178 0.2146 0.0815 0.200 12.6200 0.0032 -0.0575 0.1821 0.204 12.6790 0.0229 0.1446 0.2062 0.226 12.7930 0.0538 0.3025 0.0815 0.237 12.8636 0.0066 0.0643 0.1821 0.000 13.1805 0.0046 0.3729 0.2062 0.091 12.9310 0.0385 -0.2208 0.0815 NTS 0.085 0.087 0.088 0.077 0.067 0.061 0.046 0.050 0.056 0.081 0.077 0.095 0.067 0.070 0.059 0.070 0.071 0.070 0.088 0.086 0.087 0.022 0.024 0.025 0.036 0.053 0.036 LIQUI D DE 1.0167 6.3161 0.7738 7.8989 1.6547 10.086 5.6924 5.3897 12.855 4.9368 11.500 3.0551 5.8730 1.1801 4.8055 1.2986 7.7634 1.9419 0.5693 4.5414 0.5636 3.5644 0.9589 22.337 1.1359 2.0545 1.2240 2.3347 1.5256 1.4552 2.4097 2.7043 2.8253 3.0469 2.8766 2.8509 1.5523 9.1806 1.8315 7.7565 2.0373 9.4101 1.2195 5.8139 1.0480 5.1648 1.0369 3.6795 2.1904 0.5678 1.5961 1.1377 2.1961 0.5829 LDE 0.093 0.086 0.229 0.454 0.954 0.582 0.160 0.138 0.285 0.039 0.032 0.000 0.000 0.000 0.000 0.111 0.142 0.138 0.197 0.200 0.265 4.280 3.649 2.498 0.000 0.000 0.000 70 70 L18 2012 L18 2013 L18 2014 LHC 2012 LHC 2013 LHC 2014 LUT 2012 LUT 2013 LUT 2014 PVX 2012 PVX 2013 PVX 2014 S99 2012 S99 2013 S99 2014 SD2 2012 SD2 2013 SD2 2014 SD5 2012 SD5 2013 SD5 2014 SD6 2012 SD6 2013 SD6 2014 SD7 2012 SD7 2013 SD7 2014 SDT 2012 SDT 2013 SDT 2014 0.843 0.858 0.862 0.507 0.297 0.288 0.521 0.536 0.606 0.731 0.826 0.813 0.353 0.309 0.262 0.706 0.697 0.750 0.738 0.811 0.735 0.728 0.670 0.604 0.798 0.762 0.757 0.649 0.695 0.689 0.081 0.046 0.031 0.000 0.000 0.000 0.097 0.092 0.109 0.093 0.071 0.109 0.002 0.000 0.000 0.106 0.095 0.143 0.202 0.163 0.128 0.037 0.071 0.043 0.281 0.191 0.224 0.024 0.151 0.153 0.069 0.068 0.068 0.105 0.354 0.332 0.215 0.235 0.242 0.097 0.119 0.085 0.081 0.097 0.067 0.061 0.051 0.060 0.096 0.291 0.283 0.172 0.174 0.167 0.066 0.062 0.334 0.084 0.044 0.219 12.1130 0.0143 0.1339 0.1821 11.8840 0.0803 0.1778 0.2062 12.1540 0.0171 0.0981 0.0815 11.4080 0.1953 0.1073 0.1821 11.2310 0.1640 0.6498 0.2062 11.4300 0.1319 0.0525 0.0815 11.5790 0.0080 0.4871 0.1821 11.5920 0.0765 0.0305 0.2062 11.6630 0.0054 0.1755 0.0815 13.2780 0.1307 0.1235 0.1821 13.2180 0.1444 -0.1286 0.2062 13.1780 0.0031 -0.0870 0.0815 12.2695 0.0174 -0.0511 0.1821 12.2014 0.0549 -0.0681 0.2062 12.2642 0.1303 0.0648 0.0815 11.8810 0.0202 0.0608 0.1821 11.8830 0.0449 0.0048 0.2062 11.9320 0.0125 0.1178 0.0815 12.1890 0.0219 0.5178 0.1821 12.3240 0.0530 0.3650 0.2062 12.2950 0.0363 -0.0648 0.0815 12.0630 0.0458 0.0315 0.1821 12.1270 0.0336 0.1584 0.2062 12.1140 0.0705 -0.0293 0.0815 12.3360 0.0087 -0.0258 0.1821 12.2900 0.0188 -0.9101 0.2062 12.2960 0.0049 0.0139 0.0815 12.3740 0.0471 0.0200 0.1821 11.6220 0.0410 0.2756 0.2062 12.4810 0.0323 0.2782 0.0815 0.556 0.585 0.588 0.161 0.180 0.395 0.212 0.280 0.195 0.000 0.000 0.781 0.175 0.257 0.224 0.297 0.382 0.494 0.150 0.454 0.241 0.124 0.277 0.220 0.000 0.065 0.110 0.154 0.249 0.262 0.076 0.081 0.083 0.050 0.029 0.028 0.042 0.044 0.049 0.063 0.075 0.070 0.035 0.031 0.026 0.060 0.060 0.060 0.053 0.064 0.060 0.069 0.059 0.056 0.051 0.057 0.053 0.062 0.054 0.053 6.4783 5.4016 3.6783 6.0733 2.5150 6.2730 1.3260 1.0295 0.0221 0.4230 0.0210 0.4046 7.7775 1.0894 7.3752 1.1566 8.7191 1.5409 7.4860 2.7183 5.7470 4.7773 8.7407 4.3712 0.2299 0.5475 2.1087 0.4483 2.9485 0.3556 1.4793 2.4012 1.5146 2.3067 1.4758 3.0093 1.1098 2.8305 1.0035 4.2996 1.0530 2.7754 2.9730 2.6889 1.2154 2.0336 3.4885 1.5294 0.8557 3.9553 0.8957 3.2014 0.9018 3.1155 1.9409 1.8492 1.3009 2.2796 1.2727 2.2240 0.518 0.325 0.228 0.000 0.000 0.000 0.203 0.198 0.276 0.347 0.415 0.586 0.004 0.000 0.000 0.361 0.315 0.573 0.774 0.868 0.485 0.137 0.215 0.110 1.396 0.805 0.921 0.069 0.496 0.494 71 71 SIC 2012 SIC 2013 SIC 2014 SJE 2012 SJE 2013 SJE 2014 V12 2012 V12 2013 V12 2014 V21 2012 V21 2013 V21 2014 VC1 2012 VC1 2013 VC1 2014 VC2 2012 VC2 2013 VC2 2014 VC3 2012 VC3 2013 VC3 2014 VC5 2012 VC5 2013 VC5 2014 VC7 2012 VC7 2013 VC7 2014 VC9 2012 VC9 2013 0.778 0.781 0.774 0.710 0.720 0.684 0.830 0.838 0.799 0.913 0.903 0.889 0.667 0.670 0.614 0.796 0.816 0.828 0.846 0.827 0.836 0.846 0.861 0.893 0.741 0.773 0.717 0.868 0.879 0.458 0.499 0.476 0.022 0.003 0.071 0.000 0.000 0.031 0.089 0.159 0.014 0.001 0.047 0.069 0.093 0.017 0.026 0.115 0.158 0.109 0.115 0.007 0.108 0.069 0.063 0.179 0.247 0.056 0.313 0.280 0.244 0.137 0.122 0.122 0.028 0.043 0.028 0.104 0.109 0.109 0.037 0.026 0.024 0.037 0.028 0.021 0.027 0.027 0.021 0.027 0.043 0.035 0.077 0.067 0.071 0.073 0.058 13.4564 0.0039 0.0353 0.1821 13.4559 0.0252 -0.0005 0.2062 13.4267 0.0013 -0.0288 0.0815 11.9500 0.0239 0.0429 0.1821 10.7550 0.0706 0.0391 0.2062 11.9630 0.0046 0.0294 0.0815 11.7280 0.0189 -0.2686 0.1821 11.7390 0.0146 0.0248 0.2062 11.6540 0.0430 -0.1786 0.0815 11.6590 0.0006 0.1121 0.1821 11.5880 0.0459 -0.1517 0.2062 11.5360 0.0050 -0.1127 0.0815 11.8840 0.0332 -0.0277 0.1821 11.8840 0.0329 -0.0009 0.2062 11.7990 0.0228 -0.1785 0.0815 12.1730 0.0109 0.0271 0.1821 10.7830 0.0858 0.0738 0.2062 12.2070 0.0140 0.0825 0.0815 12.1260 0.0160 -0.0821 0.1821 12.0740 0.0459 -0.1133 0.2062 12.1130 0.0173 0.0953 0.0815 12.1260 0.0289 -0.0821 0.1821 11.8160 0.0263 -0.5103 0.2062 11.8090 0.0268 -0.0153 0.0815 11.6830 0.0119 -0.0417 0.1821 11.9870 0.0214 -0.1006 0.2062 11.6050 0.0215 -0.1632 0.0815 12.2110 0.0091 0.0677 0.1821 11.2570 0.0082 0.0406 0.2062 0.135 0.153 0.590 0.124 0.280 0.219 0.262 0.298 0.544 0.275 0.581 0.738 0.252 0.247 0.182 0.249 0.295 0.264 0.246 0.224 0.216 0.233 0.261 0.000 0.580 0.278 0.444 0.267 0.313 0.032 0.028 0.029 0.068 0.071 0.061 0.083 0.083 0.076 0.082 0.074 0.087 0.066 0.062 0.054 0.070 0.079 0.080 0.073 0.066 0.072 0.073 0.085 0.078 0.067 0.071 0.053 0.062 0.082 1.9406 3.5110 4.7408 3.5720 2.4269 3.4332 1.7705 2.4523 0.2542 2.5769 5.7352 2.1661 1.1821 4.9137 1.1073 5.1720 2.5400 3.9821 7.1327 10.531 12.761 9.3185 1.1414 8.0635 0.0899 2.0077 3.8100 2.0306 5.5477 1.5951 7.4767 3.9157 1.3995 4.4434 2.1250 4.8171 1.1152 5.5027 1.1581 4.7907 1.1096 5.1008 1.0651 5.5027 0.5913 6.2053 1.2250 8.3678 1.1778 2.8703 1.2746 3.4164 1.6327 2.5396 1.3345 6.6237 4.5533 7.3253 2.066 2.284 2.110 0.076 0.011 0.227 0.000 0.000 0.158 1.028 1.646 0.129 0.003 0.144 0.180 0.459 0.095 0.154 0.749 0.915 0.668 0.749 0.053 1.020 0.268 0.281 0.633 1.888 0.473 72 72 VC9 2014 VCG 2012 VCG 2013 VCG 2014 VE1 2012 VE1 2013 VE1 2014 VE2 2012 VE2 2013 VE2 2014 VE9 2012 VE9 2013 VE9 2014 VMC 2012 VMC 2013 VMC 2014 ASM 2012 ASM 2013 ASM 2014 BCE 2012 BCE 2013 BCE 2014 C47 2012 C47 2013 C47 2014 CDC 2012 CDC 2013 CDC 2014 CII 2012 CII 2013 0.881 0.757 0.689 0.681 0.570 0.421 0.292 0.391 0.591 0.385 0.460 0.545 0.704 0.783 0.750 0.793 0.569 0.579 0.485 0.491 0.515 0.630 0.901 0.904 0.897 0.678 0.670 0.686 0.750 0.751 0.204 0.232 0.225 0.231 0.000 0.003 0.000 0.000 0.234 0.017 0.003 0.000 0.508 0.016 0.010 0.019 0.098 0.240 0.171 0.000 0.025 0.000 0.228 0.338 0.302 0.073 0.086 0.198 0.485 0.448 0.050 0.262 0.087 0.072 0.080 0.077 0.047 0.032 0.016 0.024 0.073 0.055 0.796 0.117 0.098 0.081 0.016 0.021 0.027 0.028 0.021 0.013 0.250 0.222 0.208 0.019 0.016 0.013 0.011 0.009 12.1980 0.0070 -0.0295 0.0815 13.4540 0.0315 -0.0567 0.1821 13.3610 0.0385 -0.1923 0.2062 13.3580 0.0184 -0.0057 0.0815 10.5670 0.0639 -0.2049 0.1821 10.5640 0.0464 -0.2301 0.2062 10.5640 0.1254 -0.0062 0.0815 10.7960 0.1270 0.4132 0.1821 10.9330 0.0778 0.6742 0.2062 10.6110 0.1141 -0.3468 0.0815 11.2570 0.0639 0.2212 0.1821 11.4320 0.0271 0.2247 0.2062 11.6930 0.0113 1.7326 0.0815 11.9790 0.0176 -0.1248 0.1821 11.9180 0.0234 -0.1302 0.2062 12.0210 0.0234 0.2669 0.0815 12.1980 0.0096 0.1448 0.1821 12.2240 0.0175 0.0607 0.2062 12.3950 0.0434 0.4827 0.0815 11.8850 0.0873 0.0710 0.1821 11.6360 0.0293 0.0439 0.2062 11.9780 0.0289 0.2384 0.0815 12.2050 0.0149 0.2199 0.1821 12.2760 0.0727 0.1787 0.2062 12.3370 0.0172 0.1488 0.0815 11.8950 0.0029 0.1530 0.1821 11.8810 0.0037 -0.0208 0.2062 11.9080 0.0127 0.0504 0.0815 12.8220 0.0203 0.3276 0.1821 12.9040 0.0438 0.2077 0.2062 0.584 0.584 0.266 0.122 0.000 0.681 0.000 0.167 0.250 0.239 0.184 0.346 0.409 0.225 0.321 0.218 0.129 0.129 0.172 0.183 0.297 0.219 0.226 0.232 0.173 0.422 0.266 0.228 0.220 0.269 0.067 0.052 0.046 0.045 0.057 0.041 0.029 0.039 0.035 0.036 0.045 0.054 0.019 0.076 0.074 0.077 0.047 0.033 0.031 0.049 0.048 0.063 0.067 0.056 0.059 0.060 0.058 0.048 0.026 0.030 1.2346 7.4268 1.0301 3.1246 1.2145 2.2218 1.2037 2.1382 1.4349 1.3263 0.2973 0.7284 3.1133 0.4132 0.0369 0.6435 18.734 1.4495 1.4270 0.6275 0.2812 0.8548 1.1107 1.1991 0.6745 2.3784 1.2969 3.6134 0.8036 3.0018 1.5738 3.8432 1.3136 1.3240 1.8886 1.3758 2.5079 0.9419 1.9120 0.9654 2.0502 1.0622 1.3927 1.7076 1.0372 9.1660 12.329 9.5054 1.1550 8.7149 5.8449 2.1086 6.9118 2.0380 1.5889 2.1847 3.8828 3.0087 3.5836 3.0166 1.724 0.959 0.727 0.726 0.000 0.006 0.000 0.000 0.573 0.029 0.006 0.000 1.716 0.074 0.040 0.095 0.228 0.572 0.332 0.000 0.052 0.000 2.324 3.559 2.933 0.227 0.262 0.632 1.945 1.799 73 73 CII 2014 CTD 2012 CTD 2013 CTD 2014 HBC 2012 HBC 2013 HBC 2014 HTI 2012 HTI 2013 HTI 2014 HU1 2012 HU1 2013 HU1 2014 HU3 2012 HU3 2013 HU3 2014 L10 2012 L10 2013 L10 2014 LM8 2012 LM8 2013 LM8 2014 MCG 2012 MCG 2013 MCG 2014 MDG 2012 MDG 2013 MDG 2014 PTC 2012 0.644 0.417 0.457 0.442 0.829 0.797 0.828 0.553 0.679 0.710 0.806 0.813 0.823 0.755 0.746 0.733 0.802 0.811 0.806 0.856 0.858 0.851 0.728 0.808 0.745 0.604 0.597 0.631 0.469 0.380 0.003 0.017 0.003 0.052 0.156 0.051 0.503 0.596 0.129 0.000 0.000 0.010 0.061 0.039 0.290 0.420 0.022 0.411 0.074 0.020 0.053 0.124 0.233 0.234 0.068 0.062 0.001 0.005 0.009 0.037 0.032 0.030 0.099 0.079 0.061 0.000 0.297 0.167 0.014 0.011 0.011 0.002 0.004 0.015 0.316 0.289 0.170 0.054 0.051 0.047 0.030 0.112 0.014 0.015 0.078 0.089 0.190 12.9560 0.0664 0.1271 0.0815 12.5660 0.0864 0.4957 0.1821 12.6580 0.1242 0.2374 0.2062 12.6870 0.0955 0.0683 0.0815 12.6610 0.0343 0.3942 0.1821 12.6750 0.0093 0.0320 0.2062 12.7640 0.0154 0.2278 0.0815 11.8360 0.0398 0.3539 0.1821 11.9970 0.1448 0.4478 0.2062 12.0870 0.0315 0.2293 0.0815 11.9750 0.0106 -0.1777 0.1821 11.8130 0.0287 -0.0203 0.2062 11.8130 0.0287 -0.2145 0.0815 11.8270 0.0309 0.0593 0.1821 11.5510 0.0624 -0.0517 0.2062 11.8150 0.0248 -0.0307 0.0815 11.9670 0.0365 0.1146 0.1821 11.7910 0.0617 0.1556 0.2062 11.9850 0.0359 0.0388 0.0815 12.1120 0.0423 -0.0184 0.1821 0.1811 0.2409 0.2062 12.1570 0.0438 0.1087 0.0815 12.4150 0.0003 0.1560 0.1821 0.0678 0.0634 0.2062 12.3530 0.0186 -0.1882 0.0815 11.6690 0.0132 -0.0760 0.1821 11.6500 0.0055 -0.0419 0.2062 -0.1726 0.1388 0.0815 11.5570 0.0036 -0.1695 0.1821 10.6540 12.4440 11.5670 0.093 0.270 0.288 0.230 0.000 0.457 0.228 0.050 0.047 0.048 0.330 0.258 0.235 0.250 0.253 0.219 0.176 0.246 0.229 0.219 0.248 0.223 0.352 0.000 0.084 0.301 0.282 0.214 0.000 0.026 0.041 0.044 0.044 0.077 0.064 0.077 0.004 0.008 0.058 0.080 0.081 0.081 0.075 0.068 0.044 0.045 0.039 0.039 0.074 0.078 0.079 0.060 0.057 0.051 0.053 0.053 0.063 0.046 3.0433 1.8088 0.3137 0.7161 1.4212 0.8441 0.2373 0.7949 4.2061 4.8732 1.2541 3.9389 4.0942 4.8199 4.0288 1.2371 4.7701 2.1220 1.0396 2.4529 1.1955 4.1747 0.0444 4.3695 1.2725 4.6756 4.9261 3.0905 3.1326 2.9420 2.1575 2.7581 1.0068 4.0741 1.7676 4.3000 1.7553 4.1544 1.1547 5.9770 1.5963 6.0583 4.2787 5.7461 9.9211 2.6796 1.2238 4.2308 1.1403 2.9310 5.4665 1.5282 5.0096 1.4839 0.1333 1.7136 0.3999 0.8841 1.068 0.006 0.032 0.005 0.308 0.774 0.297 1.126 1.861 0.448 0.000 0.003 0.056 0.251 0.154 1.092 2.133 0.117 2.119 0.520 0.140 0.360 0.456 1.219 0.922 0.172 0.155 0.004 0.009 74 74 PTC 2013 PTC 2014 PXI 2012 PXI 2013 PXI 2014 PXS 2012 PXS 2013 PXS 2014 TDC 2012 TDC 2013 TDC 2014 THG 2012 THG 2013 THG 2014 TV1 2012 TV1 2013 TV1 2014 VSI 2012 VSI 2013 VSI 2014 0.412 0.389 0.629 0.697 0.766 0.632 0.596 0.600 0.643 0.716 0.806 0.600 0.559 0.598 0.840 0.843 0.825 0.776 0.789 0.765 0.007 0.008 0.006 0.012 0.026 0.096 0.113 0.187 0.068 0.022 0.083 0.089 0.048 0.014 0.389 0.000 0.375 0.448 0.428 0.501 0.149 0.016 0.077 0.054 0.035 0.539 0.435 0.400 0.061 0.049 0.039 0.255 0.273 0.225 0.018 0.489 0.480 0.133 0.126 0.121 11.5220 0.0336 -0.0774 0.2062 11.5130 0.0102 -0.0205 0.0815 12.0300 0.0040 -0.2392 0.1821 11.7150 0.0824 0.1714 0.2062 12.1690 0.0260 0.3641 0.0815 14.0801 0.0700 -0.2117 0.1821 14.2488 0.0662 0.1838 0.2062 14.3201 0.0960 0.0738 0.0815 12.5430 0.0603 0.2926 0.1821 12.6440 0.0442 0.2584 0.2062 12.7960 0.0240 0.4216 0.0815 11.6010 0.0616 -0.1025 0.1821 11.5590 0.0459 -0.0930 0.2062 11.6080 0.0461 0.4214 0.0815 12.2680 0.0291 0.4214 0.1821 12.0630 0.1448 0.0512 0.2062 12.2800 0.0306 0.0285 0.0815 11.8810 0.0163 -0.0652 0.1821 11.8950 0.0071 0.0337 0.2062 11.8740 0.0256 -0.0467 0.0815 Source: Authors’ calculation 0.000 0.000 0.294 0.398 0.239 0.260 0.256 0.220 0.240 0.249 0.248 0.240 0.179 0.090 0.233 0.271 0.235 0.319 0.396 0.267 0.040 0.038 0.062 0.068 0.074 0.053 0.048 0.041 0.057 0.069 0.072 0.051 0.051 0.058 0.047 0.045 0.045 0.032 0.036 0.026 0.6338 0.7007 0.6400 0.6379 0.4869 1.6956 0.9854 2.3018 2.1117 3.2770 1.2339 1.7220 9.0480 1.4801 1.1134 1.5012 1.5634 1.8033 1.7909 2.5247 1.2638 4.1675 1.2638 1.5038 3.9020 1.2705 1.1360 1.4875 0.9874 5.2565 0.0032 5.3737 1.0063 4.7194 1.1343 3.4750 1.0247 3.7605 1.2524 3.2609 0.013 0.013 0.016 0.040 0.112 0.261 0.280 0.467 0.190 0.078 0.432 0.225 0.110 0.035 2.436 0.000 2.145 2.007 2.040 2.137 75 super.rain.bibi@gmail.com 75