Nếu có thể trong nghiên cứu tiếp theo, tăng mẫu quan sát và thời gian nghiên cứu dài hơn, kết quả nghiên cứu sẽ thuyết phục hơn. Điều tra yếu tố sở hữu quản trị có ảnh hưởng đến quyết định nắm giữ tiền chặt chẽ hơn để kết quả nghiên cứu từ các chiến lược quản trị biểu hiện rõ nét hơn.
Ngoài ra, bài nghiên cứu này có thể phát triển thêm bằng cách xem xét tác động hiệu quả hoạt động, khánh kiệt tài chính lên nắm giữ tiền của cơng ty.
PHỤ LỤC BẢNG BIỂU
Bảng 4.3: Hồi quy dữ liệu chéo nắm giữ tiền với sở hữu quản trị, cở đơng kiểm sốt và đặc điểm công ty Các biến độc lập Dấu kỳ vọng (1) (2) CFLOW + (0.02346)0.0253 (0.0252)0.0152 LIQ - (0.03922)0.13*** 0.1305*** (0.0392) LEV - (0.0337)0.0128 (0.0343)0.006 BANKDEBT - -0.0604*** (0.0219) -0.0594*** (0.0219) MKTBOOK + (0.0142)0.0006 (0.0143)0.0025 SIZE - (0.0039)0.0007 (0.0039)0.0006 VARIABILITY + (0.0609) -0.0177 (0.0609) -0.0146 DIVIDEND +/- 0.0487** (0.011) 0.0507*** (0.0188) MAN + (0.1738)0.172 (0.1777)0.2126 MAN2 - (0.765) -0.884 (0.7743) -1.0196 MAN3 + (0.8473)0.9356 (0.8504)1.0243 CONTROLLER +/- (0.0112)0.0123 R2 0.3544 0.3613 Number of obs 124 124 Nguồn: Tính tốn từ phần mềm STATA 12
Bảng 4.4: Hồi quy dữ liệu chéo nắm giữ tiền với tương tác sở hữu quản trị, cổ đông kiểm sốt và đặc điểm cơng ty Các biến độc lập Dấu kỳ vọng (1) (2) CFLOW + (0.0246)0.0185 (0.0239)0.0222 LIQ - 0.1327*** (0.0394) 0.1225*** (0.0389) LEV - (0.0345) 0.0117 (0.0333) 0.0042 BANKDEBT - -0.058*** (0.022) -0.057** (0.0226) MKTBOOK + (0.0145)0.0016 (0.0014)0.003 SIZE - (0.004)0.0005 -0.0004 (0.004) VARIABILITY + (0.0606) -0.0208 -0.022 (0.06) DIVIDEND +/- 0.048** (0.0186) (0.0188)0.048** MAN_CONTROLLER +/- (0.238)0.3384 (0.2247)0.093 MAN2_CONTROLLER +/- (1.0342) -1.4068 (1.3055) -0.752 MAN3_CONTROLLER +/- (1.088)1.3258 (1.739)0.945 R2 0.3556 0.35 Number of obs 124 124 Nguồn: Tính tốn từ phần mềm STATA 12
Bảng 4.5: Hồi quy dữ liệu chéo nắm giữ tiền trên tương tác sở hữu quản trị với dạng cổ đông kiểm sốt và đặc điểm cơng ty
Các biến độc lập Dấu kỳ vọng (1) (2) (3) CFLOW + (0.025) 0.0172 (0.024) 0.0268 (0.0233) 0.028 LIQ - (0.0398)0.14*** 0.134*** (0.039) 0.124*** (0.0392) LEV - (0.0353)0.0187 (0.0345)0.0169 (0.034)0.01 BANKDEBT - -0.062*** (0.022) -0.0623*** (0.022) -0.0634*** (0.022) MKTBOOK + (0.0144)0.0024 (0.0146)-0.002 (0.0142)0.0007 SIZE - (0.0039)0.0001 (0.004)0.0014 (0.004)0.0011 VARIABILITY + (0.0614)-0.0067 -0.019 (0.06) (0.0608)-0.0252 DIVIDEND +/- 0.0399** (0.0199) 0.0444** (0.0185) 0.0428** (0.0213) MAN + (0.1819)0.1643 MAN2 +/- (0.7929)-0.906 MAN3 +/- (0.871)0.982 STATE +/- (0.0125)0.0098 UNLISTED +/- (0.0298)-0.0335 MAN_STATE DUMMY (0.3331)0.4086 MAN2_STATE DUMMY -2.09 (1.8) MAN3_STATE DUMMY (2.3494) 2.237
Nguồn: Tính tốn từ phần mềm STATA 12
Mức ý nghĩa: *** Có ý nghĩa 1%, ** Có ý nghĩa 5%, *Có ý nghĩa 10%.
MAN_UNLISTED DUMMY -28.2837 (34.9) MAN2_UNLISTED DUMMY (4008.438) 2944.606 MAN3_UNLISTED DUMMY (97438.49) -66386.51
R2 0.3666 0.3592 0.3509 NUMBER OF FIRMS 124 124 124
Bảng 4.6: Kết quả hồi quy dữ liệu bảng về mơ hình nắm giữ tiền Các biến độc lập Dấu kỳ vọng (1) (2) (3) CASHit-1 + (0.088) 0.072 0.184*** (0.025) CFLOWit + 0.078** (0.04) (0.034)-0.009 (0.01)0.004 LIQit - 0.187*** (0.045) 0.206*** (0.052) 0.0245*** (0.028) LEVit - 0.143*** (0.055) 0.207*** (0.079) 0.196*** (0.033) BANKDEBTit - -0.041* (0.021) (0.032) -0.011 -0.024** (0.012) MKTBOOKit + 0.025*** (0.01) 0.038** (0.015) 0.028*** (0.005) SIZEit - (0.018)0.022 (0.023)0.004 (0.008)0.01 DIVIDENDit +/- (0.009) 0.009 (0.006) 0.007 (0.003) 0.0002 Number of obs 744 496 496 Correlation 1 -3.3412*** -4.5749*** Correlation 2 1.4543 1.9021* Sargan test 19.5867** 87.1617 Nguồn: Tính tốn từ phần mềm STATA 12
TÀI LIỆU THAM KHẢO Tài liệu trong nước và các website
1. Nguyễn Thị Ngọc Trang và Nguyễn Thị Liên Hoa (2008), Phân tích tài chính, NXB Lao động – Xã hội.
2. Trần Ngọc Thơ (2007), Tài chính doanh nghiệp hiện đại, NXB Thống kê.
3.Website:https://www.vcsc.com.vn/Modules/Analysis/Web/CompanyAZ.aspx?tab =2&MenuID=5&id=64 của Công ty CP Chứng Khốn Bản Việt
4. Website:http://finance.vietstock.vn của Cơng ty CP Chứng Khoán Tài Việt 5.Website:http://www.hsx.vn/hsx/Modules/Danhsach/QuickFind_Symbol.aspx?MC K=PET&Type=S&Find=0 của Sở giao dịch chứng khoán TP. HCM.
6. Website: http://hnx.vn/web/guest của Sở giao dịch chứng khoán Hà Nội
7. Website: http://www.tapchitaichinh.vn/Nghien-cuu-trao-doi/Thuc-trang-doanh- nghiep-nha-nuoc-dau-tu-ngoai-nganh-va-giai-phap-thoai-von/14171.tctc
8. Website: http://www.cophieu68.vn/snapshot.php?id=
9. Website: http://www.sciencedirect.com/science/article/pii/S0378426603002292
Tài liệu nước ngoài
1. Almeida, Campello, S.Weisbach., 2004. The Cash Flow Sensitivity of Cash. J. Finance. P. 1777-1804.
2. Attaullah Shah., 2011. The Corporate Cash Holdings: Determinants and Implications. African J. of Business Management V.5 (34), pp.12939 - 12950. 3. Aydin Ozkan, Neslihan Ozkan., 2003. Corporate Cash Holdings: An Empirical Investigation of UK Companies.
4. Baskin J., 1987. Corporate Liquidity in Games of Monopoly Power. Rev. Econ. Stat., 69(2): 312-319.
5. Baum, C.F., 2001. Residual diagnostics for cross-section time series regression models. The Stata Journal, 1(1), pp.101-04.
6. Berlin, M., Loeys, J., 1988. Bond covenants and delegated monitoring. Journal of Finance 43, 397-412.
7. Brennan, M., Hughes, P., 1991. Stock prices and the supply of information. Journal of Finance 46, 1665-1691.
8. Chemmanur, T.J., Fulghieri, P., 1994. Reputation, renegotiation and the choice between bank loans and publicly traded debt. The Review of Financial Studies 7, 475-506.
9. Collins, D., Rozeff, M., Dhaliwal, D., 1981. The economic determinants of the market reaction to proposed mandatory accounting changes in the oil and gas industry. Journal of Accounting and Economics 3, 37-71.
10. Drukker, D.M., 2003. Testing for serial correlation in linear panel-data models. The Stata Journal, 3(2), pp.168-77.
11. Diamond, D.W., 1984. Financial intermediation and delegated monitoring. Review of Economic Studies 51, 393-414.
12. Edward Lee, Ronan Powell., 2010. Excess Cash Holdings and Shareholder Value. Sydney, Australia.
13. Fama, E., Jensen, M.C., 1983. Separation of ownership and control. Journal of Law and Economics 26, 301-325.
14. Fama, E., 1985. What’s different about banks? Journal of Monetary Economics 15, 29-39.
15. Faccio, M., Lasfer, A. M., 2000. Do occupational pension funds monitor companies in which they hold large stakes? Journal of Corporate Finance 6, 71- 110.
16. Fazzari, S.M., Petersen, B., 1993. Working capital and fixed investment: New evidence on financing constraints. Rand Journal of Economics 24, 328-342. 17. Gill, Shah., 2012. Determinants of Corporate Cash Holdings: Evidence from Canada. International J. of Economics and Finance. V.4, No.1.
18. Grossman, S.J., Hart, O., 1988. One share-one vote and the market for corporate control. Journal of Financial Economics 20, 175-202.
19. Guney, Yilmaz; Ozkan, Aydin and Ozkan, Neslihan., 2006. International evidence on the non-linear impact of leverage on corporate cash holdings.
20. Harris, M. and Raviv, A., 1990. Capital structure and the informational role of debt. Journal of Finance 45, 321-49.
21. Jensen, M.C., 1986. Agency costs of free cash flow, corporate finance and takeovers.
22. Jensen, M.C., Meckling, W.H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3, 305-360.
23. John, T.A., 1993. Accounting measures of corporate liquidity, leverage, and costs of financial distress. Financial Management 22, 91-100.
24. Keynes JM (1936). The General Theory of Employment, Interest and Money. Harcourt Brace, London.
25. Kim, Chang-Soo, Mauer, D.C., Sherman, A.E., 1998. The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative Analysis 33, 335-359.
26. Lawrencia, Samuel., 2012. Cash Holding and Firm Characteristics: Evidence from Nigerian Emerging Market. J. Business, Economics and Finance. V.1. p.45. 27. Marco Bigelli, Javier Sánchez Vidal., 2011. Cash Holdings in Private Firms. 28. Martin, K.J. and McConnell J.J., 1991. Corporate performance, corporate take-overs, and management turnover. Journal of Finance 46, 671-688.
29. McConnell, J.J., Servaes, H., 1990. Additional evidence on equity ownership and corporate value. Journal of Financial economics 27, 595-612.
30. Mehran, H., 1995. Executive compensation structure, ownership, and firm performance. Journal of Financial Economics 38, 163-184.
31. Mikkelson, W.H., Partch, M.M., 1986. Valuation effects of security offerings and the issuance process. Journal of Financial Ec onomics 15, 31-60.
32. Minton, B.A.and Schrand C., 1999. The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics 54, 423-460.
33. Morck, R., Shleifer, A., Vishny, R., 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20, 293-315.
34. Myers, S.C, 1977. Determinants of corporate borrowing. Journal of Financial Economics 5, 147-175.
35. Myers, S.C., Majluf, N.S., 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-221.
36. Opler. Tim., Pinkowitz, Lee, Stulz, R., and Williamson, R., 1999. The determinants and implications of cash holdings. Journal of Financial Economics 52, 3-46.
37. Ozkan, A., 1996. Corporate bankruptcies, liquidation costs and the role of banks. The Manchester School 64, 104-119.
38. Ozkan ,A., Ozkan N., 2003. Additional international evidence on corporate cash holdings. P. 23 - 30.
39. Ozkan A, Ozkan N., 2004. Corporate Cash Holdings: An Empirica Investigation of UK Companies. J. Bank. Financ., 28: 2013-2134.
40. Shah A, Khan S., 2007. Determinants of Capital Structure: Evidence from Pakistani Panel Data. Int. Rev. Bus. Res. Paper, 3(4): 265 - 282.
41. Shah, S., 2011 Pakistani Diaspora in Britain: intersections of multi- locationality and girls’ education. British Journal of Sociology of Education, Vol. 32.
42. Shleifer, A., Vishny, R.W., 1986. Large shareholders and corporate control. Journal of Political Economy 95, 461-488.
43. Smith, C.W., 1986. Investment banking and the capital acquisition process. Journal of Financial Economics 15, 3-29.
44. Stiglitz, J., 1985. Credit markets and the control of capital. Journal of Money, Credit and Banking 17, 133-152.
45. Titman S, Wessels R., 1988. The Determinants of Capital Structure Choice. J. Financ., 43: 1-19.
46. Tsung-Han Kuan Chu-Shiu Li Chwen-Chi Liu., 2011. Corporate governance and cash holdings: A quantile regression approach, International Review of Economics and Finance.
47. Whited, T., 1992, Debt, liquidity constraints, and corporate investment: Evidence from panel data. Journal of Finance 47, 1425-60
48. Williamson, O., 1988, Corporate finance and corporate governance. Journal of Finance 43, 567-91.
49. Yilmaz Guney, Aydin Ozkan, Neslihan Ozkan., 2003. Additional international evidence on corporate cash holdings.
50. Zhenxu Tong., 2009. Firm Diversification and the Value of Corporate Cash Holdings.