-------------
      name:  <unnamed>
       log:  /Users/danganhtuan/Desktop/Nghien cuu/Nghien cuu/Research/14.Journal/Baidangviet/Nam 2025/Quocte/Huy_TCMKT/Baidangviet/Sageopen/Sualan1/3.HSSC.16.1.26_ED1_gui.smcl
  log type:  smcl
 opened on:  16 Jan 2026, 11:59:41

.  xtset MACK Year
string variables not allowed in varlist;
MACK is a string variable
r(109);

.  xtset MaCK Year

 Panel variable: MaCK (strongly balanced)


Time variable: Year, 2020   to 2024


         Delta: 1 unit

. tabstat Invest overIE aAEM aREM INSTOW STATOW ROA CFO FSIZE TANG BIG4, stat(n mean sd min max) columns(statistics) format(%9.2f)

Variable   |         N      Mean        SD       Min       Max
-------------+--------------------------------------------------
Invest   |   2170.00      0.04      0.07     -0.13      0.34
overIE   |   2170.00     -0.00      0.07     -0.18      0.31
aAEM   |   2170.00      0.04      0.05      0.00      0.28
aREM   |   2170.00      0.28      0.27      0.00      1.38
INSTOW   |   2170.00      0.56      0.23      0.00      1.00
STATOW   |   2170.00      0.20      0.28      0.00      0.99
ROA   |   2170.00      0.06      0.06     -0.11      0.31
CFO   |   2170.00      0.02      0.07     -0.18      0.28
FSIZE   |   2170.00     27.96      1.71     24.57     32.58
TANG   |   2170.00      0.21      0.18      0.00      0.76
BIG4   |   2170.00      0.31      0.46      0.00      1.00
-------------+--------------------------------------------------

. save "/Users/danganhtuan/Desktop/Nghien cuu/Nghien cuu/Research/14.Journal/Baidangviet/Nam 2025/Quocte/Huy_TCMKT/Baidangviet/Sageopen/Sualan1/2.Panel_clean_EM_O_IE_16.1.dta", replace


file
/Users/danganhtuan/Desktop/Nghien cuu/Nghien cuu/Research/14.Journal/Baidangviet/Nam 2025/Quocte/Huy_TCMKT/Baidangviet/Sageopen/Sualan1/2.Panel_clean_EM_O_IE_16.1.dta{rm}
saved


. pwcorr Invest overIE aAEM aREM INSTOW STATOW ROA CFO FSIZE TANG BIG4, sig

             |   Invest   overIE     aAEM     aREM   INSTOW   STATOW      ROA
-------------+---------------------------------------------------------------
      Invest |   1.0000
             |
             |
      overIE |   0.9970   1.0000
             |   0.0000
             |
        aAEM |   0.5827   0.5795   1.0000
             |   0.0000   0.0000
             |
        aREM |   0.0858   0.0742  -0.0379   1.0000
             |   0.0001   0.0005   0.0772
             |
      INSTOW |  -0.0364  -0.0358  -0.0799   0.1547   1.0000
             |   0.0902   0.0959   0.0002   0.0000
             |
      STATOW |  -0.0434  -0.0435  -0.0726   0.1292   0.4608   1.0000
             |   0.0435   0.0429   0.0007   0.0000   0.0000
             |
         ROA |   0.0530   0.0378   0.0101   0.5042   0.1359   0.0801   1.0000
             |   0.0135   0.0780   0.6398   0.0000   0.0000   0.0002
             |
         CFO |   0.1148   0.1176   0.0588   0.3889   0.1234   0.1279   0.3476
             |   0.0000   0.0000   0.0061   0.0000   0.0000   0.0000   0.0000
             |
       FSIZE |   0.1253   0.1228   0.0988  -0.1737  -0.1205  -0.0266  -0.0892
             |   0.0000   0.0000   0.0000   0.0000   0.0000   0.2152   0.0000
             |
        TANG |   0.1874   0.1890   0.1658   0.0589   0.2008   0.2486   0.0038
             |   0.0000   0.0000   0.0000   0.0060   0.0000   0.0000   0.8602
             |
        BIG4 |   0.0574   0.0538   0.0583   0.0412   0.1122  -0.0515   0.0886
             |   0.0075   0.0122   0.0066   0.0552   0.0000   0.0165   0.0000
             |

             |      CFO    FSIZE     TANG     BIG4
-------------+------------------------------------
         CFO |   1.0000
             |
             |
       FSIZE |  -0.0877   1.0000
             |   0.0000
             |
        TANG |   0.2059   0.0270   1.0000
             |   0.0000   0.2086
             |
        BIG4 |   0.0425   0.4400   0.0493   1.0000
             |   0.0479   0.0000   0.0216
             |

. reg Invest aAEM OverIE OverIExaAEM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4

      Source |       SS           df       MS      Number of obs   =     2,170
-------------+----------------------------------   F(12, 2157)     =    109.87
       Model |  3.55854187        12  .296545156   Prob > F        =    0.0000
    Residual |   5.8218992     2,157  .002699072   R-squared       =    0.3794
-------------+----------------------------------   Adj R-squared   =    0.3759
       Total |  9.38044108     2,169  .004324777   Root MSE        =    .05195

--------------+----------------------------------------------------------------
        Invest | Coefficient   Std. err.       t    P>|t|      [95% con f. interval]
--------------+----------------------------------------------------------------
         aAEM |       0.512       0.044     11.51    0.000         0.425        0.599
       OverIE |      -0.023       0.010     -2.27    0.024        -0.044       -0.003
  OverIExaAEM |       0.489       0.072      6.76    0.000         0.347        0.630
       INSTOW |      -0.017       0.010     -1.67    0.094        -0.037        0.003
       STATOW |      -0.010       0.009     -1.18    0.238        -0.027        0.007
OverIExINSTOW |       0.040       0.018      2.25    0.025         0.005        0.074
OverIExSTATOW |      -0.001       0.014     -0.05    0.960        -0.029        0.027
          ROA |       0.072       0.020      3.57    0.000         0.033        0.112
          CFO |       0.061       0.019      3.27    0.001         0.024        0.097
        FSIZE |       0.002       0.001      2.70    0.007         0.001        0.004
         TANG |       0.027       0.007      3.99    0.000         0.014        0.041
         BIG4 |      -0.002       0.003     -0.75    0.452        -0.008        0.003
        _cons |      -0.051       0.023     -2.25    0.025        -0.096       -0.007
--------------+----------------------------------------------------------------

. vif

    Variable |       VIF       1/VIF
-------------+----------------------
OverIExINS~W |     11.82    0.084631
      OverIE |      8.46    0.118269
OverIExSTA~W |      5.35    0.186996
      INSTOW |      4.53    0.220971
      STATOW |      4.49    0.222493
 OverIExaAEM |      4.39    0.227961
        aAEM |      3.59    0.278208
       FSIZE |      1.47    0.680352
        BIG4 |      1.38    0.726208
         ROA |      1.37    0.728232
         CFO |      1.21    0.827524
        TANG |      1.19    0.839613
-------------+----------------------
    Mean VIF |      4.10

. xtreg Invest aAEM OverIE OverIExaAEM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4, fe

Fixed-effects (within) regression               Number of obs     =      2,170
Group variable: MaCK                            Number of groups  =        434

R-squared:                                      Obs per group:
     Within  = 0.3503                                         min =          5
     Between = 0.3283                                         avg =        5.0
     Overall = 0.3394                                         max =          5

                                                F(12, 1724)       =      77.48
corr(u_i, Xb) = 0.0422                          Prob > F          =     0.0000

--------------+----------------------------------------------------------------
        Invest | Coefficient   Std. err.       t    P>|t|      [95% con f. interval]
--------------+----------------------------------------------------------------
         aAEM |       0.509       0.047     10.92    0.000         0.417        0.600
       OverIE |       0.008       0.020      0.43    0.669        -0.030        0.047
  OverIExaAEM |       0.449       0.077      5.86    0.000         0.299        0.600
       INSTOW |       0.016       0.019      0.85    0.397        -0.021        0.053
       STATOW |       0.011       0.019      0.56    0.577        -0.027        0.049
OverIExINSTOW |       0.002       0.031      0.08    0.937        -0.058        0.063
OverIExSTATOW |      -0.022       0.030     -0.74    0.462        -0.081        0.037
          ROA |      -0.030       0.028     -1.08    0.282        -0.085        0.025
          CFO |       0.018       0.018      1.01    0.312        -0.017        0.053
        FSIZE |       0.000       0.005      0.04    0.967        -0.010        0.011
         TANG |      -0.022       0.019     -1.17    0.242        -0.060        0.015
         BIG4 |       0.004       0.007      0.54    0.587        -0.010        0.017
        _cons |      -0.008       0.152     -0.05    0.959        -0.306        0.290
--------------+----------------------------------------------------------------
      sigma_u |  .03670755
      sigma_e |  .04365208
          rho |   .4142225   (fraction of variance due to u_i)
--------------+----------------------------------------------------------------
F test that all u_i=0: F(433, 1724) = 3.07                   Prob > F = 0.0000

. est sto fe1

. xtreg Invest aAEM OverIE OverIExaAEM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4, re

Random-effects GLS regression                   Number of obs     =      2,170
Group variable: MaCK                            Number of groups  =        434

R-squared:                                      Obs per group:
     Within  = 0.3442                                         min =          5
     Between = 0.4181                                         avg =        5.0
     Overall = 0.3766                                         max =          5

                                                Wald chi2(12)     =    1211.09
corr(u_i, X) = 0 (assumed)                      Prob > chi2       =     0.0000

--------------+----------------------------------------------------------------
        Invest | Coefficient   Std. err.       z    P>|z|      [95% con f. interval]
--------------+----------------------------------------------------------------
         aAEM |       0.504       0.043     11.74    0.000         0.420        0.589
       OverIE |      -0.018       0.013     -1.40    0.160        -0.042        0.007
  OverIExaAEM |       0.482       0.070      6.86    0.000         0.344        0.619
       INSTOW |      -0.008       0.012     -0.64    0.523        -0.032        0.016
       STATOW |      -0.006       0.011     -0.55    0.582        -0.027        0.015
OverIExINSTOW |       0.030       0.021      1.40    0.163        -0.012        0.071
OverIExSTATOW |      -0.005       0.018     -0.26    0.791        -0.040        0.030
          ROA |       0.038       0.022      1.71    0.088        -0.006        0.081
          CFO |       0.033       0.017      1.99    0.046         0.001        0.066
        FSIZE |       0.002       0.001      1.80    0.072        -0.000        0.004
         TANG |       0.022       0.009      2.41    0.016         0.004        0.039
         BIG4 |      -0.001       0.004     -0.18    0.859        -0.008        0.007
        _cons |      -0.049       0.031     -1.56    0.120        -0.111        0.013
--------------+----------------------------------------------------------------
      sigma_u |  .02743209
      sigma_e |  .04365208
          rho |  .28311246   (fraction of variance due to u_i)
--------------+----------------------------------------------------------------

. est sto re1

. xttest0

Breusch and Pagan Lagrangian multiplier test for random effects

        Invest[MaCK,t] = Xb + u[MaCK] + e[MaCK,t]

        Estimated results:
                         |       Var     SD = sqrt(Var)
                ---------+-----------------------------
                  Invest |   .0043248        .065763
                       e |   .0019055       .0436521
                       u |   .0007525       .0274321

        Test: Var(u) = 0
                             chibar2(01) =   337.78
                          Prob > chibar2 =   0.0000

. hausman fe1 re1

                 ---- Coefficients ----
             |      (b)          (B)            (b-B)     sqrt(diag(V_b-V_B))
             |      fe1          re1         Difference       Std. err.
-------------+----------------------------------------------------------------
        aAEM |    .5085016     .5044188        .0040828        .0179842
      OverIE |    .0084532     -.017611        .0260642        .0152475
 OverIExaAEM |    .4492113     .4815922       -.0323809        .0308909
      INSTOW |    .0160983    -.0079451        .0240434        .0143466
      STATOW |    .0108615    -.0059472        .0168086        .0162152
OverIExINS~W |    .0024328     .0295847       -.0271518        .0225881
OverIExSTA~W |   -.0222241    -.0047528       -.0174713        .0242728
         ROA |   -.0300074     .0376918       -.0676992        .0170074
         CFO |    .0179018     .0332358        -.015334        .0059316
       FSIZE |     .000225     .0019841       -.0017591        .0052939
        TANG |   -.0223203     .0216784       -.0439988         .016798
        BIG4 |    .0036442    -.0006522        .0042964         .005616
-------------+----------------------------------------------------------------
b = Consistent under H0 and Ha; obtained from xtreg.
B = Inconsistent under Ha, efficient under H0; obtained from xtreg.

Test of H0: Difference in coefficients not systematic

chi2(12)   = (b-B)'[(V_b-V_B)^(-1)](b-B)
   = 47.10
Prob > chi2   = 0.0000

. reg Invest aAEM OverIE OverIExaAEM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4

      Source |       SS           df       MS      Number of obs   =     2,170
-------------+----------------------------------   F(12, 2157)     =    109.87
       Model |  3.55854187        12  .296545156   Prob > F        =    0.0000
    Residual |   5.8218992     2,157  .002699072   R-squared       =    0.3794
-------------+----------------------------------   Adj R-squared   =    0.3759
       Total |  9.38044108     2,169  .004324777   Root MSE        =    .05195

--------------+----------------------------------------------------------------
        Invest | Coefficient   Std. err.       t    P>|t|      [95% con f. interval]
--------------+----------------------------------------------------------------
         aAEM |       0.512       0.044     11.51    0.000         0.425        0.599
       OverIE |      -0.023       0.010     -2.27    0.024        -0.044       -0.003
  OverIExaAEM |       0.489       0.072      6.76    0.000         0.347        0.630
       INSTOW |      -0.017       0.010     -1.67    0.094        -0.037        0.003
       STATOW |      -0.010       0.009     -1.18    0.238        -0.027        0.007
OverIExINSTOW |       0.040       0.018      2.25    0.025         0.005        0.074
OverIExSTATOW |      -0.001       0.014     -0.05    0.960        -0.029        0.027
          ROA |       0.072       0.020      3.57    0.000         0.033        0.112
          CFO |       0.061       0.019      3.27    0.001         0.024        0.097
        FSIZE |       0.002       0.001      2.70    0.007         0.001        0.004
         TANG |       0.027       0.007      3.99    0.000         0.014        0.041
         BIG4 |      -0.002       0.003     -0.75    0.452        -0.008        0.003
        _cons |      -0.051       0.023     -2.25    0.025        -0.096       -0.007
--------------+----------------------------------------------------------------

. estat hettest

Breusch–Pagan/Cook–Weisberg test for heteroskedasticity
Assumption: Normal error terms


Variable: Fitted values of Invest


H0: Constant variance

chi2(1)   = 2081.17
Prob > chi2   = 0.0000

. xtserial Invest aAEM OverIE OverIExaAEM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4

Wooldridge test for autocorrelation in panel data
H0: no first order autocorrelation
    F(  1,     433) =      0.887
           Prob > F =      0.3468

. xtgls Invest aAEM OverIExaAEM OverIE INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4 i.Year i.IND, panels(h)

Cross-sectional time-series FGLS regression

Coefficients:  generalized least squares
Panels:        heteroskedastic
Correlation:   no autocorrelation

Estimated covariances      =       434          Number of obs     =      2,170
Estimated autocorrelations =         0          Number of groups  =        434
Estimated coefficients     =        26          Time periods      =          5
                                                Wald chi2(25)     =    3497.00
                                                Prob > chi2       =     0.0000

---------------------------+----------------------------------------------------------------
                     Invest | Coefficient   Std. err.       z    P>|z|      [95% con f. interval]
---------------------------+----------------------------------------------------------------
                      aAEM |       0.326       0.046      7.03    0.000         0.235        0.417
               OverIExaAEM |       0.861       0.063     13.72    0.000         0.738        0.984
                    OverIE |      -0.022       0.005     -4.58    0.000        -0.031       -0.013
                    INSTOW |      -0.013       0.004     -3.54    0.000        -0.020       -0.006
                    STATOW |      -0.016       0.003     -6.19    0.000        -0.020       -0.011
             OverIExINSTOW |       0.025       0.007      3.48    0.000         0.011        0.040
             OverIExSTATOW |       0.004       0.005      0.73    0.465        -0.006        0.013
                       ROA |       0.059       0.009      6.55    0.000         0.042        0.077
                       CFO |       0.029       0.009      3.40    0.001         0.012        0.046
                     FSIZE |       0.002       0.000      6.38    0.000         0.002        0.003
                      TANG |       0.028       0.004      6.70    0.000         0.020        0.036
                      BIG4 |      -0.002       0.001     -1.87    0.062        -0.004        0.000
                           |
                      Year |
                     2021  |      -0.002       0.001     -1.32    0.187        -0.004        0.001
                     2022  |      -0.000       0.001     -0.37    0.715        -0.003        0.002
                     2023  |       0.000       0.001      0.23    0.822        -0.002        0.003
                     2024  |       0.007       0.001      5.28    0.000         0.004        0.010
                           |
                       IND |
        Chăm sóc sức khỏe  |       0.010       0.002      4.60    0.000         0.006        0.014
              Công nghiệp  |       0.005       0.002      2.70    0.007         0.001        0.008
      Công nghệ thông tin  |       0.001       0.005      0.27    0.789        -0.008        0.011
         Dịch vụ tiện ích  |       0.028       0.003      8.40    0.000         0.021        0.035
       Dịch vụ viễn thông  |       0.009       0.003      3.25    0.001         0.003        0.014
          Nguyên vật liệu  |       0.010       0.002      5.79    0.000         0.007        0.014
              Năng lượng  |       0.015       0.003      4.95    0.000         0.009        0.021
Tiêu dùng không thiết yếu  |       0.013       0.002      5.99    0.000         0.009        0.017
      Tiêu dùng thiết yếu  |       0.010       0.002      4.26    0.000         0.005        0.014
                           |
                     _cons |      -0.064       0.011     -6.04    0.000        -0.085       -0.043
---------------------------+----------------------------------------------------------------

. est sto FGLS1

. reg Invest aREM OverIE OverIExaREM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4

      Source |       SS           df       MS      Number of obs   =     2,170
-------------+----------------------------------   F(12, 2157)     =     16.28
       Model |  .778885904        12  .064907159   Prob > F        =    0.0000
    Residual |  8.60155517     2,157   .00398774   R-squared       =    0.0830
-------------+----------------------------------   Adj R-squared   =    0.0779
       Total |  9.38044108     2,169  .004324777   Root MSE        =    .06315

--------------+----------------------------------------------------------------
        Invest | Coefficient   Std. err.       t    P>|t|      [95% con f. interval]
--------------+----------------------------------------------------------------
         aREM |       0.007       0.010      0.64    0.521        -0.013        0.027
       OverIE |      -0.003       0.012     -0.24    0.813        -0.027        0.021
  OverIExaREM |       0.028       0.018      1.55    0.122        -0.008        0.065
       INSTOW |      -0.022       0.012     -1.78    0.076        -0.046        0.002
       STATOW |      -0.027       0.010     -2.63    0.009        -0.048       -0.007
OverIExINSTOW |       0.023       0.021      1.07    0.285        -0.019        0.065
OverIExSTATOW |       0.010       0.017      0.60    0.549        -0.024        0.045
          ROA |       0.064       0.028      2.30    0.021         0.009        0.118
          CFO |       0.065       0.023      2.80    0.005         0.020        0.111
        FSIZE |       0.005       0.001      4.68    0.000         0.003        0.006
         TANG |       0.067       0.008      8.23    0.000         0.051        0.083
         BIG4 |      -0.002       0.003     -0.51    0.611        -0.009        0.005
        _cons |      -0.103       0.028     -3.68    0.000        -0.158       -0.048
--------------+----------------------------------------------------------------

. vif

    Variable |       VIF       1/VIF
-------------+----------------------
OverIExINS~W |     11.82    0.084609
      OverIE |      7.93    0.126050
OverIExSTA~W |      5.36    0.186739
      INSTOW |      4.50    0.222014
      STATOW |      4.50    0.222404
        aREM |      4.08    0.245368
 OverIExaREM |      3.90    0.256577
         ROA |      1.74    0.573578
       FSIZE |      1.51    0.663597
        BIG4 |      1.39    0.721884
         CFO |      1.28    0.780088
        TANG |      1.15    0.866935
-------------+----------------------
    Mean VIF |      4.10

. xtreg Invest aREM OverIE OverIExaREM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4, fe

Fixed-effects (within) regression               Number of obs     =      2,170
Group variable: MaCK                            Number of groups  =        434

R-squared:                                      Obs per group:
     Within  = 0.0301                                         min =          5
     Between = 0.0067                                         avg =        5.0
     Overall = 0.0001                                         max =          5

                                                F(12, 1724)       =       4.46
corr(u_i, Xb) = -0.4803                         Prob > F          =     0.0000

--------------+----------------------------------------------------------------
        Invest | Coefficient   Std. err.       t    P>|t|      [95% con f. interval]
--------------+----------------------------------------------------------------
         aREM |       0.038       0.014      2.82    0.005         0.012        0.065
       OverIE |       0.081       0.024      3.43    0.001         0.035        0.127
  OverIExaREM |      -0.000       0.024     -0.02    0.987        -0.048        0.047
       INSTOW |       0.002       0.023      0.07    0.946        -0.044        0.047
       STATOW |       0.012       0.024      0.49    0.624        -0.035        0.058
OverIExINSTOW |      -0.026       0.038     -0.69    0.489        -0.100        0.048
OverIExSTATOW |      -0.034       0.037     -0.91    0.362        -0.106        0.039
          ROA |      -0.015       0.036     -0.42    0.675        -0.085        0.055
          CFO |      -0.007       0.023     -0.31    0.760        -0.051        0.037
        FSIZE |      -0.012       0.007     -1.75    0.080        -0.025        0.001
         TANG |      -0.025       0.023     -1.07    0.283        -0.071        0.021
         BIG4 |       0.009       0.008      1.06    0.288        -0.007        0.025
        _cons |       0.321       0.186      1.73    0.084        -0.043        0.685
--------------+----------------------------------------------------------------
      sigma_u |  .05183602
      sigma_e |    .053336
          rho |  .48574068   (fraction of variance due to u_i)
--------------+----------------------------------------------------------------
F test that all u_i=0: F(433, 1724) = 3.00                   Prob > F = 0.0000

. est sto fe2

. xtreg Invest aREM OverIE OverIExaREM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4, re

Random-effects GLS regression                   Number of obs     =      2,170
Group variable: MaCK                            Number of groups  =        434

R-squared:                                      Obs per group:
     Within  = 0.0132                                         min =          5
     Between = 0.1551                                         avg =        5.0
     Overall = 0.0781                                         max =          5

                                                Wald chi2(12)     =     102.82
corr(u_i, X) = 0 (assumed)                      Prob > chi2       =     0.0000

--------------+----------------------------------------------------------------
        Invest | Coefficient   Std. err.       z    P>|z|      [95% con f. interval]
--------------+----------------------------------------------------------------
         aREM |       0.020       0.011      1.84    0.066        -0.001        0.042
       OverIE |       0.015       0.015      1.00    0.316        -0.014        0.044
  OverIExaREM |       0.017       0.020      0.86    0.391        -0.022        0.056
       INSTOW |      -0.015       0.015     -1.01    0.315        -0.045        0.014
       STATOW |      -0.018       0.013     -1.38    0.167        -0.044        0.008
OverIExINSTOW |       0.011       0.026      0.42    0.675        -0.040        0.061
OverIExSTATOW |      -0.000       0.022     -0.00    0.998        -0.043        0.043
          ROA |       0.038       0.029      1.28    0.199        -0.020        0.096
          CFO |       0.025       0.021      1.19    0.232        -0.016        0.067
        FSIZE |       0.004       0.001      2.89    0.004         0.001        0.006
         TANG |       0.056       0.011      5.22    0.000         0.035        0.077
         BIG4 |       0.001       0.004      0.19    0.851        -0.008        0.010
        _cons |      -0.092       0.038     -2.42    0.016        -0.167       -0.017
--------------+----------------------------------------------------------------
      sigma_u |  .03231437
      sigma_e |    .053336
          rho |  .26850924   (fraction of variance due to u_i)
--------------+----------------------------------------------------------------

. est sto re2

. xtreg Invest aREM OverIE OverIExaREM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4, re

Random-effects GLS regression                   Number of obs     =      2,170
Group variable: MaCK                            Number of groups  =        434

R-squared:                                      Obs per group:
     Within  = 0.0132                                         min =          5
     Between = 0.1551                                         avg =        5.0
     Overall = 0.0781                                         max =          5

                                                Wald chi2(12)     =     102.82
corr(u_i, X) = 0 (assumed)                      Prob > chi2       =     0.0000

--------------+----------------------------------------------------------------
        Invest | Coefficient   Std. err.       z    P>|z|      [95% con f. interval]
--------------+----------------------------------------------------------------
         aREM |       0.020       0.011      1.84    0.066        -0.001        0.042
       OverIE |       0.015       0.015      1.00    0.316        -0.014        0.044
  OverIExaREM |       0.017       0.020      0.86    0.391        -0.022        0.056
       INSTOW |      -0.015       0.015     -1.01    0.315        -0.045        0.014
       STATOW |      -0.018       0.013     -1.38    0.167        -0.044        0.008
OverIExINSTOW |       0.011       0.026      0.42    0.675        -0.040        0.061
OverIExSTATOW |      -0.000       0.022     -0.00    0.998        -0.043        0.043
          ROA |       0.038       0.029      1.28    0.199        -0.020        0.096
          CFO |       0.025       0.021      1.19    0.232        -0.016        0.067
        FSIZE |       0.004       0.001      2.89    0.004         0.001        0.006
         TANG |       0.056       0.011      5.22    0.000         0.035        0.077
         BIG4 |       0.001       0.004      0.19    0.851        -0.008        0.010
        _cons |      -0.092       0.038     -2.42    0.016        -0.167       -0.017
--------------+----------------------------------------------------------------
      sigma_u |  .03231437
      sigma_e |    .053336
          rho |  .26850924   (fraction of variance due to u_i)
--------------+----------------------------------------------------------------

. xttest0

Breusch and Pagan Lagrangian multiplier test for random effects

        Invest[MaCK,t] = Xb + u[MaCK] + e[MaCK,t]

        Estimated results:
                         |       Var     SD = sqrt(Var)
                ---------+-----------------------------
                  Invest |   .0043248        .065763
                       e |   .0028447        .053336
                       u |   .0010442       .0323144

        Test: Var(u) = 0
                             chibar2(01) =   303.81
                          Prob > chibar2 =   0.0000

. hausman fe2 re2

                 ---- Coefficients ----
             |      (b)          (B)            (b-B)     sqrt(diag(V_b-V_B))
             |      fe2          re2         Difference       Std. err.
-------------+----------------------------------------------------------------
        aREM |     .038244     .0202738        .0179702        .0078487
      OverIE |    .0810603     .0149217        .0661386        .0183288
 OverIExaREM |   -.0003876      .017051       -.0174386        .0135814
      INSTOW |     .001583    -.0151292        .0167122         .017677
      STATOW |    .0116554    -.0180585        .0297139        .0199008
OverIExINS~W |   -.0261157     .0107801       -.0368958         .027696
OverIExSTA~W |   -.0336111    -.0000459       -.0335652        .0298075
         ROA |   -.0149222     .0378849       -.0528072        .0200115
         CFO |   -.0069227     .0252677       -.0321904        .0080519
       FSIZE |   -.0115938     .0038594       -.0154532        .0064801
        TANG |    -.025028     .0563153       -.0813433        .0206669
        BIG4 |    .0087161     .0008333        .0078828        .0068941
-------------+----------------------------------------------------------------
b = Consistent under H0 and Ha; obtained from xtreg.
B = Inconsistent under Ha, efficient under H0; obtained from xtreg.

Test of H0: Difference in coefficients not systematic

chi2(12)   = (b-B)'[(V_b-V_B)^(-1)](b-B)
   = 74.24
Prob > chi2   = 0.0000

. reg Invest aREM OverIE OverIExaREM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4

      Source |       SS           df       MS      Number of obs   =     2,170
-------------+----------------------------------   F(12, 2157)     =     16.28
       Model |  .778885904        12  .064907159   Prob > F        =    0.0000
    Residual |  8.60155517     2,157   .00398774   R-squared       =    0.0830
-------------+----------------------------------   Adj R-squared   =    0.0779
       Total |  9.38044108     2,169  .004324777   Root MSE        =    .06315

--------------+----------------------------------------------------------------
        Invest | Coefficient   Std. err.       t    P>|t|      [95% con f. interval]
--------------+----------------------------------------------------------------
         aREM |       0.007       0.010      0.64    0.521        -0.013        0.027
       OverIE |      -0.003       0.012     -0.24    0.813        -0.027        0.021
  OverIExaREM |       0.028       0.018      1.55    0.122        -0.008        0.065
       INSTOW |      -0.022       0.012     -1.78    0.076        -0.046        0.002
       STATOW |      -0.027       0.010     -2.63    0.009        -0.048       -0.007
OverIExINSTOW |       0.023       0.021      1.07    0.285        -0.019        0.065
OverIExSTATOW |       0.010       0.017      0.60    0.549        -0.024        0.045
          ROA |       0.064       0.028      2.30    0.021         0.009        0.118
          CFO |       0.065       0.023      2.80    0.005         0.020        0.111
        FSIZE |       0.005       0.001      4.68    0.000         0.003        0.006
         TANG |       0.067       0.008      8.23    0.000         0.051        0.083
         BIG4 |      -0.002       0.003     -0.51    0.611        -0.009        0.005
        _cons |      -0.103       0.028     -3.68    0.000        -0.158       -0.048
--------------+----------------------------------------------------------------

. estat hettest

Breusch–Pagan/Cook–Weisberg test for heteroskedasticity
Assumption: Normal error terms


Variable: Fitted values of Invest


H0: Constant variance

chi2(1)   = 135.98
Prob > chi2   = 0.0000

. xtgls Invest aREM OverIE OverIExaREM INSTOW STATOW OverIExINSTOW OverIExSTATOW ROA CFO FSIZE TANG BIG4 i.Year i.IND, panels(h) corr(ar1)

Cross-sectional time-series FGLS regression

Coefficients:  generalized least squares
Panels:        heteroskedastic
Correlation:   common AR(1) coefficient for all panels  (0.3345)

Estimated covariances      =       434          Number of obs     =      2,170
Estimated autocorrelations =         1          Number of groups  =        434
Estimated coefficients     =        26          Time periods      =          5
                                                Wald chi2(25)     =     473.83
                                                Prob > chi2       =     0.0000

---------------------------+----------------------------------------------------------------
                     Invest | Coefficient   Std. err.       z    P>|z|      [95% con f. interval]
---------------------------+----------------------------------------------------------------
                      aREM |       0.012       0.004      3.15    0.002         0.005        0.020
                    OverIE |       0.004       0.006      0.57    0.567        -0.009        0.016
               OverIExaREM |       0.003       0.008      0.36    0.715        -0.013        0.018
                    INSTOW |      -0.011       0.005     -2.21    0.027        -0.020       -0.001
                    STATOW |      -0.015       0.004     -4.09    0.000        -0.022       -0.008
             OverIExINSTOW |       0.008       0.010      0.75    0.453        -0.012        0.027
             OverIExSTATOW |       0.009       0.007      1.21    0.225        -0.005        0.023
                       ROA |       0.031       0.010      2.98    0.003         0.011        0.052
                       CFO |       0.013       0.009      1.53    0.126        -0.004        0.030
                     FSIZE |       0.003       0.000      7.04    0.000         0.002        0.004
                      TANG |       0.052       0.005     10.59    0.000         0.042        0.061
                      BIG4 |       0.000       0.002      0.05    0.960        -0.003        0.003
                           |
                      Year |
                     2021  |       0.001       0.001      0.62    0.538        -0.002        0.003
                     2022  |       0.002       0.001      1.30    0.195        -0.001        0.005
                     2023  |       0.000       0.001      0.24    0.809        -0.003        0.003
                     2024  |       0.002       0.002      1.41    0.159        -0.001        0.005
                           |
                       IND |
        Chăm sóc sức khỏe  |       0.005       0.003      1.88    0.061        -0.000        0.011
              Công nghiệp  |       0.005       0.002      2.01    0.044         0.000        0.010
      Công nghệ thông tin  |      -0.001       0.005     -0.25    0.805        -0.011        0.009
         Dịch vụ tiện ích  |       0.023       0.005      4.54    0.000         0.013        0.032
       Dịch vụ viễn thông  |       0.006       0.004      1.47    0.140        -0.002        0.015
          Nguyên vật liệu  |       0.005       0.002      2.22    0.026         0.001        0.009
              Năng lượng  |       0.010       0.005      2.08    0.037         0.001        0.019
Tiêu dùng không thiết yếu  |       0.009       0.003      3.36    0.001         0.004        0.014
      Tiêu dùng thiết yếu  |       0.007       0.003      2.45    0.014         0.001        0.013
                           |
                     _cons |      -0.089       0.014     -6.34    0.000        -0.116       -0.061
---------------------------+----------------------------------------------------------------

. est sto FGLS2

. xtgls Invest aAEM INSTOW STATOW aAEMxINSTOW aAEMxSTATOW ROA CFO FSIZE TANG BIG4 i.Year i.IND, panels(h) corr(ar1)

Cross-sectional time-series FGLS regression

Coefficients:  generalized least squares
Panels:        heteroskedastic
Correlation:   common AR(1) coefficient for all panels  (0.3060)

Estimated covariances      =       434          Number of obs     =      2,170
Estimated autocorrelations =         1          Number of groups  =        434
Estimated coefficients     =        24          Time periods      =          5
                                                Wald chi2(23)     =    2356.54
                                                Prob > chi2       =     0.0000

---------------------------+----------------------------------------------------------------
                     Invest | Coefficient   Std. err.       z    P>|z|      [95% con f. interval]
---------------------------+----------------------------------------------------------------
                      aAEM |       1.150       0.046     24.90    0.000         1.060        1.241
                    INSTOW |       0.009       0.003      2.52    0.012         0.002        0.016
                    STATOW |       0.005       0.003      1.96    0.050         0.000        0.011
               aAEMxINSTOW |      -0.512       0.099     -5.20    0.000        -0.706       -0.319
               aAEMxSTATOW |      -0.876       0.107     -8.22    0.000        -1.085       -0.667
                       ROA |       0.007       0.009      0.81    0.418        -0.010        0.024
                       CFO |       0.027       0.008      3.52    0.000         0.012        0.043
                     FSIZE |       0.004       0.000      7.75    0.000         0.003        0.004
                      TANG |       0.046       0.005      8.91    0.000         0.036        0.056
                      BIG4 |      -0.003       0.001     -2.23    0.026        -0.006       -0.000
                           |
                      Year |
                     2021  |      -0.002       0.001     -1.42    0.154        -0.004        0.001
                     2022  |      -0.001       0.001     -0.69    0.493        -0.003        0.002
                     2023  |      -0.000       0.001     -0.24    0.808        -0.003        0.002
                     2024  |       0.006       0.001      4.40    0.000         0.003        0.008
                           |
                       IND |
        Chăm sóc sức khỏe  |       0.011       0.003      4.01    0.000         0.006        0.016
              Công nghiệp  |       0.004       0.002      1.93    0.053        -0.000        0.008
      Công nghệ thông tin  |       0.006       0.007      0.85    0.398        -0.007        0.019
         Dịch vụ tiện ích  |       0.026       0.004      6.46    0.000         0.018        0.034
       Dịch vụ viễn thông  |       0.008       0.003      2.49    0.013         0.002        0.014
          Nguyên vật liệu  |       0.008       0.002      3.73    0.000         0.004        0.012
              Năng lượng  |       0.014       0.004      3.92    0.000         0.007        0.022
Tiêu dùng không thiết yếu  |       0.011       0.003      4.15    0.000         0.006        0.016
      Tiêu dùng thiết yếu  |       0.009       0.003      3.45    0.001         0.004        0.015
                           |
                     _cons |      -0.113       0.013     -8.65    0.000        -0.139       -0.088
---------------------------+----------------------------------------------------------------

.
.
. est sto FGLS3

. xtgls Invest aREM INSTOW STATOW aREMxINSTOW aREMxSTATOW ROA CFO FSIZE TANG BIG4 i.Year i.IND, panels(h) corr(ar1)

Cross-sectional time-series FGLS regression

Coefficients:  generalized least squares
Panels:        heteroskedastic
Correlation:   common AR(1) coefficient for all panels  (0.3468)

Estimated covariances      =       434          Number of obs     =      2,170
Estimated autocorrelations =         1          Number of groups  =        434
Estimated coefficients     =        24          Time periods      =          5
                                                Wald chi2(23)     =     417.59
                                                Prob > chi2       =     0.0000

---------------------------+----------------------------------------------------------------
                     Invest | Coefficient   Std. err.       z    P>|z|      [95% con f. interval]
---------------------------+----------------------------------------------------------------
                      aREM |       0.031       0.008      4.14    0.000         0.016        0.046
                    INSTOW |      -0.002       0.004     -0.56    0.576        -0.011        0.006
                    STATOW |      -0.007       0.003     -2.12    0.034        -0.013       -0.001
               aREMxINSTOW |      -0.021       0.012     -1.75    0.080        -0.045        0.003
               aREMxSTATOW |      -0.015       0.009     -1.69    0.092        -0.033        0.002
                       ROA |       0.015       0.010      1.42    0.156        -0.006        0.035
                       CFO |       0.014       0.009      1.51    0.130        -0.004        0.032
                     FSIZE |       0.004       0.000      8.03    0.000         0.003        0.005
                      TANG |       0.053       0.005     10.73    0.000         0.043        0.063
                      BIG4 |      -0.001       0.002     -0.77    0.441        -0.004        0.002
                           |
                      Year |
                     2021  |       0.001       0.001      0.51    0.611        -0.002        0.003
                     2022  |       0.001       0.002      0.65    0.517        -0.002        0.004
                     2023  |      -0.000       0.002     -0.09    0.929        -0.003        0.003
                     2024  |       0.002       0.002      1.09    0.276        -0.001        0.005
                           |
                       IND |
        Chăm sóc sức khỏe  |       0.003       0.003      1.01    0.310        -0.003        0.010
              Công nghiệp  |       0.005       0.003      1.89    0.059        -0.000        0.010
      Công nghệ thông tin  |      -0.001       0.005     -0.17    0.865        -0.012        0.010
         Dịch vụ tiện ích  |       0.023       0.005      4.48    0.000         0.013        0.033
       Dịch vụ viễn thông  |       0.007       0.004      1.67    0.095        -0.001        0.016
          Nguyên vật liệu  |       0.006       0.002      2.43    0.015         0.001        0.011
              Năng lượng  |       0.012       0.005      2.65    0.008         0.003        0.022
Tiêu dùng không thiết yếu  |       0.009       0.003      3.31    0.001         0.004        0.015
      Tiêu dùng thiết yếu  |       0.008       0.003      2.56    0.010         0.002        0.014
                           |
                     _cons |      -0.107       0.015     -7.31    0.000        -0.136       -0.078
---------------------------+----------------------------------------------------------------

. est sto FGLS4

. esttab FGLS1 FGLS2 FGLS3 FGLS4, replace b(4) se(4) star(* 0.10 ** 0.05 *** 0.01) label nogaps

------------------------------------------------------------------------------------
                              (1)             (2)             (3)             (4)
                           Invest          Invest          Invest          Invest
------------------------------------------------------------------------------------
aAEM                       0.3264***                       1.1504***
                     (0.0464)                      (0.0462)
OverIExaAEM                0.8609***
                     (0.0627)
OverIE                    -0.0220***       0.0036
                     (0.0048)      (0.0063)
INSTOW
                   -0.0131***      -0.0107**        0.0088**       -0.0025
                     (0.0037)      (0.0048)      (0.0035)      (0.0044)
STATOW
                   -0.0156***      -0.0150***       0.0055**       -0.0069**
                     (0.0025)      (0.0037)      (0.0028)      (0.0033)
OverIExINSTOW              0.0254***       0.0076
                     (0.0073)      (0.0101)
OverIExSTATOW              0.0036          0.0087
                     (0.0049)      (0.0072)
ROA                        0.0595***       0.0312***       0.0071          0.0149
                     (0.0091)      (0.0105)      (0.0088)      (0.0105)
CF                         0.0290***       0.0133          0.0274***       0.0140
                     (0.0085)      (0.0087)      (0.0078)      (0.0093)
FSIZE                      0.0024***       0.0034***       0.0035***       0.0040***
                     (0.0004)      (0.0005)      (0.0005)      (0.0005)
TANG
                      0.0280***       0.0517***       0.0456***       0.0529***
                     (0.0042)      (0.0049)      (0.0051)      (0.0049)
BIG4                      -0.0022*         0.0001         -0.0031**       -0.0013
                     (0.0012)      (0.0016)      (0.0014)      (0.0016)
Year=2020                  0.0000          0.0000          0.0000          0.0000
                     (.)      (.)      (.)      (.)
Year=2021                 -0.0018          0.0008         -0.0016          0.0007
                     (0.0013)      (0.0013)      (0.0011)      (0.0013)
Year=2022                 -0.0005          0.0019         -0.0009          0.0010
                     (0.0013)      (0.0015)      (0.0013)      (0.0015)
Year=2023                  0.0003          0.0004         -0.0003         -0.0001
                     (0.0013)      (0.0015)      (0.0013)      (0.0015)
Year=2024                  0.0071***       0.0022          0.0059***       0.0017
                     (0.0013)      (0.0015)      (0.0013)      (0.0016)
Bất động sản               0.0000          0.0000          0.0000          0.0000
                     (.)      (.)      (.)      (.)
Chăm sóc sức khỏe          0.0101***       0.0054*         0.0108***       0.0032
                     (0.0022)      (0.0029)      (0.0027)      (0.0032)
Công nghiệp                0.0046***       0.0050**        0.0039*         0.0049*
                     (0.0017)      (0.0025)      (0.0020)      (0.0026)
Công nghệ thông tin        0.0013         -0.0013          0.0056         -0.0009
                     (0.0047)      (0.0051)      (0.0066)      (0.0054)
Dịch vụ tiện ích           0.0280***       0.0227***       0.0260***       0.0229***
                     (0.0033)      (0.0050)      (0.0040)      (0.0051)
Dịch vụ viễn thông         0.0087***       0.0062          0.0080**        0.0073*
                     (0.0027)      (0.0042)      (0.0032)      (0.0044)
Nguyên vật liệu            0.0102***       0.0050**        0.0077***       0.0059**
                     (0.0018)      (0.0023)      (0.0021)      (0.0024)
Năng lượng                0.0147***       0.0096**        0.0144***       0.0125***
                     (0.0030)      (0.0046)      (0.0037)      (0.0047)
Tiêu dùng không th~u       0.0128***       0.0086***       0.0110***       0.0091***
                     (0.0021)      (0.0026)      (0.0026)      (0.0028)
Tiêu dùng thiết yếu        0.0095***       0.0073**        0.0095***       0.0080**
                     (0.0022)      (0.0030)      (0.0027)      (0.0031)
aREM                                       0.0121***                       0.0312***
                                     (0.0039)                      (0.0075)
OverIExaREM                                0.0029
                                     (0.0079)
aAEMxINSTOW                                               -0.5124***
                                                     (0.0986)
aAEMxSTATOW                                               -0.8757***
                                                     (0.1066)
aREMxINSTOW                                                               -0.0213*
                                                                     (0.0122)
aREMxSTATOW                                                               -0.0152*
                                                                     (0.0090)
Constant                  -0.0640***      -0.0886***      -0.1132***      -0.1070***
                     (0.0106)      (0.0140)      (0.0131)      (0.0146)
------------------------------------------------------------------------------------
Observations                 2170            2170            2170            2170
------------------------------------------------------------------------------------
Standard errors in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. mlogit OverINV aAEM INSTOW STATOW aAEMxINSTOW aAEMxSTATOW ROA CFO FSIZE TANG BIG4 GROWTH i.Year i.IND, baseoutcome(2)

Iteration 0:  Log likelihood = -2256.1936
Iteration 1:  Log likelihood = -1770.2512
Iteration 2:  Log likelihood = -1658.0794
Iteration 3:  Log likelihood = -1618.6489
Iteration 4:  Log likelihood = -1617.8344
Iteration 5:  Log likelihood = -1617.8335
Iteration 6:  Log likelihood = -1617.8335

 Multinomial logistic regression                       Number of obs    = 2,170
                                                       LR chi2(48)    = 1276.72
                                                       Prob > chi2    = 0.0000
 Log likelihood    = -1617.8335                        Pseudo R2     = 0.2829

---------------------------+----------------------------------------------------------------
                    OverINV | Coefficient   Std. err.       z    P>|z|      [95% con f. interval]
---------------------------+----------------------------------------------------------------
1                          |
                      aAEM |     108.279      10.972      9.87    0.000        86.774      129.784
                    INSTOW |       1.099       0.546      2.01    0.044         0.029        2.169
                    STATOW |       0.630       0.427      1.47    0.140        -0.207        1.466
               aAEMxINSTOW |     -44.971      17.996     -2.50    0.012       -80.243       -9.698
               aAEMxSTATOW |     -41.395      12.706     -3.26    0.001       -66.299      -16.491
                       ROA |      -1.905       1.117     -1.71    0.088        -4.095        0.285
                       CFO |      -2.088       1.153     -1.81    0.070        -4.349        0.173
                     FSIZE |      -0.214       0.048     -4.43    0.000        -0.308       -0.119
                      TANG |      -5.676       0.521    -10.90    0.000        -6.697       -4.655
                      BIG4 |      -0.044       0.163     -0.27    0.787        -0.363        0.275
                    GROWTH |       0.837       0.171      4.90    0.000         0.502        1.171
                           |
                      Year |
                     2021  |       0.231       0.211      1.09    0.274        -0.183        0.646
                     2022  |       0.214       0.210      1.02    0.308        -0.197        0.625
                     2023  |       0.151       0.206      0.74    0.462        -0.252        0.554
                     2024  |      -0.168       0.214     -0.79    0.431        -0.587        0.251
                           |
                       IND |
        Chăm sóc sức khỏe  |      -1.827       0.386     -4.73    0.000        -2.584       -1.070
              Công nghiệp  |      -0.748       0.247     -3.03    0.002        -1.232       -0.264
      Công nghệ thông tin  |       0.124       0.569      0.22    0.827        -0.992        1.240
         Dịch vụ tiện ích  |      -0.810       0.404     -2.00    0.045        -1.602       -0.017
       Dịch vụ viễn thông  |      -0.829       0.333     -2.49    0.013        -1.482       -0.176
          Nguyên vật liệu  |      -1.149       0.239     -4.80    0.000        -1.618       -0.680
              Năng lượng  |      -0.277       0.359     -0.77    0.440        -0.981        0.427
Tiêu dùng không thiết yếu  |      -1.173       0.267     -4.39    0.000        -1.697       -0.649
      Tiêu dùng thiết yếu  |      -1.070       0.281     -3.80    0.000        -1.622       -0.519
                           |
                     _cons |       4.432       1.448      3.06    0.002         1.594        7.270
---------------------------+----------------------------------------------------------------
 2                          |  (base outcome)
---------------------------+----------------------------------------------------------------
3                          |
                      aAEM |     125.506      11.223     11.18    0.000       103.510      147.502
                    INSTOW |       2.171       0.622      3.49    0.000         0.953        3.390
                    STATOW |       0.191       0.479      0.40    0.690        -0.747        1.129
               aAEMxINSTOW |     -61.793      18.384     -3.36    0.001       -97.824      -25.762
               aAEMxSTATOW |     -47.778      12.715     -3.76    0.000       -72.699      -22.856
                       ROA |       2.216       1.137      1.95    0.051        -0.013        4.445
                       CFO |       1.082       1.267      0.85    0.393        -1.401        3.564
                     FSIZE |       0.064       0.048      1.33    0.184        -0.030        0.159
                      TANG |      -1.353       0.470     -2.88    0.004        -2.274       -0.432
                      BIG4 |       0.032       0.164      0.20    0.844        -0.289        0.354
                    GROWTH |       0.574       0.192      2.99    0.003         0.197        0.951
                           |
                      Year |
                     2021  |       0.034       0.237      0.14    0.887        -0.430        0.497
                     2022  |       0.032       0.236      0.14    0.892        -0.430        0.494
                     2023  |       0.009       0.230      0.04    0.969        -0.442        0.460
                     2024  |       0.354       0.224      1.58    0.114        -0.085        0.794
                           |
                       IND |
        Chăm sóc sức khỏe  |      -0.799       0.384     -2.08    0.037        -1.551       -0.046
              Công nghiệp  |      -0.550       0.291     -1.89    0.059        -1.119        0.020
      Công nghệ thông tin  |       0.056       0.659      0.08    0.933        -1.236        1.347
         Dịch vụ tiện ích  |       0.659       0.350      1.89    0.059        -0.026        1.344
       Dịch vụ viễn thông  |      -0.328       0.414     -0.79    0.428        -1.139        0.483
          Nguyên vật liệu  |      -0.758       0.279     -2.71    0.007        -1.305       -0.210
              Năng lượng  |       0.251       0.374      0.67    0.503        -0.483        0.984
Tiêu dùng không thiết yếu  |      -0.651       0.307     -2.12    0.034        -1.252       -0.049
      Tiêu dùng thiết yếu  |      -0.749       0.313     -2.39    0.017        -1.363       -0.135
                           |
                     _cons |      -5.824       1.486     -3.92    0.000        -8.737       -2.911
---------------------------+----------------------------------------------------------------

. est sto mlgit1

. mlogit OverINV aREM INSTOW STATOW aREMxINSTOW aREMxSTATOW ROA CFO FSIZE TANG BIG4 GROWTH i.Year i.IND, baseoutcome(2)

Iteration 0:  Log likelihood = -2256.1936
Iteration 1:  Log likelihood = -2035.5027
Iteration 2:  Log likelihood = -2027.2552
Iteration 3:  Log likelihood = -2027.2002
Iteration 4:  Log likelihood = -2027.2002

 Multinomial logistic regression                        Number of obs    = 2,170
                                                        LR chi2(48)    = 457.99
                                                        Prob > chi2    = 0.0000
 Log likelihood    = -2027.2002                         Pseudo R2     = 0.1015

---------------------------+----------------------------------------------------------------
                    OverINV | Coefficient   Std. err.       z    P>|z|      [95% con f. interval]
---------------------------+----------------------------------------------------------------
1                          |
                      aREM |      -2.980       0.753     -3.96    0.000        -4.456       -1.505
                    INSTOW |      -1.001       0.411     -2.44    0.015        -1.806       -0.196
                    STATOW |      -0.391       0.375     -1.04    0.297        -1.125        0.343
               aREMxINSTOW |       4.525       1.253      3.61    0.000         2.068        6.981
               aREMxSTATOW |      -0.514       1.018     -0.50    0.614        -2.510        1.482
                       ROA |      -0.764       1.088     -0.70    0.483        -2.897        1.369
                       CFO |      -1.932       1.050     -1.84    0.066        -3.989        0.125
                     FSIZE |      -0.159       0.044     -3.61    0.000        -0.245       -0.073
                      TANG |      -2.474       0.427     -5.80    0.000        -3.310       -1.638
                      BIG4 |      -0.000       0.148     -0.00    0.999        -0.290        0.289
                    GROWTH |       1.006       0.152      6.60    0.000         0.708        1.305
                           |
                      Year |
                     2021  |       0.229       0.188      1.22    0.222        -0.139        0.597
                     2022  |       0.202       0.187      1.08    0.279        -0.164        0.569
                     2023  |       0.063       0.184      0.34    0.731        -0.298        0.425
                     2024  |      -0.587       0.194     -3.04    0.002        -0.967       -0.208
                           |
                       IND |
        Chăm sóc sức khỏe  |      -1.554       0.338     -4.60    0.000        -2.216       -0.893
              Công nghiệp  |      -0.685       0.221     -3.10    0.002        -1.118       -0.251
      Công nghệ thông tin  |       0.216       0.531      0.41    0.684        -0.824        1.257
         Dịch vụ tiện ích  |      -1.183       0.375     -3.16    0.002        -1.918       -0.449
       Dịch vụ viễn thông  |      -0.493       0.306     -1.61    0.107        -1.092        0.106
          Nguyên vật liệu  |      -1.074       0.215     -5.00    0.000        -1.495       -0.653
              Năng lượng  |      -0.313       0.329     -0.95    0.342        -0.957        0.332
Tiêu dùng không thiết yếu  |      -1.212       0.239     -5.07    0.000        -1.681       -0.743
      Tiêu dùng thiết yếu  |      -0.985       0.252     -3.91    0.000        -1.479       -0.491
                           |
                     _cons |       5.699       1.320      4.32    0.000         3.113        8.286
---------------------------+----------------------------------------------------------------
 2                          |  (base outcome)
---------------------------+----------------------------------------------------------------
3                          |
                      aREM |      -0.461       0.617     -0.75    0.455        -1.670        0.749
                    INSTOW |      -0.428       0.402     -1.06    0.287        -1.215        0.360
                    STATOW |      -1.778       0.371     -4.79    0.000        -2.505       -1.050
               aREMxINSTOW |       1.142       1.036      1.10    0.270        -0.888        3.173
               aREMxSTATOW |       0.840       0.912      0.92    0.357        -0.948        2.628
                       ROA |       1.498       1.042      1.44    0.151        -0.545        3.541
                       CFO |       1.195       1.074      1.11    0.266        -0.909        3.300
                     FSIZE |       0.147       0.041      3.56    0.000         0.066        0.228
                      TANG |       1.928       0.341      5.65    0.000         1.259        2.597
                      BIG4 |       0.063       0.137      0.46    0.647        -0.206        0.332
                    GROWTH |       0.612       0.162      3.78    0.000         0.294        0.929
                           |
                      Year |
                     2021  |       0.162       0.190      0.85    0.395        -0.211        0.535
                     2022  |      -0.003       0.196     -0.02    0.987        -0.387        0.380
                     2023  |      -0.088       0.189     -0.47    0.640        -0.459        0.282
                     2024  |      -0.336       0.189     -1.78    0.075        -0.706        0.034
                           |
                       IND |
        Chăm sóc sức khỏe  |      -0.569       0.316     -1.80    0.072        -1.188        0.051
              Công nghiệp  |      -0.270       0.243     -1.11    0.265        -0.746        0.205
      Công nghệ thông tin  |      -0.066       0.565     -0.12    0.907        -1.174        1.043
         Dịch vụ tiện ích  |       0.242       0.299      0.81    0.418        -0.345        0.829
       Dịch vụ viễn thông  |       0.022       0.361      0.06    0.952        -0.687        0.730
          Nguyên vật liệu  |      -0.571       0.238     -2.39    0.017        -1.038       -0.104
              Năng lượng  |       0.336       0.324      1.04    0.301        -0.300        0.972
Tiêu dùng không thiết yếu  |      -0.525       0.255     -2.06    0.040        -1.025       -0.025
      Tiêu dùng thiết yếu  |      -0.571       0.261     -2.19    0.029        -1.083       -0.059
                           |
                     _cons |      -4.638       1.255     -3.70    0.000        -7.097       -2.178
---------------------------+----------------------------------------------------------------

. est sto mlgit2

. esttab mlgit1 mlgit2, star(* 0.10 ** 0.05 *** 0.01) label nogaps

----------------------------------------------------
                              (1)             (2)
                          OverINV         OverINV
----------------------------------------------------
1
aAEM                        108.3***
                     (9.87)
INSTOW
                     1.099**        -1.001**
                     (2.01)      (-2.44)
STATOW
                     0.630          -0.391
                     (1.47)      (-1.04)
aAEMxINSTOW                -44.97**
                     (-2.50)
aAEMxSTATOW                -41.39***
                     (-3.26)
ROA                        -1.905*         -0.764
                     (-1.71)      (-0.70)
CF                         -2.088*         -1.932*
                     (-1.81)      (-1.84)
FSIZE                      -0.214***       -0.159***
                     (-4.43)      (-3.61)
TANG
                      -5.676***       -2.474***
                     (-10.90)      (-5.80)
BIG4                      -0.0439       -0.000236
                     (-0.27)      (-0.00)
GROWTH
                     0.837***        1.006***
                     (4.90)      (6.60)
Year=2020                       0               0
                     (.)      (.)
Year=2021                   0.231           0.229
                     (1.09)      (1.22)
Year=2022                   0.214           0.202
                     (1.02)      (1.08)
Year=2023                   0.151          0.0634
                     (0.74)      (0.34)
Year=2024                  -0.168          -0.587***
                     (-0.79)      (-3.04)
Bất động sản                    0               0
                     (.)      (.)
Chăm sóc sức khỏe          -1.827***       -1.554***
                     (-4.73)      (-4.60)
Công nghiệp                -0.748***       -0.685***
                     (-3.03)      (-3.10)
Công nghệ thông tin         0.124           0.216
                     (0.22)      (0.41)
Dịch vụ tiện ích           -0.810**        -1.183***
                     (-2.00)      (-3.16)
Dịch vụ viễn thông         -0.829**        -0.493
                     (-2.49)      (-1.61)
Nguyên vật liệu            -1.149***       -1.074***
                     (-4.80)      (-5.00)
Năng lượng                -0.277          -0.313
                     (-0.77)      (-0.95)
Tiêu dùng không th~u       -1.173***       -1.212***
                     (-4.39)      (-5.07)
Tiêu dùng thiết yếu        -1.070***       -0.985***
                     (-3.80)      (-3.91)
aREM                                       -2.980***
                                     (-3.96)
aREMxINSTOW                                 4.525***
                                     (3.61)
aREMxSTATOW                                -0.514
                                     (-0.50)
Constant                    4.432***        5.699***
                     (3.06)      (4.32)
----------------------------------------------------
2
aAEM                            0
                     (.)
INSTOW
                         0               0
                     (.)      (.)
STATOW
                         0               0
                     (.)      (.)
aAEMxINSTOW                     0
                     (.)
aAEMxSTATOW                     0
                     (.)
ROA                             0               0
                     (.)      (.)
CF                              0               0
                     (.)      (.)
FSIZE                           0               0
                     (.)      (.)
TANG
                           0               0
                     (.)      (.)
BIG4                            0               0
                     (.)      (.)
GROWTH
                         0               0
                     (.)      (.)
Year=2020                       0               0
                     (.)      (.)
Year=2021                       0               0
                     (.)      (.)
Year=2022                       0               0
                     (.)      (.)
Year=2023                       0               0
                     (.)      (.)
Year=2024                       0               0
                     (.)      (.)
Bất động sản                    0               0
                     (.)      (.)
Chăm sóc sức khỏe               0               0
                     (.)      (.)
Công nghiệp                     0               0
                     (.)      (.)
Công nghệ thông tin             0               0
                     (.)      (.)
Dịch vụ tiện ích                0               0
                     (.)      (.)
Dịch vụ viễn thông              0               0
                     (.)      (.)
Nguyên vật liệu                 0               0
                     (.)      (.)
Năng lượng                     0               0
                     (.)      (.)
Tiêu dùng không th~u            0               0
                     (.)      (.)
Tiêu dùng thiết yếu             0               0
                     (.)      (.)
aREM                                            0
                                     (.)
aREMxINSTOW                                     0
                                     (.)
aREMxSTATOW                                     0
                                     (.)
Constant                        0               0
                     (.)      (.)
----------------------------------------------------
3
aAEM                        125.5***
                     (11.18)
INSTOW
                     2.171***       -0.428
                     (3.49)      (-1.06)
STATOW
                     0.191          -1.778***
                     (0.40)      (-4.79)
aAEMxINSTOW                -61.79***
                     (-3.36)
aAEMxSTATOW                -47.78***
                     (-3.76)
ROA                         2.216*          1.498
                     (1.95)      (1.44)
CF                          1.082           1.195
                     (0.85)      (1.11)
FSIZE                      0.0643           0.147***
                     (1.33)      (3.56)
TANG
                      -1.353***        1.928***
                     (-2.88)      (5.65)
BIG4                       0.0323          0.0629
                     (0.20)      (0.46)
GROWTH
                     0.574***        0.612***
                     (2.99)      (3.78)
Year=2020                       0               0
                     (.)      (.)
Year=2021                  0.0336           0.162
                     (0.14)      (0.85)
Year=2022                  0.0320        -0.00319
                     (0.14)      (-0.02)
Year=2023                 0.00907         -0.0884
                     (0.04)      (-0.47)
Year=2024                   0.354          -0.336*
                     (1.58)      (-1.78)
Bất động sản                    0               0
                     (.)      (.)
Chăm sóc sức khỏe          -0.799**        -0.569*
                     (-2.08)      (-1.80)
Công nghiệp                -0.550*         -0.270
                     (-1.89)      (-1.11)
Công nghệ thông tin        0.0555         -0.0657
                     (0.08)      (-0.12)
Dịch vụ tiện ích            0.659*          0.242
                     (1.89)      (0.81)
Dịch vụ viễn thông         -0.328          0.0216
                     (-0.79)      (0.06)
Nguyên vật liệu            -0.758***       -0.571**
                     (-2.71)      (-2.39)
Năng lượng                 0.251           0.336
                     (0.67)      (1.04)
Tiêu dùng không th~u       -0.651**        -0.525**
                     (-2.12)      (-2.06)
Tiêu dùng thiết yếu        -0.749**        -0.571**
                     (-2.39)      (-2.19)
aREM                                       -0.461
                                     (-0.75)
aREMxINSTOW                                 1.142
                                     (1.10)
aREMxSTATOW                                 0.840
                                     (0.92)
Constant                   -5.824***       -4.638***
                     (-3.92)      (-3.70)
----------------------------------------------------
Observations                 2170            2170
----------------------------------------------------
t statistics in parentheses
* p<0.10, ** p<0.05, *** p<0.01

. save "/Users/danganhtuan/Desktop/Nghien cuu/Nghien cuu/Research/14.Journal/Baidangviet/Nam 2025/Quocte/Huy_TCMKT/Baidangviet/Sageopen/Sualan1/2.Panel_clean_EM_O_IE_16.1.dta", replace


file
/Users/danganhtuan/Desktop/Nghien cuu/Nghien cuu/Research/14.Journal/Baidangviet/Nam 2025/Quocte/Huy_TCMKT/Baidangviet/Sageopen/Sualan1/2.Panel_clean_EM_O_IE_16.1.dta{rm}
saved


. log close
      name:  <unnamed>
       log:  /Users/danganhtuan/Desktop/Nghien cuu/Nghien cuu/Research/14.Journal/Baidangviet/Nam 2025/Quocte/Huy_TCMKT/Baidangviet/Sageopen/Sualan1/3.HSSC.16.1.26_ED1_gui.smcl
  log type:  smcl
 closed on:  16 Jan 2026, 12:35:02
-------------