Review 14.2.

2025 Friday February 14 06:02:32 2025 Page 1

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Statistics/Data analysis

User: Mo hinh1 NIM

Project: mimimimi

___ ____ ____ ____ ____ ©

/__ / ____/ / ____/ 17.0
___/ / /___/ / /___/ MP—Parallel Edition

Statistics and Data Science Copyright 1985-2021 StataCorp LLC

StataCorp
4905 Lakeway Drive
College Station, Texas 77845 USA
800-STATA-PC https://www.stata.com
979-696-4600 [email protected]

Stata license: Unlimited-user 64-core network perpetual

Serial number: 18461036
Licensed to: TEAM BTCR
TEAM BTCR

Notes:
1. Unicode is supported; see help unicode_advice.
2. More than 2 billion observations are allowed; see help obs_advice.
3. Maximum number of variables is set to 5,000; see help set_maxvar.
4. New update available; type -update all-

1 . import excel "C:\Users\DELL\OneDrive\Desktop\NCKH_Folder_số_liệu_Chỉnh_sửa.xlsx", sheet("Sheet4") first

> row
(13 vars, 100 obs)

2 . encode Ngânhàng, gen(ID)

3 . xtset ID Năm

Panel variable: ID (strongly balanced)

Time variable: Năm, 2019 to 2023
Delta: 1 unit

4 . sum NIM GCD Size CLTS HQHD BAL CAR CFLA STATE GDP CPI

Variable Obs Mean Std. dev. Min Max

NIM 100 3.37359 1.950318 0 9.3

GCD 100 2.749695 4.41493 0 28.21345
Size 100 5.546827 .4665972 4.499331 6.361892
CLTS 100 .9519759 .7089244 0 4
HQHD 100 1.540993 .5377562 .1462381 3.272

BAL 100 82.86906 23.04975 7.15 149.05

CAR 100 10.3132 3.59097 0 17.1
CFLA 100 -.6701363 .5628074 -3.37 .46
STATE 100 19.6644 32.87335 0 100
GDP 100 5.15 2.197335 2.6 8

CPI 100 2.854 .5363777 1.84 3.25

 Review 14.2.2025 Friday February 14 06:02:32 2025 Page 2

5 . corr NIM GCD Size CLTS HQHD BAL CAR CFLA STATE GDP CPI
(obs=100)

NIM GCD Size CLTS HQHD BAL CAR CFLA STATE GDP

NIM 1.0000
GCD -0.1012 1.0000
Size 0.1771 0.1411 1.0000
CLTS 0.3964 -0.2397 -0.2120 1.0000
HQHD 0.1257 -0.0413 -0.3492 0.1463 1.0000
BAL 0.3439 -0.1230 0.2962 0.3511 0.1009 1.0000
CAR -0.1418 0.0242 -0.2681 0.1776 0.4960 0.1402 1.0000
CFLA 0.1294 0.0460 0.1798 -0.0096 -0.2163 0.1012 0.1826 1.0000
STATE 0.0606 0.0450 0.6391 -0.1174 -0.5689 0.1763 -0.4989 0.0759 1.0000
GDP 0.0408 -0.0353 0.0053 0.0479 0.0949 0.1219 0.0688 -0.2133 0.0006 1.0000
CPI -0.0143 0.0103 0.0380 0.1050 0.0488 0.0334 0.0460 -0.1376 -0.0097 0.4184

CPI

CPI 1.0000

6 . reg NIM GCD Size CLTS HQHD BAL CAR CFLA

Source SS df MS Number of obs = 100

F(7, 92) = 8.15
Model 144.084148 7 20.5834498 Prob > F = 0.0000
Residual 232.486046 92 2.52702224 R-squared = 0.3826
Adj R-squared = 0.3356
Total 376.570195 99 3.80373934 Root MSE = 1.5897

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD -.0000505 .0378553 -0.00 0.999 -.0752344 .0751335

Size .8519122 .4273592 1.99 0.049 .0031399 1.700685
CLTS 1.134846 .2610348 4.35 0.000 .6164079 1.653283
HQHD 1.374001 .3777809 3.64 0.000 .6236951 2.124306
BAL .0113198 .0084166 1.34 0.182 -.0053964 .0280359
CAR -.2231941 .0561219 -3.98 0.000 -.3346569 -.1117312
CFLA .8323905 .313977 2.65 0.009 .2088051 1.455976
_cons -2.627751 2.510962 -1.05 0.298 -7.614739 2.359237

7 . xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA,fe

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2677 min = 5
Between = 0.0054 avg = 5.0
Overall = 0.0125 max = 5

F(7,73) = 3.81
corr(u_i, Xb) = -0.4553 Prob > F = 0.0014
 Review 14.2.2025 Friday February 14 06:02:33 2025 Page 3

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0186625 1.23 0.224 -.0143138 .0600748

Size 2.098634 .8592877 2.44 0.017 .3860757 3.811191
CLTS -.3485905 .1997062 -1.75 0.085 -.7466045 .0494235
HQHD 1.676923 .4090676 4.10 0.000 .8616521 2.492193
BAL -.0028682 .004237 -0.68 0.501 -.0113124 .0055761
CAR .0601184 .0405203 1.48 0.142 -.0206383 .1408752
CFLA .0816484 .1610672 0.51 0.614 -.239358 .4026549
_cons -10.90997 5.049296 -2.16 0.034 -20.97321 -.8467413

sigma_u 2.1368602
sigma_e .6189797
rho .92258798 (fraction of variance due to u_i)

F test that all u_i=0: F(19, 73) = 28.09 Prob > F = 0.0000

8 . est sto fe

9 . xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA,re

Random-effects GLS regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2464 min = 5
Between = 0.0314 avg = 5.0
Overall = 0.0417 max = 5

Wald chi2(7) = 17.78

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0130

NIM Coefficient Std. err. z P>|z| [95% conf. interval]

GCD .0175175 .02029 0.86 0.388 -.0222502 .0572853

Size 1.592214 .6179474 2.58 0.010 .381059 2.803368
CLTS -.0790958 .2059175 -0.38 0.701 -.4826866 .324495
HQHD 1.415991 .371595 3.81 0.000 .6876785 2.144304
BAL -.0016174 .0045941 -0.35 0.725 -.0106216 .0073869
CAR .021189 .0402453 0.53 0.599 -.0576904 .1000683
CFLA .0904165 .1722472 0.52 0.600 -.2471818 .4280148
_cons -7.636953 3.693013 -2.07 0.039 -14.87513 -.3987803

sigma_u 1.3882449
sigma_e .6189797
rho .83416615 (fraction of variance due to u_i)

10 . est sto re
 Review 14.2.2025 Friday February 14 06:02:33 2025 Page 4

11 . hausman fe re

Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
fe re Difference Std. err.

GCD .0228805 .0175175 .005363 .

Size 2.098634 1.592214 .5064199 .5970899
CLTS -.3485905 -.0790958 -.2694947 .
HQHD 1.676923 1.415991 .2609313 .1710364
BAL -.0028682 -.0016174 -.0012508 .
CAR .0601184 .021189 .0389295 .0047124
CFLA .0816484 .0904165 -.0087681 .

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(7) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= -48.54

Warning: chi2 < 0 ==> model fitted on these data

fails to meet the asymptotic assumptions
of the Hausman test; see suest for a
generalized test.

12 . quietly xtreg nim gcd size clts hqhd bal car cfla, fe
variable nim not found
r(111);

13 . quietly xtreg NIM gcd size clts hqhd bal car cfla, fe
variable gcd not found
r(111);

14 . quietly xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA , fe

15 . quietly xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA, fe

16 . quietly xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA, fe

17 . quietly xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA, fe

18 . reg NIM GCD Size CLTS HQHĐ BAL CAR CFLA i.ID
variable HQHĐ not found
r(111);

19 . reg NIM GCD Size CLTS HQHD BAL CAR CFLA i.ID

Source SS df MS Number of obs = 100

F(26, 73) = 34.99
Model 348.601276 26 13.4077414 Prob > F = 0.0000
Residual 27.9689181 73 .383135865 R-squared = 0.9257
Adj R-squared = 0.8993
Total 376.570195 99 3.80373934 Root MSE = .61898
 Review 14.2.2025 Friday February 14 06:02:33 2025 Page 5

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0186625 1.23 0.224 -.0143138 .0600748

Size 2.098634 .8592877 2.44 0.017 .3860757 3.811191
CLTS -.3485905 .1997062 -1.75 0.085 -.7466045 .0494235
HQHD 1.676923 .4090676 4.10 0.000 .8616521 2.492193
BAL -.0028682 .004237 -0.68 0.501 -.0113124 .0055761
CAR .0601184 .0405203 1.48 0.142 -.0206383 .1408752
CFLA .0816484 .1610672 0.51 0.614 -.239358 .4026549

ID
ACB -3.157473 .723666 -4.36 0.000 -4.599737 -1.715209
Agribank 6.042119 1.105719 5.46 0.000 3.838423 8.245815
BIDV -3.587246 1.023501 -3.50 0.001 -5.627081 -1.54741
Bắc Á Bank -.122108 .4867789 -0.25 0.803 -1.092257 .8480409
HD Bank .2107468 .7035315 0.30 0.765 -1.191389 1.612883
Kienlong Bank .1491362 .440864 0.34 0.736 -.7295046 1.027777
MB -.0225047 .8407558 -0.03 0.979 -1.698129 1.653119
Maritime Bank -.1523092 .4782939 -0.32 0.751 -1.105548 .8009292
Nam Á Bank .4053621 .4209522 0.96 0.339 -.4335944 1.244319
OCB .3274658 .4683924 0.70 0.487 -.6060389 1.260971
PG Bank .9723965 .5820148 1.67 0.099 -.1875573 2.13235
SHB .5590544 .5675765 0.98 0.328 -.572124 1.690233
Sacombank -1.692455 .7522479 -2.25 0.027 -3.191683 -.1932275
SeABank -.1155794 .4175549 -0.28 0.783 -.9477651 .7166064
TCB -.1898738 .7948234 -0.24 0.812 -1.773955 1.394207
TP Bank -.1058795 .548608 -0.19 0.847 -1.199254 .9874947
VCB -1.605418 .9625922 -1.67 0.100 -3.523861 .3130259
VP Bank 3.104884 .9720895 3.19 0.002 1.167512 5.042256
Vietinbank -3.300677 .9723819 -3.39 0.001 -5.238631 -1.362723

_cons -10.79596 4.680427 -2.31 0.024 -20.12403 -1.467877

20 . reg NIM GCD Size CLTS HQHD BAL CAR CFLA i.ID, robust

Linear regression Number of obs = 100

F(26, 73) = 93.83
Prob > F = 0.0000
R-squared = 0.9257
Root MSE = .61898

Robust
NIM Coefficient std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0121251 1.89 0.063 -.0012848 .0470459

Size 2.098634 .7678417 2.73 0.008 .5683273 3.62894
CLTS -.3485905 .173791 -2.01 0.049 -.6949554 -.0022255
HQHD 1.676923 .4342832 3.86 0.000 .8113976 2.542448
BAL -.0028682 .0041658 -0.69 0.493 -.0111707 .0054343
CAR .0601184 .0583609 1.03 0.306 -.0561947 .1764316
CFLA .0816484 .1315923 0.62 0.537 -.1806147 .3439116

ID
ACB -3.157473 .673225 -4.69 0.000 -4.499209 -1.815738
Agribank 6.042119 1.274338 4.74 0.000 3.502367 8.581872
BIDV -3.587246 .9117857 -3.93 0.000 -5.404432 -1.77006
Bắc Á Bank -.122108 .3925417 -0.31 0.757 -.9044426 .6602265
HD Bank .2107468 .6566239 0.32 0.749 -1.097903 1.519396
Kienlong Bank .1491362 .3437473 0.43 0.666 -.5359511 .8342235
MB -.0225047 .7317305 -0.03 0.976 -1.480842 1.435832
 Review 14.2.2025 Friday February 14 06:02:33 2025 Page 6

Maritime Bank -.1523092 .4410258 -0.35 0.731 -1.031272 .7266541

Nam Á Bank .4053621 .3402174 1.19 0.237 -.2726903 1.083414
OCB .3274658 .3379958 0.97 0.336 -.3461589 1.001091
PG Bank .9723965 .4570971 2.13 0.037 .0614032 1.88339
SHB .5590544 .590833 0.95 0.347 -.618474 1.736583
Sacombank -1.692455 .6729421 -2.52 0.014 -3.033627 -.3512838
SeABank -.1155794 .3267934 -0.35 0.725 -.7668776 .5357189
TCB -.1898738 .7625781 -0.25 0.804 -1.70969 1.329942
TP Bank -.1058795 .458454 -0.23 0.818 -1.019577 .807818
VCB -1.605418 .8986706 -1.79 0.078 -3.396465 .1856304
VP Bank 3.104884 1.098946 2.83 0.006 .9146875 5.295081
Vietinbank -3.300677 .8546594 -3.86 0.000 -5.004011 -1.597343

_cons -10.79596 4.244403 -2.54 0.013 -19.25504 -2.336873

21 . est sto fe1

22 . suest _est_fe1 _est_re

estimation result _est_fe1 not found
r(111);

23 . suest fe1 re
fe1 was estimated with a nonstandard vce (robust)
r(322);

24 . reg NIM GCD Size CLTS HQHD BAL CAR CFLA i.ID

Source SS df MS Number of obs = 100

F(26, 73) = 34.99
Model 348.601276 26 13.4077414 Prob > F = 0.0000
Residual 27.9689181 73 .383135865 R-squared = 0.9257
Adj R-squared = 0.8993
Total 376.570195 99 3.80373934 Root MSE = .61898

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0186625 1.23 0.224 -.0143138 .0600748

Size 2.098634 .8592877 2.44 0.017 .3860757 3.811191
CLTS -.3485905 .1997062 -1.75 0.085 -.7466045 .0494235
HQHD 1.676923 .4090676 4.10 0.000 .8616521 2.492193
BAL -.0028682 .004237 -0.68 0.501 -.0113124 .0055761
CAR .0601184 .0405203 1.48 0.142 -.0206383 .1408752
CFLA .0816484 .1610672 0.51 0.614 -.239358 .4026549

ID
ACB -3.157473 .723666 -4.36 0.000 -4.599737 -1.715209
Agribank 6.042119 1.105719 5.46 0.000 3.838423 8.245815
BIDV -3.587246 1.023501 -3.50 0.001 -5.627081 -1.54741
Bắc Á Bank -.122108 .4867789 -0.25 0.803 -1.092257 .8480409
HD Bank .2107468 .7035315 0.30 0.765 -1.191389 1.612883
Kienlong Bank .1491362 .440864 0.34 0.736 -.7295046 1.027777
MB -.0225047 .8407558 -0.03 0.979 -1.698129 1.653119
Maritime Bank -.1523092 .4782939 -0.32 0.751 -1.105548 .8009292
Nam Á Bank .4053621 .4209522 0.96 0.339 -.4335944 1.244319
OCB .3274658 .4683924 0.70 0.487 -.6060389 1.260971
PG Bank .9723965 .5820148 1.67 0.099 -.1875573 2.13235
SHB .5590544 .5675765 0.98 0.328 -.572124 1.690233
Sacombank -1.692455 .7522479 -2.25 0.027 -3.191683 -.1932275
SeABank -.1155794 .4175549 -0.28 0.783 -.9477651 .7166064
TCB -.1898738 .7948234 -0.24 0.812 -1.773955 1.394207
TP Bank -.1058795 .548608 -0.19 0.847 -1.199254 .9874947
 Review 14.2.2025 Friday February 14 06:02:34 2025 Page 7

VCB -1.605418 .9625922 -1.67 0.100 -3.523861 .3130259

VP Bank 3.104884 .9720895 3.19 0.002 1.167512 5.042256
Vietinbank -3.300677 .9723819 -3.39 0.001 -5.238631 -1.362723

_cons -10.79596 4.680427 -2.31 0.024 -20.12403 -1.467877

25 . est sto fe2

26 . suest fe2 re
xtreg is not supported by suest
r(322);

27 . reg NIM GCD Size CLTS HQHD BAL CAR CFLA i.ID

Source SS df MS Number of obs = 100

F(26, 73) = 34.99
Model 348.601276 26 13.4077414 Prob > F = 0.0000
Residual 27.9689181 73 .383135865 R-squared = 0.9257
Adj R-squared = 0.8993
Total 376.570195 99 3.80373934 Root MSE = .61898

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0186625 1.23 0.224 -.0143138 .0600748

Size 2.098634 .8592877 2.44 0.017 .3860757 3.811191
CLTS -.3485905 .1997062 -1.75 0.085 -.7466045 .0494235
HQHD 1.676923 .4090676 4.10 0.000 .8616521 2.492193
BAL -.0028682 .004237 -0.68 0.501 -.0113124 .0055761
CAR .0601184 .0405203 1.48 0.142 -.0206383 .1408752
CFLA .0816484 .1610672 0.51 0.614 -.239358 .4026549

ID
ACB -3.157473 .723666 -4.36 0.000 -4.599737 -1.715209
Agribank 6.042119 1.105719 5.46 0.000 3.838423 8.245815
BIDV -3.587246 1.023501 -3.50 0.001 -5.627081 -1.54741
Bắc Á Bank -.122108 .4867789 -0.25 0.803 -1.092257 .8480409
HD Bank .2107468 .7035315 0.30 0.765 -1.191389 1.612883
Kienlong Bank .1491362 .440864 0.34 0.736 -.7295046 1.027777
MB -.0225047 .8407558 -0.03 0.979 -1.698129 1.653119
Maritime Bank -.1523092 .4782939 -0.32 0.751 -1.105548 .8009292
Nam Á Bank .4053621 .4209522 0.96 0.339 -.4335944 1.244319
OCB .3274658 .4683924 0.70 0.487 -.6060389 1.260971
PG Bank .9723965 .5820148 1.67 0.099 -.1875573 2.13235
SHB .5590544 .5675765 0.98 0.328 -.572124 1.690233
Sacombank -1.692455 .7522479 -2.25 0.027 -3.191683 -.1932275
SeABank -.1155794 .4175549 -0.28 0.783 -.9477651 .7166064
TCB -.1898738 .7948234 -0.24 0.812 -1.773955 1.394207
TP Bank -.1058795 .548608 -0.19 0.847 -1.199254 .9874947
VCB -1.605418 .9625922 -1.67 0.100 -3.523861 .3130259
VP Bank 3.104884 .9720895 3.19 0.002 1.167512 5.042256
Vietinbank -3.300677 .9723819 -3.39 0.001 -5.238631 -1.362723

_cons -10.79596 4.680427 -2.31 0.024 -20.12403 -1.467877

 Review 14.2.2025 Friday February 14 06:02:34 2025 Page 8

28 . reg NIM GCD Size CLTS HQHD BAL CAR CFLA

Source SS df MS Number of obs = 100

F(7, 92) = 8.15
Model 144.084148 7 20.5834498 Prob > F = 0.0000
Residual 232.486046 92 2.52702224 R-squared = 0.3826
Adj R-squared = 0.3356
Total 376.570195 99 3.80373934 Root MSE = 1.5897

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD -.0000505 .0378553 -0.00 0.999 -.0752344 .0751335

Size .8519122 .4273592 1.99 0.049 .0031399 1.700685
CLTS 1.134846 .2610348 4.35 0.000 .6164079 1.653283
HQHD 1.374001 .3777809 3.64 0.000 .6236951 2.124306
BAL .0113198 .0084166 1.34 0.182 -.0053964 .0280359
CAR -.2231941 .0561219 -3.98 0.000 -.3346569 -.1117312
CFLA .8323905 .313977 2.65 0.009 .2088051 1.455976
_cons -2.627751 2.510962 -1.05 0.298 -7.614739 2.359237

29 . est sto re2

30 . suest fe2 re2

Simultaneous results for fe2, re2 Number of obs = 100

Robust
Coefficient std. err. z P>|z| [95% conf. interval]

fe2_mean
GCD .0228805 .0104119 2.20 0.028 .0024735 .0432875
Size 2.098634 .6593493 3.18 0.001 .8063328 3.390934
CLTS -.3485905 .1492351 -2.34 0.019 -.641086 -.056095
HQHD 1.676923 .372921 4.50 0.000 .946011 2.407834
BAL -.0028682 .0035772 -0.80 0.423 -.0098794 .0041431
CAR .0601184 .0501148 1.20 0.230 -.0381047 .1583416
CFLA .0816484 .112999 0.72 0.470 -.1398255 .3031223

ID
ACB -3.157473 .5781015 -5.46 0.000 -4.290531 -2.024415
Agribank 6.042119 1.09428 5.52 0.000 3.897369 8.186869
BIDV -3.587246 .7829547 -4.58 0.000 -5.121809 -2.052683
Bắc Á Bank -.122108 .3370774 -0.36 0.717 -.7827676 .5385516
HD Bank .2107468 .563846 0.37 0.709 -.8943712 1.315865
Kienlong Bank .1491362 .2951774 0.51 0.613 -.4294009 .7276732
MB -.0225047 .6283404 -0.04 0.971 -1.254029 1.20902
Maritime Bank -.1523092 .378711 -0.40 0.688 -.894569 .5899507
Nam Á Bank .4053621 .2921463 1.39 0.165 -.1672342 .9779584
OCB .3274658 .2902386 1.13 0.259 -.2413914 .896323
PG Bank .9723965 .3925114 2.48 0.013 .2030882 1.741705
SHB .5590544 .507351 1.10 0.271 -.4353354 1.553444
Sacombank -1.692455 .5778585 -2.93 0.003 -2.825037 -.5598735
SeABank -.1155794 .280619 -0.41 0.680 -.6655825 .4344238
TCB -.1898738 .6548294 -0.29 0.772 -1.473316 1.093568
TP Bank -.1058795 .3936766 -0.27 0.788 -.8774716 .6657125
VCB -1.605418 .7716926 -2.08 0.037 -3.117907 -.0929277
VP Bank 3.104884 .9436702 3.29 0.001 1.255324 4.954444
Vietinbank -3.300677 .7339001 -4.50 0.000 -4.739095 -1.862259

_cons -10.79596 3.644689 -2.96 0.003 -17.93941 -3.652497

 Review 14.2.2025 Friday February 14 06:02:34 2025 Page 9

fe2_lnvar
_cons -.9593656 .1509215 -6.36 0.000 -1.255166 -.6635649

re2_mean
GCD -.0000505 .0207986 -0.00 0.998 -.040815 .0407141
Size .8519122 .3176582 2.68 0.007 .2293136 1.474511
CLTS 1.134846 .2721659 4.17 0.000 .6014104 1.668281
HQHD 1.374001 .4016789 3.42 0.001 .5867243 2.161277
BAL .0113198 .0085179 1.33 0.184 -.005375 .0280145
CAR -.2231941 .0698537 -3.20 0.001 -.3601048 -.0862833
CFLA .8323905 .206213 4.04 0.000 .4282205 1.23656
_cons -2.627751 1.870555 -1.40 0.160 -6.293972 1.03847

re2_lnvar
_cons .9270416 .1425079 6.51 0.000 .6477313 1.206352

31 . hausman fe2 re2

Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
fe2 re2 Difference Std. err.

GCD .0228805 -.0000505 .022931 .

Size 2.098634 .8519122 1.246721 .7454793
CLTS -.3485905 1.134846 -1.483436 .
HQHD 1.676923 1.374001 .3029222 .1569011
BAL -.0028682 .0113198 -.0141879 .
CAR .0601184 -.2231941 .2833125 .
CFLA .0816484 .8323905 -.750742 .

b = Consistent under H0 and Ha; obtained from regress.

B = Inconsistent under Ha, efficient under H0; obtained from regress.

Test of H0: Difference in coefficients not systematic

chi2(7) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= -315.40

Warning: chi2 < 0 ==> model fitted on these data

fails to meet the asymptotic assumptions
of the Hausman test; see suest for a
generalized test.

32 . hausman fe2 re2, sigmamore

Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
fe2 re2 Difference Std. err.

GCD .0228805 -.0000505 .022931 .0293965

Size 2.098634 .8519122 1.246721 2.165044
CLTS -.3485905 1.134846 -1.483436 .4414879
HQHD 1.676923 1.374001 .3029222 .9802908
BAL -.0028682 .0113198 -.0141879 .0068967
CAR .0601184 -.2231941 .2833125 .0876336
CFLA .0816484 .8323905 -.750742 .2693075

b = Consistent under H0 and Ha; obtained from regress.

B = Inconsistent under Ha, efficient under H0; obtained from regress.
 Review 14.2.2025 Friday February 14 06:02:34 2025 Page 10

Test of H0: Difference in coefficients not systematic

chi2(7) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 33.35
Prob > chi2 = 0.0000

33 . xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA,fe

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2677 min = 5
Between = 0.0054 avg = 5.0
Overall = 0.0125 max = 5

F(7,73) = 3.81
corr(u_i, Xb) = -0.4553 Prob > F = 0.0014

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0186625 1.23 0.224 -.0143138 .0600748

Size 2.098634 .8592877 2.44 0.017 .3860757 3.811191
CLTS -.3485905 .1997062 -1.75 0.085 -.7466045 .0494235
HQHD 1.676923 .4090676 4.10 0.000 .8616521 2.492193
BAL -.0028682 .004237 -0.68 0.501 -.0113124 .0055761
CAR .0601184 .0405203 1.48 0.142 -.0206383 .1408752
CFLA .0816484 .1610672 0.51 0.614 -.239358 .4026549
_cons -10.90997 5.049296 -2.16 0.034 -20.97321 -.8467413

sigma_u 2.1368602
sigma_e .6189797
rho .92258798 (fraction of variance due to u_i)

F test that all u_i=0: F(19, 73) = 28.09 Prob > F = 0.0000

34 . reg NIM GCD Size CLTS HQHD BAL CAR CFLA i.ID

Source SS df MS Number of obs = 100

F(26, 73) = 34.99
Model 348.601276 26 13.4077414 Prob > F = 0.0000
Residual 27.9689181 73 .383135865 R-squared = 0.9257
Adj R-squared = 0.8993
Total 376.570195 99 3.80373934 Root MSE = .61898

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0186625 1.23 0.224 -.0143138 .0600748

Size 2.098634 .8592877 2.44 0.017 .3860757 3.811191
CLTS -.3485905 .1997062 -1.75 0.085 -.7466045 .0494235
HQHD 1.676923 .4090676 4.10 0.000 .8616521 2.492193
BAL -.0028682 .004237 -0.68 0.501 -.0113124 .0055761
CAR .0601184 .0405203 1.48 0.142 -.0206383 .1408752
CFLA .0816484 .1610672 0.51 0.614 -.239358 .4026549

ID
ACB -3.157473 .723666 -4.36 0.000 -4.599737 -1.715209
Agribank 6.042119 1.105719 5.46 0.000 3.838423 8.245815
BIDV -3.587246 1.023501 -3.50 0.001 -5.627081 -1.54741
Bắc Á Bank -.122108 .4867789 -0.25 0.803 -1.092257 .8480409
HD Bank .2107468 .7035315 0.30 0.765 -1.191389 1.612883
 Review 14.2.2025 Friday February 14 06:02:35 2025 Page 11

Kienlong Bank .1491362 .440864 0.34 0.736 -.7295046 1.027777

MB -.0225047 .8407558 -0.03 0.979 -1.698129 1.653119
Maritime Bank -.1523092 .4782939 -0.32 0.751 -1.105548 .8009292
Nam Á Bank .4053621 .4209522 0.96 0.339 -.4335944 1.244319
OCB .3274658 .4683924 0.70 0.487 -.6060389 1.260971
PG Bank .9723965 .5820148 1.67 0.099 -.1875573 2.13235
SHB .5590544 .5675765 0.98 0.328 -.572124 1.690233
Sacombank -1.692455 .7522479 -2.25 0.027 -3.191683 -.1932275
SeABank -.1155794 .4175549 -0.28 0.783 -.9477651 .7166064
TCB -.1898738 .7948234 -0.24 0.812 -1.773955 1.394207
TP Bank -.1058795 .548608 -0.19 0.847 -1.199254 .9874947
VCB -1.605418 .9625922 -1.67 0.100 -3.523861 .3130259
VP Bank 3.104884 .9720895 3.19 0.002 1.167512 5.042256
Vietinbank -3.300677 .9723819 -3.39 0.001 -5.238631 -1.362723

_cons -10.79596 4.680427 -2.31 0.024 -20.12403 -1.467877

35 . suest fe2 re2

Simultaneous results for fe2, re2 Number of obs = 100

Robust
Coefficient std. err. z P>|z| [95% conf. interval]

fe2_mean
GCD .0228805 .0104119 2.20 0.028 .0024735 .0432875
Size 2.098634 .6593493 3.18 0.001 .8063328 3.390934
CLTS -.3485905 .1492351 -2.34 0.019 -.641086 -.056095
HQHD 1.676923 .372921 4.50 0.000 .946011 2.407834
BAL -.0028682 .0035772 -0.80 0.423 -.0098794 .0041431
CAR .0601184 .0501148 1.20 0.230 -.0381047 .1583416
CFLA .0816484 .112999 0.72 0.470 -.1398255 .3031223

ID
ACB -3.157473 .5781015 -5.46 0.000 -4.290531 -2.024415
Agribank 6.042119 1.09428 5.52 0.000 3.897369 8.186869
BIDV -3.587246 .7829547 -4.58 0.000 -5.121809 -2.052683
Bắc Á Bank -.122108 .3370774 -0.36 0.717 -.7827676 .5385516
HD Bank .2107468 .563846 0.37 0.709 -.8943712 1.315865
Kienlong Bank .1491362 .2951774 0.51 0.613 -.4294009 .7276732
MB -.0225047 .6283404 -0.04 0.971 -1.254029 1.20902
Maritime Bank -.1523092 .378711 -0.40 0.688 -.894569 .5899507
Nam Á Bank .4053621 .2921463 1.39 0.165 -.1672342 .9779584
OCB .3274658 .2902386 1.13 0.259 -.2413914 .896323
PG Bank .9723965 .3925114 2.48 0.013 .2030882 1.741705
SHB .5590544 .507351 1.10 0.271 -.4353354 1.553444
Sacombank -1.692455 .5778585 -2.93 0.003 -2.825037 -.5598735
SeABank -.1155794 .280619 -0.41 0.680 -.6655825 .4344238
TCB -.1898738 .6548294 -0.29 0.772 -1.473316 1.093568
TP Bank -.1058795 .3936766 -0.27 0.788 -.8774716 .6657125
VCB -1.605418 .7716926 -2.08 0.037 -3.117907 -.0929277
VP Bank 3.104884 .9436702 3.29 0.001 1.255324 4.954444
Vietinbank -3.300677 .7339001 -4.50 0.000 -4.739095 -1.862259

_cons -10.79596 3.644689 -2.96 0.003 -17.93941 -3.652497

fe2_lnvar
_cons -.9593656 .1509215 -6.36 0.000 -1.255166 -.6635649

re2_mean
GCD -.0000505 .0207986 -0.00 0.998 -.040815 .0407141
 Review 14.2.2025 Friday February 14 06:02:35 2025 Page 12

Size .8519122 .3176582 2.68 0.007 .2293136 1.474511

CLTS 1.134846 .2721659 4.17 0.000 .6014104 1.668281
HQHD 1.374001 .4016789 3.42 0.001 .5867243 2.161277
BAL .0113198 .0085179 1.33 0.184 -.005375 .0280145
CAR -.2231941 .0698537 -3.20 0.001 -.3601048 -.0862833
CFLA .8323905 .206213 4.04 0.000 .4282205 1.23656
_cons -2.627751 1.870555 -1.40 0.160 -6.293972 1.03847

re2_lnvar
_cons .9270416 .1425079 6.51 0.000 .6477313 1.206352

36 . xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA,fe

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2677 min = 5
Between = 0.0054 avg = 5.0
Overall = 0.0125 max = 5

F(7,73) = 3.81
corr(u_i, Xb) = -0.4553 Prob > F = 0.0014

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0186625 1.23 0.224 -.0143138 .0600748

Size 2.098634 .8592877 2.44 0.017 .3860757 3.811191
CLTS -.3485905 .1997062 -1.75 0.085 -.7466045 .0494235
HQHD 1.676923 .4090676 4.10 0.000 .8616521 2.492193
BAL -.0028682 .004237 -0.68 0.501 -.0113124 .0055761
CAR .0601184 .0405203 1.48 0.142 -.0206383 .1408752
CFLA .0816484 .1610672 0.51 0.614 -.239358 .4026549
_cons -10.90997 5.049296 -2.16 0.034 -20.97321 -.8467413

sigma_u 2.1368602
sigma_e .6189797
rho .92258798 (fraction of variance due to u_i)

F test that all u_i=0: F(19, 73) = 28.09 Prob > F = 0.0000

37 . xttest3

Modified Wald test for groupwise heteroskedasticity

in fixed effect regression model

H0: sigma(i)^2 = sigma^2 for all i

chi2 (20) = 2211.90

Prob>chi2 = 0.0000
 Review 14.2.2025 Friday February 14 06:02:35 2025 Page 13

38 . xtreg Y GCD Size CLTS HQHD BAL CAR CFLA, fe vce(cluster ID)
variable Y not found
r(111);

39 . xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA, fe vce(cluster ID)

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2677 min = 5
Between = 0.0054 avg = 5.0
Overall = 0.0125 max = 5

F(7,19) = 6.20
corr(u_i, Xb) = -0.4553 Prob > F = 0.0007

(Std. err. adjusted for 20 clusters in ID)

Robust
NIM Coefficient std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0106091 2.16 0.044 .0006755 .0450855

Size 2.098634 .7963046 2.64 0.016 .4319488 3.765318
CLTS -.3485905 .1958235 -1.78 0.091 -.7584537 .0612728
HQHD 1.676923 .4103622 4.09 0.001 .8180248 2.535821
BAL -.0028682 .0028057 -1.02 0.319 -.0087405 .0030041
CAR .0601184 .0330891 1.82 0.085 -.0091378 .1293747
CFLA .0816484 .1411041 0.58 0.570 -.2136858 .3769827
_cons -10.90997 4.696888 -2.32 0.031 -20.74067 -1.079273

sigma_u 2.1368602
sigma_e .6189797
rho .92258798 (fraction of variance due to u_i)

40 . xttest3

Modified Wald test for groupwise heteroskedasticity

in fixed effect regression model

H0: sigma(i)^2 = sigma^2 for all i

chi2 (20) = 2211.90

Prob>chi2 = 0.0000

41 . reg NIM GCD Size CLTS HQHD BAL CAR CFLA i.ID

Source SS df MS Number of obs = 100

F(26, 73) = 34.99
Model 348.601276 26 13.4077414 Prob > F = 0.0000
Residual 27.9689181 73 .383135865 R-squared = 0.9257
Adj R-squared = 0.8993
Total 376.570195 99 3.80373934 Root MSE = .61898
 Review 14.2.2025 Friday February 14 06:02:36 2025 Page 14

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0186625 1.23 0.224 -.0143138 .0600748

Size 2.098634 .8592877 2.44 0.017 .3860757 3.811191
CLTS -.3485905 .1997062 -1.75 0.085 -.7466045 .0494235
HQHD 1.676923 .4090676 4.10 0.000 .8616521 2.492193
BAL -.0028682 .004237 -0.68 0.501 -.0113124 .0055761
CAR .0601184 .0405203 1.48 0.142 -.0206383 .1408752
CFLA .0816484 .1610672 0.51 0.614 -.239358 .4026549

ID
ACB -3.157473 .723666 -4.36 0.000 -4.599737 -1.715209
Agribank 6.042119 1.105719 5.46 0.000 3.838423 8.245815
BIDV -3.587246 1.023501 -3.50 0.001 -5.627081 -1.54741
Bắc Á Bank -.122108 .4867789 -0.25 0.803 -1.092257 .8480409
HD Bank .2107468 .7035315 0.30 0.765 -1.191389 1.612883
Kienlong Bank .1491362 .440864 0.34 0.736 -.7295046 1.027777
MB -.0225047 .8407558 -0.03 0.979 -1.698129 1.653119
Maritime Bank -.1523092 .4782939 -0.32 0.751 -1.105548 .8009292
Nam Á Bank .4053621 .4209522 0.96 0.339 -.4335944 1.244319
OCB .3274658 .4683924 0.70 0.487 -.6060389 1.260971
PG Bank .9723965 .5820148 1.67 0.099 -.1875573 2.13235
SHB .5590544 .5675765 0.98 0.328 -.572124 1.690233
Sacombank -1.692455 .7522479 -2.25 0.027 -3.191683 -.1932275
SeABank -.1155794 .4175549 -0.28 0.783 -.9477651 .7166064
TCB -.1898738 .7948234 -0.24 0.812 -1.773955 1.394207
TP Bank -.1058795 .548608 -0.19 0.847 -1.199254 .9874947
VCB -1.605418 .9625922 -1.67 0.100 -3.523861 .3130259
VP Bank 3.104884 .9720895 3.19 0.002 1.167512 5.042256
Vietinbank -3.300677 .9723819 -3.39 0.001 -5.238631 -1.362723

_cons -10.79596 4.680427 -2.31 0.024 -20.12403 -1.467877

42 . xttest3
last estimates not found
r(301);

43 . xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA, fe vce(cluster ID)

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2677 min = 5
Between = 0.0054 avg = 5.0
Overall = 0.0125 max = 5

F(7,19) = 6.20
corr(u_i, Xb) = -0.4553 Prob > F = 0.0007
 Review 14.2.2025 Friday February 14 06:02:36 2025 Page 15

(Std. err. adjusted for 20 clusters in ID)

Robust
NIM Coefficient std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0106091 2.16 0.044 .0006755 .0450855

Size 2.098634 .7963046 2.64 0.016 .4319488 3.765318
CLTS -.3485905 .1958235 -1.78 0.091 -.7584537 .0612728
HQHD 1.676923 .4103622 4.09 0.001 .8180248 2.535821
BAL -.0028682 .0028057 -1.02 0.319 -.0087405 .0030041
CAR .0601184 .0330891 1.82 0.085 -.0091378 .1293747
CFLA .0816484 .1411041 0.58 0.570 -.2136858 .3769827
_cons -10.90997 4.696888 -2.32 0.031 -20.74067 -1.079273

sigma_u 2.1368602
sigma_e .6189797
rho .92258798 (fraction of variance due to u_i)

44 . xttest3

Modified Wald test for groupwise heteroskedasticity

in fixed effect regression model

H0: sigma(i)^2 = sigma^2 for all i

chi2 (20) = 2211.90

Prob>chi2 = 0.0000

45 . xtserial NIM GCD Size CLTS HQHD BAL CAR CFLA , fe

option fe not allowed
r(198);

46 . xtserial NIM GCD Size CLTS HQHD BAL CAR CFLA

Wooldridge test for autocorrelation in panel data

H0: no first-order autocorrelation
F( 1, 19) = 0.962
Prob > F = 0.3390

47 . estat vif
not appropriate after regress, nocons;
use option uncentered to get uncentered VIFs
r(301);

48 . vif
not appropriate after regress, nocons;
use option uncentered to get uncentered VIFs
r(301);
 Review 14.2.2025 Friday February 14 06:02:36 2025 Page 16

49 . xtreg NIM GCD Size CLTS HQHD BAL CAR CFLA, fe vce(cluster ID)

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2677 min = 5
Between = 0.0054 avg = 5.0
Overall = 0.0125 max = 5

F(7,19) = 6.20
corr(u_i, Xb) = -0.4553 Prob > F = 0.0007

(Std. err. adjusted for 20 clusters in ID)

Robust
NIM Coefficient std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0106091 2.16 0.044 .0006755 .0450855

Size 2.098634 .7963046 2.64 0.016 .4319488 3.765318
CLTS -.3485905 .1958235 -1.78 0.091 -.7584537 .0612728
HQHD 1.676923 .4103622 4.09 0.001 .8180248 2.535821
BAL -.0028682 .0028057 -1.02 0.319 -.0087405 .0030041
CAR .0601184 .0330891 1.82 0.085 -.0091378 .1293747
CFLA .0816484 .1411041 0.58 0.570 -.2136858 .3769827
_cons -10.90997 4.696888 -2.32 0.031 -20.74067 -1.079273

sigma_u 2.1368602
sigma_e .6189797
rho .92258798 (fraction of variance due to u_i)

50 . vif
not appropriate after regress, nocons;
use option uncentered to get uncentered VIFs
r(301);

51 . reg NIM GCD Size CLTS HQHD BAL CAR CFLA

Source SS df MS Number of obs = 100

F(7, 92) = 8.15
Model 144.084148 7 20.5834498 Prob > F = 0.0000
Residual 232.486046 92 2.52702224 R-squared = 0.3826
Adj R-squared = 0.3356
Total 376.570195 99 3.80373934 Root MSE = 1.5897

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD -.0000505 .0378553 -0.00 0.999 -.0752344 .0751335

Size .8519122 .4273592 1.99 0.049 .0031399 1.700685
CLTS 1.134846 .2610348 4.35 0.000 .6164079 1.653283
HQHD 1.374001 .3777809 3.64 0.000 .6236951 2.124306
BAL .0113198 .0084166 1.34 0.182 -.0053964 .0280359
CAR -.2231941 .0561219 -3.98 0.000 -.3346569 -.1117312
CFLA .8323905 .313977 2.65 0.009 .2088051 1.455976
_cons -2.627751 2.510962 -1.05 0.298 -7.614739 2.359237
 Review 14.2.2025 Friday February 14 06:02:36 2025 Page 17

52 .
53 . estat vif

Variable VIF 1/VIF

HQHD 1.62 0.618476

CAR 1.59 0.628472
Size 1.56 0.641953
BAL 1.47 0.678212
CLTS 1.34 0.745379
CFLA 1.22 0.817445
GCD 1.09 0.913844

Mean VIF 1.41

54 . test GCD Size CLTS HQHD BAL CAR CFLA

( 1) GCD = 0
( 2) Size = 0
( 3) CLTS = 0
( 4) HQHD = 0
( 5) BAL = 0
( 6) CAR = 0
( 7) CFLA = 0

F( 7, 92) = 8.15
Prob > F = 0.0000

55 . gen Size_z = (Size - r(mean)) / r(sd)

(100 missing values generated)

56 . sum size
variable size not found
r(111);

57 . sum Size

Variable Obs Mean Std. dev. Min Max

Size 100 5.546827 .4665972 4.499331 6.361892

58 . gen Size_z = (Size - r(mean)) / r(sd)

variable Size_z already defined
r(110);

59 . gen Size_y = (Size - r(mean)) / r(sd)

60 . sum HQHD

Variable Obs Mean Std. dev. Min Max

HQHD 100 1.540993 .5377562 .1462381 3.272

 Review 14.2.2025 Friday February 14 06:02:36 2025 Page 18

61 . gen HQHD_y = (HQHD - r(mean)) / r(sd)

62 . xtreg NIM GCD Size_y CLTS HQHD_y BAL CAR CFLA, fe vce(cluster ID)

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2677 min = 5
Between = 0.0054 avg = 5.0
Overall = 0.0125 max = 5

F(7,19) = 6.20
corr(u_i, Xb) = -0.4553 Prob > F = 0.0007

(Std. err. adjusted for 20 clusters in ID)

Robust
NIM Coefficient std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0106091 2.16 0.044 .0006755 .0450855

Size_y .9792166 .3715535 2.64 0.016 .2015462 1.756887
CLTS -.3485905 .1958235 -1.78 0.091 -.7584538 .0612728
HQHD_y .9017755 .2206748 4.09 0.001 .4398979 1.363653
BAL -.0028682 .0028057 -1.02 0.319 -.0087405 .0030041
CAR .0601184 .0330891 1.82 0.085 -.0091378 .1293747
CFLA .0816484 .1411041 0.58 0.570 -.2136858 .3769827
_cons 3.31491 .4585838 7.23 0.000 2.355083 4.274736

sigma_u 2.1368602
sigma_e .6189797
rho .92258798 (fraction of variance due to u_i)

63 . hausman fe2 re2, sigmamore

Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
fe2 re2 Difference Std. err.

GCD .0228805 -.0000505 .022931 .0293965

Size 2.098634 .8519122 1.246721 2.165044
CLTS -.3485905 1.134846 -1.483436 .4414879
HQHD 1.676923 1.374001 .3029222 .9802908
BAL -.0028682 .0113198 -.0141879 .0068967
CAR .0601184 -.2231941 .2833125 .0876336
CFLA .0816484 .8323905 -.750742 .2693075

b = Consistent under H0 and Ha; obtained from regress.

B = Inconsistent under Ha, efficient under H0; obtained from regress.

Test of H0: Difference in coefficients not systematic

chi2(7) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 33.35
Prob > chi2 = 0.0000
 Review 14.2.2025 Friday February 14 06:02:36 2025 Page 19

64 . hausman fe re

Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
fe re Difference Std. err.

GCD .0228805 .0175175 .005363 .

Size 2.098634 1.592214 .5064199 .5970899
CLTS -.3485905 -.0790958 -.2694947 .
HQHD 1.676923 1.415991 .2609313 .1710364
BAL -.0028682 -.0016174 -.0012508 .
CAR .0601184 .021189 .0389295 .0047124
CFLA .0816484 .0904165 -.0087681 .

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(7) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= -48.54

Warning: chi2 < 0 ==> model fitted on these data

fails to meet the asymptotic assumptions
of the Hausman test; see suest for a
generalized test.

65 . hausman fe re,sigmamore

Coefficients
(b) (B) (b-B) sqrt(diag(V_b-V_B))
fe re Difference Std. err.

GCD .0228805 .0175175 .005363 .0034261

Size 2.098634 1.592214 .5064199 .7181962
CLTS -.3485905 -.0790958 -.2694947 .0780028
HQHD 1.676923 1.415991 .2609313 .255642
BAL -.0028682 -.0016174 -.0012508 .000848
CAR .0601184 .021189 .0389295 .0194013
CFLA .0816484 .0904165 -.0087681 .0432452

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(7) = (b-B)'[(V_b-V_B)^(-1)](b-B)
= 22.08
Prob > chi2 = 0.0025

66 . xtreg NIM CLTS CAR CFLA Size HQHD, fe

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2425 min = 5
Between = 0.0114 avg = 5.0
Overall = 0.0193 max = 5

F(5,75) = 4.80
corr(u_i, Xb) = -0.4317 Prob > F = 0.0007
 Review 14.2.2025 Friday February 14 06:02:37 2025 Page 20

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

CLTS -.3593297 .1974958 -1.82 0.073 -.7527615 .0341021

CAR .0587458 .0404251 1.45 0.150 -.0217851 .1392766
CFLA .107325 .1603735 0.67 0.505 -.2121554 .4268054
Size 2.10791 .8614304 2.45 0.017 .3918531 3.823968
HQHD 1.626969 .4090616 3.98 0.000 .8120762 2.441861
_cons -11.01763 5.065802 -2.17 0.033 -21.10923 -.9260361

sigma_u 2.0984213
sigma_e .62108729
rho .91945299 (fraction of variance due to u_i)

F test that all u_i=0: F(19, 75) = 28.40 Prob > F = 0.0000

67 . xtreg NIM GCD BAL CLTS CAR CFLA Size HQHD, fe

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2677 min = 5
Between = 0.0054 avg = 5.0
Overall = 0.0125 max = 5

F(7,73) = 3.81
corr(u_i, Xb) = -0.4553 Prob > F = 0.0014

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0186625 1.23 0.224 -.0143138 .0600748

BAL -.0028682 .004237 -0.68 0.501 -.0113124 .0055761
CLTS -.3485905 .1997062 -1.75 0.085 -.7466045 .0494235
CAR .0601184 .0405203 1.48 0.142 -.0206383 .1408752
CFLA .0816484 .1610672 0.51 0.614 -.239358 .4026549
Size 2.098634 .8592877 2.44 0.017 .3860757 3.811191
HQHD 1.676923 .4090676 4.10 0.000 .8616521 2.492193
_cons -10.90997 5.049296 -2.16 0.034 -20.97321 -.8467413

sigma_u 2.1368602
sigma_e .6189797
rho .92258798 (fraction of variance due to u_i)

F test that all u_i=0: F(19, 73) = 28.09 Prob > F = 0.0000

68 . xtreg NIM GCD CLTS CAR CFLA Size HQHD, fe

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2631 min = 5
Between = 0.0075 avg = 5.0
Overall = 0.0152 max = 5

F(6,74) = 4.40
corr(u_i, Xb) = -0.4515 Prob > F = 0.0007
 Review 14.2.2025 Friday February 14 06:02:37 2025 Page 21

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0259442 .018039 1.44 0.155 -.0099992 .0618877

CLTS -.3708163 .1962664 -1.89 0.063 -.7618856 .020253
CAR .0572692 .0401533 1.43 0.158 -.0227379 .1372763
CFLA .0934379 .1595356 0.59 0.560 -.2244438 .4113196
Size 2.078203 .8556082 2.43 0.018 .373366 3.783039
HQHD 1.660436 .4068445 4.08 0.000 .8497805 2.471091
_cons -10.9589 5.030263 -2.18 0.033 -20.98192 -.9358837

sigma_u 2.1285624
sigma_e .61670975
rho .92255702 (fraction of variance due to u_i)

F test that all u_i=0: F(19, 74) = 28.91 Prob > F = 0.0000

69 . xtile GCD_group = GCD, nq(3)

70 . reg NIM i.GCD_group CLTS CAR CFLA Size_z HQHD_z, robust

variable HQHD_z not found
r(111);

71 . reg NIM i.GCD_group CLTS CAR CFLA Size HQHD, robust

Linear regression Number of obs = 100

F(7, 92) = 13.26
Prob > F = 0.0000
R-squared = 0.4459
Root MSE = 1.506

Robust
NIM Coefficient std. err. t P>|t| [95% conf. interval]

GCD_group
2 1.356743 .4900195 2.77 0.007 .3835222 2.329964
3 .0113937 .3912643 0.03 0.977 -.765691 .7884783

CLTS 1.089044 .2451089 4.44 0.000 .6022364 1.575851

CAR -.204362 .0699821 -2.92 0.004 -.3433526 -.0653715
CFLA .8743765 .2412447 3.62 0.000 .3952437 1.353509
Size .5826801 .4543738 1.28 0.203 -.3197454 1.485106
HQHD 1.43244 .4476444 3.20 0.002 .5433792 2.3215
_cons -.7654936 2.76124 -0.28 0.782 -6.249554 4.718567

72 . reg NIM i.GCD_group CLTS CAR CFLA HQHD, robust

Linear regression Number of obs = 100

F(6, 93) = 15.62
Prob > F = 0.0000
R-squared = 0.4358
Root MSE = 1.5114
 Review 14.2.2025 Friday February 14 06:02:37 2025 Page 22

Robust
NIM Coefficient std. err. t P>|t| [95% conf. interval]

GCD_group
2 1.691292 .3868313 4.37 0.000 .923122 2.459463
3 .2939777 .315897 0.93 0.354 -.3333311 .9212865

CLTS 1.051529 .2464086 4.27 0.000 .5622103 1.540848

CAR -.2147909 .0714427 -3.01 0.003 -.3566618 -.0729199
CFLA .9221765 .2448757 3.77 0.000 .4359019 1.408451
HQHD 1.346608 .4517321 2.98 0.004 .4495577 2.243659
_cons 2.593863 .8487917 3.06 0.003 .9083307 4.279395

73 . reg NIM GCD i.GCD_group CLTS CAR CFLA HQHD, robust

Linear regression Number of obs = 100

F(7, 92) = 12.91
Prob > F = 0.0000
R-squared = 0.4381
Root MSE = 1.5166

Robust
NIM Coefficient std. err. t P>|t| [95% conf. interval]

GCD .0318091 .0371997 0.86 0.395 -.0420727 .1056909

GCD_group
2 1.652219 .3928018 4.21 0.000 .8720807 2.432357
3 .0598861 .4383489 0.14 0.892 -.8107127 .9304849

CLTS 1.058544 .2487371 4.26 0.000 .5645309 1.552557

CAR -.2160954 .071879 -3.01 0.003 -.3588534 -.0733375
CFLA .9355937 .2473331 3.78 0.000 .4443689 1.426818
HQHD 1.355497 .4555062 2.98 0.004 .4508226 2.260172
_cons 2.595876 .8541129 3.04 0.003 .8995341 4.292218

74 . reg NIM i.GCD_group CLTS CAR CFLA HQHD, robust

Linear regression Number of obs = 100

F(6, 93) = 15.62
Prob > F = 0.0000
R-squared = 0.4358
Root MSE = 1.5114

Robust
NIM Coefficient std. err. t P>|t| [95% conf. interval]

GCD_group
2 1.691292 .3868313 4.37 0.000 .923122 2.459463
3 .2939777 .315897 0.93 0.354 -.3333311 .9212865

CLTS 1.051529 .2464086 4.27 0.000 .5622103 1.540848

CAR -.2147909 .0714427 -3.01 0.003 -.3566618 -.0729199
CFLA .9221765 .2448757 3.77 0.000 .4359019 1.408451
HQHD 1.346608 .4517321 2.98 0.004 .4495577 2.243659
_cons 2.593863 .8487917 3.06 0.003 .9083307 4.279395
 Review 14.2.2025 Friday February 14 06:02:37 2025 Page 23

75 . vif

Variable VIF 1/VIF

GCD_group
2 1.25 0.799802
3 1.31 0.761243
CLTS 1.14 0.877774
CAR 1.55 0.646827
CFLA 1.20 0.830554
HQHD 1.53 0.651773

Mean VIF 1.33

76 . xtreg NIM GCD BAL CLTS CAR CFLA Size HQHD, fe

Fixed-effects (within) regression Number of obs = 100

Group variable: ID Number of groups = 20

R-squared: Obs per group:

Within = 0.2677 min = 5
Between = 0.0054 avg = 5.0
Overall = 0.0125 max = 5

F(7,73) = 3.81
corr(u_i, Xb) = -0.4553 Prob > F = 0.0014

NIM Coefficient Std. err. t P>|t| [95% conf. interval]

GCD .0228805 .0186625 1.23 0.224 -.0143138 .0600748

BAL -.0028682 .004237 -0.68 0.501 -.0113124 .0055761
CLTS -.3485905 .1997062 -1.75 0.085 -.7466045 .0494235
CAR .0601184 .0405203 1.48 0.142 -.0206383 .1408752
CFLA .0816484 .1610672 0.51 0.614 -.239358 .4026549
Size 2.098634 .8592877 2.44 0.017 .3860757 3.811191
HQHD 1.676923 .4090676 4.10 0.000 .8616521 2.492193
_cons -10.90997 5.049296 -2.16 0.034 -20.97321 -.8467413

sigma_u 2.1368602
sigma_e .6189797
rho .92258798 (fraction of variance due to u_i)

F test that all u_i=0: F(19, 73) = 28.09 Prob > F = 0.0000

77 .