| Coef. | Std. Err. | z | P > |z| | [95% Conf. | Interval] | |
| Sales_ta | 0.061 | 0.036 | 1.690 | 0.090 | −0.010 | 0.132 |
| Ebitda_ta | −1.930 | 0.387 | −4.990 | 0.000 | −2.688 | −1.172 |
| Debt ratio | 2.813 | 0.167 | 16.890 | 0.000 | 2.487 | 3.140 |
| Current ratio | −0.074 | 0.024 | −3.050 | 0.002 | −0.121 | −0.026 |
| Net profit margin | −1.444 | 0.257 | −5.620 | 0.000 | −1.947 | −0.940 |
| Receivables turn | −0.004 | 0.003 | −1.310 | 0.190 | −0.009 | 0.002 |
| Retain_ta | 0.999 | 0.183 | 5.460 | 0.000 | 0.640 | 1.357 |
| Year 2004 | −0.095 | 0.128 | −0.750 | 0.455 | −0.345 | 0.155 |
| Year 2005 | −0.189 | 0.127 | −1.490 | 0.137 | −0.438 | 0.060 |
| Year 2006 | −0.196 | 0.125 | −1.560 | 0.118 | −0.441 | 0.050 |
| Year 2007 | −0.135 | 0.122 | −1.110 | 0.265 | −0.374 | 0.103 |
| Year 2008 | −0.334 | 0.126 | −2.660 | 0.008 | −0.581 | −0.088 |
| Year 2009 | −0.593 | 0.133 | −4.450 | 0.000 | −0.855 | −0.332 |
| Year 2010 | −1.015 | 0.149 | −6.810 | 0.000 | −1.307 | −0.723 |
| Year 2011 | −1.578 | 0.183 | −8.620 | 0.000 | −1.937 | −1.220 |
| Year 2012 | −2.065 | 0.229 | −9.010 | 0.000 | −2.515 | −1.616 |
| Year 2013 | −3.231 | 0.457 | −7.070 | 0.000 | −4.126 | −2.336 |
| Year 2014 | −3.459 | 0.508 | −6.810 | 0.000 | −4.456 | −2.463 |
| Cons | −5.360 | 0.170 | −31.610 | 0.000 | −5.693 | −5.028 |