Dependent variable

R

R Square adjusted

F statistic

p-value

1. Labor-intensity

0.4010

0.1610

724.033

0.0000

2. EBITDA margin

0.2890

0.0840

286.893

0.0000

3. Profit margin

0.2520

0.0630

311.187

0.0000

4. Return on total assets

0.2270

0.0510

269.509

0.0000

5. Shareholders liquidity ratio

0.1560

0.0240

54.436

<0.0010

6. Solvency ratio

0.1600

0.0250

128.767

<0.0010

7. Liquidity or current ratio

0.1390

0.0190

91.167

<0.0010

8. Collection period

0.1040

0.0110

51.493

<0.0010

9. Credit period

0.0670

0.0050

20.535

<0.0010