variable

CRI < 20%

20% ≤ CRI < 50%

50% ≤ CRI ≤ 100%

coefficient

t

coefficient

t

coefficient

t

MSR

−0.015

(0.163)

0.108***

(3.491)

−0.043

(0.730)

S

−0.056

(0.596)

0.112***

(3.444)

0.165***

(2.672)

SIZE

−0.596***

(6.313)

−0.541***

(15.035)

−0.522***

(6.237)

LEV

0.238**

(2.581)

−0.265***

(7.770)

−0.412***

(5.768)

FCFF

−0.110

(1.197)

0.056*

(1.831)

0.093

(1.354)

Adjusted R side

0.302

0.491

0.590

F

8.977

113.459

36.150