| Variable | Coefficient | Std. Error | t-Statistic | Prob. |
| Intercept | −4.138380** | 1.366575 | −3.028286 | 0.0143 |
| Ownership | −2.025879** | −0.656125 | −3.087641 | 0.013 |
| Age | 0.008246*** | 0.002435 | 3.385930 | 0.0081 |
| Size | 0.26587 | 0.145627 | 1.825693 | 0.1012 |
| CAPEX | −0.010537 | 0.024234 | −0.434814 | 0.6739 |
| Sales | −0.202294 | 0.212112 | −0.953714 | 0.3651 |
| TDR | −0.197397** | 0.072418 | −2.725796 | 0.0234 |