| Coef. | Std. Err. | z | P > |z| | [95% Conf. | Interval] | |
| Sales_ta | −0.068 | 0.009 | −7.920 | 0.000 | −0.085 | −0.052 |
| Ebitda_ta | 0.398 | 0.088 | 4.530 | 0.000 | 0.226 | 0.570 |
| Debt ratio | 0.306 | 0.033 | 9.200 | 0.000 | 0.241 | 0.372 |
| Current ratio | −0.010 | 0.003 | −3.640 | 0.000 | −0.015 | −0.005 |
| Net profit margin | −0.153 | 0.054 | −2.830 | 0.005 | −0.260 | −0.047 |
| Receivables turn | 0.000 | 0.000 | 0.010 | 0.988 | −0.001 | 0.001 |
| Retain_ta | 0.068 | 0.032 | 2.110 | 0.035 | 0.005 | 0.132 |
| Year 2004 | 0.033 | 0.036 | 0.910 | 0.361 | −0.038 | 0.104 |
| Year 2005 | 0.040 | 0.036 | 1.120 | 0.262 | −0.030 | 0.111 |
| Year 2006 | 0.054 | 0.036 | 1.500 | 0.132 | −0.016 | 0.123 |
| Year 2007 | −0.002 | 0.035 | −0.050 | 0.958 | −0.070 | 0.067 |
| Year 2008 | 0.010 | 0.035 | 0.290 | 0.773 | −0.058 | 0.079 |
| Year 2009 | 0.022 | 0.035 | 0.620 | 0.534 | −0.047 | 0.091 |
| Year 2010 | 0.016 | 0.036 | 0.440 | 0.662 | −0.054 | 0.086 |
| Year 2011 | 0.016 | 0.036 | 0.440 | 0.658 | −0.055 | 0.088 |
| Year 2012 | 0.010 | 0.037 | 0.270 | 0.784 | −0.063 | 0.084 |
| Year 2013 | −0.023 | 0.039 | −0.590 | 0.558 | −0.098 | 0.053 |
| Year 2014 | 0.085 | 0.039 | 2.180 | 0.029 | 0.009 | 0.161 |
| Cons | 0.752 | 0.037 | 20.500 | 0.000 | 0.680 | 0.824 |