Variables

Coefficient

Standard Deviation

t-Value

IS²

−0.6233***

0.1912

−3.26

IS

0.0875

0.1524

0.57

DUM

−0.1108*

0.0572

−1.94

TURNO

−0.1473***

0.0107

−13.79

TA

−0.0039

0.0143

−0.27

ROE

0.2213

0.3568

0.62

LEV

−0.3405***

0.0585

−5.82

BM

−6.1417***

0.4527

−13.57

AGE

0.1164**

0.0463

2.52

Constant

−0.1067

0.3408

−0.31

Observations: 6642

Number of season: 18

R-squared: 0.070