| Variables | Coefficient | Standard Deviation | t-Value |
| HOLDS | 0.9552*** | 0.0182 | 52.48 |
| HOLDL | −0.8579*** | 0.0319 | −26.86 |
| TURNO | −0.0717*** | 0.0083 | −8.62 |
| TA | −0.1240*** | 0.0120 | −10.30 |
| ROE | −0.0838 | 0.2939 | −0.29 |
| LEV | −0.2356*** | 0.0483 | −4.88 |
| BM | −3.6434*** | 0.3742 | −9.74 |
| AGE | 0.0428 | 0.0385 | 1.11 |
| TOP1 | −0.4173*** | 0.0553 | −7.55 |
| Constant | 2.6235*** | 0.2834 | 9.26 |
| Observations: 6642 Number of season: 18 R-squared: 0.875 | |||