Var

Industry C

Coefficient

Industry D

Coefficient

Industry F

Coefficient

Industry G

Coefficient

Industry K

Coefficient

ERT

0.0099

0.0585

0.0341

−0.1060

0.0521**

NDTS

−0.7781***

−0.1429

−0.8024

1.1575**

−3.8401***

SIZE

0.0412***

0.0789***

0.0603***

0.0616***

0.0603***

AS

0.1202**

−0.1498

−0.0146

−0.0599

0.0056

ROA

−0.4254***

−0.7689***

−0.5039***

−0.6572***

−0.7955***

GROW

0.0101*

0.0961***

0.0521***

0.1477***

−0.0096

CASH

−0.0068

−0.0281

0.0063

0.0098

−0.0052

CA

−0.0392***

−0.0093***

−0.0109***

−0.0102***

−0.0081***

Z

0.0011***

0.0082

0.0197*

0.0253***

−0.0047

C

−0.4787***

−0.6721***

−0.7902***

−0.9944***

−0.7331***