| Explanatory Variables | R-squared with Own Cluster | 1-R**2 Ratio | |
Liquidity Ratios | ||||
Group I | Current Ratio | Current Assets/Current Liabilities | 0.8933 | 0.1634 |
Group II | Acid-Test Ratio | Current Assets Less Stocks/Current Liabilities | 0.8765 | 0.1511 |
Financial Structure Ratios (Borrowing Rates) | ||||
Group I | Short-Term Leverage | Short-Term Liabilities/Total Liabilities | 0.8731 | 0.1599 |
Group II | Debt Ratio | Total Debt/Total Assets | 0.8936 | 0.1522 |
Group III | Fixed assets to equity ratio | Fixed assets/equity | 0.7307 | 0.3153 |
Group I & III | Equity Ratio | Total Equity/Total Assets | 0.8943 & 0.8722 | 0.1947 & 0.174 |
Debt Service Coverage Ratio | ||||
Group III | Interest Coverage Ratio | EBIT/Interest Expenses | 1 | 0 |
Sales Turnover | ||||
Group II | Asset Turnover | Net Sales/Total Assets | 0.7848 | 0.2856 |
Group III | Equity Turnover Ratio | Net Sales/Equity | 0.8006 | 0.3339 |
Group I & II | Fixed Assets Turnover Rate | Net Sales/Fixed Assets | 0.892 & 1 | 0.1178 & 0 |
Relationship Between Profit and Capital | ||||
Group I & II | Return-on-Assets | Net Profit/Total Assets | 0.7903 & 0.6216 | 0.2533 & 0.506 |
Group II & III | Return on Equity Before Tax | Profit Before Tax (pbt)/Equity | 1 & 0.8379 | 0 & 0.173 |
Relationship Between Sales and Capital | ||||
Group I & II & III | Gross Profit Margin | Gross Sales Profit/Net Sales | 0.9928 & 0.718 & 0.8671 | 0.0094 & 0.3265 & 0.1599 |
Financial Markets & Macroeconomic Indicators | ||||
Group III | The Producer Price Index (PPI) | 0.6839 | 0.3561 | |
Group I & II | Interest Rates for Banks’ Loans | 0.6785 & 0.7044 | 0.5288 & 0.4885 | |
Group I & II & III | Non-Performing Loans/Total Cash Loans Ratio | 0.8016 & 0.8004 & 0.8003 | 0.2502 & 0.252 & 0.2868 | |
Stock Market Data (BİST Indexes) | ||||
Group III | BIST Technology Index | 0.9604 | 0.0674 | |
Group I & II | BİST Industrial Index | 0.9443 & 0.9564 | 0.0984 & 0.0618 |