Years Before the Financial Failure Date

Average Values

One Year

Two Years

Three Years

β

Odds Ratio

β

Odds Ratio

β

Odds Ratio

β

Odds Ratio

Equity Ratio (ER)

−0.024

0.976

−0.024

0.976

−0.025

0.975

−0.022

0.978

Short-Term Leverage (STL)

−1.241

0.291

−1.165

0.312

−1.39

0.249

−1.167

0.311

Return-On-Assets (ROA)

−0.097

0.908

−0.121

0.886

−0.093

0.911

−0.076

0.927

BIST Industrial Index (BII)

0.180

1.197

0.151

1.162

0.194

1.214

0.195

1.215

Constant

1.579

4.950

1.736

5.676

1.718

5.572

1.282

3.603