| Panel A: Logistic Regression 2006-2007 | Panel B: Logistic Regression 2007-2008 | ||||||
| Dependent variable | year dummy | Dependent variable | year dummy | ||||
| Cases Included in Analysis | 393 | Cases Included in Analysis | 405 | ||||
| Missing Cases | 15 | Missing Cases | 3 | ||||
| Total | 408 | Total | 408 | ||||
| Accuracy Rate | 51.40% | Accuracy Rate | 50.10% | ||||
| Variables | Coefficients | Sig. | Exp(B) | Variables | Coefficients | Sig. | Exp(B) |
| SALETAS | −1.104 | *** | 0.332 | LNMV | 0.301 | * | 1.352 |
|
| (0.402) |
|
|
| (0.035) |
|
|
| LNMV | −0.540 | *** | 0.583 | DIVCOV | −0.083 | * | 0.92 |
|
| (0.066) |
|
|
| (0.045) |
|
|
| DIVSH | 0.782 | ** | 2.186 | MVBV | −0.057 | ** | 0.945 |
|
| (0.394) |
|
|
| (0.026) |
|
|
| MVBV | 0.262 | *** | 1.3 | PEG | −0.119 | * | 0.888 |
|
| (0.054) |
|
|
| (0.069) |
|
|
| PEG | −0.087 | * | 0.917 | PLOWB | −0.058 | ** | 0.944 |
|
| (0.052) |
|
|
| (0.025) |
|
|
| DIVSHG | −1.702 | *** | 0.182 | OPM | −1.672 | ** | 0.188 |
|
| (0.691) |
|
|
| (0.733) |
|
|
| PLOWB | 0.147 | *** | 1.159 | CUR | −0.230 | ** | 0.795 |
|
| (0.043) |
|
|
| (0.100) |
|
|
| ROSC | 0.652 | *** | 1.92 | CASH | 1.002 | *** | 2.723 |
|
| (0.243) |
|
|
| (0.327) |
|
|
| CUR | 1.619 | *** | 5.046 | QUI | −0.109 | *** | 0.896 |
|
| (0.371) |
|
|
| (0.028) |
|
|
| QUI | 0.124 | *** | 1.132 | DEBT | −0.117 | ** | 0.89 |
|
| (0.041) |
|
|
| (0.050) |
|
|
| CFSH | 0.250 | ** | 1.284 | Constant | −0.282 |
| 0.754 |
|
| (0.106) |
|
|
| (0.355) |
|
|
| WCR | −0.171 | *** | 0.843 |
|
|
|
|
|
| (0.053) |
|
|
|
|
|
|
| DEBT | 0.275 | *** | 1.316 |
|
|
|
|
|
| (0.079) |
|
|
|
|
|
|
| ETL | −2.066 | *** | 0.127 |
|
|
|
|
|
| (0.444) |
|
|
|
|
|
|
| DSFU | −0.414 | * | 0.661 |
|
|
|
|
|
| (0.233) |
|
|
|
|
|
|
| Constant | 1.580 | ** | 4.857 |
|
|
|
|
|
| (0.672) |
|
|
|
|
|
|