| RETURN | MODEL1 | MODEL2 |
| UR_DIRECT | −3.8649 (−1.44) | −6.2134 (−1.4600) |
| UR_RP |
| −2.2025** (−2.2000) |
| OCF |
| 1.0304 (1.0500) |
| PG |
| −6.3203*** (−2.6700) |
| LEV |
| −5.2067 (−0.6400) |
| SIZE |
| −3.2237** (−2.2700) |
| SOE |
| −7.1965 (−0.9900) |
| VC_PE |
| 4.9172** (2.0700) |
| INDEX_YEAR |
| −118.6383** (−1.80) |
| IND2 |
| 2.7848 (0.3100) |
| IND3 |
| 13.4809 (1.4800) |
| Ajusted R-squared | 0.0011 | 0.1225 |
| F-statistic | 2.0800 | 5.5300 |