Measurement

Tools

Working capital/Total assets (X₁)

Style

BSML

Generation

Average

Range

0.18

0.37

0.05

0.51

Mean

−0.09

0.16

0.27

0.11

Std. Deviation

0.07

0.15

0.02

0.18

Retained earnings/ Total assets (X₂)

Range

0.06

0.24

0.08

0.65

Mean

0.21

0.57

0.08

0.28

Std. Deviation

0.02

0.09

0.03

0.22

Earnings before interest and taxes/Total assets (X₃)

Range

0.04

0.29

0.05

0.29

Mean

0.08

0.08

0.09

0.08

Std. Deviation

0.02

0.10

0.02

0.06

Market value of equity/Book value of Total liabilities (X₄)

Range

0.10

2.11

3.22

4.99

Mean

0.27

1.85

4.21

2.11

Std. Deviation

0.04

0.77

1.18

1.83

Sales/Total assets (X₅)

Range

1.40

3.26

0.14

3.85

Mean

3.16

1.26

0.52

1.64

Std. Deviation

0.65

1.17

0.05

1.36

Altman’s Z-Score

Range

1.39

3.28

0.11

3.84

Mean

3.16

1.28

0.55

1.66

Std. Deviation

0.65

1.18

0.04

1.35