| Items | Return on Assets | Return on Assets | Std. Error | Sig. |
| Step 1 | Step 2 | |||
| Beta (t-value) | Beta (t-value) | |||
| Constant | 2.034 (3.119) |
| 0.652 | 0.000 |
| ARP | −0.201 (−2.277) |
| 0.088 | 0.000 |
| ICP | −0.273 (−3.976) |
| 0.069 | 0.000 |
| Control Variables |
|
|
|
|
| CR |
| 0.115 (2.018) | 0.057 | 0.093 |
| SG |
| 0.071 (3.263) | 0.022 | 0.062 |
| CS |
| 0.092 (2.248) | 0.041 | 0.081 |
| R | 0.524 | 0.482 |
|
|
| R Square | 0.432 | 0.379 |
|
|
| F-statistics | 17.041** | 17.061** |
|
|
| ∆R Square | 0.487 | 0.412 |
|
|
| ∆F | 17.041 | 17.061 |
|
|