Explained variable | 1 | 2 | 3 | 4 |
quick ratio | −0.0160 | 0.0278 | 0.0963** | 0.104*** |
(0.0414) | (0.0500) | (0.0391) | (0.0278) | |
working capital | −0.230*** | −0.157*** | −0.134*** | −0.0622*** |
(0.0352) | (0.0287) | (0.0243) | (0.0182) | |
longtermcapital | 0.0394*** | 0.0414*** | 0.0361*** | 0.0194*** |
(0.0120) | (0.00924) | (0.00720) | (0.00549) | |
operating index | −0.00587*** | −0.0107*** | −0.00231* | −0.000943 |
(0.00125) | (0.00163) | (0.00123) | (0.00392) | |
capital expenditure | −0.0679*** | −0.0974*** | −0.0567*** | −0.0107 |
(0.0103) | (0.0142) | (0.0111) | (0.00759) | |
cashreinvestmen | −0.0543 | −0.231*** | −0.224*** | −0.125*** |
(0.0689) | (0.0500) | (0.0374) | (0.0258) | |
financialleverage | 0.0194*** | −0.0147 | 0.0425** | 0.0593*** |
(0.00481) | (0.0165) | (0.0173) | (0.0119) | |
operatinglever | 0.0101 | −0.0165** | 0.0187*** | 0.0393*** |
(0.00832) | (0.00763) | (0.00591) | (0.00431) | |
comprehensivelever | 0.0316*** | −0.0159 | 0.0524** | 0.105*** |
(0.00655) | (0.0227) | (0.0220) | (0.0152) | |
pe | −0.0121 | −0.0570*** | −0.0450*** | 0.00582 |
(0.0100) | (0.0114) | (0.00890) | (0.00650) | |
pb | −0.222*** | −0.255*** | −0.179*** | −0.118*** |
(0.0250) | (0.0189) | (0.0141) | (0.00972) | |
markettangible | −0.372*** | −0.471*** | −0.231*** | −0.134*** |
(0.0501) | (0.0608) | (0.0456) | (0.0314) | |
booktomarket | 0.134*** | 0.177*** | 0.182*** | 0.179*** |
(0.0382) | (0.0319) | (0.0257) | (0.0189) |