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)