| Variable | Adjusted |
| ROE growth | −9.7998*** |
| ROA growth | −9.9095*** |
| Growth | −20.1563*** |
| Profit growth | −17.3232*** |
| Working capital | −16.2777*** |
| Expense | −8.6340*** |
| Age | −6.7304*** |
| Debt sustainability | −9.0709*** |
| Leverage | −13.9718*** |
| GDP growth rate | −13.5357*** |