| Dependent variable | R | R Square adjusted | F statistic | p-value |
| 1. Labor-intensity | 0.4010 | 0.1610 | 724.033 | 0.0000 |
| 2. EBITDA margin | 0.2890 | 0.0840 | 286.893 | 0.0000 |
| 3. Profit margin | 0.2520 | 0.0630 | 311.187 | 0.0000 |
| 4. Return on total assets | 0.2270 | 0.0510 | 269.509 | 0.0000 |
| 5. Shareholders liquidity ratio | 0.1560 | 0.0240 | 54.436 | <0.0010 |
| 6. Solvency ratio | 0.1600 | 0.0250 | 128.767 | <0.0010 |
| 7. Liquidity or current ratio | 0.1390 | 0.0190 | 91.167 | <0.0010 |
| 8. Collection period | 0.1040 | 0.0110 | 51.493 | <0.0010 |
| 9. Credit period | 0.0670 | 0.0050 | 20.535 | <0.0010 |