| Variables | Quality | N | Mean | Std. dev | F | Sig. | t | Sig. |
| TUN | 1 | 1761 | 0.018 | 0.023 | 32.584 | 0.000*** | −3.419 | 0.001*** |
| 0 | 1776 | 0.020 | 0.027 | |||||
| LNICQ | 1 | 1761 | 6.605 | 0.071 | 146.443 | 0.000*** | 63.351 | 0.000*** |
| 0 | 1776 | 6.437 | 0.086 | |||||
| ASSU | 1 | 1761 | 0.446 | 0.184 | 0.685 | 0.408 | −0.408 | 0.683 |
| 0 | 1776 | 0.449 | 0.189 | |||||
| GROWTH | 1 | 1761 | 0.316 | 1.339 | 0.202 | 0.653 | 2.030 | 0.042** |
| 0 | 1776 | 0.226 | 1.296 | |||||
| LEV | 1 | 1761 | 0.562 | 0.181 | 11.868 | 0.001*** | 2.427 | 0.015** |
| 0 | 1776 | 0.547 | 0.196 | |||||
| CASHPS | 1 | 1761 | 0.136 | 0.093 | 0.921 | 0.337 | 3.734 | 0.000*** |
| 0 | 1776 | 0.125 | 0.091 | |||||
| SHAREC | 1 | 1761 | 0.052 | 0.221 | 29.607 | 0.000*** | −2.710 | 0.007** |
| 0 | 1776 | 0.074 | 0.261 |