Dependent variable-financial leverage

Level of significance

Statistic of t-Test

Standard deviation

Regression coefficient

VARIABLE

Independent variables

0/99

−0/01

0/08

−0/0008

C

Equation constant (α)

0/000

4/38

0/05

0/22

LEV (−1)

Financial leverage of last period

0/03

−2/17

0/12

−0/27

ILEV

Financial leverage of industry

0/000

−3/46

0/43

−1/52

MTB

Market to book ratio

0/07

1/80

0/009

0/01

SIZE

Company size

0/004

2/85

0/02

0/07

TANG

Fixed assets to total assets ratio

0/000

4/28

0/04

0/21

PROF

Profit before extraordinary items divided by total assets

0/90

−0/11

0/0002

−3/20 * e5

INFLATION

inflation

Moderated determination coefficient-0/59 statistic D.W-2/14