| 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 * e−5 | INFLATION | inflation |
| Moderated determination coefficient-0/59 statistic D.W-2/14 | |||||