Dependent variable-financial leverage

Level of significance

Statistic of t-test

Standard deviation

Regression coefficients

VARIABLE

Independent variable

0/29

−1/04

0/37

−0/04

C

Equation constant (α)

0/96

−0/04

0/001

−7/73 * e5

LEV (−1)

Financial leverage of last period

0/24

−1/15

0/002

−0/003

ILEV

Financial leverage of industry

0/000

3/33

0/43

−1/45

MTB

Market to book ratio

0/02

−2/27

0/0006

−0/001

SIZE

Company size

0/13

−1/51

0/007

0/001

TANG

Fixed assets to total assets ratio

0/04

1/98

0/002

0/004

PROF

Profit before extraordinary items divided by total assets

0/000

−610/61

0/001

−0/99

INFLATION

Inflation

0/81

−0/23

0/009

−0/002

CASH

Amount of cash holding

0/14

1/47

0/001

0/002

MATURE

Company mature

0/59

−0/52

0/05

−0/03

DIVIDEND

Dividend profit

0/000

610/57

0/004

2/98

TAX

Tax

0/32

0/99

0/87

0/86

NDTS

Depreciation to total assets ratio

Moderated determination coefficient-0/69 statistic D.W-2/32