Dependent variable-payment ratio

Level of significance

Statistic of t-test

Standard deviation

Regression coefficients

VARIABLE

Independent variables

0/17

−1/35

−1/35

−1/83

C

Equation constant (α)

0/26

1/12

0/01

0/01

FF1

Financial flexibility

0/04

1/97

0/008

0/01

FF1 * CRISIS

Financial flexibility * crisis

0/16

1/40

0/0009

0/001

YEAR

Year

0/20

−1/26

0/003

−0/004

IND

Industry

Statistic of test F-33/37 Level of significance-0/000. Moderated determination coefficient-0/50 statistic D.W-2/30