Dependent variable-payment ratio

Level of significance

Statistic of t-test

Standard deviation

Regression coefficients

Variable

Independent variables

0/000

−3/84

911/6

−3505/2

C

Equation constant (α)

0/000

3/68

5/41

19/97

FF1

Financial flexibility

0/04

4/006

5/42

21/74

FF1 * CRISIS

Financial flexibility * crisis

0/000

3/86

0/65

2/52

YEAR

Year

0/02

−2/18

1/86

−4/06

IND

Industry

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