| RE | Regression coefficients | Coefficient standard deviation | Coefficient t statistic | p |
| Constant | 0.085 | 0.197 | 4.31 | 0.000 |
| CTR | 0.002 | 0.341 | 0.01 | 0.995 |
| MRS | −0.017** | 0.008 | −2.01 | 0.045 |
| LEV | −0.065 | 0.044 | −1.46 | 0.144 |
| SIZE | −0.023*** | 0.008 | −2.75 | 0.006 |
| ROA | −0.265*** | 0.085 | −3.12 | 0.002 |
| GROWTH | 0.003 | 0.006 | −0.62 | 0.537 |
| TOP1 | 0.046 | 0.067 | −0.68 | 0.497 |
| Adj-R2 | 0.035 | |||
| F | 4.14 | |||