Table 5 Regression results of the study

Source

SS

df

MS

Number of obs = 132

F(11,120) = 69.44

Prob > F = 0.0000

R-squared = 0.8642

Adj R-squared = 0.8518

Root MSE = 0.48304

Model residual

178.22135

11

16.2019409

27.9998473

120

0.23333206

Total

206.221198

131

1.57420761

Z-score

Coef.

Std. Err.

T

P >|t|

[95% conf. Interval]

ROA

1.49842

.5460139

2.74

0.007

0.4173505

2.57949

Liq

4.539123

.1978605

22.94

0.000

4.147372

4.930873

EG

0.0103782

0.0050417

2.06

0.042

0.000396

0.0203604

Firm age

− 0.023008

0.078482

− 0.29

0.770

− 0.178397

0.1323809

CR

− 0.0194452

0.0070446

− 2.76

0.007

− 0.033393

− 0.0054974

Size

0.0335573

0.0153997

2.18

0.031

0.0030669

0.0640477

LEV

− 0.033134

0.0189507

− 1.75

0.083

− 0.0706551

0.004387

DIV

0.3480898

0.114457

3.04

0.003

0.121473

0.5747067

INFR

− 1.175165

0.5168369

− 2.27

0.034

− 2.257864

− 0.0924662

AST

− 0.3096705

0.1766728

− 1.75

0.082

− 0.6594702

0.0401293

EXR

− 0.0973497

0.1601026

− 0.61

0.544

− 0.4143418

0.2196423

_Cons

− 2.542778

0.5714619

− 4.45

0.000

− 3.674232

− 1.411323