Relationship between default risk and productivity
| Z-Score(2000)it = β0 + β1 × E.PRODit + β2 × ASS.PRODit + β3 × Leverageit + β4 × Sizeit + β5 × Liquidityit + β6 × Lossit + εit | ||||
|---|---|---|---|---|
| Dependent variable | Altman’s Z-score (2000) | |||
| Variable | Coefficients | t-Statistics | p-value | Significance |
| E.PROD | −0.051 | −1.08 | 0.282 | |
| ASS.PROD | 0.616 | 6.40 | 0.000 | *** |
| Leverage | −2.974 | −6.01 | 0.000 | *** |
| Size | 0.732 | 7.55 | 0.000 | *** |
| Liquidity | 2.398 | 1.60 | 0.111 | |
| Loss | −0.006 | −0.04 | 0.966 | |
| Constant | −1.389 | −2.00 | 0.046 | ** |
| Mean dependent variance | 2.725 | SD dependent variance | 3.775 | |
| R-squared | 0.286 | Number of obs. | 2,510 | |
| F-test | 51.216 | Prob > F | 0.000 | |
| Akaike crit. (AIC) | 9269.397 | Bayesian crit. (BIC) | 9304.365 | |
| Dependent variable | Altman’s | |||
|---|---|---|---|---|
| Variable | Coefficients | Significance | ||
| E.PROD | −0.051 | −1.08 | 0.282 | |
| ASS.PROD | 0.616 | 6.40 | 0.000 | *** |
| Leverage | −2.974 | −6.01 | 0.000 | *** |
| Size | 0.732 | 7.55 | 0.000 | *** |
| Liquidity | 2.398 | 1.60 | 0.111 | |
| Loss | −0.006 | −0.04 | 0.966 | |
| Constant | −1.389 | −2.00 | 0.046 | ** |
| Mean dependent variance | 2.725 | SD dependent variance | 3.775 | |
| 0.286 | Number of obs. | 2,510 | ||
| 51.216 | Prob > | 0.000 | ||
| Akaike crit. (AIC) | 9269.397 | Bayesian crit. (BIC) | 9304.365 | |
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