Table 8 Relation between default risk... | Emerald Publishing

Table 8

Relation between default risk and productivity

DD_(BY)it = β₀ + β₁ × E.PROD_it + β₂ × ASS.PROD_it + β₃ × Leverage_it + β₄ × Size_it + β₅ × Liquidity_it + β₆ × Loss_it + β₇ × Volatility_it + β₈ × Ln.AGE_it + ε_it
Dependent variable	Distance-to-default (2006)
Variable	Coefficients	t-Statistics	p-Value	Significance
E.PROD	−0.008	−2.23	0.026	**
ASS.PROD	0.015	2.29	0.022	**
Leverage	−0.112	−3.06	0.002	***
Size	0.060	13.33	0.000	***
Liquidity	0.251	1.75	0.079	*
Loss	0.019	2.01	0.045	**
Volatility	−0.161	−18.95	0.000	***
Ln.AGE	−0.025	−1.11	0.266
Constant	0.818	8.23	0.000	***
Mean dependent variance	0.543		SD dependent variance	0.371
Overall r-squared	0.593		Number of obs.	2,510
Chi-square	456.652		Prob > χ²	0.000
R-squared within	0.490		R-squared between	0.620

DD_(BY)it = β₀ + β₁ × E.PROD_it + β₂ × ASS.PROD_it + β₃ × Leverage_it + β₄ × Size_it + β₅ × Liquidity_it + β₆ × Loss_it + β₇ × Volatility_it + β₈ × Ln.AGE_it + ε_it
Dependent variable	Distance-to-default (2006)
Variable	Coefficients	t-Statistics	p-Value	Significance
E.PROD	−0.008	−2.23	0.026	**
ASS.PROD	0.015	2.29	0.022	**
Leverage	−0.112	−3.06	0.002	***
Size	0.060	13.33	0.000	***
Liquidity	0.251	1.75	0.079	*
Loss	0.019	2.01	0.045	**
Volatility	−0.161	−18.95	0.000	***
Ln.AGE	−0.025	−1.11	0.266
Constant	0.818	8.23	0.000	***
Mean dependent variance	0.543		SD dependent variance	0.371
Overall r-squared	0.593		Number of obs.	2,510
Chi-square	456.652		Prob > χ²	0.000
R-squared within	0.490		R-squared between	0.620

Source(s): Authors’ own; p-values: ***p < 0.01, **p < 0.05, *p < 0.1 denote significance level at 1%, 5% and 10%, respectively