Relation between default risk and productivity
| Z-Score(2000)it = β0 + β1 × Z-Score(2000)it-1 + β2 × E.PRODit + β3 × ASS.PRODit + β4 × Leverageit + β5 × Sizeit + β6 × Liquidityit + β7 × Lossit + εit | ||||
|---|---|---|---|---|
| Dependent variable | Altman’s Z-score (2000) | |||
| Variable | Coefficients | t-Statistics | p-Value | Significance |
| L1 | 0.414 | 8.04 | 0.000 | *** |
| L2 | −0.053 | −0.73 | 0.466 | |
| E.PROD | 0.068 | 0.86 | 0.388 | |
| ASS.PROD | 0.616 | 4.07 | 0.000 | *** |
| Leverage | −6.632 | −5.58 | 0.000 | *** |
| Size | 0.673 | 4.20 | 0.000 | *** |
| Liquidity | 2.619 | 1.21 | 0.228 | |
| Loss | −0.292 | −1.58 | 0.115 | |
| Volatility | 0.021 | 0.02 | 0.987 | |
| Ln.AGE | 0.414 | 8.04 | 0.000 | *** |
| Constant | −0.053 | −0.73 | 0.466 | |
| Mean dependent variance 2.841 | ||||
| Dependent variable | Altman’s | |||
|---|---|---|---|---|
| Variable | Coefficients | Significance | ||
| L1 | 0.414 | 8.04 | 0.000 | *** |
| L2 | −0.053 | −0.73 | 0.466 | |
| E.PROD | 0.068 | 0.86 | 0.388 | |
| ASS.PROD | 0.616 | 4.07 | 0.000 | *** |
| Leverage | −6.632 | −5.58 | 0.000 | *** |
| Size | 0.673 | 4.20 | 0.000 | *** |
| Liquidity | 2.619 | 1.21 | 0.228 | |
| Loss | −0.292 | −1.58 | 0.115 | |
| Volatility | 0.021 | 0.02 | 0.987 | |
| Ln.AGE | 0.414 | 8.04 | 0.000 | *** |
| Constant | −0.053 | −0.73 | 0.466 | |
| Mean dependent variance 2.841 | ||||
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