Table 7 Comparing AIC and BIC value for...

Table 7

Comparing AIC and BIC value for variables

Variables	AIC (pre-crisis)	AIC (post-crisis)	AIC_Dif. (2008–2012 to 2003–2007)	BIC (pre-crisis)	BIC (post-crisis)	BIC_Dif. (2008–2012 to 2003–2007)	Direction of change
CHL	−5.759	−16.534	−10.775	−7.600	−18.375	−10.775	Decreased (improvement)
NCAFOR	42.885	39.918	−2.967	41.044	38.077	−2.967	Decreased (improvement)
CAFOR	76.197	74.192	−2.005	74.355	72.351	−2.004	Decreased (improvement)
CIE	−15.068	−23.663	−8.595	−16.909	−25.504	−8.595	Decreased (improvement)
CASH2	−5.571	−13.422	−7.851	−7.412	−15.263	−7.851	Decreased (improvement)
CO2PC	1.544	−1.139	−2.683	−0.297	−2.980	−2.682	Decreased (improvement)
CO2Intensity	−12.407	−3.490	8.917	−14.248	−5.331	8.916	Increased (worsening)
ROA	25.221	27.121	1.900	23.380	25.280	1.899	Increased (worsening)
ROE	43.782	38.374	−5.408	41.940	36.533	−5.406	Decreased (improvement)
EBITM	33.866	23.958	−9.908	32.0249	22.117	−9.907	Decreased (improvement)
Tobin’s Q	−48.882	6.664	55.546	−50.723	4.823	55.545	Increased (worsening)
ARTA	36.105	38.092	1.987	34.264	36.251	1.987	Increased (worsening)
APTA	−20.388	−21.427	−1.039	−22.229	−23.268	−1.039	Decreased (improvement)
GWCR	−0.998	−12.359	−11.361	−2.839	−14.200	−11.361	Decreased (improvement)
NWCR	−10.139	−0.932	9.207	−11.981	−2.773	9.207	Increased (worsening)
LiquidR	16.411	9.706	−6.705	14.570	7.864	−6.706	Decreased (improvement)
CurrentR	23.349	28.084	4.735	21.508	26.243	4.735	Increased (worsening)
CASHR	14.681	8.614	−6.067	12.840	6.77	−6.066	Decreased (improvement)
TA	16.370	1.895	−14.475	14.529	0.053	−14.476	Decreased (improvement)
LEVERAGE	−3.988	2.188	6.176	−5.829	0.347	6.177	Increased (worsening)

Variables	AIC (pre-crisis)	AIC (post-crisis)	AIC_Dif. (2008–2012 to 2003–2007)	BIC (pre-crisis)	BIC (post-crisis)	BIC_Dif. (2008–2012 to 2003–2007)	Direction of change
CHL	−5.759	−16.534	−10.775	−7.600	−18.375	−10.775	Decreased (improvement)
NCAFOR	42.885	39.918	−2.967	41.044	38.077	−2.967	Decreased (improvement)
CAFOR	76.197	74.192	−2.005	74.355	72.351	−2.004	Decreased (improvement)
CIE	−15.068	−23.663	−8.595	−16.909	−25.504	−8.595	Decreased (improvement)
CASH2	−5.571	−13.422	−7.851	−7.412	−15.263	−7.851	Decreased (improvement)
CO2PC	1.544	−1.139	−2.683	−0.297	−2.980	−2.682	Decreased (improvement)
CO2Intensity	−12.407	−3.490	8.917	−14.248	−5.331	8.916	Increased (worsening)
ROA	25.221	27.121	1.900	23.380	25.280	1.899	Increased (worsening)
ROE	43.782	38.374	−5.408	41.940	36.533	−5.406	Decreased (improvement)
EBITM	33.866	23.958	−9.908	32.0249	22.117	−9.907	Decreased (improvement)
Tobin’s Q	−48.882	6.664	55.546	−50.723	4.823	55.545	Increased (worsening)
ARTA	36.105	38.092	1.987	34.264	36.251	1.987	Increased (worsening)
APTA	−20.388	−21.427	−1.039	−22.229	−23.268	−1.039	Decreased (improvement)
GWCR	−0.998	−12.359	−11.361	−2.839	−14.200	−11.361	Decreased (improvement)
NWCR	−10.139	−0.932	9.207	−11.981	−2.773	9.207	Increased (worsening)
LiquidR	16.411	9.706	−6.705	14.570	7.864	−6.706	Decreased (improvement)
CurrentR	23.349	28.084	4.735	21.508	26.243	4.735	Increased (worsening)
CASHR	14.681	8.614	−6.067	12.840	6.77	−6.066	Decreased (improvement)
TA	16.370	1.895	−14.475	14.529	0.053	−14.476	Decreased (improvement)
LEVERAGE	−3.988	2.188	6.176	−5.829	0.347	6.177	Increased (worsening)

Source(s): Composed by authors. Proceed data, 2025

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