Note(s): Non-B. means non-bankrupt companies. Bankrupt means bankrupt companies. X1 = Working Capital/Total Assets; X2 = Retained Earnings/Total Assets; X3 = Operating Income/Total Assets; X4 = Book Value of Equity/Total Liabilities. Standard errors in parentheses. ** represents statistical significance at the 1% level, indicating whether the means differ significantly from zero. The F-test is the p-value of the equality of variances test, used to determine which t-test should be used. The t-test is the p-value of the two-tailed equality test of the means with unequal variance, applied to test whether the Non-Bankrupt and Bankrupt samples have different means