Figure 2.
A flowchart displays multiple components involved in a financial analysis process. The top section contains a box labelled Inputs with four listed items, Return on Assets, Quick ratio, Current ratio, and Operating Cash Flow Ratio. An arrow leads from this box to another box titled D E A, which includes Eco efficiency score. Below this, another arrow points to a box titled Quantile regression analysis, further detailing Financial determinants across performance levels. The layout illustrates a logical flow from inputs to analysis output. The structure features distinct boxes and connecting arrows, clearly depicting the relationships between different elements in the analysis.Conceptual framework of the two-stage analytical model
Source: Authors’ elaboration