Descriptive Statistics

CAPITALEM... COMPANYN... CURRENTL...

RETURNO...
EBITBHDMI...
RETURNO...
EQUITYBH...
SIZELNASS...
FRROATDTA FRROETDTEINTERESTP... TETANETINCOM...
TOTALASSE...
NORMALROA NORMALROE PBTBHDMIL... RETURNO...
Mean 2865.094 NA 2655.339
0.044575119.9491
0.080536723.5059
8.1937340.505000
0.1462160.505000
1.39551839.60017
0.13535967.90796
5520.4340.010236 0.080536 80.34893 0.010236
Median 2627.554 NA 329.2176
0.03211991.89050
0.094626396.3585
8.0749670.505000
0.0733440.505000
0.53612819.94605
0.12822552.99450
3213.0690.010236 0.080536 52.04550 0.011499
Maximum 10117.53 NA 12571.02
0.322853565.5299
0.5417663195.474
9.6254451.000000
0.7977281.000000
8.744838409.2162
1.000000296.5982
15145.300.038569 0.370062 311.0885 0.048961
Minimum 442.4390 NA 4.739000
-0.042578
-39.85600
-0.51882849.83100
6.1037100.010000
0.0000000.010000
0.0000000.000000
0.016102
-36.19500
447.5150
-0.018096 -0.208990 -63.54400 -0.043462
Std. Dev. 2124.476 NA 3899.869
0.053555117.6171
0.124455673.7376
1.0071430.290115
0.2057370.290115
1.92483058.50154
0.09801473.53976
4435.4660.011755 0.120122 85.19438 0.012179
Skewness 1.783528 NA 1.104810
2.6252711.550713
-0.6071431.017530
-0.286157-2.65E-16
2.300068-4.04E-17
1.9768843.374617
6.9445371.037177
0.5276247.96E-18 1.24E-16 0.854276 -1.172150
Kurtosis 6.028054 NA 2.586142
11.362005.846041
10.174513.319798
1.8620571.799760
7.0274741.799760
6.02541118.57215
61.953613.628034
1.7368422.636922 2.636922 2.913683 8.492982

Jarque-Bera 91.22080 NA 21.05707

406.213873.82830
220.617217.68226
6.7602356.002400
155.75756.002400
103.27251200.183
15285.1419.57239
11.287990.543782 0.543782 12.19418 148.6191
Probability 0.000000 NA 0.000027
0.0000000.000000
0.0000000.000145
0.0340430.049727
0.0000000.049727
0.0000000.000000
0.0000000.000056
0.0035390.761937 0.761937 0.002249 0.000000

Sum 286509.4 NA 265533.9

4.45752511994.91
8.05364872350.59
819.373450.50000
14.6216450.50000
139.55183960.017
13.535866790.796
552043.41.013401 7.973112 8034.893 1.023637
Sum Sq. Dev. 4.47E+08 NA 1.51E+09
0.2839481369546.
1.53342044938308
100.41938.332500
4.1904458.332500
366.7923338820.6
0.951075535401.5
1.95E+090.013541 1.414063 718550.1 0.014684

Observations 100 0 100 100 100 100 100 100 100 100 100 100 100 100 100 100 99 99 100 100

Regression Model: 1
Dependent Variable: NORMALROA
Method: Least Squares
Date: 05/24/23 Time: 19:12
Sample (adjusted): 1 100
Included observations: 99 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

C 0.010480 0.002437 4.301311 0.0000

TDTA 0.039117 0.010584 3.695959 0.0004
TETA -0.008416 0.014530 -0.579211 0.5638
TDTE -0.003460 0.001138 -3.039357 0.0031

R-squared 0.160290 Mean dependent var 0.010236

Adjusted R-squared 0.133772 S.D. dependent var 0.011755
S.E. of regression 0.010940 Akaike info criterion -6.153143
Sum squared resid 0.011371 Schwarz criterion -6.048290
Log likelihood 308.5806 Hannan-Quinn criter. -6.110719
F-statistic 6.044750 Durbin-Watson stat 0.732024
Prob(F-statistic) 0.000822

The above regression analysis shows that all the independent variables including TD/TA, TE/TE an
TD/TSE has significant impact on Normal Return on Asset at 5% confidence level. The beta coefficient of
TD/TA is 0.039, this means if TD/TA will increase by 1%, ROA will increase by 3.9%. The beta coefficient
of TE/TA is 0.008416, this means if TE/TA will increase by 1%, ROA will increase by 0.8%. The beta
coefficient of TD/TE is -0.0346, this means if TD/TE will increase by 1%, ROA will decrease by 3.46%. The
R-squared of the model is 0.1603, which means that only 16% of variance in return on asset is explained
by independent variables mentioned above. Further, the F-test score is 6.044 corresponding p-value of
0…822 which shows that overall model is significant in explaining the impact on ROE.

Normality Test
16
Series: Residuals
14 Sample 1 100
Observations 99
12
Mean -1.70e-18
10
Median 0.001134
8 Maximum 0.028950
Minimum -0.027643
6 Std. Dev. 0.010772
Skewness -0.052789
4 Kurtosis 3.264485
2
Jarque-Bera 0.334533
0 Probability 0.845974
-0.03 -0.02 -0.01 0.00 0.01 0.02 0.03

Regression Analysis Model: 2

Dependent Variable: NORMALROE
Method: Least Squares
Date: 05/24/23 Time: 19:14
Sample (adjusted): 1 100
Included observations: 99 after adjustments

Variable Coefficient Std. Error t-Statistic Prob.

C 0.137034 0.024960 5.490070 0.0000

TDTA 0.417041 0.108421 3.846507 0.0002
TETA -0.509216 0.148844 -3.421134 0.0009
TDTE -0.034677 0.011661 -2.973661 0.0037

R-squared 0.156137 Mean dependent var 0.080536

Adjusted R-squared 0.129489 S.D. dependent var 0.120122
S.E. of regression 0.112075 Akaike info criterion -1.499733
Sum squared resid 1.193276 Schwarz criterion -1.394879
Log likelihood 78.23676 Hannan-Quinn criter. -1.457309
F-statistic 5.859168 Durbin-Watson stat 0.907786
Prob(F-statistic) 0.001026

The above regression analysis shows that one of the independent variable i..e. TD/TE has significant
impact on Normal Return on Equity at 5% confidence level. The beta coefficient of TD/TE is -0.0346, this
means if TD/TE will increase by 1%, ROE will decrease by 3.46%. Whereas, remaining 2 independent
variables including including TD/TA, and TE/TA are insignificant in predicting return on equity at 5%
confidence level. The R-squared of the model is 0.15613, which means that only 15.16% of variance in
return on equity is explained by TD/TE. Further, the F-test score is 5.859 corresponding p-value of
0.001026 which shows that overall model is significant in explaining the impact on normal ROA.

Normality Test
14
Series: Residuals
12 Sample 1 100
Observations 99
10
Mean 1.47e-17
8 Median -0.002740
Maximum 0.308804
6 Minimum -0.303690
Std. Dev. 0.110346
4 Skewness 0.049501
Kurtosis 3.529589
2
Jarque-Bera 1.197348
0 Probability 0.549540
-0.3 -0.2 -0.1 0.0 0.1 0.2 0.3