Research Article
Financial Distress Warning: An Evaluation System including Ecological Efficiency
Table 6
Results of the logit model.
| | | Year T-1 | Year T-2 | Year T-3 |
| | roe | −0.01 (−3.23) | −0.11 (−3.50) | 3.65e−03 (0.48) | | tato | −0.86 (−2.44) | −0.64 (−1.63) | −1.12 (−2.77) | | alr | 0.05 (3.38) | 0.04 (2.72) | 0.03 (3.26) | | ri | 0.97 (0.95) | −0.07 (−0.05) | −0.52 (−0.54) | | rr | −1.35 (−0.99) | −2.51 (−1.44) | −1.62 (−1.20) | | ncf | −0.58 (−1.34) | −0.10 (−0.32) | −0.02 (−0.09) | | Environmental illegality | 1.25 (2.18) | 0.58 (0.80) | 0.64 (1.20) | | Taxes | −0.64 (−3.60) | −0.48 (−2.37) | −0.34 (−2.87) | | _cons | 7.96 (3.02) | 6.41 (1.91) | 5.02 (2.65) | | Wald chi2 | 36.65 | 24.36 | 22.38 | | Log pseudolikelihood | −51.2268 | −65.4090 | −80.0352 |
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Note: , , and , respectively, indicate that the estimated coefficients are significant at levels 1%, 5%, and 10%. The values in brackets are z values. |
