Table 5 REM and SPC

\({RDIS}_{it}\)

 + 

0.0311*

(0.231)

\({RPROD}_{it}\)

 + 

0.521***

(0.961)

\({RCFO}_{it}\)

 + 

0.231**

(0.975)

\({Size}_{it}\)

 + 

0.053

(0.069)

0.238

(0.076)

0.138***

(0.021)

\({LEV}_{it}\)

–

− 0.977***

(0.622)

− 0.465***

(0.414)

− 0.457***

(0.412)

\({MktTB}_{it}\)

 + 

0.963***

(0.041)

0.036***

(0.241)

0.213***

(0.345)

\({C\_Score}_{it}\)

–

0.982*

(0.972)

0.234**

(0.181)

0.074***

(0.217)

\({ROA}_{it}\)

–

− .831***

(0.349)

− 0.347***

(0.346)

− 0.423***

(0.347)

\({\mathrm{PVolatility}}_{it}\)

0.255***

(0.382)

0.325***

(0.341)

0.245***

(0.342)

\({Returns}_{it}\)

 + 

0.457***

(0.510)

0.375***

(0.256)

0.346***

(0.450)

\({AbDAcc}_{it}\)

 + 

0.489***

(0.363)

0.4367***

(0.232)

0.249***

(0.186)

\({SIGMA}_{it}\)

0.288

(0.429)

0.387

(0.453)

0.032

(0.34)

F value

8.85***

13.34***

10.10***

Adjusted \({R}^{2}\)

0.334

0.377

0.367

RMSE

0.014

0.015

0.023