**4.5 Earnings dimension**

employees number, so that she excluded Profit per Employee (PPE) and replaced with Market Price, however it did not use before in previous reviewed studied as

**Model R R Square Adjusted R Square Std. Error of the Estimate** 1 .289a .083 .078 4.86709490

**Table 14** shows the model Summary which indicates that share market price plus constant interpret 28% of Z score changes (**Table 15**). And **Table 16** shows excluded variables (ratios) from the model between Z score and management

**Model Sum of Squares df Mean Square F Sig.** 1 Regression 358.058 1 358.058 15.115 .000<sup>b</sup>

**Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta** 1 (Constant) 1.355 .683 1.985 .049 Share Market Price 1.051 .270 .289 3.888 .000

**Model Beta In t Sig. Partial Correlation Collinearity Statistics**

1 Finance Cost /Total Assets -.025<sup>b</sup> �.338 .736 �.026 .999 Return on Equities .061<sup>b</sup> .820 .413 .064 .997 Total Cost /Total Income .086<sup>b</sup> 1.122 .264 .087 .941 Earnings Per Share -.082<sup>b</sup> �1.093 .276 �.085 .976

*Excluded Variables<sup>a</sup> from the model between Z score and management efficiency Dimension.*

**Tolerance**

According to **Table 16**: Z score = 1.36 + 1.05 share market price.

Residual 3932.310 166 23.689

Total 4290.368 167

*ANOVA.<sup>a</sup> test between Z score and management efficiency Dimension.*

*Model Summary<sup>b</sup> between Z score and management efficiency Dimension.*

*Linear and Non-Linear Financial Econometrics - Theory and Practice*

efficient management indicator.

*Source researcher from data analysis.*

*Dependent Variable: Z Score*

*Predictors: (Constant), share Market Price*

*a*

*b*

*a*

*b*

*a*

*a*

*b*

**314**

**Table 17.**

**Table 16.** *Coefficients<sup>a</sup>*

**Table 15.**

**Table 14.**

efficiency Dimension (**Table 17**).

*Source researcher from data analysis.*

*Predictors: (Constant), Market Price*

*Source researcher from data analysis.*

*Source researcher from data analysis.*

*Predictors in the Model: (Constant), Market Price*

*Dependent Variable: Z Score*

*Dependent Variable: Z Score*

*.*

*Dependent Variable: Z Score*

Three ratios are used return on Equity (ROE), return on Assets (ROA), Earning Per share (EPS). **Table 22** shows the variables tested as indicators of Earning Dimension in Camel model, **Table 23** shows the model between Earning Dimension and Z score, and **Table 24** shows significant of the model between Z score and


*Source researcher from data analysis.*

*a Predictors: Net Loan/Total Assets*

*b For regression through the origin (the no-intercept model), R Square measures the proportion of the variability in the dependent variable about the origin explained by regression. This CANNOT be compared to R Square for models which include an intercept.*

#### **Table 18.**

*Model summary between Z score and Liquidity Dimension.*


*Source researcher from data analysis.*

*Table 19 shows significance of the test. <sup>a</sup>*

*Dependent Variable: Z Score*

*b Linear Regression through the Origin*

*c Predictors: Net Loan/Total Assets*

*d This total sum of squares is not corrected for the constant because the constant is zero for regression through the origin.*

### **Table 19.**

*ANOVAa,b.*


*Source researcher from analysis.*

*Table 20 shows significant individual variable (net loan to Total assets ratio) effect on Z score. <sup>a</sup>*

*Dependent Variable: Z Score*

*b Linear Regression through the Origin*

#### **Table 20.**

*Coefficientsa,b of the test between Z score and Liquidity Dimension.*
