Table 3.

Altman z-score component analysis

	Mean	Median	St. Deviation	Coefficient of variation %	Correlation with positive mean rate of return (after standardization)
X1	0.30	0.28	0.25	84.58	insignificant
X2	−0.65	0.13	2.86	442.13	insignificant
X3	−0.07	0.08	0.35	475.83	insignificant
X4	4.55	3.36	5.46	120.01	Spearman ρ = −0.453 p = 0.020
X5	0.39	0.40	0.21	53.54	insignificant