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Table 4. 
Factor Loadings of Financial Variables after Direct Oblimin Rotation
VariablesComponent
(Financial Ratios)Z1Z2Z3Z4
Equity_TL 0.009 0.068 0.113 0.705 
TL_Tassets −0.032 −0.878 0.069 −0.034 
Cash_Tassets −0.034 −0.061 0.811 0.098 
WoC_Tassets −0.05 0.762 0.044 0.179 
Cash_Sales −0.937 0.021 0.083 0.009 
EBIT_Sales 0.962 0.008 0.024 −0.004 
Rinc_Tassets 0.014 0.877 0.015 −0.178 
Ninc_Sales 0.971 −0.012 0.015 0.014 
EBIT_IE 0.035 0.045 0.766 −0.098 
AP_Sales −0.731 −0.017 −0.037 −0.016 
AR_TL 0.009 −0.041 −0.104 0.725 
VariablesComponent
(Financial Ratios)Z1Z2Z3Z4
Equity_TL 0.009 0.068 0.113 0.705 
TL_Tassets −0.032 −0.878 0.069 −0.034 
Cash_Tassets −0.034 −0.061 0.811 0.098 
WoC_Tassets −0.05 0.762 0.044 0.179 
Cash_Sales −0.937 0.021 0.083 0.009 
EBIT_Sales 0.962 0.008 0.024 −0.004 
Rinc_Tassets 0.014 0.877 0.015 −0.178 
Ninc_Sales 0.971 −0.012 0.015 0.014 
EBIT_IE 0.035 0.045 0.766 −0.098 
AP_Sales −0.731 −0.017 −0.037 −0.016 
AR_TL 0.009 −0.041 −0.104 0.725 

Notes: The extraction method was principal component analysis. The rotation method was direct oblimin with Kaiser normalization.

Source: Authors’ calculations.

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