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Based on the model of Hoyt and Liebenbeg (2011), selected model takes the following form:
Q = f (ERM│Size, Leverage, Salesgrowth, ROA, Dividens, Beta) (1)
Due to the model one can create interpolation phenomenon, so the model 2 is used.
ERM = f (Size, Leverage, opacity, FinancialSlack, EBIT, Vchange) 2)
of which, variable ERM (Business risk management implementation / QTRRTC in DN ) is determined based on the information presented in the financial risk management in accordance with Circular 210/2009 / BTC, combined with information about CRO / CEO (if any).
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