Table III reports the results for the
stepwise logistic regression for model (1),
without Z scores. According to the results,
the overall per cent of correct classification,
by means of the proposed model, is 82.89 per
cent. This implies that 30 (78.95 per cent) out
of the 38 non-FFS firms and 33 (86.84 per cent)
out of the 38 FFS firms were classified
correctly. The relationship between the
dependent ± non-FFS and FFS firms ± and the
independent variables is statistically
significant ( 2 ˆ 50:539, p < 0:000). The
association strength between the dependent
and independent variables is R2
L ˆ 0:480,
indicating a medium-efficient strong
relationship.