In general, 9.53% of the variance in debt maturity can be explained by industrial classification, and 4.15% of the variance by area dummy variables.
Third, dummy variable D_1 was included. The contribution to the earning rate of fund by different market conditions (bull and bear) was considered.
Conclusion: It is easy to understand the analysis of covariance and analysis of variance can also be considered in regression analysis setting by defining appropriate dummy variables.
