A significant difference among the learning algorithms for the case of LAADR and LABANKS did not exist (see Table 2).
For the LAADR dataset, the relevant variables are market capitalization, law and order tradition, capital expenditure to long-term assets ratio, operating expenses to sales ratio, and debt to total assets ratio.
Comparing the main variables selected for LAADR and LABANKS (see Table 3), the main distinctive variable is the size of the company measured by the logarithm of market capitalization for LAADR and the equity index for LABANKS.
A high debt ratio for LAADR implies additional monitoring by creditors.
Corporate governance variables seem to be more important for LABANKS than for LAADR.
The participation of outside directors is the second most importantvariable for LAADR.
In LAADR and LABANKS, insiders' equity ownership is also a relevant variable that affects performance.
The law and order tradition also has a negative relationship with performance for the LAADR.