L M

2010

2011

2012

2013

Four-years Integration

C R

E R

C R

E R

C R

E R

C R

E R

C R

E R

SICS

0.44^***

0.29^***

0.42^***

0.32^***

0.38^***

0.30^***

0.35^***

0.31^***

0.41^***

0.31^***

Accumulated Earnings Ratio

0.58^***

−0.30^**

0.60^***

−0.25^**

0.65^***

−0.36^***

0.65^***

−0.35^***

0.63^***

−0.33^***

Credit Rating

0.37^***

0.33^***

0.39^***

0.40^***

0.40^***

RMSEA GFI AGFI CFI

0.000 0.999 0.994 1.000

0.000 1.000 1.000 1.000

0.000 1.000 0.997 1.000

0.000 0.999 0.986 1.000

0.000 1.000 0.995 1.000