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Using the information below, the substantial change in ROE in 2019 is most likely driven by what firm characteristic? 2019 2018 2017 ROE 22.43% 15.89%

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Using the information below, the substantial change in ROE in 2019 is most likely driven by what firm characteristic? 2019 2018 2017 ROE 22.43% 15.89% 15.50% NPM 7.21% 7.24% 7.26% TAT 1.22 1.24 1.22 EM 2.55 1.77 1.75 a) An increase in leverage. b) A decrease in leverage. c) An improvement in operating efficiency. d) Cannot be determined e) An improvement in asset use efficiency

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