Dependent variable

Measurement

Reference

Financial_Debt_Ratio

Financial leverage/total debt

(Campello & Gao, 2017)

Interest_Rate

Annual interest rate of

lending back

CSMAR

Loan_Amount

Amount of loan or borrowing

CSMAR

Loan_Maturity

Ending date of the loan as stipulated in the contract

CSMAR

Return on Asset (ROA)

Net profit before tax/total asset

(Mappanyuki & Sari, 2017; Patatoukas, 2012)

Return on Equity (ROE)

Net profit before tax/shareholder equity.

(Mappanyuki & Sari, 2017; Patatoukas, 2012)