Variables

Acronym

Measurement method

Source

Family concentration

FAMDUM_10

Family dummy with 10% cut-off

CVM

Concentration of foreign capital

FORDUM_10

Foreign dummy with 10% cut-off

CVM

State concentration

GOVDUM_10

Government dummy with 10% cut-off

Size

SIZE

LN (Assets)

S & P

Volatility

VOL

(Standard deviation Ebit)/Assets

S & P

Profitability (yield)

Yield

Ebit/Total Assets

S & P

Profitability

PRO

Ebitda

S & P

Growth Opportunity

GROW

$\frac{\left(\text{ROL}1-\text{ROL}0\right)}{\text{ROL}0}$

S & P

Tangibility

TANG

Fixed Assets/Total Assets

S & P

Long-term debt

LTD

Debts over 1 year

S & P

Accounting debt

ACD

Total Debts/Total Assets (Accounting)

S & P

Market debt

MKD

Total Debts/Total Assets (to market)

S & P

Long-term debt/book value

BVD

Debts over 1 year/book value

S & P

Long-term

debt/market equity

MKED

Debts over 1 year/market equity

S & P

Net debt/EBITDA

NDE

Net Debt/EBITDA

S & P

Net debt/book value

NDBV

Net Debt/Book Value

S & P

Net debt/market equity

NDMKE

Net Debt/Market Equity

S & P