| Dependent variable | Abbreviation | Expected sign | Definition |
| Performance | ROA |
| After-tax operating income divided by total assets |
| Independent variables: |
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| Capital structure | TDR | +/− | Total liabilities divided by total asset |
| Capital structure | LTDR | − | Long-term debt divided by total debt plus equity |
| Control Variables: |
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| Firm Asset Growth. | F_AG | + | Assets growth (%) |
| Share concentration growth | C_SH-G |
| Increase (YES), decrease (NO): |
| Dummy Variable: | TR | +/− | Dummy variable to account for differences across industries from 2014 to 2018. |