S.No.

Variable name

Description

Measurement

Dependent variables

1

Tobin’s Q

market value of equity + book value of short-term and long term debt divided by total assets (FA + INV + CA)

ratio

2

ROA

operating profit before depreciation and amortization divided by total assets

ratio; considered as ratio of PBDITA to total assets

3

ROE

operating profit before depreciation and amortization divided by total equity

ratio; considered as ratio of PBDITA to total equity