Types

Variables

Abbreviation

Index

Explained variable

Capital structure

LEV

Asset-liability ratio

Explanatory variables

Size

SIZE

Natural logarithm of total assets

Growth

GROWTH

(Final total assets-initial total assets)/Initial total assets

Tangible assets ratio

TA

(Inventory + fixed assets)/Total assets

Unique of the products

UP

Sales expenses/Sales revenue

Shareholding concentration

SC

Stock proportion of the first shareholder

Non-debt tax shield

NTS

Depreciation/Total assets

Asset liquidity

AS

Current assets/Current liabilities

Profitability

PRO

Profit ratio of sales