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 |