| Acronyms | Variable | Type | ES | Theory | Formula | Variables |
| DIV | Dummy for Dividend payout ratio (a) | D | n/a | n/a | DIV = DP/NP | DP = Total dividends paid NP = Net profit DUMDIV 0 if < median DIV 1 if ≥ median DIV |
| CRI | Crisis | I | − | SI/IA | Dummy for crisis | 0 = if the period is between 2011 and 2014 1 = if the period is between 2015 and 2018 |
| SIZE | Size | I | + | POT | SIZE = Nl (TA) | Nl = Neperian logarithm TA = Total assets |
| LEV | Leverage | I | − | TOT | LEV = TD/TA | TD = Total short and longterm debt TA = Total assets |
| PROF | Profitability | I | + | POT | PROF = Ebit/TA | Ebit = Earnings before interest and taxes TA = Total assets |
| LIQ | Liquidity | I | − | TOT | LIQ = (CA – CL)/TA | CA = Current assets CL = Current liabilities TA = Total assets |
| GROP | Growth opportunity | I | − | POT/LC | GROP = MV/EQ | MV = Equity market value = quantity × share price EQ = Equity |