Variable

Indicators

Definition

Reference

Independent Variables

Financial Leverage

LEV

Total Debt/Total Assets

( [27] [30] )

Debt-to-Equity

DER

Total Debt/Total Equity

( [28] [31] )

Dependent Variable

Stock Return

SR

(Current period stock price-previous period stock price)/previous period stock price

( [32] [33] ; and [30] )