| Variable | Measures |
| Capital Structure measure: Financial leverage (LEV) | Leverage = Total liabilities/Shareholders Equity |
| Ownership Variables: Managerial Ownership | The percentage of total shares held by members of the board of directors divided by total ordinary shares outstanding. |
| Foreign Ownership | The percentage of total shares held by foreign investors divided by total ordinary shares outstanding. |
| Block holders Ownership | The percentage of equity owned by persons and institutions holding5% or more of the company’s equity. |
| Control Variables: Firm profitability | Earnings before tax and interest over total assets book value |
| Industry Classification | Measure of the impact of different industries in modelling firms’ capital structure |